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                      A S I A   P A C I F I C

           Tuesday, September 26, 2017, Vol. 20, No. 191

                            Headlines


A U S T R A L I A

ALL HOLDINGS: Second Creditors' Meeting Set for Sept. 28
ARRIUM LTD: Issues First Dividend of AUD500 Million
MARKETPLACE MARION: Second Creditors' Meeting Set for Sept. 28
NQ GROUP: Second Creditors' Meeting Scheduled for Oct. 4
VITE GOURMET: In Liquidation; Sept. 27 Creditors' Meeting Set

ZIGBUILT PTY: Second Creditors' Meeting Set for Sept. 27


C H I N A

OCEANWIDE HOLDINGS: S&P Lowers CCR to 'B-' on Weak Sales


I N D I A

AIR INDIA: Looks to Vacate Unused Space at Airports, CMD Says
ALI AGENCY: CRISIL Lowers Rating on INR16MM Cash Loan to 'D'
AMRAPALI GROUP: Homebuyers Move Supreme Court Against Insolvency
ARK BUILDERS: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
BHAGYALAXMI BRINE: CRISIL Hikes Rating on INR7MM Loan to 'B'

FULETRA AGRO: CARE Assigns B+ Rating to INR3.75cr LT Loan
FUSO GLASS: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
GAJRAJ HOTELS: CARE Lowers Rating on INR18.03cr LT Loan to D
GROWELL CNC: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
GURU RAJENDRA: CRISIL Lowers Rating on INR.05MM LT Loan to 'B+'

IDEA INFINITY: Ind-Ra Moves 'BB' Issuer Rating to Non-Cooperating
INFINITY INFRATECH: CARE Moves B+ Rating to Not Cooperating
INTERJEWEL DESIGNS: CARE Lowers Rating on INR36cr Bank Loan to D
JINDAL AGRO: CARE Raises Rating on INR8.50cr LT Loan to BB-
K LALL OVERSEAS: Ind-Ra Gives 'BB- Issuer Rating; Outlook Stable

K. V. CHINNAAIH: CRISIL Reaffirms B Rating on INR3.5MM Term Loan
KINETA GLOBAL: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
KOHENOOR INDUSTRIES: CRISIL Lowers Rating on INR14MM Loan to 'D'
KRISHNA AGRO: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
MAGDHA CREATIVE: CRISIL Assigns B+ Rating to INR15MM Loan

MALLIKHARJUNA AGENCIES: CRISIL Reaffirms B+ on INR3.5MM Loan
MATRI MANDIR: CRISIL Reaffirms B+ Rating on INR5.80MM Cash Loan
MONNET ISPAT: IRP Calls for Expression of Interest From Buyers
MOZART VITRIFIED: CARE Assigns B+ Rating to INR12.50cr LT Loan
PATDIAM JEWELLERY: Ind-Ra Migrates BB- Rating to Non-Cooperating

PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR6MM Loan
PRERNA GRAMODYOG: CRISIL Reaffirms B Rating on INR1MM LT Loan
RJP TECHNOLOGIES: CRISIL Assigns B Rating to INR7.4MM Term Loan
SALASAR BALAJI: CRISIL Reaffirms B- Rating on INR5MM Term Loan
SCC BUILDERS: CRISIL Ups Rating on INR80MM Term Loan to 'B'

SHREE KRUSHNA: CRISIL Lowers Rating on INR4MM Cash Loan to 'D'
SIDDHARTH OILS: CARE Moves B+ Rating to Issuer Not Cooperating
SREE VAAGESWARI: CRISIL Reaffirms 'D' Rating on INR6MM Term Loan
SRI ANJANEYA: CARE Lowers Rating on INR34.80cr LT Loan to 'D'
SRI BALAJI: CARE Moves B Rating to Issuer Not Cooperating

SURAT HAZIRA: CRISIL Lowers Rating on INR1.81BB Term Loan to D
TATHYA TEXFAB: CARE Assigns B+ Rating to INR11.69cr LT Loan
TOP GEAR: CRISIL Lowers Rating on INR4MM Cash Loan to 'D'
VAISHNAVI EXPORTS: CRISIL Assigns B+ Rating to INR15MM Loan
VEDA BIOFUEL: Ind-Ra Moves 'BB-' Issuer Rating to Non-Cooperating

VIVA SERVITRADE: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating


J A P A N

TOSHIBA CORP: SESC Seeks Probe on FY2016 Accounts Misstatements


S I N G A P O R E

EZION HOLDINGS: Bond Holder Serves Redemption Notice


X X X X X X X X

* BOND PRICING: For the Week Sept. 18 to Sept. 22, 2017


                            - - - - -


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


ALL HOLDINGS: Second Creditors' Meeting Set for Sept. 28
--------------------------------------------------------
A second meeting of creditors in the proceedings of All Holdings
Group Pty Ltd has been set for Sept. 28, 2017, at 10:00 a.m., at
the offices of Balance Insolvency, 6.05, 50 Clarence Street, in
Sydney, New South Wales.

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, 27, 2017, at 4:00 p.m.

Timothy Cook was appointed as administrator of All Holdings Group
Pty Ltd on Aug. 24, 2017.


ARRIUM LTD: Issues First Dividend of AUD500 Million
---------------------------------------------------
KordaMentha Restructuring on Sept. 21 began distributing a first
dividend of AUD500 million to Arrium admitted creditors from the
proceeds of the sale of the steel and mining group.

The distribution represents 10 cents in the dollar and should be
completed by the end of October. A further two distributions, each
of 2.5 cents in the dollar, are expected later in December and
during 2018/2019, depending on further claims and realisation of
some remaining assets.

About 5,000 unsecured creditors will share in the distributions
from the sale three weeks ago of the Arrium companies to the GFG
Alliance headed by the Gupta family. About 2,000 creditors were
receiving money on Sept. 21.
The distributions follow payments of AUD7.2 million in
entitlements to over 400 Arrium employees who left the company
after KordaMentha Restructuring was appointed Voluntary
Administrators in April last year. This represented 100 cents in
the dollar.

The Arrium administration was one of the largest and most complex
administrations in Australia. It involved almost AUD4 billion of
debt, 6,000 employees, thousands of suppliers, 40,000 customers,
40 banks, and 20 bondholders and noteholders.

Administrator Mr. Mark Mentha said the Whyalla-based steel
business was on the brink several times during the 17 month
administration because of a severe power blackout, a fire on a
barge that carried 9 million tonnes of iron ore per year and
volatile prices for electricity, gas, coal and iron ore.

Mr. Mentha said: "It is a tribute to the employees, managers,
unions, suppliers and the local community that the Whyalla
businesses were kept alive with reduced costs for long enough to
attract buyers. It was critical to the sale process that Whyalla
was not carved off from the other Arrium businesses. Arrium now
has an outstanding new owner who is ready to provide the capital
investment it needs for a bright and sustainable future."

Financier creditors will receive over 70 cents in the dollar,
including proceeds of the sale of Arrium's international Moly-Cop
business.

Arrium shareholders may be eligible for tax relief on capital
gains, depending on individual circumstances.

Arrium Limited was engaged in mining and supply of iron ore and
steelmaking raw materials; manufacture and supply of mining
consumable products; manufacture and distribution of steel
products, and recycling of ferrous and non-ferrous scrap metal.

Pursuant to orders made by the Federal Court of Australia on
April 12, 2016, Mark Mentha, Bryan Webster, Martin Madden and
Cassandra Mathews of KordaMentha have been appointed Joint and
Several Voluntary Administrators of the Company and its 93
Australian subsidiaries replacing Said Jahani, Paul Billingham,
Michael McCann and Matthew Byrnes of Grant Thornton, who were
appointed earlier in April.


MARKETPLACE MARION: Second Creditors' Meeting Set for Sept. 28
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Marketplace
(Marion) Pty Ltd has been set for Sept. 28, 2017, at 10:00 a.m.,
at Suite 4.02, Level 4, 249 Pitt Street, in Sydney, New South
Wales.

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. 27, 2017, at 4:00 p.m.

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


NQ GROUP: Second Creditors' Meeting Scheduled for Oct. 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of NQ Group Pty
Ltd and North Queensland Heavy Haulage Services Pty Ltd has been
set for Oct. 4, 2017, at 2:00 p.m., at the Christie Conference
Centre Brisbane, Samurai Room, Level 2, 320 Adelaide Street, in
Brisbane, 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 Oct. 3, 2017, at 5:00 p.m.

Keith Alexander Crawford and William James Harris of McGrathNicol
were appointed as administrators of NQ Group on May 8, 2017.


VITE GOURMET: In Liquidation; Sept. 27 Creditors' Meeting Set
-------------------------------------------------------------
A meeting of creditors will be held at 11:00 am on Wednesday,
September 27, 2017 at Clifton Hall, Level 3, 431 King William
Street, Adelaide.

Timothy Clifton of Clifton Hall was appointed as liquidator of
Vite Gourmet To Go Pty Ltd on Sept. 12, 2017.


ZIGBUILT PTY: Second Creditors' Meeting Set for Sept. 27
--------------------------------------------------------
A second meeting of creditors in the proceedings of Zigbuilt Pty
Ltd has been set for Sept. 27, 2017, at 11:00 a.m., at The Rialto,
Level 30, 525 Collins Street, in Melbourne, Victoria.

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. 26, 2017, at 4:00 p.m.

Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of Zigbuilt Pty on Aug. 23, 2017.



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C H I N A
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OCEANWIDE HOLDINGS: S&P Lowers CCR to 'B-' on Weak Sales
--------------------------------------------------------
S&P Global Ratings lowered its long-term corporate credit rating
on China-based property developer and financial holdings group
Oceanwide Holdings Co. Ltd. to 'B-' from 'B'. The outlook is
negative. At the same time, S&P lowered its long-term issue rating
on the senior unsecured notes the company guarantees to 'B-' from
'B'.

S&P said, "We lowered the rating on Oceanwide to reflect the
company's deteriorating operating cash flow due to weak property
sales and lower dividend income from the financial services
segment than we expected. Oceanwide's leverage should therefore
deteriorate further in 2017 and remain elevated over the next two
years."

Oceanwide's liquidity has weakened and the company faces elevated
refinancing risk due to its large debt maturities in the next 12
months, limited cash balance, and weak sales. Oceanwide has nearly
RMB36 billion of debt due (including bonds with 2018 put features)
in 2018, compared with readily available cash of about RMB10
billion as of June 2017. The company is therefore highly reliant
on favorable financing conditions and lenders' willingness to roll
over debt. This risk is tempered by Oceanwide's high share of
collateralized lending. Nevertheless, S&P views the company's
capital structure to be difficult to sustain, with over 56% of
total borrowings due within 24 months.

S&P said, "We have limited visibility over Oceanwide's "A-share"
rights issue plan, which has had delays in its regulatory and
listing process. The company may look to dispose of more
securities holdings and introduce strategic equity investors in
its core property projects to reduce debt. However, the scale and
timing is uncertain, in our view.

"Oceanwide's 2017 sales performance in the first half of 2017 was
significantly below our expectation. Sales were about RMB2
billion, compared with the original full-year target of RMB10
billion-RMB12 billion, excluding the resettlement housing project.
The weak sales reflect Oceanwide's high concentration risk, with a
limited number of projects and most sellable resources confined to
Beijing, Wuhan, and Shanghai. As a result, the debt-to-EBITDA
ratio for the company's non-financial segment for the 12 months
ended June 30, 2017, rose to around 20x, from about 12x for 2016.
We expect sales to moderately recover in the second half of the
year, but the 2017 full-year sales may still be 30%-40% lower than
the 2016 tally of RMB12.9 billion.

