TCRAP_Public/180102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, January 2, 2018, Vol. 21, No. 001

                            Headlines


A U S T R A L I A

BASLER AUSTRALIA: Second Creditors' Meeting Set for Jan. 8
TRITON TRUST 2015-1: Fitch Rates AUD3.0MM Cl. E Notes 'BBsf'


C H I N A

LEECO: Chinese Court Seize Founder's Assets
PANDA GREEN: Solar Power Tariff Cut No Impact on Moody's B1 CFR


I N D I A

AGH WIRES: CARE Lowers Rating on INR10.73cr LT Loan to D
ANAND MOULD: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
ANDAMAN TIMBER: CARE Assigns B+ Rating to INR3.50cr LT Loan
ARUNODAY CONSTRUCTION: Ind-Ra Affirms BB-/Stable Issuer Rating
BRAHMAPUTRA BIOCHEM: Ind-Ra Gives B+ Issuer Rating

DEV'S CHEM TEC: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
EARTH STONE: CARE Assigns B+ Rating to INR1.25cr LT Loan
ELECTROSTEEL STEELS: NCLT Gives 90-Day Extension for CIRP
G.M. RAVINDRA: CRISIL Reaffirms B+ Rating on INR6.5MM Loan
GAKHIL RESORT: CARE Moves B Rating to Not Cooperating Category

GOYAL EDUCATIONAL: CARE Cuts Rating on INR12cr LT Loan to D
HUBLI COTTON: CARE Assigns B Rating to INR7.50cr LT Loan
JATSON POWER: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
K. K. CONSTRUCTION: CRISIL Withdraws B+ Rating on INR2.65MM Loan
KADAM & KADAM: Ind-Ra Moves BB- Issuer Rating to Not Cooperating

KENA ALLOYS: CARE Lowers Rating on INR4.75cr LT Loan to D
KUNDAN CARE: Ind-Ra Alters Outlook to Stable & Affirms BB+ Rating
KUNDAN INT'L: Ind-Ra Cuts Issuer Rating to BB/Negative
KUNDAN RICE: Ind-Ra Lowers Issuer Rating to BB, Outlook Negative
MODERN LAMINATORS: Ind-Ra Migrates BB+ Rating to Not Cooperating

MOMAI FOODS: CARE Lowers Rating on INR9.86cr LT Loan to D
MOON SYNDICATE: CARE Moves D Rating to Not Cooperating Category
MORMONT IFMR: Ind-Ra Affirms B+ Issuer Rating on Series A2 PTCs
NHC FOODS: Ind-Ra Lowers Issuer Rating to BB, Outlook Stable
NORTHERN INDIA: CRISIL Reaffirms B+ Rating on INR8.25MM Loan

OLIVE TEX: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
PLASMA METAL: CARE Assigns B Rating to INR35cr LT Loan
PRAKASH JHA: CRISIL Withdraws B+ Rating on INR10MM Cash Loan
RAM COIR: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
S.S.T. PACKAGING: CRISIL Assigns B Rating to INR5.4MM Term Loan

SGS MARINE: CARE Reaffirms B Rating on INR6cr LT Loan
SHAARC PROJECTS: Ind-Ra Raises Issuer Rating to BB+/Stable
SHREE BHARANI: CRISIL Assigns C Rating to INR5.25MM Cash Loan
SHYAM SUNDER: CRISIL Lowers Rating on INR30MM LT Loan to D
SIVARAJ HOLIDAY: CRISIL Assigns B+ Rating to INR7.64MM Term Loan

SRI SARASWATHI: CARE Assigns B+ Rating to INR15cr LT Loan
SRI VIJAYA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
STAARLIGHT DESIGNS: CRISIL Moves B+ Rating to Not Cooperating
SUNSHINE LIQUID: CARE Assigns B+ Rating to INR16.50cr LT Loan
SWASTIK ISPAT: CRISIL Assigns D Rating to INR8.5MM Cash Loan

TAYAL FIBERS: CARE Assigns B+ Rating to INR11.84cr LT Loan
TEN APPARELS: CRISIL Assigns B- Rating to INR22.03MM Term Loan
THEME HOTELS: CARE Assigns 'B-' Rating to INR3.89cr LT Loan
TIMES STEEL: CRISIL Assigns B+ Rating to INR22MM Cash Loan
TRISHA TRENDS: CRISIL Assigns B+ Rating to INR6MM Cash Loan

ULTIMA SWITHGEARS: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
UNITECH FABRICATORS: CARE Assigns B+ Rating to INR5.56cr Loan
ZF ELECTRONICS: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan


J A P A N

JAPAN LIFE: Consumer Centers Receive Over 1,500 Inquiries


S I N G A P O R E

TRIYARDS HOLDINGS: Posts US$162.5MM Net Loss For FY2017


X X X X X X X X

* BOND PRICING: For the Week Dec. 25 to Dec. 29, 2017


                            - - - - -


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BASLER AUSTRALIA: Second Creditors' Meeting Set for Jan. 8
----------------------------------------------------------
A second meeting of creditors in the proceedings of Basler
Australia Pty Ltd has been set for Jan. 8, 2018, at 11:00 a.m. at
the offices of HLB Mann Judd, Level 19, 207 Kent Street, in
Lismore, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 29, 2017, at 4:00 p.m.

Barry Anthony Taylor of HLB Mann Judd was appointed as
administrator of Basler Australia on Sept. 13, 2017.


TRITON TRUST 2015-1: Fitch Rates AUD3.0MM Cl. E Notes 'BBsf'
------------------------------------------------------------
Fitch Ratings has affirmed and withdrawn the current ratings on
the Triton Trust No.7 Bond Series 2015-1's mortgage-backed
floating-rate notes due to a restructure of the facility. The
restructure is not due to adverse circumstances or deterioration
in performance and is therefore not a distressed debt exchange.
Concurrently, Fitch has assigned ratings to the restructured
transaction.

The issuance consists of notes backed by Australian prime
mortgages originated by Columbus Capital Pty Limited.

The following ratings have been affirmed and withdrawn:

AUD450.0 million Class A1 notes: 'AAAsf'; Outlook Stable;
AUD0.0 million Class A2 notes: 'AAAsf'; Outlook Stable;
AUD28.1 million Class B notes: 'AAsf'; Outlook Stable; and
AUD10.1 million Class C notes: 'BBBsf'; Outlook Stable.

The following rating has also been withdrawn:

AUD5.7 million Class D notes: 'NRsf'.

The following ratings have been assigned to the notes of the
restructured transaction:

AUD600.0 million Class A1 notes: 'AAAsf'; Outlook Stable;
AUD0.0 million Class A2 notes: 'AAAsf'; Outlook Stable;
AUD28.1 million Class B notes: 'AAsf'; Outlook Stable;
AUD9.5 million Class C notes: 'Asf'; Outlook Stable;
AUD4.5 million Class D notes: 'BBBsf'; Outlook Stable;
AUD3.0 million Class E notes: 'BBsf'; Outlook Stable; and
AUD4.6 million Class F notes: 'NRsf'; Outlook Stable.

The notes are issued by Perpetual Corporate Trust Limited in its
capacity as trustee of Triton Trust No.7 Bond Series 2015-1.

The transaction is a warehouse, featuring a multi-class structure
that purchases receivables from the seller on a revolving basis.
The pool is subject to eligibility criteria. The transaction has
triggers to protect debt holders from deterioration in the credit
quality of the portfolio, which either requires rectification or
may cause an amortisation event in which all collections will be
used to pay down the debt in sequential order.

