TCRAP_Public/171024.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, October 24, 2017, Vol. 20, No. 211

                            Headlines


A U S T R A L I A

CLAYTON BESPOKE: Second Creditors' Meeting Set for Oct. 31
CODED WELDING: First Creditors' Meeting Set for Oct. 31
GO OFFSHORE: First Creditors' Meeting Set for Nov. 1
JOSA CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 31
MESOBLAST LIMITED: May Issue 15M Ord. Shares Under Option Plan

MESOBLAST LIMITED: Will Hold Annual General Meeting on Nov. 16
OZ-WIDE HEAVY: First Creditors' Meeting Set for Oct. 31


C H I N A

BAOXIN AUTO: Fitch Rates Proposed USD Sr. Perpetual Securities B+


H O N G  K O N G

NOBLE GROUP: Warns of More Than $1 Billion Third-Quarter Net Loss


I N D I A

A. R. T. FABRICATION: CRISIL Reaffirms B+ Rating on INR5MM Loan
A. K. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
ADITYA ENGINEERS: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
ASHARFI GRAMODYOG: CRISIL Reaffirms B+ Rating on INR0.6MM Loan
BABASAHEB BAPUSAHEB: CARE Assigns B+ Rating to INR6cr LT Loan

BIHANI BINAYAKE: CARE Assigns B+ Rating to INR10.69cr LT Loan
CHEMGEMS INDIA: CRISIL Lowers Rating on INR5.13MM Term Loan to D
DAKSHINESWAR RICE: CRISIL Reaffirms B+ Rating on INR4.78MM Loan
DEWARS GARAGE: CRISIL Cuts Rating on INR13.55MM Loan to 'B'
DHANLAXMI BANK: CARE Lowers Rating on INR27.5cr Bonds From D

EDUCOMP SOLUTIONS: Bids for CIRP Due November 10
HERITAGE DISTILLERIES: CARE Assigns 'B' Rating to INR1.18cr Loan
INNOVENTIVE INDUSTRIES: Creditors Reject Resolution Plans
MAKS TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
MILAN TANNERY: CRISIL Cuts Rating on INR4MM Cash Loan to 'D'

NALANDA BUILDERS: CRISIL Reaffirms 'D' Rating on INR23MM Loan
NITESH PUNE: CARE Reaffirms B+ Rating on INR235cr Loan
PANAMA PAPERS: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
PATIL AND COMPANY: CRISIL Reaffirms D Rating on INR15MM Loan
PLATINUM AAC: CARE Assigns B+ Rating to INR10.93cr LT Loan

PONDICHERRY TINDIVANAM: CARE Reaffirms B INR210.94cr Loan Rating
PREMSONS AND PODDARS: CRISIL Assigns B+ Rating to INR9.65MM Loan
ROOPCHAND HOTELS: CARE Assigns B+ Rating to INR5.58cr LT Loan
SAGAR AGENCIES: CRISIL Reaffirms B- Rating on INR4MM Cash Loan
SAI KRUPA: CRISIL Assigns B+ Rating to INR15MM Term Loan

SARVA MANGALAM: CARE Reaffirms B+ Rating on INR20.62cr LT Loan
SREE BHARATI: CARE Assigns 'D' Rating to INR6.0cr LT Loan
SRI KAMATCHI: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
STRIDE'S CHARITABLE: CARE Assigns B+ Rating to INR8cr LT Loan
SUPREME EXPORTS: CARE Lowers Rating on INR8cr LT Loan to B+

SUPREME MOBILES: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
SUSHEEL ENGINEERS: CARE Assigns B+ Rating to INR9.50cr LT Loan
TAMILNADU JAIBHARATH: CRISIL Cuts Rating on INR10MM Loan to 'D'
VALOR TRADECOM: CARE Assigns B/A4 Rating to INR7.50cr Loan
VASAVI PLAST: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan

VIL INTERNATIONAL: CRISIL Reaffirms C Rating on INR4MM Cash Loan


J A P A N

TOSHIBA CORP: Sees JPY110BB Loss on Tax Impact of Chip Sale


X X X X X X X X

* BOND PRICING: For the Week Oct. 16 to Oct. 20, 2017


                            - - - - -


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A U S T R A L I A
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CLAYTON BESPOKE: Second Creditors' Meeting Set for Oct. 31
----------------------------------------------------------
A second meeting of creditors in the proceedings of Clayton
Bespoke Pty Limited has been set for Oct. 31, 2017, at 2:30 p.m.,
at Level 5, 123 Pitt Street, in Sydney, New South Wales.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 30, 2017, at 4:00 p.m.

Vincent Pirina and David Iannuzzi of Veritas Advisory were
appointed as administrators of Clayton Bespoke on Sept. 25, 2017.


CODED WELDING: First Creditors' Meeting Set for Oct. 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Coded
Welding Kalgoorlie Pty Ltd will be held at 8 Broadwood Street, in
Kalgoorlie, West Australia, on Oct. 31, 2017, at 10:00 a.m.

Glenn O'Kearney of GT Advisory & Consulting was appointed as
administrator of Coded Welding on Oct. 19, 2017.


GO OFFSHORE: First Creditors' Meeting Set for Nov. 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Go
Offshore Pty Ltd and Go Marine Group Pty Ltd will be held at the
offices of KordaMentha, Level 10, 40 St Georges Tce, in Perth,
West Australia, on Nov. 1, 2017, at 10:30 a.m.

Richard Tucker, John Bumbak and Scott Langdon of KordaMentha were
appointed as administrators of Go Offshore and Go Marine on Oct.
20, 2017.


JOSA CONSTRUCTIONS: Second Creditors' Meeting Set for Oct. 31
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Josa
Constructions Pty Ltd has been set for Oct. 31, 2017, at
11:00 a.m., at the offices of Veritas Advisory, Level 5, 123 Pitt
Street, Sydney, New South Wales.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 30, 2017, at 4:00 p.m.

David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Josa Constructions on June 22,
2017.


MESOBLAST LIMITED: May Issue 15M Ord. Shares Under Option Plan
--------------------------------------------------------------
Mesoblast Limited registered with the Securities and Exchange
Commission 15,000,000 ordinary shares issuable under the Employee
Share Option Plan. The proposed maximum aggregate offering price
is US$19.80 million. A full-text copy of the Form S-8 prospectus
is available for free at https://is.gd/Pqftx9

                          About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a
global developer of innovative cell-based medicines. The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates. Mesoblast's allogeneic, 'off-the-shelf' cell product
candidates target advanced stages of diseases with high, unmet
medical needs including cardiovascular conditions, orthopedic
disorders, immunologic and inflammatory disorders and
oncologic/hematologic conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, compared to a
net loss before income tax of US$90.82 million for the year ended
June 30, 2016. As of June 30, 2017, Mesoblast had US$655.7
million in total assets, US$138.9 million in total liabilities
and US$516.8 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion on the consolidated financial statements for the
year ended June 30, 2017, noting that Company has suffered
recurring losses from operations that raise substantial doubt
about its ability to continue as a going concern.


MESOBLAST LIMITED: Will Hold Annual General Meeting on Nov. 16
--------------------------------------------------------------
Mesoblast Limited notified shareholders of the Company that an
annual general meeting will be held at Deloitte, Level 11, 550
Bourke Street, Melbourne, Victoria, Australia on Nov. 16, 2017,
at 3 p.m. (Melbourne time) for the purpose of considering and, if
thought fit, passing these resolutions:

   1. To receive and consider the financial statements of the
Company and the reports of the Directors and Auditor for the year
ended June 30, 2017, as set out in the Company's 2017 Annual
Report;

   2. To re-elect Donal O'Dwyer and Dr. Ben-Zion Weiner as
directors;

   3. To adopt the Remuneration Report (which forms part of the
Company's 2017 Annual Report) for the financial year ended
June 30, 2017; and
   4. To approve: (a) the issuance of 20,044,771 fully paid
ordinary shares in the Company on Jan. 6, 2017, to Cache Holdings
Limited (part of the Mallinckrodt Pharmaceuticals group), on the
terms and conditions detailed in the Explanatory Memorandum, (b)
the issuance of 26,250,000 fully paid ordinary shares in the
Company on March 31, 2017, made by way of institutional
placement, on the terms and conditions detailed in the
Explanatory Memorandum.

A full-text copy of the Notice of Annual General Meeting and
Explanatory Memorandum is available for free at:

                       https://is.gd/yICuKe

                          About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a
global developer of innovative cell-based medicines. The Company
has leveraged its proprietary technology platform, which is based
on specialized cells known as mesenchymal lineage adult stem
cells, to establish a broad portfolio of late-stage product
candidates. Mesoblast's allogeneic, 'off-the-shelf' cell product
candidates target advanced stages of diseases with high, unmet
medical needs including cardiovascular conditions, orthopedic
disorders, immunologic and inflammatory disorders and
oncologic/hematologic conditions.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, compared to a
net loss before income tax of US$90.82 million for the year ended
June 30, 2016. As of June 30, 2017, Mesoblast had US$655.7
million in total assets, US$138.9 million in total liabilities
and US$516.8 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion on the consolidated financial statements for the
year ended June 30, 2017, noting that Company has suffered
recurring losses from operations that raise substantial doubt
about its ability to continue as a going concern.


OZ-WIDE HEAVY: First Creditors' Meeting Set for Oct. 31
-------------------------------------------------------
A first meeting of the creditors in the proceedings of OZ-Wide
Heavy Vehicle Deliveries Pty Ltd will be held at the offices of
Cor Cordis, One Wharf Lane, Level 20, 161 Sussex Street, in
Sydney, New South Wales, on Oct. 31, 2017, at 3:00 p.m.

Andre Lakomy and Jason Tang of Cor Cordis were appointed as
administrators of OZ-Wide Heavy on Oct. 19, 2017.



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BAOXIN AUTO: Fitch Rates Proposed USD Sr. Perpetual Securities B+
-----------------------------------------------------------------
Fitch Ratings has assigned Baoxin Auto Finance I Limited's
(Baoxin Finance) proposed US dollar-denominated senior perpetual
securities a 'B+(EXP)' rating and Recovery Rating of 'RR4'.
Baoxin Finance is wholly owned by China Grand Automotive Services
Co., Ltd (China Grand Auto; BB-/Stable). The securities will be
unconditionally and irrevocably guaranteed by China Grand Auto.

Fitch expects to accord no equity credit to the proposed
securities in its evaluation of China Grand Auto's capital
structure and leverage as this instrument ranks pari passu with
the company's senior unsecured obligations. The final rating and
assessment of equity credit are contingent upon the receipt of
final documents conforming to information already received.

The proposed perpetual securities are rated one notch below China
Grand Auto's 'BB-' senior unsecured rating in accordance with
Fitch's "Treatment and Notching of Hybrids in Non-Financial
Corporate and REIT Credit Analysis" criteria. The one-notch
difference reflects the proposed securities' coupon deferral
feature.

KEY RATING DRIVERS

Large Scale, Strong Market Position: China Grand Auto's ratings
are supported by its large operating scale and strong business
profile. China Grand Auto is the largest auto dealership in
China, with more than 750 outlets in 28 provinces covering more
than 50 brands. China Grand Auto has been consolidating its
position and the recent acquisition of Baoxin Auto has expanded
the company's offerings in the luxury car segment. China Grand
Auto is now the leading dealer in China for most of the major
luxury brands including Audi, BMW, Volvo and Jaguar Land Rover.

China Grand Auto's strong brand and geographical diversification
mitigate the impact of product launch cycles and reduce earnings
volatility. In addition, the company's large operating scale
allows it to use its store network more efficiently to develop
new revenue sources, such as commission income, leasing, and used
car sales.

Robust Long-Term Demand Prospects: China became the world's
largest passenger vehicle market in 2013. Despite slower growth
prospects, the long-term growth drivers for passenger vehicles
remain intact due to low vehicle ownership penetration and
density. On a medium-term (about five years) view, Fitch expects
passenger-vehicle sales to grow at a mid-single digit percentage,
which remains healthy and higher than the developed-market
average.

Contribution from Other Segments: In addition to a solid outlook
for new car sales, Fitch expects increasing revenue contribution
from other segments, including after-sales services, commission
income, leasing and used car sales. Used car sales remain at a
nascent stage in China, but have substantial growth potential in
the next five to 10 years on the back of increasing car
ownership, changing consumer behaviour and favourable policies.
In 1H17, China Grand Auto saw a noticeable improvement in margins
in its maintenance and commission segments as commissions doubled
to CNY2.1 billion yoy.

Competitive Industry, Low Bargaining Power: China's auto
dealership industry is highly fragmented and competitive.
Although China Grand Auto is China's largest dealership, it only
has 3%-4% market share by sales volume across the country.
Industry margins are low as bargaining power with suppliers is
weak and the regulatory environment favours automakers over
dealers. Chinese auto dealers generally have mid-single digit
EBITDA margins, comparable with US peers. However, Fitch does not
expect dealer margins to substantially deteriorate from current
levels as automakers and dealers are dependent on each other and
it is not in the automakers' best interests to continuously
squeeze their dealers.

High Leverage Constrains Ratings: CGA's financial leverage is
relatively high after acquiring Baoxin, with FFO adjusted net
leverage of 6.2x and net debt to EBITDAR of 5.4x at the end of
2016. Fitch expects leverage to improve gradually with better
margins and limited capex requirements. Fitch expects FFO
adjusted net leverage to improve to 4.8x in 2017 and to stay
below 5.0x in the next few years, the level at which Fitch would
consider negative rating action.

China Grand Auto has received regulatory approval for an equity
placement plan to raise up to CNY8 billion, which has not been
completed. Fitch estimates that FFO net leverage may drop to a
healthier level of under 4.0x if the equity placement is
successful. However, if the equity proceeds are used for
acquisitions and/or growth in the leasing business, the
improvement in the leverage may not be as significant.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto leasing services via its leasing subsidiary, Huitong
Xincheng. Fitch has deconsolidated Huitong Xincheng for the
purposes of Fitch analysis in accordance with the Corporate
Rating criteria. Huitong Xincheng had a debt-to-equity ratio of
about 2.0x at the end of 2016, which Fitch see as healthy.

DERIVATION SUMMARY

China Grand Auto's ratings are supported by its leading market
position, large operating scale and strong business profile, but
constrained by its relatively high leverage and low margins.
Compared with PT Mitra Pinasthika Mustika Tbk (MPM; BB-/Stable),
a motorcycle dealership in Indonesia which holds the master
distributorship for Honda motorcycles, China Grand Auto has a
much larger scale and a more diversified brand and geographical
footprint, but higher leverage and slightly lower EBITDA margins.
Compared with Chinese car rental companies such as eHi Car
Services Limited (BB-/Negative) and CAR Inc. (BB-/Stable), China
Grand Auto has higher leverage and lower margins, but this is
mitigated by its much larger operating scale, limited capex
requirements and a more stable competitive environment for the
industry.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
(excluding leasing) include:
- Low- to mid-single digit revenue growth in 2017-2020
- EBITDA margins of 5%-6%
- Maintenance capex at 1.2% of revenue and CNY3 billion per year
   on acquisitions
- 30% dividend payout ratio

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- FFO adjusted net leverage (excluding leasing) sustained below
   3.5x

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sustained decline in market share and/or revenue
- FFO adjusted net leverage (excluding leasing) sustained above
   5x (2017 estimate: 4.8x)
- FFO fixed charge cover sustained below 2x (2017 estimate:
   2.4x)
- EBITDA margin sustained below 3.5% (2017 estimate: 5.6%)

LIQUIDITY

Sufficient Liquidity: At the end of 2016, China Grand Auto had
CNY45.6 billion of debt (excluding its leasing business), of
which CNY24.8 billion was due within 12 months. This was covered
by unused banking facilities and CNY11.6 billion in unrestricted
cash.



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H O N G  K O N G
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NOBLE GROUP: Warns of More Than $1 Billion Third-Quarter Net Loss
-----------------------------------------------------------------
Bloomberg News reports that Noble Group Ltd. warned of a more
than $1 billion third-quarter net loss and agreed to sell most of
its oil-liquids unit to Vitol Group at a loss, further
complicating its fight for survival.

The long-awaited deal to sell its prized oil business provided
little relief to the Hong Kong-based company, with shares falling
the most in three months, Bloomberg relates. Details of the sale
announced on Oct. 23 failed to give much clarity on how much
Noble Group would ultimately receive from Vitol, while the third-
quarter results highlighted the company's struggle to return to
profitability as it offloads assets to repay debt.

"They're still fighting to survive," Bloomberg quotes
Nicholas Teo, a trading strategist at KGI Securities (Singapore)
Pte, as saying.

Noble Group's stock slumped as much as 12 percent in Singapore,
extending a more than 90 percent retreat since questions over its
financial reporting emerged in early 2015, Bloomberg says. While
the company has defended its accounting, it has written down the
value of its long-term commodity contracts, ousted senior
managers and put almost all of its businesses outside Asia up for
sale. Noble Group's 2020 notes are trading at about 39 cents on
the dollar, with analysts at BNP Paribas SA and Nomura Holdings
Inc. predicting that the company will eventually be forced to
restructure its debt, according to Bloomberg.

Bloomberg relates that Noble Group said that based on its end-
June accounts it would have received net proceeds of $582 million
from the oil unit deal after paying back borrowings under a
secured credit facility. But that figure included proceeds from
the earlier sale of its gas-and-power unit, the company said, and
was prior to a third quarter in which the business was "adversely
impacted" by "capital constraints." Based on that number, the
company would report a $525 million loss on the sale.

What's more, the deal is complex: Vitol will pay $174 million of
the closing price into three separate escrow accounts, Noble
Group will carve out some oil deals and wind them down
separately, and the final price is contingent on several side
deals, the report states.

Vitol said it had taken advice from three different law firms.
Highlighting the risk that the deal could fall through, Noble
Group agreed to pay a break fee of $40 million in case the deal
was scrapped for reasons including its bankruptcy, Bloomberg
notes.

According to Bloomberg, the deal for the oil business, one of
Noble's most valuable remaining assets, follows the sale of a
smaller gas-and-power trading unit to Mercuria Energy Group Ltd.,
which was completed last month. Noble Group received less than
anticipated from that disposal. Having estimated Mercuria would
pay $261 million for the unit, Noble received $102 million, with
a further $83 million deposited into an escrow account, Bloomberg
relates.

Bloomberg notes that some additional highlights from the
company's two statements on Oct. 23 are:

* A total net loss of $1.1 billion to $1.25 billion expected in
   the third quarter

* Those figures include an adjusted net loss from continuing
   operations of $50 million to $100 million, as well as
   exceptional losses including non-cash items of $1.05 billion
   to $1.15 billion

* Lenders agreed to a two-month extension of a waiver related to
   a revolving-credit facility to Dec. 20

* Proceeds from the oil sale and earlier gas-unit sale are
   expected to be enough to retire the Noble Americas Corp.
   borrowing base revolving facility, and the Noble Clean Fuels
   Ltd. borrowing base revolving facility

The company's 2020 notes rose about 1 cent to 38.7 cents,
according to Bloomberg-compiled prices. Noble had total debt of
$4.6 billion at end of June, including $2.7 billion of bonds, a
$1.1 billion revolving credit facility, and two borrowing base
facilities, according to data compiled by Bloomberg.

"The operating environment continues to be challenging," Noble,
as cited by Bloomberg, said. "Conservative liquidity management
and constraints placed on the Group's access to trade finance
lines led to disruption costs and prevented the Group from taking
advantage of profitable trading opportunities."

                          About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 2, 2017, S&P Global Ratings said that it has reviewed its
senior unsecured issue-level ratings for Noble Group Ltd. that
were labeled as "under criteria observation" (UCO) after
publishing its revised issue rating criteria, "Reflecting
Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017.
With S&P's criteria review complete, it is removing the UCO
designation from these ratings and is raising its issue rating on
Noble Group's senior unsecured debt to 'CCC-' from 'CC'.



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A. R. T. FABRICATION: CRISIL Reaffirms B+ Rating on INR5MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with A. R. T.
Fabrication Industries Private Limited (ARTFPL) for obtaining
information through letters and emails dated July 10, 2017 and
August 10, 2017among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              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 A.R.T. Fabrication Industries
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 A.R.T. Fabrication
Industries Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' category or lower. Based on the last
available information, CRISIL has reaffirmed the rating at
'CRISIL B+/Stable.

ARTFPL set up in 1996 as Roto Tech Industry, by Mr. Jatinder
Grover and his brother Mr. Harinder Grover, got its current name
in 2000 after it acquired A.R.T. Fabrication Industries. ARTFPL
manufactures steel fabricated items primarily for cranes,
machineries, JCBs, and four wheelers. The manufacturing facility
is in Faridabad, Haryana.


A. K. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facility of A. K. Enterprises - Biharsharif
(AKE).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             5        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect AKE's modest scale of operations
in the intensely competitive steel trading industry, and
susceptibility to price fluctuations. These weaknesses are
partially offset by experience of partners.


Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale of operations, with
turnover of INR32 crore in fiscal 2017, amid intense competition
limits the firm's pricing power with customers and principals,
thereby constraining profitability.

* Susceptibility to price fluctuations: The price of steel
fluctuates with its demand from regional real estate and
infrastructure industries, which is further linked to economic
cycles. Any slowdown in economic activity and lower investments
in infrastructure and housing may weaken AKE's operations.

Strength

* Experience of partners: Benefits derived from the partners'
experience of over three decades reflects in AKE's significant
and sustained growth over the three years through fiscal 2017,
despite slowdown in end-user industries.

Outlook: Stable

CRISIL believes AKE will continue to benefit over the medium term
from experience of partners. The outlook may be revised to
'Positive' if operating income and cash accrual increase
substantially with prudent working capital management.
Conversely, the outlook may be revised to 'Negative' if lower-
than-expected cash accrual, stretched working capital cycle, or
large debt undertaken to meet working capital requirement or
capital expenditure weakens financial risk profile.

AKE, a partnership firm set up in 1998 by Mr. Sushil Kumar and
Mr. Sunil Kumar, trades in iron and steel products such as hot-
rolled (HR) and cold-rolled (CR) steel sheets, HR and CR coils,
galvanised corrugated sheets, and thermo-mechanically treated
angles and channels The firm procures products from distributors
and small manufacturers. Its office is in Nalanda, Bihar.


