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        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, December 12, 2017, Vol. 20, No. 246

                            Headlines


A U S T R A L I A

FLEX-ABILITY PTY: First Creditors' Meeting Set for Dec. 19
KIMBERLEY KAMPERS: First Creditors' Meeting Set for Dec. 19
MOTHER NATURES: First Creditors' Meeting Set for Dec. 19
STREBLIG PTY: Second Creditors' Meeting Slated for Dec. 20
PALADIN ENERGY: Electricite de France May Seek to End DOCA

ROYAL CROQUET: Club to Return to Adelaide Fringe Next Year


C H I N A

BEIJING SKYOCEAN: BLand Unit Demands Payment of RMB974.07 Million


H O N G  K O N G

NORD ANGLIA: FY2017 Results No Impact on B2 CFR, Moody's Says


I N D I A

AJAY PLASTIC: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
AKR CONSTRUCTION: CRISIL Assigns 'C' Rating to INR27.75MM Loan
AMIT CAPACITORS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
AYAN FOODS: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
CYNOSURE MANIK: Ind-Ra Moves BB Issuer Rating to Non-Cooperating

D P JAGTAP: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
FINE BLANKING: CARE Moves B+ Rating to Not Cooperating Category
FLOATELS: CRISIL Reaffirms B+ Rating on INR18.25MM Term Loan
G R INFRASTRUCTURE: Ind-Ra Migrates BB Rating to Non-Cooperating
GAURAV RICE: CRISIL Reaffirms 'B' Rating on INR14.71MM LT Loan

GOLDSTONE TECHNOLOGIES: CRISIL Keeps B Rating on Watch Developing
HEAVY ENGINEERING: Ind-Ra Assigns BB Issuer Rating
HEMRAJ DEVKARANDAS: CRISIL Lowers Rating on INR10MM Loan to D
HI-TECH RESISTORS: CARE Assigns B+ Rating to INR3.22cr LT Loan
JAYANT PRINTERY: CRISIL Withdraws B Rating on INR5.25MM Loan

JODHANI EXPORTS: Ind-Ra Cuts INR200MM Bank Loan Rating to 'D'
JSR MULBAGAL: CRISIL Reaffirms B- Rating on INR105MM Term Loan
KIRLOSKAR INTEGRATED: CRISIL Assigns B- Rating to INR1MM Loan
KRAFT INFRASTRUCTURES: CRISIL Assigns B Rating to INR15MM Loan
LIFE SHINE: Ind-Ra Raises Issuer Rating to 'BB', Outlook Stable

MONTRISE INFRA: CRISIL Assigns B Rating to INR3.5MM Cash Loan
NEW ASIAN: CRISIL Assigns 'B' Rating to INR3MM Cash Loan
NOKEN PRIVATE: CARE Raises Rating on INR31.71cr LT Loan to B+
PRE UNIQUE: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
PRIDE VENTURES: CRISIL Assigns B+ Rating to INR33MM Term Loan

PROSTAR TEXTILE: CRISIL Lowers Rating on INR13MM Term Loan to D
RKS FUTURE: CRISIL Reaffirms 'B' Rating on INR12.35MM Term Loan
SEA HAWK AGRO: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
SOMA INDUS: CRISIL Downgrades Rating on INR1.85BB Term Loan to D
SOUTHERN HOLDINGS: CRISIL Moves INR9.5MM Loan Rating to B/Stable

STARBURST MOTORS: Ind-Ra Moves B+ Rating to Non-Cooperating
TRANSMISSION CORPORATION: CRISIL Reaffirms D Rating on INR2B Loan
TRINITY TRANSFORMERS: CRISIL Keeps B Rating on Watch
YESHASHVI STEELS: CARE Assigns 'B' Rating to INR7.80cr LT Loan


J A P A N

PLUS ONE: Files for Bankruptcy Protection


N E W  Z E A L A N D

KIMBERLEYS FASHIONS: Receivers to Close Stores This Week
PUMPKIN PATCH: Catch to Relaunch Online Pumpkin Patch Offering


X X X X X X X X

* BOND PRICING: For the Week Dec. 4 to Dec. 8, 2017


                            - - - - -


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


FLEX-ABILITY PTY: First Creditors' Meeting Set for Dec. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Flex-
Ability Pty Ltd, trading as Flex Medical Training Services, will
be held at Level 1, 6 Allison Street, in Bowen Hills, Queensland,
on Dec. 19, 2017, at 11:00 a.m.

Anne Marie Barley of AMB Insolvency was appointed as
administrator of Flex-Ability Pty on Dec. 7, 2017.


KIMBERLEY KAMPERS: First Creditors' Meeting Set for Dec. 19
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Kimberley
Kampers Pty Ltd will be held at Ballina RSL Club Ltd, River
Street, in Ballina, NSW, on Dec. 19, 2017, at 10:00 a.m.

Steven Nicols of Nicols + Brien was appointed as administrator of
Kimberley Kampers on Dec. 7, 2017.


MOTHER NATURES: First Creditors' Meeting Set for Dec. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Mother
Natures Coffs Harbour Pty Ltd will be held at the offices of
Deloitte Financial Advisory Pty Ltd, Eclipse Tower, Level 19,
60 Station Street, in Parramatta, NSW, on Dec. 19, 2017, at
10:00 a.m.

Neil Robert Cussen of Deloitte Financial was appointed as
administrator of Mother Natures on Dec. 8, 2017.


STREBLIG PTY: Second Creditors' Meeting Slated for Dec. 20
----------------------------------------------------------
A second meeting of creditors in the proceedings of Streblig Pty
Ltd has been set for Dec. 20, 2017 at 11:00 a.m. at the offices
of BRI Ferrier (SA), Level 4, 12 Pirie Street, in Adelaide, SA.

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 Dec. 19, 2017 at 5:00 p.m.

Alan Geoffrey Scott and Stuart Otway of BRI Ferrier were
appointed as administrators of Streblig Pty Ltd on Oct. 12, 2017.


PALADIN ENERGY: Electricite de France May Seek to End DOCA
----------------------------------------------------------
Stuart McKinnon at The West Australian reports that the French
creditor that forced Paladin Energy into administration is now
threatening to torpedo its recapitalisation.

Creditors of the collapsed miner on Dec. 7 voted in favor of a
restructure proposal put forward by unsecured bondholders that
would have the company continue operating as a going concern and
be reinstated to the Australian Securities Exchange, according to
The West Australian.

Under the terms of a deed of company arrangement, existing
shareholders will surrender 98% of their shares as part of a
debt-for-equity swap. The recapitalisation will also involve a
US$115 million debt raising, the report discloses.

However, Paladin's offtake partner Electricite de France, which
forced the miner into administration in July by demanding
repayment of a US$277 million ($361 million) loan, has rejected
the plan claiming the proposed DOCA is unfairly prejudicial
towards it, says The West Australian.

The report relates that EDF has warned it may pursue legal action
to have the deed terminated.

According to the report, Paladin administrator and KPMG's head of
restructuring services, Matthew Woods, said he respected the
right of individual creditors to act in their own interests and
time would tell whether Electricite de France, applied to have
the DOCA set aside.

He said he was unsure of EDF's ultimate objective but noted it
had not put a recapitalisation proposal to administrators, the
report states.  Mr. Woods said he had also received several calls
and emails from aggrieved Paladin shareholders unhappy with the
deal.

"That's to be expected and they are entitled to be disappointed
but it's hard to see any alternative to the proposal other than
liquidation," the report quotes Mr. Wood as saying.

The report notes that the setback comes just as the uranium price
starts to show signs of life after years in the doldrums.

The West Australian says the price of yellowcake hit $US25.50/lb
on Dec. 7 after Kazakh state-owned miner Kazatomprom announced
this week it would cut uranium production 20 per cent for the
next three years in response to a stubbornly low price for the
energy commodity.

Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia.

Matthew David Woods, Hayden Leigh White and Gayle Dickerson of
KPMG were appointed as administrators of on July 3, 2017.


ROYAL CROQUET: Club to Return to Adelaide Fringe Next Year
----------------------------------------------------------
Cameron England at The Advertiser reports that The Royal Croquet
Club has announced it will return to the Adelaide Fringe next
year and intends to rebuild after avoiding financial collapse
earlier this year.

But the popular venue still needs Adelaide City Council approval
to go ahead with their plans, including "providing appropriate
financial securities," the report says.

According to the report, the Royal Croquet Club's co-founder
Stuart Duckworth said it would return to the site it occupied on
Pinky Flat this year, with a press release stating it expected to
attract more than 250,000 visitors and sell 80,000-100,000 Fringe
tickets in 2018.  However, the Council said there are still a few
boxes left to tick.

"The RCC has been provided with a draft event licence, however in
accordance with the July resolution of Council the RCC are
required to meet a number of conditions to enable the CEO to
approve the event under delegation, including providing
appropriate financial securities," the report quotes a council
spokeswoman as saying.  "The RCC have until close of business 14
December 2017 to fulfil these obligations so at this time, the
event does not have Council approval to proceed. If the RCC are
unable to meet these conditions the CEO will be required to bring
the matter to Council for consideration."

The future of the RCC was thrown into doubt this year after it
emerged that a foray into China in 2016 had been a financial
disaster, eventually leading to the company behind the event, The
Social Creative, being placed in voluntary administration in
June, The Advertiser recalls.

"We have a draft event licence, which is normal this far out from
an event. We have to satisfy further council conditions but it's
a standard process we've been through many times and I don't see
any problems," the report quotes RCC co-founder Stuart Duckworth
as saying.

The company, along with two associated companies, had debts worth
more than AUD1 million including significant debts for the supply
of alcohol to Coopers Brewery, Negociants International and
Samuel Smith & Son, the report discloses.

In September, the creditors of the companies gave them a reprieve
however, voting to approve a Deed of Company Arrangement which
would allow them to keep trading, The Advertiser notes.

Adelaide City Council, which is owed AUD137,961, was the only
creditor to reject the plan, claiming at the time any payment was
contingent on granting the RCC an event licence, according to the
report.

The report relates that Mr. Duckworth said in a statement earlier
that they were looking forward to a great program for 2018.

"Having the RCC continue as a staple of the Adelaide Fringe has
always been a goal of ours, so to be able to announce that it is
back for the 2018 season is tremendous," Mr. Duckworth, as cited
by The Advertiser, said.

"I'm very excited to release what we've been working on and
what's different in 2018 for all Fringe lovers.

"Since we started, the RCC has had overwhelmingly positive
feedback and we've entertained more than a million people, so
we're determined to create another brilliant event for Fringe
audiences.

"For 2018, we've curated a program full of some of the
activations that Adelaide has grown to know and love - live
music, physical circus, theatre and comedy - plus a whole lot of
new shows and great artists, which will all be encompassed by a
whole new look and feel."

Mr. Duckworth said the RCC team was grateful for the support of
other businesses which meant they were able to continue trading.

"After suffering a severe - unrelated - financial blow last year,
the future of RCC was in some doubt.

"However, through the support of a wide range of progressive and
successful South Australian business people, the new team behind
RCC now have the opportunity to continue building on the event's
success and meet all their financial obligations under the Deed
of Company Arrangement which was agreed to by all creditors.

"The restructure we've put in place has been possible because
these are people who, like us, really believe in Adelaide and
supporting those who are prepared to back themselves and give it
a go - we are very grateful for all their support and guidance.

"We have always said we wanted to keep trading and were never
going to walk away from any hardship. Thanks to this restructure,
we have been able to regroup and ensure we can honour all our
obligations."

Andrew George Ashbrook Langshaw and Peter James Lanthois of
DuncanPowell were appointed as administrators of Royal Croquet on
June 15, 2017.