KEY RATING DRIVERS

The affirmation of the ratings reflects Fitch's view that
available credit enhancement is sufficient to support the notes'
ratings and that the transaction has performed within the agency's
expectations. The credit quality and performance of the loans in
the collateral pools have remained strong since transaction
closing and Fitch expects the loans to perform in a similar manner
given Moody's expectation of continued benign economic conditions
in Australia.

The new final ratings are based on the following key rating
drivers:

Sufficient Credit Enhancement: Each tranche of rated notes
benefits from credit enhancement provided by the respective
subordinate notes. The class A, B, C, D and E notes are subject to
documented required minimum subordination levels to mitigate
potential concentration risk that may arise after mortgages are
sold out of the trust during the availability period.

Adequate Liquidity Support: Liquidity support is provided via
excess spread, a yield reserve, principal draws and a liquidity
reserve sized at 0.82% of the mortgage balance, which will
amortise to a reserve floor of AUD375,000.

Performance Triggers: The transaction benefits from several
performance triggers, which, if breached, can potentially lead to
amortisation of the transaction to prevent exposure to further
deterioration in performance.

Experienced Originator and Servicer: Columbus Capital is a non-
bank financial institution specialising in Australian prime
residential mortgage lending. It commenced originations in 2006
and has utilised securitisation as a primary funding source.

RATING SENSITIVITIES

Unanticipated increases in the frequency of defaults and loss
severity on defaulted receivables could produce loss levels higher
than Fitch's base case and are likely to result in a decline in
credit enhancement and remaining loss-coverage levels available to
the notes. Decreased credit enhancement may make certain note
ratings susceptible to negative rating action, depending on the
extent of the decline in coverage. Hence, Fitch conducts
sensitivity analysis by stressing a transaction's initial base-
case assumptions. Fitch applies the recovery stress to the pre-LMI
recovery rate to isolate the effect of a change in recovery
proceeds at the borrower level. Sensitivity analysis was
undertaken for all notes except the class A2 notes, as the note
limit is zero.

Impact on note ratings from increasing levels of foreclosure:
Original rating / increased by 15% / increased by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class B: AAsf / AAsf / AAsf
Class C: Asf / Asf / Asf
Class D: BBBsf / BBBsf / BBBsf
Class E: BBsf / BBsf / BB-sf

Impact on note ratings from decreased recovery rates:
Original rating / reduced by 15% / reduced by 30%:
Class A1: AAAsf / AAAsf / AAAsf
Class B: AAsf / AA-sf / A-sf
Class C: Asf / BBBsf / BB-sf
Class D: BBBsf / Bsf / NRsf
Class E: BBsf / CCCsf / CCCsf

Impact on note ratings from a combination of increased rates of
foreclosure and decreased recovery rates:
Original rating / stress of 15% / stress of 30%:
Class A1: AAAsf / AAAsf / AAsf
Class B: AAsf / A+sf / BBBsf
Class C: Asf / BBB-sf / Bsf
Class D: BBBsf / NRsf / NRsf
Class E: BBsf / CCCsf / CCCsf

Fitch also determined the increase in charge-offs that would need
to occur to result in a rated note being downgraded by one
category, to sub-investment grade and to 'CCCsf'. The results are
shown below:

Class A1: 33% / >100% / >100%
Class B: 18% / 47% / >100%
Class C: 9% / 17% / 45%
Class D: 5% / 5% / 16%
Class E: 3% / n.a. / 7%

The ratings of all notes are lenders' mortgage insurance dependant
and therefore sensitive to downgrades to the insurers' ratings.



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C H I N A
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LEECO: Chinese Court Seize Founder's Assets
-------------------------------------------
Bloomberg News reports that a Chinese court has seized all the
assets owned by LeEco founder Jia Yueting it could unearth, as the
country's legal bodies step up action against an internet
entrepreneur who once declared war on Apple and Tesla Inc.

According to the report, the Beijing First Intermediate People's
Court seized more than CNY1.3 million (US$200,000) in bank
deposits, the court said in a statement posted on its website last
week. The court is eyeing Jia's shares in publicly listed Leshi
Internet Information & Technology Corp. as well as two Beijing
properties targeted in previous cases, it said without
elaborating, Bloomberg relates. The court said it took action
after agreeing to enforce a petition from a securities firm in
Fujian proving to recover more than CNY200 million it claimed Jia
owed, the report relays.

Bloomberg says the seizure deals yet another blow to the outspoken
founder of a Netflix-style service who expanded aggressively into
smartphones and automobiles by borrowing heavily against equity,
then faced a serious cash crunch. LeEco's founder eventually
shifted his focus to U.S.-based electric car startup Faraday &
Future Inc., which was said to have struggled to raise cash,
Bloomberg notes. This month, the country's highest court placed
Jia on a public list of bad debtors and China's markets watchdog
demanded he return to deal with Leshi's financial woes.

"Jia Yueting has no other bank deposits, housing registration
records or automobile registration records that the court can
execute upon," the Beijing court said in its statement, the report
relays.

The court didn't outline specifics of the Fujian brokerage's
complaint except to say it involved an alleged failure to honor
obligations, Bloomberg states.

Leshi Internet remains the largest listed vehicle in the LeEco
empire but has been suspended from trade since April, Bloomberg
notes. According to Bloomberg, the China Securities Regulatory
Commission said last week that despite repeated calls from the
regulator, the founder has yet to show up and deliver on a promise
to provide interest-free loans to the Shenzhen-listed firm mired
in a "huge amount of debt."

It's not clear where Jia is, though Faraday has operations in the
U.S. Chinese media including the Securities Daily reported he told
a staff meeting earlier this month that Faraday had managed to
raise more than $1 billion in Series A financing, without naming
his investors, adds Bloomberg.

China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.


PANDA GREEN: Solar Power Tariff Cut No Impact on Moody's B1 CFR
---------------------------------------------------------------
Moody's Investors Service says that Panda Green Energy Group
Limited's B1 corporate family rating (CFR) and B2 senior unsecured
bond rating are unaffected by China's (A1 stable) announced cut of
the country's solar power benchmark tariff.

The ratings outlook remains stable.

"Panda Green's credit profile is unaffected by the announced cut
to the solar benchmark tariff, because the cut only applies to
newly launched capacity, and Panda Green has been focusing on
acquiring brown field projects that are unlikely affected by the
cut," says Ada Li, a Moody's Vice President and Senior Analyst.

"The announced cut also comes as no surprise - consistent with
previous rounds of tariff reduction driven by the falling
equipment costs for new solar projects," adds Li.

Moody's expects that Panda Green's annual capacity addition will
total 350-500 megawatts (MW) over the next three years, of which,
the majority will be brown field projects that are unlikely
unaffected by the new tariff cut. At June 30, 2017, Panda Green
owned a total solar power installed capacity of 1.46 gigawatts
(GW).

Over the next 1-2 years, Moody's projects that Panda Green's
adjusted funds from operations/debt will register in the low- to
mid-single digits and its debt/capitalization should fall in the
75%-80% range. Such results would be broadly in line with its B1
CFR.

Moody's says that tariff cuts are beneficial to the development of
the solar power industry, because they improve solar power's price
competitiveness as against conventional power sources, and
alleviate the sector's overreliance on government subsidies, which
are experiencing prolonged eligibility approval from the
government.