"We expect Oceanwide's non-financial segment EBITDA interest
coverage to fall below 1x in 2017, with cash interest expense
exceeding RMB6.5 billion. We believe the ratio will stay below 1x
in the next two years because operating cash flow from properties
remains negative owing to weak sales, large construction costs,
and the company's capital commitments for developing projects in
the U.S., even without further land acquisitions.

"The performance of Oceanwide's financial segment recovered in
2017 after a weak performance in 2016. However, the segment's
profit contribution remains below our expectation, partially due
to the continuing operating loss at the property and casualty
insurance business. In our view, the company's nearly RMB900
million investment income, largely from equity disposal of China
Minsheng Investment Co. Ltd. and Wanda Media Co. Ltd., are one-off
in nature and are unlikely to lead to sustainable cash flows.

"The negative outlook on Oceanwide reflects our expectation that
the company's liquidity will remain under pressure owing to its
substantial debt maturing in 2018. Refinancing will be dependent
on equity raising, potential asset sales, and favorable credit
conditions, given the weak property sales cash flow. We also
expect the company's leverage to further deteriorate over the next
12 months.

"We could lower the rating if Oceanwide's liquidity deteriorates,
which could be as a result of continued weak sales or a failure to
raise funds through equity issuance or asset sales. A weakened
refinancing capability could also lead to a downgrade. This could
be indicated by a significant increase in funding costs.

"We could revise the outlook to stable if Oceanwide's property
sales and its financial services business' performance improve
materially, as shown by stronger operating cash flow and dividend
contribution. We could also revise the outlook if the company
completes its fundraising plans to reduce and extend borrowings,
such that its capital structure becomes materially more
sustainable."



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


AIR INDIA: Looks to Vacate Unused Space at Airports, CMD Says
-------------------------------------------------------------
The Times of India reports that Air India plans to vacate unused
hangar space at some airports and sell the scrap lying there to
cut costs, CMD Rajiv Bansal has said.

After taking over the reins of the disinvestment-bound airline
last month, Mr. Bansal has been working on ways to improve On Time
Performance (OTP) of the flights, customer service and reduce
costs on various fronts, the report says.

According to the report, Mr. Bansal said he is planning to vacate
any extra space at airports that the airline might be holding up
due to scrap.

"I am finding that there is a lot of unused material lying in
hangars and unnecessarily we are holding on. So we can get some
money by selling the scrap and also save rentals by leaving the
space," Bansal told PTI in an interview.

He noted that there is more such space occupied by the airline at
Delhi and Mumbai airports, the report relays.

"I noticed that in Delhi itself, one aircraft which has been
auctioned is lying in the hangar. Similarly in Mumbai, steel scrap
is lying and we are trying to dispose that of so that hangar space
can be cleared," TOI quotes Mr. Bansal as saying.

Hangar is a space within the airport complex where maintenance
work of aircraft is carried out. The national carrier has around
10 hangars in different airports across the country, the report
discloses.

Air India group operates to 42 international destinations and over
70 domestic stations. It has an operating fleet of 142 aircraft.

"My priorities are OTP and customer experience. These are the two
things from the passenger side and on the internal side we should
make enough money. So must make money and spend less," the report
quotes Mr. Bansal as saying.

Among other cost saving initiatives, the airline is looking to
rationalise some routes operated by the airline and its
subsidiaries, including in the Gulf region, the report notes.

The airline has a debt burden of more than Rs50,000 crore and is
grappling with tough financial situation. Earlier this month, the
carrier floated tender seeking short term loans worth over
Rs3,200 crore which is to be guaranteed by the government.

"We are having a huge debt and there was a turnaround plan
approved by the government. There are accumulated losses and the
losses are being added due to huge debt. We are having debt
service obligations," Mr. Bansal, as cited by TOI, said.

                         About Air India

Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government
of India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.

As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26, 2014.  According to the report, the airline's
unending financial stress had got worse as the Centre had so far
given INR6,000 crore instead of the promised INR8,500 crore for
the fiscal. As a result, AI had to bridge this gap by borrowing
money from banks at 11%-12%, which increased its debt servicing
burden, the report said.  Before the infusion, the government had
injected INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related.

Air India has posted continuous losses since 2007, according to
The Economic Times.


ALI AGENCY: CRISIL Lowers Rating on INR16MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ali Agency
(Ali; part of Mahavir group) for obtaining information through
letters and emails dated Aug. 10, 2017, Aug. 24, 2017 and
June 23, 2017 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              16       CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BB+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the Mahavir group. 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 the group is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded the
rating on long-term bank facility of DB to 'CRISIL D' from 'CRISIL
BB+/Stable'.

The downgrade reflects overdrawn working capital limits of the
group for over 30 days.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of Ali and Mahavir Enterprises. This is
because both the firms, together referred to as the Mahavir group,
have a common management and significant operational synergies.

Promoted by Mr. Pawan Kumar Jajodia, the Mahavir group primarily
trades in sugar, pulses, and edible oil.


AMRAPALI GROUP: Homebuyers Move Supreme Court Against Insolvency
----------------------------------------------------------------
Bhadra Sinha at Hindustan Times reports that hassled homebuyers
who had invested in Amrapali Group projects moved the Supreme
Court on Sept. 20 against the insolvency proceedings initiated
against the real estate firm.

HT relates that the petition, filed by Bikram Chatterjee and 106
others, said the company has neither given them possession of
flats nor returned their "hard-earned" money spent to book homes
in the Amrapali Centurion Park-Low Rise project, Amrapali
Centurion Park-Terrace Homes, and Amrapali Centurion Park-Tropical
Garden at Greater Noida in Uttar Pradesh.

Proceedings before the National Company Law Tribunal (NCLT) has
left the investors in a lurch as they would not be treated as
secured creditors such as the banks and financial institutions.
The petitioners' advocate ML Lahoty said the buyers want the court
to safeguard their interest, the report says.

According to the report, the case comes close on the heels of the
top court restraining the NCLT from hearing insolvency proceedings
against Jaypee after investors rushed to it for safeguarding their
interest.

The report says the bench headed by Chief Justice Dipak Misra has
asked the NCLT-appointed Interim Resolution Professional (IRP) to
submit a proposal on how can to secure the interest of flat-
buyers, who claim they have been pushed last in the line of
creditors.

More than 5,000 flats were to be built in approximately 40 towers
in a phased manner by the group, the report discloses.

On September 4, the NCLT had passed order on a plea of Bank of
Baroda seeking initiation of insolvency proceedings under the
Insolvency and Bankruptcy Code, 2016 against Amrapali Silicon City
Private Limited, HT discloses.

Under the new insolvency law, consumer and recovery cases and
decrees passed by civil courts and consumer fora in favor of
homebuyers against real estate firms cannot be executed.

Lahoty told HT: "Homebuyers should be treated equally with banks
and FIs or the provisions of the bankruptcy code, which give
priority to lending institutions, be held ultra vires."

Petitioners claimed the company made them to sign "one-sided"
allotment agreements, alleging they were "oppressive and
unreasonable" as there was a clause for timely payment by the
buyer but no mention about a deadline to complete the project, HT
relays.

HT notes that the agreement allowed the builder to raise loan from
any bank by way of mortgage of the flats being sold and buyers
cannot object.

The petitioners made the Union Ministries of Finance and Corporate
Affairs, Uttar Pradesh government, Bank of Baroda and the RBI as
respondents in the case, the report says. They want IRP to be
restrained from creating any third party interest in the projects
in question, HT adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 7, 2017, the Times of India said the National Company Law
Tribunal on Sept. 4 ordered the initiation of insolvency
proceedings against fund starved Amrapali's Sillicon City on a
plea from Bank of Baroda and appointed Rajesh Samson of Deloitte
as the Insolvency Resolution Professional to take control of the
entity controlled by Anil Sharma.

Bank of Baroda had initiated the insolvency process for
an outstanding amount of INR56 crore, TOI said.  The company --
which has not just delayed delivery but is unable to clear its
dues with the Noida Authority too -- is facing a default of INR155
crore against banks. The company has also defaulted to the Noida
Authority and JP Morgan, the report added.


ARK BUILDERS: Ind-Ra Moves 'B+' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated ARK Builders'
(AB) Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND
B+(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR51 mil. Long-term loans  migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating;

-- INR37.5 mil. Fund-based facilities migrated to non-
    cooperating
    category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER
    NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1989, Hyderabad-based AB, a partnership firm set
up by Mr G Ram Reddy and Mrs G Sarala, is a residential and
commercial real estate developer that undertakes civil
construction of buildings, roads, hospital and colleges, both for
the government and private players.


BHAGYALAXMI BRINE: CRISIL Hikes Rating on INR7MM Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Bhagyalaxmi Brine Chem Pvt. Ltd. (BBPL) to 'CRISIL
B/Stable' from 'CRISIL B-/Stable.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

   Term Loan                4        CRISIL B/Stable (Upgraded
                                     from 'CRISIL B-/Stable')

The rating upgrade reflects improvement in financial risk profile
with improvement expected in the leverage as well as debt
protection metrics. With improving sales and moderate
profitability is expected to lead to moderate accretion to
reserves vs. debt levels. The liquidity is also expected to
improve with improving cushion between the cash accruals and the
term debt obligations of around INR1.1 crore per annum and
promoters support in form of unsecured loans over the medium term.

The rating continues to reflect a moderate scale of operations in
the highly fragmented industrial salt industry and below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of the promoters and
strong relationship with customers and suppliers.

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate scale of operations in the highly fragmented industrial
salt industry:  BBCPL operations are expected to remain moderate
marked by estimated total turnover around INR34 Cr. in 2016-17.
CRISIL believes that BBCPL's moderate scale of operations and its
ability to scale up its operations over near to medium term is
expected to constrain the business risk profile of the company.

* Below-average financial risk profile:  Its financial risk
profile supported by average networth and gearing (estimated to be
around INR3.6 Cr. and above 4 times, respectively, as on March 31,
2017). Its debt protection metrics are expected to be moderate
with interest coverage of around 2 times and net cash accrual to
total debt of 0.10-0.12 times in 2016-17. The financial risk
profile is expected to continue to be average over the medium
term.

Strengths

* Extensive industry experience of the promoters and strong
relationship with customers and suppliers:  BBCPL's promoters have
been in the business for over three decades and managed and
operated a number of companies in the salt processing and
manufacturing industry. CRISIL believes that the company would
continue to benefit from the established relationship of promoters
in the salt industry over near to medium term.

Outlook: Stable

CRISIL believes BBPL will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and profitability, leading to
better debt protection metrics. Conversely, the outlook may be
revised to 'Negative' in case of deterioration in liquidity,
driven by large incremental working capital requirement, low cash
accrual, or substantial, debt funded capital expenditure.

Established in 2012, BBPL manufactures industrial salt at its
facility in the Nawa region of Rajasthan. The company's capacity
is currently around 25 tonne per hour. It is managed by Mr.
Prashant Agarwal and his father, Mr. Kailash Chandra Agarwal.


FULETRA AGRO: CARE Assigns B+ Rating to INR3.75cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Fuletra
Agro Food (FAF), as:

                          Amount
   Facilities           (INR crore)    Ratings
   ----------           -----------    -------
   Long Term Bank
   Facilities               3.75       CARE B+; Stable Assigned

   Long Term/Short          5.00       CARE B+; Stable/CARE A4
   Term Bank Facilities                Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of FAF are primarily
constrained on account of stabilization risk associated with its
on-going debt funded project, presence in highly fragmented and
seasonal agro processing industry with constitution as partnership
firm couple with susceptibility of margins to raw material price
fluctuations.

The ratings, however, derive strength from the experienced
partners albeit no relevant experience in the agro processing
industry, location advantage and its eligibility of fiscal
benefits from the government. The ability of FAF to achieve
envisaged level of sales and profitability are the key rating
sensitivities.