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C H I N A
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BEIJING SKYOCEAN: BLand Unit Demands Payment of RMB974.07 Million
-----------------------------------------------------------------
The Sun Daily reports that Berjaya Land Bhd's 51%-owned
subsidiary Berjaya (China) Great Mall Co Ltd (GMOC) has issued a
notice of demand to Beijing SkyOcean International Holdings Ltd
for RMB974.07 million (MYR601.78 million).

This is the amount due in relation to BLand's disposal of Berjaya
(China) Great Mall Recreation Centre to Beijing SkyOcean for
RMB2.04 billion cash, the report says.

"Pursuant to the relevant agreements signed in respect of the
Great Mall disposal, the remaining adjusted cash consideration of
RMB974.07 million was due for payment by Beijing SkyOcean on or
before Nov. 28 2017," BLand said in a Bursa Malaysia filing, The
Sun Daily relays.

The report relates that BLand said GMOC has given Beijing
SkyOcean and its guarantors to pay the outstanding payment and
accrued late payment interest within three days upon receipt of
the notice of demand issued on Dec. 7, failing which, will see
GMOC taking legal actions against Beijing SkyOcean and the
guarantors.

Beijing SkyOcean International Holdings Limited offers property
development services.



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


NORD ANGLIA: FY2017 Results No Impact on B2 CFR, Moody's Says
-------------------------------------------------------------
Moody's Investors Service says that Nord Anglia Education, Inc's
(NAE) results for the fiscal year ended August 2017 (FY2017) were
in line with expectations and -- along with its proposed senior
secured term loan add-on -- have no immediate impact on its B2
corporate family rating (CFR) and the B1 senior secured rating on
the Euro equivalent first lien term loan issued by Fugue Finance
B.V. and guaranteed by Bach Finance Limited.

The ratings outlook remains stable.

"While NAE's leverage remained elevated in FY2017 for its B2
rating level, Moody's expect the company's leverage to trend down
gradually, driven by EBITDA growth and only a modest debt
increase," says Stephanie Lau, a Moody's Vice President and
Senior Analyst.

NAE's proforma adjusted debt to EBITDA was about 10.6x in FY2017,
adjusted for the full-year impact from completed and proposed
acquisitions in calendar year 2017 and a tap offering, assuming
these transactions all occur within FY2017. Moody's expects the
ratio to decline to 8.0x-8.5x over the next 12-18 months.

The expected steady growth in earnings will be underpinned by
higher tuition fees, increased enrollments, and cost
efficiencies.

In September 2017, NAE signed a share purchase agreement to
acquire seven premium international schools for around $173
million. The acquisition is scheduled to close in December 2017,
subject to financing and the satisfaction of customary closing
conditions. The scale of the proposed acquisitions are within
Moody's expectations.

To fund the acquisitions, NAE will raise a $260 million senior
secured term loan as an add-on to its existing $1,225 million
(equivalent) senior secured term loan B denominated in euro. The
add-on will be on similar terms and conditions as the existing
senior secured term loan.

Moody's does not expect the add-on will have a material impact on
NAE's credit profile because (1) the majority of the proceeds
will be used to fund the acquisition and to repay its drawn
revolving credit facility; and (2) the acquired schools will
contribute to its earnings and cash flow.

NAE reported 7.8% year-on-year revenue growth in FY2017 to $923
million, mainly driven by an 8% increase in full-time equivalent
students (FTEs), in addition to higher tuition fees and
contributions from newly acquired schools. This partially offset
the impact from the depreciation of the RMB and the EUR against
the USD.

However, adjusted EBITDA -- as reported by the company --
declined by 1.6% to $208 million in FY2017, mainly due to higher
selling, general and administrative expenses associated with the
opening of new schools in September 2016, as well as the opening
of a new campus in Houston and the full year impact of rent
following the sale and leaseback transaction in FY2016.

NAE's liquidity position is adequate. NAE had $461 million in
cash holdings at the end of August 2017, which, along with its
cash flow from operations, should be sufficient to cover its $51
million in short-term debt and expected capital expenditures of
around $100 million, as well as potential acquisition
expenditures of around $200 million.

NAE's stable and predictable cash flows, which stem from solid
demand for its premium educational services, continue to support
the rating. Moody's expects NAE will remain disciplined in its
acquisitions strategy, by acquiring individual schools in
existing markets that are accretive to earnings and cash flow.

The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.

Nord Anglia Education, Inc is headquartered in Hong Kong and
operates 47 international premium schools in Asia, Europe, the
Middle East, and North America, with more than 45,000 students
ranging in level from pre-school through to secondary school.



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I N D I A
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AJAY PLASTIC: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ajay Plastic
Industries' 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:

-- INR45 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB-(ISSUER NOT COOPERATING) rating;

-- INR31 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ajay Plastic Industries is a proprietorship firm registered in
1974. This is owned by Mr. Naresh Aggarwal. The firm is engaged
in the manufacturing of poly vinyl chloride footwear.


AKR CONSTRUCTION: CRISIL Assigns 'C' Rating to INR27.75MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL C/CRISIL A4' ratings to
the bank facilities of AKR Construction Limited (AKR).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft              27.75      CRISIL C
   Bank Guarantee         90.25      CRISIL A4
   Letter of Credit        3.00      CRISIL A4

The ratings reflect the company's weak liquidity because of
stretched working capital cycle driven by high work-in-process
inventory, modest scale of operations with high geographical
concentration in revenue, and susceptibility to volatile raw
material prices. These weaknesses are partially offset by the
extensive experience of its promoters and moderate order book.

Key Rating Drivers & Detailed Description

Weakness

* Working-capital-intensive operations: Gross current assets were
351 days as on March 31, 2017, due to large inventory of 224 days
and high security deposits/earnest money deposits. This
constrains business and financial risk profiles, particularly
liquidity.

* Modest scale of operations with high geographical concentration
in revenue: With an operating income of INR114 crore in fiscal
2017, scale remains small. Moreover 60-70% of the revenue is
derived from Andhra Pradesh and Telangana.

* Susceptibility to fluctuations in raw material prices: Prices
of key raw materials, steel and cement, are volatile, which
exposes profitability to any sharp change in input prices.
Moreover, longer tenure of contracts (lasting 24-36 months) get
extended due to procedural and other delays, thereby exposing
operating margin to volatility in raw material prices.

Strength

* Extensive experience of promoters: Key promoter, Mr. Krishna
Reddy, has experience of over 30 years in the civil construction
industry, particularly in executing irrigation projects.

* Moderate order book of about INR340 crore as on September 30,
2017, provides medium-term revenue visibility.

Established in the early 1990s as a proprietary concern AKR
Construction and later converted into a closely held public
company in 2004, AKR undertakes civil construction works,
primarily irrigation projects in Andhra Pradesh, Telangana,
Karnataka, and Madhya Pradesh.


AMIT CAPACITORS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Amit Capacitors
Limited (ACL) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable. The instrument-wise rating actions are as follows.

-- INR100 mil. Fund-based working capital limit assigned with
    IND BB/Stable/IND A4+ rating;

-- INR60 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect ACL's small scale of operations, volatile
EBITDA margin and moderate credit metrics. Revenue fell to
INR369.1 million in FY17 from INR406.9 million in FY16. The fall
was due to sluggish demand in the last two quarters due to
demonetisation. Ind-Ra expects ACL's revenue to improve in FY18,
given it booked INR240 million in revenue for April-October 2017.

Moreover, EBITDA margin was 10.0%-13.1% over FY15-FY17 on account
of raw material price fluctuations. In FY17, interest coverage
(operating EBITDA/gross interest expense) was 2.7x (FY16: 2.9x;
FY15: 2.1x) and net leverage (total adjusted net debt/operating
EBITDAR) was 2.4x (2.4x; 3.1x). The fluctuation in the credit
metrics was largely due to the volatile EBITDA margin.

The ratings also reflect ACL's moderate liquidity, indicated by
an average peak utilisation of about 95% of its fund-based
working capital limits for the 12 months ended November 2017. Its
net cash conversion cycle was moderate at 123 days in FY17 (FY16:
119 days).

The ratings, however, are supported by the ACL's long operating
history of 35 years and the promoters' experience of over three
decades in the capacitor manufacturing business that has led to
established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in revenue and/or EBITDA margin leading to
deterioration in the credit metrics on a sustained basis and/or
deterioration in the net cash conversion cycle leading to a
stressed liquidity will be negative for the ratings.

Positive:  A substantial improvement in revenue and/or EBITDA
margin while maintaining the credit metrics at the current levels
on a sustained basis will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1982, ACL manufactures metalized polypropylene
film power capacitors at its facilities in Hyderabad and Goa. It
sells its product under the brands CONCAP and AMCAP.


AYAN FOODS: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ayan Foods (AF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities             5.50       CARE B+; Stable Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of AF continues to
remain constrained by small scale with short track record of
operation, volatile agro-commodity (rice) prices with linkages to
vagaries of the monsoon, working capital intensive nature of
business, regulated nature of the industry in terms of minimum
support price, proprietorship nature of constitution, intense
competition due to fragmented nature of industry with presence of
many unorganized players. The rating, however, continues to
derive strength from the experienced proprietor, strategic
location of plant and favorable demand of its products in the
market. The ability of the entity to increase in its scale of
operations along with an improvement in the profit margins and
effective management of working capital would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale with short track record of operations: AF is a small
player in rice milling business, which has started commercial
operation from February 2016. In FY17 ,the scale of operations of
the company remained small marked by total operating income of
INR21.93 crore with a PAT of INR0.09 crore, on account of first
full year of operation in FY17. In H1FY18, the company has booked
turnover of around INR9.57 crore. The profit margins of the
entity remained low marked by PBILDT margin of 5.21% and PAT
margin of 0.43% in FY17.

Volatile agro-commodity (rice) prices with linkages to vagaries
of the monsoon: Rice is mainly a 'kharif' crop and is cultivated
from June-July to September-October and the peak arrival of crop
at major trading centers begins in October. The output is highly
dependent on the monsoon. Unpredictable weather conditions could
affect the domestic output and result in volatility in price of
rice. In view of seasonal availability of paddy, working capital
requirements remain high at season time owing to the requirement
for stocking of paddy in large quantity.

Working capital intensive nature of business: Agro product
processing business is working capital intensive as the millers
have to stock paddy by the end of each season till the next
season as the price and quality of agro products are better
during the harvesting season. Accordingly, the working capital
intensity remains high impacting company's profitability.
Moreover, the average fund based working capital utilization
remained high at 80% during the last twelve months ended on
October 30, 2017.

Proprietorship nature of constitution: AF, being a proprietorship
entity, is exposed to inherent risk of proprietor's capital being
withdrawn at time of personal contingency. Furthermore, limited
ability to raise capital and poor succession planning may result
in dissolution of the entity.

Regulated nature of the industry in terms of minimum support
price (MSP): The Government of India (GOI), every year decides a
minimum support price (MSP - to be paid to paddy growers) for
paddy which limits the bargaining power of rice millers over the
farmers. The MSP of paddy has increased during the crop year
2017-18 to INR1550/quintal (as suggested by the Commission for
Agricultural Costs and Prices, the apex body to advice on MSP to
the government) from INR1470/quintal in crop year 2016-17. Given
the market determined prices for finished product vis-Ö-vis fixed
acquisition cost for raw material, the profitability margins are
highly vulnerable. Such a situation does not augur well for the
company, especially in times of high paddy cultivation.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Raipur and nearby
districts of Chhattisgarh are a major paddy growing area with
many rice mills operating in the area. High competition restricts
the pricing flexibility of the industry participants and has a
negative bearing on the profitability.

Key Rating Strengths

Experienced proprietor: The entity is managed by Mr. Anurag
Agarwal, proprietor. He has over six years of experience in rice
milling and trading business and looks after the overall
management of the entity. The entity is deriving benefits out of
the long experience of the promoter.

