/raid1/www/Hosts/bankrupt/TCRAP_Public/171114.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 14, 2017, Vol. 20, No. 226


                            Headlines


A U S T R A L I A

CZL GROUP: Second Creditors' Meeting Scheduled for Nov. 22
GROCON CONSTRUCTION: Has About AUD900K Overdue to Contractors
HESLOP CONTRACT: Second Creditors' Meeting Set for Nov. 22
MAGNUM ASTON: Second Creditors' Meeting Set for Nov. 21
TEN NETWORK: Australian Court Approves CBS Takeover


C H I N A

CHINA EVERGRANDE: Moody's Hikes CFR to B1; Outlook Stable
YANCHENG ORIENTAL: Fitch Affirms BB+ LT IDR; Outlook Stable
YANGO JUSTICE: Moody's Puts B3 Sr. Unsecured Rating to USD Notes


H O N G  K O N G

NOBLE GROUP: Loses Key Bank Support as DBS Cuts Lending


I N D I A

70 REALTY: CARE Moves 'D' Rating to Not Cooperating Category
A.S. TRADERS: CARE Assigns B+ Rating to INR8.50cr LT Loan
AIRTEC ELECTROVISION: CARE Moves B+ Rating to Not Cooperating
AK METALS: CRISIL Reaffirms 'B+' Rating on INR9MM Cash Loan
BALAJI COAL: Ind-Ra Migrates BB+ Issuer Rating to Not Cooperating

BHAVYA BEVERAGES: CARE Assigns B+ Rating to INR4.98cr LT Loan
COUPLE INTERNATIONAL: CARE Cuts Rating on INR8.70cr Loan to D
DATTA AGRO: CARE Lowers Rating on INR30.09cr LT Loan to 'D'
DESAI INFRA: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable
DHAWAN TRADING: CARE Moves 'B' Rating to Not Cooperating Category

DIGNITY INNOVATIONS: Ind-Ra Puts 'B+' Long Term Issuer Rating
DIVINE CHEM: CARE Moves B+ Rating to Not Cooperating Category
GINGER INFRA: CARE Lowers Rating on INR15cr LT Loan to 'D'
INNOVATIVE TECHNOMICS: CRISIL Reaffirms D Rating on INR6MM Loan
LAKSHMI COT: CARE Assigns B+ Rating to INR13.54cr LT Loan

LAKSHMI COTTON: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
LUXMI RICE: CRISIL Reaffirms B+ Rating on INR9MM Whse Loan
MEGHRAJ INTERNATIONAL: CARE Moves B+ Rating to Not Cooperating
MUPPA PROJECTS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
R K ENTERPRISE: Ind-Ra Moves BB- Issuer Rating to Not Cooperating

RATAN ALUMINUM: CRISIL Reaffirms 'B+' Rating on INR10MM Cash Loan
RICOH INDIA: Ind-Ra Downgrades LT Issuer Rating to 'D', Off RWN
S. V. FOODS: CARE Reaffirms 'B' Rating on INR6.50cr LT Loan
SAHIBZADA AJIT: CRISIL Reaffirms 'D' Rating on INR22MM Overdraft
SHREE RR: CARE Moves D Rating to Not Cooperating Category

SHRI BALAJI: CRISIL Reaffirms B- Rating on INR5.84MM Term Loan
SILMOHAN GEMS: CARE Raises Rating on INR10.19cr ST Loan From D
SRI LAXMI: CARE Moves 'D' Rating to Not Cooperating Category
SWAASA PHARMA: CARE Assigns B+ Rating to INR13.53cr LT Loan
TOPLON INDUSTRIES: CRISIL Reaffirms B Rating on INR6.5MM LT Loan

TULASI INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR4.95MM Loan
VIBRANT LAMINATE: CARE Assigns B+ Rating to INR13.50cr LT Loan
WOMENS NATIONAL: CARE Assigns 'B' Rating to INR9cr LT Loan
YUGA BUILDERS: CRISIL Reaffirms 'B' Rating on INR13.5MM Term Loan


J A P A N

TAKATA CORP: Set to File Restructuring Plan by Nov. 27
TOSHIBA CORP: Mulls Raising JPY600B in Capital to Avoid Delisting


M A L A Y S I A

PERISAI PETROLEUM: Has Until Feb 11 to Submit Regularisation Plan


N E W  Z E A L A N D

LWR INDUSTRIES: Receivers Put Two Industrial Properties on Market


S I N G A P O R E

AVATION GROUP: Fitch Withdraws B+ Sr. Unsecured Notes Rating


X X X X X X X X

* BOND PRICING: For the Week Nov. 6 to Nov. 10, 2017


                            - - - - -


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A U S T R A L I A
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CZL GROUP: Second Creditors' Meeting Scheduled for Nov. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of CZL Group
Pty. Ltd. has been set for Nov. 22, 2017, at 10:00 a.m., at the
offices of PKF, 755 Hunter Street, in Newcastle, West New South
Wales.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2017, at 4:00 p.m.

Simon Thorn of PKF was appointed as administrator of CZL Group on
Oct. 18, 2017.


GROCON CONSTRUCTION: Has About AUD900K Overdue to Contractors
-------------------------------------------------------------
Ryan Keen at Gold Coast Bulletin reports that a Commonwealth
Games Athletes Village contractor out of pocket close to
AUD900,000 said at least half a dozen others are owed even more
by Grocon Construction.

The extent of overdue debts to contractors on the Parklands
Project emerged on Nov. 9 - with one claiming it's far worse than
initially estimated, running into tens of millions, the report
states.

A veteran contractor told the Bulletin that the reported overdue
debts of hundreds of thousands were "chump change" compared to
amounts he was aware of.

"That's only scratching the surface. We are talking many millions
owed," he said, the Bulletin relays.

His company, a major contractor on the site, was owed close to
AUD500,000 from September invoices, now overdue by just under two
weeks ago, according to the Bulletin.

The firm is owed close to another AUD400,000 for work in October,
due to be paid in three weeks time, the report says.

He was aware of at least half a dozen other major site
contractors owed even bigger sums: "And my expectations for
getting the whole lot are growing slimmer by the moment".

The Bulletin on Nov. 9 revealed contractors were awaiting payment
on amounts ranging from AUD20,000 to AUD1 million, prompting
furious Games Minister Kate Jones to give Grocon another verbal
lashing.

Two were paid immediately after the Bulletin contacted Grocon
about the debts on Nov. 9.

Earlier this year, Ms. Jones ordered Grocon CEO Craig Mitchell to
a meeting in Brisbane with her and State Development Minister
Anthony Lynham, the Bulletin recalls. The Ministers demanded
payment for subbies left out-of-pocket by the Games site collapse
of Grocon contractor Ware Building, the report relates.

The Bulletin meanwhile reports that workers continue to fix
defects in an entire block on site more than six weeks after
Grocon temporarily handed it over to State Government for use as
the Games Village.

Grocon executive chairman Daniel Grollo told the Bulletin: "We
said we would finish the project. We are finishing the project
and not walking away from our commitments."

The Bulletin relates that Mr. Grollo said Grocon surrendered its
Queensland building licence on Nov. 9 to "put calm into the
market".

"As a proactive step to managing the situation, Grocon wanted to
make it clear it wouldn't be taking on any further work locally
while sorting the Parklands project out," the report quotes Mr.
Grollo as saying.

It is understood Grocon has lost more than AUD20 million on the
project, the Bulletin notes.

A Grocon statement said all subcontractors would be paid, the
report adds.


HESLOP CONTRACT: Second Creditors' Meeting Set for Nov. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of Heslop
Contract Casters Pty Ltd has been set for Nov. 22, 2017, at
10:30 a.m., at the offices of Lowe Lippmann, Level 7, 616 St
Kilda Road, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 21, 2017, at 4:00 p.m.

Gideon Isaac Rathner and Matthew Sweeny of Lowe Lippmann were
appointed as administrators of Heslop Contract on Aug. 16, 2017.


MAGNUM ASTON: Second Creditors' Meeting Set for Nov. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of Magnum Aston
Pty Ltd has been set for Nov. 21, 2017, at 10:30 a.m., at the
offices of PPB Advisory, Level 21, 140 St Georges Terrace, in
Perth, West Australia.

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. 20, 2017, at 4:00 p.m.

Simon Guy Theobald and Melissa Humann of PPB Advisory were
appointed as administrators of Magnum Aston on Oct. 17, 2017.


TEN NETWORK: Australian Court Approves CBS Takeover
---------------------------------------------------
news.com.au reports that US media giant CBS's AUD41 million
takeover of the Ten Network will proceed, with a court approving
the transfer of all shares in the local network to the American
company.

Handing down his decision in the NSW Supreme Court on Nov. 10,
Justice Ashley Black said there was "no prejudice or unfair
prejudice arising" from the transfer of Ten shares to CBS,
however he ordered a short adjournment to give two minor
shareholders opposing the transfer time to review the judgment,
according to news.com.au.

The report relates that the CBS takeover, which will leave
existing shareholders empty-handed, trumped a competing offer
from billionaire Ten shareholders Lachlan Murdoch and Bruce
Gordon and was almost unanimously backed by Ten's creditors,
including the broadcaster's employees, at a meeting in September.
Justice Black's decision over the transfer of shares to CBS is
the final step in the takeover of the embattled broadcaster,
which began when the troubled network slipped into voluntary
administration on June 16, news.com.au states.

A spokesman from KordaMentha, Ten's administrator, said it was
taking nothing for granted in the final judgment but was
expecting a positive outcome, news.com.au relays.

                         About Network Ten

Network Ten is a division of Ten Network Holdings, one of
Australia's leading entertainment and news content companies,
with free-to-air television and digital media assets. Ten Network
Holdings includes three free-to-air television channels - TEN/TEN
HD, ELEVEN and ONE - in Australia's five metropolitan markets of
Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online
catch-up and streaming service tenplay.

Network Ten was forced to go into voluntary administration in
June 2017 when its billionaire shareholders backed out from
guaranteeing a loan for the Company. KordaMentha Restructuring
partners Mark Korda, Jenny Nettleton and Jarrod Villani were
appointed as voluntary administrators of Ten Network and
its subsidiaries on June 14, 2017.

The creditors of Ten Network on Sept. 19, 2017, voted in favor of
a AUD209.7 million takeover bid from CBS Corp.



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CHINA EVERGRANDE: Moody's Hikes CFR to B1; Outlook Stable
---------------------------------------------------------
Moody's Investors Service has upgraded China Evergrande Group's
corporate family rating to B1 from B2 and senior unsecured debt
rating to B2 from B3.

The outlook for the ratings is stable.

RATINGS RATIONALE

"The upgrade reflects Moody's expectation that Evergrande will
deleverage and maintain sufficient liquidity in the next 12-18
months consistent with a corporate family rating of B1," says
Franco Leung, a Moody's Vice President and Senior Credit Officer.

Moody's expects that Evergrande's adjusted debt leverage --
measured by revenue/adjusted debt -- will improve to 55%-65% over
the next 12-18 months from around 41% for the 12 months ended
June 2017 and around 32% in 2016. Such levels support the
company's B1 corporate family rating.

The expected improvement in debt leverage will come from a
combination of slow debt growth consistent with the company's
deleveraging plans as well as the maintenance of positive growth
in contracted sales.

Evergrande current business plan is to reduce its land reserves
by approximately 5%-10% per annum between July 2017 and June
2020. This strategy will decrease its capital expenditure
requirements which will in turn reduce debt leverage.

Evergrande's sizable land reserves, which totaled 276 million
square meters in gross floor area at end-June 2017, will support
its positive contracted sales growth. Moody's expects the company
to achieve contracted sales growth of around 10% in the next 12
months. This compared with the 33% year-on-year growth to RMB422
billion for the first ten months of 2017 and 85% year-on-year
growth to RMB373 billion for the full year 2016.

Moody's projected slower contracted sales growth has considered
the company's goal to deleverage and maintain improved gross
profit margins.

Moody's expects Evergrande to sustain its improved gross profit
margin of 35.8% in 1H 2017, which was up from 28.3% in 1H 2016.

The combination of a slowdown in debt growth and improved gross
margins will lead to improvements in interest coverage - measured
by adjusted EBIT/interest -- to 2.3x-2.5x over the next 12-18
months from around 1.8x for the 12 months ended June 2017. These
levels are comparable to its B1 peers.

Moreover, the company's liquidity position will strengthen,
especially after the receipt of RMB60 billion from investors
investing in its subsidiary, Hengda Real Estate Group Company
Limited. Therefore, Moody's expects its cash/short-term debt over
the next 12-18 months will increase above 1.0x-1.2x from 0.9x at
end-June 2017.

Evergrande's B1 corporate family rating reflects its solid market
position, strong sales execution, as well as its nationwide and
broad geographic coverage.

However, the rating is constrained by the high business and
financial risks associated with Evergrande's high debt leverage,
despite the company's plan to gradually deleverage.

The stable ratings outlook reflects the company's new business
strategy of pursuing improvements to its profitability and debt
leverage.

Upward ratings pressure could emerge if Evergrande: (1)
demonstrates further improvements in its discipline on business
growth and acquisitions; (2) shows a sufficient liquidity
position; and (3) improves its credit metrics.