Detailed description of key rating drivers Key

Rating Weaknesses

* Stabilization risk associated with on-going debt funded project:
FAF has implemented a project of manufacturing of processed
peanuts and pulses with the total cost of INR7.02 crore, which was
funded via debt equity mix of 1.93 times. Post project
implementation regarding achieving envisaged capacity utilization
and sales realization remains crucial for it.

* Presence in highly fragmented industry with constitution as
partnership firm:  High proportion of small scale units operating
in the peanut value chain has resulted in the fragmented nature of
the industry as well as intense competition within the players.
Players present in segment operate at very low bargaining power
against its customers. In addition to this; the firm faces
inherent risk of withdrawal of capital owing to its partnership
constitution.

* Susceptibility of operating margins to raw material price
fluctuations and foreign exchange rates along with seasonal nature
of business:  Prices of raw material i.e. peanut are volatile in
nature and depend upon various factors. Further, peanut being a
seasonal crop as it is available mainly from late October results
into a higher inventory holding period for the business. Thus,
aggregate effect of both the above factors results in exposure of
food processors to price volatility risk. Furthermore, FAF is also
exposed to foreign exchange rate fluctuations risk as it targets
to export its product.

Key Rating Strengths

* Experienced partners albeit no relevant experience in the food
processing industry:  FAF was established by three partners namely
Mr. Dinesh Fuletra, Mr. Jignesh Dadhania and Mr. Atman Bhesdadia
having industrial background. Mr. Dinesh and Mr. Jignesh will look
after overall operations of the firm. Mr. Atman Bhesdadia will
look after all export procedures of the firm.

* Location Advantage:  FAF is located in peanut growing belt of
Gujarat having large network of peanut growers, thereby making it
suitable for FAF in terms of transportation and connectivity.
FAF's presence in peanut producing region results in benefit in
terms of easy availability of raw materials and customer base as
well.

* Fiscal benefits from the government:  Government of Gujarat
(GOG) is providing certain benefits for encouraging small scale
business via Gujarat Agro Industries Corporation Limited. FAF will
be eligible for interest subsidy @7.5% on the term loan.

Rajkot (Gujarat)-based Fuletra Agro Food (FAF), a partnership
firm, was established in October 2016. It has recently implemented
a project with total cost outlay of INR7.02 crore for
manufacturing of processed peanuts and other pulses which was
funded via debt equity mix of 1.93 times. The commercial
production is expected to be commenced from October 2017. The firm
targets to cater foreign market for its products i.e. mainly to
European, African and Gulf countries.


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

The instrument-wise rating actions are:

-- INR 33.7 mil. Term loan facilities migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)
    rating;

-- INR 260 mil. Fund-based facilities migrated to non-
    cooperating category with IND BB(ISSUER NOT COOPERATING)/
    IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR 155 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Dec. 1, 2014. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Fuso (formerly Mahaveer Safety Glass Co Pvt Ltd) is a Chennai-
headquartered glass processor. It caters to the architectural and
auto industry, with three processing facilities in Hyderabad,
Murbad and Chennai.


GAJRAJ HOTELS: CARE Lowers Rating on INR18.03cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gajraj Hotels Private Limited (GHPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        18.03       CARE D; Issuer not
   Facilities                        cooperating; Revised
                                     from CARE C on the
                                     basis of best available
                                     information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GHPL, to monitor the
rating(s) vide e-mail communications/ letters dated June 27, 2017
& June 23, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In-line with the SEBI
guidelines, CARE has reviewed the rating on the basis of publicly
available information which however, In care's opinion is not
sufficient to arrive at fair rating. Furthermore, Garjraj Hotel
Private Limited has not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. The ratings of GHPL
will now be denoted as CARE D; 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.

The ratings have been revised on account of ongoing delays in
meeting the debt obligations.

GHPL was incorporated on November 6, 1992, by Mr. Chand Ram, his
wife Ms Krishna Devi and his son, Mr. Gajraj Singh. The company
commenced operations with its first hotel named 'Hotel Gajraj'
(HG) established in the year 1992. GHPL has set up another hotel
by the name of 'Motel Gajraj Continental' (GC) in Bahadurgarh,
Haryana, which commenced its fullfledged operations from April
2013. From April 2016 onwards, the company has discontinued the
operations of 'Hotel Gajraj'.


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

The instrument-wise rating actions are:

-- INR20.1 mil. Long-term loans migrated to non-cooperating
    category with IND B-(ISSUER NOT COOPERATING) rating;

-- INR44 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)
    rating;

-- INR12.5 mil. Non-fund-based working capital limits migrated
    to non-cooperating category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996, Growell CNC Systems is a proprietorship firm
engaged in manufacturing CNC machined components, mainly precision
engineering and auto components, CNC toolings, jigs and fixtures.
The entity is managed by the proprietor of the company, Mr D.T
Venkatesh.


GURU RAJENDRA: CRISIL Lowers Rating on INR.05MM LT Loan to 'B+'
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Guru Rajendra Metals Private Limited (GRMPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           4        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Letter of Credit         5        CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Overdraft                .95      CRISIL A4 (Downgraded from
                                     'CRISIL A4+')

   Proposed Long Term       .05      CRISIL B+/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL BB-/Stable')

The downgrade reflects expected pressure on the business risk
profile, due to declining revenues and operating profitability.
The revenue declined to an estimated INR20 crore in fiscal 2017
from INR24 crore in fiscal 2016; operating profitability is also
expected to remain subdued over the medium term.  The downgrade
also factors in increase in the working capital cycle due increase
in the receivables cycle. Gross current assets increased to an
estimated 237 days as on March 31, 2017, from 176 days a year ago.

The ratings also reflect modest scale of operations, low operating
profitability and average financial risk profile. These weaknesses
are partially offset by experience of promoters in the aluminium
trading industry and longstanding association with key supplier,
Hindalco Industries Ltd (HIL).

Key Rating Drivers & Detailed Description

Weaknesses

* Moderate scale of operations and low operating profitability:
Small scale of operations amid intense competition limits pricing
power with suppliers and customers, thereby constraining operating
profitability. Consequently, revenue declined to INR20.12 crore in
fiscal 2017 from INR24 crore and INR63 crore, respectively, in
fiscals 2016 and 2015.

* Average financial risk profile:  While networth was modest at
INR9 crore in fiscal 2017, total outside liabilities to adjusted
networth and interest coverage ratios were weak at 0.81 time and
1.6 times, respectively, as on March 31, 2017. Despite funding
support by promoters, capital structure may remain restricted due
to sizeable debts levels and advances extended to other parties.

Strengths

* Experience of promoters and longstanding association with key
supplier:  Benefits from the promoters' experience (over four
decades), their strong market understanding, and longstanding
relation with HIL should continue to support the business.

Outlook: Stable

CRISIL believes GRMPL will continue to benefit over the medium
term from experience of promoters and longstanding association
with key supplier. The outlook may be revised to 'Positive' if
sustained growth in revenue and profitability improves cash
accrual and debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if decline in cash accrual, stretch in
working capital cycle, or large debt-funded capital expenditure
weakens the financial risk profile.

GRMPL, established in 1975 by Mr. Paras Mal Jain, distributes
aluminium in Maharashtra and Silvassa. The company is an
authorised agent for HIL and is currently managed by Mr. Jain's
son-in-law, Mr. Surendra Mehta.


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

The instrument-wise rating actions are:

-- INR5 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating;

-- INR47 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating; and

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

-- INR58 mil. Proposed non fund-based facilities migrated to
    non-cooperating category with provisional IND A4+(ISSUER NOT
    COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2008, Bengaluru-based IIISPL is engaged in
research and development of software in India. IIISPL has a wide
range of products that covers the electricity department, water
supply and the Karnataka police department. The company has a
branch office in Mysore. It is headed by Mr Ramesh.


INFINITY INFRATECH: CARE Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE has been seeking information from Infinity Infratech to
monitor the rating(s) vide e-mail communications/letters
dated June 5, 2017, June 13, 2017, June 15, 2017, June 19, 2017,
July 3, 2017, July 24, 2017, August 8, 2017, August 28, 2017,
September 5, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings.  In the absence
of minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. Further, Infinity
Infratech has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. In line with the
extant SEBI guidelines CARE's rating on Infinity Infratech's bank
facilities will now be denoted as CARE B+/A4; 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.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         4.91       CARE B+; Issuer Not
   Facilities                        Cooperating

   Short-term Bank        0.60       CARE A4; Issuer Not
   Facilities                        Cooperating

Detailed description of key rating drivers

At the time of last rating done on March 10, 2017, the following
were the rating strengths and weaknesses:

Key rating Weaknesses

* Proprietorship nature of constitution:  The constitution as a
proprietorship firm restricts IIT's overall financial flexibility
in terms of limited access to external funds for any future
expansion plans. Furthermore, there is inherent risk of
possibility of withdrawal of capital and closure of the firm in
case of death/insolvency of the proprietor.

* Fluctuating scale of operations:  The total operating income
(TOI) of IIT during FY16 (refers to the period April 1 to March
31)has reached to INR17.26 crore which shows increase of almost 3
fold as compared with FY15 while TOI during FY15 was INR6.16 crore
which had declined by 14.80% as compared with FY14.

* Declining profit margins:  PBILDT margin of IIT has declined to
12.35% during FY16 as compared with 24.75% during FY15. This
decline was mainly due to increase in material cost. Despite
decline in operating margins, the PAT margin decreased by 62 bps
during FY16 and remained at 2.99% (3.61% during FY15).

* Leveraged capital structure and moderate debt coverage
indicators:  The capital structure of IIT although improved
substantially stood leveraged marked by an overall gearing of 2.03
times as on March 31, 2016 as against 6.81 times as on March 31,
2015. The debt coverage indicators remained moderate marked by
total debt to GCA of 3.49 times [FY15: 5.36 years] and interest
coverage ratio of 4.47 times [FY15: 6.93 times] in FY16 due to
healthy operating margins but leveraged capital structure.

* Working capital intensive nature of operations with moderate
liquidity position:  The operations of IIT are working capital
intensive in nature as marked by current ratio and quick ratio at
1.15 times and 1.12 times respectively as on March 31, 2016. Its
cash credit limit was utilized at around 85% over the past 12
months ended March 31, 2016. The firm had an operating cycle of 18
days in FY16. The cash flow from operations remained low at
INR2.00 crore during FY16 as against negative INR0.55 crore during
FY15.

* Operates in the fragmented and unorganized sector characterized
by environmental issues associated with stone crushing:  IIT
predominantly operates in the unorganized and fragmented sector
which is marked by severe price undercutting especially among the
small players leading to intense competition. Also, the stone
crushing industry is perceived to be a highly polluting industry
both in terms of noise pollution and air pollution and also
unscrupulous mining activities associated with the stone crushing
industry.

* Risk inherent due to linkage with the real estate sector which
is cyclical in nature coupled with low entry barriers:  IIT
supplies to the construction and real estate sector mainly in
Gujarat, Maharashtra and Dadra Nagar & Haveli, the demand for
which is linked to the economic cycles. Furthermore, due to low
entry barriers the competition gets intensified, which might put
pressure on profitability of the existing as well as new players.

Key Rating Strengths

* Experienced proprietor and established relationship with
customers and suppliers:  Mr. Pratik Desai, the proprietor, aged
29 years is B.Tech by qualification. Mr. Pratik has an experience
of 6 years in the stone aggregate and concrete pipe industry. He
has well established relationship with the customers and
suppliers.