ADITYA ENGINEERS: CRISIL Reaffirms B+ Rating on INR4.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Aditya
Engineers (AE) for obtaining information through letters and
emails dated June 19, 2017 and July 20, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          3.5       CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit             4.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit        1.0       CRISIL A4 (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 Aditya Engineers. This
restricts CRISIL's ability to take a forward Aditya Engineers 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 firm was established by proprietor, Mr. Shriram Krishnaji
Surve at Karad (Maharashtra) in 1998. It executes turnkey
contracts for erection of transmission lines.

For fiscal 2016, on provisional basis, firm has reported net
profit of INR9 million on operating income of INR164 million
against net profit of INR2 million on operating income of INR76
million for fiscal 2015.


ASHARFI GRAMODYOG: CRISIL Reaffirms B+ Rating on INR0.6MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Asharfi
Gramodyog Sansthan (AGS) for obtaining information through
letters and emails dated July 10, 2017 and August 9, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.4       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Cash
   Credit Limit            0.6       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 Asharfi Gramodyog Sansthan.
This restricts CRISIL's ability to take a forward Asharfi
Gramodyog 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/CRISIL A4'.

AGS is a not-for-profit society and managed by its president, Mr.
Hari Kishan, and secretary, Mr. Asarfi Lal. The society, based in
Charra, Aligarh district, Uttar Pradesh, provides free meals
under the mid-day meal scheme and other government-mandated
schemes.


BABASAHEB BAPUSAHEB: CARE Assigns B+ Rating to INR6cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Babasaheb Bapusaheb Gunjate (BBG), as:

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

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BBG are
constrained by small scale of operations with low capitalization,
moderate capital structure and debt coverage indicators, working
capital intensive nature of operation, high competitive intensity
in the civil construction segment and constitution of the entity
as proprietor firm.

The rating however, derives strength from experienced and
qualified proprietor, established relationship with government
customers and moderate order book position and fluctuating yet
moderate profit margin.

The ability of BBG to Increase in the scale of operations with
strengthening order book position with timely execution of
contracts and improvement of solvency and liquidity position are
the key rating sensitivities.

Detailed description of the key rating drivers

Key rating Weakness

Small scale of operations: BBG's scale of operation grew at
Cumulative Annual Growth Rate (CAGR) of 43.46% during the period
FY14-FY17 owing to higher number of contracts being executed
established relationship and repetitive orders from clients.
However the scale of operation remained small with TOI of
INR20.46 crore and PAT of INR1.50 crore in FY17(Prov.). Tangible
net-worth of BBG stood at INR5.41 crore as on March 31, 2017, low
net-worth base restricts the ability of the firm to execute large
size contracts.

Moderate capital structure and debt coverage indicators: The
firm's capital structure stood moderate owing to low networth
base and higher dependence on external funds to support the
business requirement. Further, debt service coverage indicators
of the firm stood moderate despite high debt levels owing to
moderate profitability.

Working capital intensive nature of operation: The liquidity
position of the entity stood weak marked by below unity
current ratio and quick ratio and high utilization of working
capital limits to support the operations.

High competitive intensity in the civil construction segment: The
construction industry is highly fragmented in nature with
presence of large number of unorganized players and a few large
organized players which coupled with the tender driven nature of
construction contracts poses huge competition and puts pressure
on the profitability margins of the players. Further, as the firm
participates in tenders invited by government departments, high
competition and lower bargaining power restricts its
profitability margins.

Key rating Strengths

Experienced and qualified proprietor and long track record of
operations: Mr. Babasaheb Bapusaheb Gunjate, proprietor, looks
after overall affairs of the firm. He has more than two decade of
experience in the civil construction industry. With long-standing
experience and in-depth knowledge in civil construction industry
of proprietor has benefited the firm and has able to established
good relationship with government departments and other private
players. Established relationship with government customers and
Moderate order book position: BBG is an 'A' class approved
contractor with PWD of Maharashtra and due to established
relationship, BBG has been receiving repetitive orders from its
clients. As on August 31, 2017, BBG has an outstanding order book
position of INR13.08 crore with four projects in hand reflecting
moderate order book position.

Fluctuating yet moderate profit margin: Despite continuous growth
in TOI, the profitability margins of BBG has shown declining
trend during the period FY14-16 on account of increase in the
prices of raw material coupled with intense competition from
large number of registered contractors, leading to aggressive
biddings. During FY17 (Prov.), however, PBILDT and PAT margin
improved & stood moderate at 12.39% and 7.36% respectively in
FY17(Prov.).

Sangali (Maharashtra) based Babasaheb Bapusaheb Gunjate (BBG) was
formed as a proprietorship concern in 1995 by Mr. Babasaheb
Bapusaheb Gunjate. BBG is registered Class-I (A) approved
contractor with PWD Maharashtra. The firm is engaged in execution
of civil construction projects which involve road work, deep
excavation, bridges, hard rock cuttings, blasting operations and
industrial building (civil work) and various other infrastructure
jobs for both private as well as government departments whereby
it gets orders through bidding and tendering process. The firm
also executes projects as sub-contractor for government projects
which are obtained through private corporates.


BIHANI BINAYAKE: CARE Assigns B+ Rating to INR10.69cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bihani
Binayake Cotex Private Limited (BBCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.69       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BBCPL is
constrained on fluctuating scale of operations with low
capitalization, low profit margins owing to limited value
addition nature of business with susceptibility to fluctuation in
the raw material prices owing to change in government policies
and seasonality associated with raw material availability. The
rating is further constrained due to working capital intensive
nature of operations, leveraged capital structure, weak debt
coverage indicators and presence in fragmented and competitive
cotton industry.

The above weaknesses are offset by experience of promoters in the
cotton ginning and pressing business along with long track record
of operations of company of more than one decade and location
advantage emanating from proximity to raw material suppliers and
customers.

The ability of the company to increase its scale of operations,
improve its profitability and solvency position while efficiently
managing its working capital requirements is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with low profitability: The scale of
operations of BBCPL remained modest with fluctuating income and
cash accruals during last four years ending FY17. Net worth base
remained low owing to low profitability margin and limited value
addition nature of business and presence of BBCPL in highly
fragmented industry thus limiting financial flexibility of the
entity.

Leveraged capital structure and debt coverage indicators: The
capital structure of BBPCL remained weak, owing to high reliance
on external borrowings. Furthermore, with low profitability and
high debt levels debt protection indicators remained weak.

Working capital intensive nature of operations: The operations of
BBCPL remained working capital intensive in nature as the raw
material availability is seasonal in nature, the company has to
maintain higher inventory. Furthermore, the company procures raw
cotton from local farmers who provide a week long credit period
resulting in elongated working capital cycle of the firm. The
working capital requirements of the company are met by the cash
credit facility, the average utilization of which remains above
95% in the in peak season (October-April) and around 50% during
the non-peak season.

Susceptibility of margins to raw material price fluctuation: The
price of raw cotton in India is regulated through function of MSP
by the government. Furthermore, the price of raw cotton is highly
volatile in nature and depends upon factors like area under
production, yield for the year, international demand-supply
scenario, export quota decided by government and inventory
carried forward from previous year. Hence, any adverse change in
government policy that is higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for BBCPL.

Presence in seasonal and fragmented industry: Operation of cotton
business is highly seasonal in nature, as the sowing season is
from March to July and the harvesting season is spread from
November to February. Furthermore, the cotton industry is highly
fragmented with large number (approx 80%) of players operating in
the unorganized sector. Hence, BBCPL faces stiff competition from
other players operating in the same industry, which further
result in its low bargaining power against its customers.

Key Rating Strengths

Long experience of promoters and established track record of
operations of the company: BBCPL was incorporated in 2004 and is
promoted by Mr. Jai Prakash Bihani and family. Over the years,
BBCPL has established longstanding relations with its customers
and suppliers. Furthermore, the promoters have an average
experience of more than one decade in cotton ginning & pressing
business which aids in smooth operations of the company. Apart
from these, entity is also benefited from funds infused by
promoters to support the operations.

Location advantage emanating from proximity to raw material: The
manufacturing facility of BBCPL is located at Marathwada,
Maharashtra which contributes to 65% of cotton production in
Maharashtra (2nd largest cotton producer in India). The presence
of BBCPL in cotton producing region fetches a location advantage
owing to lower logistics expenditure and easy availability of
customers and suppliers. Moreover, there is robust demand of
cotton bales and cotton seeds in region due to presence of
spinning and oil mills.

Bihani Binayake Cotex Private Limited (BBCPL) was incorporated in
2004 and is engaged in the business of cotton ginning & pressing
at its manufacturing facility based in Marathwada (Maharashtra).
The entity procures raw cotton from local farmers and Agriculture
Produce Market Committee (APMC). The major proportion of revenue
is derived from ginning process (~99%) and rest from trading of
cotton seed and cotton cake.


CHEMGEMS INDIA: CRISIL Lowers Rating on INR5.13MM Term Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on Chemgems India
Private Limited (CIPL; part of the Rathi Group) to 'CRISIL
D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.

                        Amount
   Facilities          (INR Mln)      Ratings
   ----------          ---------      -------
   Cash Credit/
   Overdraft facility     4.5         CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Export Packing
   Credit                 1.8         CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Foreign Currency
   Term Loan              5.13        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Letter of Credit       2.5         CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Long Term Loan         2.3         CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

   Post Shipment
   Credit                 0.1         CRISIL D (Downgraded from
                                      'CRISIL A4+')

   Proposed Cash
   Credit Limit            .67        CRISIL D (Downgraded from
                                      'CRISIL BB-/Stable')

The downgrade reflects delays in repayment in the term loans on
account of stretched liquidity

The ratings continue to reflect the group's exposure to intense
competition in the leather processing industry and large working
capital requirement. These weaknesses are partially offset by
promoters' extensive experience.


Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of CIPL, Rathi Chempels Pvt Ltd (RCPL),
and Milan Tannery (MT). All these entities, collectively referred
to as the Rathi group, have a common management and significant
operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Intensely competitive and fragmented leather industry: The
Rathi group operates in the intensely competitive Indian leather
industry, comprising several small and medium-scale enterprises
with limited product differentiation among players. The industry
is labour intensive and requires low capital investments,
resulting in low entry barriers. As a result, the market is
highly fragmented, with 60-65% of players operating in the
unorganised sector. Domestic players also face intense
competition from China, which has a larger presence in the global
market. CRISIL believes the Rathi group will remain exposed to
risks related to intense competition in the leather industry over
the medium term.

* Working capital-intensive operations: Gross current assets have
been sizeable at 185-197 days in the three years through March
2017, due to stretched receivables. Though credit from suppliers
(80-90 days) helps partially meet the funding gap, reliance on
external borrowing remains high, and consequently, cash credit
limit remained fully utilised in the past 12 months

Strength

* Promoters' extensive experience: Promoters, Mr. Hari Narayan
Rathi and Mr. Kishore Rathi, have spent over three decades in the
leather industry. This, coupled with established presence in
regional market, has helped the group develop healthy
relationships with suppliers and customers, bag new orders, and
ramp up the scale of operations. Benefits from the promoters'
extensive experience should continue to support the business risk
profile over the medium term.

The Rathi group, promoted by Mr. Hari Narayan Rathi and Mr.
Kishore Rathi and their family, based in Kolkata, manufactures
and exports leather bags and wallets, and trades in chemicals and
dyes used in leather and textile industries in the domestic
market. The manufacturing unit is located at Banthala, West
Bengal, with installed capacity to process 5.10 lakhs bags per
month.


DAKSHINESWAR RICE: CRISIL Reaffirms B+ Rating on INR4.78MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Dakshineswar Rice Mill (DRM) for obtaining information through
letters and emails dated June 19, 2017 and July 20, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            2.92      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating
                                    Reaffirmed)

   Term Loan              4.78      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 Dakshineswar Rice Mill. This
restricts CRISIL's ability to take a forward Dakshineswar Rice
Mill 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'.

Established in 2012 as a partnership firm, DRM is engaged in
milling of non-basmati parboiled rice. Its manufacturing facility
is at Burdwan (West Bengal). The firm's day-to-day operations are
looked after by one of its partners, Mr. Bishnu Kumar Ghosh.


DEWARS GARAGE: CRISIL Cuts Rating on INR13.55MM Loan to 'B'
-----------------------------------------------------------
CRISIL Ratings has downgraded the ratings on the long term bank
facilities of Dewars Garage Limited (DGL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable/Issuer Not Cooperating' and has reaffirmed
its short term rating to 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .25       CRISIL A4 (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

   Cash Credit           10.00       CRISIL B/Stable (Downgraded
                                     from 'CRISIL B/Stable/
                                     Issuer Not Cooperating')

   Inventory Funding     13.55       CRISIL B/Stable (Downgraded
   Facility                          from 'CRISIL B/Stable/
                                     Issuer Not Cooperating')


   Letter of Credit       2.00       CRISIL A4 (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

   Term Loan              4.20       CRISIL B-/Stable (Downgraded
                                     from 'CRISIL B/Stable/
                                     Issuer Not Cooperating')

The downgrade reflects deterioration in business risk profile,
owing to a decline in revenue and operating profitability, and
negative cash accrual.

CRISIL's ratings continue to reflect the weak financial risk
profile and exposure to intense competition. These rating
weaknesses are partially offset by extensive experience of the
promoters and moderate scale of operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth has deteriorated
to INR11.37 crore as on March 31, 2017 from INR14.27 crore as on
March 31, 2015 on account of losses incurred by the company. Net
worth is expected to remain small over the medium term absence of
any immediate equity infusion by the promoter. The total outside
liabilities to tangible networth ratio was high at 3.94 times as
on March 31, 2017. Debt protection metrics were weak with
interest coverage 0.9 times in fiscal 2017.

* Exposure to intense competition in the automobile dealership
business: DGL deals in passenger vehicles of Maruti Suzuki India
Ltd (MSIL; rated 'CRISIL AAA/Stable/CRISIL A1+') in the Kolkata
region. The company generates nearly 80% of income from sale of
passenger cars, and the balance from incentives, sale of spares
and workshop fees. Dependence on one principal results in high
concentration risk, and exposes the company to intense
competition from other MSIL dealers, and dealers of other
automobile companies, manufacturing passenger and commercial
vehicles.  In the absence of significant product differentiation
between dealers of the same principal, pricing becomes the key
customer attraction. Hence, auto manufacturers tend to squeeze
margins of dealers. Competition could intensify if MSIL
introduces new dealers in the same region, or in case of
increased thrust and launch of new models by other manufacturers.

Strengths

* Extensive experience of promoters and moderate scale of
operations: The 6 decade-long experience of the promoters, in the
automobile dealership business, healthy relationship maintained
with principal, and a strong brand image in Kolkata, will
continue to support the business risk profile. The company
operates four showrooms, three true-value outlets and two
workshops in Kolkata. Backed by experience of the promoter and
the in-house marketing team, the company has gradually increased
its point of sales at strategic locations within Kolkata. MSIL
offers the company various as incentives on sales, reimbursement
of promotional expenses towards print media and hoardings, and
price benefits for appreciation in price of inventory.

Outlook: Stable

CRISIL believes DGL will continue to benefit from the extensive
experience of the promoters, and established relationship with
MSIL. The outlook may be revised to 'Positive' if a substantial
growth in revenue and cash accrual, aided by prudent working
capital management or significant capital infusion by the
promoters, strengthens the financial risk profile, particularly
capital structure and liquidity. The outlook may be revised to
'Negative' if low operating income and accrual, stretch in the
working capital cycle, or a large debt-funded capital
expenditure, weakens the financial risk profile.

DGL, set up in 1956, has been operating as an authorised dealer
of MSIL's passenger cars in Kolkata since 1995. Mr. Sudhir
Jhunjhunwala, Mr. Rohit Kedia, Mrs Sarojini Sengupta and Mr.
Mudit Kumar are the directors of the company. Operations are
managed by Mr. Jhunjhunwala.

For fiscal 2017, net loss of INR1.48 crore was reported on sales
of INR226.92 crore, against net loss of INR1.39 crore and
INR273.14 crore, respectively, for fiscal 2016.


DHANLAXMI BANK: CARE Lowers Rating on INR27.5cr Bonds From D
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dhanlaxmi Bank Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Lower Tier II
   Bonds                 117.70      CARE BB+; Stable Reaffirmed

   Upper Tier II
   Bonds                  27.50      CARE BB; Stable Revised from
                                     CARE D

Detailed Rationale & Key Rating Drivers

The revision in rating of the upper tier II bonds factors in the
improvement in capital adequacy levels consequent to mobilization
of fresh equity of INR84 crore during FY17 (refers to the period
April 1 to March 31) & INR120 crore in Q1FY18 (refers to the
period from April 01 to June 30) and regularisation of coupon
payments of upper tier II bonds. The ratings continue to be
constrained by relatively small size of operations, moderate
asset quality & profitability parameters and regional
concentration of its operations. The ratings, however, favorably
factors in the long track record of operations and a well-
established presence of the bank in Kerala and its comfortable
liquidity profile.

The ability of the bank to maintain its capitalisation levels
above regulatory requirement, improve asset quality and show
improvement in performance on sustained basis are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate Profitability with decline in overall business of the
bank during FY17: During FY17, the bank registered 7% decline in
advances and 1% decline in deposits. Corporate advances declined
by 18% to INR1,098 crore as on March 31, 2017 from INR1,347 as on
March 2016. Net Interest Income grew by 9% and Net Interest
Margin improved from 2.28% in FY16 to 2.68% in FY17 with decrease
in the cost of deposits with no change in the yield on advances.

During FY17, the bank reported an operational profit of INR94
crore as against operational profit of INR0.5 crore in FY16
majorly due to increase in treasury income from INR5 crore in
FY16 to INR35 crore in FY17 and decrease in employee expenses.

Moderate asset quality: Asset quality ratios of DBL improved
during FY17 as Gross NPA and Net NPA have improved along with
decline in advances. Gross NPA improved from INR449 crore as on
March 31, 2016 to INR316 crore as on March 31, 2017 whereas
Net NPA improved from INR193 crore as on March 31, 2016 to INR166
crore as on March 31, 2017 due to write offs of INR189 crore
during the year.

Gross and Net NPA ratios improved from 6.36% and 2.78% as on
March 31, 2016 to 4.79% and 2.58% as on March 31, 2017. Gross and
Net NPA ratios moderated to 5.62% (PY: 7.02%) and 3.15% (PY:
3.04%) as on June 30, 2017 primarily on account of slippages. Net
NPA to Networth ratio stood at 26.96% (PY: 41.03%) as on March
31, 2017 and 25.91% as on June 30, 2017. Prevention of any fresh
slippages in the current year will be critical for the prospects
of the bank.

Regional concentration and small size of operations: The business
of the bank is largely concentrated in the state of Kerala, which
accounted for majority of the branch network as on March 31,
2017. With total advances of INR6,446 crore and total assets of
INR12,296 crore as on March 31, 2017, DBL is one of the small
sized banks in India.

Key Rating Strengths

Long-standing track record: DBL has a long-standing track record
of around 90 years. Over the years, the bank has established
extensive presence in the rural and urban markets in the state of
Kerala. As on March 31, 2017, total branches stood at 260 with
majority of the branches in Kerala and total ATMs stood at 371.

Improvement in capital adequacy levels subsequent to mobilisation
of fresh equity in FY17 and Q1FY18: During September 2016, the
Bank had raised capital to the tune of INR84 crore by
preferential allotment at a price of INR25.98 per share
(including premium of INR15.98 per share) and CAR improved to
10.26% as on March 31, 2017(PY: 7.51%). Also the bank has raised
capital of INR120 crore by preferential allotment at a price of
INR27.80 per share (including a premium of INR17.80 per share)
during Q1FY18 and CAR increased to 12.01% as on June 30, 2017.
Given the regulatory requirement of Total CAR of 10.875% as on
March 31, 2018, timely mobilization of additional capital is
critical for the bank to grow its advances at higher rate.

Liquidity profile

ALM profile of the bank as on March 31, 2017 was comfortable with
no negative cumulative mismatches up to the one year time bucket.
Also, DBL has liquidity backup in the form of excess SLR
investments of INR1,072 crore as on June 30, 2017 to meet
contingencies.

DBL is a Kerala-based small-sized private sector bank
headquartered at Thrissur. As on March 31, 2017, the bank had a
presence across 644 customer outlets comprising 260 branches, 371
ATMs and 14 processing centres. The bank's shares are listed in
BSE and NSE and are widely held.

DBL reported net profit of INR12 crore in FY17 as against net
loss of INR209 crore in FY16. For Q1FY18, DBL reported net profit
of INR8 crore over total income of INR287 crore.


EDUCOMP SOLUTIONS: Bids for CIRP Due November 10
------------------------------------------------
Moneycontrol.com reports that Educomp Solutions has invited bids
from potential resolution applicants for Corporate Insolvency
Resolution Process (CIRP) under the Insolvency and Bankruptcy
Code (IBC).

CIRP under IBC commenced against the company post an order on
May 30, 2017 at the National Company Law Tribunal (NCLT),
Moneycontrol.com discloses. NCLT had appointed Sanjiv Agarwal as
the Interim Resolution Professional ("IRP") of Educomp. He was
later replaced by Mahender Khandelwal, the report notes.

Moneycontrol.com, citing an advertisement of the company in an
economic daily, says the applicants have to provide relevant
qualifications on or before November 10.

IBC is an Act which helps troubled corporates, partnership firms
and individuals in debt to re-organise and opt for insolvency
resolution in a time-bound manner to maximise value of its
assets, according to Moneycontrol.com.

Any creditor(s) can apply for insolvency on corporates that
default on debt or interest payment, Moneycontrol.com notes.
These are referred to the NCLT on priority under the IBC. Then,
IP is to be appointed by the regulator and approved by the
creditor committee.

The IP will take over the running of the company along with the
control and power from the company's Board of Directors. The IP
gets 180 days (six months) to come up with a workable solution
for the company to enable it to repay its loans. The period can
be extended by another 90 days. No action can be taken against
the company or its assets during these 270 days or the 9-month
period.

The key focus of the IP will be running the company on going-
concern basis. A resolution plan will have to be prepared and
approved by the committee of creditors.

Educomp Solutions had received approval for corporate debt
restructuring in 2013, Moneycontrol.com adds.

Educomp Solutions Limited is engaged in providing digital
educational content in the classroom through its patented product
'Smart Class' and 'Edureach' (ICT).