The Chinese government targets solar tariff parity with other fuel
types by 2020. The latest tariff cut continues to reflect the
solar power generators' falling solar module costs.

On Dec. 22, 2017, China's National Development and Reform
Commission announced that it would be lowering the benchmark
tariff by RMB0.1/kWh for new solar power projects commenced
operation after 1 January 2018, with RMB0.1/kWh-RMB0.55/kWh,
RMB0.65/kWh and RMB0.75/kWh (including value-added tax) in Zone I,
Zone II and Zone III respectively.

Projects approved prior to January 1, 2018 and commencing
operations by June 30, 2018 are not subject to the reduced tariff.
And, from 2019 onwards, tariffs applicable to new projects will be
determined by the operation commencement date instead of
government approval date.

The regulator had announced on going reductions in benchmark
tariff on solar power since 2016.

The principal methodology used in these ratings was Unregulated
Utilities and Unregulated Power Companies published in May 2017.

Panda Green Energy Group Limited, formerly known as United
Photovoltaics Group Limited, principally engages in solar power
generation in China. At June 30, 2017, the company reported 1.46GW
of gross installed capacity based on 42 projects through its
subsidiaries and associates.

Listed on the Hong Kong Stock Exchange, the company was 22.24%-
owned by China Merchants Group (CMG) and parties acting in concert
with CMG, as of end-November 2017. CMG is a conglomerate which is
wholly owned by the State-owned Assets Supervision and
Administration Commission of China's State Council.



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AGH WIRES: CARE Lowers Rating on INR10.73cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
AGH Wires Private Limited as:


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        10.73       CARE D; Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE B; Issuer Not
                                     Cooperating on the basis
                                     of best available
                                     information

   Short term Bank        2.16       CARE D; Issuer Not
   Facilities                        Cooperating; Revised from
                                     CARE A4; Issuer Not
                                     Cooperating on the basis
                                     of best available
                                     information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AGH Wires Private Limited
to monitor the rating(s) vide e-mail communications dated
September 5, 2017, October 3, 2017 and October 4, 2017, and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the 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 AGH Wires
Private Limited's bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING.

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

The revision in the ratings assigned to the bank facilities of AGH
Wires Private Limited (AGHWPL) takes into consideration the
ongoing delays in the debt servicing of the interest payments by
the company.

Detailed Description of the Key Rating Drivers

Key Rating Weaknesses

Ongoing Delays in Debt Servicing: The company has ongoing delays
in the debt servicing of its interest payments due on Sept. 30,
2017.

Competitive nature of the industry: The Indian cable industry is
highly fragmented with large number of cable producers and
numerous unorganized players leading to pressure on prices and
limited ability to pass on increase in raw material prices,
especially in the tender based business.

The demand for cables is largely derived from various end-user
industries, such as power, steel, cement, among others. Though
there has been continued demand pressure in above industries;
however with expectation of revival in economy coupled with the
government's focus on kick-starting investment cycle, the demand
scenario is likely to improve in the end-user industries.

Key Rating Strengths

Experienced promoters

AGH Wires promoted by Mr. Mukesh Gupta is engaged in the business
of manufacturing aluminum and copper enameled wires. Mr. Mukesh
Kumar Gupta has been associated with the cable industry for over
36 years with extensive experience of designing and manufacturing
of cables. Currently the company is managed by Mr. Manish Goel who
is also the promoter director and the present Managing Director of
Fasten Cables & Accessories Pvt Ltd & Shilpi Cable Technologies
Limited.


ANAND MOULD: CRISIL Assigns B+ Rating to INR4.5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Anand Mould Steels Private
Limited (AMSPL).

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

   Proposed Letter
   of Credit               5.5       CRISIL A4

The ratings reflect the modest scale of operations in intensely
competitive industry, aggressive capital structure and modest
networth, and large working capital requirements. These weaknesses
are partially offset by extensive experience of its promoters in
the steel trading industry and healthy operating margins.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in an intensely competitive industry:
Business risk profile is constrained because of modest scale of
operations as indicated by revenues of INR10.5 crore during fiscal
17. Intense competition in the industry leads to limited
bargaining power and pricing flexibility, and will constrain
scalability over the medium term

* Aggressive capital structure and modest networth: Networth was
modest at INR3.75 crore and total outside liabilities to total net
worth high at 2.67 times, as on March 31, 2017. With increasing
debt for working capital requirements, capital structure is
expected to remain at similar levels.

* Large working capital requirement: Operations are working
capital intensive as reflected in gross current assets of 425 days
as on March 31, 2017. This is on account of high inventory of 328
days and high debtors of 121 days. With moderate credit from
suppliers, the company is highly dependent on bank lines to fund
working capital. Working capital is expected to remain high over
the medium term.

Strengths

* Extensive industry experience of promoters: Longstanding
presence of more than two decades in the steel trading industry
has enabled the promoters to successfully navigate business cycles
and develop strong relationship with suppliers and customers.

* Healthy operating margins: Operating profitability remains
moderate backed by processing activities and trading of value
added products, and has ranged between 11.4 to 13 per cent over
the past three fiscals.

Outlook: Stable

CRISIL believes AMSPL will continue to benefit over the medium
term from the extensive industry experience of its promoters and
established customer relationship. The outlook may be revised to
'Positive' if sustained improvement in revenues and working
capital cycle, while profitability is maintained, leads to better
financial risk profile. The outlook may be revised to 'Negative'
if financial risk profile deteriorates due to significant increase
in working capital requirements or decline in revenues or margins.

AMSPL, incorporated in 2005 by Mr. Ashish Bhansali and his father
Mr. Karshandas Bhansali, is engaged in trading of special alloy
steels. The company is based in Navi Mumbai, Maharashtra.


ANDAMAN TIMBER: CARE Assigns B+ Rating to INR3.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Andaman
Timber Trading Co. (ATC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            22.00       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ATC is tempered by
small scale of operations with fluctuating total operating income
and profitability margins, Foreign currency fluctuation and
government regulations on industry, working capital intensive
nature of operations, constitution of the entity as proprietary
with inherent risk of withdrawal of capital and highly fragmented
timber sector with low entry barriers. The rating, however,
derives its strengths from experienced of the proprietor more than
three decades in timber industry, moderate capital structure and
debt coverage indicators and established relationships with key
suppliers and customers.

The ability of the firm to increase its scale of operations while
maintaining the profit margins amidst competition, the ability to
enhance its geographical influence are the key rating
sensitivities

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: Although having
a presence of 38 years in the industry, the business operations of
the firm continued to be on the smaller end. The total operating
income achieved by the firm in FY17 stood at INR31.17 crore
coupled with a low net worth base of INR3.37 crore remained small
when compared to other peers in the industry. The small scale of
operations could restrict the firm's financial flexibility and
deprive it of scale benefits.

Fluctuating total operating income and profitability margins
during review period: The total operating income of the firm
remained fluctuating during review period. In FY16, it declined to
INR29.71 crore as compared to INR38.49 crore in FY15 due to the
impact of demonetization and due to lower orders received from the
customers at the back of increase in the amount of prices of
timber in the international market. However, the same grew to
INR31.17 crore in FY17 at the back of increase in sales from
existing as well as new customers.