Vapi-based (Gujarat), IIT was established by the proprietor, Mr.
Pratik Desai in 2010. The firm is engaged mainly in stone crushing
activity and manufacturing of RCC (Reinforced Cement Concrete)
Hume pipes and service tenders of government in civil projects.
The proprietor owns a quarry from which stone is extracted and
then extracted material is crushed and transformed in the form of
various stones and artificial crushed sand. IIT owns two plants
for stone crushing in Karajgam, located near Vapi (Gujarat). The
installed capacity was of 9.6 lakh stones per annum as on March
31, 2016. The major customers of IIT are located in Gujarat,
Maharashtra and Dadra & Nagar Haveli.


INTERJEWEL DESIGNS: CARE Lowers Rating on INR36cr Bank Loan to D
----------------------------------------------------------------
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 D Revised from CARE C;
   Bank Facilities                   Negative/CARE A4
   (Fund-based)


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

Detailed Rationale & Key Rating Drivers

The revision in ratings of the bank facilities of ID takes into
account its stressed liquidity, which has resulted in instances of
overdue/unpaid bills for a period of more than 30 days.

The ability of the firm to improve its overall liquidity profile
and establish a track record of timely debt servicing shall be
the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

* Stressed liquidity on account of overdue/unpaid bills:  ID's
liquidity has become stressed which has resulted in few instances
of overdue/unpaid bills exceeding 30 days.

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.


JINDAL AGRO: CARE Raises Rating on INR8.50cr LT Loan to BB-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Jindal Agro Mills Private Limited (JAMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.50       CARE BB-; Stable Revised
                                     from CARE B+; Stable

   Short-term Bank
   Facilities            37.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
JAMPL factors in healthy scale-up of operations in FY17 (Audited)
and 5MFY18 (Provisional). The ratings continue to derive strength
from the experienced & resourceful promotors and long track record
of operations of the company leading to established business
relationships with the customers' as-well-as suppliers. The
ratings, however, remain constrained by the weak debt coverage
indicators, high reliance on working capital borrowings,
susceptibility of margins to volatility in raw materials prices
and foreign exchange fluctuations, risk associated with trading
nature of business and highly competitive & fragmented nature of
the industry.

Going forward, JAMPL's ability to profitably scale-up its
operations while improving its overall solvency position, along
with efficient working capital management, would remain the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

* Healthy scale-up of operations:  The operating income of the
company increased by about 30% to INR 90.51 cr. Further, in 5MFY18
(Prov.), the company reported an operating income of INR 41.22
cr., an increase of about 19 % as compared to the operating income
for the corresponding period last year.

* Experienced and resourceful promoters: The company is currently
operating with Mr. Rajinder Jindal as its Managing Director who
holds an industry experience of nearly four and a half decades.
Other directors of the company include his wife Mrs Usha Jindal
and their son Mr. Atul Jindal holding an experience of thirty five
years and seventeen years respectively, in the industry. Further,
to fund various business requirement of the company in the past,
regular funds have been infused by the directors and related
parties in the form of unsecured loans.

* Long track record of operations and established relationships
with customer and suppliers:  JAMPL has been engaged in the
trading business for over two and a half decades now while the
directors hold an industry experience ranging from 16-45 years.
This has led to well established relationships with the customers
as well as the suppliers.

Key Rating Weaknesses

* Weak debt coverage indicators and high reliance on working
capital borrowing:  The debt coverage indicators stood weak marked
by total debt to GCA ratio of 33.14x as on march 31, 2017 (PY:
34.77x) and interest coverage ratio of 1.21x in FY17 (PY: 1.25x).
Further, the average utilization of the working capital limits
remained at about 92% for the 12 month period ended July, 2017
Exposure to raw material price volatility and foreign exchange
fluctuation risk: The major raw materials required for the
operations of the company are non-ferrous metals prices of which
are highly fluctuating in nature.

* Limited ability to pass on adverse fluctuations to the customer
exposes the profitability margins to volatility in raw material
prices:  Furthermore, while the income is achieved from domestic
sales, the company procures its raw materials primarily via
imports. This exposes the profitability margins to a foreign
exchange fluctuation risk.

* Highly fragmented and competitive nature of the industry: The
non-ferrous metal industry is highly:  fragmented and competitive
in nature characterised by the presence of numerous players in
India. This leads to low pricing power with the entities engaged
in the industry and a downward pressure on profitability.

Incorporated in 1989, Jindal Agro Mills Private Limited (JAMPL) is
engaged in the trading and manufacturing & selling of non-ferrous
metals at its single operating facility in Ludhiana, Punjab. In
FY17 (refers to the period April 01 to March 31), the company
derived majority of its income (about 65%) from the trading of
goods.  Usha Impex (rated, 'CARE B+/CARE A4'), is a group concern
of JAMPL, which is engaged in the trading of nonferrous metals
since 1998.


K LALL OVERSEAS: Ind-Ra Gives 'BB- Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned K. Lall Overseas
Private Limited (KLOP) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit assigned with
    IND BB-/Stable/IND A4+ rating;

-- INR300 mil. Non-fund-based limit assigned with IND A4+
    rating; and

-- INR80 mil. Proposed non-fund based limit* assigned with
    Provisional IND A4+ rating;

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by KLOP to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect KLOP's thin EBITDA margins and thus weak
credit metrics, due to the competitive and commoditised nature of
its crude oil products trading business. According to the FY17
provisional financials, EBITDA margins were 1.29% (FY16: 1.09%),
interest coverage (operating EBITDA/gross interest expense) was
1.41x (0.79x) and net leverage (adjusted net debt/operating
EBITDAR) was 2.33x (13.07x). The sharp variation in leverage in
FY17 was mainly on account of the lower utilisation of short-term
debt coupled with the repayment of unsecured loans amounting to
INR36.06 million.

The ratings however are supported by KLOP's moderate scale of
operations, marked by overall revenue of INR832.79 million in FY17
(FY16: INR909.97 million), moderate liquidity profile with average
peak working capital utilisation of 95.6% during the 12 months
ended August 2017 and over 10 years of experience of its promoters
in the edible oil business.

RATING SENSITIVITIES

Negative: Any decline in the operating profitability leading to
deterioration in the credit metrics will be negative for the
ratings.

Positive: Sustained growth in the revenues and operating
profitability leading to an improvement in overall credit metrics
will be positive for the ratings.

COMPANY PROFILE

Incorporated in May 2005, KLOP is engaged in the high seas trading
of various crude oil products such as palm oil, soya oil PVC
resins etc.


K. V. CHINNAAIH: CRISIL Reaffirms B Rating on INR3.5MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with K. V.
Chinnaaih (KVC) for obtaining information through letters and
emails dated July 13, 2017 and Aug. 10, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           3        CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              3.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Term Loan           3.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of K. V. Chinnaaih. This restricts
CRISIL's ability to take a forward K. V. Chinnaaih is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B/Stable/CRISIL A4'.

KVC, established as a proprietorship firm in 1978 by Mr. K V
Chinnaaih, executes civil construction works for various
government entities in Karnataka. It also operates a 51-bed hotel
in Mysore.


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

The instrument-wise rating action is:

-- INR500 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB-(ISSUER NOT
    COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Aug. 9, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2006, KGL is primarily engaged in the trading of
iron ore and building materials such as TMT bars and cement. In
addition, it undertakes EPC irrigation projects on a subcontract
basis.


KOHENOOR INDUSTRIES: CRISIL Lowers Rating on INR14MM Loan to 'D'
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kohenoor
Industries (KI; part of Maa Kalika group) for obtaining
information through letters and emails dated September 13, 2017,
August 24, 2017 and June 23, 2017 among others, apart from
telephonic communication. However, the issuer has remained
Non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit              14        CRISIL D (Issuer Not
                                      Cooperating; Downgraded
                                      from 'CRISIL BBB-/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 the Maa Kalika group. 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 the group is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded the
rating on long-term bank facility of KI to 'CRISIL D' from 'CRISIL
BBB-/Stable'.

The downgrade reflects overdrawn working capital limits of the
group for over 30 days.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of KI, Shree Krushna Enterprises (SKE),
Maa Kalika Bhandar (MKB), and Dwarikamayee Bhandar (DB). The
firms, together referred to as the Maa Kalika group, are under a
common management with common customer and supplier base.
Moreover, the promoters treat the four entities as one single
group for funding and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.


KRISHNA AGRO: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Krishna
Agro Industries (KAI) for obtaining information through letters
and emails dated July 13, 2017 and Aug. 8, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit              7       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan                1       CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Krishna Agro Industries. This
restricts CRISIL's ability to take a forward Krishna Agro
Industries is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'.

Set up in 2010, Mysore (Karnataka) based KAI is a partnership firm
engaged in milling and processing of paddy into rice, rice bran,
broken rice and husk). It has an installed paddy milling capacity
of 60 tonnes per day (tpd). The firm caters, primarily to the open
market and sells raw and boiled rice under the brand 'Elephant and
KKK'.


MAGDHA CREATIVE: CRISIL Assigns B+ Rating to INR15MM Loan
---------------------------------------------------------
CRISIL Ratings has assigned its ratings of 'CRISIL B+/Stable' to
the bank facilities of Magdha Creative Merchant LLP (MCML; a part
of Aditya Group).

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Packing Credit          15         CRISIL B+/Stable

The ratings reflect below-average financial risk profile marked by
high total outside liabilities to total net worth (TOLTNW) ratio.
The ratings also factors in large working capital requirements.
These rating weaknesses are partially offset by extensive
experience of promoters in trading business.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCML and its group companies Aaryan
Trade and Exim LLP (ATEL), Aditya Investment And Exim Trade
Company Private Limited (AIETPL), Vaishnavi Exports and Import
Company (VEIC), Vedant Trade Impex Private Limited (VTIPL), Veeaar
Fabware Private Limited (VFPL) and Vihaan Infin And Exim Private
Limited (VIEPL), collectively referred to as the Aditya group.
This is because all these entities, together referred to as the
Aditya group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:  Owing to a stretched
working capital cycle, the group's total outside liabilities to
total net worth ratio remained high at around 13 times as on
March, 2017. With the expected improvement in working capital
management, the TOLTNW ratio is expected to improve however, will
remain high over the medium term. The debt protection metrics
remains moderate marked by moderate interest coverage ratio of 2.2
times in fiscal 2017.

* Large working capital requirements:  The group's operations are
working capital intensive as indicated by high gross current asset
of 228 days as on March, 2017. This is primarily attributable to
the high credit extended to the customer. However, against this,
the group is able to get credit at the similar level. CRISIL
believes that the group's working capital management is expected
to improve over the medium term on account of lower reliance on
creditors to fund the working capital requirements. The
improvement of working capital management will remain key rating
sensitivy factor over the medium term.

Strength

* Extensive experience of promoters:  The group benefits from the
extensive experience of promoters of over 3 decades in the trading
business. Over the years, the management has established healthy
relationship with the customers thus, resulting in repeated
orders.

Outlook: Stable

CRISIL believes Aditya Group will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the group improves its working capital
management on a sustainable basis while maintaining or improving
its revenues and operating profitability. The outlook may be
revised to 'Negative' if decline in cash accruals; or further
deterioration in working capital requirement further weakens the
financial risk profile.

Aditya Group was established by Mr. Ramesh Singh in 2008. The
group is engaged into exports of food grains, coconuts,
confiseries (Stationery, Biscuits and Chocolates), Textiles
products (RMG, Shirting & Suiting and fabrics).  The group is
based out of Mumbai, Maharashtra.


MALLIKHARJUNA AGENCIES: CRISIL Reaffirms B+ on INR3.5MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Mallikharjuna Agencies (MA) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)
   Cash Credit            3.5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect modest scale of operations and
geographical concentration in revenue profile, susceptibility to
regulations governing the Indian spirits industry and average
financial risk profile. These strengths are partially offset by
the extensive experience of its partners in the liquor
distribution business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and geographical concentration in
revenue:  Scale of operations is modest with turnover of INR53.76
crore in fiscal 2017. Further, geographic concentration in revenue
is high as all sales are to Puducherry region.