Strategic location of plant: The rice milling plant of AF is
located at Raipur district of Chhattisgarh, which is a paddy
growing region in Chhattisgarh resulting in lower logistic
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. The entire raw material requirement is met locally from
local farmers/agents which helps the company to save substantial
amount of transportation cost and also procure raw materials at
effective price.

Favorable demand outlook: Rice, being one of the primary food
articles in India, demand is high throughout the country and with
the change in life style and health consciousness; by-products of
the same like rice bran oil etc. are in huge demand.

AF was established in June 2015 as a proprietorship entity by Mr.
Anurag Agarwal to setup a rice milling plant at Raipur,
Chhattisgarh. The entity has started its commercial operations
from February 2016.The entity has been engaged in milling and
processing of non-basmati rice. The manufacturing facility of the
company is located at Devendra Nagar, Raipur in Chhattisgarh with
aggregate installed capacity of 36000 metric tonnes per annum.


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

-- INR125 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2003, CMAC is a proprietorship concern engaged in
the dealership of two-wheelers in West Bengal. The company is
managed by Mr. Samir Kumar Bose.


D P JAGTAP: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated D.P. Jagtap and
Company's (DPJC) 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:

-- INR16 mil. Fund-based facilities migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating; and

-- INR109 mil. Non-fund-based facilities migrated to non-
    cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Established in 1988 and converted to a partnership firm in FY15,
DPJC is a government contractor for making roads.


FINE BLANKING: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE has been seeking information from Fine Blanking Private
Limited (FBPL) to monitor the rating vide e-mail communications/
letters dated June 1, 2017, August 10,2017, September 1,2017 and
November 13,2017 and numerous phone calls. However, despite our
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 Fine
Blanking Private Limited's bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING and CARE A4; ISSUER NOT
COOPERATING.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         5.50       CARE B+; Issuer Not
   Facilities                        Cooperating; Based on
                                     best available information

   Short term Bank        0.30       CARE A4; 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 July 29, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Sharp decrease in profit margins due to volatile raw material
pricing and foreign exchange fluctuations on export orders

The company's sales have increased at a CAGR of 10.47% during
FY13 to FY16 (Provisional) from INR11.55 crore in FY13 to
INR15.57 crore in FY16 (Provisional), due to increased demand of
its products. However, the PBILDT margins have been declining
year-on-year from 13.90% in FY14 to 4.23% in FY16 (Provisional)
on account of volatile raw material prices which the company was
not been able to pass on to its customers. Furthermore in FY16,
the PBILDT margins had declined significantly by 520 base points
to 4.23% in FY16 (Provisional) as compared to 9.43% in FY15 due
to the execution of export orders. The fall in euro prices and
transportation expenses (INR0.41 crore) incurred towards export
sales have resulted in lower profit margins of the company in
FY16 (Provisional).

Working capital intensive nature of operations

FBPL's business is working capital intensive in nature as
reflected by high collection period and inventory period. The
inventory period remained at around 60-70 days as the company
maintains adequate level of raw material inventory for executing
the orders in hand and also for meeting sudden spurt in demand.
The average collection period of the company also remained long
in the range of 60 to 80 days due to its low bargaining power
owing to its small size. The company has a cash credit facility
of INR 2 crore of which the utilization levels were around 50%
for the 6 months ending June 2016.

Small scale of operations and dependence on automobile industry
The company has small scale of operation with a total income of
INR 15.57 crore in FY16 (Provisional). The fine blanking industry
highly depends on the automobile sector. The margins in
automobile sector are likely to come under pressure in the long
run due to increased competition and manufacturers will find it
difficult to increase their cost, thereby the burden will fall on
small auto ancillary manufacturers. Companies will have to focus
on quality and abide by delivery schedules if they want to
survive. Auto mobile manufacturers sourcing components might want
to get components from fewer sources in future, this will lead to
consolidation in the sector and hence in the near future the
company might have to increase its scope to survive in the
industry.

Weak debt coverage indicators due to low profit level and cash
accruals The interest coverage ratio of the company declined to
1.23x in FY16 (Provisional) as compared to 4.28x in FY15. The
decline in the ratio was due to low PBILDT earned along with
increased interest obligation. Decline in profits lead to decline
in GCA of the company which intern led to weak total debt to GCA
of 115.48x in FY16 (Provisional) as compared to 5.17x in FY15.

Key Rating Strengths

Experienced promoters FBPL was promoted by Capt. D. R. Khobare.
Mr. Khobare, the managing director of the company, served the
armed forces for 6 years up to 1971 and later started a
proprietary concern M/S Khobare Aluminum Industries which
manufactured aluminum sheets, circles & utensils. Dr. Usha D
khobare, Mr. Rahul D Khobare and Hema Rahul Khobare are family
members and the current directors of FBPL. DrUsha D Khobare and
Mr. Rahul D Khobare have an experience of 33 years and 21 years
respectively.

Comfortable Capital Structure The firm has a comfortable capital
structure with overall gearing at 0.56x and debt equity ratio at
0.50x as on March 31, 2016 (Provisional). The debt profile of the
company comprises of INR 2 crore of cash credit limit, INR 5.36
crore of term loan and INR 2.08 crore of unsecured loan from the
directors and related parties as against the net worth of INR
14.94 crore.

Diversified and reputed clientele base The company has a
diversified and reputed clientele base. The clients of FBPL
include BOSCH Ltd, Larsen & Tourbo Ltd, Force Motors Ltd, Tata
Johnson Controls ltd, Tata Toyo Radiators Ltd, Breaks India Ltd,
Wipro e peripherals Ltd etc. The company has also started exports
from FY16 (Provisional) to Faurecia Exhaust control Technologies
in Czech Republic and Brazil.

Fine Blanking Private Limited (FBPL) is an ISO 9001:2000
certified company which is engaged in the business of
manufacturing of fine blanking tools and components. It was
incorporated in the year 1989 by Mr. D. R. Khobare in Hubli city
of Karnataka. FBPL manufactures various components such as latch
part, door lock parts, recliner gear, sprockets, cam plats etc.
used in automobile industry. It also manufactures products used
in electrical industry, telephone & office automation industry,
textile industry, air compressors and air craft industry etc. The
major raw materials required by the company are; various
standards of cold rolled steel strips, copper ETP grade and
aluminium strips. The major suppliers are Tube Investment of
India Ltd, JSW Steel Ltd, Sunmet Industries etc. The company also
imports special steel from Corous and Caparo located in UK. The
company's client base includes many reputed players in electrical
and automobile manufacturing industry like BOSCH Ltd, Larsen &
Toubro Ltd, Force Motors Ltd, Tata Johnson Controls Ltd, Tata
Toyo Radiators Ltd etc. The company entered into export market in
FY16 and has exported to Emcon Technologies located in Brazil and
Faurecia Exhaust Control Technologies located in Czech Republic
and Brazil.


FLOATELS: CRISIL Reaffirms B+ Rating on INR18.25MM Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Floatels India Private Limited (FIPL) at 'CRISIL
B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------     -------
   Cash Credit            .75       CRISIL B+/Stable (Reaffirmed)

   Foreign Currency
   Term Loan            18.25       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations
and exposure to cyclicality in the intensely competitive
hospitality industry. These rating weaknesses are partially
offset by the extensive experience of its promoters and strategic
location of FIPL's resort in Kerala.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and exposure to cyclicality and
intense competition: FIPL's scale is modest with revenue of
INR11.4 crore in fiscal 2017. Intense competition in the
hospitality industry with high fragmentation further limits the
company's scale of operations. CRISIL believes FIPL's scale of
operations will remain modest and vulnerable over the medium term
to cyclical trends and intense competition in the hospitality
industry.

Strength

* Extensive experience of the promoters, and strategic location
of resort: FIPL benefits from the promoters' extensive experience
in the industry. The promoters have over the years developed
healthy understanding of the markets and have also established
healthy relation with customers leading to stable business
profile.

Outlook: Stable

CRISIL believes FIPL will continue to benefit from the extensive
experience of its promoters and the strategic location of its
resort over the medium term. The outlook may be revised to
'Positive' if substantial improvement in occupancy resulting in
improved revenues, and maintenance of profitability levels, leads
to a stronger financial risk profile. The outlook may be revised
to 'Negative' if large debt-funded capital expenditure or decline
in revenue, weakens the financial risk profile.

Incorporated in 1996 as a private limited company, FIPL owns and
operates a resort in Trivandrum. The resort is named as 'Poovar
Island Resort'.


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

-- INR418.3* mil. Term loan migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating;

-- INR40 mil. Cash credit limit migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Non-fund-based limit migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating.

*includes buyers credit of INR278 million

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2005, G.R. Infrastructure provides crane and
equipment on a rental basis in India.


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

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             7         CRISIL B/Stable (Reaffirmed)
   Long Term Loan         14.71      CRISIL B/Stable (Reaffirmed)


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

Key Rating Drivers & Detailed Description

Weaknesses

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

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

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

Strengths

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

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

Outlook: Stable

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

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


GOLDSTONE TECHNOLOGIES: CRISIL Keeps B Rating on Watch Developing
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goldstone Technologies
Limited (GTL; part of the GTL group) continues to be on 'Rating
Watch with Developing Implications'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee         2.5      CRISIL A4/Watch Developing
                                   (Continues on 'Rating Watch
                                   with Developing Implications')

   Overdraft              2.0      CRISIL B/Watch Developing
                                   (Continues on 'Rating Watch
                                   with Developing Implications')

   Proposed Long Term     5.5      CRISIL B/Watch Developing
   Bank Loan Facility              (Continues on 'Rating Watch
                                   with Developing Implications')

CRISIL had, on June 6, 2017, placed the long-term rating on watch
following announcement that two directors of promoter company,
Trinity Infraventures Ltd, had been taken into judicial custody
in connection with a land scam in Hyderabad. CRISIL is closely
monitoring the development and is in discussion with the
company's management for further clarity. CRISIL will remove the
ratings from watch after ascertaining the implications of the
legal proceedings on the group's credit risk profile.

The ratings reflect GTL group's modest scale of operations,
customer concentration in revenue, and exposure to intense
competition in the software development and management services
industry. These weaknesses are partially offset by the extensive
experience of the GTL group's promoter.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GTL and its wholly-owned subsidiaries,
Staytop Systems Inc and Staytop Systems and Software Pvt Ltd.
This is because all these entities, collectively referred to as
the GTL group, are in the same business and have significant
operational and financial linkages with each other.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense competition:
With revenue of INR37.17 crore in fiscal 2017, scale of
operations remains small in the intensely competitive information
technology services segment.

* High customer concentration: Customer concentration in revenue
is high as key clients, CISCO and Capgemini, accounted for over
70% of total topline in fiscal 2017, which exposes the group to
any change in their business policies.

Strength

* Extensive experience of the promoter: Benefits from the
promoter's decade-long experience in the industry and healthy
relationships with customers and suppliers, should support
business.

Incorporated in 1994, Hyderabad-based GTL is promoted by Mr. L P
Sashikumar. It provides software development and management
services.

The group incurred a net loss of INR6.4 crore on total revenue of
INR37.17 crore for fiscal 2017, against INR1.19 crore and
INR51.98 crore, respectively, for fiscal 2016.


HEAVY ENGINEERING: Ind-Ra Assigns BB Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Heavy
Engineering Corporation Limited (HECL) a Long-Term Issuer Rating
of 'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:

-- INR2,000 mil. Fund-based limits assigned with IND BB/Stable
    rating; and

-- INR1,880 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect HECL's sustained EBITDA losses over FY13-FY17
(FY17: INR721 million, FY16: INR2,074 million) due to high
operating expenses and capacity underutilisation. The high
operating expenses were on account of obsolete technology leading
to operational inefficiency and under absorption of fixed costs.
However, HECL is undertaking initiatives such as modernisation
and technology upgradation of its existing facilities in
collaboration with a Russian partner, and business restructuring
to achieve operational efficiency, cost saving and improved
competitiveness. During FY17, the company reported a 4.8% yoy
growth in revenue to INR3,983 million.

