TCRAP_Public/171107.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, November 7, 2017, Vol. 20, No. 221

                            Headlines


A U S T R A L I A

CLEARMEDAL PTY: Second Creditors' Meeting Set for Nov. 10
EMECO HOLDINGS: Moody's Affirms Caa1 Corporate Family Rating
HEAVY HAULAGE: First Creditors' Meeting Set for Nov. 10
INDIA RESOURCES: Second Creditors' Meeting Set for Nov. 10
MESOBLAST LIMITED: Cephalon Inc. Owns 5% Shares as of Oct. 24

PEPPER RESIDENTIAL: Moody's Hikes Class F Notes Rating to Ba2
PERMANENT CUSTODIANS: Moody's Assigns B1 Rating to Class F Notes
PERPETUAL TRUSTEE: Moody's Assigns (P)B1 Rating to Cl. F Notes
RL ADAMS: Second Creditors' Meeting Slated for Nov. 10


H O N G  K O N G

NOBLE GROUP: To Release Third Quarter Results on Nov. 9


I N D I A

ALY MICRONS: CRISIL Assigns 'B' Rating to INR16MM LT Loan
AMBE PROPTECH: CRISIL Reaffirms 'B' Rating on INR25MM LT Loan
ANAND TEKNOW: Ind-Ra Migrates BB Issuer Rating to Not Cooperating
ANJANEYA RICE: CRISIL Assigns B+ Rating to INR10MM Cash Loan
BHARATH WIND: CARE Assigns D Rating to INR7.52cr LT Loan

CENOSPHERE INDIA: CRISIL Assigns B+ Rating to INR0.7MM LT Loan
CHETAN ALLOYS: CARE Moves B+ Rating to Not Cooperating Category
DAULAT FLOUR: CARE Moves B+ Rating to Not Cooperating Category
EASHWARA SAI: CARE Assigns B+ Rating to INR5.94cr LT Loan
G. NAGESWARAN: CRISIL Assigns 'D' Rating to INR9.4MM Loan

GAURAV RICE: CRISIL Reaffirms 'B' Rating on INR14.71MM LT Loan
GM REDDY: Ind-Ra Migrates B+ Issuer Rating to Not Cooperating
IPSUM MEDICARE: CRISIL Assigns 'B' Rating to INR8.95MM Term Loan
KIRLOSKAR ELECTRIC: CARE Lowers Rating on INR137.86cr Loan to D
KMS HEALTH: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan

M.G. AUTO: CRISIL Lowers Rating on INR6MM Secured Loan to 'B'
MAHESVARA CASHEW: CARE Assigns B+ Rating to INR11cr LT Loan
MANOJ KUMAR: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
NAGREEKA HYDROCARBONS: CRISIL Assigns B+ Rating to INR10MM Loan
NATURAL ORGANIC: CRISIL Reaffirms 'B' Rating on INR14MM Loan

RLJ INFRACEMENT: CARE Moves B+ Rating to Not Cooperating Category
ROYAL CONCAST: CRISIL Assigns B+ Rating to INR7MM Cash Loan
ROYAL INFRASTRUCTURE: Ind-Ra Affirms BB- LT Issuer Rating
S GOKUL: CRISIL Hikes Rating on INR5.5MM Cash Loan to 'C'
SALTEE BUILDCON: Ind-Ra Moves BB Issuer Rating to Not Cooperating

SANCHETI PROPERTIES: CRISIL Reaffirms B+ Rating on INR21.25M Loan
SANDEEP AXLES: NCLT Admits Insolvency Process After Default
SHIV AUM: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating
SHRADHA AGENCIES: CARE Lowers Rating on INR15cr LT Loan to D
SHREE MAHADEV: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan

SILVER STONE: CRISIL Reaffirms B+ Rating on INR4.75MM Term Loan
SOPAAN JEWELLERS: CARE Assigns B+ Rating to INR12cr LT Loan
SOUTH INDIAN CONSTRUCTIONS: Ind-Ra Assigns BB LT Issuer Rating
SSK EXPORTS: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating
SVE DRILLING: CRISIL Assigns B+ Rating to INR6MM LT Loan

TIRUPATI INKS: NCLT Admits ICICI Bank's Insolvency Petition
VISHWAS TUBES: Ind-Ra Cuts LT Issuer Rating to B, Outlook Stable
VOHRA AUTO: CRISIL Assigns B+ Rating to INR5MM Cash Loan


I N D O N E S I A

STEEL PIPE: Fitch Withdraws B(EXP) Rating on Proposed USD Notes


P H I L I P P I N E S

RB OF CALASIAO: Depositors Claims Deadline Set for Nov. 16


S O U T H  K O R E A

* Korean Credit Card ABS Delinquency Rates to Remain Low


X X X X X X X X

* BOND PRICING: For the Week Oct. 31 to Nov. 3, 2017


                            - - - - -


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A U S T R A L I A
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CLEARMEDAL PTY: Second Creditors' Meeting Set for Nov. 10
---------------------------------------------------------
A second meeting of creditors in the proceedings of Clearmedal
Pty Ltd, in its own capacity and ATF the Roger & Laurel Adams &
Family Trust, has been set for Nov. 10, 2017, at 11:00 a.m., at
Dexus Place, Level 31, Waterfront Place, 1 Eagle Street, in
Brisbane, Queensland.

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 Nov. 9, 2017, at 5:00 p.m.

Darryl Kirk and Bruno Secatore of Cor Cordis were appointed as
administrators of Clearmedal Pty on June 9, 2017.


EMECO HOLDINGS: Moody's Affirms Caa1 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has affirmed Emeco Holdings Limited's
(Emeco) Caa1 corporate family rating and Emeco Pty Limited's Caa1
backed senior secured debt rating. At the same time, Moody's has
changed the outlook on the ratings above to positive from stable.

RATINGS RATIONALE

The change in the ratings outlook to positive follows Emeco's
announced acquisition of Force Equipment Pty Limited on October
31, 2017 for an enterprise value of AUD69.8 million, funded by a
fully underwritten equity raise of AUD80 million. Emeco states
that Force Equipment's revenue for the fiscal year ended June 30,
2017 totaled around AUD86.1 million and its operating EBITDA for
the same period registered around AUD23.6 million.

"The positive outlook reflects Emeco's improving credit profile,
underpinned by increased earnings and the operating utilization
of its fleet during the last two quarters," says Shawn Xiong, a
Moody's Analyst. "The announced acquisition of Force Equipment,
funded completely by an equity raise, will further increase
Emeco's fleet size, earnings, as well as geographic and
commodities diversification".

"As for Emeco's rating, it will likely be upgraded, if the
company sustains the level of earnings that Moody's have seen in
the last two quarters, and upon successful closing of the Force
Equipment acquisition," adds Xiong.

Emeco's New South Wales and Queensland operations have shown
considerable improvement in response to strong coal prices. While
Moody's expects that coal prices will likely moderate from their
current levels, prices should remain well above the lows seen in
2015.

At the same time, the operating environment for Emeco in
Australia appears to have stabilized, because market conditions
have tightened for the availability of surplus equipment, and
commodity producers are looking to increase their capital
spending off the back of relatively stable commodity prices.

WHAT COULD CHANGE THE RATINGS

For a rating upgrade to be considered, Moody's would expect to
see Emeco secure new contracts and sustain or increase its
revenue and earnings, while achieving the cost and capex
synergies outlined at the time of the merger. Specifically,
Moody's would consider upgrading Emeco's rating, if the company
generates positive free cash flow on a sustained basis, and
maintain adjusted debt/EBITDA comfortably below 4.0x on a
consistent basis.

The rating could be downgraded if a worse-than-expected macro
environment, operating underperformance and/or competitive
pressure lead to a large number of Emeco's contracts being
terminated or not renewed on similar terms and margins, thereby
further reducing revenue and cash flow generation.

The rating could also be downgraded if liquidity diminishes, and
the company is unable to maintain adequate compliance with the
covenants in its debt facilities. Specifically, the rating will
likely be downgraded if Emeco's adjusted debt/EBITDA exceeds
6.0x.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.

Emeco Holdings Limited, established in 1972 and based in Perth,
is a mining equipment rental company.

Emeco Pty Limited is a wholly owned subsidiary of Emeco Holdings
Limited.


HEAVY HAULAGE: First Creditors' Meeting Set for Nov. 10
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Heavy
Haulage BMP Pty Ltd will be held at the offices of Bentleys
Accountants, London House, 216 St Georges Terrace, in Perth, West
Australia, on Nov. 10, 2017, at 10:00 a.m.

John Morgan and Mr Geoffrey Davis of Bentleys Accountants were
appointed as administrators of Heavy Haulage on Nov. 1, 2017.


INDIA RESOURCES: Second Creditors' Meeting Set for Nov. 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of India
Resources Limited has been set for Nov. 10, 2017, at 12:00 p.m.,
at the offices of Deloitte Financial Advisory Pty Ltd, Level 9,
Tower 2, Brookfield Place, 123 St Georges Terrace, in Perth.

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 Nov. 9, 2017, at 4:00 p.m.

Jason Tracy of Deloitte was appointed as administrator of India
Resources on June 2, 2017.


MESOBLAST LIMITED: Cephalon Inc. Owns 5% Shares as of Oct. 24
-------------------------------------------------------------
Cephalon, Inc. and Teva Pharmaceutical Industries Limited
disclosed in an amended Schedule 13G/A filed with the Securities
and Exchange Commission that as of Oct. 24, 2017, they
beneficially own 23,395,656 shares of common stock of Mesoblast
Limited, constituting 5 percent based on 470,442,925 ordinary
shares issued and outstanding as of Sept. 19, 2017. The
beneficial ownership is significantly lower compared to the
55,785,806 Ordinary Shares reported as beneficially owned by the
reporting persons as of Dec. 31, 2015.

The address of principal business office of the reporting persons
are:

          Cephalon, Inc.
          1090 Horsham Road
          North Wales, PA 19454

          Teva Pharmaceutical Industries Limited
          5 Basel Street
          PO Box 3190
          Petach Tikva 4951033
          Israel

A full-text copy of the regulatory filing is available at:

                       https://is.gd/avHXJu

                          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.


PEPPER RESIDENTIAL: Moody's Hikes Class F Notes Rating to Ba2
-------------------------------------------------------------
Moody's Investors Service has upgraded the ratings of five
classes of notes issued by Pepper Residential Securities Trust
No. 16.

The affected ratings are as follows:

Issuer: Pepper Residential Securities Trust No. 16

-- Class B Notes, Upgraded to Aaa (sf); previously on Feb 20,
    2017 Upgraded to Aa1 (sf)

-- Class C Notes, Upgraded to Aa1 (sf); previously on Feb 20,
    2017 Upgraded to Aa3 (sf)

-- Class D Notes, Upgraded to A1 (sf); previously on Feb 20,
    2017 Upgraded to A3 (sf)

-- Class E Notes, Upgraded to Baa2 (sf); previously on Feb 20,
    2017 Upgraded to Baa3 (sf)

-- Class F Notes, Upgraded to Ba2 (sf); previously on Feb 20,
    2017 Upgraded to Ba3 (sf)

RATINGS RATIONALE

The upgrade was prompted by the increase in note subordination
during the sequential pay period.

In addition, the mortgage portfolio has been performing within
Moody's expectations. Both scheduled and indexed loan to value
(LTV) ratios have decreased since the last rating action and have
led to lower MILAN CE for the transaction.

As of September 2017, the note subordination for the Class B,
Class C, Class D, Class E and Class F notes had increased to
14.7%, 10.9%, 7.5%, 5.4% and 3% from 7.8%, 5.8%, 4%, 2.9% and
1.6%, respectively at closing.

The notes will continue to pay down on a sequential basis until
at least the second anniversary of the transaction closing, which
will be in April 2018.

The performance of the mortgage portfolio is within Moody's
expectations. As of September 2017, 4.7% of the outstanding pool
was 30-plus day delinquent, and 1.8% was 90-plus day delinquent.
Cumulative losses amounted to AUD61,224, or 0.01% of the closing
pool balance.

Based on the observed performance and outlook, Moody's has
maintained its expected loss assumption at 1.5% as a percentage
of the closing pool balance.

Moody's has also decreased its MILAN CE assumption to 12.1% from
13.6% in February 2017, based on the current portfolio
characteristics.

The MILAN CE and expected loss assumption are the two key
parameters used by Moody's to calibrate the loss distribution
curve, which is one of the inputs into the cash-flow model.

The transaction is an Australian non-conforming RMBS secured by a
portfolio of residential mortgage loans. A portion of the
portfolio consists of loans extended to borrowers with impaired
credit histories or made on a limited documentation basis.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) deleveraging of the capital
structure.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than
Moody's expectations, (2) decrease in the notes' available credit
enhancement, and (3) deterioration in the credit quality of the
transaction counterparties.


PERMANENT CUSTODIANS: Moody's Assigns B1 Rating to Class F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes to be issued by Permanent Custodians Limited
(Trustee) as trustee of Pepper Residential Securities Trust No.
19 ("Pepper").

Issuer: Pepper Residential Securities Trust No. 19

-- AUD100.00 million Class A1-S Notes, Assigned Aaa (sf)

-- USD250.00 million Class A1-u1 Notes, Assigned P-1 (sf)

-- AUD75.00 million Class A2 Notes, Assigned Aaa (sf)

-- AUD57.00 million Class B Notes, Assigned Aa2 (sf)

-- AUD12.00 million Class C Notes, Assigned A1 (sf)

-- AUD13.80 million Class D Notes, Assigned Baa1 (sf)

-- AUD10.20 million Class E Notes, Assigned Ba1 (sf)

-- AUD6.00 million Class F Notes, Assigned B1 (sf)

The AUD4.20 million Class G1 Notes and AUD1.80 million Class G2
Notes (together Class G Notes) are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is an Australian non-conforming and prime RMBS
secured by a portfolio of residential mortgage loans. A
substantial portion of the portfolio consists of loans extended
to borrowers with impaired credit histories (36.3%) or made on an
alternative (33.6%) or low documentation basis (0.7%).

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure, currency swap
available to mitigate the cross-currency risk associated with the
USD denominated Class A1-u1 Notes and AUD denominated assets,
availability of excess spread over the life of the transaction,
liquidity facility in the amount of 2.5% of the notes balance
minus the Redemption Fund balance at that time and the experience
of Pepper Group Limited as the servicer.

The key transactional features are as follows:

(1) A hard bullet USD denominated Class A1-u1 Notes with a legal
final maturity of one year. To facilitate the redemption of the
Class A1-u1 Notes at its legal final maturity, the Trustee will
try to issue one of the following notes:

- USD denominated Class A1-u2, hard bullet with a legal maturity
   of one year, or

- AUD denominated Class A1-s2, hard bullet with a legal final
   maturity of one year, or

- A pass-through AUD denominated Class A1-p2 Notes, also with a
   legal final maturity of one year, or

- A pass-through AUD denominated Class AR-u Notes with a legal
   final maturity in March 2059.

(2) Furthermore, in order to ensure that the Class A1-u1 Notes
(and, if subsequently issued, Class A1-u2 or Class A1-s2 or Class
A1-p2 Notes) are fully repaid on the legal final maturity date,
the Trustee has entered into a Redemption Facility Agreement with
National Australia Bank Limited (NAB, Aa2(cr)/P-1(cr)). If
required, NAB as redemption facility provider must subscribe for
the Class AR-u Notes up to an amount being the difference between
the stated amount of the Class A1-u1 (and, if subsequently issued
Class A1-u2 or Class A1-s2 or Class A1-p2 Notes) less the balance
of the redemption fund. As such, the P-1 (sf) rating of the Class
A1-u1 Notes is linked to the P-1(cr) rating of NAB.

(3) Principal collections will be at first used to pay down Class
A1-S Notes. Once Class A1-S Notes are repaid, principal will be
distributed sequentially, although pro rata between the remaining
Class A Notes. Starting from the second anniversary since
closing, all notes may participate in proportional principal
collections distribution, if the following stepdown conditions
are met: (1) there are no charge-offs on any of the notes, (2)
the cumulative losses are less than 0.50% and 0.85% before the
third and fourth anniversary, respectively and less than 1.10% on
or after the fourth anniversary since closing; (3) the Class A
subordination is at least 30.0%, (4) there are no Class A1-S
Notes outstanding. After that point, the Classes A1, A2, B, C, D,
E, F and G Notes will receive a pro-rata share of principal
payments (subject to additional conditions). The Class G
principal payments will be applied as an allocation to the turbo
principal allocation. The turbo principal allocation is applied
in reverse sequential order, from Class F Notes up the capital
structure. The principal pay-down switches back to sequential pay
on the call option date, once the aggregate notes balance falls
below 15% of the aggregate notes balance at closing or the
payment date falls on or after the fifth anniversary since
closing.

(4) The yield enhancement reserve account is available to meet
losses and charge-offs whilst any Class A Notes are outstanding.
The reserve account is funded by trapping excess spread at,
initially, an annual rate of 0.30% of the outstanding principal
balance of the portfolio up to a maximum amount of AUD 2,500,000.

The pool features are as follows:

- The portfolio is geographically well diversified due to
   Pepper's wide distribution network.

- The portfolio contains 36.3% exposure to borrowers with prior
   credit impairment (default, judgement or bankruptcy). Moody's
   assesses these borrowers as having a significantly higher
   default probability.

- 33.6% of the portfolio consists of loans granted based on an
   alternative documentation (alt doc) basis. While 0.7% of the
   portfolio consists of loans granted on a low documentation
   (low doc) basis, Pepper only performed limited verification.

- 43.3% of the loans in the portfolio were extended to self-
   employed borrowers. Moody's analysis of historical delinquency
   and default data has indicated that loans granted to self-
   employed borrowers have a greater propensity to default
   compared to loans granted to employed PAYG borrowers.

- 78.5% of the complete portfolio has been originated in the
   last six months, when interest rates are low and house prices
   are growing rapidly.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors that would lead to an upgrade or downgrade of the
ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the rating. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are
primary drivers of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons for worse
performance than Moody's expects include poor servicing, error on
the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN CE
and mean expected loss - differed. The analysis assumes that the
deal has not aged. Parameter Sensitivities only reflect the
ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if Moody's MILAN CE assumption
increased by 25% to 21.25% from 17.00% currently the model
implied ratings of the notes would deteriorate by a maximum of
one notch.

If both the Portfolio EL and MILAN CE increased by 50% to 25.50%
and 2.70%, respectively, the model-implied ratings of the notes
would drop between one and four notches from the currently
assigned levels. Ratings of Class A2 Notes will be sensitive to
one notch migration, while Class E Notes will be sensitive to
four notches migration.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.


PERPETUAL TRUSTEE: Moody's Assigns (P)B1 Rating to Cl. F Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to
notes to be issued by Perpetual Trustee Company Limited in its
capacity as trustee of the Eclipx Turbo Series 2017-1 Trust.

Issuer: Eclipx Turbo Series 2017-1 Trust

AUD60.00 million Class A1 Notes, Assigned (P)P-1 (sf);

AUD207.13 million Class A2 Notes, Assigned (P)Aaa (sf);

AUD14.42 million Class B Notes, Assigned (P)Aa2 (sf);

AUD18.62 million Class C Notes, Assigned (P)A2 (sf);

AUD5.63 million Class D Notes, Assigned (P)Baa1 (sf);

AUD14.42 million Class E Notes, Assigned (P)Ba1 (sf);

AUD9.14 million Class F Notes, Assigned (P)B1 (sf).

The AUD4.57 million G Notes and the AUD17.57 million Seller Notes
are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is an Australian ABS.

It is the fifth Australian ABS transaction issued by Eclipx Group
since 2010.

It is a securitisation of operating, novated and finance leases
extended to Australian government and statutory corporations,
corporates, small and medium-sized businesses and their
employees. The leases are secured by passenger cars commercial
vehicles and equipment.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

- the evaluation of the underlying receivables and their
   expected performance;

- the evaluation of the capital structure;

- the availability of excess spread over the life of the
   transaction, the liquidity reserve in the amount of 2.00% of
   the initial balance of all notes and funded from note
   issuance;

- the interest rate swap provided by Australia and New Zealand
   Banking Group Limited (Aa3/P-1/Aa2(cr)/P-1(cr));

- and the credit strength and experience of Eclipx Commercial
   Pty Limited as servicer.

The portfolio consists of vehicle and equipment lease contracts,
comprise of lease installment cash flows and residual value (RV)
cash flows. The present value of the outstanding lease
receivables cashflows is AUD344.5 million and the nominal value
of estimated RV cash flows amounts to around AUD107.2 million.
Due to the right of the lessees to return the vehicle at contract
maturity in order to cover the final lease balance outstanding
under an operating lease, the notes are exposed to both default
and market or residual value risk of the related vehicles.

At closing, the Class A Notes, Class B Notes, Class C Notes,
Class D Notes, Class E Notes and Class F Notes benefit from
24.0%, 19.9%, 14.6%, 13.0%, 8.9% and 6.3% of note subordination
respectively. The notes will be repaid on a sequential basis in
the initial stages (until the subordination percentage for the
Class A Notes increases from the initial 24.0% to 40.0% and once
the transaction reaches the 20% pool factor). At all other times,
the structure will follow a pro rata repayment profile.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions is a weighted average obligor
default rate of 2.94% and assumed a recovery rate of 40.50% in
the event of obligor default.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions.

To account for RV risk in the portfolio Moody's assumes the
following haircuts to the expected lease RV cashflows: Aaa
haircut of 40.0%, a Aa2 haircut of 30.5%, a A2 haircut of 25.5%,
a Baa1 haircut of 23.0%, a Ba1 haircut of 18% and a B1 haircut of
11% on RV cash flows.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

Factors that would lead to an upgrade or downgrade of the
ratings:

A factor that could lead to an upgrade of the notes is better-
than-expected collateral performance and a rapid build-up of
credit enhancement.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties, lack of transactional governance and
fraud.

Moody's Parameter Sensitivities:

If the default rate rises to 3.82% (30% higher than the Moody's
assumption of 2.94%) and then the model-indicated rating for the
Class A Notes to Class F Notes drop one notch from the assigned
provisional rating levels.



RL ADAMS: Second Creditors' Meeting Slated for Nov. 10
------------------------------------------------------
A second meeting of creditors in the proceedings of RL Adams Pty.
Ltd. has been set for Nov. 10, 2017, at 11:00 a.m., at Dexus
Place, Level 31, Waterfront Place, 1 Eagle Street, in Brisbane,
Queensland.

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 Nov. 9, 2017, at 5:00 p.m.

Darryl Kirk and Bruno Secatore of Cor Cordis were appointed as
administrators of RL Adams on June 9, 2017.



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


NOBLE GROUP: To Release Third Quarter Results on Nov. 9
-------------------------------------------------------
The Strait Times reports that Noble Group, which has warned of a
loss of US$1.1 billion to US$1.25 billion for the third quarter,
said on Nov. 6 it will release its those quarterly results on
Nov. 9.

The report relates that the group said that it will hold an
earnings conference call and webcast after market close on
Nov. 9.

According to the report, the embattled commodity trader has said
that its remaining hard commodities business is expected to make
net losses of US$50 million to US$100 million for the quarter -
the third straight quarter in which the division has been in the
red.

The group has sold most of its oil business to Vitol Group in a
recently-concluded deal that it said it would lose money on, the
ST says.

Market observers are widely expecting the firm to restructure its
debt of over US$3 billion, the report relates.

Noble Group has already started talks with lenders under its
US$1.1 billion revolving credit facility, or RCF, due in
May 2018, ST relates. The lenders have agreed to extend a
covenant waiver that was due to expire on Oct. 20, 2017, until
Dec. 20, 2017.

                         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'.



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


ALY MICRONS: CRISIL Assigns 'B' Rating to INR16MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of Aly Microns LLP (AML).

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Proposed Long Term
   Bank Loan Facility        16        CRISIL B/Stable (Assigned)

The rating reflects the firm's exposure to project implementation
risk and to timely stabilisation and commensurate ramp up in
sales during initial phase of operations. The rating also factors
expected subdued financial risk profile because of debt-funded
project. These weaknesses are partially offset by the extensive
experience of its promoters in manufacturing ceramic and related
raw materials, and expectation of low demand risk as most of the
output will be consumed by ceramic units belonging to promoters.

Analytical Approach

For arriving at the rating, unsecured loans extended to AML by
its promoters have been treated as neither debt nor equity as
these carry lower interest rate than the market rate, and are
likely to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Expected subdued financial risk profile: Gearing is expected to
be high at 2.0-2.5 times over the medium term, but should improve
with build-up in networth and gradual repayment of term loan.
Debt protection metrics are expected to be subdued.

* Exposure to project-related risks: Commercial operations are
likely to commence from March 2018. Timely implementation of the
proposed project, stabilisation of operations, and commensurate
ramp up of sales will remain critical to achieving growth in
revenue and profitability.

Strengths

* Extensive experience of promoters: The firm has 13 promoters
who have significant business experience through other entities
such as Delthi Ceramic, Sanjivini Ceramics, Skyview Ceramic,
Lancosa Ceramics LLP.

* Low demand risk: Ceramic units of the promoters will consume
60-70% of the firm's output, resulting in low demand risk.

Outlook: Stable

CRISIL believes AML will continue to benefit over the medium term
from the extensive experience of its promoters and low demand
risk. The outlook may be revised to 'Positive' if timely project
implementation and stabilisation of operations lead to
anticipated revenue, profitability, and cash accrual during
initial phase. The outlook may be revised to 'Negative' if delay
in implementation of project or stabilisation of operations leads
to lower revenue and cash accrual, or if stretched working
capital cycle results in weaker-than-expected financial risk
profile, especially liquidity.