HERITAGE DISTILLERIES: CARE Assigns 'B' Rating to INR1.18cr Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Heritage Distilleries Private Limited (HDPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             1.18       CARE B; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of HDPL is constrained
by small scale of operations, fortunes linked with United Spirits
Limited (USL) and its presence in a competitive industry. The
rating, however, derives strength from its satisfactory track
record of operations, experienced promoters, healthy profit
margins and long term agreement with USL. Going forward, HDPL's
ability to increase its scale of operations and maintained its
profitability margins shall be the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: HDPL is a small player vis-a-vis other
players in the leasing industry marked by its total operating
income of INR1.12crore with a PAT of INR0.24 crore in FY17
(Provisional). Furthermore, the total capital employed was also
low at INR6.09 crore as on March 31, 2017. The small size
restricts the financial flexibility of the company and hinders
it's economies of scale.

Fortunes linked with USL: HDPL has leased out its bottling plant
to USL and it derives its entire revenue from the USL. Therefore,
the fate of HDPL is directly linked with the performance of
United Spirits Limited.

Competitive nature of industry: HDPL faces stiff competition from
other players engaged in the leasing industry. However, the
agreement with USL is for a period of 5 years provides cushion on
this front.

Key Rating Strengths

Satisfactory track record and experienced promoters: HDPL is into
leasing business since April 2013 and thus has around 4 years of
track record of operations in leasing business. The key promoter
Mr.Karthik Swain has around two decades of business experience
and he looks after the day to day operations of the company.
Being in the industry for about two decades, Mr. Swain has built
up long standing relationship with clients and the company is
deriving benefits out of this. Mr. Swain is supported by the
other directors who also have long business experience.

Healthy profit margins: The profit margins of HDPL have remained
healthy during last three years (FY15-FY17) mainly on account of
low cost of operations owing to its leasing out nature of
business. The PBILDT margins, though deteriorated in FY17 due to
decline in revenue, remained healthy at 73.18% in FY17
(provisional). Furthermore, the PAT margin also remained healthy
at 21.95% in FY17 (Provisional).

Long term agreement with USL: HDPL has entered into lease out
agreement with USL for leasing out its complete bottling plant
for 5 years with effect from April 2013 to April 2018.
Furthermore, the agreement can be extended for next 5 years on
mutual consent of both the parties. USL is a reputed client and
is the largest spirit making company in India. So the future of
HDPL looks bright and is secured through this agreement with USL
as the association with USL would ensure regular receipt of rent
in a timely manner.

HDPL was incorporated in February 1999 by Mr. Kartik Swain, Mrs.
Kanchan Swain, Mr. Rashmikanta Pattnayak and Mr. Suryakanta
Swain. Initially, the company was into bottling business of
Indian Made Foreign Liquor (IMFL) till 2012.However, the company
has discontinued the bottling business thereafter and it has
leased out its bottling plant (land, building and plant &
machineries) to USL from April 2013.The company entered into a
lease out agreement with USL for leasing out its complete
bottling plant for 5 years with effect from April 2013.


INNOVENTIVE INDUSTRIES: Creditors Reject Resolution Plans
---------------------------------------------------------
Deborshi Chaki at LiveMint.com reports that Innoventive
Industries Ltd, a Pune-based steel products maker that is
undergoing bankruptcy proceedings, faces liquidation after a
committee of creditors (CoC) rejected two resolution plans,
including one from the company's promoters, two people directly
aware of the development said. The decision to liquidate the
company's assets was taken in a meeting of the creditors on
October 12, one of the two people cited above said on condition
of anonymity, LiveMint.com relates.

"The CoC will, however, meet once more to approve the plan to
give the final stamp of approval" the first person said,
LiveMint.com relays.

The liquidation value is expected to be in the range of INR130 to
INR140 crore, said the second person, also requesting anonymity,
according to the report.

Innoventive Industries is the first case filed under India's
Insolvency and Bankruptcy Code, LiveMint.com notes. ICICI Bank
Ltd moved the National Company law Tribunal (NCLT) against the
steel maker in December last year to initiate the corporate
insolvency process.

LiveMint.com says the company, which had a debt of INR955 crore
at the end of September, has contested the petition. It said that
it is not in default because the industries, law and labour
departments of the Maharashtra government had notified a
suspension of the firm's liabilities from July 22, 2016 to
July 21, 2017, Mint had reported in December.

Innoventive had first entered the corporate debt restructuring
process in 2013, and a year later signed a master restructuring
agreement with banks which was annulled later, Mint reported in
December.

NCLT had struck down the company's plea and admitted the case in
January and an interim resolution professional (IRP) from
consulting firm EY was appointed for the company, LiveMint.com
discloses. The company's promoters had also approached the Bombay
high court and the Supreme Court but their pleas were rejected.

According to the first person cited above, both resolution plans
had proposed deep haircuts on the outstanding amount,
LiveMint.com relays. "In the first proposal, the promoters, along
with a financial investor, had offered to infuse up to Rs180
crore in the company against a 75% haircut with an extended
repayment schedule, while the second proposal was from an
external bidder who proposed a one-time settlement against a
haircut of 88%," the first person, as cited by LiveMint.com,
said.

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


MAKS TECHNOLOGIES: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Maks
Technologies (MT) for obtaining information through letters and
emails dated July 13, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

   Inland/Import           7         CRISIL A4 (Issuer Not
   Letter of Credit                  Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      4         CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Maks Technologies. This
restricts CRISIL's ability to take a forward Maks Technologies 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'.

MT was established as a proprietorship firm in Pune (Maharashtra)
in 2008, and was reconstituted as a partnership firm in
April 2013. It manufactures tin-copper wires and promoters Mr.
Nilesh Jain and Mr. Pradeep Jain, manage its operations.


MILAN TANNERY: CRISIL Cuts Rating on INR4MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Milan Tannery (MT; part of the Rathi group) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit/             4       CRISIL D (Downgraded from
   Overdraft facility               'CRISIL BB-/Stable')

   Foreign Currency         3.2     CRISIL D (Downgraded from
   Term Loan                        'CRISIL BB-/Stable')

   Long Term Loan           0.5     CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Fund-           1.3     CRISIL D (Downgraded from
   Based Bank Limits                'CRISIL BB-/Stable')

The downgrade reflects delays in repayment in the term loans on
account of stretched liquidity

The ratings continue to reflect the group's exposure to intense
competition in the leather processing industry and large working
capital requirement. These weakness are partially offset by
promoters' extensive experience.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Chemgems (India) Pvt Ltd (CIPL), Rathi
Chempels Pvt Ltd (RCPL), and MT. All these entities, collectively
referred to as the Rathi group, have a common management and
significant operational linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Intensely competitive and fragmented leather industry: The
Rathi group operates in the intensely competitive Indian leather
industry, comprising several small and medium-scale enterprises
with limited product differentiation among players. The industry
is labour intensive and requires low capital investments,
resulting in low entry barriers. As a result, the market is
highly fragmented, with 60-65% of players operating in the
unorganised sector. Domestic players also face intense
competition from China, which has a larger presence in the global
market. CRISIL believes the Rathi group will remain exposed to
risks related to intense competition in the leather industry over
the medium term.

* Working capital-intensive operations: Gross current assets have
been sizeable at 185-197 days in the three years through March
2017, due to stretched receivables. Though credit from suppliers
(80-90 days) helps partially meet the funding gap, reliance on
external borrowing remains high, and consequently, cash credit
limit remained fully utilised in the past 12 months.

Strength

* Promoters' extensive experience: Promoters, Mr. Hari Narayan
Rathi and Mr. Kishore Rathi, have spent over three decades in the
leather industry. This, coupled with established presence in
regional market, has helped the group develop healthy
relationships with suppliers and customers, bag new orders, and
ramp up the scale of operations. Benefits from the promoters'
extensive experience should continue to support the business risk
profile over the medium term.

The Rathi group, promoted by Mr. Hari Narayan Rathi and Mr.
Kishore Rathi and their family, based in Kolkata, manufactures
and exports leather bags and wallets, and trades in chemicals and
dyes used in leather and textile industries in the domestic
market. The manufacturing unit is located at Banthala, West
Bengal, with installed capacity to process 5.10Lakhs per month


NALANDA BUILDERS: CRISIL Reaffirms 'D' Rating on INR23MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nalanda
Builders and Developers India Limited (NBDIL) for obtaining
information through letters and emails dated June 19, 2017 and
July 20, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft                2        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      23        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               20        CRISIL D (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 Nalanda Builders and
Developers India 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 Nalanda
Builders and Developers India 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 D'.

Incorporated in September 2005, NBDIL undertakes residential real
estate development in Agra, Jhansi, and Vrindavan (all in Uttar
Pradesh). The company is promoted by Mr. Santosh Katara, Dr
Sharad Bhaduria, and Mr. Radhey Shyam Sharma, and their families.
The promoters are first-generation entrepreneurs, who set up the
business in 2003 as a partnership firm, which was reconstituted
as a private limited company in 2005.


NITESH PUNE: CARE Reaffirms B+ Rating on INR235cr Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nitesh Pune Mall Private Limited (NPM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible
   Debentures              235       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the NCD of NPM continues to be constrained
by moderate occupancy level of the mall, high re-financing risk
associated with the NCD redemption given the repayment of the
entire principal and redemption premium by May 2020. These rating
weaknesses are partially offset by company being part of Nitesh
Estates group and the recent pick up in occupancy levels at mall.
The rating also takes note of cash flow based interest servicing
in the initial period and that compulsory interest payments shall
start only from the third year (May'18) of NCD placement. Going
forward, company's ability to achieve higher occupancy levels
with signing of rentals at remunerative prices and timely
refinancing of the NCD will be the key rating sensitivities.

Outlook: Stable

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate occupancy level at the mall: The mall has a leasable
area of 4.46 lsf and has commenced commercial operations from
April 2012. As on Jun'17, the mall has occupancy level of 65%
(Jun'16:51.6%) and houses some of the leading national and
international brands. Apart from this, company has signed LOI
with various other tenants for occupying additional area of 0.41
lsf. The increases in occupancy levels were, however, lower than
expected due to delay in investment decision by retailers, in
general, due to demonetization and uncertainties surrounding GST
implementation.

High refinancing risk with entire NCD amount to be repaid by May
2020: The NCD has structured payment mechanism in terms of
repayment of principle and payment of coupon along with the
redemption premium, which shall be made out of an escrow account
to be funded from lease rentals being received from mall. The
principal redemption is at the end of 5th year (May 2020) from
the date of allotment along with redemption premium such that IRR
of 16% is achieved. The mall rentals are expected to be
insufficient to repay the NCD and may necessitate refinancing of
NCD.

Key Rating Strengths

Part of Nitesh Estates group: The Company is part of Nitesh
Estate group which is one of the leading real estate groups
operating in Bengaluru market. It was incorporated in 2004 by Mr.
Nitesh Shetty, who is the current Managing Director of the
company. It has interests in commercial, retail and hotel
segments also, through its various associates and subsidiaries.
As on Mar'17, Nitesh Estates has 10 ongoing residential projects
and 4 residential projects which are under design and planned for
launch during the fiscal year 2017-18. There are 4 commercial
projects, 1 operational hotel and 1 operational retail project.

Cash flow based interest servicing in the initial period: The
first compulsory payment of interest as per the NCD term
sheet falls in May 2018 prior to which payments would depend upon
amount available in DSRA/Payment account which is linked to the
rental revenue realizations achieved during the period.

Nitesh Pune Mall Private Limited (NPM) was incorporated in the
year 2005 as Anuttam Developers P Ltd, promoted by Permindo Ltd.
Cyprus (indirectly held by Elbit Imaging Ltd). Elbit Imaging Ltd
was exiting Indian operation and decided to sell its stake in the
Anuttam Developers Private Limited to Nitesh Estate Limited
(Nitesh). NPM is engaged in the business of construction and
development of commercial retail space and is operating and
managing a retail mall called Nitesh Hub (previously known as The
Koregaon Park Plaza) at Pune. The mall is developed on a plot
area of 6 acre and has total leasable area of 4.46 lsft. The mall
has commenced its commercial operation during 2012, and as of
September 20, 2017 has occupancy rate of 65%.


PANAMA PAPERS: CRISIL Reaffirms 'B' Rating on INR7.5MM Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Panama
Papers Private Limited (PPPL) for obtaining information through
letters and emails dated July 18, 2017 and August 17,2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      0.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               4.0       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 Panama Papers Private Limited.
This restricts CRISIL's ability to take a forward Panama Papers
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'.

Incorporated in 2005 and promoted by Mr. Bhavesh Patel, PPPL
manufactures absorbent kraft paper used in the lamination and
packaging industry. The company has manufacturing facility in
Morbi,Gujarat.


PATIL AND COMPANY: CRISIL Reaffirms D Rating on INR15MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Patil and
Company (PAC) for obtaining information through letters and
emails dated July 13, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           15       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit               8       CRISIL D (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 Patil and Company. This
restricts CRISIL's ability to take a forward Patil and Company 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 D/CRISIL D'.

PAC was established in 1974, by Mr. Basanna Tipanna Yelure and
subsequently other family members joined in. It undertakes end-
to-end execution of projects related to construction of roads,
primarily for government undertakings in Maharashtra and
Karnataka.


PLATINUM AAC: CARE Assigns B+ Rating to INR10.93cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Platinum AAC Block Private Limited (PABPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            10.93       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of PABPL is primarily
constrained on account of implementation and stabilization risk
associated with its ongoing debt funded project. The rating is
also constrained on account of its presence into high competitive
industry which further exposes it to the risks and cyclicality
inherent in real estate industry. The rating, however, continues
to draw strength from the wide experience of the promoters along
with its locational advantage in terms of proximity to raw
material, man power and end users.

The ability of PABPL to complete project within envisaged cost
and time along with quick stabilization of its operation with
achieving envisaged level of sales and profitability would remain
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Implementation and stabilization risk associated with ongoing
project: PABPL is currently undertaking project to manufacture
Aerated Autoclaved Concrete (AAC) Blocks having total cost of
INR22.97 crore, which is to be funded through debt/equity mix of
3.18 times. Till March 31, 2017, PABPL has incurred costs of
INR17.23 crore which 75% of total project cost. In such case,
with part costs yet to incur, project implementation as well as
consequent stabilization of the manufacturing facilities to
achieve the envisaged scale of business persists.

Presence in a highly competitive industry which further exposed
to the risks and cyclicality inherent in real estate industry:
AAC block manufacturing is evolving nature of industry with
presence of very few established players with huge number of
small manufactures at regional level. Further, due to low entry
barriers many players have taken up plans for capacity expansion
in recent times. This situation is likely to increase the level
of competition in the domestic market which might put pressure on
the profitability of the existing as well as new players. Entire
demand for the AAC blocks comes from the real estate and
construction industry, which in India is highly fragmented and
cyclical. Hence, company is exposed to the risk and cyclicality
associated with the real estate sector. Thus any negative impact
on real estate industry will adversely affect the prospects of
AAC block industry as well as the company.

Key Rating Strengths

Experienced partners: PABPL is promoted and managed by Mr.
Jitendra Jalavadia, Mr. Dilip Kadivar, Mr. Vinay Gandhi and Mr.
Pragji Patel. All of them possess around two decades of
experience through different industries such as printing,
packaging and construction industries.

Location advantage: PABPL has a locational advantage as its
manufacturing facilities are strategically located in terms of
proximity to key raw materials as well as major consumption
centres of Gujarat viz. Rajkot, Bhilad, Daman and Mumbai. This
makes availability of raw material, labor, end customers and
transportation of goods easy to a certain extent.

Platinum AAC Block Private Limited (PABPL) was incorporated in
September 2012 to take up the business of manufacturing Aerated
Autoclaved Concrete (AAC) blocks. PABPL is promoted and manages
by Mr. Jitendra Jalavadia, Mr. DilipKadivar, Mr. Vinay Gandhi and
Mr. Pragji Patel. PABPL will operate from its sole manufacturing
unit located in Village-Kherdi (Dadara and Nagar Haveli, Gujarat)
to manufacture ACC Blocks having total capacity of 150,000 cubic
meters per annum. PABPL is currently undertaking project to
manufacture Aerated Autoclaved Concrete (AAC) Blocks having total
cost of INR22.97 crore, which is to be funded through debt/equity
mix of 3.18 times. PABPL has envisaged commencing commercial
production from end of October 2017 onwards.


PONDICHERRY TINDIVANAM: CARE Reaffirms B INR210.94cr Loan Rating
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pondicherry Tindivanam Tollway Limited (PTTL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities           210.94       CARE B; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PTTL is constrained
by the weak financial risk profile with continued erosion of
networth and stretched liquidity position of the company at the
back of continuous losses, traffic risk associated with a toll-
based project owing to the uncertainty in traffic and in turn
revenue, decline in revenue during FY17 (refers to the period
April 1 to March 31) albeit increase in traffic during the year
and, Operations and Maintenance (O&M) risk with absence of fixed-
price major maintenance contract. The rating is, however,
underpinned by the experienced promoters, various forms of
supports committed by the sponsors and commercial importance of
the stretch albeit presence of alternate routes. The rating also
factors in sufficient cash balance as on account closing date to
meet the operational expenses and service debt obligation. The
ability of the company to achieve the envisaged toll revenue,
overall effective cash flow management and/or occurrence of force
majeure events are viewed as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: PTTL was originally promoted by Maytas
Infra Limited (MIL) and NCC Limited (NCC). Later in 2009, Terra
Projects Private Ltd (TPPL), one of the sub-contractors and a
group company of Nagpur-based Jayaswal Neco Industries Ltd.
acquired 26.10% stake in PTTL. Currently, IL&FS, NCC, TPPL and
NCC Infrastructure Holdings limited are the shareholders of PTTL.

Commercial importance of the stretch: The project stretch on NH-
66 starts at Indira Gandhi Square in the Union Territory of
Pondicherry and extends upto Krishnagiri in Tamil Nadu. Around
3.60 km of the project road lies in the Union Territory of
Pondicherry and the remaining 35.00 km length of the project road
lies in Villupuram district of Tamil Nadu State. The project road
passes through the busiest and congested localities of
Pondicherry.

Sponsor support Agreement: In October 2014, Axis Bank as the
facility agent and security trustee has entered in to sponsor
support agreement with NIHL and IL&FS. Accordingly, sponsors have
given undertaking for Debt Service Coverage Ratio (DSCR) support,
repayment support, termination payment support and Major
Maintenance support in the event of any shortfall. Furthermore,
in addition to the above mentioned supports, sponsors have also
agreed to bring in INR33.95 crore during FY20-FY22, INR86.16
crore on or before March 31, 2023, and INR62.50 crore from FY24-
FY28.

Key Rating Weaknesses

Presence of alternate route on the stretch: The project road
forms part of a route connecting Pondicherry to Chennai
(combination of NH-45 and project road). A major portion of the
traffic plying on the project road is originating from
Pondicherry or Chennai. However, there is a two lane road, ECR
connecting Pondicherry and Chennai which traverses along with the
coast of Tamil Nadu and has many tourist spots; hence some
portion of tourist traffic is passing through ECR currently.

Operations & Maintenance (O&M) Risk: As per the concession
agreement, PTTL is responsible for operating and maintaining the
project stretch. The company undertakes regular O&M works on its
own and is therefore exposed to risk of increasing prices. PTTL
has not entered into fixed priced contract for major maintenance
and is therefore, exposed to the risk of increasing material
prices during its major maintenance.

Decline in toll revenue during FY17 albeit increase in traffic:
During FY17, PTTL has witnessed traffic growth of 2.97%
vis-a-vis 2.74% (including exempted vehicles) in FY16, however
the total revenue declined by 1.86% in FY17 y-o-y FY16 due to the
impact of demonetisation. During Nov.9 2017 to Dec.2, 2017, the
toll collections were stopped at the order of NHAI for which NHAI
proposed to compensate for interest payments on debt, O&M
expenses proportionate for such period of non-collection of tolls
as force majeure event. During Q1FY18, the toll revenue was
INR3.78 crore (as against INR3.74 crore during Q1FY17).

Weak financial risk profile with continued erosion of networth at
the back of losses: The total debt outstanding as on March 31,
2017, was INR339.61 crore as against INR321.40 crore as on
March 31, 2016. The company made net loss of INR25.79 crore
during FY17 vis-a-vis net loss of INR19.98 during FY16, eroding
the net worth.

Pondicherry Tindivanam Tollway limited (PTTL) is a Special
Purpose Vehicle (SPV) incorporated on March 27, 2007 to undertake
the construction, operation, maintenance of National Highways in
Tamil Nadu. It is promoted by the consortium of Nagarjuna
Construction Company Limited (NCC) along with its fully owned
subsidiary NCC Infrastructure Holdings Ltd, IL & FS Engineering
constructions Ltd (ILFS) and Terra-Projects Limited. The SPV is
involved in strengthening of four-lane road of 37.92 kms stretch
on the Pondicherry-Tindivanam section of NH-66, in the state of
Tamil Nadu. The Concession Agreement (CA) was executed between
PTTL and National Highways Authority of India (NHAI) on July 19,
2007 for a concession period of 30 years from the date of
financial closure, including the construction period of 30
months. The Commercial Operation Date (COD) or Scheduled Project
Completion Date (SPCD) of the project was July 14, 2010. However,
on account of delay by NHAI in handing over the land, the
construction could not be completed within the scheduled time.
The company had managed to receive an extension of Time (EOT) for
COD till April 27, 2011, from NHAI. The project received
Provisional COD and has commenced tolling on December 12, 2011.
The actual cost incurred in the project was INR361.96 crore as
against estimated cost of INR314.62 crore.


PREMSONS AND PODDARS: CRISIL Assigns B+ Rating to INR9.65MM Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Premsons and Poddars Trucking
Company LLP (PPTCL). The ratings reflect early stage of
operations and expected modest scale, and below-average financial
risk profile because of aggressive leverage. These weaknesses are
partially offset by the extensive experience of promoters in the
auto-dealership business.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              3.35       CRISIL B+/Stable (Assigned)

   Proposed Term Loan     1.35       CRISIL B+/Stable (Assigned)

   Inventory Funding
   Facility               9.65       CRISIL B+/Stable (Assigned)

   Overdraft              1.65       CRISIL A4 (Assigned)

Key Rating Drivers & Detailed Description

Weaknesses

* Early stage of operations leading to modest scale: Operations
started in June 2017, and scale is expected to be modest at INR90
crore. Ramp-up in sales, demonstration of profitability, and
working capital management will remain key monitorables.

* Below-average financial risk profile: Modest networth and term
loan availed for initial set-up and short-term working capital
borrowings shall lead to a leveraged capital structure
constraining the financial risk profile.