According to management, the company is estimated to incur
modernisation capex of around INR12.5 billion in a phased manner
over FY18-FY20. The capex will be funded by around INR9 billion
of proceeds from land sale and the remainder through bank debt.
These initiatives will help HECL in manufacturing specialised
equipment for companies in the defence, railways, power and
nuclear sectors, thus diversifying its customer base. As per
management, these initiatives are likely to result in operating
profit from FY20.

The ratings are also constrained by HECL's tight liquidity
position with near full utilisation of its working capital limits
during the 12 months ended October 2017. HECL has a high
receivable period (FY17: 167 days, FY16: 191 days) leading to
high working capital requirement, partially offset by a high
credit period (200 days, 168 days).

The ratings, however, are supported by HECL's strong parentage as
it is 100% owned by the government of India (GoI). HECL is of a
strategic importance to the GoI due to the company's presence in
the defence and nuclear sectors. The GoI has infused funds in
HECL by way of loans and grants to ensure continuity of
operations despite sustained losses. In addition, the GoI has
provided guarantee for a part of working capital limits of
INR2,530 million for a period of three years. The guarantee, on
expiry, will be renewed for three years with a time lag of seven
to eight months. The guarantee stands due for renewal since 31
March 2017.

RATING SENSITIVITIES

Positive: Successful completion of modernisation plan and
strengthening of government linkages leading to significant
improvement in revenue and operating profit will be positive for
the ratings.

Negative: Weakening of linkages with the GoI will be negative for
the ratings.

COMPANY PROFILE

HECL was set up in 1958 in Ranchi under the Ministry of Heavy
Industries, GoI. The company manufactures capital goods/spare
parts for companies in the steel, mining, engineering, defence
and railways sectors, among others. It also executes turn-key
projects from concept-to-commissioning.


HEMRAJ DEVKARANDAS: CRISIL Lowers Rating on INR10MM Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Hemraj Devkarandas Metals and Minerals Limited (Hemraj) to
'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              10       CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Letter of Credit          8       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term        2       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

The downgrade reflects instances of overdrawals in cash credit
for more than 30 days. Overdrawals in cash credit were on account
of company's deteriorated liquidity due to stretch in debtors
leading to fully utilized bank limits.

Key Rating Drivers & Detailed Description

Weakness

* Modest financial risk profile marked by low net worth and high
TOL/TNW: The financial risk profile of the company is modest as
reflected in its low net worth of INR 4 crores in fiscal 2016 and
high TOL/ TNW of 3.5 times. However, due to retention of future
profits and no major debt funded capex plans the capital
structure of the firm is expected to improve.

Strengths

* Extensive experience of the promoters: The promoters have
extensive experience of more than one decade in the steel
industry which is expected to benefit the business risk profile
of the firm over the medium term.

* Established relation with the customers and suppliers: Over the
years the firm has established a healthy relation with its
customers and suppliers thereby enabling it to report healthy
revenues in a short span of time. However, sustainability of
profitability margins will remain a key rating sensitivity
factor.

Established in 2012 as a closely held public limited company,
Hemraj is into trading of iron and steel products such as HR and
CR coils, sheets, plates, and various customised steel products.


HI-TECH RESISTORS: CARE Assigns B+ Rating to INR3.22cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hi-
tech Resistors Private Limited (HRPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.22       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             2.40       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HRPL is constrained
by the small scale of operations with low capitalisation,
moderate profit margins, leveraged capital structure and moderate
debt coverage indicators. The rating is further constrained by
working capital intensive nature of operations along with its
presence in fragmented, forex fluctuation risk and competitive
nature of electrical equipment industry.

The rating however, derives strength from the extensive track
record of company in electrical equipment industry, long
experience of the promoter and application of products in diverse
industries. The ability of the company to increase its scale of
operations along with overall improvement in the solvency
position and efficient management of working capital are the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profit margins: The
operations of the entity remained small with total operating
income of INR 18.05 crore in FY17 and low networth base of
INR2.56 crore as on March 31, 2017 thus limiting financial
flexibility of the company in times of stress. Profitability of
the company was moderate albeit fluctuating with PBILDT in the
range of 8% to 16% in three year period ended March 31, 2017.
Further, APAT was low due to high fixed capital expenses and was
in the range of 0.31% to 6% in the three year period ended
March 31, 2017.

Leveraged capital structure with moderate debt service coverage
indicators: Capital structure of the company was moderately
leveraged as reflected by the overall gearing ratio of above 2x
as on March 31, 2017 deteriorating from previous year due to
increase debt availed by the firm. Further, due to high
dependency on external borrowings has resulted in moderate debt
coverage with total debt to GCA of above 8x at the end of FY17
led by decline in profitability and cash accruals.

Working capital intensive nature of business: The operations
remained working capital intensive in nature withhigh gross
current assets days of 128 daysin FY17. The working capital
requirements are met by the cash credit facility which was
utilized at an average of 80 percent in the 12 month period
ending October 31, 2017.

Fragmented and competitive nature of industry: The company
operates in a highly fragmented electrical equipment industry.
The industries are characterized with low entry barriers and high
number of players operational. Hence, this limits bargaining
power of entities operating in the sector. Hence, this limits
bargaining power of entities operating in the sector. However,
the risk is minimized as HRPL is among the top players globally
operating in the niche market of wound resistors and shunt
resistors with a client base of around 400 companies.

Forex fluctuation risk: HRPL imports wires and other raw
materials from overseas market. The invoicing for the same is
done in foreign currency, which makes the entity exposed to
foreign exchange fluctuation risk. However, exports of the
company are much higher than the imports. Thus, significantly
higher exports are a natural hedge towards depreciation of rupee.

Key Rating Strengths

Extensive track record of company and experienced promoters: HRPL
has been operational in the manufacturing of resistive devices
since 1986 and is anISO/TS 16949:2009 certified company. Further,
the company is among the limited players operating in the niche
segment of wound resistors and shunt resistors. The promoters
have an experience of more than three decades in the industry
through HRPL. Being in the industry for more than three decades
has helped the promoter in gaining adequate acumen about
manufacturing of resistive devices and has helped in the smooth
operations of the HRPL.

Reputed and diversified customer profile: HRPL is engaged in
manufacturing of resistive devices which have application in many
industries like automobile, telecom and electrical equipment etc.
Further, the company has a client base of over 400 companies
world-wide and is a major player particularly in the wound
resistors and shunt resistors segment. Hence, it minimizes
adverse effect on revenues of HRPL from downturn in any
particular industry. Further, the customer base of the company is
reputed and diversified limiting the revenue concentration risk.

Nagpur based, Hi-tech Resistors Private Limited (HRPL) was
established in February 12, 1986 and is promoted by Mr. Rooshad
Patel. HRPL is an ISO/TS 16949:2009 certified company engaged in
manufacturing of resistive devices that are types of Wound
Resistors and Shunt Resistorsand operates in a facility located
at Nagpur spread over an area of 3100 sqmt. The plant has an
installed capacity of 4 lakh units per day as on March 31, 2017.
HRPL is among the limited number of players globally operating in
the niche market of wound resistors and shunt resistors. The
products i.e. wound wire resistors and shunt resistors mainly
find applications in automobile industry, telecom industry and
electrical equipment sector. Shunt resistors particularly find
application in the electric vehicle segment which is among the
rapidly growing markets. HRPL sells its products in domestic as
well as international markets with export customers majorly
located in Asian and European countries. Major raw materials of
the company are wires and ceramic and are sourced from the
domestic as well as international market.


JAYANT PRINTERY: CRISIL Withdraws B Rating on INR5.25MM Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Jayant Printery LLP
(JPLLP) to 'CRISIL B/Stable/CRISIL A4' and Withdrawn. However,
the management has subsequently started sharing requisite
information, necessary for carrying out comprehensive review of
the rating. Consequently, CRISIL is migrating the ratings on bank
facilities of JPLLP from 'CRISIL B/Stable/CRISIL A4/Issuer not
cooperating to 'CRISIL B/Stable/CRISIL A4' and has withdrawn the
same at the company's request and based on the no objection
certificate received from the banker. The rating action is in-
line with CRISIL's policy on withdrawal of bank loan ratings.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.55      CRISIL A4/Issuer Not
                                     Cooperating (Migrated
                                     from 'CRISIL A4' Issuer
                                     Not Cooperating* and
                                     Rating Withdrawn)

   Cash Credit           5.25        CRISIL B/Stable/Issuer Not
                                     Cooperating (Migrated from
                                     'CRISIL B/Stable' Issuer Not
                                     Cooperating* and Rating
                                     Withdrawn)

   * Issuer did not cooperate; based on best-available
    information

JPLLP was established in 2014 to take over the printing
businesses of group concerns, Jayant Printery (JP), and Jayant
Prints N Packs Pvt Ltd (JPNPPL). Its promoters, the Shah family
members, have been in the printing business since 1968.

The Jayant group prints all types of books, journals, catalogues,
annual reports, diaries, planners, and directories, and also
products such as brochures, leaflets, posters, calendars,
application forms, high-volume stationery, cartons, boxes, and
point-of-sale items. The group has its printing facilities in the
outskirts of Mumbai.


JODHANI EXPORTS: Ind-Ra Cuts INR200MM Bank Loan Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Jodhani
Exports' (Jodhani) bank loans as follows:

-- INR200 mil. Fund-based limits (Short-term) downgraded
    with IND D rating.

KEY RATING DRIVERS

The downgrade reflects Jodhani's delays in the repayment of bills
in its export credit facility in November 2017, indicating its
stressed liquidity position.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could be positive for the ratings.


JSR MULBAGAL: CRISIL Reaffirms B- Rating on INR105MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
loan facilities of JSR Mulbagal Tollways Private Limited (JSR) at
'CRISIL B-/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Term Loan               105      CRISIL B-/Stable (Reaffirmed)

CRISIL had assigned its 'CRISIL B-/Stable' rating on the long-
term bank loan facilities of JSR on October 24, 2017.

The ratings continue to reflect CRISIL's belief that JSR's
revenues shall continue to remain susceptible to risks associated
with toll collections. The ratings also factor in a below-average
financial risk profile, marked by a heavily indebted capital
structure. These rating weaknesses are partially offset by
favorable location of the tollway project.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility of revenues to risks associated with toll
collections: JSR's revenue generation is entirely dependent on
collection of toll, which, in turn, is based on traffic volumes,
which tend to be inherently volatile. Moreover, the 22.188 km
stretch operated by JSR forms part of a 100 km-plus stretch,
major parts of which are expected to be operational only after
about 30 months from now, making JSR's revenues even more
vulnerable during this phase. CRISIL expects that JSR's revenues
shall continue to remain susceptible to risks associated with
toll collections, which shall hinder the overall prospects of the
company.

* Below-average financial risk profile: JSR has a below-average
financial risk profile marked by low net worth, a highly
leveraged capital structure and poor interest coverage. On
account of successive losses in fiscals 2016 and 2017, the
company's net worth has receded to INR8.7 crores as at March 31,
2017. JSR's capital structure exhibits a high degree of gearing,
as is typically the case with special purpose vehicles, as
indicated by total outside liabilities to tangible net worth
(TOLTNW) ratio of 17.77 times as at March 31, 2017. Low operating
margins coupled with fixed interest outlay have resulted in
interest coverage ratio of less than 1 time in fiscals 2016 and
2017. JSR's financial risk profile is expected to remain below-
average in the medium term.