Financial indicators of rating upgrade pressure could include (1)
cash/short term debt exceeds 1.25x; (2) revenue/ adjusted debt
exceeds 75%- 80%; and (3) EBIT/ interest to exceeds 2.5x -- 3.0x
on a sustainable basis.

On the other hand, downward ratings pressure could emerge if the
company shows (1) aggressive acquisitions and high-growth
strategy; (2) a lack of progress in debt deleveraging; (3) a
weakening liquidity; or (4) a material reduction in its ownership
of its key subsidiaries.

Financial indicators of rating downgrade pressure could include
(1) cash/short term debt below 1.0x; (2) revenue/ adjusted debt
below 50%; and (3) EBIT/ interest below 2x.

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

China Evergrande Group is among the top five developers in China
by sales volume, with a standardized operating model. Founded in
1996 in Guangzhou, the company has rapidly expanded its business
across China over the past few years. At June 30, 2017, its land
bank totaled 276 million square meters in gross floor area across
223 cities in China.


YANCHENG ORIENTAL: Fitch Affirms BB+ LT IDR; Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed China-based Yancheng Oriental
Investment & Development Group Co., Ltd's (Yancheng Oriental)
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'BB+'. The Outlook is Stable.

Fitch has also affirmed the 'BB+' rating on the USD300 million
5.15% senior unsecured notes due 2019 issued by Yancheng
Oriental's wholly owned subsidiary, Oriental Capital Company
Limited (OCC).

The notes are rated at the same level as the Issuer Default
Rating of Yancheng Oriental, due to the strong link between OCC
and Yancheng Oriental, and the keepwell and liquidity support
deed and the deed of equity interest purchase undertaking granted
by Yancheng Oriental, which provide additional support and
transfer the ultimate responsibility of payment to Yancheng
Oriental.

KEY RATING DRIVERS

Linked to Yancheng Municipality: The ratings of Yancheng Oriental
are credit-linked to, but not equalised with, that of China's
Yancheng Municipality. The link reflects strong government
control and oversight, as well as mid-range strategic importance
to the municipality and integration with the government budget.
These factors result in a high likelihood of extraordinary
support, if needed, from the municipality.

Yancheng's Creditworthiness: Yancheng is a middle-tier
municipality in terms of demographics. In 2016, Yancheng's gross
regional product (GRP) ranked seventh among 13 prefecture-level
cities within Jiangsu Province and 37th among the top 100 cities
in China. Fitch expects Yancheng's overall credit profile to
remain stable, although its 2016 budgetary performance was hit by
a one-off national VAT reform, in line with other Chinese local
and regional governments.

Legal Status Midrange: Yancheng Oriental is registered as a
state-owned limited liability company and hence is allowed to go
bankrupt. The attribute was assessed at Midrange, as Yancheng
Oriental's legal status does not indicate automatic absorption of
its liabilities by Yancheng Municipality.

Control and Supervision Stronger: The attribute reflects the
government's ownership and tight control over Yancheng Oriental.
Under the shareholding structure, the municipality has ultimate
control and oversight of the company's strategic direction and
financing plans through the appointment of the company's board of
directors and the management committee of the Yancheng Economic-
Technological Development Zone (ETDZ). Yancheng Oriental plays a
vital role in developing and managing the zone's infrastructure
and housing.

Government Integration Midrange: Fitch views the government's
recurring financial support as evidence of its commitment towards
Yancheng Oriental's expansion. In 2016, Yancheng Oriental
received CNY210 million worth of asset injections and CNY181
million in subsidies that accounted for 69% of total profit. The
Midrange attribute has factored in the government's track record
of support and that Yancheng Oriental's finances are not
consolidated into the government budget.

Strategic Importance Midrange: Yancheng Oriental ranked second in
terms of total assets among the city's local-government financing
vehicles (LGFVs) and is the flagship vehicle within the ETDZ,
which accounted for about 8% of the city's GRP. The attribute was
assessed at Midrange as Yancheng Oriental has a limited
geographical scope and there is more than one urban developer
within Yancheng Municipality.

Weak Standalone Profile: As a public-sector entity, Yancheng
Oriental's financial profile is characterised by large capex,
negative free cash flow and high leverage. The company's
liquidity could be adversely affected by any extension in the
settlement of project buybacks by the municipality and sizeable
receivables due from Yancheng ETDZ's Finance Bureau.

RATING SENSITIVITIES

Linkage With Municipality: A stronger or more explicit support
commitment from Yancheng Municipality may trigger positive rating
action on Yancheng Oriental. Significant changes to Yancheng
Oriental's strategic importance, a dilution in government
shareholding, and/or reduced government support, could result in
a downgrade.

A change in Fitch's internal credit view on Yancheng Municipality
may trigger a corresponding rating action on Yancheng Oriental.


YANGO JUSTICE: Moody's Puts B3 Sr. Unsecured Rating to USD Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to the USD notes to be issued by Yango Justice
International Limited and guaranteed by Yango Group Co., Ltd
(Yango, B2 stable).

The ratings outlook is stable.

Yango plans to use the proceeds from the proposed notes mainly to
refinance existing indebtedness.

The notes rating reflects Moody's expectation that Yango will
complete the note issuance upon satisfactory terms and
conditions, including proper registrations with the National
Development and Reform Commission and the State Administration of
Foreign Exchange in China (A1 stable).

RATINGS RATIONALE

"The proposed note issuance will not have a material impact on
Yango's credit metrics, because the proceeds will be mainly used
for refinancing," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.

In addition, the proposed issuance will lengthen the company's
debt maturity profile.

Yango's B2 corporate family rating (CFR) reflects the company's
strong sales execution, large scale and good track record in
Fujian Province and the Yangtze River Delta. It is also supported
by its ability to access the domestic debt market.

On the other hand, the company's B2 rating is constrained by its
weak financial metrics due to its sizeable debt-funded land
acquisitions to support sales growth, as well as its expansion
into new regions. It is also constrained by weak cash collections
from contracted sales.

Nevertheless, Moody's expects the company to adopt a more
measured approach to land acquisitions. Accordingly, its debt
growth will likely slow down over the next 2 years.

As a result, revenue/adjusted debt could improve to around 30%-
40% and interest coverage to 1.6x-1.7x in the next 12-18 months
from 22% and 1.5x for the 12 months to June 30, 2017
respectively. Such levels are comparable with those of its B2-
rated Chinese property peers.

Yango's CFR also factors in the company's weak liquidity position
due to its slow cash collections. Its cash balance of around
RMB31.2 billion at the end of June 2017 was inadequate to cover
its short-term debt of around RMB35.4 billion.

The B3 senior unsecured rating on the proposed notes is one notch
lower than Yango's CFR, reflecting subordination risk for senior
unsecured note holders.

The ratings outlook is stable, reflecting Moody's expectation
that Yango will (1) be able to refinance its short-term debt; (2)
maintain strong contracted sales growth; and (3) adopt a more
measured approach in land acquisitions to improve its liquidity
and debt leverage positions over the next 12 to 18 months.

Upward ratings pressure could emerge if Yango shows a track
record of improvement in its liquidity and debt leverage
positions, while maintaining strong contracted sales growth.

Credit metrics indicative of upward rating pressure include: (1)
revenue/adjusted debt above 60%-65%, (2) adjusted EBIT/interest
cover above 2x; and (3) cash/short-term debt above 1.25x on a
sustained basis.

Downward rating pressure could emerge if there is a deterioration
in Yango's credit metrics or liquidity position, such as
increased refinancing risk.

Credit metrics indicative of downward ratings pressure include
adjusted EBIT/interest coverage below 1.25x-1.50x.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015. Please
see the Rating Methodologies page on www.moodys.com for a copy of
this methodology.

Yango Group Co., Ltd is a Chinese property developer focused on
the Greater Fujian, Yangtze River Delta, and Pearl River Delta
regions. It listed on the Shenzhen Stock Exchange in 2002.

Its operations are mainly focused on mass-market residential
property development. It had a total land bank of around 30.1
million square meters across 31 cities at the end of June 2017.



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H O N G  K O N G
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NOBLE GROUP: Loses Key Bank Support as DBS Cuts Lending
-------------------------------------------------------
Bloomberg News reports that Noble Group Ltd., the commodity
trader fighting for survival, lost support from one of its key
banks as Singapore's DBS Group Holdings Ltd. cut lending,
according to a person with knowledge of the matter. Shares fell,
the report states.

DBS sold its $60 million stake in Noble's $1.1 billion revolving
credit facility due in May next year, and also closed some other
financing to the company, the person said, asking not to be named
because the matter is private, Bloomberg relates. It's unclear
whether the bank still has any remaining credit exposure to the
trader.

According to Bloomberg, the withdrawal by a core bank is the
latest blow to Noble as it moves towards an all-but inevitable
debt restructuring, battered by losses of more than $3 billion so
far this year. Noble and DBS declined to comment, Bloomberg
notes. The move by DBS to cut its exposure to Noble was first
reported by Debtwire.

Bloomberg says DBS had been a key supporter of Noble through a
crisis at the Hong Kong-based trader that's run for more than two
years. Noble Chairman Paul Brough recently mentioned DBS together
with Societe Generale SA and ING Groep NV for having helped
support the company through a crisis of confidence following its
announcement of a surprise first-quarter trading loss, the report
notes.

In an August earnings call, Mr. Brough highlighted "the great
support we received from my bilateral banks, SocGen, ING and DBS"
as having been key to securing sufficient trade finance to
support Noble's Asian business -- the part of the company that
remains after the sale of its U.S.-focused oil unit to Vitol
Group, Bloomberg recalls.

The bank, whose biggest shareholder is Singapore state investment
company Temasek Holdings Pte, was a member of a steering
committee of lenders under the RCF which was formed earlier this
year, Bloomberg discloses.

Noble, listed in Singapore, fell 8 percent to 23 Singapore cents
on Nov. 13, the lowest since 1999, and has lost 86 percent this
year, Bloomberg discloses. The company, once worth almost $12
billion, has seen its market capitalization plummet to just $222
million amid criticism of its accounting practices led by Iceberg
Research.

According to Bloomberg, Noble has already experienced a drastic
squeeze in financing availability -- a key resource for trading
houses whose core business is to buy and sell commodities using
credit. It said on Nov. 9 that liquidity headroom -- a measure of
capital available to fund its business -- fell 43 percent over
the third quarter, while available cash at continuing operations
shrank to the lowest in more than a decade.

On top of the RCF line, and a borrowing base loan that it's
planning to close after the sale of its oil business, Noble has
outstanding bonds maturing next year, 2020 and 2022 plus a
perpetual note, Bloomberg discloses. Noble has "had to manage
liquidity very carefully," the report quotes Mr. Brough as
saying. "That has obviously impacted our ability to trade and
therefore our trading results."

                          About Noble Group

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

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



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70 REALTY: CARE Moves 'D' Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has been seeking information from 70 Realty to
monitor the rating(s) vide e-mail communications/ letters dated
October 25, 2017, October 17, 2017, October 3, 2017, August 23,
2017, August 8, 2017, June 21, 2017, June 8, 2017, April 26, 2017
and numerous phone calls. However, despite CARE's repeated
requests, the entity has not provided the requisite information
for monitoring the ratings.  In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on 70 Realty bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         8.73       CARE D; 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.

Detailed description of the key rating drivers

At the time of last rating done on July 26, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delays in debt servicing: The account of 70 Realty has been
irregular in debt servicing owing to weak liquidity position and
ongoing delays.

Surat (Gujarat) based, 70 Realty was established as a partnership
firm in 2011 by five partners. However, during March, 2015, due
to some conflicts between partners related to operations of the
entity, partnership firm was liquidated and as per new
partnership deed dated March 31, 2015, 70 Realty is promoted by
two partners. 70 Realty is currently executing a residential
project with flats at Surat named 'Manidhari Luxuria' which
comprises of 92 flats of 3 BHK and 4 BHK involving a total
saleable area of 160897Square Feet area.

The project implementation commenced in March 2013, however, due
to conflict in partnership the project was put on hold for one
year (from September 2014 to August 2015) which resulted into
delay in completion of project. Till May 31, 2016, 70 Realty had
incurred a total cost of INR 22.20 crore (69% of total project
cost) out of the total cost of INR 32.30 crore and rest is
expected to be incurred by end of December, 2016. 70 Realty has
received approvals for land and other relevant clearances for the
project.


A.S. TRADERS: CARE Assigns B+ Rating to INR8.50cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of A.S.
Traders (AST), as:

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

   Short-term Bank
   Facilities            2.50        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AST is constrained
by its small and fluctuating scale of operations, leveraged
capital structure and elongated collection period. The ratings
are further constrained by firm's presence in highly regulated
and competitive nature of industry, dependence upon single
principal distributorship and partnership nature of constitution.
The ratings, however, derive strength from experienced partners,
moderate profitability margins & debt coverage indicators, and
favorable prospects for the alcoholic beverage market in India.