Established in 2017 as a partnership firm by 13 promoters, AML is
establishing a greenfield project to manufacture and purify soda
and potash feldspar that are majorly used in making ceramic
products. Unit is in Morbi, Gujarat.


AMBE PROPTECH: CRISIL Reaffirms 'B' Rating on INR25MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of Ambe Proptech Pvt Ltd (APPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           25       CRISIL B/Stable (Reaffirmed)

The reaffirmation reflects exposure to risks related to
implementation of the project. Commercial operations were
expected to commence in October 2017, but demonetisation led to a
delay in construction work, and the project was delayed by 6-9
months. Repayment will fall due only from March 2019, thus
providing cushion to liquidity. APPL is in the advance stages of
signing the lease rental agreements with various brands, thus
providing revenue visibility in the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to project implementation: 90% of the
structural work has been completed, and orders for various
equipment have been placed, still risk related to the
implementation of the project will persist. Further, towards
funding, term loan worth INR25 crore has been sanctioned,
however, timely infusion of promoters' fund will remain a key
rating sensitivity factor.

* Susceptibility to counterparty risk: Revenue is entirely
dependent on rental income and hence, success of brands and
footfalls at the mall, will remain a key monitorable. Footfall
could be low initially, and timely receipt of rent will pose a
major concern. However, growing popularity of the mall,
attractiveness of brands and product quality, ensure increase in
footfalls. CRISIL believes any significant delay in receipt of
rental income will adversely affect liquidity, and the debt-
servicing ability.

Strength

* Extensive entrepreneurial experience of the promoters and their
funding support: Promoters have been engaged in diverse
businesses, including real estate, retailing of apparels, trading
of agro-products and operating a cinema hall for over four
decades. Promoters have also extended capital and unsecured
loans, which stood at INR17.84 crore and INR6.25 crore,
respectively, as on March 31, 2017.

Outlook: Stable

CRISIL believes APPL will continue to benefit from the extensive
entrepreneurial experience of its promoters, and their funding
support. The outlook may be revised to 'Positive' if timely
stabilisation of operations of the upcoming mall, and substantial
revenue and profitability lead to a higher cash accrual. The
outlook may be revised to 'Negative' if any further delay in
commencement of operations of the mall, or lower-than expected
cash accrual during the early stage of operations, exert pressure
on liquidity.

APPL, incorporated in February 2012, is setting up a commercial
mall-cum-multiplex in Gorakhpur. The company has been promoted by
Mr Nirmal Kumar Gupta and Mr Sandeep Kumar Tekriwal, and their
family members.


ANAND TEKNOW: Ind-Ra Migrates BB Issuer Rating to Not Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Anand Teknow
Aids Engineering India Limited's (ATAEIL) Long-Term Issuer Rating
to 'IND BB' from 'IND BBB' while simultaneously migrating it to
the non-cooperating category. The Outlook is Negative. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is based
on the best available information. Investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR350 mil. Term loan, issued on November 2017 due on
    October 2020, downgraded and migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/Negative rating;

-- INR710 mil. Fund-based limit downgraded and migrated to non-
    cooperating category with IND BB(ISSUER NOT
    COOPERATING)/Negative rating;

-- INR970 mil. Non-fund-based limit downgraded and migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR80 mil. Proposed non-fund-based limits downgraded and
    migrated to non-cooperating category with Provisional
    BB(ISSUER NOT COOPERATING)/Negative/Provisional
    IND A4+(ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Proposed non-convertible debentures (NCDs)
    downgraded and migrated to non-cooperating category with
    Provisional BB(ISSUER NOT COOPERATING)/Negative rating.

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

KEY RATING DRIVERS

The downgrade and the Negative Outlook reflect Ind-Ra's
expectations of a deteriorated liquidity position in 1HFY18,
based on the best available information.

COMPANY PROFILE

Incorporated in 1984, ATAEIL manufactures and trades steel
products. It has three business segments: manufacturing, trading
and services.


ANJANEYA RICE: CRISIL Assigns B+ Rating to INR10MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
bank facilities of M/s Anjaneya Rice Industries (ARI) and has
assigned its 'CRISIL B+/Stable' rating to the long-term bank
facilities.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             10       CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)
   Proposed Long Term
   Bank Loan Facility       1.5     CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

CRISIL had suspended the rating on November 20, 2015, as the
company had not provided the necessary information required for a
rating review. ARI has now shared the requisite information
enabling CRISIL to assign the rating.

The rating reflects modest scale of operations in the intensely
competitive rice processing business, and susceptibility to
fluctuations in raw material prices. These weaknesses are
partially offset by the partners' extensive industry experience.

Analytical Approach

Unsecured loans that ARI has received from the partners have been
treated as neither debt nor equity, because the loans carry
lower-than-the-market-interest and should remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Intense competition should continue
to restrict scaleability. Revenue was modest at INR52.3 crore in
fiscal 2017.

* Susceptibility of operating margin to volatility in commodity
prices and rainfall: ARI's operating margin has been modest at
4.0-6.0% due to low value addition. Also, the margin will be
susceptible to volatility in rice price, which also depends on
factors such as rainfall and government regulations.

Strengths

* Extensive business experience of partners in the agricultural
commodities industry, leading to established relationships with
customers and suppliers: The partners' experience of over 20
years in the agricultural commodities business has led to
established relationships with distributors/retailers and
merchant exporters.

Outlook: Stable

CRISIL believes ARI will continue to benefit from its partners'
extensive industry experience and its established relationships
with suppliers and customers. The outlook may be revised to
'Positive' if revenue and profitability increase, leading to
higher accrual and a better financial risk profile. The outlook
may be revised to 'Negative' if the firm undertakes significant
debt-funded expansion, or if revenue and profitability decline
substantially, or if working capital cycle lengthens, leading to
deterioration in financial risk profile.

Set up in 2010 as a partnership entity by Mr V Venkateshwaralu
and his family members, ARI mills, polishes, and sorts basmati
rice and non-basmati rice at its unit at Yadgarpally in Nalgonda
(Andhra Pradesh).


BHARATH WIND: CARE Assigns D Rating to INR7.52cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bharath Wind Farm Limited (BWFL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.52       CARE D Assigned

Detailed Rationale & Key Rating Drivers

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

Detailed description of the key rating drivers

Key Rating Weaknesses

Instances of delays in debt servicing: Continuing losses during
the period FY14-FY16 (refers to the period April 1 to March 31)
and marginal profit of INR0.40 crore in FY17 and delay in
realization of receivable has resulted in cash flow mismatches
resulting in instances of delays in servicing of debt
obligations.

Seasonality associated with wind generation and relatively low
PLFs: Wind farms are exposed to inherent risk of climate
fluctuations leading to variations in the wind patterns which
affects the PLF. Generally, the wind farms enjoy high PLF during
May-September period (Monsoon period) whereas the PLF is
relatively low during the other seasons. Average PLF of the BWFL
has been in a decreasing trend from FY14-FY16, and in FY17 it has
moderately increased to 11.36% from 9.46% in FY16.

Key Rating Strengths

Part of non-financial vertical of Shriram group: Chennai based
Shriram group came into existence in 1974 and has significant
presence in financial services industry including Commercial
Vehicle Finance, Consumer & Enterprise Finance, Life & General
Insurance and Financial product distribution.

BWFL has been supported by the holding companies in terms of
funding requirements. As on March FY17, BWFL the total loans and
advances from the group company stood at INR44 crores.

Bharath Wind Farm Ltd (BWFL), a wholly owned subsidiary of Orient
Green Power Limited (OGPL) was incorporated in December 2006 is
engaged in generation of power through Wind Energy Generators
(WEG). BWFL has a total installed capacity of 24.25 MW with 97
WEGs which are located in Andhra Pradesh. BWFL has entered into
PPA with Andhra Pradesh State discom to supply 24.25 MW of power
at INR2.70. The PPA for 20MW of capacity is up to March 2019 and
the PPA for remaining 4.25MW capacity is up to March 2020.

BWFL also had 27.5 MW of wind assets in Tamil Nadu (TN) which was
leased to its subsidiary, Clarion Wind Farm Pvt. Ltd. (CWFL) for
which BWFL received rental income. W.e.f February 01, 2016, the
131 WEGs with a total installed capacity of 27.5 MW located in
Tamil Nadu were transferred by the way of slump sale to CWFL.

During FY17, BWFL registered net profit of INR0.40 crore on a
total income of INR21 crore.


CENOSPHERE INDIA: CRISIL Assigns B+ Rating to INR0.7MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Cenosphere India Private
Limited (CIPL).

                           Amount
   Facilities            (INR Mln)    Ratings
   ----------            ---------    -------
   Proposed Short Term
   Bank Loan Facility        1.3      CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility        0.7      CRISIL B+/Stable (Assigned)

   Export Packing Credit     5.0      CRISIL A4 (Assigned)

   Letter of Credit          0.5      CRISIL A4 (Assigned)

The rating reflects stretched working capital cycle and
susceptibility to demand scenario of oil drilling companies. The
weaknesses are partially offset by established presence of the
promoters in mineral business and healthy relationship with its
diversified clientele.

Key Rating Drivers & Detailed Description

Weakness:

* Large working capital requirement: Gross current assets (GCA)
days were 330 days as on March 31, 2017 (150 days earlier year),
driven by sizeable debtors of 236 days as on March 31, 2017 (45
days earlier year).

* Susceptible to demand scenario of oil drilling companies: CIPL
caters to the oil drilling companies of USA, Middle-east
countries and European countries. Hence, any downturn in the oil
industry would directly affect CIPL's business.

Strengths:

* Experience of promoters and diversified clientele: Benefits
derived from the promoters' experience of around four decades and
healthy relations with suppliers and the diversified clientele
should continue to support the business.

Outlook: Stable

CRISIL believe CIPL would continue to benefit over the medium
term from experience of promoters. The outlook may be revised to
'Positive' if substantial increase in scale of operations and
profitability along with prudent working capital management
strengthen financial risk profile. Conversely, the outlook may be
revised to 'Negative', if stretch in working capital cycle
weakens financial risk profile and liquidity.

CIPL, incorporated in 1998, promoted by Kolkata based Agarwal and
Goenka family, manufactures and sells cenosphere worldwide. It
commenced operations in April 2004 and currently operates two
manufacturing facilities: one at Kolkata (3,500 million
tonne/year) and another at Nagpur (2,500 million tonne/year). The
company is an associate of Gimplex Pvt Ltd, engaged in trading of
metallic and non-metallic minerals, predominantly barite, coal,
bauxite, iron-ore and limestone, along with some opportunistic
trading in agri-base commodities.


CHETAN ALLOYS: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Chetan Alloys
Private Limited to monitor the ratings vide e-mail
communications/letters dated July 3, 2017, August 1, 2017,
September 1, 2017 and September 12, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. The rating on Chetan Alloys Private Limited's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            10.00       CARE B+; ISSUER NOT
                                     COOPERATING

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

At the time of last rating on September 22, 2016 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Fluctuating scale of operations and profit margins: During FY16,
CAPL achieved total operating income (TOI) of INR22.30 crore as
against INR17.42 crore in FY15. However, during FY14, CAPL
achieved TOI of INR 99.39 crore. Further, PBILDT and PAT margin
improved significantly and stood at 25.11% and 18.62% in FY16 as
against operating loss in FY15, the improvement was mainly due to
reduction in interest and finance cost along with sale of low
cost inventories at favorable price.

Moderately leveraged capital structure and debt protection
metrics: The capital structure of CAPL stood moderately leveraged
as marked by an overall gearing ratio of 1.85 times as on March
31, 2016. On account of higher total debt level and moderate GCA
level, the debt protection metrics stood moderate as marked by
total debt to GCA stood at 2.41 as on March 31, 2016. The
interest coverage ratio stood moderate at 3.87 times during FY16.

Stretched liquidity position: The liquidity position of CAPL
stood stretched as marked by long operating cycle of 205 days
during FY16. Furthermore, the operations of CAPL are highly
working capital intensive in nature owing to trading nature of
operations wherein it has to maintain high inventory level.
Current ratio stood at 1.39 times as on March 31, 2016
(Provisional).

Presence in highly competitive metal industry: CAPL operates in
highly competitive and open market of metal industry marked by
large number of medium sized players. The industry is
characterized by low entry barrier due to negligible government
policy restrictions, no inherent resource requirement constraints
and easy access to customers and supplier. Also, the presence of
big sized players with established marketing & distribution
network results into intense competition in the industry.

Susceptible to cyclicality of the metal industry: Prospects of
the metal industry are strongly co-related to economic cycles and
sensitive to trends of varios industries such as automotive,
construction, infrastructure, cement, etc. which are the key
consumers of metal products. These key user industries in turn
depend on macroeconomic factors, such as consumer confidence,
employment rates, interest rates, etc. in which, they sell their
products. Downturns in these economies affect the metal industry
which may lead to decrease in metal prices putting pressure on
the entire value chain.

Key Rating Strengths

Experienced promoters: Mr. Chetan Maheshwari and Mr. Satish
Maheshwari are well-experience in metal industry and are
responsible for entire business operations for the company.

Chetan Alloys Private Limited (CAPL) was incorporated in May 2011
by Mr.Chetan Maheshwari and Satish Maheshwari and commercial
operations commenced from October 2012. Business of group entity,
ShekharImpex, where Mr.Sureshbhai Maheshwari was proprietor, was
transferred to CAPL in 2011. CAPLhas its Head office in Delhi and
Branch office at Jamnagar. It deals in the scrap products of
ferrous metals and non-ferrous metals likealuminum, bronze, zinc,
titanium etc.CAPL obtains sales orders from its customers and
procures the products from prime suppliers of India.


DAULAT FLOUR: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Daulat Flour Mill
to monitor the rating(s) vide e-mail communications/ letters
dated September 21, 2017 & September 18, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. Further, Daulat Flour Mill has not paid the surveillance
fees for the rating exercise as agreed to in its Rating
Agreement. In line with the extant SEBI guidelines CARE's rating
on Daulat Flour Mill's bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        7.50        CARE B+; ISSUER NOT
   Facilities                        COOPERATING

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

Detailed description of the key rating drivers

At the time of last rating on October 19, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale and short track record of operations coupled with
limited experience of management: The firm started its operations
in September, 2014 and has only around two years of track record
of operations. FY16 was the full year of operations for the firm.
Furthermore, the scale of operations has remained small marked by
total operating income of INR20.15 crore with GCA of INR0.58
crore in FY16. Furthermore, the net worth base also remains
relatively small at INR4.35 crore as on March 31, 2016. The small
scale limits the firm's financial flexibility in times of stress
and deprives it of scale benefits. In 5MFY17, firm has achieved a
total operating income of INR6.00 crore (as per the unaudited
results).

DFM was established by Mr Daulat Singh, his wife Mrs Omvati Singh
and his son Mr Raj Kumar Singh who have limited experience in the
processing business of agri products. However, Mr Daulat Singh
has three decades of experience in civil construction business.
The partners have ventured into agri processing industry due to
the increasing demand of packed food products due to changing
needs of the consumers. However, the partners are supported by an
experienced team having an experience of more than a decade in
the agri processing industry.

Volatility in raw material prices influenced by government
policies on agro commodity and monsoon dependent operations: DFM
is primarily engaged in processing of wheat products under its
flour mills. The main raw material needed for production of wheat
flour is wheat. Prices of wheat are subjected to government
intervention since it is an agricultural produce and staple food.
Various restrictions including minimum support price (MSP),
control on exports, wheat procurement policies for maintenance of
buffer stocks etc. are imposed to regulate the price of wheat in
the market. The price of wheat is also influenced by the supply
scenario which is susceptible to the agro-climatic conditions.
Thus any volatility in wheat prices can have direct impact on the
profitability margins of the firm.

In addition to government policies on agro commodity, agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and
leads to volatility in raw material prices. The monsoon has a
huge bearing on crop availability which determines the prevailing
wheat prices.

Highly competitive industry & low entry barriers: DFM operates in
a highly fragmented industry marked by the presence of a large
number of players in the unorganized sector. The industry is
characterized by low entry barriers due to low technological
inputs and easy availability of standardized machinery for the
production. Due to low entry barriers in the industry and low
value added nature of products, the flour mill units have limited
flexibility over pricing their products resulting in low profit
margins.

Key Rating Strengths

Moderate profitability margins and capital structure: The firm
operates in the highly fragmented nature of industry
characterized by intense competition and the value addition in
the product is low. In the segment, the profitability margins are
normally low. However, due the maintain the good quality levels
the firm is able to fetch better profitability margins even
though having short track record of operations. The PBILDT and
PAT margins stood low at 5.87% & 0.53% respectively in FY16.

The capital structure of the firm improved marginally and stood
moderate marked by overall gearing ratio of 1.30x as on March 31,
2016 as against 1.46x as on March 31,2015. The improvement was
mainly on increase in net worth base owing to infusion by
partners and retention of profits to partners' capital.
Furthermore, the coverage indicators remained modest marked by
the interest coverage ratio of 1.95x and total debt to GCA ratio
of 9.80x in FY16.

Moderate operating cycle: The operating cycle of the firm stood
moderate marked by 46 days for FY16. The firm is required to
maintain adequate inventory in the form of raw material to ensure
continues production due to seasonal availability of raw
material, resulting into an average inventory period of 54 days
for FY16. The firm allows an average credit period of 5 days to
its customers, whereas the firm purchases traded goods and raw
material mainly on cash or advance basis with maximum credit
period received of 7 days for FY16. The working capital
requirement is largely met out though bank borrowings which
resulted in almost full utilization of fund based limits during
the past 12 month ending September 30, 2016.

Bulandshahr-based, Uttar Pradesh Daulat Flour Mill (DFM) was
established in 2012 as partnership firm by Mr. Daulat Singh with
his wife Mrs. Omvati Singh and his sons Mr. Raj Kumar Singh
sharing profit and losses in the ratio in the 50:25:25
respectively. The firm has started its commercial operations in
September, 2014 and is engaged in processing of agri products
mainly wheat. The final products are wheat flour (atta), refined
wheat flour (maida), bran and semolina (suji). The installed
capacity of the processing unit is 90 ton per day as on March 31,
2016. The main raw material of the firm is wheat which is
procured from local farmers and commission agents. The firm sells
its products to wholesalers in North India states as Delhi,
Haryana, and Uttar Pradesh. The firm sells its products under the
brand name of "Double Chatta", "No.1 Daulat" and "Sanyog". The
products are sold mainly in the packaging of 10kg, 20Kg, 50 kg.


EASHWARA SAI: CARE Assigns B+ Rating to INR5.94cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Eashwara Sai Cotton Industries (ESCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.94       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ESCI is tempered by
short track record and small scale of operations, operating
margins are susceptible to the fluctuation in raw material
prices, highly fragmented with intense competition from large
number of players, leveraged capital structure and weak debt
coverage indicators and constitution as partnership firm with
inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency. The rating, however,
derives its strengths from experienced partners of the firm,
increase in total operating income, location advantage,
satisfactory operating cycle and stable demand for cotton.

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

Detailed Description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations: ESCI started
its commercial operations from November 2014. Hence, it has a
short track record of operations. Furthermore, the scale of
operations of the firm remained small at INR 40.40 crore in FY16
with small net worth base of INR2.09 crore as compared to other
peers in the industry.

Declining profitability margins during review period: The
profitability margins of the firm have been declining during
review period. The PBILDT margin declined from 14.13% in FY15 to
2.77% in FY16 due to thin margin associated with sales of cotton
lint and seeds along with under absorption of overheads on
account of initial year of operations. Furthermore, PAT margin of
the firm declined from 0.80% in FY15 to 0.20% in FY16 due to
increased finance charges and depreciation cost as the firm has
availed machinery term loan.

Leverage capital structure and weak debt coverage indicators
The capital structure of the firm deteriorated and remained
leveraged during the review period. The debt equity ratio of the
firm deteriorated from 1.57x as on March 31, 2015 to 2.33x as on
March 31, 2016 on account of the fact that the firm has availed a
term loan of INR4.88 crore for purchase of cotton lint pressing
machinery which is used for processing of cotton lint. The firm
primarily depends on working capital borrowings for its day to
day operations. The average utilization of the cash credit
facility remained 100% during the review period to support the
increasing scale of operations. Due to the above mentioned
factors, the overall gearing ratio of the firm also deteriorated
from 3.55x as on March 31, 2015 to 3.77x as on March 31, 2016.

The debt coverage indicators of the firm remained weak marked by
total debt/GCA which stood at 14.93x due to low cash accruals.
The PBILDT interest coverage ratio deteriorated from 2.15x in
FY15 to 2.02x in FY16 on account of decrease in PBILDT level.

Highly fragmented industry with intense competition from large
number of player: The cotton industry is highly fragmented in
nature with several organized and unorganized players. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, demand-supply
scenario. The cotton processing operators procure raw materials
in bulk quantities to avail discount from suppliers to mitigate
the seasonality associated with availability of cotton resulting
in higher inventory holding period. Further, the profitability
margins of the firm are susceptible due to fluctuation in raw
material prices.

Constitution as partnership firm: 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. Furthermore, 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

Experienced Partners: ESCI is a partnership firm started by Mr.
Aakula Umapathi and his family members. Mr. Aakula Umapathi is
one of the active partner, aged 47 years, and is a qualified
graduate who has more than two decades of experience in cotton
industry. The other partners Mr. Aakula Mallappa, Mr. Aakula
Vamshi, Mr. Prodduturi Chandra Shekhar, Mrs. Aakula Chandrakala
are also actively involved in the day to day operations of the
firm.

Location advantage: ESCI is located in one of the major cotton
growing areas in Telangana. Availability of raw material is not
expected to be an issue as the firm procures raw material (raw
cotton) from the local farmers and traders located in and around
Pidiched Village.

Increase in total operating income: The total operating income of
the firm has increased from INR 3.88 crore in FY15 to INR 40.40
crore in FY16 due to high demand of cotton lint by its existing
customers along with addition of new customers. The firm
generates its 80% of income from the sales of cotton lint and the
remaining 20% from the sales of cotton seed. During
FY17(Provisional), the firm has achieved total operating income
of INR 45 crore and in 4MFY18 (Provisional), the firm has
achieved sales of INR 10.42 crore.

Satisfactory operating cycle: The operating cycle of the firm
stood satisfactory at 43 days in FY16. The firm receives its
payments from its customers within 20-30 days and makes the
payment to its suppliers within 15-30 days. Furthermore, the firm
maintains the average inventory of 30-60 days to meet the
customer requirement on time. Cash credit utilization of the firm
was 100% during the review period.

Eashwara Sai Cotton Industries (ESCI) was established in 2014 as
a partnership firm and promoted by Mr Aakula Umapathi and his
family members. The firm is engaged in manufacturing of cotton
lint and seeds. The manufacturing unit is spread in total area of
2 acres located at Pidiched, Siddipet District (Telangana). ESCI
purchases raw cotton from local farmers located in and around of
Pidiched, Siddipet District. The firm sells the cotton lint and
seeds to the customers of Telangana, Andhra Pradesh and Tamil
Nadu. The firm generates its 80% of its total income by selling
the cotton lint and the remaining 20% from cotton seeds.


G. NAGESWARAN: CRISIL Assigns 'D' Rating to INR9.4MM Loan
---------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on bank
facilities of G. Nageswaran (GN), and has assigned its 'CRISIL
D/CRISIL D' ratings to these facilities. CRISIL had suspended the
ratings vide its rating rationale dated April 20, 2015, as GN had
not provided the information required for a rating review.   GM
has now shared the requisite information, enabling CRISIL to
assign a rating to its bank facilities

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          0.5       CRISIL D (Assigned;
                                     Suspension Revoked)

   Secured Overdraft       9.4       CRISIL D (Assigned;
   Facility                          Suspension Revoked)

The ratings reflect the delay in debt servicing, caused by weak
liquidity. The ratings also reflect the modest scale of
operations and moderate working capital intensity in operations.
These rating weaknesses are partially offset by the extensive
experience of the proprietor in the civil construction industry.

Key Rating Drivers & Detailed Description

* Over-utilisation of working capital limit due to working
capital intensive operations: Operations are moderately working
capital intensive, with gross current assets of around 252 days
as on March 31, 2017, led by large receivables of 146 days.
Dependence on state utilities has led to a stretch in
receivables. Weak liquidity resulted in over-utilisation of the
working capital limit for over 30 days over the 12 months through
September 2017.

Weakness:

* Modest scale of operations: Revenue of around INR24.2 crore for
fiscal 2017, reflects the modest scale of operations, given the
intense competition in the construction and civil works sector.
The firm faces competition from large established companies and
several small unorganised players, operating on a regional scale.

Strengths:

* Extensive experience of the proprietor: Benefits from the three
decade-long experience of the proprietor, Mr G Nageswaran, in
executing civil contracts for various government agencies, and
his established relationships with government departments,
ensuring a flow of repeat orders, will continue.

GN was set up as a proprietorship firm in 1985, by Mr G
Nageswaran. The firm undertakes civil construction works, mainly
for the Government of Tamil Nadu and the National Highways
Authority of India (rated 'CRISIL AAA/Stable').


GAURAV RICE: CRISIL Reaffirms 'B' Rating on INR14.71MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Gaurav Rice & Food Processing Private Limited
(GRFPPL) at 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan         14.71      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations in
a highly fragmented industry, susceptibility to regulatory
changes and volatility in raw material prices. The rating also
factors a weak financial risk profile because of low networth and
high gearing. These weaknesses are partially offset by extensive
experience of the promoters in the rice industry, and stable
demand for rice.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Modest scale of operations reflect
in the revenue of INR45 crores in fiscal 2017. Furthermore, the
company is a relatively new in the industry, thus having limited
bargaining power against suppliers and customers.