Strength

* Promoters' extensive experience: Promoters' extensive
experience of over 40 years in the automotive vehicles and spare
parts dealership/distributorship business has enabled them to
gain an understanding of market, identify potential untapped
markets and segments, and continuously scale up operations.

Outlook: Stable

CRISIL believes PPTCL will benefit from its promoters' extensive
experience over the medium term. The outlook may be revised to
'Positive' if rapid ramp-up in sales and demonstration of
expected profitability during early stage leads to moderate cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the financial risk profile, particularly
liquidity, owing to lower cash accrual or larger-than-anticipated
working capital requirement or any large, debt-funded capital
expenditure.

PPTCL, set up in January 2017, is a Ranchi (Jharkhand)-based
firm, owned and managed by Mr. Mohit Poddar. The firm is an
authorised distributor of spare parts and vehicles of Ashok
Leyland Ltd (commercial vehicles) in Ranchi and Hazaribaug
regions in Jharkhand and commenced commercial operations from
June 2017.


ROOPCHAND HOTELS: CARE Assigns B+ Rating to INR5.58cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Roopchand Hotels Private Limited (RHPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.58       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RHPL is constrained
by the modest scale of operations cash accruals, highly leveraged
capital structure and weak debt coverage indicators. The rating
is further constrained by working capital intensive nature of
operations along with fragmented nature of hospitality and
trading sectors. The rating however, derives strength from the
extensive track record of entity in the trading and hospitality
sector, long experience of the promoter and positive outlook for
hospitality industry.

The ability of firm to increase its scale of operations along
with overall improvement in the financial risk profile is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations: RHPL has registered total sale of
INR5.08 crore in FY17 (Prov.) and INR4.89 crore in FY16 showing a
4 percent increase led by increase in volume of seasonal fruits
sold and higher revenue from room rent of the hotel.

Leveraged capital structure with weak debt service coverage
indicators: Capital structure of the company was highly leveraged
as reflected by the overall gearing ratio of 6.18 as on March 31,
2017 vis a vis 5.83x as on March 31, 2016. Further, due to high
dependency on external borrowings has resulted in weak debt
coverage as reflected in 57.58x total debt to GCA at the end of
FY17 as compared to total debt to GCA of 64.97x at the end of
FY16 increase in probability.

Working capital intensive nature of business: The operations
remained working capital intensive in nature with cash credit
utilized at an average of 90 percent in the 12 month period
ending August 31, 2017. Further, net working capital as a percent
of capital employed stood at 100 percent as on March 31, 2017.
Cash flow from operating activities was negative at INR0.46 crore
in FY17 (Prov.).

Fragmented nature of industry: The company operates in a highly
fragmented hospitality and trading industry. The industries are
characterized with low entry barriers and high number of players
operational. Hence, this limits bargaining power of entities
operating in the sector.

Key Rating Strengths

Extensive track record of entity: RHPL has been operational in
the hospitality and trading sector since April 1992. The entity
has is promoted by the Chabbrani Family. Further over its long
years of operations, RHPL has fostered relations with customers
and suppliers.

Experienced promoters: The directors have an experience of 25
years in Hospitality segment through RHPL. Being in the industry
for more two decades has helped the promoter in gaining adequate
acumen about hospitality and trading industry and has helped in
the smooth operations of the KHPL.

Positive long-term outlook for hospitality industry: The
prospects of the hospitality industry in India in the long term
are bright. The Indian hospitality industry especially the Mid-
market/Budget category is expected to witness a strong growth of
about 15% going ahead thereby surpassing the growth in inventory
additions in the segment. With the expected improvement in
investment cycle and with revival in the global as well as Indian
economy and subsequently the increase in disposable income of the
individuals, people are expected to spend on events like
marriages, parties, hang-outs etc, which augurs well for the
hospitality industry and for existing players such as RHPL.


Nagpur based, Roopchand Hotels Private Limited (RHPL) was
incorporated in April 1992 and is managed by the Chabbrani
Family. RHPL is engaged in managing a hotel namely Gomati and
trading of seasonal fruits segment. The Chabbrani family
has been engaged in trading of seasonal fruits since around 1985
through the company Roopchand Lalchand Private Limited (RLPH). In
1992, Roopchand Hotels Private Limited took over the operations
of RLPH and commenced operations in the hospitality sector as
well through 'Hotel Gomati'.

The hotel Gomati is spread over 2500 sq mt and is situated in
Nagpur, Maharashtra. The hotel offers facilities such as banquet
hall, lawn, restaurant, bar and others along with lodging
facility. The hotel currently has 40 rooms for stay purpose.

Hospitality sector contributed around 23% of the total revenues
while trading of seasonal fruits contributed 77% in FY17
(Prov.) respectively.

In FY17, RHPL generated revenues of INR5.08 crore with a PBILDT
of INR1.46 crore and APAT of INR0.20 crore.


SAGAR AGENCIES: CRISIL Reaffirms B- Rating on INR4MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sagar
Agencies (SA) for obtaining information through letters and
emails dated July 13, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

   Cash Credit             4         CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      2.3       CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   Term Loan               1.2       CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sagar Agencies. This restricts
CRISIL's ability to take a forward Sagar Agencies 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'.

Established in 1990, SA trades in poly-urethane and poly-vinyl
chloride resin, and pipe fittings. The operations are managed by
Mr. P Sathyapalan.


SAI KRUPA: CRISIL Assigns B+ Rating to INR15MM Term Loan
--------------------------------------------------------
CRISIL Ratings has assigned its rating of 'CRISIL B+/Stable' to
the long term bank loan facilities of Sai Krupa Developers (SKD).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan                15       CRISIL B+/Stable (Assigned)

The rating reflects SKD's exposure to risks related to completion
and saleability of its ongoing project and its susceptibility to
risks inherent in the real estate industry. These rating
weaknesses are partially offset by the experience of SKD's
promoters in the real estate industry and their proven project
execution capabilities.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to project related risks: SKD is currently undertaking
construction of Sai Krupa Valley residential project in Neral,
Mumbai. The project is in nascent stages of construction with
limited sales recorded. CRISIL believes that the project progress
and sales velocity will remain key rating sensitivity factors
over the medium term.

* Susceptibility of SKD's revenue to the cyclicality in the real
estate industry: India's real estate industry is marked by
cyclicality, opaque transactions, and intense fragmentation
because of the presence of a large number of regional players.

Strengths

* Extensive experience of promoters: SKD benefits from over three
decades of experience of its promoters in the real estate
industry. Over the years, promoters have demonstrated a track
record of timely completion of residential and commercial
projects.

Outlook: Stable

CRISIL believes SKD will continue to benefit from extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if SKD completes its projects earlier than expected
or in case of more-than-expected sales realizations from ongoing
projects, leading to substantially large cash flows. Conversely,
the outlook may be revised to 'Negative' if there are any delays
in the execution of the project or in the receipt of advances
from customers, or if SKD undertakes a large, debt-funded
project, impacting its financial risk profile.

Formed in 2010 as a partnership firm, SKD is engaged in
undertaking real estate projects. The firm is currently executing
a residential project in Neral. It is promoted by Mr. Ratilal
Patodia and Mr. Mansukh Timbadia.


SARVA MANGALAM: CARE Reaffirms B+ Rating on INR20.62cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sarva Mangalam Gajanan Steel Private Limited (SMGS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            20.62       CARE B+; Stable Reaffirmed

   Short term Bank
   facilities             0.20       CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of SMGS continues to
remain constrained by its small scale of operations, low capacity
utilisations, lack of backward integration vis-a-vis volatility
in raw material prices, cyclical nature of steel industry and its
presence in a highly fragmented and competitive industry. The
aforesaid constraints are partially offset by its experienced
promoters and its proximity to raw material sources.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: SMGS is a small player in the steel
industry with total operating income of INR45.58 crore (Rs.41.88
crore in FY16) and a PAT of INR0.46 crore (Rs.1.33 crore) in FY17
(Prov.)

Low capacity utilisations: SMGS has operated with about 69% of
its installed capacity in FY17 (Prov.). Low capacity utilization
has been resulted mainly due to subdued steel industry scenario.

Lack of backward integration vis-a-vis volatility in raw material
prices: SMGS does not have any backward integration for its basic
raw material (ingots and scraps) and is required to purchase the
same from open market. Furthermore, the company does not have any
long term contracts for procurement of raw materials. Since, the
raw material is the major cost driver and its prices are volatile
in nature, the profitability margin of the company is susceptible
to fluctuation in raw material prices.

Highly fragmented and competitive and cyclical industry: The
operating spectrum of the company is highly fragmented and
competitive marked by the presence of numerous players in the
region. Hence the players in the industry do not have pricing
power and are exposed to competition induced pressures on
profitability. This apart, SMGS's product being intermediary iron
& steel products, are used primarily by steel industry.
Accordingly, it is subjected to the risks associated with the
industry like cyclicality and price volatility.

Key Rating Strengths

Experienced promoters: Mr. Vishal Kedia has over two decades of
experience in the same line of business, looks after the
marketing activities and Mr. Vikash Kedia also has around 18
years of experience in the same line of business looks after the
finance & day to day activities of the company. Accordingly, long
experience of the promoters supports the business risk profile of
the company.

Proximity to raw material sources: SMGS plant is located at
Asansol in West Bengal, which is in proximity to the steel and
mining areas of West Bengal and Jharkhand. Hence, its presence in
the steel and mining region results in benefits derived from a
lower logistic expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
prices.

SMGS incorporated in 2004 was promoted by the Kedia family of
Asansol, West Bengal. SMGS is engaged in manufacturing of steel
angles, flats, bars, rounds and channels with its sole
manufacturing facility located at Kalipahari (Asansol) with an
installed capacity of 36,000 metric ton per annum (MTPA). During
FY17, the company has undertaken an expansion project of its
rolling mill unit at aggregate cost of INR15.78 crore funded at
debt equity of 1.03:1.The expansion project was completed and
commenced operations from March 2017.


SREE BHARATI: CARE Assigns 'D' Rating to INR6.0cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sree
Bharati Bio Genetics Private Limited (SBBGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.00       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SBBGPL takes into
account the ongoing delays in servicing of debt obligations.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Ongoing delays in servicing debt obligation: The company is
delaying servicing of interest obligation on term loan account as
the company has started its commercial operation from April 2016,
resulted in under absorption overheads and further leads to delay
in meeting its interest in timely manner. Due to the above said
factor, the company is unable to make the timely payment of debt
obligation.

Leveraged capital structure and weak debt coverage indicators:
The debt equity ratio of the company deteriorated from 7.44x as
on March 31, 2015 to 38.17x as on March 31, 2016 on account of
increase in unsecured loan coupled with decrease in tangible
networth at the back of carry forward of accumulated losses.

The debt coverage indicators of the company remained weak during
review period on account of high debt levels as the company
availed term loan for purchase of machinery and due to initial
year of operations the company incurred cash losses during last
two year ended FY16. Though the company arrived operational
profit in FY16, the company has incurred net losses on account of
high interest and depreciation cost.

Presence in highly fragmented and competitive industry: The
company is engaged in drying of maize which involves limited
value addition and hence results in thin profit margins.
Moreover, on account of large number of units operating in
similar business, the competition among the players remains very
high resulting in high fragmentation and further restricts the
profitability.

Key Rating Strengths

Satisfactory experience of the promoters: Sree Bharati Bio
Genetics Private Limited (SBBGPL) was established in the year
2013 and promoted by Mr. Rama Krishna Reddy along with his family
members. Mr. Rama Krishna Reddy is a qualified graduate and
having seven years of experience in drying of maize business.

Achieved reasonable operating income in first year of operations:
SBBGPL started its commercial operations from March 2015. Hence,
FY16 is the first full year of operations and the company
achieved INR 1.04 crore during the said period. During FY17
(Provisional), the company has achieved total operating income of
INR1.40 crore on account of repeated orders received from
customers.

Sree Bharati Bio Genetics Private Limited (SBBGPL) was
incorporated in the year 2013 promoted by Mr.Rama Krishna
Reddy along with his family members. SBBGPL is engaged in drying
of Maize on job work basis. Its peak processing capacity is 6000
MT per season. The company undertakes the job work from the
various companies who are located in the state of Telangana,
Andhra Pradesh, and Maharashtra.


SRI KAMATCHI: CRISIL Reaffirms B+ Rating on INR7.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Kamatchi Traders (SKT) for obtaining information through letters
and emails dated July 17, 2017 and August 14, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7.5       CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Kamatchi Traders. This
restricts CRISIL's ability to take a forward Sri Kamatchi Traders
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'.

SKT, set up in 1985 as a partnership firm in Chennai, processes
pulses, mainly urad dal, to produce flour used by food processing
players. The firm's operations are managed by managing partner
Mr. S C Mohan.


STRIDE'S CHARITABLE: CARE Assigns B+ Rating to INR8cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Stride's Charitable Trust (SCT), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of SCT is constrained
by its small scale of operations, losses at SBID level and
negative corpus fund base. The rating is further constrained by
increasing competition and limited reach and high regulation in
education sector in India. The rating, however, derives strength
from experienced and qualified trustees along with competent
teaching staff & well established infrastructure, buoyant
prospects of Pre-school and K-12 segment in India and society's
association with reputed brand.

Going forward, the ability of the society to increase the
enrollment of students while achieving profitability and
improving its overall solvency position would be the key rating
sensitivities

Detailed description of the key rating drivers

Weaknesses

Small scale of operations with losses at SBID level: As the
operations commenced in August, 2016, the scale of operations of
SCT stood small marked by total operating income of INR0.88 crore
in FY17. The small scale limits the society's financial
flexibility in times of stress and deprives it from scale
benefits. Further, the society incurred losses both at SBID and
cash levels. The society had SBID margin of (-)670.17% in FY17
and incurred losses at the cash level amounting to INR6.25 crore
in FY17.

High dependence upon borrowings and negative corpus fund base:
The capital structure of the society remains weak owing to
erosion of the corpus on account of continued losses. Though, the
members of the society have infused funds amounting to INR3.92
crore (in the form of unsecured loans) in FY17, the total corpus
of the society continued to remain negative as on March 31, 2017.
The debt coverage indicators of SCT stood stressed marked by
interest coverage ratio of (-)16.45x in FY17 and total debt to
GCA of (-)0.94x for FY17 mainly on account of losses at SBID
level and consequently at cash level.

Increasing competition and limited reach: The school is located
in Rohtak, Haryana. This limits the enrollment in the school to
the nearby areas. Single location of Haryana limits the
penetration level for the society. Further, due to increasing
focus on education in India, a number of schools have opened up
in close proximity and several established private and government
schools are already running in and around the city.

Strengths

Experienced and qualified trustees along with competent teaching
staff & well established infrastructure: The operations of SCT
are managed by Mr. Anshul Kumar, President who has a total work
experience of around three and a half decades and Mr. Jagbir
Singh, father of Mr. Anshul Kumar has a work experience of around
four and a half decades.

Furthermore, SCT has employed a highly experienced and qualified
teaching staff to support the academic requirements of the
school. Additionally, the school provides the students with
established
infrastructure facilities.

Buoyant prospects of Pre-school and K-12 segment in India: It is
expected that the total number of schools in the K- 12 education
segment will grow rapidly. The Government's thrust on improving
the country's literacy rate through higher enrolments as well as
ensuring lower drop-out rates in the K- 12 education space is
expected to drive the growth in terms of opening-up of the new
schools especially in Tier-III cities and rural areas of the
country, which will facilitate more and more opportunities to
students spread across the nation.

Association with the reputed brand: The school will run under the
aegis of 'Woodard Group of Schools', an established international
brand in the education sector and having 41 schools and academies
in United Kingdom and 1 school in Kenya. King's College India
(KCI) is the first school in India in alliance with King's School
Taunton Limited (KSTL). The society will operate and manage the
school as per the guidelines issued by King's School Taunton
Limited (KSTL), which is a part of Woodard Group of Schools,
thereby providing assurance with respect to education quality
standards.

Stride's Charitable Trust (SCT) got registered under the Society
registration Act-1860 in October, 2013 by Mr. Anshul Kumar and
Mr. Jagbir Singh. The society is running a school under the name
of "King's College India" (KCI) at Rohtak, Haryana in alliance
with King's School Taunton Limited (KSTL). SCT will be entitled
to pay management fees (1% of net fees and 1% of net profits) to
KSTL annually from August 2020 onwards. KCI is affiliated to
International General Certificate of Secondary Education (IGCSE)
and is currently offering classes from Nursery to 9th standard.


SUPREME EXPORTS: CARE Lowers Rating on INR8cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Supreme Exports (SE), as:

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

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SE
takes into account increase in total operating income in FY17 (CA
Certified Provisional, refers to period April 1 to March 31) and
profitability margins. The rating continues to be tempered by
small scale of operations, leveraged capital structure, weak debt
coverage indicators, working capital intensive nature of
operations, competitive nature of industry coupled with
regulatory risk and seasonality associated with seafood industry,
profitability margins are susceptible to fluctuation in foreign
exchange prices and constitution of entity as a partnership
concern with inherent risk of possibility of withdrawal of the
partner's capital. However, the rating continues to derive
benefits from experienced partners and established relationship
with clients and suppliers.

Going forward, the ability of the firm to increase the scale of
operations and profitability, improve capital structure and
debt coverage indicators and manage working capital requirements
efficiently are the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations: Supreme Exports (SE) was established
in the year 2000. However, the scale of operations of the
remained small marked by the Total operating income (TOI) at
28.40 crore in FY17 (C.A. Certified Prov.) coupled with low
networth of INR2.17 crore as on March 31, 2017 (C.A. Certified
Prov.) as compared to other peers in the industry.

Leveraged capital structure: The debt equity ratio of the firm
stood nil for the last three balance sheet date ended March 31,
2017 on account of absence of long term loans. However, the
overall gearing ratio marginally deteriorated from 2.65x as on
March 31, 2016 to 2.85x as on March 31, 2017 (C.A. Certified
Prov.) due to increase in debt level on account of enhancement in
working capital bank borrowing.

Weak debt coverage indicators: The total debt/GCA improved from
25.03x in FY16 to 18.73x in FY17 (C.A. Certified Prov.) due to
increase in cash accruals. However, the PBILDT interest coverage
ratio deteriorated from 1.69x in FY16 to 1.47x in FY17 (C.A.
Certified Prov.) due to increase in interest cost.

Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry: Fish procurement is
seasonal, with the fishing season lasting from September to May;
hence, the company has to stock fish for export during the off
season, thus increasing its inventory levels. Apart from
seasonality, adverse climate conditions, lack of quality feed,
rampant diseases continue to pose risk in the raw material
procurement. Furthermore, due to limited value addition nature of
business and less technological input entry barriers are low. As
a result, processed sea food industry is highly competitive with
the presence of a large number of Indian players as well as
players from other international market. Furthermore, exports of
sea food is highly regulated, as exporters of sea food have to
meet various regulations imposed by importing nations as well as
imposed by the Indian government.

Constitution of the entity as a proprietorship concern with
inherent risk of withdrawal of capital and limited access to
Funding: Constitution as a partnership firm has the inherent risk
of possibility of withdrawal of the partner's capital at the time
of personal contingency which can adversely affect its capital
structure. Further, partnership firms have restricted access to
external borrowings as credit worthiness of the partners would be
key factors affecting credit decision for the lenders.

Key Rating Strengths

Long Track record and experience of the partner for three decades
in sea food industry: Supreme Exports was established in the year
2000, promoted by Mr. SHV Prasad (Managing Partner) and Ms. S
Rama Sita (spouse of Mr. SHV Prasad). Mr. SHV Prasad has three
decades of experience in sea food industry. Due to long term
presence in the market, the managing partner has good relations
with suppliers and customers. Furthermore, the promoter is well
supported by Mr. Krishna Prasad (S/o. Mr. SHV Prasad) who is
actively involved in managing the day to day activities of the
firm.

Growth in total operating income during review period: The total
operating income of the firm increased from INR20.32 crore in
FY16(A) to INR28.40 crore in FY17 (C.A. Certified Prov.) due to
increase in repeat orders from existing customers coupled with
continuous demand for shrimps. Further, during 4MFY18
(Provisional), the firm has achieved sales of INR9.53 crore.

Increase in profitability margins: The PBILDT margin of the firm
increased from 2.18% in FY16 to 3.82% in FY17 (C.A. Certified
Prov.) due to increase in scale of operations coupled with the
firm is getting the job work done from the third party resulting
in absorption of fixed overheads. Despite increase in interest
and depreciation cost, the PAT margin of the firm improved from
0.82% in FY16 to 0.99% in FY17 (C.A. Certified Prov.) at the back
of increase in PBILDT absolute terms.

Moderate operating cycle: SE has moderate operating cycle. The
operating cycle of the firm increased from 64 days in FY16 (A) to
84 days in FY17 (C.A. Certified Prov.),due to increase in average
inventory days from 64 days in FY16 (A) to 80 days in FY 17 (
C.A. Certified Prov.). The average collection period improved
from 14 days to 10 days. The firm is required to maintain
inventory of shrimp for duration of around 80-100 days due to
seasonal availability and to meet customers' requirements on
time. As per the company, at the temperature of -18oC, the fish
could be stored for almost 1 year without any adverse effect on
quality. Further, the company makes the payment to its supplier
within 7-15 days. The firm receives the payment from its customer
through telegraphic transfer (TT).

Plant located in aquaculture zone: The plant location of the firm
is located in aquaculture Zone near the coastal area of Andhra
Pradesh, which enables the firm to procure raw materials and
process them immediately after harvest. This results in better
quality product as well as lowers the transportation costs.

Supreme Exports (SE) was established in the year 2000 and
promoted by Mr. SHV Prasad and his spouse Ms. S Rama Sita.

The firm is engaged in processing, packing and export of shrimp
to various places like Vietnam, China, Singapore and Dubai. The
product profile of the company includes black tiger, vannamei,
scamp and white shrimp. The plant has the certification of
'Hazard Analysis Critical Control Point (HACCP)' and British
Retail Consortium (BRC). The processing and storage facilities of
SE are approved by the Marine Products Export Development
Authority (MPEDA).


SUPREME MOBILES: CRISIL Reaffirms B+ Rating on INR8.5MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Supreme
Mobiles Private Limited (SMPL) for obtaining information through
letters and emails dated June 19, 2017 and July 20, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

   Long Term Loan          3.0       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 Supreme Mobiles 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 Supreme Mobiles 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'.

SMPL, incorporated in 1981 and promoted by Mr. Ram Bhagat Gupta,
Mr. Sanjay Gupta, and Ms Sunita Gupta, is an automotive dealer
for M&M. The company currently has four showrooms and three
service centres in Haryana.