Going forward, the ability of the firm to scale up its operations
while improving its overall solvency position and to reduce
reliance on single principal would remain its key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations: Owing to short track
record of operations, the firm's scale of operations has remained
small marked by total operating income (TOI) of INR 70.93 crore
in FY17(refers to the period April 01 to March 31). The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits. Furthermore, AST witnessed
fluctuating scale of operations in FY15- FY17 period.

Leverage capital structure: The capital structure of the firm
stood leveraged with overall gearing ratio of 16.51x as on
March 31, 2017 mainly on account of firm's reliance on borrowings
to fund various business requirements. The same deteriorated from
14.82x as on March 31, 2016 due to withdrawal of capital of
INR1.90 crore in FY17.

Elongated collection period: The collection period stood
elongated at 70 days for FY17. The firm extends credit period of
around two- three months to its customers, however, the firm
receives credit of up to one and a half months from its suppliers
resulting in an average creditor period of 44 days for FY17. The
firm maintains inventory for around 10-20 days to ensure ready
availability of stock to meet requirements of dealers resulting
in average inventory period of 8 days for FY17.

Dependence upon UBL and competition from other distributors in
liquor industry: The beer of UBL constitutes the product
portfolio of the firm which makes the firm vulnerable to the risk
of change in policy by the principal with regards to
distributorship. The distributorship is generally awarded based
on existing relationship and the past performance of the
distributor and as such there is no binding obligation on the
principal to renew the contract. Nevertheless, the firm has
maintained long term relationship with UBL through AST and its
group concerns.

AST is engaged in distribution of UBL's beer in Punjab region.
The industry is characterized by high fragmentation mainly due to
presence of a large number of other distributors (distributors of
competing brand owners).

High level of risk on account of regulatory environment: The
Indian alcohol industry is a high-risk industry, on account of
the high taxes and innumerable regulations governing it.
Furthermore, liquor being a state subject, every state has
different regulations and tax rates for the industry apart from
restrictions as well as levies on the inter-state movement. The
high level of taxes and levies as well as the fact that
companies' little control over distribution implies limited
pricing flexibility which consequently results in the players'
low margins.

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

Key Rating Strengths

Experienced partners: Mr. Parambans Singh Romana, Mr. Sameer
Grover and Mr. Sachin Grover have an industry experience of 12
years, 12 years and 10 years respectively through their
association with AST and group concerns. Furthermore, the
partners are supported by experienced team having varied
experience in the marketing and finance aspects of business.
Also, AST is having established relationship with customers and
suppliers.

Moderate profitability margins and debt coverage indicators: The
PBILDT margin and PAT margin of the firm stood moderate at 3.72%
and 1.72% respectively in FY17. The PBILDT margin declined
marginally from 4.94% in FY16 to 3.72% in FY17 due to additional
discounts offered to dealers owing to firm's presence in highly
competitive industry.. Further, PAT margin declined from 2.06% in
FY16 to 1.72% in FY17.

The debt coverage indicators stood moderate marked by total debt
to GCA of 6.10x for FY17 and interest coverage ratio of 1.86x in
FY17.

Favorable prospects for the alcoholic beverage market in India:
India is the world's second largest liquor market. Despite
continuous increase in taxes on retail prices, with increase in
personal disposable income of Indian population along with rising
urbanization, favorable demographics, changing customer
preference and increased availability of alcohol, the liquor
industry is expected to show both volume and value growth,
especially in premium brands demand.

A.S. Traders (AST) was established as a partnership firm in May
2013 by Mr. Parambans Singh Romana, Mr. Sameer Grover and Mr.
Sachin Grover sharing profit and losses in the proportion of 5%,
47.50% and 47.50% respectively. AST is the exclusive distributor
of beer of United Breweries Limited (UBL) for Punjab region
except Ludhiana. The firm supplies the traded goods to 48 dealers
based in Punjab. Till June 2017, the firm was also the
distributor of Indian Made Foreign Liquor (IMFL) of Vishal Liquor
Private Limited and Beam Global Spirits & Wine (I) Private
Limited. Besides AST, partners are also engaged in managing
another group concerns namely Grover Overseas, Sameer
Enterprises, Sameer Grover & Co. and Rumana Constructions.


AIRTEC ELECTROVISION: CARE Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has been seeking information from Airtec
Electrovision Private Limited to monitor the rating(s) vide e-
mail communications/ letters October 26, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Airtec Electrovision Private Limited bank facilities will now be
denoted as CARE B+/A4; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          8.00      CARE B+; Issuer Not
   Facilities                        Cooperating

   Long-term/Short-        1.00      CARE B+/A4; Issuer Not
   term Bank 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 in September 2, 2016 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Project execution and stabilization risk: AEPL was established to
manufacture electrical goods at a total cost of INR0.50 crore to
be funded through promoter's contribution in the form of equity
share capital of INR0.40 crore and balance through unsecured
loans. The execution of the project within the envisaged time and
cost parameters remains a risk for the company. Also, the
stabilization of operations is crucial from the credit
perspective. Due to working capital intensive nature of
operations, the capital structure of the company is expected to
remain leveraged due to high dependence on working capital
borrowing coupled with low capital base.

Presence in the highly fragmented and competitive industry
The operations of AEPL are currently managed by Mr. Manish
Nathani and Ms Varsha Nathani. Mr. Manish Nathani has an
experience of around a decade through his association with group
entity Western Electrovision Private limited (WEPL). He is
further supported by Ms Varsha Nathani who has an experience of
around half a decade through her association with group entity
WEPL.

Experienced promoters: The operations of CEPL are currently
managed by Mr. Chirag Goel and Mrs Kajal Goel. Mr. Chirag Goel
has an experience of around a decade in the agro processing
industry through his association with CEPL. He looks after the
procurement and productions & packaging department. Mrs Kajal
Goel has an experience of around half a decade in the agriculture
industry through her association with CEPL. She looks after the
overall operations of the company.

Key Rating

Strength

Growing demand from residential & business units: The growth in
country's infrastructure coupled with the growing number of
industrial as well as residential units requiring greater use of
electrical appliances augurs well for the demand of electrical
appliances. Other factors such as shortening of the product
cycle, higher rate of technological obsolescence and increasing
use of electricity in the rural and urban areas further adds to
the demand for electrical goods.

Delhi-based Airtec Electrovision Private Limited (AEPL) was
incorporated in 2016 by Mr. Manish Nathani and Ms Varsha Nathani.
AEPL was established to undertake trading and manufacturing of
electrical goods such as LED televisions, DVD player and speakers
etc. The company purchases the traded goods from the local
distributers situated in Delhi NCR region. The company sells its
products pan India through its distributor network. Further in
FY16 the company was setting up manufacturing unit for
manufacturing of electrical goods which comprises of LED
televisions, DVD player, speakers at its manufacturing facility
located in Okhla, Delhi with proposed installed capacity of 300
lakh units per annum. The main raw materials for manufacturing of
LED televisions, DVD player and speakers are panels, motherboard,
speakers, cabinet etc. AEPL would procure these raw materials
from various suppliers located in Delhi - NCR region and also
would import these raw material from China. The company would
initially sell its products under the brand name of "Airtech" on
PAN India through the distributorship network. The company has
one associate concerns namely Beston Electrovision Private
limited engaged in manufacturing and trading of electrical goods
which comprises of LED televisions, DVD player, Speakers.


AK METALS: CRISIL Reaffirms 'B+' Rating on INR9MM Cash Loan
-----------------------------------------------------------
CRISIL has been consistently following up with AK Metals (AKM)
for obtaining information through letters and emails dated
July 7, 2017 and August 14, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Cash
   Credit Limit            9         CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term
   Bank Loan Facility       6        CRISIL B+/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Set up in 2007 by Mr. Kripal Singh as a partnership concern, AK
Metals (AKM) manufactures thermo mechanical treatment bars. The
firm's manufacturing facilities are located in Thiruvallur
(Chennai).


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

-- INR75 mil. Fund-based working capital limit Migrated to Non-
    Cooperating Category with IND BB+(ISSUER NOT COOPERATING)
    rating; and

-- INR400 mil. Non-fund-based working capital limit Migrated to
    Non-Cooperating Category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 25, 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 2006, Balaji Coal is engaged in the trading of
steam coal, imported coal, iron and steel.


BHAVYA BEVERAGES: CARE Assigns B+ Rating to INR4.98cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhavya
Beverages (BBS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.98       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.28       CARE A4 Assigned

Detailed rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BBS are
constrained on account of its small scale of operations,
leveraged capital structure, weak debt protection indicators and
moderate liquidity position. Further, the ratings also remained
constrained due to partnership nature of constitution,
seasonality of demand and stiff competition in the segment along
with the susceptibility to changing customer's tastes and
preferences. The ratings, however, derives strength from vast
experience of the promoters into similar business.

Further, BBS's ability to increase its scale of operations,
profitability with improvement in capital structure and debt
coverage indicators along with better liquidity position and
solvency position will be the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Small scale of operations albeit margins stood comfortable
The scale of operations stood small. During FY17 (A), BBS has
registered a growth of 42.42% in its total operating income (TOI)
but stood small at INR2.35 crore.

During FY17 the PBILDT margin stood comfortable at 12.58% while
the PAT margin improved and stood at 4.05%.

Leveraged capital structure and weak debt protection indicators:
The capital structure of BBS stood leveraged marked by an overall
gearing ratio of 2.23x as on March 31, 2017 (A) which
deteriorated compared to previous year due to increase in total
debt level as against low networth base. The debt coverage
indicators of BBS also stood weak marked by an interest coverage
ratio of 1.61 times during FY17 (A) while total debt to GCA stood
at 52.11 times as on March 31, 2017 (A).

Moderate Liquidity: The liquidity position stood moderate marked
by current ratio stood at 1.11 times as on March 31, 2017.The
operating cycle has marginally improved and stood at 26 days on
account of increase in inventory period days coupled with
increase in collection period days.

Partnership nature of constitution: Being a partnership entity,
the firm is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency as also it has limited
ability to raise capital and poor succession planning may result
in dissolution of the firm.

Seasonality of demand and stiff competition in the segment:
Aerated drinks segment faces stiff competition from functional
drinks and fruit juices segment. Moreover, the segment is
dependent on soaring summer temperatures across the country and a
delayed onset of rain and winter can affect its demand.

Key Rating Strengths

Vast Experience of partners: BBS has been promoted by Mr. Chetan
Khanpara. He holds total experience of more than two decades in
the same line of business.

Gondal-Rajkot (Gujarat) based Bhavya Beverages (BBS) is a
proprietorship firm established in March, 2015 by Mr. Chetan
Khanpara. BBS is engaged into manufacturing of flavored drinks
which consists of orange, cola, lemon, jeera masala and mango
pulp juice. It operates from its sole manufacturing facility
located at Gondal (Gujarat).


COUPLE INTERNATIONAL: CARE Cuts Rating on INR8.70cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Couple International Private Limited (CIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         8.70       CARE D Revised from
   Facilities                        CARE BB-

Rating Rationale & Key Rating Drivers

The rating assigned to the bank facilities of CIPL are primarily
constrained by ongoing delays in meeting debt obligations, small
scale of operations, leveraged capital structure and weak
coverage indicators. The rating is further constrained by working
capital intensive nature of operations, foreign exchange
fluctuation risk along with highly fragmented industry resulting
in intense competition from both organized and unorganized
players. The ratings however, derive strength from experienced
promoters and moderate profitability margins.

Detailed description of the key rating drivers

Key rating weakness

Ongoing delays in meeting debt servicing: There have been delays
in relation to the servicing of principal installment and
interest payments. The delays are on account of liquidity stress
and cash flow miss match arising out of delay in realization from
customers.

Leveraged capital structure and weak coverage indicators: The
capital structure has remained leveraged on the balance sheet of
past three years (FY15-FY17) (FY refer to the period from April 1
to March 31) (FY17 figures are based on provisional results)
owing to low networth base coupled with high reliance on external
borrowings to meet working capital requirements. The capital
structure as marked by overall gearing ratio stood at 4.15x as on
March 31, 2017 showing deterioration from 3.02x as on Mach 31,
2016 owing to higher utilization of working capital limits as on
balance sheet date coupled with increase in unsecured loans.
Debt service coverage indicators marked by interest coverage and
total debt to GCA continues to remain weak and stood at 1.59x and
24.11x during FY17.

Working capital intensive nature of operations: The operating
cycle was high on account of high inventory holdings in form of
raw materials coupled with elongated collection period. The
company manufactures garments for different genre (Men, Women and
Kids) which requires different type of fabric resulting in high
requirement of raw materials. Further, the company manufactures
customized product which also lead to high work in process
inventory. The same resulted into average inventory period of
around 191 days for FY17. The average collection period stood at
131 days for FY17 mainly on account of delay in realization from
its customers. On the contrary, the average creditor's period
stood at 85 days for FY17. The high working capital requirements
were met largely through bank borrowings which results in almost
full utilization of its sanctioned average working capital limits
for the past 12 months ended September 2017.