* Susceptibility to regulatory changes and volatility in raw
material prices: Being an agricultural product, availability of
paddy depends on monsoon. Also, its prices are volatile because
of intense competition, which limits ability to pass on any price
increase to the customers. Furthermore, the Indian rice industry
is highly regulated in terms of paddy prices, export or import of
rice, and rice release mechanism.

* Weak financial risk profile: The financial risk profile remains
constrained by small networth of INR4.58 crore and high gearing
of 4.9 times as on March 31, 2017

Strengths

* Extensive experience of its promoters in the rice industry: The
promoters began operations by trading in grains and fisheries.
Consequently, they set up a flour mill with capacity of 150 tonne
per day (TPD) in Didarganj, Patna, under Gaurav Foods and Cool
Connections Pvt Ltd. The company manufactures atta, maida, sooji,
rawa, and bran. Hence, the promoters have gained extensive
business expertise, which has been leveraged into GRFPPL.

* Stable demand for rice: Though India is the second-largest
producer of rice (20% of total production) after China, it is
also the second-largest consumer. Demand for rice, being the
country's staple diet, is directly linked to population and is
hence stable.

Outlook: Stable

CRISIL believes GRFPPL will benefit from the extensive industry
experience of its promoters and healthy demand prospects for
rice. The outlook may be revised to 'Positive' if there is
substantial revenue growth, while operating profitability remains
comfortable. The outlook may be revised to 'Negative' if lower-
than-expected revenue, or significant stretch in working capital
management, or large debt-funded capital expenditure, weakens the
financial risk profile.

Incorporated in 2012, GRFPPL, mills non-basmati rice at its
Patna-based rice mill having a capacity of 150 TPD. The
operations began in September 2015 and the daily operations are
looked after by its promoters cum directors Mr Sunil Kumar, Ms
Renu Devi and Mr Gaurav Gupta.


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

-- INR75 mil. Fund-based working capital limits migrated to non-
cooperating category with IND B+(ISSUER NOT COOPERATING)/IND
A4(ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in July 2010, GMRCIPL is engaged in cotton ginning
and pressing at its plant in Parkal, Warangal. The site is
equipped with 36 ginning machines and one pressing machine, with
a processing capacity of 320 bales per day.


IPSUM MEDICARE: CRISIL Assigns 'B' Rating to INR8.95MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Ipsum Medicare Private Limited
(IMPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     3.05       CRISIL B/Stable

   Term Loan              8.95       CRISIL B/Stable

The rating reflects exposure to risks related to successful
implementation of project, and risks related to stabilisation of
operations and demand related risks. This weakness is partially
offset by benefits derived from promoters support.

Key Rating Drivers & Detailed Description

Weaknesses:

* Risks related to implementation of project: The company is in
the process of setting up a healthcare diagnostic center. The
project is in the implementation stage, and it remains
susceptible to risks, such as cost overruns, or delays in
implementation. The operations are expected to begin within the
next 1 month.

* Risks related to stabilisation of operations and demand related
risks: Operations are slated to begin within the next 1 months.
The company is exposed to risks related to stabilization of
operations and risks related to demand for diagnostic healthcare
services in the region.

Strength:

* Benefits derived from promoters' support: The promoters have
more than 10 years of experience in the healthcare industry
through employment with reputed hospitals and diagnostic centers.
Moreover, they will extend need-based funding. This is expected
to help in the company in the future.

Outlook: Stable

CRISIL believes IMPL will benefit over the medium term from
promoter support. The outlook may be revised to 'Positive' if
successful implementation of project and stabilisation of
operations lead to higher-than-expected revenue and operating
profitability in the first year. The outlook may be revised to
'Negative' if time or cost overrun in ongoing project or delay in
stabilising operations leads to weaker-than-expected financial
risk profile.

Incorporated on October 5, 2016, IMPL is a Lucknow-based
healthcare diagnostic centre that will provide lab testing
(pathology) and radio imaging (radiology) services. The company
is promoted by Dr Vaibhav Singh, Dr Pallavi Singh, and Ms Vibha
Singh.


KIRLOSKAR ELECTRIC: CARE Lowers Rating on INR137.86cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kirloskar Electric Company Limited (KECL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Medium-term            19.00      CARE C (FD); Stable
   Instruments-                      Downgraded from CARE B+(FD)
   Fixed Deposits


   Long-term Bank         27.15      CARE C; Stable Downgraded
   Facilities-                       from CARE B+
   Term loan

   Long-term Bank         85.80      CARE D Downgraded from
   Facilities-Cash                   CARE B+
   Credit

   Short-term Bank       137.86      CARE D Downgraded from
   Facilities                        CARE A4

Detailed Rationale & Key Rating Drivers

The revision in rating of the bank facilities & Medium term
instruments of Kirloskar Electric Company Limited (KECL) is on
account of letter of credit devolvements, and overdrawals in cash
credit limits for more than 30 days, owing to liquidity issues
faced by the company due to delays in dispatch clearances and
postponement of orders by customers.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing by the company: The company is facing
liquidity issues with weak cash accruals due to delays in
dispatch clearances and postponement of orders by customers,
leading to devolvement in letter of credit and overdrawals in
cash credit limits.

KECL headquartered in Bangalore was incorporated in 1946. In its
past seven decades of existence, the company has established
itself as one of the major players in the domestic electric
equipment industry. Within the industry, the company has product
lines across diverse segments of the industry namely rotating
machines, static equipment, switchgears, transformers and
transmission lines. Its products find application in wide range
of industries and several market segments such as power
generation, steel, cement, sugar, textile, mining, paper, petro-
chemical plants, and public services such as railways and
defense.


KMS HEALTH: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long-term bank facility of Kms Health Center Private Limited
(KMS).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4.5      CRISIL B+/Stable (Assigned)
   Term Loan               1.0      CRISIL B+/Stable (Assigned)

The rating reflects the company's modest scale of operations in
the highly regulated pharmaceutical industry, susceptibility of
profitability to fluctuations in foreign exchange (forex) rates
and nature of project, and below-average financial risk profile.
These weaknesses are partially offset by the extensive industry
experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in a highly regulated industry: The
modest scale is indicated by revenue of INR15 crore in fiscal
2017. The industry is highly regulated, and the company has to
adhere to international safety standards. The company must also
follow US and UK norms as it does research for the international
market.

* Susceptibility of profitability to fluctuation in forex rates
and nature of project: Operating margin fluctuated between 6 and
17% in the past three fiscals. It depends on the type of project
undertaken, and is susceptible to fluctuation in forex rates
because of export for which bills are raised in US dollars.

* Below-average financial risk profile: Networth was modest at
INR1.72 crore and gearing was high at 4.44 times as on March 31,
2017. Debt protection metrics were weak, indicated by net cash
accrual to total debt and interest coverage ratios of 0.09 time
and 2.27 times, respectively, in fiscal 2017.

Strength

* Extensive industry experience of the promoter: The company is
promoted by Dr. Ganesan who has a doctorate in Applied Chemistry
from Anna University. Before starting the company he worked with
pharmaceutical companies such as Aurobindo Pharma Limited, Sun
Pharmaceuticals Limited etc.; for 15 years. His experience of 26
years has enabled him to establish relationships with customers,
and develop understanding of the nuances of the industry.

Outlook: Stable

CRISIL believes KMS will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if sustained growth in revenue and stable operating
margin lead to large cash accrual, and if the financial risk
profile improves. The outlook may be revised to 'Negative' if low
cash accrual, poor working capital management, or substantial
debt-funded capital expenditure weakens the financial risk
profile.

KMS is a Chennai-based contract research organisation (CRO)
offering regulatory testing services for global pharmaceutical
and biopharmaceuticals companies. The company was incorporated in
2011 by Dr.Ganesan.


M.G. AUTO: CRISIL Lowers Rating on INR6MM Secured Loan to 'B'
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of M.G. Auto Service (MGAS) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Secured Overdraft        6       CRISIL B/Stable (Downgraded
   Facility                         from 'CRISIL B+/Stable')

The downgrade reflects sharp deterioration in the business risk
profile. Sales declined to INR7.5-8.0 crore in fiscals 2017 and
2016 from INR41 crore in fiscal 2015. That's due to major crop
failure in the region of operations. Moreover the sales is
expected to remain sluggish over the medium term. Hence,
liquidity has weakened with very low cash accrual of INR20 lakh
expected in fiscal 2018. However, there is no fixed debt
repayment obligation. The financial risk profile is also weak
because of a gearing of 2 times and a small networth of about
INR3 crore, estimated as on March 31, 2017. Debt protection
metrics too remain subdued owing to low margins.

The rating continues to reflect a weak financial risk profile and
low bargaining power with the principal, Class India Private
Limited (Class). These rating weaknesses are partially offset by
the extensive experience of the promoters in distribution of
harvesters and an established market position in Karnataka.

Key Rating Drivers & Detailed Description

Weakness

* Low bargaining power with the principals: The company is a
dealer of Class and Terex India Pvt Ltd (Terex) products. Hence,
revenue growth and margins are directly linked to the performance
of these principals. Dealers do not have any significant
bargaining power with the principals, resulting in a low
operating margin and unavailability of credit from suppliers.
With limited dealership agreements, the company is susceptible to
supplier concentration risk.

* Below-average financial risk profile: The networth was small at
around INR2.9 crore and the total outside liabilities to tangible
networth (TOLTNW) ratio high at more than 2 times, as on
March 31, 2017. The networth is likely to remain small over the
medium term on account of limited accretion to reserves driven by
low profitability in trading operations. This also constrains the
debt protection metrics.

Strength

* Extensive industry experience of the promoters: The promoters
have been in the dealership business since 15 years. They have
taken the dealership of CLASS harvesters as Bellary, Karnataka,
is in the middle of large paddy growing areas where demand is
strong. Over the years they have developed a strong relationship
with the principal and customers.

Outlook: Stable

CRISIL believes MGAS will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if the financial risk profile improves, most likely
driven by an increase in scale of operations and improvement in
profitability. The outlook may be revised to 'Negative' in case
of a decline in revenue and profitability, or large, debt-funded
capital expenditure, leading to deterioration in the financial
risk profile.

Set up by Mr Nagaraju, Mr Surendra INITIALS PL and their family
members, MGAS is an authorised dealer of combine harvesters for
Class in Karnataka.

Profit after tax (PAT) and revenue are estimated at INR0.01 crore
and INR8.3 crore, respectively, for fiscal 2017; net loss was
INR0.48 crore on revenue of INR7.5 crore in fiscal 2016.


MAHESVARA CASHEW: CARE Assigns B+ Rating to INR11cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahesvara Cashew Industries (MCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              11        CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Mahesvara Cashew
Industries (MCI) is tempered by small scale of operations and
declining profitability margins, weak debt coverage indicators,
volatility in raw cashew and cashew kernel prices, working
capital intensive nature of operations and constitution of the
entity as partnership firm with inherent risk of withdrawal of
capital. The rating, however, is underpinned by the reasonable
track record and experience of the promoter for a decade in
cashew processing industry, growth in total operating income
during the review period, satisfactory capital structure and
stable demand of cashew.

Going forward, the ability of the firm to increase its scale of
operations and improve the profitability margins, improve debt
coverage indicators and able to withstand in a competitive market
would be the key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and declining profitability margins
The firm was established in the year 2010 and the scale of
operations of the firm remained small marked by total operating
income (TOI) of INR 17.70 crore in FY16 with low networth base of
INR 3.84 crore as on March 31, 2016 as compared to other peers in
the industry.

The profitability margins are declining during the review period.
The PBILDT margin of the firm declined from 8.69% in FY14 to
4.89% in FY16 due to increase in material cost and job work
charges. During peak season, the firm gets the processed kernel
from the outside entity. Furthermore, the PAT margin of the firm
declining y-o-y from 1.52% in FY14 to 0.96% in FY16 and remained
thin during review period due to fluctuating operating margins
and interest expenses.

Weak debt coverage indicators: The debt coverage indicators of
the firm have been weak during the review period due to low
profitability and cash accruals in absolute terms. Furthermore,
TD/GCA deteriorated from 10.34x in FY14 to 15.65x in FY16 due to
decrease in cash accruals along with increase in debt level as
the firm availed new term loan along with increase in unsecured
loans. The PBILDT interest coverage ratio of the firm
deteriorated from 2.07x in FY14 to 1.96x in FY16 due to decrease
in PBILDT level.

Working capital intensive nature of operations: The firm operates
in working capital intensive business segment (processing of
cashew nuts) due to requirement of high inventory holding.
However, working capital cycle days of the firm improved from 153
days in FY15 to 131 days in FY16 due to comfortable average
collection days along with reducing average inventory days. The
firm has been receiving payments from clients within 15 days from
the date of orders executed. Increase in year-on-year sales along
with efficient management of inventory levels has led to
reduction in average inventory days from 142 days in FY15 to 133
days in FY16. The firm generally keeps stock of raw cashew and
processed kernel for about a month to meet customers'
requirements. The firm makes upfront cash payments to its
suppliers. The average utilization of the cash credit facility
was 60% for the last 12 months ended July 31, 2017.

Volatility in raw cashew and cashew kernel prices: The products
dealt by the firm are cashew kernel which includes kaju and other
related products etc. The products being cultivation based are
highly volatile by nature and affected by regular fluctuations in
the prices. However, the firm being engaged in manufacturing of
the same, the fluctuating cost of the cashew kernel is passed on
to the customers to a larger extent Constitution of the entity as
a partnership firm with inherent risk of withdrawal of capital
The firm being a partnership firm is exposed to inherent risk of
capital withdrawal by the partners, due to its nature of
constitution. Further, any substantial withdrawals from capital
account would impact the networth and thereby the financial
profile of the firm.

Key Rating Strengths

Reasonable track record and experience of promoter for more than
a decade in cashew processing industry: MCI has reasonable track
record of 7 years. MCI is promoted by Mr. Gopinath Bhat (Managing
Partner) along with relatives. All the partners has more than a
decade of experience in manufacturing of food products like
cashew and kernels and other related products. Mr. Gopinath Bhat
is actively managing the day to day activities of the business
and has 14 years of experience in the operations. Through the
promoter's experience in this industry, the firm has gained
established and healthy relationship with the suppliers and
customers.

Growth in total operating income during the review period
The total operating income of the firm has been increasing year
on year at a CAGR of 29.28% from INR 10.59 crore in FY14 to
INR17.70 crore in FY16 at the back of increase in production
capacity of cashew Kernals from 8000 kgs per day to 10200 kgs per
day along with regular demand of processed cashew products by the
existing customers and addition of new customers as well. During
FY17 (Provisional), the firm has achieved sales of INR17 crore.
Furthermore, the firm achieved sales of INR8 crore during 4MFY18
(April 1, 2017 to July 31, 2017).

Satisfactory capital structure: The firm has a satisfactory
capital structure marked by the debt equity ratio which remained
below unity for the last two balance sheet date ended March 31,
2016 on account of repayment of term loan coupled with increase
in tangible networth. The overall gearing ratio also improved
from 1.58x as on March 31, 2014 to 1.41x as on March 31, 2016 due
to increase in tangible networth albeit increase in total debt in
form of unsecured loans coupled with higher outstanding working
capital bank borrowings as on closing balance sheet date. Stable
demand of cashew India is the top consumer of cashew kernels in
the world by absorbing over 25 per cent of the supply, "Cashew
nut demand has shot up 53 per cent since 2010, and almost half of
the supply is eaten in India and the US." India's share in the
world cashew nut market is at 23 per cent, while 58 per cent is
now controlled by Vietnam. "India led the production of cashews
in 2015/16 with a crop of 1,72,719 tonnes (kernel basis), which
represented 23 per cent of global production, followed by Ivory
Coast (1,71,111 MT, 23 per cent) and Vietnam (1,13,095 MT, 15 per
cent). Global production of cashews in 2015/16 reached 7,38,861
tonnes, an increase of 3 per cent from the previous season. In a
steadily growing $30-billion global tree nut market, the cashew
nut segment will continue to lead, and it is expected to account
for 28.91 per cent of the market by 2021.

Mahesvara Cashew Industries (MCI) was established in the year
2010 and promoted by Mr.Gopinath Bhat, Mr. Udaya Shetty, Mr.
Chiranjitha Ajila, Mrs. Arundathi Ajila, and Mrs. Namitha Shetty.
The firm is engaged in processing of raw cashew nuts. The firm
sells the processed cashew nuts in Karnataka, Gujarat and Mumbai.
The firm procures raw cashew nuts from international market
places like South Africa and Tanzania. Currently, the day to day
operations of the firm are managed by the Mr. Gopinath Bhat
(Managing Partner).


MANOJ KUMAR: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Manoj
Kumar Pankaj Kumar (MKPK) for obtaining information through
letters and emails dated August 18, 2017 and October 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

CRISIL gave this rating:

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Manoj Kumar Pankaj Kumar. 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 Manoj Kumar Pankaj Kumar is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' rating category or
lower. Based on the last available information, CRISIL has
reaffirmed the rating at 'CRISIL B+/Stable'.

Set up in 2005, Manoj Kumar Pankaj Kumar (MKPK) is a
proprietorship concern of Mr. Manoj Gupta. The firm is engaged in
trading of agro commodities and also has 2 ware houses in
Ganganagar, Rajasthan which the firm partially let out.


NAGREEKA HYDROCARBONS: CRISIL Assigns B+ Rating to INR10MM Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank loan facilities of Nagreeka Hydrocarbons Private
Limited (NHPL).

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term
   Bank Loan Facility       3.18      CRISIL B+/Stable (Assigned)

   Long Term Loan           0.82      CRISIL B+/Stable (Assigned)

   Overdraft               10.00      CRISIL B+/Stable (Assigned)

The rating reflects the working capital-intensive nature of
operations and susceptibility of the operating margin to intense
fluctuation of raw material prices. These weaknesses are
partially offset by the extensive experience of the management in
the coal tar pitch manufacturing industry and a healthy operating
margin.

Analytical Approach

CRISIL has treated unsecured loans of INR14.25 crore extended by
the parent as neither debt nor equity based on an undertaking
from the management that the loans will remain in the business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility of the operating margin to intense fluctuation
in raw material prices: The company produces coal tar pitch from
crude coal tar, which is a by-product of the steel industry and
is sold through daily e-auctions on the websites of steel
companies. Therefore, any big shift in the price of raw material
could impact the operating margin. However the company manages
the impact by buying raw materials in bulk and storing them for
months till the market price catches up with the raw material
price.


*Working capital-intensive nature of operations: Given the bulk
storage, the cost of raw material is around 85% of the total cost
of sales. Furthermore, as raw materials are purchased at e-
auctions there is no credit period, and they have to be financed
by either internal cash accrual or bank lines. Gross current
assets were 399 days as on March 31, 2017; however, these are
likely to improve with expected stability in the raw material
price.

Strengths:

*Extensive industry experience of the management: The management
has more than four decades of experience in the industry. They
have worked for various big companies and developed a sound
relationship with suppliers and clients. This should continue to
benefit the company.

*Healthy operating margin: The margin was 12.2% in fiscal 2017,
mostly due to procurement of raw material at low cost thereby
reducing the cost of production. The margin is likely to remain
at a similar level over the medium term.

Outlook: Stable

CRISIL believes NHPL will continue to benefit from the extensive
experience of its management and healthy operating margin in the
coal tar pitch manufacturing business. The outlook may be revised
to 'Positive' if there is a substantial and sustained increase in
revenue and profitability along with a better working capital
cycle, leading to improvement in the financial risk profile,
particularly liquidity. The outlook may be revised to 'Negative'
in case of a steep decline in profitability, or significant
deterioration in the capital structure most likely because of a
stretch in the working capital cycle or large, debt-funded
capital expenditure.

NHPL, formerly Goyal Coaltar Private Limited (GCPL), was
incorporated in 2006. Nagreeka group acquired the company in
March 2011. NHPL manufacturers coal tar pitch. It has a
favourable location in Sambalpur, Odisha, given the presence of
steel and aluminium plants in the vicinity.


NATURAL ORGANIC: CRISIL Reaffirms 'B' Rating on INR14MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Natural Organic Farms
(NOF) continues to reflect its below-average financial risk
profile, with moderate net worth and below-average debt
protection metrics; modest scale of operations, and exposure to
risks relating to unfavorable changes in government policy. These
weaknesses are partially offset by the proprietor's experience in
the cotton ginning industry and the firm's proximity to the
cotton-growing belt.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             14        CRISIL B/Stable (Reaffirmed)
   Term Loan                0.92     CRISIL B/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Gearing was over 3 times
as on March 31, 2016, due to large working capital debt which,
along with low operating margin, led to below-average debt
protection metrics; interest coverage and net cash accrual to
total debt ratios were 1.2 times and 0.02 time, respectively, for
2016-17.

* Vulnerability of business and profitability to changes in
government policy: Selling cotton is a low-margin business.
Presence in highly fragmented and competitive ginning industry
also limits operating margin, which was about 3 percent in 2015-
16 and is expected to be at a similar level over the medium term.

Strength
* Promoters' established relationship with customers and
suppliers: Proprietor's experience of more than 25 years in the
cotton ginning industry has led to established relationship with
customers and contract farmers (suppliers). Further, the firm's
plant location in Kesinga (cotton-growing belt) is favourable.

Outlook: Stable

CRISIL believes NOF will benefit from extensive experience of
promoters and established relationships with customers, though
the financial risk profile may remain constrained by large
working capital requirements and moderate net worth. The outlook
may be revised to 'Positive', if higher-than-expected accrual or
infusion of funds by the proprietor strengthens the financial
risk profile. Conversely, the outlook may be revised to
'Negative', if large working capital requirements or debt-funded
capital expenditure programmes weaken the financial risk profile.

NOF is a sole proprietorship that gins and presses cotton. Mr.
Manjeet Chawla is the proprietor. The firm's ginning unit is at
Kesinga (Kalahandi District, Odisha).


RLJ INFRACEMENT: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from RLJ Infracement
Private Limited to monitor the rating(s) vide e-mail
communications/ letters dated September 18, 2017, September 4,
2017, etc. and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, RLJ
Infracement Private Limited has not paid the surveillance fees
for the rating exercise as agreed to in its Rating Agreement. The
rating on RLJ Infracement Private Limited's bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.

CARE gave these ratings:


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         12         CARE B+; Issuer not
   Facilities                        cooperating; Based on best
                                     available information

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

The ratings take into account the constraints relating to
company's small scale of operations, short track record of
operations and limited experience of management, leveraged
capital structure, weak debt coverage indicators and working
capital intensive nature of operations. The rating is further
constrained by intense competition in the industry and dependence
on real estate sector. The rating, however, draws comfort from
moderate profitability margins and strategic location of the
plant.

Detailed description of the key rating drivers

At the time of last rating on July 27, 2016, the following were
the rating strengths and weaknesses (Updated for the information
available from the Registrar of companies).

Key Rating Weaknesses

Small scale of operations: RLJ commenced operations in September
2014. FY16 (refers to the period April 1 to March 31) was the
first full year of operations. The scale of operations has
remained small marked by a total operating income and gross cash
accruals of INR20.87 crore and INR0.95 crore during FY15. The
small scale limits the company's financial flexibility in times
of stress and deprives it of scale benefits.

Short track record of operations and limited experience of
management: The company started its operations in September 2014
and has only around three years of track record of operations.
The company is currently being managed by Mr. Sneh Jain, Mr.
Manmohan Agarwal and Mr. Rameshwar Singh. The promoters have
limited experience of nearly three years in cement manufacturing
through their association with this entity. However, the
promoters has around two decades of experience in diversified
fields like manufacturing of sponge iron, HDPE bags, atta, sooji,
maida, etc, through their association with other group concerns
which partially offsets this risk.

Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company stood leveraged marked by
overall gearing of 2.04x as on March 31, 2016, on account of
debt-funded capex coupled with full utilization of working
capital limits as on the balance sheet date.

The debt coverage indicators of the company as marked by interest
coverage and total debt/GCA stood weak at 1.64x and 14.96x,
respectively, for FY16 as against 1.44x and 43.53x for FY15 owing
to high debt level.

Working capital intensive nature of operations: The operations of
the company are working capital intensive. Freight cost is a
major cost component for the cement players. In order to reduce
the freight cost, the company purchases the raw material in bulk.
This coupled with the high inventory of finished goods maintained
to meet any unforeseen demand results into high inventory holding
period for the company. The company normally receives the payment
in cash or advance basis which results into negligible collection
period for it. It receives credit period of around two weeks from
its suppliers. The average working capital limits of the company
remained fully utilized during the 12 months ended May 2016.

Intense competition and dependence on real estate sector: The
cement industry is highly fragmented and competitive marked by
the presence of numerous players in India. The smaller players
like RLJ do not have any pricing power, which keeps their
profitability margins in check. Furthermore, cement industry is
primarily dependent upon the demand from the real estate and
construction sectors. The real estate industry is highly cyclical
in nature and is dependent on various macro factors like
disposable income, interest rate scenario, etc. Any adverse
movement in the macro economic factors may affect the real estate
industry which in turn would impact the demand for RLJ's product.

Key Rating Strengths

Moderate profitability margins: The profitability margins of the
company continues to remain moderate as marked by PBILDT margin
and PAT margin of 11.54% and 1.33%, respectively, in FY16 as
against 11.17% and 1.02% in FY15.