SUSHEEL ENGINEERS: CARE Assigns B+ Rating to INR9.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Susheel Engineers (SE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             2.50       CARE A4 Assigned

Detailed Rationale & Key rating drivers

The ratings assigned to the bank facilities of SE are constrained
due to modest scale of operations with fluctuating income and low
capitalization, leveraged capital structure, weak debt coverage
indicators and susceptibility of profitability margins to
fluctuation in raw material price. The ratings are further
constrained on account of presence of entity in highly fragmented
and competitive industry, working capital intensive nature of
operations and constitution of entity being proprietorship.

The above weaknesses are partially offset by long track record of
operations of entity, experienced promoters and moderate
profitability. The ratings further derive strength from wide
product portfolio of entity and diversified supplier base.

Ability of the company to increase its scale of operations with
improvement in solvency position while managing its working
capital requirement efficiently is a key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations of entity and weak solvency position:
The scale of operations of the entity remained modest with
declining TOI albeit fluctuating cash accruals and low net worth
base, thereby limiting financial flexibility of the entity in
times of stress and depriving it from scale benefits and limiting
its competitive ability in a highly competitive scenario. Total
debt of SE stood high owing to low net worth base to support the
operations of the entity resulting in leveraged capital
structure. Owing to same, debt coverage remained weak despite
moderate profitability.

Working capital intensive operations: The operations of the
entity remained working capital intensive with high amount of
funds blocked in inventory resulting in high average gross
current asset days of 238days during last year ending FY17.
However, the utilization of limits remained high despite high
credit period received from its suppliers.

Presence in highly competitive industry: SE operates in a highly
competitive capital goods industry, characterized by high
technicality, owing to specialized nature of industry thereby
resulting in entry barriers arising due to high technological
inputs and reduced availability of standardized machinery for the
production. Thus SE faces high competition.

Susceptibility of profitability margins to fluctuation in raw
material prices: The price of raw materials mainly stainless
steel required by SE is volatile and the profit margins of the
entity are exposed to any sudden spurt in the raw material
prices.

Proprietorship nature of constitution: With the nature of
constitution of SE being proprietorship, the entity is exposed to
the risk of withdrawal of capital by proprietor due to personal
exigencies, dissolution of firm due to death of proprietor and
restricted financial flexibility due to inability to explore
cheaper sources of finance leading to limited growth potential.

Key Rating Strengths

Long track record of operations of entity along with experienced
and resourceful promoter: SE was established in the year 1994 by
Mr. Sidram. G. Sidrure, who has an experience of around two and
half decades in manufacturing of heavy fabricated assembly
components and equipments. The promoter of SE is further assisted
by a team of experienced management personnel. The vast
experience of promoter aids in smooth operations of the entity.

Moderate profitability: The profit margins of the entity remained
at moderate level in the range of 10%-15% owing to customized
nature of project manufactured thus fetching high realization.
Further owing to low fixed cost, net profit margins also remained
above 2% during last three years ending FY17.

Wide product portfolio of entity: SE is engaged in manufacturing
and servicing of boiler components (boiler roof casing, sheet
metal boiler roof casing, boiler Assembly), steel casing,
industrial chimney, collector columns, industrial duct and
others. The products manufactured by SE find application in
nuclear industry, pharmaceutical industry and in power and

Vadodara (Gujarat)-based VTPL is a private limited company which
was established as private limited company in June 2015 and
promoted by three promoters namely Kunalkumar Singh, Dhrumil V
Patel, Anant V Patel. VTPL is engaged into trading of pulses,
grains and dry fruits. VTPL started its commercials operations in
January 2016 and FY16 was its first year of operations.


TAMILNADU JAIBHARATH: CRISIL Cuts Rating on INR10MM Loan to 'D'
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Tamilnadu Jaibharath Mills Ltd (TNJBL) to  'CRISIL D/CRISIL D'
from 'CRISIL B-/Stable/CRISIL A4'.

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

   Cash Credit            26.0       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Key Loan               10.0       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Letter of Credit        4.5       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Long Term Loan         14.0       CRISIL D (Downgraded from
                                     'CRISIL B-/Stable')

   Proposed Long Term     25.45      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The ratings reflect delays in repayment of term loan by more than
10 days due to weak liquidity marked by high bank limit
utilization and sizeable working capital requirement.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Financial risk profile is weak
marked by interest coverage of less than 1 time due to high
reliance on bank borrowing to fund its working capital
requirement.

*Weak liquidity: Liquidity is weak marked by highly utilized bank
line and subsequently delay in repayment of term loan by more
than 10 days.

Strengths

* Extensive experience of promoters: Promoters experience in the
textile industry will support the business risk profile of the
company.

Set up in 1989, TNJBL is part of the Ramalinga group of
companies, which has diversified interests in businesses such as
spinning and cargo transportation. The company manufactures
cotton yarn and operations are currently managed by Mr. TR
Dhinakaran and his son, Mr. D Senthilkumar.


VALOR TRADECOM: CARE Assigns B/A4 Rating to INR7.50cr Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Valor
Tradecom Private Limited (VTPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-       7.50       CARE B; Stable/CARE A4
   Term Bank                         Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of VTPL are
constrained on account of small scale of operations, low profit
margins, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position in FY17 (refers to the
period April 1 to March 31). The ratings are also constrained due
to susceptibility of its margins to volatility in raw material
prices coupled with presence in fragmented agro processing
industry and risk related to foreign exchange rate fluctuation.
The ratings, however, derives strength from diversified
experience of the promoters along with location advantage.

The ability of VTPL to increase its scale of operations with
improvement in profitability, solvency position and debt coverage
indicators with efficient utilisation of the working capital
requirements are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations along with low profit margins: The
scale of operations of VTPL remained small as marked by Total
Operating Income (TOI) of INR19.08 crore and net worth base of
INR0.14 crore as on March 31, 2017. Further, due to low value
addition of nature of the business the profitability margins
stood low marked by PBILDT margin of 3.87% and PAT margin of
0.20% during FY17 (Prov.).

Weak solvency position and debt coverage indicators: On the back
of high debt level against very low net worth base, solvency
position of the company stood weak marked by an overall gearing
ratio of 25.22 times as on March 31, 2017 (Prov.). Further, with
very low level of cash accruals, total debt to GCA stood at 81.61
times as on March 31, 2017 while interest coverage ratio stood
at 1.44 times during FY17 due to higher interest costs.

Raw material price volatility risk and presence into fragmented
agro processing industry: The prices of agro commodities are
subject to climatic risk and are volatile in nature. Hence, any
adverse movement in their price can put pressure on the profit
margins of the company. Also agro processing business
is highly fragmented with the presence of large number of
unorganized players in India. There is high competition within
the industry due to low entry barriers.

Risk related to foreign exchange rate fluctuation: VTPL imports
its products from different countries. In absence of any active
hedging policy, the company is exposed to foreign exchange rate
fluctuation which makes its profitability vulnerable to
fluctuation in foreign exchange rates.

Key Rating Strengths

Experienced promoters: All promoters hold healthy experience of
average more than a decade in same line of business.

Location Advantage: The trading unit of VTPL is located at
Vadodara in Gujarat where labour and transportation facility is
available easily. For trading units logistics and labour are key
factors which are easily managed in region like Vadodara.

Vadodara (Gujarat)-based VTPL is a private limited company which
was established as private limited company in June 2015 and
promoted by three promoters namely Kunalkumar Singh, Dhrumil V
Patel, Anant V Patel. VTPL is engaged into trading of pulses,
grains and dry fruits. VTPL started its commercials operations in
January 2016 and FY16 was its first year of operations.


VASAVI PLAST: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Vasavi
Plast Industries (VPI) for obtaining information through letters
and emails dated July 18, 2017 and August 17,2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              6        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         2.5      CRISIL A4 (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term       1.5      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 Vasavi Plast Industries. This
restricts CRISIL's ability to take a forward Vasavi Plast
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/CRISIL A4'.

Set up in 2001 in Guntakal, Andhra Pradesh, as a proprietorship
firm by Mr. S Ramamohan Gupta, VPI is a part of the Vasavi group
and manufactures rigid PVC pipes.


VIL INTERNATIONAL: CRISIL Reaffirms C Rating on INR4MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with VIL
International Private Limited (VIL) for obtaining information
through letters and emails dated July 17, 2017 and August 14,2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Letter of Credit        10         CRISIL A4 (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 VIL International Private
Limited. This restricts CRISIL's ability to take a forward VIL
International 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 C/CRISIL A4'.

VIL, based in Chennai, trades in timber and medium-density fibre
boards. It was set up by Mr. Venkat Immanni and Mr. Satya Rao in
2001.



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


TOSHIBA CORP: Sees JPY110BB Loss on Tax Impact of Chip Sale
-----------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that Toshiba Corp.
forecast an annual net loss of JPY110 billion ($968 million) on
the tax impact of selling its memory chip division to a group led
by Bain Capital.

The Tokyo-based company revised its forecast from an earlier
estimate of JPY230 billion in net income, according to a
statement cited by Bloomberg. The company left its operating
profit and sales forecasts for the year ending March unchanged.
Toshiba said the sale will be recognized for tax purposes as a
non-qualified split, after it separated its memory business to
secure the injection of capital from the Bain consortium,
Bloomberg relates.

According to Bloomberg, Toshiba's shareholders are expected to
approve the JPY2 trillion sale of the memory chip business at a
general meeting today, Oct. 24, helping the company avert a
capital deficit that could lead to its delisting. The Bain
consortium includes major technology players Apple Inc., Dell
Inc., SK Hynix Inc. and Japan's Hoya Corp., while Toshiba itself
will maintain a stake, Bloomberg states. The proceeds would
result in a JPY1.08 trillion improvement in its shareholders'
equity, the company said on Oct. 23, Bloomberg relays.

Bloomberg says the Japanese company is clawing its way back after
an accounting scandal in 2015 that was followed by a
multibillion-dollar loss in its nuclear operations in the U.S.
The Tokyo Stock Exchange earlier this month removed Toshiba from
its watchlist for delisting citing better internal controls and
efforts to improve corporate governance, the report says.

Toshiba's shares closed 1.2 percent lower at JPY331 on Oct. 23,
after falling as much as 3.6 percent, Bloomberg discloses. The
company is scheduled to report second-quarter earnings on Nov. 9,
Bloomberg adds.

                        About Toshiba Corp

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
Oct. 6, 2017, S&P Global Ratings said that it has affirmed its
'CCC-' long-term corporate credit and 'C' short-term corporate
credit and commercial paper program ratings on Japan-based
capital goods and diversified electronics company Toshiba Corp.
S&P also removed the ratings from CreditWatch. The outlook is
negative.

S&P said, "At the same time, we raised the senior unsecured
rating one notch to 'CCC-' from 'CC' following completion of our
review of the rating. The review follows our publication of our
revised issue rating criteria, "Reflecting Subordination Risk In
Corporate Issue Ratings" on Sept. 21, 2017, after which we placed
the rating "under criteria observation" (UCO). With our criteria
review complete, we are removing the UCO designation from the
rating. We also removed the senior unsecured rating from
CreditWatch with negative implications following our affirmation
of the long-term corporate credit rating and resolution of the
CreditWatch."



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


* BOND PRICING: For the Week Oct. 16 to Oct. 20, 2017
-----------------------------------------------------

Issuer                    Coupon    Maturity    Currency   Price
------                    ------    --------    --------   -----