Strengths

* Favorable location and topography of tollway project: JSR has
been set up to augment National Highway No. 4 on the Mulbagal '
Andhra Pradesh/Karnataka section in Karnataka. A 100 km/h speed
limit have been planted by the side of the road, which is the
first time that such speeds are allowed in the city's vicinity.
Road speeds are designed based on the number of curves, among
other factors. The favorable location and topography of the
tollway are expected to benefit JSR in the medium term.

Outlook: Stable

CRISIL believes that JSR would continue to benefit over the
medium term on account of the favourable location and topography
of the tollway project. The outlook may be revised to 'Positive'
in case of sustained increase in toll collections leading to an
improvement in the debt service coverage ratio. Conversely, the
outlook may be revised to 'Negative' if the company's debt
service coverage ratio declines sharply because of less-than-
expected toll collections or higher operating expenditure.

JSR is a special purpose company promoted by JSR Constructions
Private Limited for augmentation of National Highway No. 4 from
km 216.912 to km 239.100 (approx. 22.188 km) on the Mulbagal -
AP/KNT border section in Karnataka under NHDP Phase III, by four-
laning on design, build, finance, operate and transfer (DBFOT) on
toll basis. JSR Constructions Private Limited has 70%
shareholding in JSR with the remaining 30% being held by the
directors of the company.


KIRLOSKAR INTEGRATED: CRISIL Assigns B- Rating to INR1MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facility of Kirloskar Integrated Technologies Pvt
Ltd.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Demand Loan               1       CRISIL B-/Stable

The rating reflects a small scale of operations, susceptibility
to intense competition, and a weak financial risk profile. These
weaknesses are partially offset by the extensive experience of
the promoters and their financial support.

Analytical Approach

CRISIL has applied its criteria for preference share capital and
accordingly treated such capital of INR39.20 crore from the
promoters as part-debt and part-equity.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and susceptibility to intense
competition: Business risk profile remains constrained by small
scale of operations, as reflected in revenue of INR13 crore in
fiscal 2017. Revenue visibility over the medium term is weak
following discontinuation of the solar product business
(contributed 63% of revenue in fiscal 2017), which will be
carried out by one of the promoter group companies from fiscal
2018. The business risk profile also remains susceptible to
intense competition in the industry.

* Weak financial risk profile: Continuing operating losses have
led to a negative networth of INR16.7 crore as on March 31, 2017,
and deterioration in key credit metrics. Return on capital
employed, interest coverage, and net cash accrual to total debt
ratios remained negative in fiscal 2017. Absence of any external
debt, however, supports the financial risk profile.

Strength

* Extensive experience of the promoters and their financial
support: KITPL is a part of the Kirloskar group and benefits from
the extensive experience of the promoters in various business
segments. They also provide financial support. Preference shares
of INR10 crore, held by the promoters and due for redemption in
September 2017, have been extended for another five years in view
of inadequate cash flows. Furthermore, one of the promoters has
provided a letter of comfort for the bank facilities sanctioned
to the company.

Outlook: Stable

The business risk profile is expected to remain moderate over the
medium term supported by the extensive experience of the
promoters and the company's expertise in providing and executing
sustainable green energy solutions derived from biomass or biogas
and solar energy. The financial risk profile will remain
supported by the absence of external debt and financial support
from the promoters. The outlook may be revised to 'Positive' in
case of significantly higher-than-expected revenue and
profitability along with improvement in the financial risk
profile. The outlook may be revised to 'Negative' if  revenue or
profitability declines considerably, or the financial risk
profile further weakens due to any debt-funded capital
expenditure or a stretch in working capital requirement.

KITPL, previously known as Kirloskar Kisan Equipments Limited
(KKEL), was incorporated in 1970 but has been a defunct company
since 2005. The company, in order to widen the scope of its
activities altered the main object clause of its Memorandum of
Association in August 2008. The name of the company was changed
to Kirloskar Integrated Technologies Limited (KITL) in October
2008 in order to make it consonant with the objective of the new
company. KITL earlier used to trade in oil engines of promoter
group company, Kirloskar Oil Engines Limited (KOEL); this has
been discontinued since April 2011. After taking necessary
approvals, the status of the company was changed to private
limited with effect from December 17, 2014. Currently it is
engaged in designing, developing, providing, and executing
sustainable green energy solutions derived from biomass or biogas
and solar energy.


KRAFT INFRASTRUCTURES: CRISIL Assigns B Rating to INR15MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of KRAFT Infrastructures (Kraft). The
rating reflects Kraft's exposure to risks relating to project
implementation and off-take and susceptibility to cyclicality in
the real estate sector. These weaknesses are partially offset by
the extensive experience of the partners in the real estate
industry and limited funding risks.

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

Key Rating Drivers & Detailed Description

Weakness

* Moderate implementation and off-take risk: Project-Sky
Solitaire in Ahmedabad is in the early stage of construction,
with booking yet to commence, exposing the firm to moderate
implementation and demand risk. CRISIL will closely monitor
progress on the project, and the inflow of customer advances over
the medium term.

* Susceptibility to cyclicality in the real estate sector:
The real estate sector in India is cyclical, intensely
competitive, and marked by sharp movements in prices. The overall
uncertain economic climate, and higher caution by banks towards
exposure to real estate sector, may also impact demand for
projects and hence their credit risk profile.

Strengths

* Promoters' extensive experience: Kraft's partners have an
established presence in the real estate industry for over two
decades, having completed several projects aggregating over 12.5
lakh square feet (sq ft) in Gujarat.

* Limited exposure to funding risks for its project:  The project
has limited exposure to funding risk as around 70% contribution
has been received from the promoters and it is duly funded by
term loan with disbursement of over 25% till date.

Outlook: Stable

CRISIL believes Kraft will continue to benefit from the extensive
experience of the partners in the real estate sector. The outlook
may be revised to 'Positive' if offtake of units exceeds
expectations, leading to higher cash accrual and a stronger
financial risk profile. The outlook may be revised to 'Negative'
if cash flow remains significantly below expectations, due to
subdued response to the project, thereby constraining debt
servicing ability.

Established in June 2016, Kraft is a partnership firm established
as a special purpose vehicle (SPV) to develop a commercial real
estate project - Sky Solitaire in Ahmedabad, Gujarat. Mr. Ashesh
Gajjar, Mr. Ajay Soni, Mr. Ramesh Padhiyar and Mr. Kaniyalal
Pagrani are the partners.


LIFE SHINE: Ind-Ra Raises Issuer Rating to 'BB', Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Life Shine
Medical Services Private Limited's (Life Shine) Long-Term Issuer
Rating to 'IND BB' from 'IND BB-'. The Outlook is Stable. The
instrument-wise rating action is:

-- INR110.6 mil. (reduced from INR140.73 mil.) Long-term
    loan due on September 2020 updated with IND BB/Stable rating.

KEY RATING DRIVERS

The upgrade reflects Life Shine's steady revenue growth and
continuous improvement in credit metrics. In FY17, revenue
improved to INR281 million (FY16: INR228 million) on account of
increased in bed occupancy rate. Net financial leverage (adjusted
net debt/operating EBITDA) reduced to 2.1x in FY17 (FY16: 2.5x)
and EBITDA interest coverage increased to 3.5x (2.5x) on account
of the repayment of term loans. The company booked revenue of
INR180 million during 1HFY18. However, the credit profile remains
moderate.

The ratings are constrained by the continuous decline in EBITDA
margin to 22% in FY17 (FY16: 27%; FY15: 31%) on account of
increasing administrative expenses including doctor's salary and
maintenance cost of the hospital.

The ratings are supported by the company's promoter's over 10
years of experience in running a hospital.

RATING SENSITIVITIES

Positive: Substantial growth in the top line and maintaining the
profitability and credit metrics at the current levels will lead
to a positive rating action.

Negative: A fall in profitability or any debt-led capex plan
resulting in sustained deterioration in the overall credit
metrics of the company will lead to a negative rating action.

COMPANY PROFILE

Life Shine was set up in 2010 by Mr. Jayaram Reddy Aileni, Mrs.
Laxmi Aileni, Mrs. Sandhya Aileni, Mr. Viswanatha Veluri, and Mr.
Chandra Sekhara Reddy. The company operates a 300-bed hospital -
Tulasi Hospitals - in Hyderabad (Telangana). The hospital
provides treatment in cardiovascular, ophthalmology, neurology,
paediatrics, and other segments. The company started operations
in April 2012.


MONTRISE INFRA: CRISIL Assigns B Rating to INR3.5MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Montrise Infra (MI).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility      3         CRISIL B/Stable
   Bank Guarantee          2.5       CRISIL A4
   Cash Credit             3.5       CRISIL B/Stable

The rating reflects MI's modest scale of operations the intensely
competitive construction industry, weak financial risk profile
and revenue concentration risk. These rating weaknesses are
partially offset by the benefits derived from promoters'
extensive experience in civil construction business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations the intensely competitive
construction industry: The net sales for the last four years have
been in the range of INR2.7 crores to INR4.8 crores. Modest scale
of operations restricts the firm's ability to undertake large
projects and limits the total number of projects it can undertake
at one time. It also prevents the firm from achieving economies
of scale and limits its bargaining power with supplier.

* Weak Financial Profile: Net worth and gearing were at INR0.55
Cr and 4 times respectively as on March 31, 2017. The debt
protection metrics namely interest coverage and net cash accrual
to total debt ratio were at 3.92 times and negative respectively
in 2016-17.  Net cash accrual to total debt ratio was negative on
account of negative cash accrual on account of negative accretion
to reserve due to small scale of operation and capital withdrawal
by promoter.

* Revenue Concentration Risk: MI majorly takes subcontracting
work from Ambience Constructions India Limited. The current
unexecuted order book of INR50 Cr consists of only sub-
contracting works from a single customer thus exposing the firm
to revenue concentration risk.

Strength

* Promoters' industry experience in construction industry: The
promoter J. Sudharani, has more than one decades' extensive
experience as a civil works contractor in Andhra Pradesh (AP) and
Telangana. The promoters' experience has enabled the firm to
establish a strong presence in civil constructions work
(Building) in AP and Telangana.

Outlook: Stable

CRISIL believes that MI will benefit from the long standing
experience of the promoters in the civil construction industry.
The outlook may be revised to 'Positive' in case of significant
increase in revenues coupled with improvement in net cash
accruals and financial risk profile. Conversely, the outlook may
be revised to 'Negative' in case of sharp decline in revenues or
operating margins, or large debt funded capital expenditure or
deterioration in working capital management further weakening the
financial risk profile.

MI, established in 2003 as a proprietorship concern is engaged in
civil construction work (Building), majorly For Govt. of
Telangana and Andhra Pradesh.  Civil constructions works are
related to hospital, official quarters, university, School.

During fiscal 2017, the firm provisionally reported a profit
after tax (PAT) of INR0.38 Crores on operating income of INR4.77
Crores against PAT of INR0.19 Crores on operating income of
INR3.36 Crores in the previous fiscal.


NEW ASIAN: CRISIL Assigns 'B' Rating to INR3MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of New Asian Construction Company.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          8         CRISIL A4
   Cash Credit             3         CRISIL B/Stable

The rating reflects modest scale of operations, geographical
concentration, large working capital requirements and subdued
debt protection metrics. These weaknesses are offset by
promoters' extensive industry experience with strong order book.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and geographical concentration: NACC
has small scale of operations indicated by operating income of
INR9.5 crore in fiscal 2017, declined from a peak of INR35 crore
in fiscal 2015. Also 100% of revenues being derived from
Maharashtra, leads to high vulnerability to changes in the state
government policies and to intense competition from the various
regional players.

* Large working capital requirements: Operations are highly
working capital intensive marked by gross current assets of 1075
days as on March 31, 2017; due to the tender-based nature of
business with requirement to provide earnest money, security
deposit and bank guarantees. Moreover, extended credit to group
concern and delay in certification of work by government
department has led to high debtors and inventory. Working capital
requirements will continue to remain high over the medium term.