Foreign exchange exposure: CIPL is mainly focused in the export
market and for the last two financials years (i.e.FY16-FY17), its
export contribution to total sales was more than 90%. The raw
material is mostly procured from domestic markets. With initial
cash outlay for procurement in domestic currency and significant
chunk of sales realization in foreign currency, the company is
exposed to the fluctuation in exchange rates. Though, the company
has a policy of hedging its export receivables to an extent.
Nonetheless, it will remain exposed towards any sharp
appreciation in the value of rupee against foreign exchange
currency for the uncovered portion.

Highly fragmented industry resulting in intense competition from
both organized and unorganized players: The readymade garment
industry in India is highly fragmented and dominated by a large
number of independent and small scale unorganized players leading
to high competition among the industry players. Smaller
companies/firms in general are more vulnerable to intense
competition due to their limited pricing flexibility, which
constrains their profitability as compared with larger companies
who have better efficiencies and pricing power considering their
scale of operations.

Key Rating strength

Experienced promoters coupled with long track record of
operations
CIPL is being directed by Mr. Rituraj Gupta and Ms. Kavita
Vardhan who have considerable experience in textile industry
through their association with this entity. Both the directors
are graduates by qualification and look after the overall
operations of the company.

Moderate profitability margins: The company manufactures wide
range, design and customized nature of products. PBILDT margin of
the company continues to remain moderate as the company is
engaged in sales of designer clothes bearing better
profitability. The PAT margin stood at 1.38% in FY17 as against
1.73% in FY16 owing to higher interest cost.

New Delhi based CIPL was incorporated in 1998. The company is
currently being managed by Mr. Rituraj Gupta and Ms. Kavita
Vardhan. CIPL is engaged in the manufacturing of garments and
accessories (scarfs). Its manufacturing plant is located in
Noida, Uttar Pradesh with a combined installed capacity of 70,000
pieces per month as on March 31, 2017. CIPL is mainly an export
oriented unit with major export destination being USA, Australia,
Japan, France, Denmark, Spain, Canada, China and Indonesia. The
major raw materials viz., knitted & woven fabrics are procured
from manufacturers located in Tamil Nadu and traders located in
Delhi.


DATTA AGRO: CARE Lowers Rating on INR30.09cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Datta Agro Services Private Limited (DASPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank
   Facilities            30.09       CARE D Revised from CARE B

   Short Term Bank
   Facilities            25.00       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in the ratings for the bank facilities of DASPL
factor in the on-going delay in servicing of its debt obligations
as a result of stressed
liquidity.

Detailed description of the key rating drivers

Key Rating Weaknesses

On-going delays in debt servicing: Debt servicing of DASPL is
irregular as reflected by continued overdrawing of cash credit
facility for more than 30 days.

Incorporated in June 2007, Datta Agro Services Private Limited
(DASPL) is engaged in manufacturing of Single Super Phosphate
(SSP) fertilizer from its sole manufacturing facility located at
Jalgaon. Post commencing its commercial production in Sept. 2011,
DASPL continued to operate with an installed capacity of 1.32
lakh Metric Tons Per Annum (MTPA) for manufacturing of SSP. DASPL
markets its product under the brand name "Satpuda" via a
distribution channel of more than 170 distributors in the states
of Madhya Pradesh and Maharashtra.


DESAI INFRA: Ind-Ra Assigns 'BB+' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Desai Infra
Projects (India) Private Limited (DIPL) a Long-Term Issuer Rating
of 'IND BB+'. The Outlook is Stable. The instrument-wise rating
action is:

-- INR150 mil. Fund-based working capital facilities assigned
    with IND BB+/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect DIPL's small scale of operations. According
to provisional financials for FY17, revenue was INR594 million
(FY16: INR573 million). Revenue growth was driven by timely
execution of orders. As of August 2017, it had an unexecuted
order book of INR1,900 million (3.2x of FY17 revenue). It booked
INR600 million in revenue for 5MFY18.

The ratings also reflect a significant customer concentration
risk faced by DIPL, considering its operations are largely
concentrated in and around Maharashtra.

The ratings factor in DIPL's moderate liquidity position,
indicated by about 86% utilisation of the fund-based facilities
during the 12 months ended August 2017. However, the company had
utilised 100% of its non-fund-based facilities in the 12 months
ended August 2017. However, its net working capital cycle was
comfortable at nine days in FY17 (FY16: 80 days). The improvement
in the cycle was on account of a reduction in debtor days to nil
in FY17 from 37 days in FY16 and a rise in payable days to 33
days from 126 days.

However, the ratings are supported by a healthy EBITDA margin and
moderate credit metrics. EBITDA margin was 11.1% in FY17 (FY16:
10.1%). The rise in EBITDA margin was driven by reduced variable
costs. All contracts executed by DIPL had a price escalation
clause, safeguarding its margins from input price volatility. In
FY17, net leverage (total Ind-Ra-adjusted net debt/operating
EBITDAR) was 2.3x (FY16: 4.5x) and EBITDA interest coverage
(operating EBITDA/gross interest expense) was 2.2x (1.6x). The
improvement in credit metrics was primarily due to a decline in
debt.

The ratings are also supported by DIPL's promoters' over 20 years
of experience in the civil construction business.

RATING SENSITIVITIES

Negative: Any decline in revenue and profitability leading to
deterioration in credit metrics on a sustained basis will be
negative for the ratings.

Positive: An increase in revenue and profitability, while
improving credit metrics and liquidity, on sustained basis will
be positive for the ratings.

COMPANY PROFILE

DIPL was formed in 1994 as a partnership firm by Mr. Arjun Patil
and his friend and family. It was reconstituted as a private
limited company in 2008. DIPL undertakes civil construction work
for irrigation projects, largely in Maharashtra. Its head office
is in Pune, Maharashtra.


DHAWAN TRADING: CARE Moves 'B' Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has been seeking information from Dhawan Trading
Company to monitor the rating(s) vide e-mail communications/
letters dated October 4, 2017, and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In the absence
of minimum information required for the purpose of rating, CARE
is unable to express opinion on the rating. In line with the
extant SEBI guidelines CARE's rating on Dhawan Trading Company
bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        22.50       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 in July 27, 2016 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations: Despite being operational for nearly
two decades, the scale of operations remained small. The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits.

Weak financial risk profile: The firm's profitability margins
have been historically on the lower side owing to trading nature
of business and intense market competition given the highly
fragmented nature of the industry. The capital structure of the
firm stood leveraged mainly on account of higher debt as compared
to its networth base. The debt service coverage indicators of the
firm remained weak on account of higher debt level coupled with
low profitability. The firm normally receives the payable period
maximum of around a month from its suppliers. The average
collection period of the firm stood high during past three
financial years i.e. FY13- FY15. The firm extends the credit
period of around 2-3 months to its customers owing to intense
competition.

Highly competitive nature of industry & low entry barriers
The commodity nature of the product makes the industry highly
competitive, with numerous players operating in the unorganized
sector with very less product differentiation. Due to low entry
barriers in the industry and low value added nature of products,
high competition is the inherent risk associated with the
industry.

Constitution of the entity being a proprietorship firm: DTC is a
proprietorship firm which has the inherent risk of possibility of
withdrawal of the proprietors' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

Key Rating Strengths

Experienced proprietor: Mr. Jaspal Malhotra, post graduate by
qualification, has an experience of nearly three decade in rice
industry through his association with this entity and other group
concerns. He handles the overall operations of the firm.

Delhi -based Dhawan Trading Company (DTC), is a proprietorship
concern established in 1996 by Mr. Jaspal Malhotra. The firm is
primarily engaged in trading of rice and paddy. The firm procures
these items from the "Narela Mandi" based in New Delhi. The firm
mainly sells its products to millers located in Delhi and nearby
regions. The firm has two associates concerns namely Rama Krishna
Trading Company and S.K. Agro Sales engaged in trading of rice
and paddy.


DIGNITY INNOVATIONS: Ind-Ra Puts 'B+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dignity
Innovations (DI) a Long-Term Issuer Rating to 'IND B+'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limits assigned with
    IND B+/Stable/IND A4 rating;

-- INR10 mil. Non-fund-based working capital limits assigned
    with IND A4 rating;

-- INR65 mil. Proposed fund-based working capital limits*
    assigned with Provisional IND B+/Stable/Provisional IND A4
    rating;

-- INR30 mil. Proposed non-fund-based working capital limits*
    assigned with Provisional IND A4 rating.

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

KEY RATING DRIVERS

The ratings reflect DI's small scale of operations, volatile
margins and moderate credit metrics due to its presence in a
competitive textile industry. As per FY17 provisional financials,
revenue rose to INR431 million (FY16: INR327 million) owing to an
increase in orders. The management expects revenue to grow
significantly in FY18 on account of recurring order inflow from
existing customers as well as addition of new customers. DI
booked revenue of INR159.2 million during 1HFY18. As of October
2017, it had an order book of INR317.7 million, to be executed by
end-December 2017.

EBITDA margins ranged between negative 3.1% and positive 9.4%
over FY13-FY17 on account of fluctuations in raw material costs.
Net leverage (total Ind-Ra adjusted net debt/operating EBITDA)
deteriorated to 3.5x in FY17P (FY16: 3.0x) and gross interest
cover (operating EBITDA/gross interest expense) to 1.7x (2.6x) on
the back of an increase in total debt to INR143 million (FY16:
INR84 million).

The ratings are also constrained by DI's proprietorship form of
business.

However, the ratings are supported by the firm's comfortable
liquidity position as reflected by 65.7% average utilisation of
working capital limits during the 12 months ended September 2017.
The ratings also benefit from the proprietor's more than a decade
of experience in the garment manufacturing business, leading to a
strong customer base.

RATING SENSITIVITIES

Negative: A substantial decline in revenue and operating
profitability leading to a sustained deterioration in the overall
credit metrics will lead to a negative rating action.

Positive: A significant increase in the scale and operating
profitability leading to a sustained improvement in the credit
metrics could be positive for the ratings.

COMPANY PROFILE

Established as a partnership firm in 1994, DI was converted to a
proprietorship firm in 2014. The firm, located in Chennai, Tamil
Nadu, manufactures readymade garments. Mr. S Rajasekaran is the
proprietor.


DIVINE CHEM: CARE Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from Divine Chem Food
(DCF), to monitor the ratings vide e-mail communications dated
May 3, 2017, June 13, 2017, July 12, 2017, August 10, 2017,
August 21, 2017, September 4, 2017 and October 5, 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. Furthermore, DCF 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 DCF bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.95       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.

Detailed description of the key rating drivers

At the time of last rating on June 3, 2016, the following were
the rating strengths and weaknesses.

Key Rating Weakness

Stabilization risk associated with its recently commenced
manufacturing unit of salt: DCF has completed construction work
on the manufacturing unit and has started commercial operations
from
November 2015. The firm has incurred total cost of INR8.60 crore
towards the project which was funded through term loan of INR4
crore and remaining through partner's capital as well as
unsecured loans. In four month of operations of FY16, it has
registered net sales of INR3.46 crore.

Hence, post-implementation project risk pertaining to
stabilization of operations and saleability risk is high
especially in the backdrop of a predominantly debt-funded capex
with repayment obligations commenced from May 2016. Further,
capital structure is expected to remain leverage due to
utilization of working capital bank borrowings. In last five
months ended April 2016, it has fully utilized its working
capital bank borrowings.

Presence in highly competitive and fragmented salt industry and
constitution as a partnership concern: The industry is
characterized by presence of large players in the organized
sector for manufacturing of free flow salt with players like Tata
Salt, Aashirwad Namak, Surya Salt, Captain Cook, etc. In India,
Gujarat, Tamil Nadu and Rajasthan contribute to about 96% of the
Country's salt production. Gujarat contributes 75% to the total
production, followed by Tamil Nadu (11 %) and Rajasthan (10 %).
About 62% of the total production is from large salt producers,
28% is contributed by small scale producers and rest by medium
scale producers. The growth of a company present in processing
segment depends on its ability to market the product and maintain
the profitability margins while meeting the demands of its
customers. Further, the low net worth base makes its operations
highly susceptible to any business shock, thereby limiting its
ability to absorb losses or financial exigencies. Further, its
constitution as a partnership concern led to risk of withdrawal
of capital.

Key Rating Strengths

Experienced management along with existence of associate concerns
in same industry: Mr. Dilip Agarwal and Mr. Ashok Kumar Chotia
have around two decades of experience in the same industry
through their associate concerns named Gajanan Salt Suppliers
(GSS) and Ridhi Sidhi Namak Udyog (RSNU) and looks after sales
and purchase functions of the firm respectively. Further, Mr.
Lalit Kumar Sharma and Mr. Mahavir Prasad looks after production
and accounts functions respectively. Mr. Lalit Kumar Sharma has
five years of experience in the industry. Further, they are
assisted by Mr. Abhishek Chhabra, son of Mr. Saroj Kumar Chhabra,
who is MBA in marketing and finance by qualification and has
around five years of experience in the industry. With the long-
standing presence of the partners in the industry through
associate concerns, the firm has established relationship with
customers as well as suppliers.

Location Advantage with easy access of job work and labour: The
manufacturing facility of the firm is located at Govindi village
in the district Nagaur which is 40 Km away from 'Sambhar lake',
largest inland of salt lake in India. The lake produces 1.96 lakh
tonnes of clean salt which equals 8.7% of India's salt
production. The firm is engaged in manufacturing of iodised and
non-iodised salt and gets benefit of easy availability of raw
salt as well as unskilled labor and procurement of raw material
at effective prices. DCF's presence near Sambhar lake results in
benefit derived from continuous business from the raw salt
manufacturers.