Strategic location of the plant: The grinding unit of RLJ is
located in Uttar Pradesh, which gives it access to the markets in
Eastern India and helps control the outward freight cost.

West Bengal-based RLJ was originally incorporated in March 2008
as RLJ Steel Plant Private Limited. Thereafter, it changed its
name to RLJ Infracement Private Limited in November 2013. Its
commercial operations commenced in September 2014. It is
currently being managed by Mr. Manmohan Agarwal, Mr. Rameshwar
Singh and Mr. Sneh Jain. They collectively look after the overall
operations of the company.

The company is engaged in the manufacturing and trading of
cement. The grinding unit for manufacturing Portland Pozzolana
Cement (PPC) is located in Chunar, Mirzapur, Uttar Pradesh. The
company has two cement grinding mills having total installed
capacity of 90,000 TPA each. The company majorly procures raw
material, ie, clinker, from the company based in Satna, Madhya
Pradesh. The other raw materials i.e. gypsum and fly ash are
procured from Rajasthan and Uttar Pradesh. The company procures
packaging material from its group company "RLJ Woven Sacks
Private Limited" based in Kolkata. The company mainly sells its
products in the regions of Bihar and Uttar Pradesh under the
brand 'RLJ Captain King Cement.'

The company's associate concerns, namely, RLJ Woven Sacks Private
Limited, RLJ Multigrain Private Limited, S A Iron & Alloys
Private Limited, Shree Salasarhanumanji Grains Private Limited,
Sudarshan Beopar Company Limited, RLJ Concast Private Limited,
RLJ Sarees Private Limited and Aadyakirti Fashions Private
Limited engaged in different types of business as manufacturing
of HDPE Bags, sponge iron, atta, sooji, maida and embroidery of
sarees.


ROYAL CONCAST: CRISIL Assigns B+ Rating to INR7MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' to the long
term bank facilities of Royal Concast (RC).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              7        CRISIL B+/Stable (Assigned)

The ratings reflect RC's initial stage of operation and below-
average financial risk profile. These weaknesses are partially
offset by promoters' extensive industry experience.

Key Rating Drivers & Detailed Description

Weaknesses:

* Initial stage of operations: Commercial operations commenced in
July 2017. Timely stabilization and ramp up of scale of operation
is yet to be seen.

* Below average financial risk profile: Owing to initial stage of
operations, financial risk profile is expected to remain below-
average with below average capital structure and modest net
worth.

Strengths

* Extensive experience of promoters in trading business: Benefits
from the promoters' two-decade experience in the steel industry.
This enabled to develop a strong relationship with suppliers and
customers.

Outlook: Stable

CRISIL believes that RC will continue to benefit from the
extensive experience of its promoters, over the medium term. The
outlook may be revised to 'Positive' if the company's reports
large cash accruals leading to improvement in financial risk
profile, or capital infusion by the promoters. Conversely, the
outlook may be revised to 'Negative' in case the company's
financial risk profile, particularly its liquidity, deteriorates
due to substantially low cash accruals or sizeable working
capital requirements.

RC is a Punjab based partnership firm which is engaged in the
manufacturing of ingots. The firm started its operations in July
2017.


ROYAL INFRASTRUCTURE: Ind-Ra Affirms BB- LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Royal
Infrastructure's (RI) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable. The instrument-wise rating action is:

-- INR66.7 mil. (reduced from INR100 mil.) Long-term loan due on
    September 2018 affirmed with IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings continue to reflect the risks emanating from RI's
large inventory as part of its ongoing project, Roses & Crown-II,
as only 56 villas have been booked out of the total 86 planned.
Further, the management plans to hold the sale of the remaining
30 villas to benefit from price appreciation.

The ratings factor in the more than two decades of experience of
the proprietor in the real estate and construction segments.
Moreover, the construction of the project is completed and there
will be no operational outflows from the next financial year.

RATING SENSITIVITIES

Positive: Sale of villas as planned, leading to strong visibility
of cash flows, could lead to a positive rating action.

Negative: Any delay in the funding or time and cost overruns
stressing cash flows for debt service could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2015, RI is a special purpose vehicle set up for
the construction of 86 villas in Dholka. The proprietorship firm
is managed by Ms Kavita K. Mistry.


S GOKUL: CRISIL Hikes Rating on INR5.5MM Cash Loan to 'C'
---------------------------------------------------------
CRISIL Ratings has revised its rating on the long-term bank
facilities of S Gokul Das (SGD) from 'CRISIL B-/Stable' to
'CRISIL D', and simultaneously upgraded the rating to 'CRISIL C'.
The downgrade reflects continuously overdrawn working capital
facility for over 30 days in the past due to stretched
receivables. However, the rating has been upgraded because of
timely debt servicing over the past 90 days.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             5.5      CRISIL C (Revised from
                                    'CRISIL B-/Stable' to
                                    'CRISIL D' and Simultaneously
                                    Upgraded to 'CRISIL C')

   Proposed Working        4.25     CRISIL C (Revised from
   Capital Facility                 'CRISIL B-/Stable' to
                                    'CRISIL D' and Simultaneously
                                    Upgraded to 'CRISIL C')

The rating continues to reflect SGD's exposure to risks related
to tender-based business, modest scale of operations, and large
working capital requirement. These weaknesses are partially
offset by the extensive experience of promoters in the
engineering construction business, and their established
execution capabilities.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and exposure to risks related to tender-based
business: Modest scale of operations is indicated by revenue of
INR7.1 crore in fiscal 2017. Presence in the highly competitive
industry restricts the ability to bid for larger tenders and
thereby limits growth prospects over the medium term.

* Large working capital requirement: Gross current assets of
around 600 days over the three years through March 2017, reflect
working capital-intensive operations.

Strength

* Extensive experience of partners and established relations with
key customers and suppliers: With over a decade's experience, the
proprietor has gained significant market insights and established
project execution capabilities, leading to steady order flow.

SGD, established in 2014 and based in Thiruvananthapuram, is a
proprietorship firm of Mr. S Gokul Das. It is a contractor for
the Kerala state Public Works Department.


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

-- INR72.5 mil. Long-term loan migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 10, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Saltee Buildcon, established in 2007, is coming up with a studio
apartment housing project in Rajarhat, Kolkata.


SANCHETI PROPERTIES: CRISIL Reaffirms B+ Rating on INR21.25M Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sancheti
Properties (SP) for obtaining information through letters and
emails dated September 19, 2017 and October 9, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

CRISIL gave this rating:

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              21.25      CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sancheti Properties. 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 Sancheti Properties 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'.

Part of the Sancheti group of Pune, SP develops real estate in
Pune. The firm is developing two residential real estate projects
in the city. It has also set up a 4.5 MW windmill.


SANDEEP AXLES: NCLT Admits Insolvency Process After Default
-----------------------------------------------------------
The Economic Times reports that the New Delhi chapter of the
National Company Law Tribunal (NCLT) has admitted Haryana-based
Sandeep Axles Pvt for insolvency proceedings after the auto-
component maker failed to pay its vendor.

According to the report, operational creditor Regal Metal Ferro
Alloys dragged the company to the dedicated bankruptcy court for
unpaid bills of INR55.64 lakh, reflecting the effectiveness of
the Insolvency and Bankruptcy Code that is expected to help
resolve mounting defaults in the financial system.

"In view of the admission made on behalf of the corporate debtor
and having compiled all requirements under the Code, there is no
impediment in admitting the petition," the report quotes Ina
Malhotra, member judicial, in the order, as saying.

Vishnu Dutt has been appointed as the interim resolution
professional, who will now run daily operations of the company,
the report discloses.

Regal Metal supplied INR2.22 crore worth of goods to Sandeep
Axles, and the latter paid about three-fourths of the dues, the
report says.

With the court's admission, Sandeep Axles will either be revived
according to an approved resolution plan, or go in for
liquidation, adds ET.


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

-- INR500 mil. Fund-based limits migrated to non-cooperating
    category with IND BB+(ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 7
November 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, Shiv Aum Steels primarily trades in long
and flat products such as structural steel products (channel
beam, angles), thermo-mechanically treated bars and plates.


SHRADHA AGENCIES: CARE Lowers Rating on INR15cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shradha Agencies Private Limited (SAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   A. Long-term Bank
   Facilities             15.00      CARE D Revised from CARE BB+

   B. Long-term Bank      13.00      CARE B; Stable Revised from
   Facilities                        CARE BB+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities (A) of
Shradha Agencies Private Limited (SAPL) takes into account
ongoing delays in CC account due to liquidity mismatch. The
rating for bank facility (B) factors in the deterioration in
financial performance and debt protection metrics. The ratings
are also constrained by the working capital intensive nature of
operations.

However, the rating derives strength from experienced promoters
and distributorship agreements with reputed principals.
Ability of the company to improve its profitability and capital
structure, enter into new distributorship agreements with reputed
principals, and effectively manage working capital would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Liquidity issues leading to overdrawals in CC account: There were
ongoing delays in debt servicing of CC account with one of the
lenders primarily due to discontinuation of P&G distributorship
from which the company derived a major portion of its revenues in
FY16 and accumulation of debtors relating to P&G. However, the
debt servicing with the other lender is regular.

Deterioration in financial performance and debt protection
metrics: Net sales of the company declined by around 78% y-o-y to
INR67.08 crore in FY17 from INR 305.14 crore in FY16. Such
decline in sales was primarily on account of discontinuation in
sales of P&G products (SAPL derived 83.46% of its revenues from
P&G products in FY16), Gionee mobiles and Reynolds pens and
refills. PBILDT margin, however, improved to 7.02% in FY17 vis-Ö-
vis 1.38% in FY16. In FY17, SAPL reported GCA of INR0.45 crore
vis-a-vis debt repayment obligation of INR0.03 crore. In 5MFY18,
the company achieved PBT of INR0.12 crore on total operating
income of INR33.29 crore.

The debt to equity ratio of the company deteriorated to 0.68x as
on March 31, 2017 vis-a-vis 0.48x as on March 31, 2016. The
overall gearing ratio, however, improved from 2.79x as on March
31, 2016 to 2.20x as on March 31, 2017 on account of decrease in
bank borrowings during FY17.

High inventory levels and collection period: The inventory
holding period for SAPL has increased from 48 days in FY16 to 218
days in FY17, as the company has ventured into new line of
business and needs to maintain minimum level of inventory.
Further, the average collection period also worsened from 29 days
in FY16 to 125 days in FY17. SAPL, however, needs to make payment
to its creditors in 1 day. This, in turn, has worsened the
operating cycle from 77 days in FY16 to 342 days in FY17.

Exposure to geographical concentration in revenue profile in an
intensely competitive and fragmented market: SAPL derives its
entire revenues from WB, leading to a geographical concentration
risk. Further, being a less capital intensive nature of business,
there are limited entry barriers for any new players, resulting
in restricting the bargaining power of the existing players in
the distribution network.

Key Rating Strengths

Experienced promoters with long track record: SAPL has a long
track record of operations of over two decades, which has enabled
the company to establish a strong marketing network across WB.
Currently, the company is looked after by Shri Rajeev Arora,
Chairman, who has more than three decades of operational
experience.

Distributorship agreements with reputed principals: The
diversified network of the company and long experience of the
promoters has helped SAPL to establish relationships with brands
such as Heinz India Pvt. Ltd. and Keventer Agro Ltd. for more
than a decade. Further, SAPL has ventured into new agreements
with ITC-stationery, ITC-Personal Care Products and ITC-Tobacco
division, Patanjali Ayurveda Ltd, Marico Ltd, GlaxoSmithKline
Consumer Healthcare Ltd etc. in order to compensate for the drop
in turnover.

Shradha Agencies Pvt. Ltd. (SAPL) which was originally
incorporated as a sole proprietorship firm in 1992 by the name of
Shradha Agencies was later reconstituted as a private limited
company in 1996. It is a part of the Shradha group of Kolkata
which has been promoted by Late Dr. C. L. Arora during early 1970
with primary interest into trading and logistics. Currently, the
company is being managed by Shri Rajeev Arora (son of Late Dr. C.
L. Arora). The company currently functions as a distributor of
FMCG products, Mobile handsets and accessories, Pens and Safety
Matches across the state of West Bengal (WB).


SHREE MAHADEV: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Shree Mahadev Rice (India) (SMRI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               0.5       CRISIL B+/Stable (Assigned)
   Cash Credit             5.0       CRISIL B+/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility      0.5       CRISIL B+/Stable (Assigned)

The rating reflects the modest scale of operations, weak
financial risk profile, and large working capital requirement,
amidst intense competition. These weaknesses are partially offset
by extensive experience of the partners in the rice industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations amidst intense competition: Intense
competition and limited value addition, have kept the scale of
operations modest, as reflected in turnover of INR26.83 crore in
fiscal 2017, and moderate capacity, in comparison to other large
players.

* Working capital intensity in operations: Gross current assets
were high at 243 days as on March 31, 2017, mainly due to large
inventory. That's because paddy, the major raw material, is
available only in the crop season from October to February.

* Weak financial risk profile: Financial risk profile is weak,
with high gearing of 4.80 times as on March 31, 2017, and
moderate debt protection metrics, with interest coverage and net
cash accrual to total debt ratios at 1.31 times and 0.03 time,
respectively, for fiscal 2017.

Strengths

* Extensive experience of the partners: The two decade-long
experience of the partners in the rice industry, their keen grasp
over local market dynamics, and the strong customer and supplier
base, will continue to support the business risk profile.

Outlook: Stable

CRISIL believes SMRI will continue to benefit from the extensive
experience of its partners. The outlook maybe revised to
'Positive' if substantial revenue growth, leading to high cash
accrual or a capital infusion by partners, along with better
working capital management, strengthens the financial risk
profile. The outlook may be revised to 'Negative' if lower-than-
expected cash accrual, any major capital expenditure, or stretch
in the working capital cycle, exerts further pressure on
liquidity.

Shree Mahadev Rice India (SMRI) was established as a partnership
firm in 1997 by Mr. Rajan Aggarwal and family. The firm is
engaged in the milling, processing and packaging of basmati and
non-basmati rice. The production facilities are situated in
Barara, Haryana with a milling and sorting capacity of around 8
tonnes per hour.


SILVER STONE: CRISIL Reaffirms B+ Rating on INR4.75MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Silver Stone Ceramic (SSC) at 'CRISIL B+/Stable/CRISIL A4'.
The ratings continue to reflect SSC's modest scale of operations
in the intensely competitive ceramics industry, leveraged capital
structure and large working capital requirement. These weaknesses
are partially offset by the extensive experience of the partners
and the proximity of its manufacturing facilities to raw material
and labour sources.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         1.5       CRISIL A4 (Reaffirmed)
   Cash Credit            3         CRISIL B+/Stable (Reaffirmed)
   Term Loan              4.75      CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: The scale
of operations remains constrained by intense competition, with
revenue of INR11.5 crore in fiscal 2017.

* Leveraged capital structure: The firm had modest networth of
INR2.9 crore and gearing of 2.3 times as on March 31, 2017. The
interest coverage and net cash accrual to total debt (NCATD) were
average at 2.3 times and 0.15 time for fiscal 2017.

* Working-capital-intensive operations: Working capital
requirement is large, with gross current assets of around 9
months as on March 31, 2017, because of large debtors and
inventory. These requirements will be partly supported by credit
availed of from raw material suppliers.

Strengths

* Extensive experience of partners: The partners have over a
decade's experience in the ceramic tiles industry and know its
various business aspects. The firm will benefit from their
understanding of the local market dynamics, and leverage on their
established relationships with suppliers and customers.

* Strategic location ensuring availability of raw materials and
labour: The manufacturing facilities are located in Morbi, the
hub of India's ceramic industry, which results in easy access to
clay (the main raw material) and availability of contractors and
skilled labourers. Other critical infrastructure such as gas and
power are also readily available.

Outlook: Stable

CRISIL believes SSC will continue to benefit over the medium term
from the extensive experience of partners. The outlook may be
revised to 'Positive' if a significant improvement in sales while
maintaining profitability leads to a substantial increase in cash
accrual. Conversely, the outlook may be revised to 'Negative' in
case of low accrual because of low order flows or profitability,
or if the financial risk profile weakens further, most likely
because of a stretch in the working capital cycle or large, debt-
funded capital expenditure.

Established in 2013 as a partnership between Mr Valamjibhai Patel
and his family, SSC, based in Morbi, Gujarat, manufactures
ceramic wall glazed tiles. The promoters have been in the ceramic
tiles industry for more than a decade. The firm has commenced
commercial operations from September 2014.


SOPAAN JEWELLERS: CARE Assigns B+ Rating to INR12cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sopaan
Jewellers (SJL), as:

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

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of Sopaan Jewellers
(SJL) is constrained by its small scale of operations, low PAT
margin, weak debt coverage indicators and elongated operating
cycle. The rating is further constrained by the highly
competitive nature of industry. The rating, however, derives
strength from experienced partners along with moderate capital
structure.
Going forward, the ability of the firm to scale-up its operations
while improving its profitability margins and overall solvency
position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Weaknesses

Small scale of operations with low PAT margin: Owing to first
year of operations, the scale of operations of the firm stood low
marked by total operating income (TOI) of INR 17.78 crore in FY17
(refers to the period April 01 to March 31). Furthermore, gross
cash accruals stood relatively low at INR 0.20 crore in FY17. The
small scale limits the firm's financial flexibility in times of
stress and deprives it of scale benefits. The PBILDT margin of
the firm stood moderate at 4.10% in FY17, however, PAT margin
stood low at 0.88% in FY17 mainly on account of high interest
costs.
Weak debt coverage indicators The debt coverage indicators of SJL
remained weak as indicated by total debt to GCA of 58.75x for
FY17 and interest coverage ratio of 1.37x in FY17. Interest
coverage ratio remained subdued owing high interest cost incurred
by the firm.

Elongated operating cycle: The average operating cycle of SJL
stood at 372 days for FY17. The inventory period stood elongated
at 401 days for FY17 as the firm maintains higher finished goods
inventory consisting of various designs for display at its
showroom. Further, manufacturing of gold and diamond jewellery
also lead to higher work in progress inventory. On the
procurement side, the firm gets credit period of around two
months from suppliers. The firm does not offer any credit period
to its individual customers. However, to retail jewelers, SJL
generally offers credit period of around two months. The cash
credit limit remained fully utilized for 12 months period ended
July, 2017.

Competition from players in the organized and unorganized sector:
The Indian gems and jewellery industry is highly fragmented as
majority of the market share is spread across a large number of
unorganized players. Currently, the organised retail players in
the jewellery space have only 5-7% share of the total jewellery
market, but this is expected to increase to more than 10% in the
near future. Increasing prices of gold and aggressive strategy of
the modern retail players to increase their market share would
further intensify the competition in the industry. Thus,
increasing competition would have an additional downside pressure
on the profitability margins of jewellery entities like SJL.

Strengths

Experienced partners in the gems & jewellery industry: SJL was
established in May 2016 as a partnership firm and is currently
being managed by Mr. Avninder Kumar Jain and Mr. Aditya Jain. Mr.
Avninder Kumar Jain and Mr. Aditya Jain have total work
experience of three and a half decades and half a decade
respectively in gems and jewellery industry through their
association with SJL and H. L. Jewellers. This has led to
management's better
understanding of the market and establishment of strong
relationships with suppliers as well as customers.

Moderate capital structure: The firm had a moderate capital
structure marked by overall gearing ratio of 1.59x as on
March 31, 2017 mainly on account of moderate net-worth base.

Sopaan Jewellers (SJL) was established in May, 2016 as a
partnership firm by Mr. Avninder Kumar Jain, Mr. Aditya Jain and
Mrs Meenu Jain as its partners sharing profit and loss in the
ratio of 3:3:4 respectively. SJL is engaged in bullion trading
and manufacturing of gold and diamond jewellery. SJL has one
retail outlet/showroom located at Ludhiana, Punjab. The firm
procures pure gold bars and coins from local wholesalers while
diamond gems and studs are purchased from wholesalers based in
Mumbai, Gujarat and Surat. The customer profile mainly comprises
of retail jewellers and individual customers located in Punjab
and nearby regions.


SOUTH INDIAN CONSTRUCTIONS: Ind-Ra Assigns BB LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s South Indian
Constructions Private Limited (SICPL) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR125 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR100 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect SICPL's moderate scale of operations,
volatile EBITDA margins and moderate credit metrics. As per FY17
provisional financials, revenue surged to INR596 million (FY16:
INR244 million) driven by higher order execution. As of September
2017, the company had an order book of around INR1,114.61 million
(1.9x of FY17 revenue), of which it booked revenue of INR350
million for 5MFY18. The remaining will be executed by FYE19.
EBITDA margin was 7.1%-12.8% over FY13-FY17 owing to fluctuations
in raw material prices and other variable expenses.

Net financial leverage (adjusted net debt/operating EBITDA)
improved to 2.3x in FY17 (FY16: 3.8x) and gross interest coverage
(operating EBITDA/gross interest expense) to 2.9x (1.7x) owing to
an increase in absolute EBITDA to INR54 million (FY16: INR28
million).

The ratings also reflect the company's tight liquidity position
with 94% average maximum utilisation of fund-based limits during
the 12 months ended September 2017. However, the company's
working capital intensity remained moderate with net cash cycle
of 71 days in FY17 (FY16: 175 days). The improvement in working
capital cycle was due to decrease in inventory and debtors days
in FY17 to 68 days (FY16: 156 days) and 9 days (22 days),
respectively.  Cash flow from operations turned positive to INR27
million in FY17 (FY16: negative INR15 million) owing to the
improvement in EBITDA.
The ratings, however, are supported by the promoter's two decades
of experience in the construction industry.

RATING SENSITIVITIES

Negative: Any decline in revenue and profitability leading to
deterioration in the credit metrics or deterioration in the
working capital cycle leading to stress on the liquidity position
could be negative for the ratings.

Positive: A substantial growth in revenue and profitability and
an improvement in working capital cycle leading to an improvement
in operating cash flow will lead to a positive rating action.

COMPANY PROFILE

SICPL began operations as a proprietorship firm in 1995, and was
converted to a private limited company in April 2016.  The
company executes civil construction contracts mainly building
construction for various departments such as Public Works
Department (PWD), Central Public Works Department and public
sector companies in Kerala and Tamil Nadu. Mr. Vinod Kumar is the
promoter.


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

-- INR750 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SSK, incorporated in 1993, is a Kolkata-based company promoted by
Mr Anoop Kumar. SSK is engaged in the cultivation, manufacturing,
trading and export of tea. The company has its own tea garden,
The Boisahabi Tea Estate, at Selenghat in Jorhat (Assam). The
total area of the garden is 809.59 hectares and the area under
cultivation is 498.28 hectares. The annual tea production
capacity of SSK is 1.5 million kilograms. It largely generates
revenue from
trading.

It has additional offices in Coimbatore (Tamil Nadu), Cochin
(Kerala) and Jorhat (Assam).


SVE DRILLING: CRISIL Assigns B+ Rating to INR6MM LT Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' ratings to the
long term bank facilities of SVE Drilling Tools Private Limited
(SVE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
    Bank Loan Facility     4.5       CRISIL B+/Stable (Assigned)

   Long Term Loan          6         CRISIL B+/Stable (Assigned)

   Cash Credit             0.5       CRISIL B+/Stable (Assigned)

   Foreign Letter of
   Credit                  1.0       CRISIL B+/Stable (Assigned)

The ratings reflect its below-average financial risk profile
marked by small net worth and modest debt protection metrics and
modest scale of operations. These rating strengths are partially
offset by the extensive experience of promoters in the industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: Scale of
operations is modest, reflected in revenue of around INR10 crores
in fiscal 2017, due to intense competition.

* Below-Average financial risk profile: The company had gearing
of around 5 times as on 31st March 2017 and modest debt
protection metrics with interest coverage at 5.88 times as on
31st March 2017.

Strengths:

* Extensive experience of Promoters: The promoters of SVE have a
track record of over two decades. The promoter's lineage has a
strong connection, with the promoter family having been involved
in the business since 1995.

Outlook: Stable

CRISIL believes that SVE benefit from its promoter's extensive
experience in the industry. The outlook may be revised to
'Positive' if the company scales up its operations significantly,
resulting in better-than expected cash accruals and reports
improvement in its financial flexibility. Conversely, the outlook
may be revised to 'Negative' if the company's revenues and
profitability come under pressure or if it undertakes a large
debt-funded capex programme over the medium term, thereby
weakening its capital structure.

SVE was set up in 2011 as a private company by Mr. S V Mohan
Reddy. The company is engaged in manufacturing of drilling tools
used for drilling inside the water. Its manufacturing unit is
based in Hyderabad, Telangana. It started its operations in
November 2016.


TIRUPATI INKS: NCLT Admits ICICI Bank's Insolvency Petition
-----------------------------------------------------------
Financial Express reports that the New Delhi bench of the
National Company Law Tribunal has admitted the insolvency
petition filed by ICICI Bank under Section 7 of the IBC against
printing ink manufacturer Tirupati Inks. The principal bench
comprising president MM Kumar and member Deepa Krishnan has
appointed Mukesh Mohan as the interim resolution professional
(IRP) for Tirupati Inks, the report discloses. The company owes
around INR30 crore to ICICI Bank. The IRP, along with a committee
of creditors (CoC), will come up with a resolution plan. If the
committee is unable to find a solution within 180 days - this can
be extended to 270 days - the company will be liquidated.