The profitability margins of the firm remained fluctuating during
review period. The PBILDT margin of the firm has been fluctuating
in the range of 6.11% to 7.39% during FY15-FY17 due to increase in
material costs coupled with increase in employee costs and selling
expenses. The PAT margin of the firm is also been fluctuating in
the range of 1.12% to 2.15% during FY15-FY17 due to increase in
depreciation cost at the back of addition of fixed asset
(vehicle).

Leveraged capital structure and weak debt coverage indicators
during review period: The capital structure of the firm remained
leveraged, though improving during review period. The debt equity
ratio and overall gearing ratio of the firm stood at 0.14x and
4.34x respectively as on March 31, 2017 compared to 0.15x and
6.63x respectively as on March 31, 2016. Working capital bank
borrowings is the major portion (around 86%) of the debt of the
firm to manage day-to-day operations.

Furthermore, debt coverage indicators of the firm remained weak
during review period. Total debt/GCA and interest coverage ratio
of the firm also improved and stood at 19.92x and 1.78x
respectively in FY17 compared to 51.67x and 1.36x respectively as
on FY16 at the back of decrease in debt levels resulting in
reduction in finance and interest charges along with increase in
gross cash accruals.

Working capital Intensive nature of operations: The timber
industry is categorized by working capital intensive nature of
operations. The operating cycle days of the firm stood comfortable
at 14 days in FY17 compared with 25 days in FY16. The firm had
high creditor days due to high proportion of foreign letter of
credit (FLC) backed creditors. The firm made its imports backed by
LC (upto 160 days). In order to survive in the high level of
competition, the collection days were also high by providing
extension in credit period to its customers. The average
utilization for the working capital bank borrowing remained 70%
during the last 12 months ended November 30, 2017.

Foreign currency fluctuation and government regulations on
industry: The firm is mainly importing raw material from countries
like Myanmar, Malaysia and Indonesia etc. Its import procurements
constitute 100% of its total purchases. All the sales however are
concentrated to the domestic market, particularly Tamilnadu. As a
result of foreign procurements and no hedging mechanism, the firm
is exposed to foreign exchange fluctuation risk. Revenue is
further susceptible to government regulatory policies in relation
to import-export duties, custom duties, restriction on volume of
imports, freight rates, port charges etc. The firm has incurred a
net gain of INR0.69 crore in FY17 when compared to a net loss of
INR0.33 crore in FY16 on foreign exchange.

Constitution of the entity as proprietary with inherent risk of
withdrawal of capital: The sole proprietor typically makes all the
decisions and runs the entire business operation. If he becomes
ill or disabled, there may be nobody else who can step in and keep
the business going. Running a business single-handedly can also
pose a risk due to heavy burden. Constitution as a proprietorship
has the inherent risk of possibility of withdrawal of the capital
at the time of personal contingency which can adversely affect its
capital structure.

Highly fragmented timber sector with low entry barriers: The
timber industry has a large number of unorganized players who
chiefly cater to local demands. Most of these players have limited
value addition to their products and subsequently, the industry is
classified by having stiff competition and low entry barriers.
Although the volume of trade may be high, the profitability
margins are generally low.

Key Rating Strengths

Long track record with experienced proprietor for more than three
decades in Timber Industry: ATC was established in the year 1979
as a proprietorship concern started by Mr.Pandian, aged 61 years,
and is a qualified graduate who has more than three decades of
experience in the trading of wood products. Due to long term
presence in the market, the proprietor has good relations with its
suppliers and customers.

Established relationships with customers and suppliers: The firm
has established long term relationship with its key suppliers
through a decade long presence in the market. Some of its key
suppliers are Wajilam Exports Pvt Ltd, Shree Madhav Overseas Ltd
etc.

Andaman Timber Company (ATC) was established in the year 1979 as a
proprietorship concern with its registered office located at
Chennai, Tamil Nadu. Mr. R. Pandian is the proprietor of the firm
having experience of more than two decades in trading and
processing of timber products. The firm is mainly engaged in
trading and processing of different types of timber logs, sawn
timber and timber products. The major raw material, timber logs
are mainly imported from Myanmar, Malaysia, Indonesia and South
African countries which are subsequently sized at its saw mill
unit into various commercial sizes as per requirement of the
customers. The firm sells the same to the wholesalers and
retailers across Karnataka and Andhra Pradesh.


ARUNODAY CONSTRUCTION: Ind-Ra Affirms BB-/Stable Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Arunoday
Construction Company Private Limited's (ACCPL) Long-Term Issuer
Rating at 'IND BB-'. The Outlook is Stable. The instrument-wise
rating actions are:

-- INR118.5 mil. (reduced from INR140 mil.) Fund-based working
    capital limits affirmed with IND BB-/Stable rating; and

-- INR130 mil. (reduced from INR150 mil.) affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects ACCPL's continued moderate scale of
operations and declined profitability. In FY17, despite revenue
improving to INR391 million (FY16: INR295 million), it was still
significantly lower than the historical levels achieved by the
company (FY14: INR580 million, FY15:INR537 million). ACCPL's
revenue improved in FY17 due to an improvement in the execution of
work orders. EBITDA margins declined in FY17 to 5% (FY16: 7.8%)
due to increased cost of operations in its construction business.
This led to a decline in the gross interest coverage (operating
EBITDA/gross interest expense) by 10bp to 2.3x in FY17 (FY16:
2.4x). Net leverage (total adjusted net debt/operating EBITDA)
improved to 1.7x in FY17 (3.7x) due to lower debt levels.

The ratings are constrained by ACCPL's regional work order
concentration, as all of its contracts are executed in Assam. The
order book also reflects high customer concentration as all orders
are issued by the state government entities and Indian Railways.

The ratings, however, continue to be supported four decades of
extensive experience of the promoters in the construction
business. The ratings are further supported by a healthy
outstanding order book (INR1,154.92 million; 2.9x of FY17 revenue)
at end-November 2017.

RATING SENSITIVITIES

Positive: An increase in the revenue along with maintenance of the
credit metrics could result in a positive rating action.

Negative: A sustained deterioration in the credit metrics could
result in a negative rating action.

COMPANY PROFILE

ACCPL, incorporated in 1980 by Mr. Om Prakash Lahoty, constructs
government buildings, hostels, hospitals, etc. in Assam.
Additionally, the company manufactures concrete sleepers used in
railway tracks.


BRAHMAPUTRA BIOCHEM: Ind-Ra Gives B+ Issuer Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Brahmaputra
Biochem Private Limited (BBPL) a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR612.7 mil. Long-term loans due on March 2023 assigned with
    IND B+/Stable rating;

-- INR179.4 mil. Fund-based facilities assigned with IND
    B+/Stable/IND A4 rating;

-- INR37.5 mil. Non-fund-based facilities assigned with IND
    B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The ratings reflect BBPL's nascent stage of operations as it began
commercial operations in April 2016. Also, its manufacturing
facility was operational for only 125 days in FY17 due to
machinery re-modification for efficiency purpose. The company
reported revenue of INR293 million in FY17 and INR519.5 million
during April-October 2017. The company incurred an EBITDA loss of
INR47 million in FY17. Also, BBPL's promoters have only three
years of experience in the distillery industry.

Moreover, BBPL's liquidity position is moderate with its 93%
utilisation of the fund-based facilities on average during the 12
months ended November 2017.

However, Ind-Ra expects substantial revenue growth in FY18 as it
will be the first full year of operations for the company. EBITDA
margins is likely to be in the range of 18%-21% while interest
coverage around 1.2x in FY18.