  AUSTRALIA
  ---------

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


CHINA
-----

AKESU XINCHENG ASSET INV     7.50    10/10/18      CNY    50.52
ALXA LEAGUE INFRASTRUCTU     6.40    03/14/20      CNY    60.83
ANKANG DEVELOPMENT & INV     6.35    03/06/20      CNY    60.55
ANQING ECONOMIC&TECHNOLO     6.00    06/18/20      CNY    60.56
ANQING ECONOMIC&TECHNOLO     6.00    06/18/20      CNY    60.58
ANQING URBAN CONSTRUCTIO     6.76    12/31/19      CNY    61.11
ANQING URBAN CONSTRUCTIO     6.76    12/31/19      CNY    61.60
ANSHAN CITY CONSTRUCTION     8.25    03/05/19      CNY    41.17
ANSHAN CITY CONSTRUCTION     6.39    04/25/20      CNY    60.77
ANSHAN CITY CONSTRUCTION     6.39    04/25/20      CNY    60.83
ANSHUN STATE-RUN ASSETS      6.98    01/10/20      CNY    61.09
ANYANG INVESTMENT GROUP      8.00    04/17/19      CNY    41.18
BAICHENG ZHONGXING URBAN     7.00    12/18/19      CNY    60.48
BAISHAN URBAN CONSTRUCTI     7.00    07/31/19      CNY    40.25
BAIYIN CITY DEVELOPMENT      6.78    07/19/20      CNY    60.80
BAODING NATIONAL HI-TECH     7.33    12/24/19      CNY    61.17
BAOJI INVESTMENT GROUP C     7.14    12/26/18      CNY    50.57
BAOJI INVESTMENT GROUP C     7.14    12/26/18      CNY    50.69
BAOSHAN STATE-OWNED ASSE     7.30    12/10/19      CNY    60.66
BAOSHAN STATE-OWNED ASSE     7.30    12/10/19      CNY    61.14
BAOTOU STATE OWNED ASSET     7.03    09/17/19      CNY    61.15
BAYANNUR URBAN DEVELOPME     6.40    03/15/20      CNY    60.97
BAYINGUOLENG INNER MONGO     7.48    09/10/18      CNY    25.47
BEIJING BIOMEDICINE INDU     6.35    07/23/20      CNY    60.30
BEIJING BIOMEDICINE INDU     6.35    07/23/20      CNY    61.26
BEIJING CAPITAL DEVELOPM     5.95    05/29/19      CNY    40.47
BEIJING CAPITAL DEVELOPM     7.19    01/15/21      CNY    74.42
BEIJING CHAOYANG STATE-O     5.25    03/27/20      CNY    60.12
BEIJING CHAOYANG STATE-O     5.25    03/27/20      CNY    60.62
BEIJING CONSTRUCTION ENG     5.95    07/05/19      CNY    40.53
BEIJING ECONOMIC TECHNOL     5.29    03/06/18      CNY    39.97
BEIJING GUCAI GROUP CO L     6.60    09/06/20      CNY    61.36
BEIJING GUCAI GROUP CO L     6.60    09/06/20      CNY    61.40
BEIJING GUCAI GROUP CO L     8.28    12/15/18      CNY    71.78
BEIJING HAIDIAN STATE-OW     5.50    08/07/20      CNY    59.90
BEIJING JINGMEI GROUP CO     6.14    09/09/20      CNY    60.68
BEIJING TIANLUTONG TECHN     8.50    10/23/17      CNY   100.37
BEIJING XINGZHAN STATE O     6.48    08/31/19      CNY    40.50
BEIJING XINGZHAN STATE O     6.48    08/31/19      CNY    40.74
BENGBU URBAN INVESTMENT      6.30    09/11/20      CNY    61.34
BIJIE XINTAI INVESTMENT      7.15    08/20/19      CNY    41.03
BINZHOU BINCHENG DISTRIC     6.50    07/05/19      CNY    40.00
BINZHOU BINCHENG DISTRIC     6.50    07/05/19      CNY    40.52
BINZHOU URBAN CONSTRUCTI     6.15    07/12/20      CNY    61.02
BORALA MONGOL AUTONOMOUS     7.18    08/09/20      CNY    61.82
BORALA MONGOL AUTONOMOUS     7.18    08/09/20      CNY    62.09
C&D REAL ESTATE CO LTD       6.15    04/03/20      CNY    60.73
CANGZHOU CONSTRUCTION &      6.72    01/23/20      CNY    61.25
CHANGDE CITY CONSTRUCTIO     6.50    02/25/20      CNY    61.48
CHANGDE CITY CONSTRUCTIO     6.50    02/25/20      CNY    61.61
CHANGDE ECONOMIC DEVELOP     7.19    09/12/19      CNY    61.11
CHANGDE ECONOMIC DEVELOP     7.19    09/12/19      CNY    61.21
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.45
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.50
CHANGSHA CITY CONSTRUCTI     6.95    04/24/19      CNY    40.99
CHANGSHA CITY CONSTRUCTI     6.95    04/24/19      CNY    41.13
CHANGSHA COUNTY XINGCHEN     8.35    04/06/19      CNY    41.37
CHANGSHA ECONOMIC & TECH     8.45    04/13/22      CNY    74.35
CHANGSHA PILOT INVESTMEN     6.70    12/10/19      CNY    61.20
CHANGSHA PILOT INVESTMEN     6.70    12/10/19      CNY    61.31
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    40.72
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    40.75
CHANGSHU CITY OPERATION      8.00    01/16/19      CNY    40.96
CHANGSHU DEVELOPMENT INV     5.80    04/19/20      CNY    60.71
CHANGXING URBAN CONSTRUC     6.80    11/30/19      CNY    60.77
CHANGXING URBAN CONSTRUC     6.80    11/30/19      CNY    61.08
CHANGYI ECONOMIC AND DEV     7.35    10/30/20      CNY    72.26
CHANGYI ECONOMIC AND DEV     7.35    10/30/20      CNY    72.50
CHANGZHI CITY CONSTRUCTI     6.46    02/26/20      CNY    60.84
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    60.68
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    62.00
CHANGZHOU JINTAN DISTRIC     8.30    03/14/19      CNY    41.23
CHANGZHOU JINTAN DISTRIC     6.38    04/26/20      CNY    60.75
CHANGZHOU JINTAN DISTRIC     6.38    04/26/20      CNY    60.84
CHANGZHOU WUJIN CITY CON     6.22    06/08/18      CNY    25.18
CHANGZHOU WUJIN CITY CON     6.22    06/08/18      CNY    25.19
CHAOHU URBAN TOWN CONSTR     7.00    12/24/19      CNY    61.05
CHAOHU URBAN TOWN CONSTR     7.00    12/24/19      CNY    61.05
CHAOYANG CONSTRUCTION IN     7.30    05/25/19      CNY    40.58
CHENGDU CITY DEVELOPMENT     6.18    01/14/20      CNY    61.01
CHENGDU ECONOMIC&TECHNOL     6.50    07/17/18      CNY    25.24
CHENGDU ECONOMIC&TECHNOL     6.50    07/17/18      CNY    25.24
CHENGDU ECONOMIC&TECHNOL     6.55    07/17/19      CNY    40.77
CHENGDU ECONOMIC&TECHNOL     6.55    07/17/19      CNY    40.77
CHENGDU HI-TECH INVESTME     6.28    11/20/19      CNY    60.77
CHENGDU XINCHENG XICHENG     8.35    03/19/19      CNY    41.07
CHENGDU XINDU XIANGCHENG     8.60    12/13/18      CNY    71.84
CHENGDU XINGCHENG INVEST     6.17    01/28/20      CNY    60.96
CHENGDU XINGJIN URBAN CO     7.30    11/27/19      CNY    61.16
CHENGDU XINGJIN URBAN CO     7.30    11/27/19      CNY    61.52
CHENZHOU URBAN CONSTRUCT     7.34    09/13/19      CNY    61.27
CHENZHOU URBAN CONSTRUCT     7.34    09/13/19      CNY    61.32
CHENZHOU XINTIAN INVESTM     6.30    07/17/20      CNY    60.82
CHENZHOU XINTIAN INVESTM     6.30    07/17/20      CNY    80.60
CHIFENG CITY HONGSHAN IN     7.20    07/25/19      CNY    40.74
CHINA CITY CONSTRUCTION      4.93    07/14/20      CNY    45.50
CHINA CITY CONSTRUCTION      5.55    12/17/17      CNY    45.50
CHINA GOVERNMENT BOND        3.70    05/23/66      CNY    69.60
CHINA GOVERNMENT BOND        1.64    12/15/33      CNY    70.69
CHINA SECURITY & FIRE CO     4.45    11/11/19      CNY    71.02
CHIZHOU CITY MANAGEMENT      7.17    10/17/19      CNY    61.01
CHIZHOU CITY MANAGEMENT      7.17    10/17/19      CNY    61.90
CHONGQING BEIFEI INDUSTR     7.13    12/25/19      CNY    61.37
CHONGQING CHANGSHOU DEVE     7.45    09/25/19      CNY    61.15
CHONGQING CHANGSHOU DEVE     7.45    09/25/19      CNY    61.15
CHONGQING CITY CONSTRUCT     5.12    05/21/20      CNY    59.94
CHONGQING CITY CONSTRUCT     5.12    05/21/20      CNY    59.95
CHONGQING DASUN ASSET DE     6.98    09/10/20      CNY    61.27
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    60.65
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    61.12
CHONGQING FULING DISTRIC     8.40    03/23/19      CNY    72.15
CHONGQING FULING DISTRIC     8.40    03/23/19      CNY    72.16
CHONGQING FULING STATE-O     6.39    01/21/20      CNY    60.62
CHONGQING FULING STATE-O     6.39    01/21/20      CNY    61.57
CHONGQING HECHUAN INDUST     6.19    06/17/20      CNY    60.73
CHONGQING HECHUAN INDUST     6.19    06/17/20      CNY    60.82
CHONGQING HECHUAN RURAL      8.28    04/10/18      CNY    25.34
CHONGQING HECHUAN URBAN      6.95    01/06/18      CNY    40.17
CHONGQING HONGRONG CAPIT     7.20    10/16/19      CNY    61.18
CHONGQING HONGRONG CAPIT     7.20    10/16/19      CNY    61.27
CHONGQING HONGYE INDUSTR     6.30    06/03/20      CNY    60.90
CHONGQING HONGYE INDUSTR     6.30    06/03/20      CNY    61.00
CHONGQING JIANGJIN HUAXI     6.95    01/06/18      CNY    40.25
CHONGQING JIANGJIN HUAXI     7.46    09/21/19      CNY    61.18
CHONGQING JIANGJIN HUAXI     7.46    09/21/19      CNY    61.34
CHONGQING JINYUN ASSET M     6.75    06/18/19      CNY    40.51
CHONGQING JINYUN ASSET M     6.75    06/18/19      CNY    40.55
CHONGQING LAND PROPERTIE     7.35    04/25/19      CNY    41.01
CHONGQING LAND PROPERTIE     6.30    08/22/20      CNY    61.52
CHONGQING MAIRUI CITY IN     6.82    08/17/19      CNY    40.95
CHONGQING NAN'AN URBAN C     6.29    12/24/17      CNY    40.00
CHONGQING NAN'AN URBAN C     6.29    12/24/17      CNY    40.06
CHONGQING NAN'AN URBAN C     8.20    04/09/19      CNY    41.07
CHONGQING NANCHUAN DISTR     7.35    09/06/19      CNY    40.96
CHONGQING NANCHUAN DISTR     7.35    09/06/19      CNY    41.10
CHONGQING NANFA URBAN CO     6.43    04/27/20      CNY    60.27
CHONGQING NANFA URBAN CO     6.43    04/27/20      CNY    60.99
CHONGQING QIANJIANG CITY     8.40    03/23/19      CNY    72.09
CHONGQING QIANJIANG CITY     8.40    03/23/19      CNY    72.10
CHONGQING QIJIANG EAST N     6.75    01/29/20      CNY    60.37
CHONGQING SHUANGQIAO ECO     6.75    04/26/20      CNY    61.00
CHONGQING SHUANGQIAO ECO     6.75    04/26/20      CNY    61.18
CHONGQING THREE GORGES I     6.40    01/23/19      CNY    49.80
CHONGQING THREE GORGES I     6.40    01/23/19      CNY    50.33
CHONGQING WANSHENG ECO T     6.39    04/17/20      CNY    60.50
CHONGQING WANSHENG ECO T     6.39    04/17/20      CNY    60.78
CHONGQING XINGRONG HOLDI     8.35    04/19/19      CNY    41.27
CHONGQING XINGRONG HOLDI     8.35    04/19/19      CNY    41.35
CHONGQING XIYONG MICRO-E     6.76    07/25/19      CNY    40.84
CHONGQING YONGCHUAN HUIT     7.49    03/14/18      CNY    40.47
CHONGQING YONGCHUAN HUIT     7.33    10/16/19      CNY    61.00
CHONGQING YONGCHUAN HUIT     7.33    10/16/19      CNY    61.24
CHONGQING YUFU HOLDING G     6.50    09/04/19      CNY    40.91
CHONGQING YULONG ASSET M     6.87    05/31/19      CNY    40.77
CHONGQING YUXING CONSTRU     7.29    12/08/17      CNY    40.20
CHONGQING YUXING CONSTRU     7.30    12/10/19      CNY    61.35
CHONGQING YUXING CONSTRU     7.30    12/10/19      CNY    61.36
CHUXIONG AUTONOMOUS DEVE     6.08    10/18/17      CNY    50.00
CHUXIONG AUTONOMOUS DEVE     6.60    03/29/20      CNY    59.71
CHUZHOU CITY CONSTRUCTIO     6.81    11/23/19      CNY    61.24
CHUZHOU CITY CONSTRUCTIO     6.81    11/23/19      CNY    61.29
CHUZHOU TONGCHUANG CONST     7.05    01/09/20      CNY    61.21
CIXI STATE OWNED ASSET I     6.60    09/20/19      CNY    60.87
CIXI STATE OWNED ASSET I     6.60    09/20/19      CNY    61.05
DALI ECONOMIC DEVELOPMEN     8.80    04/24/19      CNY    41.44
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    60.20
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    60.79
DALIAN DETA INVESTMENT C     6.50    11/15/19      CNY    60.86
DALIAN LVSHUN CONSTRUCTI     6.78    07/02/19      CNY    40.00
DALIAN LVSHUN CONSTRUCTI     6.78    07/02/19      CNY    40.60
DALIAN RONGQIANG INVESTM     8.60    03/30/19      CNY    71.13
DANDONG CITY DEVELOPMENT     6.63    12/21/18      CNY    70.20
DANYANG INVESTMENT GROUP     8.10    03/06/19      CNY    41.09
DAQING GAOXIN STATE-OWNE     6.88    12/05/19      CNY    61.03
DAQING URBAN CONSTRUCTIO     6.55    10/23/19      CNY    60.75
DASHIQIAO URBAN CONSTRUC     6.58    02/21/20      CNY    60.65
DASHIQIAO URBAN CONSTRUC     6.58    02/21/20      CNY    60.80
DAXING ANLING FORESTRY G     7.08    10/23/19      CNY    60.91
DAXING ANLING FORESTRY G     7.08    10/23/19      CNY    60.91
DAZHOU INVESTMENT CO LTD     6.99    12/25/19      CNY    61.07
DEYANG CITY CONSTRUCTION     6.99    12/26/19      CNY    61.15
DEYANG CITY CONSTRUCTION     6.99    12/26/19      CNY    61.19
DEZHOU DEDA URBAN CONSTR     7.14    10/18/19      CNY    61.58
DONGTAI COMMUNICATION IN     7.39    07/05/18      CNY    25.28
DONGTAI UBAN CONSTRUCTIO     7.10    12/26/19      CNY    61.07
DONGTAI UBAN CONSTRUCTIO     7.10    12/26/19      CNY    61.31
DRILL RIGS HOLDINGS INC      6.50    10/01/17      USD    19.00
DRILL RIGS HOLDINGS INC      6.50    10/01/17      USD    26.50
ENSHI URBAN CONSTRUCTION     7.55    10/22/19      CNY    61.48
ERDOS DONGSHENG CITY DEV     8.40    02/28/18      CNY    25.05
EZHOU CITY CONSTRUCTION      7.08    06/19/19      CNY    40.84
FEICHENG CITY ASSETS MAN     7.10    08/14/18      CNY    25.49
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    61.29
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    61.60
FORESEA LIFE INSURANCE C     6.25    09/30/25      CNY    68.93
FUJIAN JINJIANG URBAN CO     6.35    04/26/20      CNY    61.10
FUJIAN LONGYAN CITY CONS     7.45    08/14/19      CNY    41.06
FUJIAN NANPING HIGHWAY C     6.69    01/28/20      CNY    60.95
FUJIAN NANPING HIGHWAY C     6.69    01/28/20      CNY    60.98
FUJIAN NANPING HIGHWAY C     7.90    10/26/18      CNY    71.30
FUQING CITY STATE-OWNED      6.66    03/01/21      CNY    72.30
FUSHUN URBAN INVESTMENT      5.95    05/11/18      CNY    40.07
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    73.92
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    74.44
FUXIN INFRASTRUCTURE CON     7.55    10/10/19      CNY    61.08
FUXIN INFRASTRUCTURE CON     7.55    10/10/19      CNY    61.37
FUZHOU INVESTMENT DEVELO     6.78    01/16/20      CNY    60.55
FUZHOU INVESTMENT DEVELO     6.78    01/16/20      CNY    61.28
FUZHOU URBAN AND RURAL C     6.35    09/25/18      CNY    50.28
GANSU PROVINCIAL HIGHWAY     6.75    11/16/18      CNY    70.68
GANSU PROVINCIAL HIGHWAY     7.20    09/19/18      CNY    70.88
GANZHOU CITY DEVELOPMENT     6.40    07/10/18      CNY    25.25
GANZHOU DEVELOPMENT ZONE     6.70    12/26/18      CNY    50.58
GAOMI STATE-OWNED ASSETS     6.75    11/15/18      CNY    50.33
GAOMI STATE-OWNED ASSETS     6.75    11/15/18      CNY    50.66
GAOMI STATE-OWNED ASSETS     6.70    11/15/19      CNY    60.76
GAOMI STATE-OWNED ASSETS     6.70    11/15/19      CNY    60.93
GONGYI STATE OWNED ASSET     6.70    01/18/20      CNY    60.30
GONGYI STATE OWNED ASSET     6.70    01/18/20      CNY    60.58
GUANG ZHOU PANYU COMMUNI     6.30    04/12/19      CNY    49.85
GUANG ZHOU PANYU COMMUNI     6.30    04/12/19      CNY    50.47
GUANGAN INVESTMENT HOLDI     8.18    04/25/19      CNY    41.24
GUANGXI BAISE DEVELOPMEN     6.50    07/04/19      CNY    40.55
GUANGXI BAISE DEVELOPMEN     6.50    07/04/19      CNY    40.61
GUANGXI LAIBIN URBAN CON     8.36    03/14/19      CNY    72.07
GUANGYUAN INVESTMENT HOL     7.25    11/26/19      CNY    61.15
GUANGZHOU ECONOMIC & TEC     6.70    08/14/22      CNY    72.60
GUANGZHOU ECONOMIC & TEC     6.70    08/14/22      CNY    73.34
GUILIN ECONOMIC CONSTRUC     6.90    05/09/18      CNY    25.37
GUIYANG ECO&TECH DEVELOP     8.42    03/27/19      CNY    41.30
GUIYANG JINYANG CONSTRUC     6.70    10/24/18      CNY    49.98
GUIYANG JINYANG CONSTRUC     6.70    10/24/18      CNY    50.46
GUIYANG PUBLIC RESIDENTI     6.70    11/06/19      CNY    60.80
GUIYANG PUBLIC RESIDENTI     6.70    11/06/19      CNY    60.97
GUIYANG URBAN DEVELOPMEN     6.20    02/28/20      CNY    60.17
GUOAO INVESTMENT DEVELOP     6.89    10/29/18      CNY    47.11
GUOAO INVESTMENT DEVELOP     6.89    10/29/18      CNY    50.33
HAIAN COUNTY CITY CONSTR     8.35    03/28/18      CNY    25.43
HAICHENG URBAN INVESTMEN     8.39    11/07/18      CNY    71.47
HAILAR URBAN INFRASTRUCT     6.20    05/14/20      CNY    60.00
HAILAR URBAN INFRASTRUCT     6.20    05/14/20      CNY    60.91
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    40.98
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    41.19
HAINING STATE-OWNED ASSE     6.08    03/06/20      CNY    61.50
HAINING STATE-OWNED ASSE     7.80    09/20/18      CNY    71.09
HAINING STATE-OWNED ASSE     7.80    09/20/18      CNY    71.10
HAIYAN COUNTY STATE-OWNE     7.00    09/04/20      CNY    62.66
HAIYAN COUNTY STATE-OWNE     7.00    09/04/20      CNY    82.42
HANDAN CITY CONSTRUCTION     7.05    12/24/19      CNY    61.46
HANGZHOU CANAL COMPREHEN     6.00    04/02/20      CNY    60.95
HANGZHOU CANAL COMPREHEN     6.00    04/02/20      CNY    61.00
HANGZHOU HIGH-TECH INDUS     6.45    01/28/20      CNY    60.68
HANGZHOU HIGH-TECH INDUS     6.45    01/28/20      CNY    60.98
HANGZHOU MUNICIPAL CONST     5.90    04/25/18      CNY    25.07
HANGZHOU MUNICIPAL CONST     5.90    04/25/18      CNY    25.23
HANGZHOU XIAOSHAN ECO&TE     6.70    12/26/18      CNY    50.30
HANGZHOU XIAOSHAN ECO&TE     6.70    12/26/18      CNY    50.69
HANGZHOU YUHANG CITY CON     7.55    03/29/19      CNY    40.25
HANGZHOU YUHANG CITY CON     7.55    03/29/19      CNY    40.90
HANGZHOU YUHANG INNOVATI     6.50    03/18/20      CNY    61.22
HANGZHOU YUHANG INNOVATI     6.50    03/18/20      CNY    61.45
HANZHONG CITY CONSTRUCTI     7.48    03/14/18      CNY    40.51
HARBIN HELI INVESTMENT H     7.48    09/26/18      CNY    70.89
HARBIN HELI INVESTMENT H     7.48    09/26/18      CNY    70.91
HARBIN WATER INVESTMENT      5.70    05/06/20      CNY    60.56
HEBEI SHUNDE INVESTMENT      6.98    12/05/19      CNY    61.27
HEFEI BINHU NEW ZONE CON     6.35    06/13/19      CNY    70.97
HEFEI BINHU NEW ZONE CON     6.35    06/13/19      CNY    71.00
HEFEI GAOXIN DEVELOPMENT     7.98    03/22/19      CNY    71.72
HEFEI GAOXIN DEVELOPMENT     7.98    03/22/19      CNY    72.10
HEFEI HAIHENG INVESTMENT     7.30    06/12/19      CNY    40.55
HEFEI HAIHENG INVESTMENT     7.30    06/12/19      CNY    40.97
HEFEI INDUSTRIAL INVESTM     6.30    03/20/20      CNY    61.08
HEFEI TAOHUA INDUSTRIAL      8.79    03/27/19      CNY    41.25
HEFEI XINCHENG STATE-OWN     7.88    04/23/19      CNY    40.99
HEGANG KAIYUAN CITY INVE     6.50    07/19/19      CNY    40.41
HEIHE CITY CONSTRUCTION      8.48    03/23/19      CNY    72.08
HEILONGJIANG HECHENG CON     7.05    06/21/22      CNY    70.74
HENAN JIYUAN CITY CONSTR     7.50    09/25/19      CNY    61.25
HENGYANG CITY CONSTRUCTI     7.06    08/13/19      CNY    41.18
HENGYANG HONGXIANG STATE     6.20    06/19/20      CNY    60.76
HENGYANG HONGXIANG STATE     6.20    06/19/20      CNY    60.97
HEYUAN CITY URBAN DEVELO     6.55    03/19/20      CNY    60.67
HEYUAN CITY URBAN DEVELO     6.55    03/19/20      CNY    60.88
HONGHEZHOU ROAD DEVELOPM     6.27    05/06/20      CNY    60.77
HUAIAN CITY URBAN ASSET      6.87    12/26/19      CNY    61.31
HUAIAN CITY WATER ASSET      8.25    03/08/19      CNY    41.21
HUAI'AN DEVELOPMENT HOLD     7.20    09/06/19      CNY    41.04
HUAI'AN DEVELOPMENT HOLD     7.20    09/06/19      CNY    41.44
HUAIAN QINGHE NEW AREA I     6.68    01/24/20      CNY    60.83
HUAIAN QINGHE NEW AREA I     6.68    01/24/20      CNY    60.97
HUAIBEI CITY CONSTRUCTIO     6.68    12/17/18      CNY    50.00
HUAIBEI CITY CONSTRUCTIO     6.68    12/17/18      CNY    50.45
HUAIHUA CITY CONSTRUCTIO     8.00    03/22/18      CNY    25.32
HUANGGANG CITY CONSTRUCT     7.10    10/19/19      CNY    61.10
HUANGGANG CITY CONSTRUCT     7.10    10/19/19      CNY    61.23
HUANGSHI URBAN CONSTRUCT     6.96    10/25/19      CNY    61.03
HUIAN STATE ASSETS INVES     7.50    10/15/19      CNY    61.00
HUIAN STATE ASSETS INVES     7.50    10/15/19      CNY    61.16
HUNAN CHANGDE DEYUAN INV     7.18    10/18/18      CNY    50.58
HUNAN CHANGDE DEYUAN INV     7.18    10/18/18      CNY    50.61
HUNAN CHENGLINGJI HARBOR     7.70    10/15/18      CNY    50.62
HUNAN CHENGLINGJI HARBOR     7.70    10/15/18      CNY    50.70
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    50.51
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    50.70
HUZHOU NANXUN STATE-OWNE     8.15    03/31/19      CNY    41.04
HUZHOU URBAN INVESTMENT      7.02    12/21/17      CNY    40.17
HUZHOU URBAN INVESTMENT      6.70    12/14/19      CNY    61.21
HUZHOU WUXING NANTAIHU C     7.71    02/17/18      CNY    40.40
INNER MONGOLIA HIGH-TECH     7.20    09/25/19      CNY    60.90
INNER MONGOLIA ZHUNGEER      6.94    05/10/18      CNY    50.53
JIAMUSI NEW ERA INFRASTR     8.25    03/22/19      CNY    40.85
JIAN CITY CONSTRUCTION I     7.80    04/20/19      CNY    40.21
JIAN CITY CONSTRUCTION I     7.80    04/20/19      CNY    41.12
JIANAN INVESTMENT HOLDIN     7.68    09/04/19      CNY    41.44
JIANGDONG HOLDING GROUP      6.90    03/27/19      CNY    40.48
JIANGMEN CITY BINJIANG C     6.60    02/28/20      CNY    60.25
JIANGMEN CITY BINJIANG C     6.60    02/28/20      CNY    60.62
JIANGSU HANRUI INVESTMEN     8.16    03/01/19      CNY    40.69
JIANGSU HUAJING ASSETS M     5.68    09/28/17      CNY    25.01
JIANGSU HUAJING ASSETS M     6.00    05/16/20      CNY    60.64
JIANGSU JINGUAN INVESTME     6.40    01/28/19      CNY    49.88
JIANGSU JURONG FUDI BIO-     8.70    04/26/19      CNY    72.11
JIANGSU LIANYUN DEVELOPM     6.10    06/19/19      CNY    40.33
JIANGSU NANJING PUKOU EC     7.10    10/08/19      CNY    60.00
JIANGSU NANJING PUKOU EC     7.10    10/08/19      CNY    60.92
JIANGSU NEWHEADLINE DEVE     7.00    08/27/20      CNY    56.61
JIANGSU NEWHEADLINE DEVE     7.00    08/27/20      CNY    56.65
JIANGSU SUHAI INVESTMENT     7.20    11/07/19      CNY    60.95
JIANGSU TAICANG PORT DEV     7.66    05/16/19      CNY    41.08
JIANGSU WUZHONG ECONOMIC     8.05    12/16/18      CNY    71.47
JIANGSU WUZHONG ECONOMIC     8.05    12/16/18      CNY    71.51
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    61.07
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    71.00
JIANGSU ZHANGJIAGANG ECO     6.98    11/16/19      CNY    61.33
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    41.32
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    41.44
JIANGYAN STATE OWNED ASS     6.85    12/03/19      CNY    60.40
JIANGYAN STATE OWNED ASS     6.85    12/03/19      CNY    61.08
JIANGYIN CITY CONSTRUCTI     7.20    06/11/19      CNY    41.09
JIANGYIN GAOXIN DISTRICT     7.31    04/25/18      CNY    50.79
JIANGYIN GAOXIN DISTRICT     6.60    02/27/20      CNY    60.99
JIANHU URBAN CONSTRUCTIO     6.50    02/22/20      CNY    60.63
JIANHU URBAN CONSTRUCTIO     6.50    02/22/20      CNY    60.75
JIASHAN STATE-OWNED ASSE     6.80    06/06/19      CNY    41.17
JIAXING CULTURE FAMOUS C     8.16    03/08/19      CNY    41.12
JIAXING ECONOMIC&TECHNOL     6.78    06/14/19      CNY    40.62
JIAXING ECONOMIC&TECHNOL     6.78    06/14/19      CNY    40.77
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    60.85
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    61.09
JILIN RAILWAY INVESTMENT     6.63    06/26/19      CNY    71.49
JILIN RAILWAY INVESTMENT     6.63    06/26/19      CNY    71.98
JINAN CITY CONSTRUCTION      6.98    03/26/18      CNY    25.24
JINAN XIAOQINGHE DEVELOP     7.15    09/05/19      CNY    41.18
JINGDEZHEN STATE-OWNED A     7.48    03/23/18      CNY    50.55
JINGDEZHEN STATE-OWNED A     6.59    06/25/20      CNY    61.28
JINGDEZHEN STATE-OWNED A     6.59    06/25/20      CNY    61.81
JINGJIANG BINJIANG XINCH     6.80    10/23/18      CNY    50.38
JINGMEN CITY CONSTRUCTIO     6.85    07/09/22      CNY    72.56
JINGZHOU URBAN CONSTRUCT     7.98    04/24/19      CNY    41.16
JINING CITY CONSTRUCTION     8.30    12/31/18      CNY    41.09
JINING CITY YANZHOU DIST     8.50    12/28/17      CNY    25.23
JINING CITY YANZHOU DIST     5.90    05/28/21      CNY    70.72
JINING HI-TECH TOWN CONS     6.60    01/28/20      CNY    60.95
JINING HI-TECH TOWN CONS     6.60    01/28/20      CNY    61.05
JINING WATER SUPPLY GROU     7.18    01/22/20      CNY    61.45
JINSHAN STATE-OWNED ASSE     6.65    11/27/19      CNY    61.09
JINZHONG CITY PUBLIC INF     6.50    03/18/20      CNY    60.96
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    40.67
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    41.39
JISHOU HUATAI STATE OWNE     7.37    12/12/19      CNY    61.04
JIUJIANG CITY CONSTRUCTI     8.49    02/23/19      CNY    41.25
JIUJIANG FUHE CONSTRUCTI     6.10    03/19/19      CNY    49.94
JIUJIANG FUHE CONSTRUCTI     6.10    03/19/19      CNY    50.13
JIUJIANG STATE-OWNED ASS     6.68    03/07/20      CNY    60.50
JIUJIANG STATE-OWNED ASS     6.68    03/07/20      CNY    61.24
JIXI STATE OWN ASSET MAN     7.18    11/08/19      CNY    60.93
JIXI STATE OWN ASSET MAN     7.18    11/08/19      CNY    60.98
KAIFENG DEVELOPMENT INVE     6.47    07/11/19      CNY    40.65
KARAMAY URBAN CONSTRUCTI     7.15    09/04/19      CNY    41.08
KARAMAY URBAN CONSTRUCTI     7.15    09/04/19      CNY    41.12
KASHI URBAN CONSTRUCTION     7.18    11/27/19      CNY    61.27
KUNMING CITY CONSTRUCTIO     7.60    04/13/18      CNY    25.20
KUNMING CITY CONSTRUCTIO     7.60    04/13/18      CNY    25.23
KUNMING DIANCHI INVESTME     6.50    02/01/20      CNY    61.00
KUNMING INDUSTRIAL DEVEL     6.46    10/23/19      CNY    60.74
KUNMING INDUSTRIAL DEVEL     6.46    10/23/19      CNY    60.78
KUNMING WUHUA DISTRICT S     8.60    03/15/18      CNY    25.50
KUNSHAN ENTREPRENEUR HOL     6.28    11/07/19      CNY    59.88
KUNSHAN ENTREPRENEUR HOL     6.28    11/07/19      CNY    60.65
KUNSHAN HUAQIAO INTERNAT     7.98    12/30/18      CNY    40.84
LAIWU CITY ECONOMIC DEVE     6.50    03/01/18      CNY    30.08
LANZHOU CITY DEVELOPMENT     8.20    12/15/18      CNY    68.09
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.20
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.67
LESHAN STATE-OWNED ASSET     6.99    03/18/18      CNY    40.24
LESHAN STATE-OWNED ASSET     6.99    03/18/18      CNY    40.38
LIAONING YAODU DEVELOPME     7.35    12/12/19      CNY    60.72
LIAOYANG CITY ASSETS OPE     6.88    06/13/18      CNY    35.28
LIAOYANG CITY ASSETS OPE     7.10    11/13/19      CNY    60.95
LIAOYUAN STATE-OWNED ASS     8.17    03/13/19      CNY    40.55
LIJIANG GUCHENG MANAGEME     6.68    07/26/19      CNY    40.63
LINCANG STATE-OWNED ASSE     6.58    04/11/20      CNY    61.10
LINFEN CITY INVESTMENT G     6.20    05/23/20      CNY    60.86
LINHAI CITY INFRASTRUCTU     6.30    03/21/20      CNY    60.89
LINHAI CITY INFRASTRUCTU     6.30    03/21/20      CNY    61.50
LINYI CITY ASSET MANAGEM     6.68    12/12/19      CNY    61.15
LINYI ECONOMIC DEVELOPME     8.26    09/24/19      CNY    61.82
LINYI INVESTMENT DEVELOP     8.10    03/27/18      CNY    25.36
LISHUI CITY CONSTRUCTION     6.00    05/23/20      CNY    60.55
LISHUI CITY CONSTRUCTION     6.00    05/23/20      CNY    60.81
LISHUI URBAN CONSTRUCTIO     5.80    05/29/20      CNY    60.00
LISHUI URBAN CONSTRUCTIO     5.80    05/29/20      CNY    60.44
LIUPANSHUI DEVELOPMENT I     6.97    12/03/19      CNY    61.22
LIUZHOU DONGCHENG INVEST     8.30    02/15/19      CNY    41.03
LIUZHOU INVESTMENT HOLDI     6.98    08/15/19      CNY    40.90
LIYANG CITY CONSTRUCTION     6.20    03/08/20      CNY    60.60
LIYANG CITY CONSTRUCTION     6.20    03/08/20      CNY    60.83
LIYANG CITY CONSTRUCTION     8.20    11/08/18      CNY    67.95
LONGHAI STATE-OWNED ASSE     8.25    12/02/17      CNY    40.16
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    50.43
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    50.60
LUOHE CITY CONSTRUCTION      6.99    10/30/19      CNY    61.09
LUOYANG CITY DEVELOPMENT     6.89    12/31/19      CNY    61.10
LUOYANG CITY DEVELOPMENT     6.89    12/31/19      CNY    61.37
LUOYANG HIGH NEW TECH IN     6.50    05/30/20      CNY    60.54
MAANSHAN ECONOMIC TECHNO     7.10    12/20/19      CNY    61.69
MEISHAN HONGDA CONSTRUCT     6.56    06/19/20      CNY    59.26
MEISHAN HONGDA CONSTRUCT     6.56    06/19/20      CNY    61.28
MEIZHOU KANGDA HIGHWAY C     6.95    09/10/20      CNY    61.93
MIANYANG INVESTMENT HOLD     7.70    03/26/19      CNY    71.57
MIANYANG INVESTMENT HOLD     7.70    03/26/19      CNY    71.85
MIANYANG SCIENCE TECHNOL     6.30    07/22/18      CNY    27.71