With the appointment of the IRP, powers of the board or the
partners of the corporate debtor shall stand suspended, FE notes.
Officers and managers of the corporate debtor shall report to the
IRP and provide access to all documents and records of the
corporate debtor as may be required by the professional. As on
December 2015, promoters had 25.61% stake in the company. It had
around INR200 crore of debt on its books at the end of 2016-17
fiscal. Tirupati Inks had opposed the admission of the insolvency
application by arguing that ICICI Bank is only a part of the
consortium of banks and the credit facilities as availed of by it
were a part of the consortium finance.

However, the bench observed that "the objection would not require
any serious consideration because explanation to section 7 (1)
clarifies that for the purpose of Section 7, a default includes a
default in respect of financial debt, owed not only to the
applicant-financial creditor, but to another financial creditor
of the corporate debt," FE relays.

Tirupati Inks has two manufacturing facilities in Greater Noida
and Jammu. Revenues of the company fell from INR264.68 crore in
2015 to 9,559 crore in 2016 and further to INR3.63 crore in 2017.
It had reported INR29.49-crore loss in 2015, INR70.98-crore loss
in 2016 and INR148.20-crore loss in 2017. In its latest annual
report, Tirupati Inks said it could not arrange funds towards
working capital needs. The company could not repay its dues to
the consortium banks as losses mounted.


VISHWAS TUBES: Ind-Ra Cuts LT Issuer Rating to B, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vishwas Tubes
India Limited's (VTIL) Long-Term Issuer Rating to 'IND B' from
'IND BB-'. The Outlook is Stable. The instrument-wise rating
action is:

-- INR220 mil. Fund-based working capital limits downgraded with
    IND B/Stable/IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects the overall deterioration in VTIL's credit
metrics due to lower realisations and sluggish export demand
owing to steep competition from Chinese goods. In FY17, revenue
was INR511.72 million (FY16: INR557.97 million), net leverage
(net adjusted debt/operating EBITDAR) was 12.95x (15.07x),
interest coverage (operating EBITDA/gross interest expense) was
0.78x (1.47x) and EBITDA margin was 3.91% (2.95%).

The ratings factor in a tight liquidity position as evidenced by
VTIL's average 98% utilisation of the fund-based facilities over
the 12 months ended September 2017.

However, the ratings continue to be supported by over five
decades of experience of VTIL's promoters in the iron & steel
industry and VTIL's established track record of over one and a
half decades in the industry.

RATING SENSITIVITIES

Negative: Inability to improve the credit metrics and liquidity
profile will be negative for the ratings.
Positive: An improvement in the liquidity profile and credit
metrics will lead to a positive rating action.

COMPANY PROFILE

VTIL was incorporated in September 1997. It manufactures
galvanised steel tubes, galvanised steel pipes, welded black
pipes/tubes and mild steel tubes and pipes.


VOHRA AUTO: CRISIL Assigns B+ Rating to INR5MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Vohra Auto Distributors Private
Limited (VADPL). The rating reflects an improving yet modest
scale of operation and below-average financial risk profile
because of a small networth and high gearing. These rating
weakness are partially offset by promoter's extensive industry
experience and established relations with principals.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              5        CRISIL B+/Stable (Assigned)
   Proposed Cash
   Credit Limit             3         CRISIL B+/Stable (Assigned)

Analytical Approach

CRISIL has treated the unsecured loans of INR1.45 crore (as on
March 31, 2017) infused by promoters as neither debt nor equity
as these loans bear nominal interest and are expected to remain
in business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Below average financial risk profile: The networth was small at
INR0.78 crore, gearing high at 5.95 times as on March 31, 2017.
Interest coverage ratio was 1.81 times and net cash accruals to
total debt was 0.06 times in fiscal.

* Improving yet small scale of operation: Although scale of
operation has improved from INR8.8 crore in fiscal 2015 to
INR20.6 crore in fiscal 2017, it still remains modest. Further
the operating margin has also been average at about 3.5%.

Strength

* Promoters' extensive experience and established relations with
principals: The promoters of VADPL, the Singh family have been
engaged in the automobiles and auto spares trading for over 45
years. The promoters' experience has enabled them to gain an
understanding of market and identify potential untapped markets
and segments. Further the promoters have established association
with principals like Bajaj Auto Ltd for its 3-wheelers and spares
and Tata Motors Ltd for spares and servicing of heavy commercial
vehicles.

Outlook: Stable

CRISIL believes that VADPL will benefit over medium term  from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if sustained and significant increase  in
scale of operation and profitability leads to  higher-than-
expected cash accruals. Conversely, the outlook may be revised to
'Negative' if lower cash accruals, stretch in working capital
cycle or any unanticipaed capex weakens the financial risk
profile and liquidity.

VADPL setup in 1995, is an Pune(Maharashtra) based company, owned
and managed by Mr. Tarminder Singh and his family members. The
company is an authorized distributor of spare parts, servicing
and selling of 3-wheelers of Bajaj Auto Limited and authorised
service provider of Heavy Commercial vehicles of Tata Motors Ltd
in Pune.

In fiscal 2017, profit after tax (PAT) was INR8 lakh on total
sales of INR20.66 crore, as against PAT of INR1 lakh on total
sales of INR10.10 crore in fiscal 2016.



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


STEEL PIPE: Fitch Withdraws B(EXP) Rating on Proposed USD Notes
---------------------------------------------------------------
Fitch Ratings has withdrawn the 'B(EXP)' expected rating assigned
to Indonesia-based PT Steel Pipe Industry of Indonesia Tbk's
(Spindo) proposed US dollar senior unsecured notes. The notes
were to be issued by Spindo B.V., Spindo's wholly owned
subsidiary, and guaranteed by Spindo and its operating
subsidiaries.

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as Spindo's proposed
notes issuance is no longer expected to convert to final ratings.
The expected rating was assigned on Aug. 31, 2017. The company
plans to issue notes at a later stage.

RATING SENSITIVITIES

Not applicable.



=====================
P H I L I P P I N E S
=====================


RB OF CALASIAO: Depositors Claims Deadline Set for Nov. 16
----------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) urges
depositors of the closed Rural Bank of Calasiao (Pangasinan),
Inc. to file their deposit insurance claims on or before the last
day of filing claims for insured deposits on November 16, 2017
either through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino Street, Makati City, or personally during business hours
at the PDIC Public Assistance Center, 3rd Floor, SSS Bldg., 6782
Ayala Avenue corner V.A. Rufino Street, Makati City.

The PDIC Charter provides that depositors have until two years
from bank closure to file their deposit insurance claims. Rural
Bank of Calasiao was ordered closed by the Monetary Board of the
Bangko Sentral ng Pilipinas on November 13, 2015.

According to PDIC, deposit insurance claims for 312 deposit
accounts with aggregate insured deposits amounting to PHP3.6
million have yet to be filed by depositors. Data showed that as
of September 30, 2017, PDIC had paid depositors of the closed
Rural Bank of Calasiao the total amount of PHP75.0 million,
corresponding to 93.5% of the bank's total insured deposits
amounting to PHP80.3 million.

After November 16, 2017, PDIC shall no longer accept any deposit
insurance claims from depositors of Rural Bank of Calasiao. Their
recourse is to file claims against the assets of the closed bank
through PDIC as liquidator. Payment of claims shall depend on
available assets of the bank for distribution to creditors and
the approval of the Liquidation Court.

In filing their claims personally, depositors are required to
submit their original evidence of deposit and present one (1)
valid photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished Claim Form which can
be downloaded from the PDIC website, www.pdic.gov.ph.

Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Claimants who are not the signatories in
the bank records are required to submit an original copy of a
notarized Special Power of Attorney of the depositor or parent of
a minor depositor. The format of the Special Power of Attorney
may also be downloaded from the PDIC website.

The PDIC also reminded depositors who have been notified of their
documentary deficiencies to comply with the requirements
indicated in the letter.



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


* Korean Credit Card ABS Delinquency Rates to Remain Low
--------------------------------------------------------
Moody's Investors Service says that credit card asset-backed
security (ABS) delinquency rates in Korea will remain low, and
such rates will stay below that for the overall credit card
market.

"Delinquency rates for Korean credit card ABS that Moody's rate
are lower than the overall credit card delinquency rates of the
major Korean credit card issuers, because of the eligibility
criteria for securitized pools," says Kan Leung, a Moody's Vice
President and Senior Analyst.

Moody's analysis is contained in its just-released report titled
"Credit card ABS - Korea: Eligibility criteria help securitized
receivables outperform overall credit card market," and is
authored by Leung.

The 30+ days delinquency rates of all Korean credit card ABS
rated by Moody's have remained below 0.6% for the past three
years. By contrast, the delinquency rates for the major credit
card providers have ranged between 0.6% and 1.5% since the
beginning of 2016.

Moody's report explains that Korean credit card ABS deals require
that credit card accounts meet minimum credit score requirements
and contain non-delinquent balances for eligibility into
securitized pools. The credit card ABS deals also place limits on
the proportions of riskier cash advance and revolving payment
receivables in securitized pools.

In addition to low delinquency rates, Korean credit card ABS show
high principal payment rates, reflecting the large proportions of
lump-sum purchase receivables in securitized pools. High
principal payment rates are positive for ABS investors because
the notes can be paid down more quickly in the event of early
amortization.



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


* BOND PRICING: For the Week Oct. 31 to Nov. 3, 2017
----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50     04/01/19      USD      0.06
ARTSONIG PTY LTD           11.50     04/01/19      USD      0.06
HILLGROVE RESOURCES L       6.00     12/20/19      AUD      2.60
KEYBRIDGE CAPITAL LTD       7.00     07/31/20      AUD      0.77
LAKES OIL NL               10.00     05/31/18      AUD      8.01
MIDWEST VANADIUM PTY       11.50     02/15/18      USD      0.96
MIDWEST VANADIUM PTY       11.50     02/15/18      USD      1.05
PALADIN ENERGY LTD          6.00     09/30/17      USD     45.00
PALADIN ENERGY LTD          7.00     03/31/20      USD     45.00
RELIANCE RAIL FINANCE       2.05     09/26/23      AUD     73.58
TREASURY CORP OF VICT       0.50     11/12/30      AUD     70.92