RATING SENSITIVITIES

Negative: Failure in the stabilisation of operations or less-than-
expected profitability resulting in further stress on the
liquidity position could lead to a negative rating action.

Positive: Substantial revenue growth and profitability improvement
along with comfortable liquidity position and credit metrics, will
lead to a positive rating action.

COMPANY PROFILE

BBPL was incorporated in August 2010 by Mr. Jagmohan Singh Arora,
Mr. Kuljeet Singh Arora, Mr. Harishankar Bilwal and Mr. Avinash
Diwan. The present directors of the company are Mr. Jagmohan Singh
Arora, Mr. Kuljeet Singh Arora and Mr. Arjun Arora. BBPL has set
up a distillery in Guwahati, producing grain-based 60,000
litres/day extra neutral alcohol as the main finished product and
40-50 tonnes/day distillers dried grains with solubles and about
30 tonnes/day liquid carbon dioxide as major by-products plant. It
has also a 2MW captive power plant.


DEV'S CHEM TEC: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dev's Chem Tec
Private Limited (DCPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

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

-- INR40 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating; and

-- INR120 mil. Proposed fund-based working capital limit*
    assigned with Provisional IND BB-/Stable/ Provisional IND A4+
    rating.

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

KEY RATING DRIVERS

The ratings reflect DCPL's short operational track record as it
began commercial operations in October 2016. The company reported
INR420 million of revenue in 1HFY18 (FY17: INR404.1 million). FY18
will be the company's first full year of operations.

The ratings are also constrained by DCPL's weak credit metrics
resulting from thin EBITDA margins and high working capital
requirements inherent to the trading nature of the business.
During FY17, net leverage (total adjusted net debt/operating
EBITDAR) was 6.0x, EBITDA interest cover (operating EBITDA/gross
interest expense) was 3.6x and EBITDA margin was 1.5%. The
company's peak use of the working capital facilities was around
99% during the 12 months ended November 2017.  DCPL's ability to
tie-up working capital funds and/or timely equity infusion would
be key for revenue growth in FY18-FY19.

The ratings are also constrained by intense competition and low
entry barriers which are characteristic features of a trading
business.

However, the ratings are supported by the promoters' experience of
more than a decade in the trading business.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or EBITDA margin leading to
a sustained deterioration in the credit metrics and/or liquidity
position will be negative for the ratings.

Positive:  A substantial improvement in the revenue and/or EBITDA
margin while maintaining the credit metrics will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 2015, DCPL, located in Hyderabad, Telangana, is
engaged in the trading of basic raw materials and intermediaries
for the pharmaceutical industry.


EARTH STONE: CARE Assigns B+ Rating to INR1.25cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Earth
Stone Global (ESG), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             1.25       CARE B+; Stable Assigned

   Short-term Bank
   Facilities            13.75       CARE A4; Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ESG are primarily
constrained on account of vulnerability of margins to fluctuation
in the raw material prices and foreign exchange rates, easy
availability of substitute products in the competitive industry
with fortunes linked to cyclical real estate sector and its
constitution as a proprietorship concern. The ratings, further,
constrained on account of weak solvency position and stressed
liquidity position.

The ratings, however, continue to derive strength from the
experienced partners with established presence in the natural
stone business and strategic location of manufacturing units with
close proximity to raw material sources. The ratings, further,
derive strength from continuous increase in Total Operating Income
(TOI) with moderate profitability margins.

The ability of the firm to increase its scale of operations with
maintaining of profitability margins and improvement in solvency
position with better management of working capital is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Weak solvency position and stressed liquidity position: The
solvency position of the firm stood weak marked by highly
leveraged capital structure and weak debt coverage indicators on
account of high total debt to GCA and low interest coverage. The
liquidity position of the firm stood stressed with almost full
utilization of working capital bank borrowings in last twelve
month ended November 2017. Further, the operating cycle of the
firm also stood elongated with 195 days in FY17.

Vulnerability of margins to fluctuation in raw material prices and
foreign exchange rates and easy availability of substitute
products: The profitability of the firm is vulnerable to any
adverse movement in raw material prices as the firm will not be
immediately able to pass on the increased price to its customer
and its elongated raw material inventory holding period. ESG is
exposed to foreign exchange fluctuation risk considering that the
firm generates entire income in foreign currency and does not
follow active hedging policy.

Fortunes linked to cyclical real estate sector with constitution
as proprietorship concern: The products of the firm find
application in construction, real estate sector as well as various
allied activities and hence, fortunes of the firm are lined to
cyclical real estate sector. Further, there is inherent risk of
possibility of withdrawal of capital and dissolution of the firm
in case of death/insolvency of proprietor due to its constitution
as a proprietorship concern.

Key Rating Strengths

Wide experience of the promoters in the natural stone industry and
strong group support: The company is benefitted from the presence
of group concerns in the same line of business. The management has
already established relationship with customers as well as
suppliers. ESG sells its product through established marketing
network. Further, the firm meets its raw material requirement
through mines in its group concern and sells final product in
overseas market.

Strategic location of manufacturing units with close proximity to
raw material sources: ESG manufacturing facility is located at
Jaipur, strategically located in one of the major minerals
producing region of India which makes it easier for the firm to
access its primary stones like granite, marble, veneer tiles,
decorative stones. It uses mainly natural stone to manufacture its
finished products. ESG has developed good business relations with
the mines owners resulting in benefits derived from lower logistic
cost, easy and timely availability and procurement of raw
materials at effective prices.

Continuous increase in Total Operating income in last four years
with Moderate Profitability Margins: Total Operating Income (TOI)
of ESG has witnessed increasing trend in last four financial years
from FY14-FY17 and grew at a CAGR of 12.64% mainly on account of
increase in export as well as higher demand from end user
industries. Further, the profitability of the firm stood moderate
with PBILDT and PAT margin of 6.95% and 0.68% respectively in
FY17.

Jaipur (Rajasthan) based Earth Stone Global (ESG) was formed in
July 2010 as a proprietorship concern by Mr. Viaks Kanchhal. The
firm is engaged in manufacturing and export of natural stones
based products (like granite, marble, veneer tiles, decorative
stones). The unit of the firm has well equipped in-house
processing facility to deliver optimum variety of products and
finishing according to customer specifications. The products of
the firm find applications in real estate as well as various
allied activities. It exports its product mainly to UK, Norway,
USA and Netherland etc.


ELECTROSTEEL STEELS: NCLT Gives 90-Day Extension for CIRP
---------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal
(NCLT) has extended time period for Corporate Insolvency
Resolution Process for Electrosteel Steels Limited (ESL) by a
period of 90 days with effect from Jan. 17, 2018.

ET relates that the decision was based on the application made by
the Resolution Professional for extension of the insolvency
resolution process. ESL is among the dozen-odd NPA accounts
identified by RBI in June under the new Insolvency and Bankruptcy
Code, the report notes.
The order was passed by the Kolkata Bench of NCLT on Dec. 19,
2017, Electrosteel Steels informed the BSE on Dec. 17, ET notes.

According to the report, the Kolkata-based company is saddled with
a debt burden of INR10,274 crore, an amount it owes to a
consortium of banks led by SBI. It has been facing insolvency
proceedings under after it was admitted in the NCLT in July 2017,
the report says.