Nawa-based (Rajasthan) Divine Chem Food (DCF) was formed as a
partnership concern in December, 2014 by Mr. Saroj Kumar Chhabra,
Mr. Mahabir Prasad Kachwal, Mr. Dilip Agarwal, Mr. Ashok Kumar
Chotia and Mr. Lalit Kumar Sharma with equal profit sharing of
20% each. The firm was formed with an objective to set up a
green-field plant for manufacturing of refined iodised as well as
non-iodised salt and dust salt in district-Nagaur. The project of
the firm has been completed and started commercial operations
from November 2015. It has incurred total project cost of INR8.60
crore towards the project which was funded through the term loan
of INR 4 crore and funds from partner in form of capital as well
as unsecured loans.

The plant of the firm has processing capacity of 172000 MTPA of
salt. Further, DCF is certified with food Safety Standards
Authority of India (FSSAI). The firm will market its product
through 5 agents and 25 direct parties under the brand name of
"Tita", "Real Care", "Taal" mainly in Uttar Pradesh, Haryana,
Bihar and Rajasthan.


GINGER INFRA: CARE Lowers Rating on INR15cr LT Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ginger Infrastructure Private Limited (GIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         15         CARE D Revised from
   Facilities                        CARE B+

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GIPL is constrained
by delay in servicing of debt obligations by the company. The
above constraint outweigh the comfort derived from the experience
of the promoters and strategic location of the project. The
ability of the company to establish a track of timely servicing
of debt obligation with improvement in liquidity position is the
key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in servicing of debt obligations: As per the interaction
with the banker, there are delays in the repayment of term loan
and the account has been classified as SMA-1.

Incorporated in December 19, 2012, Ginger Infrastructure Private
Limited (GIPL) is a Nagpur based special purpose vehicle (SPV)
formed by Diamant Infrastructure Limited (DIL) for construction
and development of commercial complex at Jaripatka, Nagpur under
the name and style of "Ginger Square" to be operated on a built-
operate-transfer (B-O-T) basis for a concession period of 30
years commencing from August 2016 and ending in August 2046, with
renewal of lease for further period of 30 years.


INNOVATIVE TECHNOMICS: CRISIL Reaffirms D Rating on INR6MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Innovative
Technomics Private Limited (ITPL) for obtaining information
through letters and emails dated July 13, 2017 and August 17,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           6        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Cash Credit              1        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Letter of Credit         2        CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Incorporated in 1993, manufactures high-voltage soft starters,
high-speed testing equipment, and linear motor systems.


LAKSHMI COT: CARE Assigns B+ Rating to INR13.54cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Lakshmi Cot Fab Private limited (LCFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.54       CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of LCFPL is primarily
constrained on account of its moderate scale of operations, low
profit margins, leveraged capital structure, weak debt coverage
indicators and working capital intensive operations. The ratings
are further constrained on account of susceptibility of operating
margins to cotton price fluctuation and its presence in highly
fragmented and competitive cotton industry with regulatory
controls.

The ratings, however, derive strength from the wide experience of
promoters and location advantage on account of it being located
in the cotton producing belt of Gujarat.

The ability of LCFPL to increase its scale of operations along
with an improvement in profit margins, solvency position, debt
protection metrics along with efficient working capital
management would remain the key rating sensitivities.

Detailed description of key rating drivers

Key Rating Weaknesses

Moderate scale of operations with low profit margins: The total
operating income (TOI) of LCFPL remained moderate at INR58.96
crore in FY17 (Provisional) as against INR58.54 crore in FY16.
The PBILDT and PAT margins of LCFPL remained low during past
three years ended FY17 (Provisional) owing to low-value addition
nature of business.

Leveraged capital structure, weak debt coverage indicators and
working capital intensive operations: The capital structure of
the company stood leveraged marked by overall gearing of 3.95
times as on March 31, 2017 (Provisional) as against 1.89 times as
on March 31, 2016 mainly on account of increase in total level of
debt. On account of thin profitability and deterioration in
capital structure, the debt coverage indicators also stood weak
marked by total debt to GCA of 26.57 years as on March 31, 2017
(Provisional)while the interest coverage ratio remained
moderateat1.47 times during FY17 (Provisional).

The liquidity position of LCFPL remained moderate marked by
operating cycle of 73 days during FY17 (Provisional) as compared
to 57 days during FY16 while the average working capital
utilization remained high at around 80% during past 12 months
ended August, 2017.

Susceptibility of operating margins to cotton price fluctuation
and its presence in highly fragmented and competitive cotton
industry with regulatory controls: The prices of raw cotton are
highly volatile in nature, while cotton being a seasonal crop is
dependent upon the vagaries of monsoon results into a higher
inventory holding period for the business. Furthermore, the
industry is marked by presence of large number of units which
makes the industry highly fragmented and intensifies competition.
Also, the cotton supply and prices in India are highly regulated
by government through MSP (Minimum Support Price) fixed by
government and export regulations.

Key Rating Strengths

Wide experience of promoters: The key promoters, Mr. Nimish
Lotiya, Mr. Vishal Lotiya and Mr. Harilial Khakhar have an
experience of more than a decade in the field of cotton ginning
through other group entity namely "Lakshmi Cot Gin Private
Limited" which is in the similar line of business.

Location Advantage

The manufacturing facilities of LCFPL are located in Gujarat,
which is the largest producer of cotton in Gujarat having
benefits derived from a lower logistic expenditure, easy
availability and procurement of raw materials at effective
prices, labour, water and power connection.

Rajkot-based (Gujarat) LCFPL was incorporated in September, 2013
by Mr. NimishLotiya, Mr. Vishal Lotiya and MrHarilalKhakhar.
LCFPL is engaged into cotton ginning, cleaning and bailing
process with an installed capacity of 350 Full Pressed cotton
bales per day (165 kg each) as on March 31, 2017. The company
procures raw cotton from farmers and sells its products in
domestic market to the states like Gujarat, Maharshtra, Tamilnadu
etc.


LAKSHMI COTTON: CRISIL Reaffirms 'B' Rating on INR5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Lakshmi Cotton Traders (LCT) at 'CRISIL B/Stable'.

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

The rating continues to reflect the firm's modest scale of
operations amid intense competition in the cotton trading
industry, and weak financial risk profile because of small
networth, high total outside liabilities to tangible networth
(TOLTNW) ratio, and subdued debt protection metrics. These
weaknesses are partially offset by the extensive experience of
its partners.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With an operating income of
INR30.57 crore in fiscal 2017, scale remains small in the
intensely competitive cotton industry.

* Susceptibility to volatility in cotton prices and changes in
government regulation: Cotton prices are affected by demand-
supply dynamics and government policies; and any sharp change in
rates will affect profitability.

* Weak financial risk profile: Networth was small at INR1.61
crore and total outside liabilities to adjusted networth ratio
high at 2.61 times, as on March 31, 2017. Also, interest coverage
ratio was muted at 1.3 times in fiscal 2017.

Strength

* Extensive experience of promoters: Presence of over two decades
in the cotton trading segment has enabled the partners to
establish healthy relationship with customers and suppliers.

Outlook: Stable

CRISIL believes LCT will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' in case of substantial and sustained growth
in revenue and profitability, or if sizeable equity infusion by
promoters considerably strengthens capital structure. The outlook
may be revised to 'Negative' if profitability declines sharply,
or any large, debt-funded capital expenditure or stretched
working capital cycle weakens key credit metrics.

Set up in 1992 in Guntur, Andhra Pradesh, as a partnership firm
by Mr. S Koteswara Rao and family, LCT trades in raw cotton and
cotton lint.


LUXMI RICE: CRISIL Reaffirms B+ Rating on INR9MM Whse Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Luxmi Rice Mill (LRM) at 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             8        CRISIL B+/Stable (Reaffirmed)
   Term Loan               2.5      CRISIL B+/Stable (Reaffirmed)
   Warehouse Financing     9        CRISIL B+/Stable (Reaffirmed)

The rating reflects susceptibility of the operating margin to raw
material prices, and modest net worth and high leverage. These
rating weaknesses are partially offset by the extensive
experience of the partners in the rice milling industry.

Analytical Approach

Unsecured loans from partners of INR6 cores as on March 31, 2017
has been treated as neither debt nor equity as they are
subordinated to bank debt and are expected to remain in business
over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility of the operating margin to raw material prices:
Paddy (key raw material) prices are highly volatile as they are
dependent on demand-supply scenario, monsoon, and crop cycles
leading to volatile operating margin in the range of 3.9-7.7%
over the 4 fiscals ended 2017. The margins are expected to remain
vulnerable to any adverse price movement of paddy.

* Modest net worth and high leverage: Net worth was INR3.09
crores as on March 31, 2017, on account of modest accretion to
reserves. Total outside liabilities to adjusted net worth
(TOLANW) over the three fiscals ended March 31, 2017 was 7.2-9.4
times due to seasonally high inventory holding at fiscal end and
is expected to remain high over the medium term.

Strengths

* Extensive experience of the partners in the rice milling
industry: Over three decades of experience in the rice-milling
business have helped the partners gain a sound understanding of
the market dynamics and establish relations with its customers
and suppliers. Benefits from partners' extensive experience are
expected to continue over the medium term.

Outlook: Stable

CRISIL believes that LRM will continue to benefit over the medium
term from the extensive industry experience of its partners and
their funding support. The outlook may be revised to 'Positive'
in case of substantial improvement in the financial risk profile
driven by higher-than-expected growth in revenue and hence high
cash accrual, or capital infusion along with efficient working
capital management. The outlook may be revised to 'Negative' in
case of lower-than-anticipated cash accrual, larger-than-expected
working capital requirement, or large debt-funded capital
expenditure, constraining liquidity.

LRM was established as a partnership firm in 1985 by Mr. Ishwar
Chand Goyal along with his brothers Mr. Rohtas Kumar Goyal and
Mr. Rampal Goyal. The firm trades in, and mills and processes,
basmati rice. Its production facility at Assandh, Haryana, has a
milling and sorting capacity of around 12 tonnes per hour.


MEGHRAJ INTERNATIONAL: CARE Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
CARE has been seeking information from Meghraj International to
monitor the rating(s) vide e-mail communications/letters dated
October 5, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Meghraj International's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         6.15       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 July 29, 2016 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Small scale of operations: The firm's scale of operations has
remained low marked by Total Operating Income (TOI) of INR33.33
crore in FY16 (refers to the period April 1 to March 31, based on
unaudited results). The small scale limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits. In Q1FY17 (Provisional), the firm achieved total
operating income of INR9.52 crore.

Low and declining profitability margins: The profitability
margins of the firm witnessed a declining trend during FY14-FY16
period. PBILDT margin declined from 5.93% in FY15 to 2.46% in
FY16 mainly due to decline in capacity utilistaion which resulted
in increase in cost due to high proportion of fixed cost owing to
deprivation of scale benefits. Consequently and also due to
increase in depreciation expenses, the PAT margin also declined
continuously and stood at 0.76% in FY16.

Elongated operating cycle: The average operating cycle of the
firm stood elongated at 103 days for FY16. (PY: 66 days) as the
firm offers credit period of around 2-3 months to its customers
and is also required to maintain adequate inventory mainly in the
form of raw material (guar seeds) to ensure smooth execution of
production process.

Vulnerability of profit margins to fluctuation in the prices of
commodities: The prices of agricultural commodities are volatile
in nature and are linked to production in the domestic market and
global demand-supply situation. The prices of agri-commodities
are also affected by the changes in government regulations and
vagaries of weather. Thus, the profitability of MGI is vulnerable
to fluctuation in prices of the commodities in which it operates.

Presence in a competitive nature of industry: MGI operates in a
highly competitive and unorganized market for agro-commodities
with the presence of large number of small players. The industry
is characterized by low entry barriers due to minimal capital
required and easy access to clients and suppliers. The prices are
driven primarily by the existing demand and supply conditions
with strong linkage to the global market. Players in the industry
face high competition on largely due to the presence of small
job/contract manufacturer and fragmented nature of the industry.

Foreign exchange fluctuation risk: The firm is dependent upon
exports and its exports contribution to total sales stood at 65%
in FY16. With initial cash outlay for sales in domestic currency
and significant chunk of sales realization in foreign currency
and in the absence of any hedging mechanism, the firm is exposed
to the fluctuation in exchange rates. Any adverse movement in the
currency rate may put pressure on the profitability of the firm
which already has quite low PAT margins. However, in the last two
financial years, the firm had gain on foreign exchange
fluctuation.

Constitution of the entity being a partnership firm MGI's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and the firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as the credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Key Rating Strengths

Experienced partners in the agro processing industry:  Mr. Ramesh
Jindal has total work experience of around three decades in guar
processing and has accumulated this experience through his
association with MGI and another concern namely Vikas WSP Limited
which is engaged in similar business. Mr. Ashish Jindal has work
experience of around 7 years and has gained this experience
through his association with MGI only.