* Susceptibility to regulations governing the Indian spirits
industry:  The Indian spirits industry is highly regulated by the
state and central governments; the regulations impact
profitability significantly.

* Average financial risk profile:  Capital structure is average
with estimated total outside liabilities to tangible networth of
3.09 times as on March 31, 2017. Debt protection metrics are
comfortable with estimated interest coverage ratio of over 3 times
in fiscal 2017.

Strengths

* Extensive experience of the partners:  The partners' four-decade
long experience in the industry has helped the firm to acquire new
customers and establish its position in the Puducherry market.

Outlook: Stable

CRISIL believes MA will continue to benefit from the extensive
experience of its partners in the liquor business. The outlook may
be revised to 'Positive' if increase in revenue and profitability
improves cash accrual. The outlook may be revised to 'Negative' if
adverse regulatory changes, low profitability, or large working
capital requirement weakens key credit metrics.

Set up as a partnership firm in 2000, by Mr. Ashok Kumar Reddy and
Mr. Kamlesh Kumar Reddy, MA distributes liquor and alcoholic
beverages.


MATRI MANDIR: CRISIL Reaffirms B+ Rating on INR5.80MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Matri
Mandir Himghar Private Limited (MMHPL) for obtaining information
through letters and emails dated July 11, 2017 and Aug. 9, 2017
among others, apart from telephonic communication. However, the
issuer has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .87       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit            5.80       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)


   Proposed Long Term      .41       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               .92       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

The company was incorporated in 2002 by the Paul family. The unit
is located at Nagarpara, Hoogly district (West Bengal). It offers
cold storage facilities for potatoes and has capacity of 2,41,810
quintals. The promoter-directors, Mr. Lakhan Chandra Paul and Mr.
Rajkumar Paul, oversee the daily operations.


MONNET ISPAT: IRP Calls for Expression of Interest From Buyers
--------------------------------------------------------------
The Hindu BusinessLine reports that the corporate Insolvency
Resolution Professional (IRP) appointed for Monnet Ispat and
Energy has called for expression of interest from buyers.

Earlier, JSW Steel showed keen interest to buy the company and was
the lone bidder, but the process was scrapped as it involved huge
haircut for the banks, the report says.

With the process of finding a buyer becoming more transparent with
no legal hurdle, some of the private equity firms may also join
hands with Monnet Ispat's promoter Sandeep Jajodia to place their
bid, the report states.

According to the report, the assets of Monnet Ispat put on the
block include a steel-making plant of 1.5-million tonnes per
annum, 0.80-mtpa sponge-iron facility, 2-mtpa pellet plant, 0.96-
mtpa sinter plant and 230-MW captive power plant in Chhattisgarh.

It also own a coal benefication facility of 7.5-mtpa in
Chhattisgarh and Odisha.

As of March 2017, Monnet Ispat's overall debt decreased to
INR10,330 crore from INR12,115 crore, and its interest cost
increased to INR1,130 crore, HT discloses.

As reported in the Troubled Company Reporter-Asia Pacific on
July 20, 2017, Business Standard said the National Company Law
Tribunal (NCLT) has declared the Sandeep Jajodia-promoted Monnet
Ispat insolvent, following a fierce battle with its lenders. The
board of Monnet Ispat stands dissolved and the company's ownership
goes into the hands of an interim resolution professional who will
initiate the insolvency process.

Monnet Ispat & Energy Limited engages in the production and sale
of sponge iron, structural steel, and ferro alloys. The company
also engages in the generation and sale of power; and provides
consultancy services in the fields of exploration, exploitation,
and beneficiation coal and other minerals.


MOZART VITRIFIED: CARE Assigns B+ Rating to INR12.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Mozart
Vitrified Private Limited (MVPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            12.50       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of MVPL is constrained
on account of its small scale of operations coupled with net loss
reported during FY17 (refers to period April 1 to March 31),
leveraged capital structure, weak debt coverage indicators and
moderate liquidity position. The rating also remained constrained
on account of its presence in highly fragmented industry along
with fortunes dependent on real estate market, susceptibility
of margins with fluctuation in raw material and fuel prices and
risk associated with its ongoing capex.

The rating, however, derives strength from experience of the key
management in ceramic industry and its locational advantage having
presence into ceramic cluster.

The ability of MVPL to increase its scale of operations along with
improvement in profitability, capital structure and debt coverage
indicators would remain key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations coupled with net loss reported during
FY17, leveraged capital structure, weak debt coverage indicators
and moderate liquidity position:

The operation of MVPL was at nascent stage as MVPL commenced its
commercial operations from January 2017. During FY17, MVPL
reported net loss of INR1.12 crore on total operating income (TOI)
of INR8.74 crore. The capital structure remained leveraged marked
by an overall gearing ratio of 2.60 times as on March 31, 2017 on
account of high debt level.

As a result of high interest cost, high level of total debt and
low cash accruals the debt coverage indicators also stood weak as
on March 31, 2017. Liquidity position remained moderate marked by
current ratio of 1.15 times as on March 31, 2017. The operations
are working capital intensive marked by high average utilization
of working capital bank borrowing for last seven month ended June
2017.

* Presence into highly fragmented industry along with fortunes
dependent on real estate market:  MVPL operates in ceramic
industry characterized by low entry barriers, presence of large
number of organized and unorganized players. Most of the demand
for the tiles comes from the real estate industry, which, in India
is highly fragmented and cyclical. Thus any negative impact on
real estate industry will adversely affect the prospects of
ceramic tiles industry as well as the company.

* Margins are susceptible to volatility of prices in raw material
and fuel:  Prices of raw material i.e. clay & feldspar is market
driven and puts pressure on the margins of tile manufacturers in
case of volatility into the same. Another major cost component is
fuel expenses in the gas form which is to fire the furnace. The
profitability of MVPL remains exposed to volatile LNG prices,
mainly on account of its linkages with the international
demand-supply of natural gas. Hence any adverse movement in
material and fuel prices impacts profitability of the company.

* Risk associated with on-going capex:  MVPL is undertaking capex
for enhancing its production capacity at a total cost of INR5.60
crore, which is to be funded through debt/equity mix of 1.67
times. With balance costs yet to incur, MVPL is exposed to
implementation and consequent stabilization risk.

Key Rating Strengths

* Experienced management:  Mr. Dhruv Bhila, Mr. Keyurbhai Bhuva
and Mr. Chetanbhai Amrutiya are key promoters of the company.
Overall they possess average 9 years of experience in the industry
and look after overall operations of the company.

* Locational advantage having presence into ceramic cluster:  MVPL
is located in Morbi and being located in a cluster provides the
company with easy access to raw materials, primary fuel and all
other utilities. Further, the cluster is well connected by a good
road network which provides logistical benefits as well.

Morbi(Gujarat)-based MVPL, was incorporated in February 2016 and
managed by Mr. Dhruv Bhila, Mr. Keyurbhai Bhuva and Mr. Chetanbhai
Amrutiya. The company is engaged in manufacturing of vitrified
tiles MVPL is operating from its sole manufacturing plant located
in Morbi (Gujarat) with installed capacity of 58,500 Metric Tonnes
per Annum as on March 31, 2017. MVPL commenced its commercial
operations from January 2017 onwards.

Kishan Minerals and Vega International are associate entities of
MVPL, which are engaged into manufacturing of ceramic body power
and trading of ceramic raw material respectively.


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

The instrument-wise rating actions are:

-- INR 215.1 mil. Fund-based facilities migrated to non-
    cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2004, PJPL is a part of the Patdiam Group. The
group comprises two other companies: Patdiam Jewels (similar line
of business) and M/s Patdiam (processing of diamonds). M/s.
Patdiam designs, manufactures and exports high-end speciality
diamond-studded jewellery.


PERFECT ENGINEERS: CRISIL Reaffirms B+ Rating on INR6MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Perfect Engineers & Contractors at 'CRISIL B+/Stable/CRISIL
A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         4         CRISIL A4 (Reaffirmed)
   Cash Credit            6         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations in
the intensely competitive industry and susceptibility to risks
related to tender based nature of operations. These weaknesses are
partially offset by extensive experience of the partners in the
civil construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and susceptibility to intense
competition in the civil construction industry:  Intense
competition in the domestic civil construction sector, from large
players and small regional players, keeps the scale of operations
modest, and constrains profitability. This is reflected in
turnover of INR22.6 crore for fiscal 2017. Moreover, the
operations are focused only in Kerala and any slowdown in industry
or force majeure event in Kerala could adversely impact the
business risk profile.

* Susceptibility to risks related to tender based nature of
operations:  PEC operates in a tender-based business. Because of a
tender-based business model, the firm faces competition from a
number of companies based in Kerala and outside. As majority of
sales of PEC are tender-based, revenues depend on the firm's
ability to bid successfully for tenders. Furthermore, the tender-
based business model also restricts PEC's pricing power and hence
profitability.

Strength

* Extensive experience of the partners in the civil construction
industry:  The two decade-long experience of the managing
partners, Mr. M Suneel and Mr. M Sajeevan, and their established
track record of executing civil contracts for public works
departments of the Kerala state government and other private
players, has resulted in repeat orders and will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes PEC will continue to benefit from the extensive
experience of its promoters over medium term. The outlook may be
revised to 'Positive' if significant growth in revenue and
profitability leads to substantial cash accrual and strengthens
the financial risk profile. The outlook may be revised to
'Negative' if the firm reports low revenue or profitability, or if
a stretch in the working capital cycle, or any major capex plans,
weakens the financial risk profile, particularly liquidity.

PEC was set up as a partnership firm in 1993. Operations of the
Palakkad (Kerala)-based firm, are managed by Mr. Sunil and Mr.
Sajeevan.


PRERNA GRAMODYOG: CRISIL Reaffirms B Rating on INR1MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Prerna
Gramodyog Sewa Sansthan (PGSS) for obtaining information through
letters and emails dated July 10, 2017 and Aug. 7, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term       1       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Prerna Gramodyog Sewa Sansthan.
This restricts CRISIL's ability to take a forward Prerna Gramodyog
Sewa Sansthan is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL BB
rating category or lower. Based on the last available information,
CRISIL has reaffirmed the rating at 'CRISIL B/Stable'.

Setup in 1985, PGSS is a not-for-profit society and is managed by
its secretaries Mr. Jagdish Yadav, Mr. Mahesh Kumar and Mr. Sushil
Kumar. The society is located in Unnao, Uttar Pradesh and is
engaged in the implementation of various schemes operated by the
state and central governments viz, Family Counselling Centres,
Child Welfare Programme, Old Age Home, Short Stay Home, Open
Shelter Home and Juvenile Home etc.


RJP TECHNOLOGIES: CRISIL Assigns B Rating to INR7.4MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has assigned 'CRISIL B/Stable' rating to the long-
term bank facilities of RJP Technologies Pvt Ltd (RJP). The rating
reflects exposure to risks associated with completion of the on-
going project and subsequent stabilization and ramp up in
operations. These rating weaknesses are partially offset by
extensive experience of the promoters.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               7.4       CRISIL B/Stable (Assigned)

   Cash Credit             4.5       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      0.1       CRISIL B/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weakness

* Risks associated with completion of the on-going project and
subsequent stabilization and ramp up in operations:  The company
is undergoing a capital expenditure of approximately INR 12 crore
towards setting up of its manufacturing unit. The company is
exposed to moderate project risk and risk associated with
stabilization of operations.