ESL which has a 2.5 million tonne steel plant at Siyaljori in
Jharkhand's Bokaro district, attracted six expressions of interest
from bidders like Mesco group, Tata Steel, Srei Infrastructure
Finance and Dalmia group among others, following the memorandum
floated by the IRP for Electrosteel Steels Dhaivat Anjaria in
September 2017, the report discloses. The COC members in a meeting
on Nov. 16, 2017 decided to issue an addendum to the advertisement
to allow all prospective resolution applicants who had not
submitted Eol is earlier to submit their EoIs. Subsequently, the
last date for filing resolution plan for the company was
stipulated as Dec. 11, 2017.

ET adds that the latest NCLT order said the IRP had filed an
application for extending ESL's insolvency resolution process by
90 days w.e.f Jan. 17, 2018 on the basis of the recommendation at
the meeting of the Committee of Creditors (CoC)on Dec. 6, 2017.
The order by NCLT members Vijai Pratap Singh and K R Jinan stated
that a "copy of the minutes of the meeting shows that the ve share
of 99.82% CoC has approved the resolution for extending the
insolvency resolution process by 90 days." In view of the
recommendation of the CoC, NCLT said it extended the moratorium
period by 90 days for submissions of the resolution process, the
report adds.

                   About Electrosteel Steels

Electrosteel Steels Limited is an India-based company, which is
engaged in basic iron and steel business. The Company is engaged
in selling thermo mechanically treated (TMT) bars, billets,
ductile iron (DI) pipes, pig iron and wire rod. The Company is
engaged in setting up a 2.51 million ton per annum (MTPA)
capacity Greenfield Integrated Steel and DI Pipes Plant in the
district of Bokaro, Jharkhand. It produces TMT bars in Fe500,
Fe500D and Fe500D corrosion resistance steel (CRS) variants. It
manufactures DI pipes in sizes ranging from 100 millimeters (mm)
to 1,200 mm. Its billets offer applications, such as general
engineering, structural, rerolling and high tensile applications.
Its wire rods have applications in engineering, construction,
power and automobile sectors. It consists of a sinter plant,
pellet plant, coke oven, blast furnace, basic oxygen furnace,
billet caster, wire rod mill, bar mill and power plant.


G.M. RAVINDRA: CRISIL Reaffirms B+ Rating on INR6.5MM Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of G.M. Ravindra (GMR) at 'CRISIL B+/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         3.5       CRISIL A4 (Reaffirmed)
   Overdraft              6.5       CRISIL B+/Stable (Reaffirmed)

CRISIL's ratings continue to reflect GMR's modest scale of
operations in a fragmented civil construction industry, customer
concentration in its revenue profile and exposure to group entity.
These weaknesses are partially offset by extensive industry
experience of GMR's proprietor in the civil construction industry.

Analytical Approach

The promoter Mr. G.M. Ravindra also manages R K S Infratech Pvt
Ltd (RKS), which is engaged into ready mix concrete (RMC)
manufacturing business. GMR purchases RMC from RKS. CRISIL has not
consolidated the business and financial risk profiles of GMR with
RKS despite having common shareholding since both the entities are
in separate line of business and business transactions happens at
arm's length.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in intensely competitive civil
construction: Despite the extensive experience in the civil
construction sector for government departments, GMR has modest
scale of operations as indicated by its operating income of around
INR19.7 crore in fiscal 2017. The modest scale of operations is on
account of GMR's regional presence; limiting the scale of
operations to new projects in Bangalore and nearby areas only.
Despite an order book of around INR44 crore as on October 2017, to
be executed over next 24 months, CRISIL believes GMR's scale of
operations will remain modest over the medium term. Furthermore,
GMR operates in the civil construction industry, which is marked
by high fragmentation and competition with a large number of
players executing small projects.

* Customer concentration in its revenue profile: The concern has
high customer concentration with 100 per cent of its revenues
driven from construction contracts for BBMP in and around
Bengaluru. This high level of client concentration is growth-
restricting strategy and also exposes the firm to risk of delays/
change in investment plans of a single client. Further GMR's
operations have been concentrated in sanitary works. Unlike other
construction entities that have a presence in multiple segments.
The high customer dependence is however, partly mitigated by the
firm's long standing relationship with BBMP.

* Exposure to group entity: As on 31st March 2017, GMR had
advanced huge sum of INR5 crore to RKS. Such advances have impact
on liquidity profile of GMR. Quantum of these advances would be a
key monitorable going ahead.

Strengths

* Extensive industry experience of proprietor in the civil
construction industry: Long presence of promoter in the industry
and successful track record has helped the concern to establish
strong relations with its key customer BBMP and its suppliers.
This is reflected in repeat orders from BBMP. The firm has been
executing projects for BBMP since over 12 years. CRISIL believes
that vast experience of promoters and established track record of
the firm, will continue to benefit its business risk profile over
the medium term.

Outlook: Stable

CRISIL believes that GMR will continue to benefit over the medium
term from its proprietor's extensive experience in the civil
construction industry. The outlook may be revised to 'Positive' if
the firm reports substantial growth in its scale of operations
while maintaining its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case there
is significant decline in the firm's revenue or profitability, or
in case of stretch in its working capital cycle, or if it
undertakes any large debt-funded capital expenditure programme or
exposure to group entity increase, thereby significantly impacting
its financial risk profile.

GMR was set up in 2004 as a sole proprietorship concern by Mr. G M
Ravindra in Bengaluru. The firm is engaged in civil construction
works, primary construction of Reinforced Concrete (RCC) culverts
and storm water drains, in Bengaluru. GMR is a registered
contractor with Bruhat Bengaluru Mahanagara Palike (BBMP).


GAKHIL RESORT: CARE Moves B Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Gakhil Resort & Spa
(GRS) to monitor the ratings vide letters/e-mails communications
dated July 12, 2017, November 24, 2017,
November 29, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the ratings. In line with the extant SEBI
guidelines CARE's rating on SRM's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        10.00       CARE B; Issuer not
   Facilities                        cooperating

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

Detailed Description of Key Rating Drivers

At the time of last rating on January 25, 2017, the following were
the rating weaknesses and strengths:

Key Rating Weaknesses:

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

Project implementation risk for debt funded project with financial
closure yet to be achieved: The entity is in the process to
setting up a four star hotel and spa unit at a cost of INR25.15
crore, which is to be financed by proprietor's contribution of
INR15.15 crore and term loan of INR10.00 crore. However, the
financial closure is yet to be achieved. The proprietor has
already infused funds amounting to INR12.76 crore for land
development and civil works along with other preoperative project
related works. The said project is expected to be completed by
March 2018 subject to approval of term loans. The commercial
operation of phase one is expected to start from April 2018.

Highly competitive and fragmented nature of the industry: The
Indian hotel industry is highly fragmented in nature with the
presence of large number of organized and unorganized players
spread across various regions. Furthermore, the hotel industry is
region-based and is highly sensitive to the untoward events such
as slowdown in the economy coupled with the slew of militant
attacks which have had an adverse impact on the hotel industry.
Cyclical nature of the hotel industry and increasing competition
from already established hospitality addresses in and around
Gangtok region may impact the performance of GRS.

Capital intensive nature of operation: The hospitality business is
extremely capital intensive in nature as a very high amount of
investment is required to get the requisite infrastructure in
place.

Key Rating Strengths:

Experienced proprietor: The entity is managed by Mr. Golay
Tshering Bhutia, proprietor. He has over four decades of
experience in civil construction and hospitality business. There
are three other ongoing hotel businesses under the leadership of
Mr. Bhutia in and around Sikkim.