Comfortable solvency position: MGI has comfortable capital
structure marked by overall gearing ratio of 0.03x as on
March 31, 2016 mainly on account of lower utilisation of working
capital limits as on last balance sheet date. Furthermore, debt
coverage indicators stood satisfactory as reflected by interest
coverage ratio of 6.54x in FY16 (Prov.) and total debt to GCA
ratio of 0.40x for FY16. The average utilisation of cash credit
limit stood around 60% for the last 12 months period ended June,
2016.

Favorable processing location: MGI is engaged in manufacturing of
guar gum and guar meal from guar seeds which is easily available
in the areas of Haryana in proximity to firm's location. Hence,
MGI's presence in this region results in benefit being derived
from easy availability of commodities with lower transportation
cost.

Meghraj International (MGI) is a partnership firm established in
June, 2009 by Mr. Ramesh Jindal and Mr. Ashish Jindal, sharing
profit and loss equally. The firm is engaged in manufacturing of
guar gum and guar meal at its manufacturing facility located at
Hisar, Haryana having an installed capacity of 180,000 metric ton
per annum (MTPA) as on March 31, 2016.


MUPPA PROJECTS: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Muppa Projects
India Private Limited's Long-Term Issuer Rating of 'IND BB(ISSUER
NOT COOPERATING)'. The instrument-wise rating action is:

-- INR90.2 mil. Term loan withdrawn with WD rating.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating on the bank
loan, as the agency has received a no-dues certificate from the
lender, stating the bank loan has been repaid in full.

COMPANY PROFILE

Established in 2013, Muppa Projects India is engaged in real
estate development. It is developing a residential apartment
project, Green Grandeur, at Gopanpally, near Gachibowli in
Hyderabad.


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

-- INR10.50 mil. Fund-based working capital limit Migrated to
    Non-Cooperating Category with IND BB-(ISSUER NOT COOPERATING)
    rating;

-- INR56.26 mil. Term loan Migrated to Non-Cooperating Category
    with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR1 mil. Non-fund-based working capital limit Migrated to
    Non-Cooperating Category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

R K Enterprise, incorporated in 2011, has a transportation and
hotel business.


RATAN ALUMINUM: CRISIL Reaffirms 'B+' Rating on INR10MM Cash Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ratan
Aluminum Recycling Private Limited (RAPL) for obtaining
information through letters and emails dated July 10, 2017 and
August 9, 2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              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 Ratan Aluminum Recycling
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Ratan Aluminum
Recycling Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower. Based on
the last available information, CRISIL has reaffirmed the rating
at 'CRISIL B+/Stable'.

Incorporated in 2011, RAPL manufactures aluminium ingots, mainly
for supplies in the automotive sector, and is promoted by Mr. O P
Paliwal, Ms Rajni Paliwal and family. Its manufacturing facility
is located at Faridabad, Haryana.


RICOH INDIA: Ind-Ra Downgrades LT Issuer Rating to 'D', Off RWN
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ricoh India
Limited's Long-Term Issuer Rating to 'IND D' from 'IND BB+'. The
agency had placed the company's ratings on Rating Watch
Negative (RWN) on 7 November 2017. The instrument-wise rating
action is:

-- INR2,000 MIL. Non-convertible debentures (NCDs), issued on
    September 11, 2014, with 7.0% Coupon rate, due on Sept. 10,
    2020, downgraded, off RWN, with IND D rating.

KEY RATING DRIVERS

The downgrade reflects the delays by Ricoh India in servicing its
bank debt obligations at end-October 2017 and early November
2017. The working capital facilities of INR13.1 billion have been
cancelled by Ricoh India's bankers as the parent company - Ricoh
Company Limited, Japan - announced its decision of not providing
additional financial support to Ricoh India.

Ricoh India was unable to pay the amounts outstanding under the
cancelled bank facilities, thus, its bankers invoked the standby
letters of credit issued by the parent to them. The NCD rating
has been moved to the 'IND D' category in anticipation of a
default given the parent's withdrawal of additional support and
continued financial losses in Ricoh India.

Ricoh India has remained dependent upon parent support for timely
debt servicing, as its standalone financial health was
jeopardised post the financial fraud revealed in May 2016 and the
resultant losses. The ratings were placed on RWN reflecting the
uncertainty on the continuity of existing support provided by the
parent for servicing Ricoh India's NCDs and bank debt, including
funding through payables.

RATING SENSITIVITIES

Clarity on business continuity and timely debt servicing for
three consecutive months could lead to a rating upgrade.

COMPANY PROFILE

Ricoh India is a leading player in the copier-based laser multi-
function printers market in India. Ricoh Company Limited, Japan
and NRG group have a shareholding of 46.04% and 27.56%,
respectively, in Ricoh India.


S. V. FOODS: CARE Reaffirms 'B' Rating on INR6.50cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
S. V. Foods (SVF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.50       CARE B; Stable Reaffirmed

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of SVF continues to
remain constrained on account of its modest scale of operations
with net and cash loss in FY17, weak solvency position and
working capital intensive nature of operations. The rating,
further, continues to remain constrained on account of its
constitution as a partnership concern and vulnerability of
margins to fluctuation in the prices of agricultural commodities
due to seasonality of products. The rating, however, continues to
favorably take into account experience of the partners and
established marketing network.

The ability of the firm to increase its scale of operations with
improvement in profitability and solvency position are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Net loss and Cash loss in FY17: The profitability margins of firm
has witnessed fluctuating trend in last three financial years
ended FY17 due to cyclical nature of the agricultural industry.
PBILDT margin remained thin and stood at 2.29% in FY17 as against
2.77% in FY16. The PBILDT margin has dipped by 48 bps over FY16
owing to additional discount offered to penetrate into new market
of Kolkata and Chandigarh. Due to increase in interest and
finance expenses, the firm registered a net loss of INR0.04 crore
in FY17 against net profit of INR0.01 crore in FY16. Further, it
has registered cash loss of INR0.01 crore in FY17 against cash
profit of INR0.05 crore in FY16.

Weak solvency position: The solvency position of the firm is
continuously deteriorating over the past three financial years.
The capital structure of the firm remained highly leveraged with
an overall gearing of 10.04 times as on March 31, 2017,
deteriorated from 9.91 times as on March 31, 2016 due to higher
utilization of working capital bank borrowings as on balance
sheet date and infusion of unsecured loans from related parties
which offset marginally by infusion of partner's capital of
INR0.15 crore in FY17. Further, interest coverage ratio stood
below unity at 0.98 times in FY17 owing to high interest and
finance cost as well as decline in PBILDT level. Total debt to
GCA stood not meaningful as the firm registered cash loss in
FY17.

Working capital intensive nature of operations: The business of
the firm is working capital intensive in nature with 90-95%
utilization of its working capital bank borrowings for the last
12 months ended September 2017 and elongated operating cycle of
75 days in FY17, increased from 70 days in FY16 due to higher
inventory period. The partners infused capital of INR0.16 crore
in FY17 to help in day-to-day operations of the firm. Further,
the current ratio stood moderate at 1.13 times and quick ratio
stood below unity at 0.61 times as on March 31, 2017. However,
cash flow from operating activities, improved from negative
INR0.78 crore in FY 16 to positive INR0.10 crore in FY17 due to
decrease working capital and increase in operating profit.

Vulnerability of margins to fluctuation in the prices of
agricultural commodities due to seasonality of products: As the
firm is food processing unit, the prices of agriculture
commodities due to seasonality affects the prices of the products
and remained fluctuating and depend on production yield, demand
of the commodities and varies of weather. Hence, profitability of
the firm is exposed to vulnerability in prices of agriculture
commodities.

Further, the business of the firm is characterized by no
addition, highly fragmented and competitive in nature as evident
by the presence of numerous unorganized and few organized
players. The entry barriers in this industry are very low on
account of low capital investment and technological requirement.
Due to this, the players in the industry do not have any
pricing power.  Further, the industry is characterized by high
degree of government control both in procurement and sales for
agriculture commodities. Government of India (GoI) decides the
Minimum Support Price (MSP) payable to farmers.

Constitution as a partnership concern: Its constitution as a
partnership concern with low net worth base restricts its overall
financial flexibility in terms of limited access to external fund
for any future expansion plans. Furthermore, there is an inherent
risk of possibility of withdrawal of capital and dissolution of
the concern in case of death/insolvency of partner.

Key Rating Strengths

Continuous Increase in Total Operating Income (TOI) but remained
thin: The scale of operations of the company as indicated by TOI
grew healthy at a Compounded Annual Growth Rate (CAGR) of around
20.83% in the last three financial years from INR19.72 crore in
FY15 to INR28.78 crore in FY17 as per the provisional result
attributed to increase in sale of agricultural commodities
especially moong dall and increase in market presence. Further,
till September 30, 2017, the firm has achieved a turnover of
INR17 crore approximately.

Experienced partners: Mr. Sunil Kumar Tiwari, partner, is
graduate by qualification and has two decade of experience in the
industry. He looks after overall affairs of the firm and is
assisted by other partner, Mr. Vikas Choudhary, who is also
graduate by qualification and has a decade of experience in the
industry. Further, he is supported by a team of sales persons and
distributors having an experience in the field of marketing.

Jaipur (Rajasthan) based S.V. Foods (SV) was formed in 2012 as a
partnership concern by Mr. Sunil Kumar Tiwari and Mr. Vikas
Choudhary. SV is engaged in the business of packaging and
marketing of food products like rice flakes poha, papad, daliya,
moong dal, bhujia, cattle feed and etc. The firm gets the product
from other manufacturers on job work basis as well directly and
sells the products after packaging in its brand name. The
products are sold under the brand name of "Nandraj". It markets
its products in Rajasthan, Punjab, Delhi, West Bengal and
Haryana.


SAHIBZADA AJIT: CRISIL Reaffirms 'D' Rating on INR22MM Overdraft
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sahibzada
Ajit Singh Educational Trust (SAS) for obtaining information
through letters and emails dated July 10, 2017 and August 09,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           10       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Overdraft                22       CRISIL D (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sahibzada Ajit Singh
Educational Trust. 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 Sahibzada Ajit Singh
Educational Trust is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower. Based on the last available
information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL
D'.

SAS was formed in 1994 by Mr. S Gurbachan Singh. The trust
operates more than 30 schools and colleges, including
engineering, management and polytechnic institutes. Most of the
schools operate under the name, Dhilwan International Public
School (DIPS), affiliated with Central Board of Secondary
Education (CBSE). The society started its first school in
Dhilwan, Punjab, in 1994. The institutions are in Jalandhar,
Amritsar, Kapurthala, Hoshiarpur and Fazilka districts of Punjab.


SHREE RR: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------
CARE Ratings has been seeking information from Shree R.R. Pipes
to monitor the ratings vide emails dated September 5, 2017 and
August 10, 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, Shree R.R. Pipes 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 Shree R.R. Pipes will now be denoted as CARE D;
ISSUER NOT COOPERATING. The ratings have been revised on account
of ongoing delays in meeting the debt obligations.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        10.00       CARE D; Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE B+ on the basis of
                                     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 have been revised on account of ongoing delays in
meeting the debt obligations.

Delhi-based, Shree R.R. Pipes, a unit of RKD Pipes Private
Limited (RKD) was established as a proprietorship firm in 2012 by
Mr. Sharad Gupta. RRP is operating under RKD and the company has
no other business activity. Mr. Sharad Gupta and Ms Ritu Agarwal
are managing the operations of RRP who are also directors in RKD.
The company is primarily engaged in trading of PVC tubes, GI
pipes, Mild steel tubes etc. The company has authorized
distributorship of Jindal Industries Limited and Jindal Steels
Limited for NCR and UP and some areas of Uttaranchal. The company
has a dealership network of around 70-80 dealers.


SHRI BALAJI: CRISIL Reaffirms B- Rating on INR5.84MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri
Balaji Packaging (SBP) for obtaining information through letters
and emails dated July 13, 2017 and August 10, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.16      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Term Loan               5.84      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 Shri Balaji Packaging. 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 Shri Balaji Packaging 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'.

SBP is a partnership firm setup in 2010 and is engaged in
manufacturing of corrugated boxes. The firm is owned by Mr. Arpit
Bangur and Mrs. Mangla Bangur. It has a manufacturing unit at
Baddi with a fully-automated corrugation line.


SILMOHAN GEMS: CARE Raises Rating on INR10.19cr ST Loan From D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Silmohan Gems Private Limited (SGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Short-term Bank       10.19       CARE A4 Revised
   Facilities                        from CARE D

Detailed Rationale

The revision in rating assigned to the bank facilities of SGPL
factors in clear debt servicing track record. The rating,
however, continues to be constrained by fluctuating scale of
operations, leveraged capital structure with moderate debt
protection metrics and declining profitability margins. The
rating further continues to be constrained by working capital
intensive nature of operations, foreign exchange fluctuation, and
presence in the competitive & fragmented Gems & Jewellery
industry.