Strengths

* Extensive experience of the promoters:  The four decade-long
experience of the promoters in the electrical component industry,
and their keen grasp over local market dynamics, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes RJP will continue to benefit from the extensive
experience of its promoters over the medium term. The outlook may
be revised to 'Positive' if earlier-than-expected stabilisation of
plant operations, leads to higher than expected cash accruals. The
outlook may be revised to 'Negative' if any delay in ramp-up of
operations, along with low capacity utilisation, negatively
impacts the cash flow.

Incorporated in 2017, RJP Technologies Pvt Ltd (RJP) is engaged
into manufacturing of LED lights, ceiling fans, and Smart meter.
The factory is located at Pochampally (Hyderabad). The operations
are expected to start from July 2018 onwards.


SALASAR BALAJI: CRISIL Reaffirms B- Rating on INR5MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Salasar
Balaji Real Infra (SBRL) for obtaining information through letters
and emails dated July 13, 2017 and Aug. 10, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non-cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan                5       CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Salasar Balaji Real Infra. This
restricts CRISIL's ability to take a forward Salasar Balaji Real
Infra is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB rating
category or lower. Based on the last available information, CRISIL
has reaffirmed the rating at 'CRISIL B-/Stable'.

Formed in 2012, Salasar Balaji Real Infra (SBRL) is a residential
real estate developer. SBRL is currently executing one residential
real estate project named  Salasar Heights at Gwalior (Madhya
Pradesh).


SCC BUILDERS: CRISIL Ups Rating on INR80MM Term Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of SCC Builders Private Limited (SCC) to 'CRISIL
B/Stable' from 'CRISIL C/Issuer Not Cooperating'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Proposed Term Loan      80         CRISIL B/Stable (Upgraded
                                      from 'CRISIL C/Issuer Not
                                      Cooperating')

The upgrade reflects expected improvement in liquidity with the
recent receipt of completion certificate and healthy inflows
likely against already sold units. Liquidity is supported by the
expectation of stable cash flows in the form of customer advances,
which would be sufficient to pay-off debt repayment obligations
starting October 2017.

The company does not plan to undertake any other project in the
near future.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  Financial risk profile is weak
marked by below-average debt protection metrics and leveraged
capital structure. Because of the slowdown in customer advances,
considerable dependence on external funding led to the leveraged
capital structure. Financial profile should remain susceptible to
the funding mix of the projects undertaken in the near future.

* Low revenue visibility:  The company is awaiting affordable
licensing certifications before planning any other project. This
provides low revenue visibility, which constrains  business risk
profile.

* Vulnerability to cyclicality inherent in the Indian real estate
industry:  The real estate sector in India is cyclical and marked
by sharp movements in prices and a highly fragmented market
structure.

Moreover, the sector is currently witnessing a slowdown because of
high interest rates and costs of land, along with the possibility
of oversupply. This is reflected in the decline in prices in some
pockets and lower bookings and advances, which could lead to
delayed project execution. Also, a slowdown in the sector could
result in deferred realisations, which will impact the company's
liquidity. These factors will impact real estate players' bookings
and advances, which, in turn, will constrain SCC's business risk
profile, over the medium term.

Strengths

* Extensive experience of the promoters:  Benefits from the
promoters' decade-long experience in the industry should support
business. The benefits include easy procurement of approvals for
project execution and efficient buying of raw materials such as
steel and cement.  The company has been executing two independent
housing projects' SCC Heights and SCC Sapphire' both located in
Ghaziabad, Uttar Pradesh.

Outlook: Stable

CRISIL believes SCC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in receipt of customer advances leads to
substantial cash flows. The outlook may be revised to 'Negative'
if delayed receipt of customer advances for its on-going as well
as new projects (if undertaken) and substantial increase in debt
weakens liquidity.

Incorporated in fiscal 2006 and promoted by Mr. Vinod Goswami and
Mr. Vipul Giiri, SCC undertakes real estate development in the
National Capital Region, mainly Ghaziabad.


SHREE KRUSHNA: CRISIL Lowers Rating on INR4MM Cash Loan to 'D'
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Krushna Enterprises (SKE; part of Maa Kalika group) for obtaining
information through letters and emails dated September 13, 2017,
August 24, 2017 and June 23, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

CRISIL gave these ratings:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              4        CRISIL D (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL BBB-/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 the Maa Kalika group. 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 the group is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded the
rating on long-term bank facility of SKE to 'CRISIL D' from
'CRISIL BBB-/Stable'.

The downgrade reflects overdrawn working capital limits of the
group for over 30 days.

Analytical Approach

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SKE, Kohenoor Industries (KI), Maa
Kalika Bhandar (MKB), and Dwarikamayee Bhandar (DB). The firms,
together referred to as the Maa Kalika group, are under a common
management with common customer and supplier base. Moreover, the
promoters treat the four entities as one single group for funding
and support.

The Maa Kalika group, promoted by the Odisha-based Jajodia family
is primarily engaged in wholesale trading in of agro items such as
sugar, pulses, and edible oil. Operations are primarily managed by
Mr. Pawan Kumar Jajodia and his son, Mr. Jay Jajodia.


SIDDHARTH OILS: CARE Moves B+ Rating to Issuer Not Cooperating
--------------------------------------------------------------
CARE has been seeking information from Siddharth Oils to monitor
the rating(s) vide e-mail communications/letters dated August 30,
2017 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Siddharth Oil's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave this rating:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         6.00       CARE B+; Issuer not
   Facilities                        Cooperating


Detailed description of the key rating drivers

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

Key rating Weaknesses

* Small scale of operations with low net-worth base:  Despite
being operational for nearly 15 years, the firm's scale of
operations has remained small marked by total operating income
(TOI) of INR43.78 crore in FY15 (refers to the period April 1 to
March 31). During FY16 (Prov.), the firm has achieved total
operating income of INR41 crore. The small scale of operations
limits the firm's financial flexibility in times of stress and
deprives it of scale benefits.

* Weak financial risk profile:  The profitability margins of the
firm stood low marked by PBILDT margin and PAT margin of 1.65% and
0.49%, respectively, in FY15. The PBILDT margin has been low
mainly on account of trading nature of business. This apart,
interest burden on working capital borrowing restricts the net
profitability of the firm. The firm had a highly leveraged capital
structure as reflected by long-term debt equity and overall
gearing ratios of 1.58x and 6.57x, respectively, as on March 31,
2015. The debt coverage indicators of the firm remained weak as
reflected by interest coverage ratio of 1.54x in FY15 and Total
debt to GCA of 18.03x as on March 31, 2015.

The operations of the firm are working capital intensive in nature
as indicated by full utilisation of cash credit limit during last
12-month period ended May 2016.

* Proprietorship nature of constitution:  SO's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor.

* Stable business outlook for edible oil industry in India albeit
fragmented and competitive nature of industry:  The consumption of
edible oil in India has been rising during the past few years
which can be attributed mainly to economic boom resulting in
better standard of living, decline in edible oil prices and growth
in demand for fried processed food products. However, the
favorable demand prospects of edible oil market are partly offset
by the highly fragmented and competitive nature of industry due to
presence of large number of unorganised players, presence of large
and established players and entry of multinational companies with
strong marketing focus in the high end of market.

Key Rating Strengths

* Experienced promoter and long track record of operations:
SO has been engaged in the trading of edible and non-edible oil
since 2003 and is currently being managed by Mr. Munish Gulati.
The proprietor has total experience of around 15 years. The long
track record of operations has aided the firm in establishing
relationship with both customers and suppliers.

Siddharth Oils (SO), a proprietorship firm, was established in
2003, and is being managed by Mr. Munish Gulati. The firm is
engaged in the trading of edible oil and non-edible oil. The major
customers of the firm for the edible oil include-Hindustan Uni
Lever Limited, VVF India Limited and Wipro Limited. The non-edible
oil is sold to various wholesalers in industries such as
cosmetics, soaps, plastic additives and rubber.


SREE VAAGESWARI: CRISIL Reaffirms 'D' Rating on INR6MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities of
Sree Vaageswari Educational Society (SVES) at 'CRISIL D'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft                5        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       1        CRISIL D (Reaffirmed)

   Rupee Term Loan          6        CRISIL D (Reaffirmed)

The ratings reflect instances of delay in servicing debt; the
delays were owing to weak liquidity.

The ratings also reflect high geographical concentration in
revenue profile and exposure to risks arising from the competitive
and regulated nature of the education industry. However it
benefits from extensive industry experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness

* High degree of geographical concentration in its revenue
profile:  The society has an integrated campus with six institutes
which are located in Karimnagar (Telangana), thus exposing its
revenues to risks related to concentration in a single geography.

* Exposure to risks arising from the competitive and regulated
nature of the education industry:  SVES, like other colleges in
the area, faces competition from many reputed universities and
colleges in Karimnagar and other parts of Telangana and Andhra
Pradesh.  Moreover, the education segment is highly regulated and
hence SVES would remain exposed to risks arising from the
regulated nature of education industry

Strengths

* Extensive experience of promoters in education sector:  SVES has
been in existence for around a decade. The promoters' extensive
industry experience has helped the society expand aggressively by
opening six institutes and establish a strong brand in Karimnagar

Founded in 1988 by the Reddy family, SVES operates six institutes
which provide education in engineering, degree, and pharma science
and management studies. The colleges are affiliated to Jawaharlal
Nehru Technological University, Hyderabad. The society is based in
Karimnagar (Telangana).

During fiscal 2017, the Society reported a profit after tax (PAT)
of INR1.28Crores on operating income of INR20.37 Crores against
PAT of INR0.37 Crores on operating income of INR16.12 Crores in
the previous fiscal.


SRI ANJANEYA: CARE Lowers Rating on INR34.80cr LT Loan to 'D'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Anjaneya Agrotech Private Limited (SAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         34.80      CARE D Revised from
   Facilities                        CARE B

Detailed Rationale & Key Rating Drivers

The revision in rating of the bank facilities SAPL is on account
of the delays in debt servicing by the company owing to liquidity
issues faced by the company due to higher raw material and finance
costs.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing by the company:  The company is facing
liquidity issues marked by weak cash accruals owing to increased
raw material prices due to droughts and continued unfavorable
industry scenario resulting in delays in debt servicing.

Sri Anjaneya Agro-Tech Private Limited (SAPL) is promoted by Shri.
A. S. Veeranna and is engaged in the manufacturing & trading of
various edible oils such as Rice bran/sunflower/soya bean oil
under the brand name "Akshath" in the state of Karnataka.


SRI BALAJI: CARE Moves B Rating to Issuer Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from Sri Balaji Trading
Corporation to monitor the rating(s) vide e-mail communications
dated May 25, 2017, June 5, 2017, June 16, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Sri Balaji
Trading Corporation 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).

CARE gave this rating:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          6         CARE B; Issuer not
   Facilities                        cooperating

Detailed description of the key rating drivers

At the time of last rating in May 30, 2016, the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Moderate revenue and low profit margins:  The total operating
income of the firm has been fluctuating over the last three years
ending FY16 (Prov.). The operating income is linked to demand and
supply functions in cotton market coupled with opportunities in
buying and selling of cotton lint and cotton yarn. The total
operating income of the firm increased from INR 27.27 crore in
FY14 to INR 35.11 crore in FY15 led by stable demand in cotton
market. However, the same reduced to Rs, 32.32 crore in FY16
(Prov.) due to lower demand of the cotton products during the
year. The PBILDT margin also has been fluctuating over the last
three financial years mainly on account of fluctuation in raw
material prices of traded goods. PBILDT margin dipped by 52 bps to
1.15% in FY15 over FY14 and increased by 27 bps to 1.42% in FY16
(Prov.). In line with increased PBILDT, PAT level also increased
during FY15, however, PAT margin remained stable at 0.21% due to
reduction in capital charge. During FY16, increase in PBILDT level
resulted in increase in PAT level and PAT margin of the firm.