CHINA
-----

AKESU XINCHENG ASSET        7.50     10/10/18      CNY     25.42
ALXA LEAGUE INFRASTRU       6.40     03/14/20      CNY     60.73
ANHUI CHIZHOU CITY TI       7.40     10/23/20      CNY     61.19
ANKANG DEVELOPMENT &        6.35     03/06/20      CNY     60.51
ANQING ECONOMIC&TECHN       6.00     06/18/20      CNY     60.51
ANQING ECONOMIC&TECHN       6.00     06/18/20      CNY     60.73
ANQING URBAN CONSTRUC       6.76     12/31/19      CNY     61.09
ANSHAN CITY CONSTRUCT       8.25     03/05/19      CNY     41.02
ANSHAN CITY CONSTRUCT       6.39     04/25/20      CNY     60.66
ANSHAN CITY CONSTRUCT       6.39     04/25/20      CNY     60.97
ANSHUN STATE-RUN ASSE       6.98     01/10/20      CNY     60.90
ANSHUN STATE-RUN ASSE       6.98     01/10/20      CNY     61.00
ANYANG INVESTMENT GRO       8.00     04/17/19      CNY     40.96
BAICHENG ZHONGXING UR       7.00     12/18/19      CNY     60.39
BAISHAN URBAN CONSTRU       7.00     07/31/19      CNY     40.19
BAIYIN CITY DEVELOPME       6.78     07/19/20      CNY     60.62
BAIYIN CITY DEVELOPME       6.78     07/19/20      CNY     80.00
BAODING NATIONAL HI-T       7.33     12/24/19      CNY     60.95
BAOJI INVESTMENT GROU       7.14     12/26/18      CNY     50.58
BAOJI INVESTMENT GROU       7.14     12/26/18      CNY     50.63
BAOSHAN STATE-OWNED A       7.30     12/10/19      CNY     60.59
BAOTOU STATE OWNED AS       7.03     09/17/19      CNY     40.94
BAYAN ZHUOER HETAO WA       8.54     03/31/22      CNY     74.56
BAYANNUR URBAN DEVELO       6.40     03/15/20      CNY     60.61
BAYINGUOLENG INNER MO       7.48     09/10/18      CNY     25.43
BEIJING BIOMEDICINE I       6.35     07/23/20      CNY     60.60
BEIJING BIOMEDICINE I       6.35     07/23/20      CNY     61.12
BEIJING CAPITAL DEVEL       5.95     05/29/19      CNY     40.30
BEIJING CHAOYANG STAT       5.25     03/27/20      CNY     59.94
BEIJING CHAOYANG STAT       5.25     03/27/20      CNY     60.43
BEIJING CONSTRUCTION        5.95     07/05/19      CNY     40.45
BEIJING ECONOMIC TECH       5.29     03/06/18      CNY     39.95
BEIJING FUTURE SCIENC       6.28     09/22/19      CNY     50.66
BEIJING FUTURE SCIENC       6.28     09/22/19      CNY     50.71
BEIJING GUCAI GROUP C       6.60     09/06/20      CNY     61.03
BEIJING GUCAI GROUP C       6.60     09/06/20      CNY     61.25
BEIJING GUCAI GROUP C       8.28     12/15/18      CNY     71.47
BEIJING HAIDIAN STATE       5.50     08/07/20      CNY     59.77
BEIJING JINGMEI GROUP       6.14     09/09/20      CNY     60.50
BEIJING JINGMEI GROUP       6.14     09/09/20      CNY     60.82
BEIJING JINLIYUAN STA       7.00     10/28/20      CNY     59.35
BEIJING JINLIYUAN STA       7.00     10/28/20      CNY     61.89
BEIJING XINGZHAN STAT       6.48     08/31/19      CNY     40.72
BENGBU URBAN INVESTME       6.30     09/11/20      CNY     61.02
BIJIE XINTAI INVESTME       7.15     08/20/19      CNY     40.58
BIJIE XINTAI INVESTME       7.15     08/20/19      CNY     40.71
BINZHOU BINCHENG DIST       6.50     07/05/19      CNY     39.95
BINZHOU BINCHENG DIST       6.50     07/05/19      CNY     40.59
BINZHOU URBAN CONSTRU       6.15     07/12/20      CNY     60.00
BINZHOU URBAN CONSTRU       6.15     07/12/20      CNY     61.22
BORALA MONGOL AUTONOM       7.18     08/09/20      CNY     61.61
BORALA MONGOL AUTONOM       7.18     08/09/20      CNY     61.70
C&D REAL ESTATE CO LT       6.15     04/03/20      CNY     60.98
CANGZHOU CONSTRUCTION       6.72     01/23/20      CNY     61.07
CHANGDE CITY CONSTRUC       6.50     02/25/20      CNY     61.19
CHANGDE CITY CONSTRUC       6.50     02/25/20      CNY     61.61
CHANGDE ECONOMIC DEVE       7.19     09/12/19      CNY     40.93
CHANGDE ECONOMIC DEVE       7.19     09/12/19      CNY     40.94
CHANGJIZHOU STATE OWN       6.00     06/03/19      CNY     50.38
CHANGJIZHOU STATE OWN       6.00     06/03/19      CNY     50.45
CHANGRUN INVESTMENT H       6.88     09/16/20      CNY     61.39
CHANGRUN INVESTMENT H       6.88     09/16/20      CNY     61.63
CHANGSHA CITY CONSTRU       6.95     04/24/19      CNY     40.65
CHANGSHA CITY CONSTRU       6.95     04/24/19      CNY     40.89
CHANGSHA COUNTY XINGC       8.35     04/06/19      CNY     40.70
CHANGSHA COUNTY XINGC       8.35     04/06/19      CNY     41.14
CHANGSHA ECONOMIC & T       8.45     04/13/22      CNY     73.94
CHANGSHA HIGH-TECH HO       7.30     11/22/17      CNY     39.80
CHANGSHA PILOT INVEST       6.70     12/10/19      CNY     61.01
CHANGSHA PILOT INVEST       6.70     12/10/19      CNY     61.31
CHANGSHU BINJIANG URB       6.85     04/27/19      CNY     40.00
CHANGSHU CITY OPERATI       8.00     01/16/19      CNY     40.91
CHANGSHU DEVELOPMENT        5.80     04/19/20      CNY     61.00
CHANGXING URBAN CONST       6.80     11/30/19      CNY     60.69
CHANGXING URBAN CONST       6.80     11/30/19      CNY     60.89
CHANGYI ECONOMIC AND        7.35     10/30/20      CNY     56.94
CHANGYI ECONOMIC AND        7.35     10/30/20      CNY     72.50
CHANGZHI CITY CONSTRU       6.46     02/26/20      CNY     60.62
CHANGZHI CITY CONSTRU       6.46     02/26/20      CNY     60.75
CHANGZHOU HI-TECH GRO       6.18     03/21/20      CNY     60.67
CHANGZHOU HI-TECH GRO       6.18     03/21/20      CNY     60.68
CHANGZHOU JINTAN DIST       8.30     03/14/19      CNY     40.54
CHANGZHOU JINTAN DIST       6.38     04/26/20      CNY     61.05
CHANGZHOU JINTAN DIST       6.38     04/26/20      CNY     61.31
CHANGZHOU WUJIN CITY        6.22     06/08/18      CNY     25.00
CHANGZHOU WUJIN CITY        6.22     06/08/18      CNY     25.14
CHAOHU URBAN TOWN CON       7.00     12/24/19      CNY     60.77
CHAOHU URBAN TOWN CON       7.00     12/24/19      CNY     60.86
CHAOYANG CONSTRUCTION       7.30     05/25/19      CNY     40.56
CHEN ZHOU GAO KE ASSE       7.25     10/21/20      CNY     62.02
CHENGDU CITY DEVELOPM       6.18     01/14/20      CNY     60.82
CHENGDU CITY DEVELOPM       6.18     01/14/20      CNY     60.95
CHENGDU ECONOMIC&TECH       6.50     07/17/18      CNY     25.11
CHENGDU ECONOMIC&TECH       6.50     07/17/18      CNY     25.16
CHENGDU ECONOMIC&TECH       6.55     07/17/19      CNY     40.64
CHENGDU HI-TECH INVES       6.28     11/20/19      CNY     60.60
CHENGDU PIDU DISTRICT       7.25     10/15/20      CNY     61.29
CHENGDU PIDU DISTRICT       7.25     10/15/20      CNY     61.80
CHENGDU XINCHENG XICH       8.35     03/19/19      CNY     40.92
CHENGDU XINDU XIANGCH       8.60     12/13/18      CNY     71.50
CHENGDU XINGCHENG INV       6.17     01/28/20      CNY     59.50
CHENGDU XINGCHENG INV       6.17     01/28/20      CNY     60.77
CHENGDU XINGJIN URBAN       7.30     11/27/19      CNY     61.16
CHENGDU XINGJIN URBAN       7.30     11/27/19      CNY     61.19
CHENZHOU URBAN CONSTR       7.34     09/13/19      CNY     40.94
CHENZHOU URBAN CONSTR       7.34     09/13/19      CNY     41.09
CHENZHOU XINTIAN INVE       6.30     07/17/20      CNY     60.42
CHENZHOU XINTIAN INVE       6.30     07/17/20      CNY     60.56
CHIFENG CITY HONGSHAN       7.20     07/25/19      CNY     40.24
CHINA CITY CONSTRUCTI       5.55     12/17/17      CNY     45.50
CHINA CITY CONSTRUCTI       4.93     07/14/20      CNY     45.50
CHINA GOVERNMENT BOND       3.70     05/23/66      CNY     68.39
CHINA GOVERNMENT BOND       1.64     12/15/33      CNY     69.87
CHINA SECURITY & FIRE       4.45     11/11/19      CNY     58.00
CHINA YIXING ENVIRONM       7.10     10/18/20      CNY     61.29
CHINA YIXING ENVIRONM       7.10     10/18/20      CNY     61.62
CHIZHOU CITY MANAGEME       7.17     10/17/19      CNY     40.68
CHONGQING BEICHENG CO       7.30     10/16/20      CNY     61.19
CHONGQING BEICHENG CO       7.30     10/16/20      CNY     61.55
CHONGQING BEIFEI INDU       7.13     12/25/19      CNY     61.00
CHONGQING CHANGSHOU D       7.45     09/25/19      CNY     40.88
CHONGQING CHANGSHOU D       7.45     09/25/19      CNY     41.09
CHONGQING CITY CONSTR       5.12     05/21/20      CNY     59.88
CHONGQING CITY CONSTR       5.12     05/21/20      CNY     60.09
CHONGQING DASUN ASSET       6.98     09/10/20      CNY     61.22
CHONGQING DAZU DISTRI       6.75     04/26/20      CNY     60.83
CHONGQING DAZU DISTRI       6.75     04/26/20      CNY     61.69
CHONGQING FULING DIST       8.40     03/23/19      CNY     71.71
CHONGQING FULING DIST       8.40     03/23/19      CNY     71.71
CHONGQING FULING STAT       6.39     01/21/20      CNY     60.58
CHONGQING FULING STAT       6.39     01/21/20      CNY     61.34
CHONGQING HECHUAN IND       6.19     06/17/20      CNY     60.52
CHONGQING HECHUAN IND       6.19     06/17/20      CNY     60.53
CHONGQING HECHUAN RUR       8.28     04/10/18      CNY     25.23
CHONGQING HECHUAN URB       6.95     01/06/18      CNY     40.12
CHONGQING HONGRONG CA       7.20     10/16/19      CNY     40.90
CHONGQING HONGRONG CA       7.20     10/16/19      CNY     41.00
CHONGQING HONGYE INDU       6.30     06/03/20      CNY     60.65
CHONGQING HONGYE INDU       6.30     06/03/20      CNY     61.17
CHONGQING JIANGJIN HU       6.95     01/06/18      CNY     40.15
CHONGQING JIANGJIN HU       7.46     09/21/19      CNY     40.90
CHONGQING JIANGJIN HU       7.46     09/21/19      CNY     41.13
CHONGQING JINYUN ASSE       6.75     06/18/19      CNY     40.02
CHONGQING JINYUN ASSE       6.75     06/18/19      CNY     40.41
CHONGQING LAND PROPER       7.35     04/25/19      CNY     40.71
CHONGQING LAND PROPER       7.35     04/25/19      CNY     40.79
CHONGQING LAND PROPER       6.30     08/22/20      CNY     61.21
CHONGQING MAIRUI CITY       6.82     08/17/19      CNY     40.67
CHONGQING NAN'AN URBA       6.29     12/24/17      CNY     40.02
CHONGQING NAN'AN URBA       6.29     12/24/17      CNY     40.08
CHONGQING NAN'AN URBA       8.20     04/09/19      CNY     40.96
CHONGQING NANCHUAN DI       7.35     09/06/19      CNY     40.88
CHONGQING NANCHUAN DI       7.35     09/06/19      CNY     40.91
CHONGQING NANFA URBAN       6.43     04/27/20      CNY     60.27
CHONGQING NANFA URBAN       6.43     04/27/20      CNY     60.91
CHONGQING QIANJIANG C       8.40     03/23/19      CNY     71.71
CHONGQING QIANJIANG C       8.40     03/23/19      CNY     71.84
CHONGQING QIJIANG EAS       6.75     01/29/20      CNY     54.10
CHONGQING QIJIANG EAS       6.75     01/29/20      CNY     60.40
CHONGQING SHUANGFU CO       7.49     10/23/20      CNY     61.84
CHONGQING SHUANGQIAO        6.75     04/26/20      CNY     60.79
CHONGQING SHUANGQIAO        6.75     04/26/20      CNY     61.02
CHONGQING THREE GORGE       6.40     01/23/19      CNY     50.25
CHONGQING WANSHENG EC       6.39     04/17/20      CNY     60.30
CHONGQING WANSHENG EC       6.39     04/17/20      CNY     60.78
CHONGQING WESTERN MOD       7.08     10/18/20      CNY     61.67
CHONGQING WESTERN MOD       7.08     10/18/20      CNY     75.60
CHONGQING XINGRONG HO       8.35     04/19/19      CNY     40.95
CHONGQING XINGRONG HO       8.35     04/19/19      CNY     41.05
CHONGQING XIYONG MICR       6.76     07/25/19      CNY     40.50
CHONGQING XIYONG MICR       6.76     07/25/19      CNY     40.71
CHONGQING YONGCHUAN H       7.49     03/14/18      CNY     40.31
CHONGQING YONGCHUAN H       7.33     10/16/19      CNY     41.00
CHONGQING YONGCHUAN H       7.33     10/16/19      CNY     61.00
CHONGQING YUFU ASSET        6.50     09/04/19      CNY     40.00
CHONGQING YUFU HOLDIN       6.50     09/04/19      CNY     40.70
CHONGQING YULONG ASSE       6.87     05/31/19      CNY     40.60
CHONGQING YUXING CONS       7.29     12/08/17      CNY     40.07
CHONGQING YUXING CONS       7.30     12/10/19      CNY     61.11
CHONGQING YUXING CONS       7.30     12/10/19      CNY     61.14
CHUXIONG AUTONOMOUS D       6.60     03/29/20      CNY     59.67
CHUZHOU CITY CONSTRUC       6.81     11/23/19      CNY     60.96
CHUZHOU CITY CONSTRUC       6.81     11/23/19      CNY     60.98
CHUZHOU TONGCHUANG CO       7.05     01/09/20      CNY     61.16
CIXI STATE OWNED ASSE       6.60     09/20/19      CNY     40.63
CIXI STATE OWNED ASSE       6.60     09/20/19      CNY     40.78
DALI ECONOMIC DEVELOP       8.80     04/24/19      CNY     41.18
DALIAN CHANGXING ISLA       6.60     01/25/20      CNY     60.20
DALIAN CHANGXING ISLA       6.60     01/25/20      CNY     60.96
DALIAN DETA INVESTMEN       6.50     11/15/19      CNY     60.70
DALIAN LVSHUN CONSTRU       6.78     07/02/19      CNY     40.00
DALIAN LVSHUN CONSTRU       6.78     07/02/19      CNY     40.48
DALIAN RONGQIANG INVE       8.60     03/30/19      CNY     70.76
DALIAN SHUNXING INVES       6.97     10/18/20      CNY     61.83
DANYANG INVESTMENT GR       8.10     03/06/19      CNY     41.00
DANYANG INVESTMENT GR       8.10     03/06/19      CNY     41.07
DANYANG INVESTMENT GR       6.81     10/23/19      CNY     50.98
DANYANG INVESTMENT GR       6.90     10/23/20      CNY     59.68
DANYANG INVESTMENT GR       6.90     10/23/20      CNY     61.58
DANYANG INVESTMENT GR       6.81     10/23/19      CNY     76.20
DAQING GAOXIN STATE-O       6.88     12/05/19      CNY     60.83
DAQING URBAN CONSTRUC       6.55     10/23/19      CNY     40.66
DASHIQIAO URBAN CONST       6.58     02/21/20      CNY     60.51
DASHIQIAO URBAN CONST       6.58     02/21/20      CNY     60.81
DAWA COUNTY CITY CONS       7.25     09/17/20      CNY     61.22
DAWA COUNTY CITY CONS       7.25     09/17/20      CNY     61.22
DAZHOU INVESTMENT CO        6.99     12/25/19      CNY     60.84
DEYANG CITY CONSTRUCT       6.99     12/26/19      CNY     60.94
DEYANG CITY CONSTRUCT       6.99     12/26/19      CNY     61.19
DEZHOU DEDA URBAN CON       7.14     10/18/19      CNY     41.22
DONGTAI COMMUNICATION       7.39     07/05/18      CNY     25.20
DONGTAI UBAN CONSTRUC       7.10     12/26/19      CNY     61.02
DONGYING CITY URBAN A       6.75     04/20/18      CNY     35.00
DONGYING CITY URBAN A       6.75     04/20/18      CNY     35.22
DRILL RIGS HOLDINGS I       6.50     10/01/17      USD     26.00
DRILL RIGS HOLDINGS I       6.50     10/01/17      USD     29.75
ENSHI URBAN CONSTRUCT       7.55     10/22/19      CNY     41.12
ERDOS DONGSHENG CITY        8.40     02/28/18      CNY     24.94
ERDOS DONGSHENG CITY        8.40     02/28/18      CNY     25.00
EZHOU CITY CONSTRUCTI       7.08     06/19/19      CNY     40.63
FEICHENG CITY ASSETS        7.10     08/14/18      CNY     25.26
FENGHUA CITY INVESTME       7.45     09/24/19      CNY     40.91
FENGHUA CITY INVESTME       7.45     09/24/19      CNY     40.92
FORESEA LIFE INSURANC       6.25     09/30/25      CNY     68.83
FUJIAN JINJIANG URBAN       6.35     04/26/20      CNY     60.86
FUJIAN LONGYAN CITY C       7.45     08/14/19      CNY     40.92
FUJIAN NANPING HIGHWA       7.90     10/26/18      CNY     40.97
FUJIAN NANPING HIGHWA       6.69     01/28/20      CNY     60.74
FUJIAN NANPING HIGHWA       6.69     01/28/20      CNY     60.86
FUQING CITY STATE-OWN       6.66     03/01/21      CNY     71.26
FUSHUN URBAN INVESTME       5.95     05/11/18      CNY     40.04
FUSHUN URBAN INVESTME       8.53     03/22/22      CNY     73.83
FUSHUN URBAN INVESTME       8.53     03/22/22      CNY     74.79
FUXIN INFRASTRUCTURE        7.55     10/10/19      CNY     41.00
FUZHOU INVESTMENT DEV       7.75     02/28/18      CNY     50.30
FUZHOU INVESTMENT DEV       6.78     01/16/20      CNY     60.22
FUZHOU INVESTMENT DEV       6.78     01/16/20      CNY     61.06
FUZHOU URBAN AND RURA       6.35     09/25/18      CNY     25.00
FUZHOU URBAN AND RURA       6.35     09/25/18      CNY     25.18
GANSU PROVINCIAL HIGH       7.20     09/19/18      CNY     40.57
GANSU PROVINCIAL HIGH       6.75     11/16/18      CNY     70.30
GANZHOU CITY DEVELOPM       6.40     07/10/18      CNY     25.01
GANZHOU CITY DEVELOPM       6.40     07/10/18      CNY     25.30
GANZHOU DEVELOPMENT Z       6.70     12/26/18      CNY     50.29
GANZHOU DEVELOPMENT Z       6.70     12/26/18      CNY     50.36
GAOMI STATE-OWNED ASS       6.75     11/15/18      CNY     50.23
GAOMI STATE-OWNED ASS       6.75     11/15/18      CNY     50.31
GAOMI STATE-OWNED ASS       6.70     11/15/19      CNY     60.76
GAOMI STATE-OWNED ASS       6.70     11/15/19      CNY     60.86
GREENLAND HOLDING GRO       6.24     05/23/20      CNY     72.81
GUANG ZHOU PANYU COMM       6.30     04/12/19      CNY     50.04
GUANG ZHOU PANYU COMM       6.30     04/12/19      CNY     50.30
GUANGAN INVESTMENT HO       8.18     04/25/19      CNY     41.01
GUANGXI BAISE DEVELOP       6.50     07/04/19      CNY     40.33
GUANGXI BAISE DEVELOP       6.50     07/04/19      CNY     40.35
GUANGXI LAIBIN URBAN        8.36     03/14/19      CNY     71.72
GUANGYUAN INVESTMENT        7.25     11/26/19      CNY     60.96
GUANGZHOU DEVELOPMENT       6.70     08/14/22      CNY     72.60
GUILIN ECONOMIC CONST       6.90     05/09/18      CNY     25.09
GUILIN ECONOMIC CONST       6.90     05/09/18      CNY     25.20
GUIYANG ECO&TECH DEVE       8.42     03/27/19      CNY     40.41
GUIYANG JINYANG CONST       6.70     10/24/18      CNY     25.26
GUIYANG JINYANG CONST       6.70     10/24/18      CNY     25.32
GUIYANG PUBLIC RESIDE       6.70     11/06/19      CNY     40.84
GUIYANG PUBLIC RESIDE       6.70     11/06/19      CNY     60.93
GUIYANG URBAN DEVELOP       6.20     02/28/20      CNY     59.86
GUOAO INVESTMENT DEVE       6.89     10/29/18      CNY     25.35
GUOAO INVESTMENT DEVE       6.89     10/29/18      CNY     25.35
HAIAN COUNTY CITY CON       8.35     03/28/18      CNY     25.24
HAICHENG URBAN INVEST       8.39     11/07/18      CNY     70.94
HAILAR URBAN INFRASTR       6.20     05/14/20      CNY     59.79
HAILAR URBAN INFRASTR       6.20     05/14/20      CNY     60.56
HAIMEN CITY DEVELOPME       8.35     03/20/19      CNY     40.33
HAIMEN CITY DEVELOPME       8.35     03/20/19      CNY     40.76
HAINAN HARBOR & SHIPP       6.80     10/18/19      CNY     71.02
HAINING CITY JIANSHAN       6.90     11/04/20      CNY     63.06
HAINING STATE-OWNED A       7.80     09/20/18      CNY     40.83
HAINING STATE-OWNED A       7.80     09/20/18      CNY     40.89
HAINING STATE-OWNED A       6.08     03/06/20      CNY     59.49
HAIYAN COUNTY STATE-O       7.00     09/04/20      CNY     62.43
HAIYAN COUNTY STATE-O       7.00     09/04/20      CNY     82.42
HANDAN CITY CONSTRUCT       7.05     12/24/19      CNY     61.11
HANGZHOU CANAL COMPRE       6.00     04/02/20      CNY     59.82
HANGZHOU CANAL COMPRE       6.00     04/02/20      CNY     60.75
HANGZHOU HIGH-TECH IN       6.45     01/28/20      CNY     60.62
HANGZHOU HIGH-TECH IN       6.45     01/28/20      CNY     60.89
HANGZHOU MUNICIPAL CO       5.90     04/25/18      CNY     25.09
HANGZHOU MUNICIPAL CO       5.90     04/25/18      CNY     25.13
HANGZHOU XIAOSHAN ECO       6.70     12/26/18      CNY     50.42
HANGZHOU YUHANG CITY        7.55     03/29/19      CNY     40.69
HANGZHOU YUHANG CITY        7.55     03/29/19      CNY     41.07
HANGZHOU YUHANG INNOV       6.50     03/18/20      CNY     61.12
HANGZHOU YUHANG INNOV       6.50     03/18/20      CNY     61.45
HANZHONG CITY CONSTRU       7.48     03/14/18      CNY     40.10
HANZHONG CITY CONSTRU       7.48     03/14/18      CNY     40.31
HARBIN HELI INVESTMEN       7.48     09/26/18      CNY     40.64
HARBIN HELI INVESTMEN       7.48     09/26/18      CNY     40.76
HARBIN HIGH-TECH INDU       7.00     09/16/20      CNY     61.47
HARBIN HIGH-TECH INDU       7.00     09/16/20      CNY     61.81
HARBIN WATER INVESTME       5.70     05/06/20      CNY     60.20
HARBIN WATER INVESTME       5.70     05/06/20      CNY     60.56
HEBEI SHUNDE INVESTME       6.98     12/05/19      CNY     60.87
HEBEI SHUNDE INVESTME       6.98     12/05/19      CNY     60.95
HEFEI BINHU NEW ZONE        6.35     06/13/19      CNY     69.10
HEFEI BINHU NEW ZONE        6.35     06/13/19      CNY     70.81
HEFEI CONSTRUCTION IN       6.60     08/28/18      CNY     40.00
HEFEI GAOXIN DEVELOPM       7.98     03/22/19      CNY     71.69
HEFEI GAOXIN DEVELOPM       7.98     03/22/19      CNY     71.79
HEFEI HAIHENG INVESTM       7.30     06/12/19      CNY     40.84
HEFEI INDUSTRIAL INVE       6.30     03/20/20      CNY     60.96
HEFEI TAOHUA INDUSTRI       8.79     03/27/19      CNY     41.24
HEFEI XINCHENG STATE-       7.88     04/23/19      CNY     40.74
HEGANG KAIYUAN CITY I       6.50     07/19/19      CNY     40.48
HEIHE CITY CONSTRUCTI       8.48     03/23/19      CNY     71.71
HEILONGJIANG HECHENG        7.05     06/21/22      CNY     71.57
HENAN JIYUAN CITY CON       7.50     09/25/19      CNY     41.18
HENGYANG CITY CONSTRU       7.06     08/13/19      CNY     40.94
HENGYANG HONGXIANG ST       6.20     06/19/20      CNY     60.63
HENGYANG HONGXIANG ST       6.20     06/19/20      CNY     60.65
HEYUAN CITY URBAN DEV       6.55     03/19/20      CNY     60.51
HEYUAN CITY URBAN DEV       6.55     03/19/20      CNY     60.82
HONGHEZHOU ROAD DEVEL       6.27     05/06/20      CNY     60.60
HUAIAN CITY URBAN ASS       6.87     12/26/19      CNY     61.00
HUAIAN CITY WATER ASS       8.25     03/08/19      CNY     41.06
HUAI'AN DEVELOPMENT H       7.20     09/06/19      CNY     40.83
HUAI'AN DEVELOPMENT H       7.20     09/06/19      CNY     41.47
HUAIAN QINGHE NEW ARE       6.68     01/24/20      CNY     60.59
HUAIAN QINGHE NEW ARE       6.68     01/24/20      CNY     60.82
HUAIBEI CITY CONSTRUC       6.68     12/17/18      CNY     50.25
HUAIBEI CITY CONSTRUC       6.68     12/17/18      CNY     50.35
HUAIHUA CITY CONSTRUC       8.00     03/22/18      CNY     25.22
HUAIHUA CITY INDUSTRI       7.70     10/29/20      CNY     62.54
HUANGGANG CITY CONSTR       7.10     10/19/19      CNY     41.05
HUANGGANG CITY CONSTR       7.10     10/19/19      CNY     41.10
HUANGSHI URBAN CONSTR       6.96     10/25/19      CNY     40.84
HUIAN STATE ASSETS IN       7.50     10/15/19      CNY     40.83
HUIAN STATE ASSETS IN       7.50     10/15/19      CNY     41.00
HULUDAO INVESTMENT GR       7.05     10/18/20      CNY     61.16
HULUDAO INVESTMENT GR       7.05     10/18/20      CNY     61.25
HUNAN CHANGDE DEYUAN        7.18     10/18/18      CNY     25.41
HUNAN CHENGLINGJI HAR       7.70     10/15/18      CNY     25.47
HUNAN CHENGLINGJI HAR       7.70     10/15/18      CNY     25.48
HUNAN ZHAOSHAN ECONOM       7.00     12/12/18      CNY     50.37
HUNAN ZHAOSHAN ECONOM       7.00     12/12/18      CNY     50.70
HUZHOU NANXUN STATE-O       8.15     03/31/19      CNY     40.94
HUZHOU URBAN INVESTME       7.02     12/21/17      CNY     40.07
HUZHOU URBAN INVESTME       6.70     12/14/19      CNY     60.92
HUZHOU WUXING NANTAIH       7.71     02/17/18      CNY     40.14
INNER MONGOLIA HIGH-T       7.20     09/25/19      CNY     40.64
INNER MONGOLIA ZHUNGE       6.94     05/10/18      CNY     50.33
JIAMUSI NEW ERA INFRA       8.25     03/22/19      CNY     40.76
JIAN CITY CONSTRUCTIO       7.80     04/20/19      CNY     40.93
JIANAN INVESTMENT HOL       7.68     09/04/19      CNY     41.21
JIANGDONG HOLDING GRO       6.90     03/27/19      CNY     40.58
JIANGMEN CITY BINJIAN       6.60     02/28/20      CNY     60.23
JIANGMEN NEW HI-TECH        7.39     11/04/20      CNY     62.08
JIANGSU FURUDONGHAI D       7.09     09/13/20      CNY     61.60
JIANGSU FURUDONGHAI D       7.09     09/13/20      CNY     61.64
JIANGSU HANRUI INVEST       8.16     03/01/19      CNY     40.55
JIANGSU HUAJING ASSET       6.00     05/16/20      CNY     60.31
JIANGSU JINGUAN INVES       6.40     01/28/19      CNY     50.50
JIANGSU JURONG FUDI B       8.70     04/26/19      CNY     71.77
JIANGSU LIANYUN DEVEL       6.10     06/19/19      CNY     39.69
JIANGSU LIANYUN DEVEL       6.10     06/19/19      CNY     40.26
JIANGSU NANJING PUKOU       7.10     10/08/19      CNY     40.76
JIANGSU NEWHEADLINE D       7.00     08/27/20      CNY     56.35
JIANGSU NEWHEADLINE D       7.00     08/27/20      CNY     56.46
JIANGSU SUHAI INVESTM       7.20     11/07/19      CNY     60.86
JIANGSU TAICANG PORT        7.66     05/16/19      CNY     40.85
JIANGSU WUZHONG ECONO       8.05     12/16/18      CNY     71.09
JIANGSU WUZHONG ECONO       8.05     12/16/18      CNY     71.15
JIANGSU XISHAN ECONOM       6.99     11/01/19      CNY     40.53
JIANGSU XISHAN ECONOM       6.99     11/01/19      CNY     40.78
JIANGSU ZHANGJIAGANG        6.98     11/16/19      CNY     60.88
JIANGSU ZHANGJIAGANG        6.98     11/16/19      CNY     60.95
JIANGXI HEJI INVESTME       8.00     09/04/19      CNY     41.11
JIANGXI HEJI INVESTME       8.00     09/04/19      CNY     41.29
JIANGYAN STATE OWNED        6.85     12/03/19      CNY     60.44
JIANGYAN STATE OWNED        6.85     12/03/19      CNY     60.65
JIANGYIN CITY CONSTRU       7.20     06/11/19      CNY     40.89
JIANGYIN GAOXIN DISTR       7.31     04/25/18      CNY     50.38
JIANGYIN GAOXIN DISTR       6.60     02/27/20      CNY     61.05
JIANHU URBAN CONSTRUC       6.50     02/22/20      CNY     60.62
JIANHU URBAN CONSTRUC       6.50     02/22/20      CNY     60.63
JIASHAN STATE-OWNED A       6.80     06/06/19      CNY     40.67
JIAXING CULTURE FAMOU       8.16     03/08/19      CNY     40.89
JIAXING ECONOMIC&TECH       6.78     06/14/19      CNY     40.57
JIAXING ECONOMIC&TECH       6.78     06/14/19      CNY     40.72
JILIN CITY CONSTRUCTI       6.34     02/26/20      CNY     60.52
JILIN CITY CONSTRUCTI       6.34     02/26/20      CNY     60.60
JILIN RAILWAY INVESTM       6.63     06/26/19      CNY     70.00
JINAN CITY CONSTRUCTI       6.98     03/26/18      CNY     24.50
JINAN CITY CONSTRUCTI       6.98     03/26/18      CNY     25.19
JINAN XIAOQINGHE DEVE       7.15     09/05/19      CNY     41.04
JINGDEZHEN STATE-OWNE       7.48     03/23/18      CNY     50.32
JINGDEZHEN STATE-OWNE       6.59     06/25/20      CNY     60.82
JINGDEZHEN STATE-OWNE       6.59     06/25/20      CNY     60.93
JINGJIANG BINJIANG XI       6.80     10/23/18      CNY     25.28
JINGMEN CITY CONSTRUC       7.00     10/17/20      CNY     61.58
JINGMEN CITY CONSTRUC       6.85     07/09/22      CNY     72.20
JINGMEN CITY CONSTRUC       7.00     10/17/20      CNY     81.92
JINGZHOU URBAN CONSTR       7.98     04/24/19      CNY     41.05
JINING CITY CONSTRUCT       8.30     12/31/18      CNY     40.81
JINING CITY YANZHOU D       8.50     12/28/17      CNY     25.10
JINING CITY YANZHOU D       5.90     05/28/21      CNY     69.31
JINING HI-TECH TOWN C       6.60     01/28/20      CNY     60.80
JINING HI-TECH TOWN C       6.60     01/28/20      CNY     60.86
JINING WATER SUPPLY G       7.18     01/22/20      CNY     61.14
JINSHAN STATE-OWNED A       6.65     11/27/19      CNY     60.91
JINZHONG CITY PUBLIC        6.50     03/18/20      CNY     60.73
JINZHOU CITY INVESTME       7.08     06/13/19      CNY     40.45
JINZHOU CITY INVESTME       7.08     06/13/19      CNY     40.56
JISHOU HUATAI STATE O       7.37     12/12/19      CNY     61.00
JIUJIANG CITY CONSTRU       8.49     02/23/19      CNY     40.56
JIUJIANG CITY CONSTRU       8.49     02/23/19      CNY     40.91
JIUJIANG FUHE CONSTRU       6.10     03/19/19      CNY     49.88
JIUJIANG FUHE CONSTRU       6.10     03/19/19      CNY     50.04
JIUJIANG STATE-OWNED        6.68     03/07/20      CNY     60.40
JIUJIANG STATE-OWNED        6.68     03/07/20      CNY     61.02
JIXI STATE OWN ASSET        7.18     11/08/19      CNY     61.08
JIXI STATE OWN ASSET        7.18     11/08/19      CNY     63.49
KAIFENG DEVELOPMENT I       6.47     07/11/19      CNY     40.56
KARAMAY URBAN CONSTRU       7.15     09/04/19      CNY     40.92
KARAMAY URBAN CONSTRU       7.15     09/04/19      CNY     40.97
KASHI URBAN CONSTRUCT       7.18     11/27/19      CNY     60.99
KIZILSU KIRGHIZ AUTON       7.15     09/16/20      CNY     60.41
KIZILSU KIRGHIZ AUTON       7.15     09/16/20      CNY     60.80
KUNMING CITY CONSTRUC       7.60     04/13/18      CNY     25.25
KUNMING CITY CONSTRUC       7.60     04/13/18      CNY     25.26
KUNMING DIANCHI INVES       6.50     02/01/20      CNY     60.95
KUNMING INDUSTRIAL DE       6.46     10/23/19      CNY     40.58
KUNMING INDUSTRIAL DE       6.46     10/23/19      CNY     40.59
KUNMING WUHUA DISTRIC       8.60     03/15/18      CNY     25.44
KUNSHAN ENTREPRENEUR        6.28     11/07/19      CNY     60.06
KUNSHAN ENTREPRENEUR        6.28     11/07/19      CNY     60.72
KUNSHAN HUAQIAO INTER       7.98     12/30/18      CNY     40.67
LAIWU CITY ECONOMIC D       6.50     03/01/18      CNY     30.06
LANZHOU CITY DEVELOPM       8.20     12/15/18      CNY     68.03
LANZHOU CITY DEVELOPM       8.20     12/15/18      CNY     68.05
LEQING CITY STATE OWN       6.50     06/29/19      CNY     40.55
LESHAN STATE-OWNED AS       6.99     03/18/18      CNY     40.13
LESHAN STATE-OWNED AS       6.99     03/18/18      CNY     40.21
LIAONING YAODU DEVELO       7.35     12/12/19      CNY     60.49
LIAOYANG CITY ASSETS        6.88     06/13/18      CNY     35.23
LIAOYANG CITY ASSETS        7.10     11/13/19      CNY     60.93
LIAOYUAN STATE-OWNED        8.17     03/13/19      CNY     40.45
LIAOYUAN STATE-OWNED        8.17     03/13/19      CNY     42.00
LIJIANG GUCHENG MANAG       6.68     07/26/19      CNY     40.55
LINCANG STATE-OWNED A       6.58     04/11/20      CNY     59.60
LINCANG STATE-OWNED A       6.58     04/11/20      CNY     60.79
LINFEN CITY INVESTMEN       6.20     05/23/20      CNY     60.70
LINFEN YAODU DISTRICT       6.99     09/27/20      CNY     60.40
LINFEN YAODU DISTRICT       6.99     09/27/20      CNY     61.09
LINHAI CITY INFRASTRU       6.30     03/21/20      CNY     60.64
LINHAI CITY INFRASTRU       6.30     03/21/20      CNY     61.28
LINYI CITY ASSET MANA       6.68     12/12/19      CNY     59.00
LINYI CITY ASSET MANA       6.68     12/12/19      CNY     61.12
LINYI ECONOMIC DEVELO       8.26     09/24/19      CNY     41.50
LINYI INVESTMENT DEVE       8.10     03/27/18      CNY     25.27
LISHUI CITY CONSTRUCT       6.00     05/23/20      CNY     60.37
LISHUI CITY CONSTRUCT       6.00     05/23/20      CNY     60.54
LISHUI URBAN CONSTRUC       5.80     05/29/20      CNY     60.31
LIUPANSHUI DEVELOPMEN       6.97     12/03/19      CNY     60.54
LIUPANSHUI DEVELOPMEN       6.97     12/03/19      CNY     61.00
LIUZHOU DONGCHENG INV       7.40     10/29/20      CNY     61.80
LIUZHOU DONGCHENG INV       7.40     10/29/20      CNY     62.21
LIUZHOU INVESTMENT HO       6.98     08/15/19      CNY     40.91
LIYANG CITY CONSTRUCT       6.20     03/08/20      CNY     60.60
LIYANG CITY CONSTRUCT       6.20     03/08/20      CNY     60.92
LIYANG CITY CONSTRUCT       8.20     11/08/18      CNY     67.57
LONGHAI STATE-OWNED A       8.25     12/02/17      CNY     40.07
LONGHAI STATE-OWNED A       8.25     12/02/17      CNY     40.22
LONGYAN HUIJIN DEVELO       7.10     10/18/20      CNY     61.66
LONGYAN HUIJIN DEVELO       7.10     10/18/20      CNY     61.92
LOUDI CITY CONSTRUCTI       7.28     10/19/18      CNY     25.30