The aforesaid constraints, however, continue to be partially
offset by the strength derived from the long track record and
experienced management, diversified customer base.
The ability of SGPL to increase its overall scale of operations
with geographical diversification and maintain its profitability
and capital structure along with efficient management of working
capital requirement is the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Leveraged capital structure coupled with moderate debt protection
metrics: SGPL's overall capital structure remained leveraged as
indicated by overall gearing of over 4x as on March 31, 2017.
Furthermore, on account of SGPL's meagre cash accruals debt
protection metrics remained weak.

Fluctuating scale of operations and declining profitability
margins: SGPL's scale of operations is relatively small and
fluctuating with TOI of INR17.52 crore FY17 (vis-a-vis INR15.75
crore during FY16). However, the firm has achieved a CAGR growth
of 11.24 %from y-o-y due to increasing demand from existing
customers. Tangible net worth of the company also remained low at
INR1.70 crore as on March 31, 2017 which limits its financial
flexibility to an extent.

The profitability margins of the company have shown declining
trend primarily on account of increase in material cost (65.24%
of cost of sales) due to competitive nature of business.
Stretched working capital cycle leading to moderately high
utilization of working capital borrowings: SGPL's operations are
working capital intensive in nature with majority of funds being
blocked in receivables and inventory. The company primarily
exports to Germany, Hong Kong, USA, Israel, UAE, Belgium,
Thailand, Australia and other countries through direct
interaction with the customers and/or agents on the basis of long
standing relationship with existing clients. It offers on an
average 4-5 months of credit period to clients as is the industry
standard and maintains an average inventory at 117 days during
FY17. SGPL mainly pays its suppliers on cash on delivery basis;
hence the average creditor days remained low at less than a month
during FY17. Further with the improvement in liquidity position
during H1FY18, entity was able to established clear debt
servicing track record from July 2017 onwards.

Forex exchange fluctuation risk: SGPL derives around 70% of its
revenues from exports and is thus exposed to foreign exchange
fluctuation risk. To mitigate its foreign exchange fluctuation
risk, SGPL resorts to hedging its exposure by way of entering
into forward contracts and reported a forex gain of INR0.03 crore
in FY17.Nonetheless, the firm is susceptible to foreign exchange
fluctuation risk owing to timing difference in the transactions
which could affect its margins going ahead.

Presence in competitive and fragmented industry: Further owing to
presence of large numbers of players operating in the industry
and low degree of product differentiation the industry remained
highly competitive and fragmented in nature limiting bargaining
power of players of like SGPL.

Key Rating Strengths

Experienced promoters: The promoters of the company are Mr.
Naresh Shah has more than three decades of experience in the G&J
industry. He is further assisted by Mr. Sohil N Shah (son of Mr.
Naresh shah) who has five years of experience in the similar
field. Both are actively involved in the day-to-day activities of
the firm and have established strong relations with suppliers and
customers, which is likely to benefit the company. Furthermore,
during FY16 and FY17, the promoters have not infused funds into
the business.

Diversified customer base: SGPL has diversified clientele base
and the partners with their long standing experience have been
able to maintain strong relation with its client. Geography-wise
SGPL caters to customers based in Germany, Hong Kong, USA,
Israel, Thailand, Australia, UAE, Belgium, Japan and other
countries which constitute around 54 % of net sales during FY17.

Silmohan Gems Private Limited (SGPL) was established as a
partnership firm in the year 1975 by Mr. Naresh Shah and other
family members, later on in 2005, it was converted into private
limited company. It is engaged in the business of trading and
processing of rough diamonds and exporting cut and polished
diamonds of various sizes and shapes. SGPL deals in diamonds
ranging from 0.5 cent to 2 carats comprising of different
varieties of white, natts and coloured diamonds and specializes
in round, princess, buggets and marquise cuts. The firm does not
have its own processing unit; however it outsources the work to
other processing units in Surat, Gujarat. It meets its raw
material requirements from the open market. Raw material i.e.
rough diamonds are mainly sourced directly from open market from
few known suppliers (domestic as well as international suppliers
from USA, UAE, Belgium and other countries), depending upon the
best bargain. The marketing is mainly done through direct
interaction with the customers and/or agents on the basis of long
standing relationship with existing clients. SGPL is
predominantly an export oriented firm, with around 54% and 60% of
its overall revenues of cut and polished diamond earned from
exports and remaining from domestic market in FY16 and FY17
respectively.


SRI LAXMI: CARE Moves 'D' Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has been seeking information from Sri Laxmi
Narasimha Rice Industry (SLN) to monitor the rating vide e-mail
communications/ letters dated May 24, 2017, May 25, 2017,June 1,
2017, June 6 2017, and October 25, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Sri Laxmi Narasimha Rice Industry's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term bank          6         CARE D; 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.

Detailed description of the key rating drivers

At the time of last rating on September 13, 2017 the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Delay in debt servicing obligations: As per interaction with the
banker, there are on-going delays in in repayment of term loan
installment, interest obligations with over drawals in cash
credit facility.

Sri Laxmi Narasimha Rice Industry (SLN) is a partnership firm
established in April 2015. The firm started with its commercial
operations from April 2016 onwards. The partners of the firm are
Mr. K. Janardhana Reddy, Mr. P. Ramalinga Reddy, Ms. K. Sesha
Reddy and Mr. S. Ramesh. The mill is located in Sriguppa in
Bellary district of Karnataka.


SWAASA PHARMA: CARE Assigns B+ Rating to INR13.53cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Swaasa
Pharma Limited (SPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.53       CARE B+; Stable Assigned

The ratings assigned to the bank facilities of SPL are tempered
by fluctuation in raw material prices along with highly regulated
nature of pharma industry, foreign exchange fluctuation risk and
post implementation project risk for stabilization of operations.
The ratings are, however, underpinned by the experienced promoter
with two decade in pharma industry and location advantage. Going
forward, the ability of the company to successful operation of
the plant at envisaged capacity utilization and add new customers
are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses: Fluctuation in raw material prices,
foreign exchange fluctuation risk & highly regulated nature of
pharma industry Prices of the raw material such as dichloro
acepotone and sulfamide among others are volatile in nature which
may affect the profitability margins of the company. All the
products and companies of pharmaceutical industry are regulated
by several policies and bodies in terms of pricing, quality
control, safety and health standards, and several other
certifications and control standards.

The company imports raw materials which are used in the
manufacturing process. Furthermore, the company does not
have any hedging policy for managing foreign exchange
fluctuation. SPL has taken some of the necessary approvals and
certifications; however the same has to be regularly upgraded for
smooth functioning of their business. Any changes or regulations
by the regulatory bodies may hamper the business of the companies
prevailing in the industry.

Key Rating Strengths

Experience of promoter for more than two decade in pharma
industry: SPL is promoted by Mr. A.HariBabu, Mr. M.KoteswaraRao
and Mr. K.Venkata Ramana who has experience of more than 25 years
in pharma industry. Mr. A.Hari Babu worked 4 years for Dr.
Reddy's and 22 years for SMS Pharma Group., he was taking care of
marketing activities (selling pharma products) in various
countries both international as well as domestic market. Mr. M.
Koteswara Rao has 27 years of experience in manufacturing of
drugs. He worked for 6 years in Dr. Reddy's Labs Limited as an
Quality assurance in charge and 6 years with Divi's Laboratories
Limited as technical in charge and 15 years with SMS Pharma
group. Mr. K. Venkata Ramana is a distributors for Milk testers
and has vide experience in logistics. is a business man and
engaged in milk distribution.

Location Advantage: The manufacturing unit of SPL is located at
Achtapuram, APSEZ which is one of the industrial area and has
several advantages such as no civic restrictions for establishing
pharma manufacturing unit, easy availability of labour and road
network connected to NH-5 which ensures lower logistic
expenditure. The company is planning to procure the raw
material domestically and from international markets. The company
has also achieved its financial closure in July 2014, which was
used in the project completion.

The company was incorporated in July 2012 & promoted by Mr.
A.HariBabu, Mr. KoteswaraRao and Mr. K.VenkataRamana. Swasaa
Pharma Limited has its manufacturing unit of Active Pharma
Ingredients (API) with an installed capacity of 204 MTPA at
Achtapuram, APSEZ, Visakhapatnam, Andhra Pradesh. The company has
its revenue segment from job work and manufacturing segment. The
company is planning to sell the products to Sun Pharma, Dr.
Reddy's and Mylan Laboratories Limited among others on back of
promoter's industrial relations with the above said companies.
The company has completed the project in June'17 and started its
operations in July'17 in Job work segment. The total cost for
setting up the API unit was INR 27.37 crore. The project was
funded by INR 16.92 crore of term loan, Equity of INR 9.00 crore
and remaining of INR 1.45 crore through unsecured loan. SPL has
planned to starts its commercial operations in manufacturing
segment from Jan'18. SPL is planning to procure 70% of raw
materials within the domestic markets i.e., RegiPharma, Romak
pharma among others and remaining 30% of raw materials from
China.


TOPLON INDUSTRIES: CRISIL Reaffirms B Rating on INR6.5MM LT Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of Toplon Industries Pvt Ltd (TIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.5       CRISIL B/Stable (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

   Long Term Loan          6.5       CRISIL B/Stable (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

   Proposed Long Term
   Bank Loan Facility       2.5      CRISIL B/Stable (Reaffirmed;
                                     Removed from 'Issuer Not
                                     Cooperating')

The company faces risks related to implementation of its project.
The commercial operations which were expected to begin in January
2017 was delayed owing to compliance issues in Jammu and Kashmir
along with delay in procurement of machinery. However, machines
have now been imported and commercial operations are expected
to begin by January 2018. CRISIL believes timely and successful
commencement of operations will remain key rating sensitivity
factor over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to project implementation: Though
civil work has been completed and machines have been imported,
the company remains exposed to risk related to implementation of
the project and may face hurdles in installation and testing of
machinery. However, the funding risk remains low since the term
loans has already been sanctioned along with infusion of
requisite funds by the promoters.

* Intense competition in fragmented industry: The Company is
likely to start commercial production in January 2018 and its
scale of operations is expected to be modest compared to the
industry size because of initial stage of operations. The
industry is highly fragmented, and hence, intensely competitive,
leading to pricing pressure. Also, modest scale will restrict the
company's negotiating power with suppliers and customers.

Strength

* Backward integration and promoter's funding support: TIPL's
promoters' have experience of over three decades in the textile
industry through group concern Suzlon Synthetics Ltd, which
manufactures and exports fabric, hence, the final product of TIPL
which is grinded Polyethylene Terephthalate (PET) will be sold to
its group concern. Promoters have extended capital and unsecured
loans, which stood at INR11 crore and INR2.62 crore,
respectively, as on September 30, 2017.

Outlook: Stable

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

TIPL is setting up a manufacturing unit for grinding poly-
ethylene terephthalate (PET) from PET bottles and PET scrap at
Kathua in Jammu and Kashmir, with proposed capacity of 3000
kilogram per hour. The company is promoted by Mr. Daljit Singh
Rana and Mr. Kush Aggarwal.


TULASI INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR4.95MM Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Tulasi
Industries (TI) for obtaining information through letters and
emails dated July 11, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          .99       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Open Cash Credit       4.95       CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      .06       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

TI was set up in 2015 as a partnership firm at Karimnagar,
Telangana; operations are being managed by Mr. N Pandari Nath. It
manufactures tamarind seed powder.


VIBRANT LAMINATE: CARE Assigns B+ Rating to INR13.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vibrant Laminate Private Limited (VLPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            13.50       CARE B+; Stable Assigned

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of VLPL is primarily
constrained on account of its nascent stage of operations with
recently completed debt funded project. The rating is, further,
constrained on account of no experience of promoters and its
presence in a highly fragmented industry with demand linked to
cyclical real estate industry.  The rating, however, derives
strength from stable outlook of Indian laminate industry and
adequate moratorium period available for repayment of term loans.

The ability of the company to achieve envisaged level of Total
Operating Income (TOI) and profitability in light of competition
from large players and raw material price fluctuation risk with
efficient management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Stabilization risk associated with its recently completed project
coupled with lack of prior experience of promoters: VLPL has
completed construction work on the manufacturing unit and has
started commercial operations from April, 2017. The firm has
incurred total cost of INR11.77 crore towards the project which
was funded through term loan of INR 8.50 crore and share capital
of INR 3.27 crore commenced from December, 2017. However, it has
achieved TOI of INR6 crore within 5MFY18.

Presence in a highly fragmented industry with linked to demand
from cyclical real estate industry: The laminate industry is
increasingly becoming technology oriented with innovations
driving the market. Further, the low net worth base makes its
operations highly susceptible to any business shock, thereby
limiting its ability to absorb losses or financial exigencies.

The industry is primarily dependent upon demand from real estate
and construction sector across the globe.

Key Rating Strengths

Available moratorium period: The firm has received the moratorium
period of 1 years and 1 months (repayment will start from
December, 2017) from the date of sanctioned. Hence, VLPL has
received sufficient moratorium period as its project will be in
advance stage of completion.

Stable outlook of the Indian laminate industry: The industry is
expected to keep on growing further in the years to come. The
demand has increased due to growing significance of new
construction industry. Apart from this, increasing urban
population, rising per capita income, rising trend for better
lifestyle, increasing interest in home interior and remodelling,
and rising demand for upgrades in non-residential market are
anticipated to be among the key driving factors to the growth of
plywood and laminates industry in India.