* Subdued debt protection metrics: Debt protection metrics is
weak marked by interest coverage of 1.7 times for fiscal 2017, on
account of high interest costs.

Strength

* Promoters' extensive industry experience with strong order book
position: Promoters' extensive experience of over 5 decades in
civil construction business, particularly irrigation, and
satisfactory track record in executing irrigation projects within
Maharashtra, has helped developed strong understanding of the
industry and relationship with customers. Order book of INR 176.5
crores provides healthy revenue visibility.

Outlook: Stable

CRISIL expects NACC will continue to benefit over the medium term
from the extensive experience of its promoter and healthy order
book. The outlook may be revised to 'Positive' if substantial
revenue growth while maintaining profitability, leads to higher
cash accrual and better liquidity. The outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
weakens on account of working capital stretch, lower than
expected cash accruals, or unanticipated, large debt-funded
capital expenditure.

NACC was setup in 1995 as a partnership firm by Mr. Syed Abdur
Rashid and his sons Mr. Syed Abdur Zubair and Mr. Syed Abdur
Umair. The firm undertakes execution of major irrigation projects
comprising of masonry and earthen concrete dams, power houses and
pump houses in Maharashtra.


NOKEN PRIVATE: CARE Raises Rating on INR31.71cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Noken Private Limited (NVPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Bank        31.71       CARE B+; Stable
   Facilities                        Revised from CARE B

   Short Term Bank
   Facilities             3.50       CARE A4 Reaffirmed

Detailed rationale

The revision in the long-term rating assigned to the bank
facilities of NVPL is on the back of stabilization of operations
on the back of successful completion of project thereby leading
to increase in scale of operations. The ratings continue to
derive comfort from wide experience of its promoters in the
ceramic industry, locational advantage having presence in the
ceramic hub with easy access to raw material, fuel and labour and
benefits derived from established marketing network of its
associate concern. The ratings, however, are constrained by
NVPL's presence into highly competitive ceramic industry with its
fortune linked with demand from real estate coupled with
susceptibility of profit margins to volatile raw material and gas
prices.

NVPL's ability to increase its scale of operations and achieve
envisaged profitability along with efficient working capital
requirement would remain the key rating sensitivity.

Detailed description of key rating drivers

Key Rating Weaknesses

Presence in highly competitive ceramic industry and fortune
linked with demand from real estate NVPL operates in a highly
competitive ceramic industry marked by presence of large number
of organized and unorganized players. The industry is
characterized by low entry barrier due to negligible government
policy restrictions, no inherent resource requirement constraints
and easy access to customers and supplier. Further, most of the
demand for the tiles comes from the real estate industry, which,
in India is highly fragmented. The industry is also highly
sensitive to the interest rates in the economy. Any impact on
real estate industry will adversely affect the growth rate of
ceramic tiles industry.

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

Key Rating Strengths

Stabilization of operations which are at nascent stage: NVPL
commenced commercial production from May 2017 after successful
completion of its project. During its six months of operations in
FY18 till October 2017, NVPL reported total operating income
(TOI) of INR16.92 crore while net profit stood at INR0.55 crore.

Experienced promoters: Mr. Kishorchandra Patel has an experience
of more than three decades in ceramic industry. He handles
finance and administrative functions in the company. Mr. Paresh
Aghara has more than a decade long experience in ceramic
industry. He handles marketing and production verticals in the
company.

Located in the ceramic hub with easy access to raw material, fuel
and labour: The manufacturing unit of NVPL is located at Morbi in
Gujarat which is one of the largest ceramic clusters in India.
Almost 70% of total ceramic tiles production in India comes from
the Morbi cluster that houses more than 600 units engaged in
manufacturing of wall tiles, vitrified tiles, floor tiles,
sanitary wares, roofing tiles and others such products. While
China clay is sourced from Kutch in Gujarat, other raw materials
are sourced from Bikaner and Beawar in Rajasthan. Further,
skilled labour is also easily available by virtue of it being
situated in the ceramic cluster belt. Further, the cluster is
well connected by a good road network which provides logistical
benefits.

Established marketing network of associate concern: NVPL derives
benefit from the existing marketing network of its associate
concerns i.e. Keda Ceramic Pvt. Ltd. which has an operational
track record of nine years in ceramics industry. Promoters had
setup this unit to expand its product profile to vitrified tiles.
NVPL utilize their marketing and dealer network which is present
all over India and will be later replaced by its own setup of
dealer and marketing network.

Morbi-based (Gujarat) NVPL was incorporated in March, 2016 by Mr.
Kishorchandra Patel and Mr. Paresh Aghara to manufacture
vitrified tiles with an installed capacity of 68,400 MTPA as on
November, 2017. The total cost of the project stood at
INR43.25crore, funded with a debt-equity mix of 1.79:1 times,
while the commercial operations commenced from May, 2017. NVPL
sells the tiles under the brand name of "Noken". Promoters have
decade long experience in ceramics industry and are also
associated with other entities such as Gujarat Ceramics Limited,
Priya Ceramics, Priya Gold Ceramics, Shree Jay Minerals and Keda
Ceramics Pvt. Ltd., which are engaged in different segments of
the ceramic industry in the Morbi-Wankaner ceramic industry
cluster.


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

-- INR10 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND B-(ISSUER NOT COOPERATING)/IND
    A4(ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limit migrated to non-cooperating
    category with IND A4(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 2, 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 November 2015, Hyderabad-based PUIPL is engaged
in the design, supply, fabrication and commissioning of palm oil
mills, and the construction of captive power and effluent
treatment plants at such mills.


PRIDE VENTURES: CRISIL Assigns B+ Rating to INR33MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Pride Ventures India Private Limited.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Rupee Term Loan          33       CRISIL B+/Stable

The rating reflects exposure to funding and implementation risks
for ongoing residential projects, and to cyclicality inherent in
the real estate industry. These weaknesses are partially offset
by the extensive experience and funding support of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Implementation and funding risks related to ongoing project:
Though construction work on the Pride Century project began from
September 2017, bank loan is yet to be tied up. However, 80-85%
of term loan for the Pride Phoenix project has already been
disbursed.

* Exposure to risks and cyclicality inherent in the real estate
industry: The domestic real estate sector is dominated by few
regional players and is inherently cyclical, which will continue
to affect demand for projects over the medium term.

Strength

* Extensive experience of promoters: The company's promoters have
successfully developed many projects in Aurangabad district,
which will continue to benefit business risk profile over the
medium term.

* Funding from promoters: Promoters have extended unsecured loans
to fund ongoing projects.

Outlook: Stable

CRISIL believes Pride will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if higher-than-expected bookings for
ongoing residential projects strengthen operating cash flow. The
outlook may be revised to 'Negative' if revenue and profitability
remain lower than expected owing to slackened saleability of
ongoing projects, or in case of substantial debt contracted for
existing or new projects.

Pride, incorporated in 2010 by promoters, Mr. Navin Bagadia and
Mr. Nitin Bagadia, undertakes Residential Project in Aurangabad
(Maharashtra). It is currently undertaking two project i.e. Pride
Century and Pride Pride Phoenix.


PROSTAR TEXTILE: CRISIL Lowers Rating on INR13MM Term Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities
of Prostar Textile Mill Pvt Ltd (PTMPL) to 'CRISIL D' from
'CRISIL B+/Stable'. The rating downgrade reflects instances of
delay in servicing interest on the term loan due to weak
liquidity, following delay in commencement of operations.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            .87        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

   Term Loan            13.00        CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

The rating also reflects risks related to initial stage of
setting up the manufacturing facility, and the intense
competition in the textile industry. These weaknesses are
partially offset by the promoter's extensive industry experience.

Key Rating Drivers & Detailed Description

Weakness

* Initial stage of setting up the manufacturing facility: The
company has recently completed construction of the fabric
printing facility at Tirupur. Timely stabilisation of operations
will be a key rating sensitivity factor.

* Exposure to intense competition: PTMPL is setting up a fabric
printing facility at Thiruppur, Tamil Nadu. The region has a lot
of players in the textile industry. The company's business risk
profile will, therefore, remain susceptible to intense
competition.

Strengths

* Promoter's extensive industry experience: The promoter's
experience of more than a decade in the textile industry should
support the company's business risk profile.

PTMPL, incorporated in 2015 by Mr. M Paramasivam, is setting up a
fabric printing facility at Thiruppur in Tamil Nadu. The company
will undertake printing job work. The commercial operations
started only in fiscal 2018.


RKS FUTURE: CRISIL Reaffirms 'B' Rating on INR12.35MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of RKS Future Foods and Cold Chain Pvt. Ltd. at
'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit            4          CRISIL B/Stable (Reaffirmed)
   Proposed Term Loan     5.65       CRISIL B/Stable (Reaffirmed)
   Term Loan             12.35       CRISIL B/Stable (Reaffirmed)

The company's business risk profile is supported by above-average
revenue growth in fiscal 2017, and the expectation of similar
growth over the medium term backed by increase in margins from
rental income. Operating margin reduced to 38% in fiscal 2017
because of low rental income, but is expected to improve to 40-
50% in the medium term with higher rental income.

Expected net cash accrual of INR1.5 crore for fiscal 2018 will be
insufficient to repay term debt obligations of INR2.65 crore. The
subsidy of INR6.36 crore will be used to settle the debt after
three years from its receipt. Till then, the same shall remain
with the bank as fixed deposit (FD) and interest on the term loan
shall be charged on the amount net of this subsidy. Although,
liquidity is supported by unsecured loans extended by promoters,
the same will remain susceptible to the cash generated by the
company against debt obligations.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
constrained by high total outside liabilities to tangible
networth (expected at 4.5-5.5 times over the medium term) due to
large working capital requirement. However, debt protection
metrics are moderate, with interest coverage and net cash accrual
to adjusted debt ratios of 4.58 times and 0.11 time,
respectively, for fiscal 2017. The interest is charged on the
basis of term debt less the subsidy amount till three years from
its receipt, after which the subsidy shall adjust the term debt,
thus a lower interest is charged.

* Modest profitability: Operating margin, at 4.6% in fiscal 2017,
is highly vulnerable to fluctuations in raw material prices.

* Exposure to fluctuation in the prices of traded goods:
Operating margin is expected to improve to 45% in fiscal 2018
from 38% in fiscal 2017. However, profitability shall remain
susceptible to fluctuation in apple prices in case of trading
business and demand for cold storage in rental business.

* Modest scale of operations: Concentration of business in the
state of Himachal Pradesh and intense competition in the region
should keep scale of operations modest. The trading business is
also susceptible to the harvest of apple, which might be affected
due to change in climate.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' near decade-long experience in the cold chain industry
and healthy relationships with customers and suppliers, should
support business.

* Moderate working capital requirement: Gross current assets, at
22 days as on March 31, 2017, are expected to be around 50 days
in the medium term on account of healthy debt or realization and
prudent inventory management. There were no debtors in fiscal
2017 as rental income was very low and the availed cold chain
facilities were released till March. As rental income increases,
debtor days will average around 30.

With business being seasonal, cold chain units are provided post-
harvest from September to March. Thus, inventory will remain
outstanding for a maximum of 30 days at year-end. However,
inventory will remain susceptible to the management's decision of
the amount of stock to be held at the year-end based on the
period for which the cold chain facility is availed.

Outlook: Stable

CRISIL believes RKS will continue to benefit from the extensive
experience of its promoters. However, the outlook may be revised
to 'Positive' if scale of operations or operating profitability
improves and working capital management is efficient. The outlook
may be revised to 'Negative' if increase in working capital
requirement or low profitability weaken financial risk profile.