LOUDI CITY CONSTRUCTI       7.28     10/19/18      CNY     25.49
LUOHE CITY CONSTRUCTI       6.99     10/30/19      CNY     40.99
LUOYANG CITY DEVELOPM       6.89     12/31/19      CNY     61.20
LUOYANG HIGH NEW TECH       6.50     05/30/20      CNY     60.53
MAANSHAN ECONOMIC TEC       7.10     12/20/19      CNY     61.10
MEISHAN HONGDA CONSTR       6.56     06/19/20      CNY     58.80
MEISHAN HONGDA CONSTR       6.56     06/19/20      CNY     61.13
MEIZHOU KANGDA HIGHWA       6.95     09/10/20      CNY     61.36
MEIZHOU KANGDA HIGHWA       6.95     09/10/20      CNY     61.73
MIANYANG INVESTMENT H       7.70     03/26/19      CNY     71.38
MIANYANG INVESTMENT H       7.70     03/26/19      CNY     71.85
MIANYANG SCIENCE TECH       6.30     07/22/18      CNY     27.60
MIANYANG SCIENCE TECH       7.16     05/15/19      CNY     40.52
MINXIXINGHANG STATE-O       6.20     03/26/19      CNY     50.34
MINXIXINGHANG STATE-O       6.20     03/26/19      CNY     50.41
MUDANJIANG STATE-OWNE       7.08     08/30/19      CNY     40.55
MUDANJIANG STATE-OWNE       7.08     08/30/19      CNY     40.90
NANAN CITY TRADE INDU       8.50     04/25/19      CNY     41.18
NANCHANG CITY CONSTRU       6.19     02/20/20      CNY     60.83
NANCHANG CITY CONSTRU       6.19     02/20/20      CNY     61.00
NANCHANG COUNTY URBAN       6.50     07/17/19      CNY     50.54
NANCHANG COUNTY URBAN       6.50     07/17/19      CNY     50.58
NANCHANG ECONOMY TECH       6.88     01/09/20      CNY     60.87
NANCHANG MUNICIPAL PU       5.88     02/25/20      CNY     60.52
NANCHANG MUNICIPAL PU       5.88     02/25/20      CNY     60.83
NANCHANG WATER CONSER       6.28     06/21/20      CNY     61.04
NANCHONG DEVELOPMENT        6.69     01/28/20      CNY     60.54
NANCHONG ECONOMIC DEV       8.16     04/26/19      CNY     40.94
NANJING JIANGNING SCI       7.29     04/28/19      CNY     40.76
NANJING NEW&HIGH TECH       6.94     09/07/19      CNY     40.75
NANJING NEW&HIGH TECH       6.94     09/07/19      CNY     40.95
NANJING STATE OWNED A       5.40     03/06/20      CNY     60.21
NANJING STATE OWNED A       5.40     03/06/20      CNY     60.50
NANJING URBAN CONSTRU       5.68     11/26/18      CNY     50.22
NANJING URBAN CONSTRU       5.68     11/26/18      CNY     50.50
NANJING XINGANG DEVEL       6.80     01/08/20      CNY     60.45
NANJING XINGANG DEVEL       6.80     01/08/20      CNY     61.15
NANPING CITY WUYI NEW       6.70     08/06/20      CNY     61.00
NANPING CITY WUYI NEW       6.70     08/06/20      CNY     61.08
NANTONG CITY GANGZHA        7.15     01/09/20      CNY     61.12
NANTONG CITY GANGZHA        7.15     01/09/20      CNY     61.27
NANTONG CITY TONGZHOU       6.80     05/28/19      CNY     40.64
NANTONG ECONOMIC & TE       5.80     05/17/20      CNY     60.55
NANTONG ECONOMIC & TE       5.80     05/17/20      CNY     60.60
NANYANG INVESTMENT GR       7.05     10/24/20      CNY     61.83
NANYANG INVESTMENT GR       7.05     10/24/20      CNY     61.90
NEIJIANG INVESTMENT H       7.00     07/19/18      CNY     25.16
NEIJIANG INVESTMENT H       7.00     07/19/18      CNY     25.31
NEIMENGGU XINLINGOL X       7.62     02/25/18      CNY     40.22
NINGBO CITY YINZHOU C       6.50     03/18/20      CNY     60.00
NINGBO CITY YINZHOU C       6.50     03/18/20      CNY     61.19
NINGBO EASTERN NEW TO       6.45     01/21/20      CNY     59.94
NINGBO EASTERN NEW TO       6.45     01/21/20      CNY     60.38
NINGBO URBAN CONSTRUC       7.39     03/01/18      CNY     25.19
NINGBO URBAN CONSTRUC       7.39     03/01/18      CNY     25.19
NINGBO ZHENHAI HAIJIA       6.65     11/28/18      CNY     50.36
PANJIN CONSTRUCTION I       7.50     05/17/19      CNY     40.73
PANJIN CONSTRUCTION I       7.42     03/01/18      CNY     60.25
PANJIN PETROLEUM HIGH       6.95     01/10/20      CNY     60.78
PANJIN PETROLEUM HIGH       6.95     01/10/20      CNY     60.79
PEIXIAN STATE-OWNED A       7.20     12/06/19      CNY     60.87
PENGLAI CITY PENGLAIG       6.80     01/30/21      CNY     70.63
PENGLAI CITY PENGLAIG       6.80     01/30/21      CNY     71.92
PINGDINGSHAN CITY DEV       7.86     05/08/19      CNY     40.86
PINGDINGSHAN CITY DEV       7.86     05/08/19      CNY     40.94
PINGDU CITY STATE OWN       7.25     11/05/20      CNY     62.26
PINGHU CITY DEVELOPME       7.20     09/18/19      CNY     39.55
PINGHU CITY DEVELOPME       7.20     09/18/19      CNY     40.84
PINGLIANG CHENGXIANG        7.10     09/17/20      CNY     61.60
PINGTAN COMPOSITE EXP       6.58     03/15/20      CNY     60.80
PINGXIANG HUIFENG INV       7.06     10/11/20      CNY     61.47
PINGXIANG HUIFENG INV       7.06     10/11/20      CNY     82.20
PINGXIANG URBAN CONST       6.89     12/10/19      CNY     60.36
PINGXIANG URBAN CONST       6.89     12/10/19      CNY     60.46
PIZHOU RUNCHENG ASSET       7.55     09/25/19      CNY     41.59
PUER CITY STATE OWNED       7.38     06/20/19      CNY     40.59
PUTIAN STATE-OWNED AS       8.10     03/21/19      CNY     40.87
PUTIAN STATE-OWNED AS       8.10     03/21/19      CNY     40.97
QIANAN XINGYUAN WATER       6.45     07/11/18      CNY     25.08
QIANDONG NANZHOU DEVE       8.80     04/27/19      CNY     40.84
QIANDONGNANZHOU KAIHO       7.80     10/30/19      CNY     40.66
QIANNAN AUTONOMOUS PR       6.90     09/04/20      CNY     60.86
QIANXI NANZHOU HONGSH       6.99     11/22/19      CNY     60.81
QINGDAO CITY CONSTRUC       6.89     02/16/19      CNY     40.49
QINGDAO CITY CONSTRUC       6.89     02/16/19      CNY     40.58
QINGDAO HUATONG STATE       7.30     04/18/19      CNY     40.71
QINGDAO JIAOZHOU CITY       6.59     01/25/20      CNY     61.04
QINGZHOU HONGYUAN PUB       6.50     05/22/19      CNY     20.00
QINGZHOU HONGYUAN PUB       6.50     05/22/19      CNY     20.06
QINGZHOU HONGYUAN PUB       7.25     10/19/18      CNY     25.41
QINGZHOU HONGYUAN PUB       7.35     10/19/19      CNY     41.01
QINGZHOU HONGYUAN PUB       7.35     10/19/19      CNY     41.05
QINGZHOU HONGYUAN PUB       7.25     10/19/18      CNY     50.99
QINHUANGDAO DEVELOPME       7.46     10/17/19      CNY     40.88
QINHUANGDAO DEVELOPME       7.46     10/17/19      CNY     41.06
QINZHOU BINHAI NEW CI       7.00     08/27/20      CNY     61.91
QINZHOU BINHAI NEW CI       7.00     08/27/20      CNY     81.50
QINZHOU CITY DEVELOPM       7.10     10/16/19      CNY     71.85
QITAIHE CITY CONSTRUC       7.30     10/18/19      CNY     39.81
QUANZHOU QUANGANG PET       8.40     04/16/19      CNY     40.75
QUANZHOU QUANGANG PET       8.40     04/16/19      CNY     40.78
QUANZHOU TAISHANG INV       7.08     12/10/19      CNY     61.04
QUANZHOU URBAN CONSTR       6.48     01/11/20      CNY     60.91
QUJING DEVELOPMENT IN       7.25     09/06/19      CNY     40.97
RIZHAO CITY CONSTRUCT       5.80     06/06/20      CNY     60.40
RONGCHENG ECONOMIC DE       6.45     03/18/20      CNY     60.16
RUDONG COUNTY DONGTAI       7.45     09/24/19      CNY     41.16
RUDONG COUNTY DONGTAI       7.10     01/31/18      CNY     50.07
RUGAO COMMUNICATIONS        8.51     01/26/19      CNY     51.16
RUGAO COMMUNICATIONS        6.70     02/01/20      CNY     60.52
RUGAO COMMUNICATIONS        6.70     02/01/20      CNY     60.97
RUIAN STATE OWNED ASS       6.93     11/26/19      CNY     60.69
RUSHAN CITY STATE-OWN       6.90     09/11/20      CNY     61.05
SANMENXIA CITY FINANC       6.68     01/29/20      CNY     60.96
SANMENXIA CITY FINANC       6.68     01/29/20      CNY     60.99
SANMING CITY CONSTRUC       6.40     03/05/20      CNY     60.57
SANMING CITY CONSTRUC       6.40     03/05/20      CNY     60.59
SANMING STATE-OWNED A       6.99     06/14/18      CNY     40.44
SANMING STATE-OWNED A       6.92     12/05/19      CNY     60.92
SHANDONG RENCHENG RON       7.30     10/18/20      CNY     61.82
SHANDONG RENCHENG RON       7.30     10/18/20      CNY     61.88
SHANDONG TAIFENG HOLD       5.80     03/12/20      CNY     59.07
SHANGHAI BUND GROUP D       6.35     04/24/20      CNY     60.73
SHANGHAI BUND GROUP D       6.35     04/24/20      CNY     60.90
SHANGHAI CHENGTOU COR       4.63     07/30/19      CNY     39.81
SHANGHAI FENGXIAN NAN       6.25     03/05/20      CNY     60.84
SHANGHAI JIADING INDU       6.71     10/10/18      CNY     25.27
SHANGHAI JIADING INDU       6.71     10/10/18      CNY     25.32
SHANGHAI JINSHAN URBA       6.60     12/21/19      CNY     60.62
SHANGHAI JINSHAN URBA       6.60     12/21/19      CNY     60.96
SHANGHAI LUJIAZUI DEV       5.79     02/25/19      CNY     70.48
SHANGHAI LUJIAZUI DEV       5.98     03/11/19      CNY     70.51
SHANGHAI LUJIAZUI DEV       5.79     02/25/19      CNY     70.61
SHANGHAI MINHANG URBA       6.48     10/23/19      CNY     40.86
SHANGHAI MINHANG URBA       6.48     10/23/19      CNY     61.20
SHANGHAI NANFANG GROU       6.70     09/09/19      CNY     50.88
SHANGHAI NANFANG GROU       6.70     09/09/19      CNY     50.90
SHANGHAI SONGJIANG TO       6.28     08/15/18      CNY     24.97
SHANGHAI SONGJIANG TO       6.28     08/15/18      CNY     25.27
SHANGHAI URBAN CONSTR       5.25     11/30/19      CNY     60.13
SHANGLUO CITY CONSTRU       6.75     09/09/19      CNY     50.47
SHANGLUO CITY CONSTRU       6.75     09/09/19      CNY     50.85
SHANGLUO CITY CONSTRU       7.05     09/09/20      CNY     61.01
SHANGLUO CITY CONSTRU       7.05     09/09/20      CNY     61.70
SHANGQIU DEVELOPMENT        6.60     01/15/20      CNY     60.70
SHANGRAO CITY CONSTRU       7.30     09/10/19      CNY     40.80
SHANGRAO CITY CONSTRU       7.30     09/10/19      CNY     41.09
SHANGYU COMMUNICATION       6.70     09/11/19      CNY     40.32
SHANGYU COMMUNICATION       6.70     09/11/19      CNY     40.84
SHANGYU HANGZHOU BAY        6.95     10/11/20      CNY     61.58
SHANTOU CITY CONSTRUC       8.57     03/23/22      CNY     74.10
SHANTOU CITY CONSTRUC       8.57     03/23/22      CNY     74.46
SHAOGUAN JINYE DEVELO       7.30     10/18/19      CNY     41.13
SHAOXING CHENGBEI XIN       6.21     06/11/18      CNY     25.11
SHAOXING CHENGZHONGCU       6.50     01/24/20      CNY     60.95
SHAOXING HI-TECH INDU       6.75     12/05/18      CNY     50.20
SHAOXING HI-TECH INDU       6.75     12/05/18      CNY     50.35
SHAOXING KEQIAO DISTR       6.30     02/26/19      CNY     50.28
SHAOXING KEQIAO DISTR       6.30     02/26/19      CNY     50.47
SHAOXING PAOJIANG IND       6.90     10/31/19      CNY     40.81
SHAOXING URBAN CONSTR       6.40     11/09/19      CNY     60.47
SHAOXING URBAN CONSTR       6.40     11/09/19      CNY     60.78
SHAOYANG CITY CONSTRU       7.40     09/11/18      CNY     24.60
SHAOYANG CITY CONSTRU       7.40     09/11/18      CNY     25.43
SHENYANG HEPING DISTR       6.85     11/13/19      CNY     60.70
SHENYANG HEPING DISTR       6.85     11/13/19      CNY     61.00
SHENYANG MACHINE TOOL       6.50     03/27/18      CNY     70.08
SHENYANG SUJIATUN DIS       6.40     06/20/20      CNY     60.77
SHENZHEN LONGGANG DIS       6.18     03/27/19      CNY     50.33
SHENZHEN LONGGANG DIS       6.18     03/27/19      CNY     50.45
SHIJIAZHUANG REAL EST       5.65     05/15/20      CNY     60.32
SHISHI STATE OWNED IN       7.40     09/13/19      CNY     40.84
SHISHI STATE OWNED IN       7.40     09/13/19      CNY     61.00
SHIYAN CITY INFRASTRU       7.98     04/20/19      CNY     41.00
SHIYAN CITY INFRASTRU       6.88     10/11/20      CNY     61.42
SHIYAN CITY INFRASTRU       6.88     10/11/20      CNY     61.51
SHOUGUANG CITY CONSTR       7.10     10/18/20      CNY     61.44
SHOUGUANG CITY CONSTR       7.10     10/18/20      CNY     61.68
SHOUGUANG JINCAI STAT       6.70     10/23/19      CNY     40.89
SHOUGUANG JINCAI STAT       6.70     10/23/19      CNY     61.00
SHUANGLIU COUNTY WATE       6.92     07/30/20      CNY     73.65
SHUANGLIU COUNTY WATE       7.40     02/26/20      CNY     74.56
SHUANGLIU SHINE CHINE       8.48     03/16/19      CNY     71.88
SHUANGLIU SHINE CHINE       8.40     03/16/19      CNY     71.92
SHUANGLIU SHINE CHINE       8.40     03/16/19      CNY     71.96
SHUANGLIU SHINE CHINE       8.48     03/16/19      CNY     72.80
SHUANGYASHAN DADI CIT       6.55     12/25/19      CNY     60.47
SHUANGYASHAN DADI CIT       6.55     12/25/19      CNY     60.53
SHUYANG JINGYUAN ASSE       6.50     12/03/19      CNY     60.42
SHUYANG JINGYUAN ASSE       6.50     12/03/19      CNY     60.55
SICHUAN CHENGDU ABA D       7.18     09/12/20      CNY     61.19
SICHUAN COAL INDUSTRY       7.70     01/09/18      CNY     45.00
SICHUAN DEVELOPMENT H       5.40     11/10/17      CNY     29.99
SONGYUAN URBAN DEVELO       7.30     08/29/19      CNY     40.59
SUIFENHE HAIRONG URBA       6.60     04/28/20      CNY     59.80
SUINING DEVELOPMENT I       6.62     04/25/20      CNY     60.77
SUINING DEVELOPMENT I       6.62     04/25/20      CNY     60.89
SUIZHOU DEVELOPMENT I       7.50     08/22/19      CNY     40.41
SUQIAN CITY CONSTRUCT       6.88     10/29/20      CNY     62.16
SUQIAN ECONOMIC DEVEL       7.50     03/26/19      CNY     40.99
SUQIAN WATER GROUP CO       6.55     12/04/19      CNY     60.77
SUZHOU CITY CONSTRUCT       7.45     03/12/19      CNY     40.66
SUZHOU CITY CONSTRUCT       6.40     04/17/20      CNY     60.59
SUZHOU CITY CONSTRUCT       6.40     04/17/20      CNY     60.62
SUZHOU INDUSTRIAL PAR       5.79     05/30/19      CNY     40.00
SUZHOU INDUSTRIAL PAR       5.79     05/30/19      CNY     40.19
SUZHOU TECH CITY DEVE       7.32     11/01/18      CNY     25.53
SUZHOU URBAN CONSTRUC       5.79     10/25/19      CNY     40.38
SUZHOU WUJIANG COMMUN       6.80     10/31/20      CNY     56.97
SUZHOU WUJIANG EASTER       8.05     12/05/18      CNY     53.69
SUZHOU WUJIANG EASTER       8.05     12/05/18      CNY     71.32
SUZHOU XIANGCHENG URB       6.95     09/03/19      CNY     40.47
SUZHOU XIANGCHENG URB       6.95     09/03/19      CNY     40.66
TACHENG DISTRICT STAT       7.49     10/16/19      CNY     51.18
TACHENG DISTRICT STAT       7.49     10/16/19      CNY     51.30
TAIAN TAISHAN INVESTM       6.76     01/25/20      CNY     61.06
TAICANG ASSET MANAGEM       8.25     12/31/18      CNY     71.42
TAICANG ASSET MANAGEM       8.25     12/31/18      CNY     71.51
TAICANG HENGTONG INVE       7.45     10/30/19      CNY     41.04
TAICANG URBAN CONSTRU       6.75     01/11/20      CNY     60.95
TAIXING ZHONGXING STA       8.29     03/27/18      CNY     25.18
TAIYUAN HIGH-SPEED RA       6.50     10/30/20      CNY     56.54
TAIYUAN LONGCHENG DEV       6.50     09/25/19      CNY     40.05
TAIYUAN LONGCHENG DEV       6.50     09/25/19      CNY     40.57
TAIZHOU CITY HUANGYAN       6.85     12/17/18      CNY     50.25
TAIZHOU CITY HUANGYAN       6.85     12/17/18      CNY     50.44
TAIZHOU CITY JIANGYAN       7.10     09/03/20      CNY     62.13
TAIZHOU HAILING ASSET       8.52     03/21/19      CNY     40.37
TAIZHOU JIAOJIANG STA       7.46     09/13/20      CNY     56.96
TAIZHOU TRAFFIC INDUS       6.15     03/11/20      CNY     60.64
TAIZHOU TRAFFIC INDUS       6.15     03/11/20      CNY     60.66
TAIZHOU XINTAI GROUP        6.85     08/14/18      CNY     25.00
TAIZHOU XINTAI GROUP        6.85     08/14/18      CNY     25.30
TANGSHAN CAOFEIDIAN D       7.50     10/15/20      CNY     60.86
TANGSHAN NANHU ECO CI       7.08     10/16/19      CNY     40.10
TANGSHAN NANHU ECO CI       7.08     10/16/19      CNY     41.04
TIANJIN BAOXING INDUS       7.10     10/17/20      CNY     61.77
TIANJIN BAOXING INDUS       7.10     10/17/20      CNY     82.62
TIANJIN BINHAI NEW AR       5.00     03/13/18      CNY     39.99
TIANJIN BINHAI NEW AR       5.19     03/13/20      CNY     59.81
TIANJIN DONGFANG CAIX       7.99     11/23/18      CNY     71.16
TIANJIN DONGLI CITY I       6.05     06/19/20      CNY     60.62
TIANJIN ECO-CITY INVE       6.76     08/14/19      CNY     40.59
TIANJIN ECO-CITY INVE       6.76     08/14/19      CNY     40.66
TIANJIN ECONOMIC TECH       6.20     12/03/19      CNY     60.53
TIANJIN ECONOMIC TECH       6.20     12/03/19      CNY     60.64
TIANJIN HANBIN INVEST       8.39     03/22/19      CNY     41.01
TIANJIN HI-TECH INDUS       7.80     03/27/19      CNY     40.70
TIANJIN HI-TECH INDUS       7.80     03/27/19      CNY     40.76
TIANJIN JINNAN CITY C       6.95     06/18/19      CNY     40.49
TIANJIN JINNAN CITY C       6.95     06/18/19      CNY     40.60
TIANJIN TEDA CONSTRUC       6.89     04/27/20      CNY     61.22
TIELING PUBLIC ASSETS       7.34     05/29/18      CNY     25.07
TIELING PUBLIC ASSETS       7.34     05/29/18      CNY     25.21
TONGCHUAN DEVELOPMENT       7.50     07/17/19      CNY     40.46
TONGLIAO TIANCHENG UR       7.75     09/24/19      CNY     41.13
TONGLIAO URBAN INVEST       6.64     04/09/20      CNY     60.82
TONGLIAO URBAN INVEST       6.64     04/09/20      CNY     60.97
TONGLING CONSTRUCTION       6.98     08/26/20      CNY     61.49
TONGLING CONSTRUCTION       6.98     08/26/20      CNY     61.78
TONGLING CONSTRUCTION       8.20     04/28/22      CNY     74.62
TONGLING CONSTRUCTION       8.20     04/28/22      CNY     81.00
TONGREN FANJINGSHAN I       6.89     08/02/19      CNY     40.69
TONGXIANG CITY CONSTR       6.10     05/16/20      CNY     60.05
TONGXIANG CITY CONSTR       6.10     05/16/20      CNY     60.75
TULUFAN DISTRICT STAT       7.20     08/09/19      CNY     49.95
TULUFAN DISTRICT STAT       7.20     08/09/19      CNY     51.70
ULANQAB CITY INVESTME       7.70     10/31/20      CNY     61.46
ULANQAB CITY INVESTME       7.70     10/31/20      CNY     62.13
ULANQAB CITY JI NING        6.88     03/19/20      CNY     59.75
URUMQI CITY CONSTRUCT       6.35     07/09/19      CNY     40.61
URUMQI ECO&TECH DEVEL       8.58     01/10/19      CNY     50.98
URUMQI HIGH-TECH INVE       6.18     03/05/20      CNY     60.94
URUMQI HIGH-TECH INVE       6.18     03/05/20      CNY     61.00
URUMQI STATE-OWNED AS       6.48     04/28/18      CNY     25.06
VANZIP INVESTMENT GRO       7.92     02/04/19      CNY     45.83
WAFANGDIAN STATE-OWNE       8.55     04/19/19      CNY     40.98
WAFANGDIAN STATE-OWNE       6.20     06/20/20      CNY     60.35
WEIFANG BINHAI INVEST       6.16     04/16/21      CNY     70.83
WEIFANG DONGXIN CONST       6.88     11/20/19      CNY     60.86
WEIFANG DONGXIN CONST       6.88     11/20/19      CNY     60.89
WEIHAI WENDENG URBAN        6.38     03/06/20      CNY     60.63
WEINAN CITY INVESTMEN       6.69     01/15/20      CNY     60.78
WEINAN CITY INVESTMEN       6.69     01/15/20      CNY     60.79
WENLING CITY STATE OW       7.18     09/18/19      CNY     40.96
WENLING CITY STATE OW       7.18     09/18/19      CNY     61.20
WENZHOU ANJUFANG CITY       7.65     04/24/19      CNY     40.68
WENZHOU ECONOMIC-TECH       6.49     01/15/20      CNY     60.00
WENZHOU ECONOMIC-TECH       6.49     01/15/20      CNY     61.67
WUHAI CITY CONSTRUCTI       8.20     03/31/19      CNY     40.79
WUHAN METRO GROUP CO        5.70     02/04/20      CNY     60.60
WUHAN METRO GROUP CO        5.70     02/04/20      CNY     61.29
WUHAN REAL ESTATE DEV       5.90     03/22/19      CNY     50.25
WUHAN URBAN CONSTRUCT       5.60     03/08/20      CNY     60.13
WUHU CONSTRUCTION INV       6.89     03/26/19      CNY     70.71
WUHU ECONOMIC TECHNOL       6.70     06/08/18      CNY     25.00
WUHU ECONOMIC TECHNOL       6.70     06/08/18      CNY     25.14
WUHU ECONOMIC TECHNOL       6.90     06/08/22      CNY     72.71
WUHU JINGHU CONSTRUCT       6.68     05/16/20      CNY     60.29
WUHU XINMA INVESTMENT       7.18     11/14/19      CNY     61.00
WUHU XINMA INVESTMENT       7.18     11/14/19      CNY     61.44
WUJIANG ECONOMIC TECH       6.88     12/27/19      CNY     61.04
WUXI CONSTRUCTION AND       6.60     09/17/19      CNY     40.70
WUXI CONSTRUCTION AND       6.60     09/17/19      CNY     40.76
WUXI HUISHAN ECONOMIC       6.03     04/22/19      CNY     50.44
WUXI MUNICIPAL DEVELO       6.10     10/11/20      CNY     59.05
WUXI MUNICIPAL DEVELO       6.10     10/11/20      CNY     61.04
WUXI TAIHU INTERNATIO       7.60     09/17/19      CNY     41.14
WUXI TAIHU INTERNATIO       7.60     09/17/19      CNY     61.40
WUXI XIDONG NEW TOWN        6.65     01/28/20      CNY     60.69
WUXI XIDONG NEW TOWN        6.65     01/28/20      CNY     60.89
WUXI XIDONG TECHNOLOG       5.98     10/26/18      CNY     40.18
WUZHONG URBAN RURAL C       7.18     10/12/20      CNY     61.90
WUZHOU DONGTAI STATE-       7.40     09/03/19      CNY     41.07
XIAMEN XINGLIN CONSTR       6.60     02/22/20      CNY     60.76
XIAMEN XINGLIN CONSTR       6.60     02/22/20      CNY     60.87
XI'AN AEROSPACE BASE        6.96     11/08/19      CNY     60.93
XIAN CHANBAHE DEVELOP       6.89     08/03/19      CNY     40.78
XI'AN HI-TECH HOLDING       5.70     02/26/19      CNY     50.45
XI'AN URBAN INDEMNIFI       7.31     03/18/19      CNY     71.30
XI'AN URBAN INDEMNIFI       7.31     03/18/19      CNY     71.37
XI'AN URBAN INDEMNIFI       7.31     04/18/19      CNY     71.43
XI'AN URBAN INDEMNIFI       7.31     04/18/19      CNY     71.46
XIANGTAN CITY CONSTRU       8.00     03/16/19      CNY     40.71
XIANGTAN CITY CONSTRU       8.00     03/16/19      CNY     40.90
XIANGTAN HI-TECH GROU       6.90     01/15/20      CNY     60.95
XIANGTAN JIUHUA ECONO       7.43     08/29/19      CNY     40.84
XIANGTAN JIUHUA ECONO       7.15     10/15/20      CNY     61.59
XIANGTAN JIUHUA ECONO       7.15     10/15/20      CNY     82.24
XIANGTAN ZHENXIANG ST       6.60     08/07/20      CNY     59.95
XIANGTAN ZHENXIANG ST       6.60     08/07/20      CNY     61.11
XIANGYANG CITY CONSTR       8.12     01/12/19      CNY     40.75
XIANGYANG CITY CONSTR       8.12     01/12/19      CNY     40.82
XIANNING CITY CONSTRU       7.50     08/31/18      CNY     25.15
XIANNING CITY CONSTRU       7.50     08/31/18      CNY     25.30
XIANNING HIGH-TECH IN       5.80     06/05/20      CNY     60.10
XIANNING HIGH-TECH IN       5.80     06/05/20      CNY     60.97
XIAOGAN URBAN CONSTRU       8.12     03/26/19      CNY     41.01
XINGHUA URBAN CONSTRU       7.25     10/23/18      CNY     25.32
XINGHUA URBAN CONSTRU       7.25     10/23/18      CNY     25.34
XINING CITY INVESTMEN       7.70     04/27/19      CNY     40.87
XINING ECONOMIC DEVEL       5.90     06/04/20      CNY     60.11
XINJIANG SHIHEZI DEVE       7.50     08/29/18      CNY     24.80
XINJIANG UYGUR AR HAM       6.25     07/17/18      CNY     25.05
XINJIANG WUJIAQU URBA       6.10     05/23/20      CNY     60.06
XINJIANG WUJIAQU URBA       6.10     05/23/20      CNY     60.81
XINXIANG INVESTMENT G       6.80     01/18/18      CNY     40.08
XINXIANG INVESTMENT G       5.85     04/15/20      CNY     58.23
XINXIANG INVESTMENT G       5.85     04/15/20      CNY     61.08
XINYANG HUAXIN INVEST       6.95     06/14/19      CNY     40.64
XINYANG HUAXIN INVEST       6.95     06/14/19      CNY     40.66
XINYI CITY INVESTMENT       7.39     10/15/20      CNY     62.14
XINYI CITY INVESTMENT       7.39     10/15/20      CNY     62.27
XINYU CITY CONSTRUCTI       7.08     12/13/19      CNY     60.78
XINYU CITY CONSTRUCTI       7.08     12/13/19      CNY     60.83
XINZHENG NEW DISTRICT       6.52     06/28/19      CNY     50.55
XINZHENG NEW DISTRICT       6.52     06/28/19      CNY     50.58
XINZHOU CITY ASSET MA       7.39     08/08/18      CNY     25.41
XUCHANG GENERAL INVES       7.78     04/27/19      CNY     40.82
XUCHANG GENERAL INVES       6.95     10/16/20      CNY     61.68
XUCHANG GENERAL INVES       6.95     10/16/20      CNY     61.90
XUZHOU CITY TONGSHAN        6.60     08/08/20      CNY     61.06
XUZHOU CITY TONGSHAN        6.60     08/08/20      CNY     61.19
XUZHOU ECONOMIC TECHN       8.20     03/07/19      CNY     40.67
XUZHOU ECONOMIC TECHN       8.20     03/07/19      CNY     40.95
XUZHOU XINSHENG CONST       7.48     05/08/18      CNY     25.25
YAAN DEVELOPMENT INVE       7.00     09/13/20      CNY     61.52
YAAN STATE-OWNED ASSE       7.39     07/04/19      CNY     40.55
YANCHENG CITY DAFENG        7.08     12/13/19      CNY     61.12
YANCHENG ORIENTAL INV       6.99     10/26/19      CNY     40.80
YANCHENG SOUTH DISTRI       6.93     10/26/19      CNY     40.82
YANCHENG SOUTH DISTRI       6.93     10/26/19      CNY     40.90
YANGJIANG HENGCAI CIT       6.85     09/09/20      CNY     61.38
YANGJIANG HENGCAI CIT       6.85     09/09/20      CNY     82.00
YANGZHONG URBAN CONST       7.10     03/26/18      CNY     50.18
YANGZHOU HANJIANG URB       6.20     03/12/20      CNY     60.67
YANGZHOU HANJIANG URB       6.20     03/12/20      CNY     60.70
YANGZHOU LONGCHUAN HO       8.10     03/23/19      CNY     40.90
YANGZHOU URBAN CONSTR       6.30     07/26/19      CNY     40.61
YANTAI DEVELOPMENT ZO       5.70     04/10/20      CNY     60.45
YANTAI URBAN CONSTRUC       5.99     03/14/20      CNY     60.64
YANTAI URBAN CONSTRUC       5.99     03/14/20      CNY     60.79
YIBIN STATE-OWNED ASS       5.80     05/23/18      CNY     40.14
YICHANG MUNICIPAL FIN       7.12     10/16/19      CNY     40.90
YICHANG MUNICIPAL FIN       7.12     10/16/19      CNY     41.05
YICHANG URBAN CONSTRU       6.85     11/08/19      CNY     60.99
YICHANG URBAN CONSTRU       6.85     11/08/19      CNY     61.01
YICHUN CITY CONSTRUCT       7.35     07/24/19      CNY     40.45
YIJINHUOLUOQI HONGTAI       8.35     03/19/19      CNY     61.72
YIJINHUOLUOQI HONGTAI       8.35     03/19/19      CNY     61.74
YILI STATE-OWNED ASSE       6.70     11/19/18      CNY     50.26
YINGKOU CITY CONSTRUC       7.98     04/18/20      CNY     57.21
YINGKOU CITY CONSTRUC       7.63     06/09/20      CNY     61.20
YINGKOU ECO & TECH DE       6.17     04/08/20      CNY     59.25
YINGKOU ECO & TECH DE       6.17     04/08/20      CNY     59.71
YIXING CITY DEVELOPME       6.90     10/10/19      CNY     40.68
YIXING CITY DEVELOPME       6.90     10/10/19      CNY     40.74
YIYANG CITY CONSTRUCT       7.36     08/24/19      CNY     41.00
YIYANG GAOXIN TECHNOL       6.70     03/13/20      CNY     60.82
YIYANG GAOXIN TECHNOL       6.70     03/13/20      CNY     61.54
YIZHENG CITY CONSTRUC       7.78     06/14/19      CNY     40.99
YONGZHOU CITY CONSTRU       7.30     10/23/20      CNY     61.65
YONGZHOU CITY CONSTRU       7.30     10/23/20      CNY     61.97
YUEYANG CITY CONSTRUC       6.05     07/12/20      CNY     59.65
YUEYANG CITY CONSTRUC       6.05     07/12/20      CNY     60.90
YUHUAN CITY COMMUNICA       7.15     10/12/19      CNY     40.99
YUHUAN CITY COMMUNICA       7.15     10/12/19      CNY     61.00
YULIN CITY INVESTMENT       6.81     12/04/18      CNY     50.42
YULIN URBAN CONSTRUCT       6.88     11/26/19      CNY     60.92
YUNCHENG URBAN CONSTR       7.48     10/15/19      CNY     41.14
YUYAO ECONOMIC DEVELO       6.75     03/04/20      CNY     60.69
YUYAO ECONOMIC DEVELO       6.75     03/04/20      CNY     60.77
YUYAO WATER RESOURCE        7.20     10/16/19      CNY     40.67
ZHANGJIAGANG FREE TRA       7.10     08/23/20      CNY     61.47
ZHANGJIAGANG FREE TRA       7.10     08/23/20      CNY     61.79
ZHANGJIAGANG JINCHENG       6.23     01/06/18      CNY     29.99
ZHANGJIAGANG MUNICIPA       6.43     11/27/19      CNY     60.79
ZHANGJIAJIE ECONOMIC        7.40     10/18/19      CNY     41.08
ZHANGJIAKOU CONSTRUCT       7.00     10/26/19      CNY     40.65
ZHANGJIAKOU TONGTAI H       6.90     07/05/18      CNY     40.41
ZHANGZHOU CITY CONSTR       6.60     03/26/20      CNY     60.88
ZHANJIANG INFRASTRUCT       6.93     10/21/20      CNY     60.70
ZHANJIANG INFRASTRUCT       6.93     10/21/20      CNY     61.96
ZHAOYUAN STATE-OWNED        6.64     12/31/19      CNY     60.88
ZHEJIANG GUOXING INVE       8.15     03/09/18      CNY     25.20
ZHEJIANG GUOXING INVE       8.15     03/09/18      CNY     25.24
ZHEJIANG HUZHOU HUANT       6.70     11/28/19      CNY     60.73
ZHEJIANG JIASHAN ECON       7.05     12/03/19      CNY     60.98
ZHEJIANG JIASHAN ECON       7.05     12/03/19      CNY     61.09
ZHEJIANG PROVINCE DEQ       6.90     04/12/18      CNY     40.21
ZHEJIANG PROVINCE DEQ       6.40     02/22/20      CNY     60.56
ZHEJIANG PROVINCE XIN       6.60     04/24/20      CNY     60.87
ZHEJIANG PROVINCE XIN       6.60     04/24/20      CNY     61.20
ZHENGZHOU PUBLIC HOUS       5.98     07/17/20      CNY     60.42
ZHENGZHOU PUBLIC HOUS       5.98     07/17/20      CNY     60.74
ZHENJIANG CULTURE AND       6.60     01/30/20      CNY     60.37
ZHENJIANG TRANSPORTAT       7.29     05/08/19      CNY     40.58
ZHENJIANG TRANSPORTAT       7.29     05/08/19      CNY     41.91
ZHONGSHAN TRANSPORTAT       6.65     08/28/18      CNY     25.30
ZHOUSHAN DINGHAI STAT       7.25     08/31/20      CNY     56.56
ZHOUSHAN DINGHAI STAT       7.25     08/31/20      CNY     56.97
ZHUCHENG ECONOMIC DEV       6.40     04/26/18      CNY     20.01
ZHUCHENG ECONOMIC DEV       6.40     04/26/18      CNY     20.03
ZHUCHENG ECONOMIC DEV       7.50     08/25/18      CNY     21.61
ZHUCHENG ECONOMIC DEV       6.80     11/29/19      CNY     60.91
ZHUHAI HUAFA GROUP CO       8.43     02/16/18      CNY     25.18
ZHUHAI HUAFA GROUP CO       8.43     02/16/18      CNY     25.20
ZHUHAI HUAFA GROUP CO       5.50     06/05/19      CNY     50.50
ZHUHAI HUAFA GROUP CO       5.50     06/05/19      CNY     50.87
ZHUHAI HUIHUA INFRAST       7.15     09/17/20      CNY     61.56
ZHUHAI HUIHUA INFRAST       7.15     09/17/20      CNY     61.80
ZHUJI CITY CONSTRUCTI       6.92     07/05/18      CNY     40.39
ZHUJI CITY CONSTRUCTI       6.92     12/19/19      CNY     61.06
ZHUMADIAN INVESTMENT        6.95     11/26/19      CNY     61.07
ZHUZHOU CITY CONSTRUC       6.95     10/16/20      CNY     61.08
ZHUZHOU CITY CONSTRUC       6.95     10/16/20      CNY     62.14
ZHUZHOU GECKOR GROUP        7.82     08/18/18      CNY     40.76
ZHUZHOU GECKOR GROUP        7.50     09/10/19      CNY     40.99
ZHUZHOU GECKOR GROUP        7.50     09/10/19      CNY     41.06
ZHUZHOU YUNLONG DEVEL       6.78     11/19/19      CNY     60.70
ZIBO CITY PROPERTY CO       5.45     04/27/19      CNY     24.12
ZIBO CITY PROPERTY CO       6.83     08/22/19      CNY     40.95
ZIGONG GAOXIN INVESTM       6.30     03/13/20      CNY     60.90
ZIGONG STATE-OWNED AS       6.86     06/17/18      CNY     40.35
ZIYANG CITY CONSTRUCT       7.58     01/09/19      CNY     50.46
ZIYANG WATER INVESTME       7.40     10/21/20      CNY     61.70
ZOUCHENG CITY ASSET O       7.02     01/12/18      CNY     20.11
ZOUCHENG CITY ASSET O       6.18     03/12/19      CNY     50.30
ZOUCHENG CITY ASSET O       6.18     03/12/19      CNY     50.34
ZOUPING COUNTY STATE-       6.98     04/27/18      CNY     40.25
ZUNYI CITY HUICHUAN D       6.75     04/24/19      CNY     50.62
ZUNYI INVESTMENT GROU       8.53     03/13/19      CNY     41.12
ZUNYI ROAD & BRIDGE E       7.15     08/17/20      CNY     55.70
ZUNYI ROAD & BRIDGE E       7.15     08/17/20      CNY     57.20
ZUNYI STATE-OWNED ASS       6.98     12/26/19      CNY     61.08