Gorakhpur (Uttar Pradesh) based VLPL was incorporated in April,
2016 by Mr. Ashok Kumar Matanhelia, Mr. Somil Matanhelia, Mr.
Shobhit Matanhelia and Mr. Rajesh Agarwal with an aim to set up a
manufacturing plant of paper based decorative laminate sheets
with a thickness ranging from 0.70 mm to 1.25 mm at Sandila and
production capacity of 1.25 Lakh sheets per month. The decorative
laminate sheets are used as an overlay over plywood or other wood
furniture. VLPL purchases its key raw material i. e. Craft Paper
and Chemicals procure from Uttar Pradesh, Gujarat and Maharashtra
and imports base paper from China. The company sell the finished
product to various states of India and also export to Nepal
through dealers or direct sales agents under the brand name
"Vibrant Laminate." Promoters also promoted Asian Fertilizers
Limited (AFL) involved in manufacturing of fertilizers and
chemicals.


WOMENS NATIONAL: CARE Assigns 'B' Rating to INR9cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Womens
National Education Society (WNES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.00       CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of WNES is tempered by
small scale of operations along with cash losses and weak debt
coverage indicators during the review period, uneven cash-flow
associated with education institutes and presence in highly
competitive industry. The rating is, however, underpinned by
established track record and long experience of society members,
satisfactory infrastructure facilities and resources, increase in
total operating income during the review period and comfortable
capital structure and working capital cycle.

Going forward, ability of the society to increase its scale of
operations and turnaround to surplus from deficits would be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Small scale of operations along with cash losses and weak debt
coverage indicator during the review period: Despite of long
track record of the society, gross receipts of the society
remained low at INR 5.65 crore in FY17 (CA certified provisional)
coupled with moderate tangible net worth of INR10.66 crore as on
March 31, 2017 (CA certified provisional). The society has
incurred deficit for the last three years ended FY17 due to high
employee cost and other maintenance to managed institution
expenses and addition of blocks expenses.  Due to the above said
factors, the debt coverage indicators of the society remained
weak during review period.

Uneven cash-flow associated with educational Institutes: The
revenue stream of the society is skewed towards the beginning of
the academic year (normally between June-August) when the bulk of
the tuition fees, hostel fees and other related income is
collected whereas the society incurs regular stream of payments
for meeting staff salary, maintenance activities, interest
expenses amongst others.

Presence in a highly competitive industry: The education sector
offers immense potential as there is a growing demand for the
services offered driven by increasing propensity of the middle
class to spend on education and India's increasing population.
Due to new colleges being added every year along with established
college's results in high competition level in the state and
adjoining areas of WNES. Also, the fees for various courses are
presently fixed by regulatory authority, which limits on the
revenue growth.

Key Rating Strengths

Established track record and long experience of society members
The society has track record of around eight decades. The society
is managed by well qualified personnel i.e., Mr. Kudpi Jagadish
Shenoy (President), Mr. M. Manel Annappa Nayak (Vice President)
and Mr. V. Shyam Sundar Kamath (Secretary) all are qualified
graduates and having more than two decades of experience in the
field of academics. The day to day activities of WNES are managed
by Mr. Satish Kumar Shetty and Mr. Lakshmi Narayana Bhat who are
principals of the schools under the guidance of society members.
The policy decisions such as starting new college under the
society, new courses, and investment in infrastructure are
decided by the society members.

Satisfactory infrastructure facilities and resources: The campus,
which is spread over 6 acres of land, is divided into four
floors. It has libraries including digital library with vast and
comprehensive collections on various topics and subjects. It is
equipped with e-computerized and bar coded systems with an online
access catalogue for searching books and also study materials for
advanced courses. It has 7 Auditoriums which has a capacity over
2200 audiences. The campus has separate hostel for boys and girls
with health care centre.

The society has been continuously engaged in upgrading its
facilities in order to provide quality education to its students
and also comply with requirements of statutory bodies like Block
Education Officer, Mangalore University and AICTE for MBA
programs.

Increase in total operating income during the review period:
Total operating income of the society is increasing y-o-y from
INR4.14 crore in FY15 to 5.65 in FY17 (CA Certified Provisional)
on account of increase in number of students admissions into
school and college (on average of 100 students per annum) along
with increase in annual course fees (on average of INR0.25 crore
per annum) collected from the students.

Comfortable capital structure and working capital cycle: The
capital structure of the firm though deteriorating during the
review period marked by debt/equity and overall gearing ratio
from 0.23x and 0.23x in FY15 to 0.81x and 0.81x in FY17 (CA
Certified Provisional) on account of increase in long term debt
but still remained comfortable at below unity levels. The society
availed long term loans in order to construct campus building and
to build infrastructure facilities of the campus.

The working capital cycle of the society remained comfortable
during the review period. The society receives annual tuition fee
on time from its students. Further, the society makes the payment
to its suppliers (like stationery and computer) on cash basis.

Womens National Education Society (WNES) is registered under
society's registration act 1860. WNES was found in 1918 by Ms.
Besant then joined by society members Mr. Kudpi Jagadish Shenoy
(President), Mr. Manel Annappa Nayak (Vice-President) Mr. V.
Shyam Sundar Kamath (Secretary) and other members in 1943 for
running the society. WNES presently manages seven Schools &
Colleges under the society namely MSNM Besant Institute of PG
Studies (MBA), Besant Higher Primary School (1st to 7th), Besant
National High School (8th to 10th), Besant English School (1st to
10th), Besant National PU College (Science, Commerce and Arts),
Besant Women's College (Degree & PG) and Besant Evening College
(Degree & PG) in the Mangalore, Karnataka state, India.


YUGA BUILDERS: CRISIL Reaffirms 'B' Rating on INR13.5MM Term Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Yuga
Builders (YB) for obtaining information through letters and
emails dated July 17, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan               13.5      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

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

Set up in 2006, YB is a partnership firm and an equal joint
venture between Yuga Homes Ltd (YHL) and Consolidated
Construction Consortium Ltd (CCCL). The firm develops residential
real estate in Chennai. Operations are managed by Mr. R
Viswanathan.



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


TAKATA CORP: Set to File Restructuring Plan by Nov. 27
------------------------------------------------------
Asian Nikkei Review reports that Takata Corp. looks to file a
turnaround plan with a Tokyo court by Nov. 27 that would have the
scandal-rocked air bag maker sell nearly all operations to U.S.
peer Key Safety Systems as soon as next spring.

The Nikkei relates that the companies are thought to be
concluding an agreement under which KSS pays $1.58 billion for
Takata's operations in spring 2018. When the plan is submitted to
Tokyo District Court, which is supervising Takata's
rehabilitation, it will go to the company's creditors --
including major Japanese automakers -- for approval, the report
says.

Takata would use the proceeds to help pay its debts, including
costs tied to massive recalls of vehicles containing the
manufacturer's faulty air bags, the Nikkei notes.

After the acquisition, Key would control around 20% of the world
market for air bags and seat belts, trailing only Sweden's
Autoliv, the report says. But while Japanese automakers have
agreed to continue buying from Takata for now to help keep the
company functioning, they could find other suppliers in the
future. Key will need to focus on improving product quality and
otherwise rebuilding trust to keep clients on board, the report
adds.

                        About Takata Corp

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles.  The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.

Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No.17-11375) on June 25, 2017.  Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings.  Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata.  Ernst & Young
LLP is tax advisor.  Prime Clerk is the claims and noticing
agent.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor.  UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things,
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act.  The
Canadian Court appointed FTI Consulting Canada Inc. as
information officer. TK Holdings, as the foreign representative,
is represented by McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel.  The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel.  Gilbert LLP will evaluate of the
insurance policies.  Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants of TK Holdings Inc., et al., tapped Frankel
Wyron LLP and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan.  The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases.  Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.


TOSHIBA CORP: Mulls Raising JPY600B in Capital to Avoid Delisting
-----------------------------------------------------------------
The Japan Times reports that Toshiba Corp. is considering raising
at least JPY600 billion ($5.3 billion) in new capital to prevent
its shares from being delisted in case the sale of its
semiconductor business is delayed, sources close to the matter
said on Nov. 10.

The report relates that the tech conglomerate has begun gauging
the interest of potential investors, and will decide before
Dec. 31 whether to go through with the capital increase, the
sources said.

According to the report, the plan may require approval at an
extraordinary general meeting of Toshiba's shareholders if it
leads to significant dilution of existing stock.

The Japan Times notes that hit by huge losses in its U.S. nuclear
business, Toshiba's net worth could tumble to minus JPY750
billion when its current business year ends next March, leading
to its delisting from the Tokyo Stock Exchange.

To prevent this, Toshiba has agreed to sell its profitable chip
unit, Toshiba Memory Corp., to a consortium led by Bain Capital
for JPY2 trillion, the report says. But the sale is subject to
reviews by antitrust regulators that could drag on past the March
deadline. A continuing legal battle with Western Digital Corp.,
Toshiba's chip joint production partner, could also derail the
deal.

If Toshiba concludes it needs to raise capital through other
means, the likeliest way would be to sell JPY600 billion of new
shares to investment funds, and to sell off assets to secure the
remaining JPY150 billion needed to wipe out its capital deficit,
according to the sources cited by the Japan Times.

Alternatively, Toshiba may seek to raise JPY800 billion to have
additional money to invest in growth areas, the report adds.

The Japan Times relates that many details are still undecided,
including whether to raise cash by issuing preferred shares or
convertible bonds, the sources said.

The latter are securities that would pay investors a fixed annual
rate of return, but could also be converted into ordinary shares,
the report adds.

                        About Toshiba Corp

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

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

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



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


PERISAI PETROLEUM: Has Until Feb 11 to Submit Regularisation Plan
-----------------------------------------------------------------
The Sun Daily reports that Perisai Petroleum Teknologi Bhd has
been granted an extension of up to February 11, 2018 to submit
its regularisation plan.

However, the extension of time is without prejudice to Bursa
Securities' right to proceed to suspend the trading of its shares
and to delist the company in the event it fails to submit a
regularisation plan to the regulatory authorities on or before
February 11, 2018; fails to obtain the approval for the
implementation of the regularisation plan; and fails to implement
the plan within the time frame, the report says.

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

Perisai Petroleum has been classified as a Practice Note 17
(PN17) company after its unit Perisai Capital (L) Inc defaulted
on SGD125 million debt notes due on Oct. 3, 2016.



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


LWR INDUSTRIES: Receivers Put Two Industrial Properties on Market
----------------------------------------------------------------
Stuff.co.nz reports that the receivers of LWR Durham Properties
are selling two high-profile "as is where is" industrial
properties on the city fringe in Sydenham, Christchurch.

According to Stuff, receivers BDO are offering the two properties
at 8 Orbell St on the corner with Brougham St of 7482 square
metres, and 48 Orbell St opposite Burke St of 1098 sqm.

They have a combined rateable value of NZ$6.4 million, Stuff
notes.

Stuff relates that Sam Staite, director of industrial leasing and
sales with Colliers International in Christchurch, said Sydenham
was a high growth location.

"Tenanted investments, or vacant buildings rarely become
available for sale in this location.  We think there will be
significant interest from investors and owner occupiers. Sydenham
remains a key industrial and commercial area in Christchurch
because it's so close to the city centre and main arterials," the
report quotes Mr. Staite as saying. "It currently has one of the
lowest vacancy rates of all industrial areas in Christchurch and
land is tightly held.  The area is home to a wide range of
national and international businesses including Foodstuffs South
Island, which owns land adjacent to this site."

The largest site at 8 Orbell St has a frontage onto the Brougham
St motorway and has two warehouses, the report notes.

A net annual holding income of NZ$135,000 comes from month by
month leases to a fashion clearance retailer and Kitchen Things,
Stuff states.

The smaller property of 1098sq m, at 48 Orbell St is a fenced
bare parcel of gravelled land.

LWR Industries and several subsidiaries were placed into
receivership in 2010 owing more than NZ$50 million to the secured
lender Westpac.

Director and shareholder Ken Anderson was sentenced to six year's
jail for fraud and released on parole in 2015 after serving two
years, according to Stuff.

The secured creditor of LWR Durham Properties is BNZ, owed
NZ$14.4 million. Its owner is a company associated with Mr.
Anderson.

In its heyday in the 1960s LWR employed about 4,000 people but by
the time of its collapse was down to about 100 employees, Stuff
discloses.



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


AVATION GROUP: Fitch Withdraws B+ Sr. Unsecured Notes Rating
------------------------------------------------------------
Fitch Ratings has withdrawn the 'B+(EXP)'/'RR4' expected rating
assigned to the offering of senior unsecured notes by Avation
Group (S) Pte. Ltd., a subsidiary of Avation PLC (collectively,
Avation).

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as Avation's proposed
notes issuance is no longer expected to convert to final ratings.
The expected rating was assigned on Oct. 23, 2017. The company
has decided to postpone this note issue.

RATING SENSITIVITIES

Not applicable as the rating is being withdrawn.



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


* BOND PRICING: For the Week Nov. 6 to Nov. 10, 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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