MIANYANG SCIENCE TECHNOL     7.16    05/15/19      CNY    40.96
MINXIXINGHANG STATE-OWNE     6.20    03/26/19      CNY    50.49
MINXIXINGHANG STATE-OWNE     6.20    03/26/19      CNY    50.59
MUDANJIANG STATE-OWNED A     7.08    08/30/19      CNY    40.66
MUDANJIANG STATE-OWNED A     7.08    08/30/19      CNY    40.70
NANAN CITY TRADE INDUSTR     8.50    04/25/19      CNY    41.41
NANCHANG CITY CONSTRUCTI     6.19    02/20/20      CNY    61.00
NANCHANG COUNTY URBAN CO     6.50    07/17/19      CNY    51.39
NANCHANG ECONOMY TECHNOL     6.88    01/09/20      CNY    61.27
NANCHANG MUNICIPAL PUBLI     5.88    02/25/20      CNY    60.39
NANCHANG MUNICIPAL PUBLI     5.88    02/25/20      CNY    60.50
NANCHANG WATER CONSERVAN     6.28    06/21/20      CNY    61.35
NANCHONG DEVELOPMENT INV     6.69    01/28/20      CNY    61.15
NANCHONG ECONOMIC DEVELO     8.16    04/26/19      CNY    41.20
NANJING JIANGNING SCIENC     7.29    04/28/19      CNY    40.50
NANJING JIANGNING SCIENC     7.29    04/28/19      CNY    40.90
NANJING NEW&HIGH TECHNOL     6.94    09/07/19      CNY    40.96
NANJING NEW&HIGH TECHNOL     6.94    09/07/19      CNY    41.80
NANJING STATE OWNED ASSE     5.40    03/06/20      CNY    60.43
NANJING STATE OWNED ASSE     5.40    03/06/20      CNY    60.50
NANJING URBAN CONSTRUCTI     5.68    11/26/18      CNY    50.24
NANJING URBAN CONSTRUCTI     5.68    11/26/18      CNY    50.26
NANJING XINGANG DEVELOPM     6.80    01/08/20      CNY    60.00
NANJING XINGANG DEVELOPM     6.80    01/08/20      CNY    61.59
NANPING CITY WUYI NEW DI     6.70    08/06/20      CNY    61.25
NANTONG CITY GANGZHA DIS     7.15    01/09/20      CNY    61.42
NANTONG CITY GANGZHA DIS     7.15    01/09/20      CNY    62.65
NANTONG CITY TONGZHOU DI     6.80    05/28/19      CNY    40.63
NANTONG CITY TONGZHOU DI     6.80    05/28/19      CNY    40.71
NANTONG ECONOMIC & TECHN     5.80    05/17/20      CNY    60.56
NEIJIANG INVESTMENT HOLD     7.00    07/19/18      CNY    25.24
NEIJIANG INVESTMENT HOLD     7.00    07/19/18      CNY    25.43
NEIMENGGU XINLINGOL XING     7.62    02/25/18      CNY    40.36
NINGBO CITY YINZHOU CITY     6.50    03/18/20      CNY    61.25
NINGBO EASTERN NEW TOWN      6.45    01/21/20      CNY    60.84
NINGBO URBAN CONSTRUCTIO     7.39    03/01/18      CNY    25.32
NINGBO URBAN CONSTRUCTIO     7.39    03/01/18      CNY    25.46
NINGBO ZHENHAI HAIJIANG      6.65    11/28/18      CNY    50.57
NINGDE CITY STATE-OWNED      6.25    10/21/17      CNY     9.96
NONGGONGSHANG REAL ESTAT     6.29    10/11/17      CNY    39.95
PANJIN CONSTRUCTION INVE     7.50    05/17/19      CNY    40.99
PANJIN CONSTRUCTION INVE     7.42    03/01/18      CNY    60.49
PANJIN PETROLEUM HIGH TE     6.95    01/10/20      CNY    60.77
PANJIN PETROLEUM HIGH TE     6.95    01/10/20      CNY    61.01
PEIXIAN STATE-OWNED ASSE     7.20    12/06/19      CNY    61.24
PENGLAI CITY PENGLAIGE T     6.80    01/30/21      CNY    70.93
PENGLAI CITY PENGLAIGE T     6.80    01/30/21      CNY    72.15
PINGDINGSHAN CITY DEVELO     7.86    05/08/19      CNY    41.21
PINGDINGSHAN CITY DEVELO     7.86    05/08/19      CNY    41.26
PINGHU CITY DEVELOPMENT      7.20    09/18/19      CNY    61.12
PINGTAN COMPOSITE EXPERI     6.58    03/15/20      CNY    61.15
PINGXIANG URBAN CONSTRUC     6.89    12/10/19      CNY    60.38
PINGXIANG URBAN CONSTRUC     6.89    12/10/19      CNY    60.38
PIZHOU RUNCHENG ASSET OP     7.55    09/25/19      CNY    61.08
PUER CITY STATE OWNED AS     7.38    06/20/19      CNY    40.74
PUTIAN STATE-OWNED ASSET     8.10    03/21/19      CNY    41.10
PUTIAN STATE-OWNED ASSET     8.10    03/21/19      CNY    41.18
PUYANG INVESTMENT GROUP      6.98    10/29/19      CNY    60.50
PUYANG INVESTMENT GROUP      6.98    10/29/19      CNY    61.06
QIANAN XINGYUAN WATER IN     6.45    07/11/18      CNY    25.30
QIANDONG NANZHOU DEVELOP     8.80    04/27/19      CNY    41.11
QIANDONGNANZHOU KAIHONG      7.80    10/30/19      CNY    61.00
QIANNAN AUTONOMOUS PREFE     6.90    09/04/20      CNY    61.14
QIANXI NANZHOU HONGSHENG     6.99    11/22/19      CNY    60.90
QINGDAO CITY CONSTRUCTIO     6.89    02/16/19      CNY    40.61
QINGDAO CITY CONSTRUCTIO     6.89    02/16/19      CNY    40.71
QINGDAO HUATONG STATE-OW     7.30    04/18/19      CNY    40.81
QINGDAO JIAOZHOU CITY DE     6.59    01/25/20      CNY    61.20
QINGZHOU HONGYUAN PUBLIC     6.50    05/22/19      CNY    20.25
QINGZHOU HONGYUAN PUBLIC     7.25    10/19/18      CNY    50.62
QINGZHOU HONGYUAN PUBLIC     7.25    10/19/18      CNY    51.06
QINGZHOU HONGYUAN PUBLIC     7.35    10/19/19      CNY    61.30
QINGZHOU HONGYUAN PUBLIC     7.35    10/19/19      CNY    61.32
QINHUANGDAO DEVELOPMENT      7.46    10/17/19      CNY    61.01
QINHUANGDAO DEVELOPMENT      7.46    10/17/19      CNY    61.16
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    61.89
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    81.50
QITAIHE CITY CONSTRUCTIO     7.30    10/18/19      CNY    59.84
QUANZHOU QUANGANG PETROC     8.40    04/16/19      CNY    40.96
QUANZHOU QUANGANG PETROC     8.40    04/16/19      CNY    41.05
QUANZHOU TAISHANG INVEST     7.08    12/10/19      CNY    60.42
QUANZHOU TAISHANG INVEST     7.08    12/10/19      CNY    60.70
QUANZHOU URBAN CONSTRUCT     6.48    01/11/20      CNY    61.14
QUJING DEVELOPMENT INVES     7.25    09/06/19      CNY    41.07
QUJING DEVELOPMENT INVES     7.25    09/06/19      CNY    61.17
RIZHAO CITY CONSTRUCTION     5.80    06/06/20      CNY    59.90
RIZHAO CITY CONSTRUCTION     5.80    06/06/20      CNY    60.61
RONGCHENG ECONOMIC DEVEL     6.45    03/18/20      CNY    60.30
RONGCHENG ECONOMIC DEVEL     6.45    03/18/20      CNY    61.28
RUDONG COUNTY DONGTAI SO     7.10    01/31/18      CNY    50.26
RUDONG COUNTY DONGTAI SO     7.45    09/24/19      CNY    60.94
RUDONG COUNTY DONGTAI SO     7.45    09/24/19      CNY    61.32
RUGAO COMMUNICATIONS CON     8.51    01/26/19      CNY    51.37
RUGAO COMMUNICATIONS CON     6.70    02/01/20      CNY    61.18
RUGAO COMMUNICATIONS CON     6.70    02/01/20      CNY    61.35
RUIAN STATE OWNED ASSET      6.93    11/26/19      CNY    60.93
RUSHAN CITY STATE-OWNED      6.90    09/11/20      CNY    61.26
SANMENXIA CITY FINANCIAL     6.68    01/29/20      CNY    60.97
SANMING CITY CONSTRUCTIO     6.40    03/05/20      CNY    60.39
SANMING CITY CONSTRUCTIO     6.40    03/05/20      CNY    60.45
SANMING STATE-OWNED ASSE     6.99    06/14/18      CNY    40.57
SANMING STATE-OWNED ASSE     6.92    12/05/19      CNY    61.25
SHANDONG TAIFENG HOLDING     5.80    03/12/20      CNY    58.97
SHANGHAI BUND GROUP DEVE     6.35    04/24/20      CNY    60.85
SHANGHAI BUND GROUP DEVE     6.35    04/24/20      CNY    61.00
SHANGHAI CHENGTOU CORP       4.63    07/30/19      CNY    39.72
SHANGHAI FENGXIAN NANQIA     6.25    03/05/20      CNY    60.09
SHANGHAI FENGXIAN NANQIA     6.25    03/05/20      CNY    60.82
SHANGHAI JIADING INDUSTR     6.71    10/10/18      CNY    50.21
SHANGHAI JIADING INDUSTR     6.71    10/10/18      CNY    50.31
SHANGHAI JINSHAN URBAN C     6.60    12/21/19      CNY    60.60
SHANGHAI JINSHAN URBAN C     6.60    12/21/19      CNY    61.18
SHANGHAI LUJIAZUI DEVELO     5.79    02/25/19      CNY    70.83
SHANGHAI LUJIAZUI DEVELO     5.79    02/25/19      CNY    70.86
SHANGHAI LUJIAZUI DEVELO     5.98    03/11/19      CNY    70.99
SHANGHAI MINHANG URBAN C     6.48    10/23/19      CNY    60.93
SHANGHAI MINHANG URBAN C     6.48    10/23/19      CNY    61.20
SHANGHAI NANFANG GROUP C     6.70    09/09/19      CNY    51.02
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.05
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.35
SHANGHAI URBAN CONSTRUCT     5.25    11/30/19      CNY    60.21
SHANGLUO CITY CONSTRUCTI     6.75    09/09/19      CNY    50.92
SHANGLUO CITY CONSTRUCTI     7.05    09/09/20      CNY    61.83
SHANGQIU DEVELOPMENT INV     6.60    01/15/20      CNY    60.95
SHANGRAO CITY CONSTRUCTI     7.30    09/10/19      CNY    41.00
SHANGRAO CITY CONSTRUCTI     7.30    09/10/19      CNY    60.70
SHANGYU COMMUNICATIONS I     6.70    09/11/19      CNY    40.96
SHANGYU COMMUNICATIONS I     6.70    09/11/19      CNY    54.55
SHANTOU CITY CONSTRUCTIO     8.57    03/23/22      CNY    74.51
SHANTOU CITY CONSTRUCTIO     8.57    03/23/22      CNY    74.89
SHAOGUAN JINYE DEVELOPME     7.30    10/18/19      CNY    61.27
SHAOXING CHENGBEI XINCHE     6.21    06/11/18      CNY    25.00
SHAOXING CHENGBEI XINCHE     6.21    06/11/18      CNY    25.13
SHAOXING CHENGZHONGCUN R     6.50    01/24/20      CNY    60.48
SHAOXING CHENGZHONGCUN R     6.50    01/24/20      CNY    61.00
SHAOXING HI-TECH INDUSTR     6.75    12/05/18      CNY    50.20
SHAOXING HI-TECH INDUSTR     6.75    12/05/18      CNY    50.62
SHAOXING KEQIAO DISTRICT     6.30    02/26/19      CNY    50.18
SHAOXING KEQIAO DISTRICT     6.30    02/26/19      CNY    50.61
SHAOXING PAOJIANG INDUST     6.90    10/31/19      CNY    60.99
SHAOXING URBAN CONSTRUCT     6.40    11/09/19      CNY    60.50
SHAOXING URBAN CONSTRUCT     6.40    11/09/19      CNY    61.00
SHAOYANG CITY CONSTRUCTI     7.40    09/11/18      CNY    25.44
SHENYANG HEPING DISTRICT     6.85    11/13/19      CNY    60.85
SHENYANG MACHINE TOOL CO     6.50    03/27/18      CNY    58.83
SHENYANG SUJIATUN DISTRI     6.40    06/20/20      CNY    60.62
SHENZHEN LONGGANG DISTRI     6.18    03/27/19      CNY    50.42
SHENZHEN LONGGANG DISTRI     6.18    03/27/19      CNY    50.62
SHIJIAZHUANG REAL ESTATE     5.65    05/15/20      CNY    60.56
SHISHI STATE OWNED INVES     7.40    09/13/19      CNY    61.00
SHISHI STATE OWNED INVES     7.40    09/13/19      CNY    61.12
SHIYAN CITY INFRASTRUCTU     7.98    04/20/19      CNY    41.17
SHOUGUANG JINCAI STATE-O     6.70    10/23/19      CNY    60.97
SHUANGLIU SHINE CHINE CO     8.40    03/16/19      CNY    72.21
SHUANGLIU SHINE CHINE CO     8.48    03/16/19      CNY    72.31
SHUANGLIU SHINE CHINE CO     8.40    03/16/19      CNY    72.50
SHUANGYASHAN DADI CITY C     6.55    12/25/19      CNY    58.50
SHUANGYASHAN DADI CITY C     6.55    12/25/19      CNY    60.62
SHUYANG JINGYUAN ASSET O     6.50    12/03/19      CNY    60.68
SHUYANG JINGYUAN ASSET O     6.50    12/03/19      CNY    60.74
SICHUAN COAL INDUSTRY GR     7.80    09/27/17      CNY    45.00
SICHUAN COAL INDUSTRY GR     7.70    01/09/18      CNY    45.00
SICHUAN DEVELOPMENT HOLD     5.40    11/10/17      CNY    30.03
SONGYUAN URBAN DEVELOPME     7.30    08/29/19      CNY    41.02
SUIFENHE HAIRONG URBAN C     6.60    04/28/20      CNY    60.69
SUINING DEVELOPMENT INVE     6.62    04/25/20      CNY    60.75
SUINING DEVELOPMENT INVE     6.62    04/25/20      CNY    60.97
SUIZHOU DEVELOPMENT INVE     7.50    08/22/19      CNY    41.06
SUQIAN ECONOMIC DEVELOPM     7.50    03/26/19      CNY    40.89
SUQIAN WATER GROUP CO        6.55    12/04/19      CNY    60.95
SUZHOU CITY CONSTRUCTION     7.45    03/12/19      CNY    40.76
SUZHOU CITY CONSTRUCTION     6.40    04/17/20      CNY    60.88
SUZHOU CITY CONSTRUCTION     6.40    04/17/20      CNY    60.90
SUZHOU FENHU INVESTMENT      7.00    10/22/17      CNY    50.06
SUZHOU INDUSTRIAL PARK T     5.79    05/30/19      CNY    40.32
SUZHOU TECH CITY DEVELOP     7.32    11/01/18      CNY    50.69
SUZHOU URBAN CONSTRUCTIO     5.79    10/25/19      CNY    60.75
SUZHOU WUJIANG COMMUNICA     6.80    10/31/20      CNY    70.20
SUZHOU WUJIANG COMMUNICA     6.80    10/31/20      CNY    72.09
SUZHOU WUJIANG EASTERN S     8.05    12/05/18      CNY    71.75
SUZHOU WUJIANG EASTERN S     8.05    12/05/18      CNY    72.05
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    40.65
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    41.07
TAIAN TAISHAN INVESTMENT     6.64    03/02/18      CNY    40.19
TAIAN TAISHAN INVESTMENT     6.76    01/25/20      CNY    60.50
TAIAN TAISHAN INVESTMENT     6.76    01/25/20      CNY    61.34
TAICANG ASSET MANAGEMENT     8.25    12/31/18      CNY    71.47
TAICANG ASSET MANAGEMENT     8.25    12/31/18      CNY    72.03
TAICANG HENGTONG INVESTM     7.45    10/30/19      CNY    61.23
TAICANG URBAN CONSTRUCTI     6.75    01/11/20      CNY    60.50
TAICANG URBAN CONSTRUCTI     6.75    01/11/20      CNY    61.32
TAIXING ZHONGXING STATE-     8.29    03/27/18      CNY    25.27
TAIYUAN HIGH-SPEED RAILW     6.50    10/30/20      CNY    71.56
TAIYUAN LONGCHENG DEVELO     6.50    09/25/19      CNY    60.38
TAIYUAN LONGCHENG DEVELO     6.50    09/25/19      CNY    60.43
TAIZHOU CITY HUANGYAN DI     6.85    12/17/18      CNY    50.49
TAIZHOU CITY HUANGYAN DI     6.85    12/17/18      CNY    50.61
TAIZHOU CITY JIANGYAN UR     7.10    09/03/20      CNY    61.83
TAIZHOU HAILING ASSETS M     8.52    03/21/19      CNY    40.90
TAIZHOU HAILING ASSETS M     8.52    03/21/19      CNY    41.21
TAIZHOU JIAOJIANG STATE      7.46    09/13/20      CNY    72.20
TAIZHOU TRAFFIC INDUSTRY     6.15    03/11/20      CNY    60.74
TAIZHOU TRAFFIC INDUSTRY     6.15    03/11/20      CNY    60.85
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.00
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.35
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    60.16
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    61.20
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    40.00
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    40.02
TIANJIN BINHAI NEW AREA      5.19    03/13/20      CNY    59.96
TIANJIN DONGFANG CAIXIN      7.99    11/23/18      CNY    71.55
TIANJIN DONGLI CITY INFR     6.05    06/19/20      CNY    60.76
TIANJIN ECO-CITY INVESTM     6.76    08/14/19      CNY    40.65
TIANJIN ECO-CITY INVESTM     6.76    08/14/19      CNY    40.89
TIANJIN ECONOMIC TECHNOL     6.20    12/03/19      CNY    60.73
TIANJIN ECONOMIC TECHNOL     6.20    12/03/19      CNY    60.88
TIANJIN HANBIN INVESTMEN     8.39    03/22/19      CNY    41.20
TIANJIN HI-TECH INDUSTRY     7.80    03/27/19      CNY    40.87
TIANJIN HI-TECH INDUSTRY     7.80    03/27/19      CNY    41.00
TIANJIN JINNAN CITY CONS     6.95    06/18/19      CNY    40.60
TIANJIN JINNAN CITY CONS     6.95    06/18/19      CNY    40.75
TIANJIN TEDA CONSTRUCTIO     6.89    04/27/20      CNY    61.73
TIELING PUBLIC ASSETS IN     7.34    05/29/18      CNY    25.12
TIELING PUBLIC ASSETS IN     7.34    05/29/18      CNY    25.21
TONGCHUAN DEVELOPMENT IN     7.50    07/17/19      CNY    40.19
TONGLIAO TIANCHENG URBAN     7.75    09/24/19      CNY    61.39
TONGLIAO URBAN INVESTMEN     6.64    04/09/20      CNY    60.97
TONGLIAO URBAN INVESTMEN     6.64    04/09/20      CNY    60.97
TONGLING CONSTRUCTION IN     6.98    08/26/20      CNY    61.68
TONGLING CONSTRUCTION IN     6.98    08/26/20      CNY    61.77
TONGLING CONSTRUCTION IN     8.20    04/28/22      CNY    74.70
TONGREN FANJINGSHAN INVE     6.89    08/02/19      CNY    40.78
TONGXIANG CITY CONSTRUCT     6.10    05/16/20      CNY    60.20
TONGXIANG CITY CONSTRUCT     6.10    05/16/20      CNY    60.57
TULUFAN DISTRICT STATE-O     7.20    08/09/19      CNY    51.31
TULUFAN DISTRICT STATE-O     7.20    08/09/19      CNY    76.03
ULANQAB CITY JI NING DIS     6.88    03/19/20      CNY    59.70
URUMQI CITY CONSTRUCTION     6.35    07/09/19      CNY    39.71
URUMQI CITY CONSTRUCTION     6.35    07/09/19      CNY    40.91
URUMQI ECO&TECH DEVELOPM     8.58    01/10/19      CNY    51.24
URUMQI HIGH-TECH INVESTM     6.18    03/05/20      CNY    60.67
URUMQI STATE-OWNED ASSET     6.48    04/28/18      CNY    25.16
URUMQI STATE-OWNED ASSET     6.48    04/28/18      CNY    25.18
WAFANGDIAN STATE-OWNED A     8.55    04/19/19      CNY    41.38
WAFANGDIAN STATE-OWNED A     6.20    06/20/20      CNY    59.77
WAFANGDIAN STATE-OWNED A     6.20    06/20/20      CNY    60.40
WEIFANG BINHAI INVESTMEN     6.16    04/16/21      CNY    71.23
WEIFANG DONGXIN CONSTRUC     6.88    11/20/19      CNY    61.05
WEIFANG DONGXIN CONSTRUC     6.88    11/20/19      CNY    61.13
WEIHAI WENDENG URBAN PRO     6.38    03/06/20      CNY    60.50
WEIHAI WENDENG URBAN PRO     6.38    03/06/20      CNY    60.91
WEINAN CITY INVESTMENT G     6.69    01/15/20      CNY    60.55
WEINAN CITY INVESTMENT G     6.69    01/15/20      CNY    61.06
WENLING CITY STATE OWNED     7.18    09/18/19      CNY    61.20
WENLING CITY STATE OWNED     7.18    09/18/19      CNY    61.86
WENZHOU ANJUFANG CITY DE     7.65    04/24/19      CNY    40.84
WENZHOU ECONOMIC-TECHNOL     6.49    01/15/20      CNY    60.00
WENZHOU ECONOMIC-TECHNOL     6.49    01/15/20      CNY    61.08
WUHAI CITY CONSTRUCTION      8.20    03/31/19      CNY    41.04
WUHAN METRO GROUP CO LTD     5.70    02/04/20      CNY    60.87
WUHAN METRO GROUP CO LTD     5.70    02/04/20      CNY    60.94
WUHAN REAL ESTATE GROUP      5.90    03/22/19      CNY    50.42
WUHAN URBAN CONSTRUCTION     5.60    03/08/20      CNY    60.29
WUHU CONSTRUCTION INVEST     6.84    03/26/19      CNY    70.85
WUHU ECONOMIC TECHNOLOGY     6.70    06/08/18      CNY    25.00
WUHU ECONOMIC TECHNOLOGY     6.70    06/08/18      CNY    25.21
WUHU ECONOMIC TECHNOLOGY     6.90    06/08/22      CNY    72.87
WUHU JINGHU CONSTRUCTION     6.68    05/16/20      CNY    60.32
WUHU XINMA INVESTMENT CO     7.18    11/14/19      CNY    61.00
WUHU XINMA INVESTMENT CO     7.18    11/14/19      CNY    61.80
WUJIANG ECONOMIC TECHNOL     6.88    12/27/19      CNY    60.85
WUJIANG ECONOMIC TECHNOL     6.88    12/27/19      CNY    61.34
WUXI CONSTRUCTION AND DE     6.60    09/17/19      CNY    60.84
WUXI CONSTRUCTION AND DE     6.60    09/17/19      CNY    61.02
WUXI HUISHAN ECONOMIC DE     6.03    04/22/19      CNY    50.54
WUXI TAIHU INTERNATIONAL     7.60    09/17/19      CNY    61.40
WUXI TAIHU INTERNATIONAL     7.60    09/17/19      CNY    61.40
WUXI XIDONG NEW TOWN CON     6.65    01/28/20      CNY    61.06
WUXI XIDONG NEW TOWN CON     6.65    01/28/20      CNY    61.71
WUXI XIDONG TECHNOLOGY I     5.98    10/26/18      CNY    70.53
WUZHOU DONGTAI STATE-OWN     7.40    09/03/19      CNY    41.10
XIAMEN XINGLIN CONSTRUCT     6.60    02/22/20      CNY    61.01
XIAMEN XINGLIN CONSTRUCT     6.60    02/22/20      CNY    61.14
XI'AN AEROSPACE BASE INV     6.96    11/08/19      CNY    61.04
XIAN CHANBAHE DEVELOPMEN     6.89    08/03/19      CNY    40.92
XI'AN HI-TECH HOLDING CO     5.70    02/26/19      CNY    50.23
XI'AN HI-TECH HOLDING CO     5.70    02/26/19      CNY    50.39
XI'AN URBAN INDEMNIFICAT     7.31    03/18/19      CNY    71.56
XI'AN URBAN INDEMNIFICAT     7.31    03/18/19      CNY    71.65
XI'AN URBAN INDEMNIFICAT     7.31    04/18/19      CNY    71.70
XI'AN URBAN INDEMNIFICAT     7.31    04/18/19      CNY    71.74
XIANGTAN CITY CONSTRUCTI     8.00    03/16/19      CNY    40.92
XIANGTAN CITY CONSTRUCTI     8.00    03/16/19      CNY    40.97
XIANGTAN HI-TECH GROUP C     6.90    01/15/20      CNY    61.16
XIANGTAN HI-TECH GROUP C     6.90    01/15/20      CNY    61.19
XIANGTAN JIUHUA ECONOMIC     7.43    08/29/19      CNY    41.06
XIANGTAN ZHENXIANG STATE     6.60    08/07/20      CNY    61.48
XIANGTAN ZHENXIANG STATE     6.60    08/07/20      CNY    80.00
XIANGYANG CITY CONSTRUCT     8.12    01/12/19      CNY    41.07
XIANGYANG CITY CONSTRUCT     8.12    01/12/19      CNY    41.42
XIANNING CITY CONSTRUCTI     7.50    08/31/18      CNY    25.55
XIANNING CITY CONSTRUCTI     7.50    08/31/18      CNY    50.50
XIANNING HIGH-TECH INVES     5.80    06/05/20      CNY    59.77
XIANNING HIGH-TECH INVES     5.80    06/05/20      CNY    60.50
XIAOGAN URBAN CONSTRUCTI     8.12    03/26/19      CNY    41.19
XINGHUA URBAN CONSTRUCTI     7.25    10/23/18      CNY    50.46
XINING CITY INVESTMENT &     7.70    04/27/19      CNY    41.13
XINING ECONOMIC DEVELOPM     5.90    06/04/20      CNY    60.26
XINJIANG SHIHEZI DEVELOP     7.50    08/29/18      CNY    24.77
XINJIANG UYGUR AR HAMI C     6.25    07/17/18      CNY    25.23
XINJIANG WUJIAQU URBAN C     6.10    05/23/20      CNY    60.23
XINJIANG WUJIAQU URBAN C     6.10    05/23/20      CNY    60.28
XINXIANG INVESTMENT GROU     6.80    01/18/18      CNY    40.16
XINXIANG INVESTMENT GROU     5.85    04/15/20      CNY    59.70
XINXIANG INVESTMENT GROU     5.85    04/15/20      CNY    60.51
XINYANG HUAXIN INVESTMEN     6.95    06/14/19      CNY    40.52
XINYANG HUAXIN INVESTMEN     6.95    06/14/19      CNY    40.84
XINYU CITY CONSTRUCTION      7.08    12/13/19      CNY    60.70
XINYU CITY CONSTRUCTION      7.08    12/13/19      CNY    61.24
XINZHENG NEW DISTRICT DE     6.52    06/28/19      CNY    50.55
XINZHENG NEW DISTRICT DE     6.52    06/28/19      CNY    50.81
XINZHOU CITY ASSET MANAG     7.39    08/08/18      CNY    25.49
XUCHANG GENERAL INVESTME     7.78    04/27/19      CNY    40.88
XUZHOU CITY TONGSHAN DIS     6.60    08/08/20      CNY    60.94
XUZHOU CITY TONGSHAN DIS     6.60    08/08/20      CNY    61.09
XUZHOU ECONOMIC TECHNOLO     8.20    03/07/19      CNY    40.87
XUZHOU ECONOMIC TECHNOLO     8.20    03/07/19      CNY    41.04
XUZHOU XINSHENG CONSTRUC     7.48    05/08/18      CNY    25.31
YAAN STATE-OWNED ASSET O     7.39    07/04/19      CNY    40.63
YANCHENG CITY DAFENG DIS     7.08    12/13/19      CNY    61.31
YANCHENG ORIENTAL INVEST     6.99    10/26/19      CNY    61.09
YANCHENG SOUTH DISTRICT      6.93    10/26/19      CNY    60.50
YANCHENG SOUTH DISTRICT      6.93    10/26/19      CNY    61.18
YANGJIANG HENGCAI CITY I     6.85    09/09/20      CNY    61.92
YANGZHONG URBAN CONSTRUC     7.10    03/26/18      CNY    50.34
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    60.70
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    60.74
YANGZHOU LONGCHUAN HOLDI     8.10    03/23/19      CNY    40.50
YANGZHOU LONGCHUAN HOLDI     8.10    03/23/19      CNY    40.91
YANGZHOU URBAN CONSTRUCT     6.30    07/26/19      CNY    40.20
YANGZHOU URBAN CONSTRUCT     6.30    07/26/19      CNY    40.46
YANTAI DEVELOPMENT ZONE      5.70    04/10/20      CNY    60.61
YANTAI URBAN CONSTRUCTIO     5.99    03/14/20      CNY    60.08
YANTAI URBAN CONSTRUCTIO     5.99    03/14/20      CNY    60.90
YIBIN STATE-OWNED ASSET      5.80    05/23/18      CNY    40.24
YICHANG MUNICIPAL FINANC     7.12    10/16/19      CNY    61.06
YICHANG MUNICIPAL FINANC     7.12    10/16/19      CNY    61.24
YICHANG URBAN CONSTRUCTI     6.85    11/08/19      CNY    60.85
YICHANG URBAN CONSTRUCTI     6.85    11/08/19      CNY    60.86
YICHUN CITY CONSTRUCTION     7.35    07/24/19      CNY    40.54
YIJINHUOLUOQI HONGTAI CI     8.35    03/19/19      CNY    61.84
YIJINHUOLUOQI HONGTAI CI     8.35    03/19/19      CNY    61.85
YILI STATE-OWNED ASSET I     6.70    11/19/18      CNY    50.30
YILI STATE-OWNED ASSET I     6.70    11/19/18      CNY    50.41
YINGKOU CITY CONSTRUCTIO     7.98    04/18/20      CNY    57.26
YINGKOU CITY CONSTRUCTIO     7.63    06/09/20      CNY    61.25
YINGKOU COASTAL DEVELOPM     7.08    11/16/19      CNY    60.75
YINGKOU COASTAL DEVELOPM     7.08    11/16/19      CNY    60.84
YINGKOU ECO & TECH DEVEL     6.17    04/08/20      CNY    59.25
YINGKOU ECO & TECH DEVEL     6.17    04/08/20      CNY    59.86
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    60.80
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    60.81
YIYANG CITY CONSTRUCTION     7.36    08/24/19      CNY    41.13
YIYANG GAOXIN TECHNOLOGY     6.70    03/13/20      CNY    60.41
YIYANG GAOXIN TECHNOLOGY     6.70    03/13/20      CNY    60.94
YIZHENG CITY CONSTRUCTIO     7.78    06/14/19      CNY    41.02
YUEYANG CITY CONSTRUCTIO     6.05    07/12/20      CNY    61.17
YUHUAN COUNTY COMMUNICAT     7.15    10/12/19      CNY    61.34
YULIN CITY INVESTMENT OP     6.81    12/04/18      CNY    50.58
YULIN URBAN CONSTRUCTION     6.88    11/26/19      CNY    60.71
YUNCHENG URBAN CONSTRUCT     7.48    10/15/19      CNY    61.32
YUYAO ECONOMIC DEVELOPME     6.75    03/04/20      CNY    60.91
YUYAO ECONOMIC DEVELOPME     6.75    03/04/20      CNY    60.93
YUYAO WATER RESOURCE INV     7.20    10/16/19      CNY    61.74
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    61.74
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    61.92
ZHANGJIAGANG JINCHENG IN     6.23    01/06/18      CNY    30.06
ZHANGJIAGANG MUNICIPAL P     6.43    11/27/19      CNY    60.27
ZHANGJIAJIE ECONOMIC DEV     7.40    10/18/19      CNY    61.40
ZHANGJIAKOU CONSTRUCTION     7.00    10/26/19      CNY    60.55
ZHANGJIAKOU TONGTAI HOLD     6.90    07/05/18      CNY    40.51
ZHANGZHOU CITY CONSTRUCT     6.60    03/26/20      CNY    61.35
ZHAOYUAN STATE-OWNED ASS     6.64    12/31/19      CNY    61.16
ZHEJIANG GUOXING INVESTM     8.15    03/09/18      CNY    25.27
ZHEJIANG GUOXING INVESTM     8.15    03/09/18      CNY    25.31
ZHEJIANG HUZHOU HUANTAIH     6.70    11/28/19      CNY    60.84
ZHEJIANG JIASHAN ECONOMI     7.05    12/03/19      CNY    61.14
ZHEJIANG JIASHAN ECONOMI     7.05    12/03/19      CNY    61.23
ZHEJIANG PROVINCE DEQING     6.90    04/12/18      CNY    40.38
ZHEJIANG PROVINCE DEQING     6.40    02/22/20      CNY    59.79
ZHEJIANG PROVINCE DEQING     6.40    02/22/20      CNY    60.72
ZHEJIANG PROVINCE XINCHA     6.60    04/24/20      CNY    60.94
ZHEJIANG PROVINCE XINCHA     6.60    04/24/20      CNY    61.03
ZHENGZHOU CITY CONSTRUCT     6.37    12/03/19      CNY    60.43
ZHENGZHOU CITY CONSTRUCT     6.37    12/03/19      CNY    61.04
ZHENGZHOU PUBLIC HOUSING     5.98    07/17/20      CNY    60.63
ZHENGZHOU PUBLIC HOUSING     5.98    07/17/20      CNY    60.94
ZHENJIANG CULTURE AND TO     6.60    01/30/20      CNY    60.12
ZHENJIANG TRANSPORTATION     7.29    05/08/19      CNY    40.73
ZHENJIANG TRANSPORTATION     7.29    05/08/19      CNY    41.91
ZHONGSHAN TRANSPORTATION     6.65    08/28/18      CNY    25.26
ZHONGSHAN TRANSPORTATION     6.65    08/28/18      CNY    25.41
ZHOUSHAN DINGHAI STATE-O     7.25    08/31/20      CNY    56.72
ZHOUSHAN DINGHAI STATE-O     7.25    08/31/20      CNY    71.65
ZHUCHENG ECONOMIC DEVELO     6.40    04/26/18      CNY    20.11
ZHUCHENG ECONOMIC DEVELO     6.40    04/26/18      CNY    20.19
ZHUCHENG ECONOMIC DEVELO     7.50    08/25/18      CNY    21.72
ZHUCHENG ECONOMIC DEVELO     6.80    11/29/19      CNY    61.15
ZHUHAI HUAFA GROUP CO LT     8.43    02/16/18      CNY    25.29
ZHUHAI HUAFA GROUP CO LT     5.50    06/05/19      CNY    50.25
ZHUHAI HUAFA GROUP CO LT     5.50    06/05/19      CNY    50.50
ZHUJI CITY CONSTRUCTION      6.92    07/05/18      CNY    40.60
ZHUJI CITY CONSTRUCTION      6.92    12/19/19      CNY    61.30
ZHUMADIAN INVESTMENT CO      6.95    11/26/19      CNY    61.22
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18      CNY    40.97
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    41.31
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    41.42
ZHUZHOU YUNLONG DEVELOPM     6.78    11/19/19      CNY    60.82
ZHUZHOU YUNLONG DEVELOPM     6.78    11/19/19      CNY    60.85
ZIBO CITY PROPERTY CO LT     5.45    04/27/19      CNY    23.98
ZIBO CITY PROPERTY CO LT     6.83    08/22/19      CNY    41.09
ZIBO CITY PROPERTY CO LT     6.83    08/22/19      CNY    61.20
ZIGONG GAOXIN INVESTMENT     6.30    03/13/20      CNY    61.00
ZIGONG STATE-OWNED ASSET     6.86    06/17/18      CNY    40.34
ZIYANG CITY CONSTRUCTION     7.58    01/09/19      CNY    50.72
ZOUCHENG CITY ASSET OPER     7.02    01/12/18      CNY    20.11
ZOUCHENG CITY ASSET OPER     6.18    03/12/19      CNY    50.21
ZOUCHENG CITY ASSET OPER     6.18    03/12/19      CNY    50.42
ZOUPING COUNTY STATE-OWN     6.98    04/27/18      CNY    40.43
ZUNYI CITY HUICHUAN DIST     6.75    04/24/19      CNY    50.52
ZUNYI INVESTMENT GROUP L     8.53    03/13/19      CNY    41.32
ZUNYI ROAD & BRIDGE ENGI     7.15    08/17/20      CNY    56.70
ZUNYI STATE-OWNED ASSET      6.98    12/26/19      CNY    61.02
ZUNYI STATE-OWNED ASSET      6.98    12/26/19      CNY    61.27