HONG KONG
---------

CHINA CITY CONSTRUCTI       5.35     07/03/17      CNY     66.50


INDONESIA
---------

BERAU COAL ENERGY TBK       7.25     03/13/17      USD     52.14
BERAU COAL ENERGY TBK       7.25     03/13/17      USD     52.66
DAVOMAS INTERNATIONAL      11.00     12/08/14      USD      0.50
DAVOMAS INTERNATIONAL      11.00     12/08/14      USD      0.76
DAVOMAS INTERNATIONAL      11.00     05/09/11      USD      0.76
DAVOMAS INTERNATIONAL      11.00     05/09/11      USD      0.76


INDIA
-----

3I INFOTECH LTD             2.50     03/31/25      USD     14.13
BLUE DART EXPRESS LTD       9.30     11/20/17      INR     10.01
BLUE DART EXPRESS LTD       9.40     11/20/18      INR     10.21
BLUE DART EXPRESS LTD       9.50     11/20/19      INR     10.39
CORE EDUCATION & TECH       7.00     05/07/49      USD      0.59
GTL INFRASTRUCTURE LT       5.53     11/09/17      USD     60.00
JAIPRAKASH ASSOCIATES       5.75     09/08/17      USD     55.50
JAIPRAKASH POWER VENT       7.00     02/13/49      USD     20.88
JCT LTD                     2.50     04/08/11      USD     27.00
PRAKASH INDUSTRIES LT       5.25     04/30/15      USD     21.00
PYRAMID SAIMIRA THEAT       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 COMMUNICATIO       6.50     11/06/20      USD     38.50
SVOGL OIL GAS & ENERG       5.00     08/17/15      USD      1.55
VIDEOCON INDUSTRIES L       2.80     12/31/20      USD     59.99


JAPAN
-----

EAST JAPAN RAILWAY CO       0.50     07/28/56      JPY     74.78
MICRON MEMORY JAPAN I       2.03     03/22/12      JPY     13.75
MICRON MEMORY JAPAN I       2.10     11/29/12      JPY     13.75
MICRON MEMORY JAPAN I       2.29     12/07/12      JPY     13.75
TAKATA CORP                 0.58     03/26/21      JPY      6.75
TAKATA CORP                 0.85     03/06/19      JPY      7.13
TAKATA CORP                 1.02     12/15/17      JPY      8.75


KOREA
-----

2016 KIBO 1ST SECURIT       5.00     09/13/18      KRW     72.83
DOOSAN CAPITAL SECURI      20.00     04/22/19      KRW     57.66
EXPORT-IMPORT BANK OF       4.50     10/18/32      KRW     68.61
INDUSTRIAL BANK OF KO       3.84     03/10/45      KRW     43.10
KIBO ABS SPECIALTY CO       5.00     12/25/19      KRW     69.16
KIBO ABS SPECIALTY CO       5.00     08/29/19      KRW     70.09
KIBO ABS SPECIALTY CO       5.00     02/26/19      KRW     71.29
KIBO ABS SPECIALTY CO       5.00     02/25/19      KRW     71.55
KIBO ABS SPECIALTY CO       5.00     12/25/17      KRW     75.05
KOREA SOUTH-EAST POWE       4.38     12/07/42      KRW     57.58
KOREA SOUTH-EAST POWE       4.44     12/07/42      KRW     58.26
KOREA TREASURY BOND         1.50     09/10/66      KRW     72.01
MERITZ CAPITAL CO LTD       5.66     04/28/46      KRW     37.89
MERITZ CAPITAL CO LTD       5.44     09/29/46      KRW     38.75
OKC SECURITIZATION SP      10.00     01/03/20      KRW     33.51
OKC SECURITIZATION SP       3.00     02/17/42      KRW     50.21
SAMPYO CEMENT CO LTD        7.30     04/12/15      KRW     70.00
SAMPYO CEMENT CO LTD        7.50     09/10/14      KRW     70.00
SAMPYO CEMENT CO LTD        7.50     07/20/14      KRW     70.00
SAMPYO CEMENT CO LTD        7.50     04/20/14      KRW     70.00
SAMPYO CEMENT CO LTD        7.30     06/26/15      KRW     70.00
SHINHAN BANK CO LTD         4.20     08/07/32      KRW     71.43
SHINHAN BANK CO LTD         4.00     08/29/32      KRW     72.69
SHINHAN BANK CO LTD         3.83     12/08/31      KRW     74.85
SHINHAN BANK CO LTD         3.83     12/08/31      KRW     74.85
SINBO SECURITIZATION        5.00     01/27/21      KRW     69.19
SINBO SECURITIZATION        5.00     10/30/19      KRW     69.41
SINBO SECURITIZATION        5.00     12/22/20      KRW     69.43
SINBO SECURITIZATION        5.00     09/23/20      KRW     70.10
SINBO SECURITIZATION        5.00     08/26/20      KRW     70.32
SINBO SECURITIZATION        5.00     07/28/20      KRW     70.54
SINBO SECURITIZATION        5.00     06/24/19      KRW     70.62
SINBO SECURITIZATION        5.00     03/13/19      KRW     71.42
SINBO SECURITIZATION        5.00     02/25/20      KRW     71.78
SINBO SECURITIZATION        5.00     01/28/20      KRW     72.00
SINBO SECURITIZATION        5.00     12/30/19      KRW     72.23
SINBO SECURITIZATION        5.00     09/30/19      KRW     72.97
SINBO SECURITIZATION        5.00     07/29/18      KRW     73.19
SINBO SECURITIZATION        5.00     08/27/19      KRW     73.26
SINBO SECURITIZATION        5.00     06/25/18      KRW     73.46
SINBO SECURITIZATION        5.00     07/29/19      KRW     73.49
SINBO SECURITIZATION        5.00     05/26/18      KRW     73.68
SINBO SECURITIZATION        5.00     06/25/19      KRW     73.78
SINBO SECURITIZATION        5.00     03/18/19      KRW     74.59
SINBO SECURITIZATION        5.00     03/18/19      KRW     74.59
SINBO SECURITIZATION        5.00     02/27/19      KRW     74.76
SINBO SECURITIZATION        5.00     02/27/19      KRW     74.76
SINBO SECURITIZATION        5.00     01/30/19      KRW     74.99
SINBO SECURITIZATION        5.00     01/30/19      KRW     74.99
SINBO SECURITIZATION        5.00     12/23/17      KRW     75.08
WISE MOBILE SECURITIZ      20.00     09/17/18      KRW     74.10
WOORI BANK                  5.21     12/12/44      KRW    293.31

SRI LANKA
---------

SRI LANKA GOVERNMENT        5.35     03/01/26      LKR     72.51



MALAYSIA
--------

ADVANCE SYNERGY BHD         2.00     01/26/18      MYR      0.07
AEON CREDIT SERVICE M       3.50     09/15/20      MYR      1.31
ASIAN PAC HOLDINGS BH       3.00     05/25/22      MYR      0.88
BARAKAH OFFSHORE PETR       3.50     10/24/18      MYR      0.40
BERJAYA CORP BHD            2.00     05/29/26      MYR      0.36
BERJAYA CORP BHD            5.00     04/22/22      MYR      0.45
BRIGHT FOCUS BHD            2.50     01/22/31      MYR     72.59
ELK-DESA RESOURCES BH       3.25     04/14/22      MYR      0.98
HIAP TECK VENTURE BHD       5.00     06/27/21      MYR      0.41
I-BHD                       3.00     10/09/19      MYR      0.42
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 MANUFA       0.50     12/17/25      MYR     66.04
PUC BHD                     4.00     02/15/19      MYR      0.13
REDTONE INTERNATIONAL       2.75     03/04/20      MYR      0.15
SEE HUP CONSOLIDATED        4.60     12/22/17      MYR      0.10
SENAI-DESARU EXPRESSW       1.35     06/30/31      MYR     54.46
SENAI-DESARU EXPRESSW       1.35     12/31/30      MYR     55.75
SENAI-DESARU EXPRESSW       1.35     06/28/30      MYR     57.11
SENAI-DESARU EXPRESSW       1.35     12/31/29      MYR     58.47
SENAI-DESARU EXPRESSW       1.35     12/29/28      MYR     61.25
SENAI-DESARU EXPRESSW       1.35     06/30/28      MYR     62.62
SENAI-DESARU EXPRESSW       1.35     12/31/27      MYR     63.97
SENAI-DESARU EXPRESSW       1.35     06/30/27      MYR     65.35
SENAI-DESARU EXPRESSW       1.35     06/30/26      MYR     68.24
SENAI-DESARU EXPRESSW       1.15     06/30/25      MYR     70.01
SENAI-DESARU EXPRESSW       1.15     12/31/24      MYR     71.61
SENAI-DESARU EXPRESSW       1.15     06/28/24      MYR     73.31
SENAI-DESARU EXPRESSW       0.50     12/31/38      MYR     73.37
SENAI-DESARU EXPRESSW       1.15     12/29/23      MYR     75.01
SENAI-DESARU EXPRESSW       0.50     12/30/39      MYR     75.08
SOUTHERN STEEL BHD          5.00     01/24/20      MYR      2.05
THONG GUAN INDUSTRIES       5.00     10/10/19      MYR      4.41
UNIMECH GROUP BHD           5.00     09/18/18      MYR      1.00
VIZIONE HOLDINGS BHD        3.00     08/08/21      MYR      0.08
YTL LAND & DEVELOPMEN       3.00     10/31/21      MYR      0.46


NEW ZEALAND
-----------

PRECINCT PROPERTIES N       4.80     09/27/21      NZD      1.03


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS L       5.85     10/01/21      SGD     44.00
ASL MARINE HOLDINGS L       5.50     03/28/20      SGD     69.38
AUSGROUP LTD                7.95     10/20/18      SGD     48.00
BAKRIE TELECOM PTE LT      11.50     05/07/15      USD      0.68
BAKRIE TELECOM PTE LT      11.50     05/07/15      USD      1.00
BERAU CAPITAL RESOURC      12.50     07/08/15      USD     52.57
BERAU CAPITAL RESOURC      12.50     07/08/15      USD     52.88
BLD INVESTMENTS PTE L       8.63     03/23/15      USD      3.80
BLUE OCEAN RESOURCES        4.00     12/31/20      USD     23.62
ENERCOAL RESOURCES PT       9.25     08/05/14      USD     41.15
EZION HOLDINGS LTD          4.70     05/22/19      SGD     15.00
EZION HOLDINGS LTD          4.60     08/20/18      SGD     15.00
EZION HOLDINGS LTD          4.85     01/23/19      SGD     15.00
EZION HOLDINGS LTD          5.10     03/13/20      SGD     15.38
EZION HOLDINGS LTD          4.88     06/11/21      SGD     45.00
EZRA HOLDINGS LTD           4.88     04/24/18      SGD      4.59
GOLIATH OFFSHORE HOLD      12.00     06/11/18      USD      1.02
INDO INFRASTRUCTURE G       2.00     07/30/10      USD      1.00
ORO NEGRO DRILLING PT       7.50     01/24/19      USD     50.50
OSA GOLIATH PTE LTD        12.00     10/09/18      USD      0.62
PACIFIC RADIANCE LTD        4.30     08/29/18      SGD      9.75
RICKMERS MARITIME           8.45     05/15/17      SGD      5.00
SWIBER CAPITAL PTE LT       6.50     08/02/18      SGD      4.19
SWIBER CAPITAL PTE LT       6.25     10/30/17      SGD      4.19
SWIBER HOLDINGS LTD         5.55     10/10/16      SGD     12.50
SWIBER HOLDINGS LTD         7.75     09/18/17      CNY     13.63
SWIBER HOLDINGS LTD         7.13     04/18/17      SGD     13.63
TRIKOMSEL PTE LTD           5.25     05/10/16      SGD     16.00
TRIKOMSEL PTE LTD           7.88     06/05/17      SGD     16.00


THAILAND
--------

G STEEL PCL                 3.00     10/04/15      USD      2.55
MDX PCL                     4.75     09/17/03      USD     37.75


VIETNAM
-------

DEBT AND ASSET TRADIN       1.00     10/10/25      USD     69.63
DEBT AND ASSET TRADIN       1.00     10/10/25      USD     69.68



                             *********

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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