* Constitution of the entity as a Sole proprietorship firm:  SBTC,
being a Sole proprietorship firm, is exposed to inherent risk of
the proprietor's capital being withdrawn at time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor. Moreover, the
business also has restricted avenues to raise capital which could
prove a hindrance to its growth.

* Volatility in raw material prices:  Prices of raw cotton are
highly volatile in nature and depend upon the factors like area
under cultivation, crop yield, international demand-supply
scenario, export quota decided by the Government and inventory
carry forward of the previous year. During FY15, raw cotton and
cotton yarn prices fell below Minimum Support Price (MSP). This
in-turn affected the profit margins of the company.

* Weak financial capital structure and debt protection metrics:
The capital structure of the firm is weak and has been constantly
deteriorating during past three financial years ended FY16
(Prov.). The overall gearing of SBTC deteriorated from 3.47x as on
March 31, 2014 to 3.65x as on March 31, 2015 and further to 4.56x
as on March 31, 2016 (Prov.) on account of increase in debt levels
due to increase in working capital utilization coupled with
increase in unsecured loans from the related parties. The Total
Debt/GCA has been weak over the years, however, improved from
77.55x as on March 31, 2014 to 69.04x as on March 31, 2015 due to
marginal increase in GCA levels. However, the same deteriorated to
82.29x as on March 31, 2016 (Prov.) due to increase in debt levels
during the year. Interest coverage ratio declined during FY15 and
FY16 due to increased debt level, particularly working capital
utilization.

* Seasonal nature of availability of raw material resulting in
working capital intensive nature of operations:  Cotton in India
is grown mainly during two major agricultural season Kharif (June
to September) and Rabi (November to April). The millers have to
stock enough raw cotton by the end of the each season as the price
and quality is better during the harvesting season. Moreover, the
raw cotton is procured from the farmers and CCIL generally against
cash payments or with a minimal credit period of 15-30 days while
the millers have to extend credit to the associate company
(Vantage Spinners Private Limited) and other clients around 30
days resulting in moderate dependence on working capital
utilization. Furthermore, as the firm operates in cotton industry,
it has to maintain average inventory of around 60-90 days
considering the fluctuations in the price of raw cotton. The
average utilization of fund based working capital limits of the
firm was utilized (70%) during the last 12 months period ended
April 30, 2016.

Key Rating strengths

* Experience of promoter for more than five years in cotton
trading industry:  SBTC was promoted by Mrs. Potluri Sitaratnam,
who is a first generation entrepreneur and is having more than 5
years of experience in the field of cotton lint and cotton yarn
traders. Through her experience in cotton industry, she has
established healthy relationship with the key suppliers, customers
and also with the dealers which facilitates the trading business
among the various regions.

* Adequate raw material availability due to geographical
advantage:  SBTC is located in the Krishna district in Andhra
Pradesh which is close to Guntur, one of the major cotton growing
areas in Andhra Pradesh and it is also well connected to Warangal
and Khammam which are prominent cotton growing region in Andhra
Pradesh, thus there is ample availability of raw material. Cotton
is a seasonal crop and available only during the period of October
to April.

* Stable industry outlook:  The cotton and textile industry is
expected remain stable in FY17 which is led by stable spinning
margins of cotton yarn segment, range-bound cotton prices and
favourable domestic and export demand for downstream fabrics and
garments sector. Stability of cotton prices depends upon global
factors such as China's strategy on releasing its cotton
inventories and domestic factors such as cotton production and
inventory policy of government procurement agencies. Similarly, an
improvement in realisations of manmade yarn, and consequently
margins would lead to a revision in the outlook for the synthetic
textile sector. On the supply side, the cotton cultivation is not
expected to get affected by the decline in the domestic price as
the cotton cultivation remains attractive to the farmers the
profit per quintal for cotton remains high amongst the competing
crops. However, even if the domestic cotton production declines by
up-to around 15% to around 33 million bales, the domestic cotton
position will remain adequate at around 1-2 month of consumption
which will keep the cotton stocks comfortable and prices range-
bound.

Sri Balaji Trading Corporation (SBTC) was promoted by Mrs. Potluri
Sitaratnam in year 2011 as a sole proprietorship firm. SBTC is
engaged in trading of cotton lint and cotton yarn. The firm
primarily supplies cotton lint to one of its group companies;
Vantage Spinners Private Limited (VSPL) [rated CARE B+ as on
February 22, 2016], which is engaged in manufacturing of cotton
yarn and has an installed capacity of 31,500 spindles and also to
other spinning units located in Krishna District, Andhra Pradesh.

Further, SBTC has diversified the supplies of cotton lint to
cotton manufacturing units in the major cotton growing region
situated in Andhra Pradesh, Tamil Nadu, Telangana and Kerala.


SURAT HAZIRA: CRISIL Lowers Rating on INR1.81BB Term Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Surat Hazira NH-6 Tollway Private Limited (SHNHTPL,
formerly known as Soma Isolux Surat Hazira Tollway Private
Limited) to 'CRISIL D' from 'CRISIL C'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               1814      CRISIL D (Downgraded from
                                     'CRISIL C')

The downgrade reflects delays in interest payment on term loan due
to weak liquidity that resulted from modest revenue coming from
lower-than-expected traffic volume. Servicing debt obligation on
time will remain a key rating sensitivity factor.

The rating also reflects susceptibility to fluctuations in toll
revenue. However, the company benefits from good traffic potential
supported by presence of an industrial belt along the road.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity impacting debt-servicing capability:  Given the
delays in project completion, cost overrun is estimated at INR819
crore which comprised interest during construction. The delays
resulted from weak liquidity and interrupted disbursement from
lenders. Furthermore, delay in release of grant by the National
Highways Authority of India (NHAI; rated 'CRISIL AAA/Stable') and
restructuring of debt restricted cash flow. As per debt
restructuring done in April 2016, repayment of term loan was
rescheduled by a year to September 2016. However, the company has
still not been able to meet the revised debt-servicing obligation
owing to lower-than-expected traffic volume and hence toll
revenue.

SHNHTPL remains susceptible to risk of delays in debt servicing
due to cash flow mismatches. The ability to meet debt obligation
on time over the medium term will depend on the pickup in toll
collection and financial support from sponsors; hence, these
factors will remain key rating sensitivity factors.

* Susceptibility of toll revenue to fluctuations in traffic
volume:  Tolling on the road began on August 21, 2015, with
receipt of provisional completion certificate. SHNHTPL achieved
date of commencement of commercial operations (DCCO) on April 30,
2016, for completion of 90.77% of the total project. Though lower-
than-expected traffic volume restricted cash flow, toll income is
expected to pick up gradually over the medium term backed by good
traffic potential of the road.

Toll collection is the main source of revenue for the project and
hence any fluctuation in it due to lower-than-expected traffic
volume or toll rate revision will constrain cash flow and debt-
servicing capability.

Strength

* Good traffic potential supported by presence of industrial belt
along the road:  The Surat-Hazira tollway project route connects
Gujarat with eastern and southern India. There are two distinct
land uses on the stretch: a concentrated industry cluster in the
south of Surat and remaining is predominantly used for
agriculture. The route offers good traffic potential, driven by
proposed projects for development of the Hazira port into a multi-
container and chemical terminal, and the existing Dholera
industrial area near Surat. The concession agreement provides for
an indexed escalation (linked to the wholesale price index) in
toll rates for the entire tenure, and protection to SHNHTPL
against NHAI awarding contracts for construction of competing
roads in the next 14 years.

Public Sector Pension Investment Board (rated 'AAA/Stable/A-1+' by
S&P Global Ratings) invested in the Isolux Corsan group, which
holds 50% stake in SHNHTPL, thereby the group's financial risk
profile.

The pickup in toll collections, resulting in adequate cash flow,
and timely financial support from sponsors will remain key rating
sensitivity factors.

Established in 2009 as a special-purpose vehicle by Isolux Corsan
India Engineering and Construction Pvt Ltd (a part of the Isolux
Corsan group) and Soma Enterprises Ltd, SHNHTPL has entered into a
concession agreement with NHAI for execution of a road project on
design, build, finance, operate, and transfer (DBFOT) basis.

The company constructed four lanes of the Surat'Hazira port
section of NH-6, State Highway (SH)-168, and SH-187 (length of
project highway is 132.9 kilometres) in Gujarat under the National
Highways Development Project Phase III, through public-private
partnership on DBFOT basis. The concession tenure is 19 years,
which includes a construction period of 30 months. The revised
project cost of INR3,237 crore was funded through debt, equity,
and capital grant from NHAI in the ratio of 74:17:9.
The project was delayed by 48 months and it achieved DCCO on April
30, 2016.


TATHYA TEXFAB: CARE Assigns B+ Rating to INR11.69cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tathya
Texfab Private Limited (TTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            11.69       CARE B+; Stable Assigned

   Short term Bank
   Facilities             0.15       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of TTPL are
constrained on account of small scale of operations with low
capitalization, low profit margin, leveraged capital structure,
weak debt coverage indicators and moderate liquidity position with
moderately working capital intensive nature of operations. The
ratings are also constrained on account of its presence in highly
competitive and fragmented textile industry, susceptibility of
margins to volatility in raw material prices.

The rating however, derives strength from long track record of
operation and experienced promoters in the textile industry and
support from associate entities in similar industry.

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

Detailed description of the key rating drivers

Key rating Weakness

* Small scale of operations with low capitalization and low
profitability:  Although the entity was incorporated in 2012, it
has started its operations from June 1, 2016 and FY17 was its
first year of operations. Thus owing to its nascent stage
networth base remained low limiting its financial flexibility.
PBILDT margin remained low in the range of 3%-6% during last two
years ending FY17 on account of the high competition. Further net
profit also remained thin at 0.10% in FY17 owing to high interest
cost and depreciation cost.

* Leveraged capital structure and weak debt coverage indicator:
TTPL's capital structure remained leveraged, because of loans for
the project as well as the bank borrowings to meet the working
capital requirements and low networth base. Further owing to low
profitability and high debt levels, coverage indicators remained
weak. The entity's ability to operate at optimum capacity
utilizations and generate sufficient accruals will be critical.

* Moderate liquidity position owing to working capital intensive
nature of operations:  The liquidity position is marked by
moderate current ratio and low operating cycle. While the current
ratio was at 1.45 times, its quick ratio remained at 1.37 times as
on March 31, 2017. The operations are moderately working capital
intensive in nature as the entity uses yarn as a raw material
whose prices fluctuates and also they have to maintain the stock
in order to avoid the shortage. The entity majorly purchases raw
material from domestic suppliers and they offers a credit period
of 20-30 days and it supplies to domestic customers and offers a
credit period of 30 days due to maintain competitive edge. Thus
operating cycle remained low at 39 days during FY17 and cash flow
from operating activities remained negative during FY17.

* Operations in the competitive and fragmented industry:  TTPL
operates in a highly competitive and fragmented industry. The
company witnesses intense competition from both organized and
unorganized players. This fragmented and highly competitive
industry results into price competition thereby affecting the
profit margins of the companies operating in the industry.

* Susceptibility of margins to volatile raw material prices:  The
company has no long-term contract with the suppliers of raw
materials and solely depends upon the established relationships.
The prices of TTPL's major raw material, ie, yarn are prone to
price volatility and with RM contributing more than 57% towards
total cost of production during last two years ending FY17 (Prov).
Further entity holds around 111 days of inventory and thus it is
subject to risk associated with adverse movement in the raw
material prices.