Locational advantage of the hotel: The proposed hotel is
strategically located having access to all forms of logistics
thereby enhancing its acceptability amongst the likely clientele
of the hotel. The city of Gangtok, being the state capital and
main business destination of the state of Sikkim and a major
tourist destination among the country, is well connected by road.
The surrounding areas are renowned for natural beauty and many
pharmaceutical and hydro power plants are located in the region,
which leading to envisaged regular occupancy by the business, as
well as, leisure travellers.

Gakhil Resort & Spa (GRS) is a proprietorship entity established
on April 2015 to initiate a hotel business and carrying on
activities related to the hotel industry at Bojoghari, Gangtok in
Sikkim. The firm is currently constructing the hotel on a piece of
land of 0.5 hector at an aggregate project cost of INR25.15 crore
(including margin money for working capital), which is to be
financed by proprietor's contribution of INR15.15 crore and term
loan of INR10 crore. The hotel is expected to commence operation
in April 2018.


GOYAL EDUCATIONAL: CARE Cuts Rating on INR12cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Goyal Educational & Welfare Society (GEWS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         12         CARE D; Issuer not
   Facilities                        cooperating; Revised
                                     from CARE BB- on the
                                     basis of best available
                                     information

   Short-term Bank         1         CARE D; Issuer not
   Facilities                        cooperating; Revised
                                     from CARE A4 on the
                                     basis of best available
                                     information

Detailed Rationale & Key Rating Drivers

CARE has been seeking No default statement from (GEWS) to monitor
the debt servicing track vide e-mail communications dated
December 14, December 6, December 4 and December 1. However,
despite CARE's repeated requests, the company has not provided the
requisite document for monitoring. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. The rating of GEW's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

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

Detailed Description of Key Rating Drivers

Key rating weakness

Delays in debt servicing: There have been delays in meeting debt
obligation on account of stressed liquidity position.

Goyal Educational and Welfare Society (GEWS) was established on
July 22, 2008 under the Haryana Registration and Regulation
Societies Act 2012 with an objective to provide education services
by establishing and operating various educational institutions.
Initially, the society was founded by Mr. Mahender Goyal who is
the president of the society and carries out the day-to-day
affairs with required support from other key members. The society
is running three institutions under the brand name "Rawal
Institutions" (RI) which includes Rawal Institute of Engineering
and Technology (RIET), Rawal Institute of Management (RIM) and
Rawal College of Education (RCE) established in 2008 in a single
campus offering varied courses. RIET located in Faridabad, Haryana
was established for providing various courses i.e. engineering
courses (B.Tech and M.Tech) in various fields such as Mechanical,
Civil, Automobile, Electronics & Communication and Electrical &
Electronics. RIM was established for providing graduation and
post-graduation courses i.e Bachelor in Business Administration
(B.B.A), Bachelor in Hotel Management (B.H.M) and Masters in
Business Administration (M.B.A). While RCM offers Bachelors in
Education (B.Ed.), all the colleges are affiliated to Maharishi
Dayanand University (M.D.U). The day to day management of the
society is carried by Mr. Mahender Goyal (President), Mr. Anil
Rawal (Vice President), Mr. Surender Kumar Goyal (Joint Secretary)
and Mr. C B Rawal. The society has employed experienced teaching
and administrative staff to run the courses in an efficient
manner. The founders of GEWS are also operating another society
i.e. Rawals Educational and Cultural Society. The society runs two
schools namely Rawal International School and Rawal Convent School
set up in 1997 and 1994 respectively. The schools are affiliated
to Central Board of Secondary Education (CBSE).


HUBLI COTTON: CARE Assigns B Rating to INR7.50cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hubli
Cotton Industries (HCI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility                7.50      CARE B; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of HCI are tempered by
short track record and small scale of operations net losses in
FY17 and low net worth base, leveraged capital structure and weak
debt coverage indicators, working capital intensive nature of
operations, highly fragmented industry with intense competition
from large number of player, constitution as partnership firm. The
rating, however, derives benefit from experience of the partners
for three decades in cotton industry and location advantage.

Going forward, ability of the firm to increase its scale of
operations and turnaround from net losses to profit in a
competitive environment and improve its capital structure and debt
coverage indicators while managing its working capital efficiently
would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record and small scale of operations with net losses
in FY17 and low net worth base: The firm started its commercial
operations from January 2017 and FY17 was the first year of
operations. The firm has a short track record of around two years,
resulted in small scale of operations i.e, the total operating
income (TOI) of the firm remained small at INR5.68 crore in FY17
with low net worth base of INR0.51 crore as on March 31, 2017 as
compared to other peers in the industry. The firm has incurred net
losses in FY17 due to initial year of operations resulted in under
absorption of overheads like depreciation and finance cost.

Leveraged capital structure and weak debt coverage indicators: HCI
has leveraged capital structure during review period. The debt
equity ratio of the firm remained leveraged at 7.98x as on March
31, 2017 due firm availed term loans for setting up of cotton
ginning unit and unsecured loans, working capital bank borrowings
to support the business operations and meet the working capital
requirement. Due to the above said factor the overall gearing
ratio also remained leveraged at 20.03x as on March 31, 2017.

Due to aforementioned reason coupled with low cash accruals, the
total debt/GCA of the firm stood weak at 24.13x in FY17 and PBILDT
interest coverage ratio stood at 2.40x in FY17at the back of high
interest cost and low PBILDT level.

Working capital intensive nature of operations: The firm is
operating in working capital intensive nature of operations. The
operating cycle of the firm stood at 17 days due to comfortable
collection and inventory holding period of 13 days and 12 days
respectively during three months operations in FY17. The firm
maintains an average inventory 1-2 months as the HCI has to
undergoes various stages of manufacturing process of cotton
ginning, cleaning, bailing and packaging. Each process requires
inventory holding for processing. To meet the above working
capital requirements, the reliance on working capital bank
borrowings is high. The average utilization of working capital of
the firm remained about 95% for the last 12 month ended Nov. 30,
2017.

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

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

Key Rating Strengths

Experience of the partners for three decades in cotton industry:
HCI is promoted by Mr. Maheshchandra P Khandelwal along with his
family members. The other partners are Mrs. Manjudevi U
Khandelwal, Mr. Umashankar P Khandelwal, and Mr. Tushar M
Khandelwal. All the partners are qualified graduates and have
three decades of experience as the promoters have worked in
private organizations relating to cotton ginning business. Due to
long term presence in the market by the partners, the firm has
good relation with customer and supplier.

Location advantage: HCI is located in one the major cotton growing
areas of Karnataka. Availability of raw material is not expected
to be an issue as the firm procures raw material (raw cotton) from
the farmers and traders located in and around Haveri. HCI enjoys
proximity to the cotton producing belt of Karnataka which results
in ease of access to raw material with low transportation cost.

Stable outlook of cotton industry: Amongst all the cotton growing
countries of the world, India ranks number one in cotton
cultivation area spreading out to about 95 lakh hectares. The
ginning outturn of the Indian cotton also presents a wide spectrum
of variations from 24% to 42%.There are over 3500 factories in
India dispersed in nine major cotton-growing states. Out of these,
over 2600 factories perform only ginning operation and over 2000
factories has installed capacity of as small as 6-12 double roller
gins. It is reported that as many as 860 ginning & pressing
factories have completed modernization out of 1000 projects
approved by Technology Mission on Cotton during its
implementation. With these developments, ginning infrastructure in
the country seems to be well on its way to secure a firm
foundation. The cotton textile industry in India can look forward
to meet its major raw material requirements through indigenous
supply of clean cotton.