RKS was incorporated in 2013 in Baddi, Himachal Pradesh for
setting up cold chain facilities for fruits and vegetables with a
capacity of 5000 metric tonne.


SEA HAWK AGRO: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sea Hawk Agro
Private Limited's (SAPL) 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:

-- INR38 mil. Term loans migrated to non-cooperating category
    with IND BB(ISSUER NOT COOPERATING) rating; and

-- INR33 mil. Fund-based limits migrated to non-cooperating
    category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 20, 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 2013, SAPL is a wholly owned subsidiary of Sea
Hawk Enterprises Private Limited. SAPL is engaged in the oil
milling of rice bran oil in Aurangabad, Bihar. The oil is further
used by refineries and the by-product, de-oiled cake, is sold in
the domestic market.


SOMA INDUS: CRISIL Downgrades Rating on INR1.85BB Term Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Soma Indus Varanasi Aurangabad Tollway Private
Limited (SIVATPL) to 'CRISIL D' from 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      150       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Term Loan              1850       CRISIL D (Downgraded from
                                     'CRISIL B/Stable')
The downgrade reflects delays in meeting interest payments due to
stretched liquidity. Timeliness in meeting debt obligation and
completion of project within revised budgeted time and cost will
remain key monitorables.

Analytical Approach

For arriving at its rating, CRISIL has taken a standalone view of
SIVATPL as there is no other asset in its books and no fungible
cash flow with any other company.

Key Rating Drivers & Detailed Description

Weaknesses

* Delays in meeting debt obligation: The company has delayed
meeting interest payments by 1-8 days due to tight liquidity.

* Exposure to project implementation risk: Execution of project
is behind schedule and continues to face high implementation
risk, mainly on account of non-availability of complete right of
way (ROW). Completion of the remaining project without any
further time and cost overruns and timeliness in meeting debt
obligation are critical factors

Strength

* Strategic location of project stretch: The Varanasi-Aurangabad
stretch is on National Highway-2, which is part of the Golden
Quadrilateral. Furthermore, the project stretch connects various
industrial areas in Varanasi, Chandauli district, and Sonbhadra
in Uttar Pradesh, which houses coal fields, sand quarries, stone
crushing units, and a large aluminium plant of Hindalco. Thus,
the project stretch is strategically located and has good traffic
potential as there is no other alternate route available for
traffic flow.

Incorporated in 2010, SIVATPL is a special-purpose vehicle set up
by Indus Concessions India Pvt Ltd and Soma Enterprises Ltd. The
project entails augmentation of existing four-lane into six-lane
of Varanasi Aurangabad section of NH-2 (connecting Delhi-Agra-
Allahabad-Varanasi-Aurangabad-Kolkata, one of the important arm
of Golden Quadrilateral) from 786 km to 978.40 km (length of
192.40 km) in Uttar Pradesh and Bihar on a DBFOT (design, build,
finance, operate, and transfer) toll basis. This project was
awarded by National Highways Authority of India under NHDP Phase-
V. Concession period for the project is 30 years, including
construction period of 30 months.

The company commenced tolling on the existing four-lane stretch
from September 12, 2011.


SOUTHERN HOLDINGS: CRISIL Moves INR9.5MM Loan Rating to B/Stable
----------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Southern Holdings &
Investments (Chennai) Pvt Ltd (SHI) to 'CRISIL B/Stable/Issuer
Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of SHI from 'CRISIL
B/Stable/Issuer Not Cooperating' to 'CRISIL B/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          9.5       CRISIL B/Stable (Migrated
                                     from 'CRISIL B/Stable'
                                     Issuer Not Cooperating*)

   * Issuer did not cooperate; based on best-available
     information

The rating continues to reflect the company's modest scale and
nascent stage of operations in the intensely competitive
hospitality industry in Port Blair, and below-average financial
risk profile. These weaknesses are partially offset by the
extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Since the company's hotel began
commercial operations in the third quarter of fiscal 2018, scale
is likely to remain small over the medium term. SHI also faces
intense competition from established players in the region.

* Below-average financial risk profile: Networth was small and
gearing moderate at INR2.7 crore and 3.5 times, respectively, as
on March 31 2017. Also, debt protection metrics were muted in
fiscal 2017 owing to absence of operations and resultant negative
cash accrual.

Strength

* Extensive experience of promoters: Industry experience of more
than a decade and entrepreneurial experience of over five decades
will help promoters support business risk profile.

Outlook: Stable

CRISIL believes SHI will benefit over the medium term from the
favourable location of its hotel and extensive experience of
promoters. The outlook may be revised to 'Positive' if earlier-
than-expected ramp up in operations leads to higher cash accrual
and improved financial risk profile. The outlook may be revised
to 'Negative' in case ramp up in operations is not as expected.
Also, timely servicing of term debt will remain a key sensitivity
factor.

Set up 2011 by Mr. VA Kurien and family members, SHI operates a
48-room 3-star hotel, Aqua Green, in Port Blair.


STARBURST MOTORS: Ind-Ra Moves B+ Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Starburst Motors
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 ratings will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:

-- INR265 mil. Fund-based limits migrated to non-cooperating
    category with IND B+(ISSUER NOT COOPERATING) rating; and

-- INR46.31 mil. Term loans migrated to non-cooperating category
    with IND B+(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
18 January 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, West Bengal-based SMPL is an authourised
dealer of Maruti Suzuki India Limited. The company has nine
rented showrooms and two owned service centres.


TRANSMISSION CORPORATION: CRISIL Reaffirms D Rating on INR2B Loan
-----------------------------------------------------------------
CRISIL's rating on the bank facilities and bond issues of
Transmission Corporation of Andhra Pradesh Limited (AP TRANSCO)
continue to reflect past instances of delay in meeting debt
obligation.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     2000       CRISIL D (Reaffirmed)

   Term Loan              2000       CRISIL D (Reaffirmed)

Analytical Approach

The ratings are primarily based on the unconditional and
irrevocable guarantee from GoAP, guaranteeing full repayment of
the principal and payment of interest in a timely manner. The
ratings also factored in the strength of a trustee-administered
payment structure.

Key Rating Drivers & Detailed Description

Weakness

* Continued lack of clarity on division of liabilities: The
delays were on account of continuing disputes relating to
distribution of assets and liabilities. Interest payment on some
of the rated bonds was not made in full, on the due date. While
payments have now been cured, albeit with a delay, lack of
clarity regarding bifurcation of the assets and liabilities of AP
TRANSCO still remain and may result in the continuation of the
dispute with respect to servicing of debt on the rated
instruments.

* Failure of designated payment structure: The rating also
factors in the failure of the payment structure and the inability
of the trustee to ensure adherence to the trustee-administered
structure (non-invocation of guarantee). In a similar case of
Andhra Pradesh Power Finance Corporation (rated 'CRISIL D'), a
similar dispute and non-compliance with the payment structure
(including non-invocation of guarantee) by the trustee had led to
payment shortfall and delay in debt servicing.

CRISIL continues to engage with other GoAP entities, their
trustees, and the guarantor to assess any potential impact of
similar disputes on their debt servicing.

AP TRANSCO was incorporated as part of the first phase of the
power sector reforms in AP.

In fiscal 2014, profit after tax (PAT) was INR103 crores on total
income of INR1456 crores, against PAT of INR417 crores on total
income of INR1724 crores in fiscal 2013.


TRINITY TRANSFORMERS: CRISIL Keeps B Rating on Watch
----------------------------------------------------
CRISIL's rating on the long term bank facilities of Trinity
Transformers Private Limited (TTPL) remains on 'Rating Watch with
Developing Implications' while reaffirming its short term rating
at 'CRISIL A4.'

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          20        CRISIL A4 (Reaffirmed)

   Cash Credit             10        CRISIL B/Watch Developing
                                     (Continues on 'Rating Watch
                                     with Developing
                                     Implications')

   Letter of Credit        10        CRISIL A4 (Reaffirmed)

   Long Term Loan          21        CRISIL B/Watch Developing
                                     (Continues on 'Rating Watch
                                     with Developing
                                     Implications')

   Open Cash Credit         7        CRISIL B/Watch Developing
                                     (Continues on 'Rating Watch
                                     with Developing
                                     Implications')

CRISIL had on June 6, 2017 placed the rating on watch following
announcement that two directors of the promoter company, Trinity
Infraventures Limited, have been taken into judicial custody in
connection with a land scam in Hyderabad.

CRISIL will continue to monitor developments in this regard and
take a final rating view after considering the final court order.

The ratings reflect TTPL's nascent stage- and working capital
intensive nature- of operations in an intensely competitive
transformer manufacturing industry. The rating also reflects its
below-average financial risk profile marked by high gearing,
modest debt protection metrics and networth. These rating
weaknesses are partially offset by the benefits derived from the
promoter's extensive industry experience and its customer
relationships.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations in an intensely competitive
transformer manufacturing industry: With revenue of INR40 crores
in fiscal 2016, its first year of operations for TTPL depicting
nascent stage of operations. Also, TTPL faces competition from
large and established players and small local players which makes
it exposed to intense competition and low pricing flexibility
constraining its profitability.

* Large working capital requirement: Operations entail large
working capital management, with moderate work-in-progress (WIP)
inventory 30-45 days and high debtors. High gross current assets,
439 days as on March 31, 2016, are expected to improve over the
medium term.

* Below-average financial risk profile: TTPL has below-average
financial risk profile marked by high gearing of 1.4 times and
modest networth of INR3.8 crores as on March, 2017. TTPL has
modest debt protection metrics marked by net cash accruals to
total debt (NCATD) and interest coverage of 0.09 times and 4.14
times for fiscal 2016.

Strengths

* Extensive experience of promoters and their established
customer relationships: The promoters, with experience of almost
three decades in the electrical industry, have forger healthy
relationships with suppliers and customers. TTPL is promoted by
the Hyderabad-based Trinity Infrastructure Pvt Ltd (TIPL) which
is promoted and managed by Mr.PVS Sharma. TIPL is an investment
vehicle for the Trinity group.

Established in 2012 as a private limited company, TTPL is a
manufacturer of amorphous metal distribution transformers
(AMDT's). Based in Hyderabad (Telangana), the company is promoted
by Mr. P.V.S. Sarma and Mr.Reddi Subramanyam. The company started
its commercial operations in February, 2016.


YESHASHVI STEELS: CARE Assigns 'B' Rating to INR7.80cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Yeshashvi Steels & Alloys Private Limited (YSA), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             7.80       CARE B, Stable

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of YSA continue to be
tempered by declining trend of total income and low
profitability, weak solvency position along with stressed
liquidity position, volatility in prices of raw materials and
finished goods and cyclicality associated with the steel
industry. The ratings, however, continue to derive strength from
the experienced promoters, established relationship with the
customers. The ratings also factor the increasing profitability
margins for FY17 (refers to the period April 1 to March 31) Going
forward, effective management of working capital and ability to
manage volatility in raw material prices and increase
profitability margin going ahead are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Declining trend of total income and low profitability: The total
operating income of YSA has declined from Rs 44.42 crore in FY16
to 38.32 crore in FY17 on account of decline in capacity
utilization. Up to FY16, the production capacity was more than
the installed capacity as the company had utilized pellets
instead of iron ore for the manufacturing of pellet sponge
instead of iron ore sponge. The company was able to utilize extra
25% of the installed capacity if using pellets instead of iron
ore as a raw material. However, during FY17, the company utilized
only iron ore sponge as raw material instead of pellet sponge due
to increase cost of pellets leading to decline in capacity
utilization.

Weak solvency position along with stressed liquidity position:
With increase in debt levels, the capital structure of YSA
continues to remain leveraged with total debt to GCA
deteriorating and standing at 13.10x in FY17 as compared to
12.57x in FY16 despite marginal increase in gross cash accruals
during FY17. The current and quick ratios of the company also
declined and stood weak at 0.96x and 0.40x respectively for
FY17.The operating cycle of YSA increased and stood at 34 days
due to increase in raw material inventory period. The raw
material inventory saw an increase as the production of iron ore
sponge takes longer than production of pellet ore sponge.