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35    07/03/17      CNY    67.75


INDONESIA
---------

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


INDIA
-----

3I INFOTECH LTD              2.50    03/31/25      USD    14.38
BLUE DART EXPRESS LTD        9.30    11/20/17      INR    10.03
BLUE DART EXPRESS LTD        9.40    11/20/18      INR    10.24
BLUE DART EXPRESS LTD        9.50    11/20/19      INR    10.42
GTL INFRASTRUCTURE LTD       5.53    11/09/17      USD    60.00
JAIPRAKASH POWER VENTURE     7.00    02/13/49      USD    15.13
JCT LTD                      2.50    04/08/11      USD    27.00
PRAKASH INDUSTRIES LTD       5.25    04/30/15      USD    21.00
PYRAMID SAIMIRA THEATRE      1.75    07/04/12      USD     1.00
REI AGRO LTD                 5.50    11/13/14      USD     0.34
REI AGRO LTD                 5.50    11/13/14      USD     0.34
RELIANCE COMMUNICATIONS      6.50    11/06/20      USD    61.95
SVOGL OIL GAS & ENERGY L     5.00    08/17/15      USD     1.55
VIDEOCON INDUSTRIES LTD      2.80    12/31/20      USD    59.57


JAPAN
-----

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


KOREA
-----

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


MALAYSIA
--------

ADVANCE SYNERGY BHD          2.00    01/26/18      MYR     0.07
ASIAN PAC HOLDINGS BHD       3.00    05/25/22      MYR     0.78
BARAKAH OFFSHORE PETROLE     3.50    10/24/18      MYR     0.45
BERJAYA CORP BHD             2.00    05/29/26      MYR     0.34
BERJAYA CORP BHD             5.00    04/22/22      MYR     0.44
BRIGHT FOCUS BHD             2.50    01/22/31      MYR    73.11
ELK-DESA RESOURCES BHD       3.25    04/14/22      MYR     0.96
HIAP TECK VENTURE BHD        5.00    06/27/21      MYR     0.42
I-BHD                        2.50    10/09/19      MYR     0.41
IRE-TEX CORP BHD             1.00    06/10/19      MYR     0.02
LAND & GENERAL BHD           1.00    09/24/18      MYR     0.15
PERODUA GLOBAL MANUFACTU     0.50    12/17/25      MYR    73.27
PUC BHD                      4.00    02/15/19      MYR     0.09
REDTONE INTERNATIONAL BH     2.75    03/04/20      MYR     0.17
SEE HUP CONSOLIDATED BHD     4.60    12/22/17      MYR     0.07
SENAI-DESARU EXPRESSWAY      1.35    06/30/31      MYR    55.60
SENAI-DESARU EXPRESSWAY      1.35    12/31/30      MYR    56.86
SENAI-DESARU EXPRESSWAY      1.35    06/28/30      MYR    58.14
SENAI-DESARU EXPRESSWAY      1.35    12/31/29      MYR    59.38
SENAI-DESARU EXPRESSWAY      1.35    06/29/29      MYR    60.67
SENAI-DESARU EXPRESSWAY      1.35    12/29/28      MYR    61.96
SENAI-DESARU EXPRESSWAY      1.35    06/30/28      MYR    63.28
SENAI-DESARU EXPRESSWAY      1.35    12/31/27      MYR    64.60
SENAI-DESARU EXPRESSWAY      1.35    06/30/27      MYR    65.95
SENAI-DESARU EXPRESSWAY      1.35    12/31/26      MYR    67.37
SENAI-DESARU EXPRESSWAY      1.35    06/30/26      MYR    68.78
SENAI-DESARU EXPRESSWAY      1.35    12/31/25      MYR    70.21
SENAI-DESARU EXPRESSWAY      1.15    06/30/25      MYR    70.43
SENAI-DESARU EXPRESSWAY      1.15    12/31/24      MYR    71.99
SENAI-DESARU EXPRESSWAY      0.50    12/31/38      MYR    73.43
SENAI-DESARU EXPRESSWAY      1.15    06/28/24      MYR    73.63
SOUTHERN STEEL BHD           5.00    01/24/20      MYR     2.16
THONG GUAN INDUSTRIES BH     5.00    10/10/19      MYR     4.08
VIZIONE HOLDINGS BHD         3.00    08/08/21      MYR     0.06
YTL LAND & DEVELOPMENT B     3.00    10/31/21      MYR     0.46


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

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


SINGAPORE
---------

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


SRI LANKA
---------

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



THAILAND
--------

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


VIETNAM
-------

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



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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

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

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

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

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



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