Key rating Strengths

* Long track record of operation and experienced promoters in the
textiles industry:  The company belongs to the Deesan group which
has presence across all segments of cotton textile industry (viz.
from cultivation of cotton to manufacturing of garments. The group
has been in business of textile since 1996 and over the years has
expanded its presence across the textile value chain. Moreover,
the promoters of the company Mr. Chintan Patel (Son of Mr. Amrish
Patel) and Mr. Sanjay Morya, Ms. Shobha Mandora and others.

* Support from group entities:  All the group entities of TTPL has
similar managementand similar marketin, logistics and distribution
network. Thereby enabling to get orders from the reputed players
and maintain the market image.

Tathya Texfab Private Limited (TTPL) was incorporated in 2012 by,
Mr. Chintan Patel, Mr. Raheshyam Dayma, Mr. Kamlesh Agarwal, Mr.
Sanjay Morya, Ms. Shobha Mandora and others. TTPL is engaged in
manufacturing of grey fabric which finds end use in wide width bed
sheets and furnishings. The entity does sale of fabric, job work-
fabric, job work sizing and scrap sale. At present the company has
1 loom with capacity to manufacture 220 metres of grey fabric per
day. Its facility is located at Dahiwad, Shirpur, Dhule. The
entity indirectly exports its grey fabric through agents.

The company has undertaken a project to manufacture grey fabric in
2012. The overall cost of the project was INR5.20 crore, funded by
debt of INR4.40 crore and promoter's contribution of INR0.80
crore. The project has been set-up at Dahiwad, Shirpur, Dhule,
with 1 loom having an installed capacity of 225 meters days.
Although, TTPL was incorporated in 2012 but the commercial
production for sizing commenced in November 2015 and for looms it
started in June 2016, when the project was completed.


TOP GEAR: CRISIL Lowers Rating on INR4MM Cash Loan to 'D'
---------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Top Gear Transmissions (TGT; part of the TG group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Cash Credit             4.0       CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Letter of Credit        1.75      CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Long Term Loan          1.66      CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

   Proposed Long Term      1.09      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL BB-/Stable')

The downgrade reflects delays in servicing debt on account of long
working capital cycle due to stretched receivables.

The ratings continue to reflect the TG group's modest scale, and
large working capital requirements in a highly competitive
industry. The ratings also factor in the group's weak financial
risk profile, with modest networth and high gearing. These
weaknesses are partially offset by promoters' extensive experience
in the industrial machinery industry and moderate profitability.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of TGT and Top Gear Transmission Pvt Ltd
(TGTPL), together referred to as the TG group, on account of
significant operational and financial linkages between the two.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in debt servicing:  Delays in receivables have resulted
in weak liquidity, leading to delays in servicing debt.

* Large working capital requirement:  Gross current assets were
high, estimated at 294 days, driven by inventory and debtors of
168 and 127 days, respectively, as on March 31, 2017.

* Modest scale of operations:  With revenue of INR36.97 crore in
fiscal 2017, scale will likely remain modest in the intensely
competitive industrial machinery industry.

* Weak financial risk profile:  Financial risk profile is
constrained by modest networth of INR7.60 crore coupled with high
gearing of 2.49 times and total outside liabilities to networth
of 5.04 times as on March 31, 2017.

Strengths

* Extensive experience of promoters:  By virtue of being in the
industry for over a decade, the promoters have built a strong
network of reputed customers.

* Moderate profitability:  Profitability stood moderate, with
operating margin of 14.30% in fiscal 2017 supported by moderate
raw material prices and controlled overheads.

Established in 2002 as a proprietorship firm in Satara
(Maharashtra) by Mr. Srikanth Pawar, TGT designs and manufactures
planetary gear boxes as well as custom built gear boxes used in
the capital goods industry.

TGTPL, incorporated in 2002 in Satara by Mr. Shashikant B Pawar,
manufactures heavy-built gear boxes used in the capital goods
industry.


VAISHNAVI EXPORTS: CRISIL Assigns B+ Rating to INR15MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its ratings of 'CRISIL B+/Stable' to
the bank facilities of Vaishnavi Exports and Import Co. (VEIC; a
part of Aditya Group).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           15       CRISIL B+/Stable (Assigned)

The ratings reflect below-average financial risk profile marked by
high total outside liabilities to total net worth (TOLTNW) ratio.
The ratings also factors in large working capital requirements.
These rating weaknesses are partially offset by extensive
experience of promoters in trading business.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of MCML and its group companies Aaryan
Trade and Exim LLP (ATEL), Aditya Investment And Exim Trade
Company Private Limited (AIETPL), Magdha Creative Merchant LLP
(MCML) Vedant Trade Impex Private Limited (VTIPL), Veeaar Fabware
Private Limited (VFPL) and Vihaan Infin And Exim Private Limited
(VIEPL), collectively referred to as the Aditya group. This is
because all these entities, together referred to as the Aditya
group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

Weakness

* Below-average financial risk profile:  Owing to a stretched
working capital cycle, the group's total outside liabilities to
total net worth ratio remained high at around 13 times as on
March, 2017. With the expected improvement in working capital
management, the TOLTNW ratio is expected to improve however, will
remain high over the medium term. The debt protection metrics
remains moderate marked by moderate interest coverage ratio of 2.2
times in fiscal 2017.

* Large working capital requirements:  The group's operations are
working capital intensive as indicated by high gross current asset
of 228 days as on March, 2017. This is primarily attributable to
the high credit extended to the customer. However, against this,
the group is able to get credit at the similar level. CRISIL
believes that the group's working capital management is expected
to improve over the medium term on account of lower reliance on
creditors to fund the working capital requirements. The
improvement of working capital management will remain key rating
sensitivy factor over the medium term.

Strength

* Extensive experience of promoters:  The group benefits from the
extensive experience of promoters of over 3 decades in the trading
business. Over the years, the management has established healthy
relationship with the customers thus, resulting in repeated
orders.

Outlook: Stable

CRISIL believes Aditya Group will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the group improves its working capital
management on a sustainable basis while maintaining or improving
its revenues and operating profitability. The outlook may be
revised to 'Negative' if decline in cash accruals; or further
deterioration in working capital requirement further weakens the
financial risk profile.

Aditya Group was established by Mr. Ramesh Singh in 2008. The
group is engaged into exports of food grains, coconuts,
confiseries (Stationery, Biscuits and Chocolates), Textiles
products (RMG, Shirting & Suiting and fabrics).  The group is
based out of Mumbai, Maharashtra.


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

-- INR773 mil. Long-term loans migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

VBL was established in 2010.  The plant is located in Nadipalli
Village, Pusapatirega Mandal, Vizianagaram District, Andhra
Pradesh. The company manufactures extra neutral
alcohol/ethanol/industrial alcohol, with CO2 and cattle feed as
by-products and generates power from its 3MW captive power plant.


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

-- INR100 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND BB-(ISSUER NOT COOPERATING)
    rating; and

-- INR150 mil. Non-fund-based working capital limits migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in February 2012, VSPL is a Mumbai-based private
limited company engaged in the trading of electronics and FMCG
products. Mr Sagar Raut and Mr. Sidhant Vaze manage the company's
operations.



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


TOSHIBA CORP: SESC Seeks Probe on FY2016 Accounts Misstatements
---------------------------------------------------------------
Kyodo News reports that some members of Japan's securities
watchdog are calling for an investigation into Toshiba Corp's
fiscal 2016 results, claiming that they contain significant
misstatements, sources close to the matter said on Sept. 23.

Kyodo relates that the members of the Securities and Exchange
Surveillance Commission have distributed a statement urging its
officials to quickly begin investigations into Toshiba's financial
results for fiscal 2016 in which the company booked huge losses
stemming from its now-bankrupt U.S. nuclear unit Westinghouse
Electric Co.

Without an investigation, the members warn that the credibility of
the security market will be affected, the report says.

In August, Toshiba submitted its delayed financial results for
fiscal 2016 after its auditor PricewaterhouseCoopers Aarata LLC
issued an "opinion with qualifications" on Toshiba's annual
earnings report, meaning the figures are presented fairly overall
and that only minor problems exist, Kyodo recalls.

The auditor, however, issued an "adverse opinion" on Toshiba's
internal controls since the company overlooked massive losses
related to its bankrupt U.S. nuclear unit, the report notes.

According to Kyodo, PwC Aarata said in its auditor report attached
to Toshiba's annual financial statement that the Japanese firm
"should have booked a respectable degree or all" of the massive
losses stemming from the U.S. nuclear unit in fiscal 2015 instead
of the following year.

Members of the watchdog calling for an investigation insist that
an "opinion with qualifications" should be interpreted as meaning
Toshiba's accounts have "material misstatements partially." They
have warned that such an opinion should not be left unquestioned,
the sources said.

Members of the securities watchdog make final judgments on whether
recommending charges or criminal complaints are necessary. It is
extremely rare for members to urge officials to carry out
investigations, and officials have taken a more cautious view on
quickly moving to an inspection.

                           About Toshiba

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

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

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



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


EZION HOLDINGS: Bond Holder Serves Redemption Notice
----------------------------------------------------
Marissa Lee at The Straits Times reports that a key bond holder
has delivered a blunt message to debt-laden Ezion Holdings to hand
over of his money.

The bond holder, with a substantial share of the liftboat
operator's tranche of $120 million bonds backed by DBS Bank, has
asked Ezion to redeem his notes for their full principal sum,
given that the company's shares have ceased to trade, The Straits
Times relates.

According to the report, Ezion chose to suspend trading of its
shares in the middle of last month as it moved to work out a
refinancing plan with lenders. Talks are ongoing.

Ezion has sold seven tranches of bonds since 2013, racking up some
$695 million in outstanding bonds payable. But the last $120
million tranche of Series 009 notes - sold in mid-2015 - is
unique, the report cites.

At the point of issuance, a clause was written into the pricing
supplement for the tranche that gives bond holders an option to
have their bonds redeemed early, The Straits Times relates.

The clause states: "In the event that the shares of the issuer
cease to be listed or traded on the SGX-ST, the issuer shall, at
the option of the holder of any note, redeem such note at its
principal amount together with interest accrued to (but excluding)
the date fixed for redemption," The Straits Times relays.

According to The Straits Times, the substantial bond holder, who
asked not to be named, served an exercise notice of redemption to
Ezion and DBS Trustee on Sept. 22 to redeem his bonds.

In his letter, he attached a supporting legal opinion from Dentons
Rodyk that argues that since Ezion's shares have ceased to trade
following the suspension, the condition for redemption has been
triggered, the report relays.

"There is no ambiguity in the words," his lawyers concluded,
referring to Rule 8.10.3 in the Singapore Exchange rule book,
which states: "Securities or futures contracts which have been
suspended from trading cease to be traded on the trading system.
Except with SGX-ST's approval, a trading member must not execute
any transactions in a suspended security or futures contract."

Ezion has yet to respond to his notice, the bond holder said. If
Ezion accepts this interpretation, it must immediately repay all
Series 009 bond holders who choose to have their bonds redeemed,
the report states.

If Ezion is unable to cough up the cash, DBS must stand in for the
company, as promised in the committed funding agreement, the
report says.

DBS was the sole arranger for all of Ezion's bonds. It is also one
of Ezion's principal bankers, The Straits Times discloses.

When Ezion sought refinancing in mid-2015, the price of crude oil
had crashed below US$60 a barrel and lenders had turned wary of
the oil and gas sector. By giving its backing to the Series 009
bonds, DBS was able to help Ezion secure a 3.65 per cent annual
interest rate.

So far, Ezion has not defaulted on any of its bonds. It will
present bond holders with a debt restructuring proposal on
Oct. 2, the report adds.

Singapore-based Ezion Holdings Limited engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.



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


* BOND PRICING: For the Week Sept. 18 to Sept. 22, 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.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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