The interest coverage ratio of the company,however, saw an
increase and stood at 1.58x during FY17 as compared to 0.93x
during FY16 due to increase in PBILDT of the company.

Volatility in prices of raw materials & finished goods: Major raw
material required for manufacturing of sponge iron is coal and
iron ore/pellet. The prices of major raw materials, as well as
finished goods (sponge iron) have witnessed high volatility in
past. Since raw material is the major cost driver (constituting
about 80% -90% of the total operating income), the profitability
margins of the company is suspect to input price fluctuation.
Though the prices of finished goods move in tandem with raw
material prices, there is a time lag which exposes the company to
volatility risk.

Cyclicality associated with the steel industry: The steel
industry is sensitive to the shifting business cycles, including
changes in the general economy, interest rates and seasonal
changes in the demand and supply conditions in the market. apart
from the demand side fluctuations, the highly capital intensive
nature of steel projects along with the inordinate delays in the
completion impact the responsiveness off supply side to demand
movements. This result in several steel projects bunching up and
coming on stream simultaneously leading to demand supply
mismatch. Furthermore, the producers of steel products are
essentially price takers in the market, which direct expose their
cash flows and profitability to volatility of the steel industry.

Key Rating Strengths

Experienced Promoters: YSA is promoted by Mr. S. P. Venkatesh
(Managing Director) who has an experience of more than two
decades in the steel industry. He was also associated with
companies like M/s Benaka Sponge Iron Private Limited and M/s
Mastek Steels Private Limited. Later, he also promoted a company
viz. M/s Bellary Engineering & Consultancy Services Private
Limited which is engaged in providing consultancy services to new
steel manufacturing companies. Furthermore, the promoter has been
extended support from other directors like Mr. Hakeem M. Dowla,
Mr. S.P.Sreedhar, Mr. Anil K Sugnani and Mr. Mukesh Tibrewala who
looks after the day to day operations of the company. All the
other directors have over a decade of experience in the steel
industry.

Established relationship with the Customer: Though the company
has a concentrated customer base; it has been dealing with its
customers for more than 5 years now. The company has developed
strong relationships with its customers which aids in bagging
repeat orders, thus providing stability of revenues to a large
extent.

Increasing profitability margins: The profitability margins of
the company improved with the PBILDT margin of the company
standing at 5.79% during FY17 as compared to 3.16% during FY16
due to decrease in raw material prices. The PAT margin also
improved and stood at 0.27% during FY17 as compared to 0.02%
during FY16 due to increase in PBILDT in absolute terms resulting
in absorption of financial expenses and depreciation provision
during the review period.The gross cash accruals improved
marginally and stood at Rs 0.91 crore during FY17 on back of
improved PAT.

Yeshashvi Steels & Alloys Private Limited (YSA), incorporated in
August 13, 2007, was promoted by Mr. S. P. Venkatesh along with
other promoters in the state of Karnataka. YSA is engaged in
manufacturing of sponge iron at its manufacturing plant located
in Bellary with total installed capacity of 30,000 MTPA. YSA also
sells small quantity of char dust, which is a by-product of
sponge iron manufacturing process.



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


PLUS ONE: Files for Bankruptcy Protection
-----------------------------------------
The Nikkei Asian Review reports that the manufacturer of Japan's
hit budget brand Freetel smartphones has filed for bankruptcy
protection after its mobile service business was sold off last
month, putting the future of the company's once-popular handsets
in question.

Plus One Marketing on Dec. 4 asked the Tokyo District Court to
supervise talks with creditors owed roughly JPY2.6 billion ($23
million), citing a severe cash crunch that would keep the Tokyo-
based company from making payments on time, notes the report. On
the same day, Freetel handsets and signage vanished from
electronics stores, including all branches of major chain
Yodobashi Camera, a Plus One shareholder. As the displays at one
Tokyo shop were carted out, a worker on the smartphone floor
remarked, "This is the first time I've ever seen anything like
this," referring to the unprecedented response to a bankruptcy
filing during business hours, the Nikkei relates.

According to the Nikkei, prospects seemed a great deal brighter
in 2012, when Kaoru Masuda, a leading force behind American
computer maker Dell's mobile phone business, founded the budget
smartphone maker and mobile service provider. Plus One aimed to
be "No. 1 in the world by shipments in 2025" with its Freetel
brand, Mr. Masuda said. Investors including Yodobashi Camera and
a private-public fund managed by Japan's Internal Affairs
Ministry were convinced, putting up JPY3 billion in total.

Freetel's handsets were designed in Japan and manufactured in
China, keeping costs low and quality high, the report notes. The
company's bargain-basement service plans, starting from JPY299
per month, quickly drew a following, the report says.

But cutting corners in pursuit of growth proved Plus One's
undoing. Japan's Consumer Affairs Agency in April 2017 found
advertisements calling Freetel's service "the industry's fastest"
to be false, denting the company's credibility, the report
states. Once-mobbed Freetel stalls at major electronics retailers
fell quiet as customers turned elsewhere. Some salespeople even
warned shoppers against buying the phones, which Plus One touted
as exemplars of "Japanese quality."

With new business thin on the ground, Plus One fell into an
earnings crisis, just as the cost of developing the phones in
China was on the rise, the Nikkei says. The company closed out
the year ended March 31 with a JPY5.5 billion net loss, marking
its third straight fiscal year in the red, the Nikkei notes.

The Nikkei says that a helping hand appeared in November, when
leading Japanese internet company Rakuten paid JPY3.6 billion to
acquire Freetel's business as a cellular service provider. But
not even that sum was enough to put Plus One back on its feet as
a maker and seller of smartphones, the report says.

Freetel service contracts have already been transferred to
Rakuten, which has assured customers their service will continue
uninterrupted. The Freetel brand will be folded into Rakuten in
January, the Nikkei adds.

According to the report, Tokyo-based staffing and technology
services provider Maya System has stepped forward as a potential
turnaround sponsor for Plus One. But key questions remain
unanswered about how a recovery would proceed, including how
customer support will be handled, the Nikkei notes.



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


KIMBERLEYS FASHIONS: Receivers to Close Stores This Week
--------------------------------------------------------
The New Zealand Herald reports that Kimberleys Fashions retail
stores will be closed this week after receivers were unable to
sell the business.

The company, which has nine stores across the country, was put
into receivership in October, after decades in business, the
Herald notes.

A report by receivers BDO said all stores would be closed by
Sunday [Dec. 17], the Herald relates.

"During this reporting period the receivers carried out a
marketing campaign to sell the business and assets of the company
as a going concern. However, despite significant interest, we
were unable to achieve a sale of the business of the company as a
going concern," the report, as cited by the Herald, said.

The retail chain has four stores in Christchurch, two in
Auckland, one in Dunedin, one in Wellington and one in Nelson.

"The directors attribute the receivership to changes in
customers' discretionary spending, coupled with competitive
overseas markets and online options having a detrimental effect
on the company's financial position," the Herald quotes the
receivers as saying.

The Herald says the company continued to trade as part of a
managed wind down of the business.

The book value of the company's fixed assets was $1.2 million as
at January 31, the Herald discloses.

The company's debts and liabilities at the time the receivers
were appointed totalled $3.2m, with unsecured creditors owed $1.3
million, according to the Herald.

"The process of realising the company's assets is not yet
complete. Therefore the receivers are unable to determine the
likelihood of funds, if any, that will be available for unsecured
creditors," the report said.

The Kiwi business was started by co-owners Marilyn and John
McLaughlan.  The pair first stocked local labels and then began
manufacturing their own knitwear for the stores in 1983.


PUMPKIN PATCH: Catch to Relaunch Online Pumpkin Patch Offering
--------------------------------------------------------------
Emma Koehn at SmartCompany reports that Pumpkin Patch has
officially risen from the ashes, with new owner Catch Group
optimistic its strategy of Australian-designed kids' goods will
restore the company to household-name status.

The brand, which collapsed in October 2016 amid challenging
retail conditions in Australia and New Zealand, was purchased by
online retail company Catch Group in March, with chief executive
Nati Harpaz telling SmartCompany at the time the business was
starting to review its database of millions of customer email
addresses.

Eight months later, Catch has unveiled the relaunched online
Pumpkin Patch offering, and Mr. Harpaz said as the company eyes
other exclusive brands across a range of categories, the idea of
a bricks-and-mortar relaunch isn't out of the question,
SmartCompany relates.

"I think consumers do want to touch and feel, and that's
something we're going to expand into in the future. Once we get
that figured out, we can go back and look at bricks-and-mortar,"
the report quotes Mr. Harpaz as saying.

Two years into the future, he said there could be up to 10
"flagship" style Pumpkin Patch stores across Australia and New
Zealand, as well as the online offering of "quite a strong range"
of both casual and dressier kids options, SmartCompany relays.

Just months before Pumpkin Patch's collapse, analysis of the
childrenswear market in Australia suggested the brand was a
market leader in the AUD3.3 billion kids' clothing space,
according to SmartCompany.

SmartCompany relates that a 2016 report from IBISWorld outlines
that while the brand had suffered big revenue losses, estimated
to be up to 20% in 2013-14, it was still a key brand in the space
with a market chunk of 4.2%.

At the time of the brand's collapse, retail experts told
SmartCompany it had been squeezed by other mid-market retailers
as the company struggled to position itself amid other value-
driven children's brands.

According to SmartCompany, Mr. Harpaz said there are plenty of
competitors in the space, but Catch Group is clear about who it
is fighting - and what Pumpkin Patch offers.

"I think we're competing against Seed, Country Road, and all
those international players," Mr. Harpaz said, highlighting that
the childrenswear products from companies like H&M are also
attractive to parents.

However, he said Catch Group now has an exclusive and well-known
brand shoppers can't access anywhere else, with the focus on
local designers and the clothing needs of kids in the region,
SmartCompany relays.

"We design in Australia and New Zealand for that customer base,
we're very successful about it," Mr. Harpaz, as cited by
SmartCompany, said.

Catch Group also already has the infrastructure through its
digital channels to offer higher-quality products at a lower
price point, the report adds.

                        About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- was a designer, marketer,
retailer and wholesaler of children's clothing.  The Company's
product range encompasses all stages of a child's growth, from
baby to toddler, primary school kid to pre and early teen,
including clothing, nightwear, accessories, rainwear, footwear
and teddy collection.  Pumpkin Patch also catered for mums-to-be
with a maternity collection.  The Company also has a fashion
mini-brand for discerning pre and early-teen girls, Urban Angel
Girls.  The Company's collections are available in numerous
countries and regions, including New Zealand, Australia, the
United Kingdom, the United States, South Africa and the Middle
East.  Pumpkin Patch predominantly sold through its own store
network in New Zealand, Australia, the United Kingdom and the
United States. The Company's subsidiaries include Torquay
Enterprises Limited, Pumpkin Patch Originals Limited, Pumpkin
Patch LLC, Pumpkin Patch Direct Limited, Patch Kids Limited and
Urban Angel Girls Limited.

Pumpkin Patch employed almost 600 people in New Zealand and
1,000 in Australia, according to Stuff.co.nz.

On Oct. 26, 2016, the Board of Pumpkin Patch has placed the
company into Voluntary Administration under Part 15A of the
Companies Act 1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.

McGrathNicol were appointed liquidator for Pumpkin Patch
Originals and Pumpkin Patch Direct in February 2017.

Australian online retailer Catch Group bought Pumpkin Patch's
brand and intellectual property in March 2017.



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


* BOND PRICING: For the Week Dec. 4 to Dec. 8, 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.



                 *** End of Transmission ***