Karnataka based, Hubli Cotton Industries (HCI) was established on
July 18,2015as a partnership firmand its commercial operations
started from January, 2017. The firm is promoted by Mr.
Maheshchandra P Khandelwal along with his family members. The firm
is engaged in processing of cotton lint and seeds. The
manufacturing unit is spread in total area 8 acres located at
Haveri (Karnataka). HCI purchases raw cotton from farmers located
in and around Haveri, Karnataka. The firm processes the raw cotton
and separates the lint and cotton seeds from raw cotton. Later on,
pressing and compressing cotton lint into bales along with packing
the bales is undertaken. HCI sells bales to the customers and
cotton seeds to oil mills located in all over India.


JATSON POWER: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jatson Power
Private Limited (JPPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:

-- INR0.46 mil. Long-term loan due on July 2019 assigned with
    IND BB-/Stable rating;

-- INR42.5 mil. Fund-based working capital limit assigned with
    IND BB-/Stable rating;

-- INR32.5 mil. Non-fund-based working capital limit assigned
    with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect JPPL's small scale of operations and moderate
credit metrics. Revenue fell to INR196 million in FY17 (FY16:
INR229 million) on account of a decline in demand. However,
operating margin improved to 7.1% in FY17 (FY16: 6.7%) owing to a
reduction in raw material cost. Interest coverage (operating
EBITDA/gross interest expense) was stable at 1.6x in FY17 (FY16:
1.6x), while net leverage (adjusted net debt/operating EBITDAR)
deteriorated to 4.4x (4.1x) due to a decline in absolute EBITDA.

The ratings also factor in the company's moderate liquidity
position as reflected by around 97.94% average utilisation of the
working capital limits during the 12 months ended November 2017.

However, the ratings are also supported by JPPL's founder's
experience of over two decades in the electrical contract
business.

RATING SENSITIVITIES

Positive: A substantial rise in revenue and an improvement in the
credit metrics will be positive for the ratings.

Negative: Deterioration in the overall credit metrics from the
present level may lead to a negative rating action.

COMPANY PROFILE

JPPL, formerly Jatson Industrial Services, was incorporated in
2004 as a private limited company at Vapi, Ahmedabad. The company
undertakes turnkey projects for electrical installations. It also
manufactures low-voltage electric panels.


K. K. CONSTRUCTION: CRISIL Withdraws B+ Rating on INR2.65MM Loan
----------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
K. K. Construction Company (KKCC) on the firm's request and on
receipt of a no-dues certificate from its banker. The rating
action is in line with CRISIL's policy on withdrawal of ratings on
bank facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          2.70      CRISIL A4 (Rating reaffirmed
                                     and Withdrawal)

   Cash Credit             2.65      CRISIL B+/Stable (Rating
                                     reaffirmed and Withdrawal)

   Proposed Long Term      1.86      CRISIL B+/Stable (Rating
   Bank Loan Facility                reaffirmed and Withdrawal)

   Term Loan               0.29      CRISIL B+/Stable (Rating
                                     reaffirmed and Withdrawal)

KKCC was set up as a partnership firm by Khoobchandani and Daryani
families in 2002. In 2014, Daryani family gave up its partnership
to Mr. Ashok Khoobchandani, his father, Mr. Tulsi Khoobchandani,
and his wife, Ms Mona Khoobchandani.

KKCC is an electrical contractor primarily for Chhattisgarh State
Electricity Board. The firm also has two factories in Mova
(Chhattisgarh) and Nainpur (Madhya Pradesh) where it manufactures
plain cement concrete (PCC) poles. Operations are managed by Mr.
Ashok Khoobchandani.


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

-- INR600 mil. Fund-based working capital facility 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
Nov. 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Founded in 2000, KKJPL supplies jewellery to retailers,
wholesalers and traders across India. The company is situated in
Zaveri Bazar and is promoted by Mr. Nitin Kadam, one of the
founder directors of The All India Gems & Jewellery Trade
Federation.


KENA ALLOYS: CARE Lowers Rating on INR4.75cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kena Alloys Private Limited (KAPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long- term Bank
   Facilities             4.75       CARE D Revised from
                                     CARE B+; Stable

   Short- term Bank
   Facilities             0.40       CARE D Revised from
                                     CARE A4

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the rating
assigned to the bank facilities of KAPL is primarily due to
irregularity in servicing its debt obligations.

Ahmedabad-based (Gujarat) Kena Alloys Private Limited (KAPL)
incorporated in 2011 by Mr. Jignesh Patel and Mr. Rakesh Patel as
a private limited company. The company is engaged into
manufacturing of iron ingots which was started from October, 2013.
The manufacturing plant is located at Kheda (Gujarat) with an
installed capacity of 14,400 metric tons per annum (MTPA) as on
March 31, 2016.


KUNDAN CARE: Ind-Ra Alters Outlook to Stable & Affirms BB+ Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Kundan Care
Products Limited's (KCPL) Outlook to Stable from Negative while
affirming its Long-Term Issuer Rating at 'IND BB+'. The instrument
wise rating action is:

-- INR850 mil. Fund-based and non-fund-based working capital
    limits affirmed and outlook revised with IND BB+/Stable/IND
    A4+ rating.

KEY RATING DRIVERS

The Outlook revision reflects KCPL's low-but-stable profitability
of 0.4% during FY17 (FY16: 0.4%) along with an improvement in its
interest coverage to 3.8x in FY17 (3.1x) and leverage to 1.5x
(2.2x). The metrics are moderate, despite weak margins, because of
lack of long-term debt. The margins are weak due to the
commoditised nature of the business.

The ratings factor in KCPL's tight liquidity position as it had to
avail ad-hoc working capital limits to meet its funding
requirement. KCPL had average peak utilisation of 81.6% in the
fund-based and non-fund-based working capital limits for the 12
months ended September 2017.

The ratings are supported by KCPL's healthy revenue growth of
18.4% yoy in its gold refining and trading business and a large
scale of operations. For FY17, KCPL reported sales of INR97
billion from the bullion business (FY16: INR82 billion) and INR131
million from cosmetics division (INR141 million). The gold
refining business accounts for 99.8% of KCPL's total revenues.

The ratings are further supported by the company's promoters' two-
decade-long experience of handling high-value imports through its
group company Kundan Rice Mills Limited ('IND BB'/Negative)
business. The promoters have also infused funds in the form of
unsecured loans (FY17: INR50.4 million; FY16: INR50 million) from
time to time so that KCPL can meet its funding requirements.

The ratings also factor in the industry's high entry barriers as
the importers of gold dore bars have to comply with regulatory
guidelines. KCPL is a nominated agency which owns the license to
import gold dore bars (up to 95% purity) for refining. The company
was also conferred a certificate of four-star trading house in
January 2015 by the Ministry of Commerce and Industry, which is
valid till FY20 subject to the provisions of Foreign Trade Policy
and is reviewed every year.

Moreover, KCPL has sufficient available capacities to sustain
volume growth during FY18-FY21 and will not incur any further
expansion capex. It incurred capex of INR40 million-50 million
during FY14-FY16 for setting up a gold refinery, coin minting
machines and a coloured designer gold coin minting machine.

RATING SENSITIVITIES

Negative: Volatility in the profitability resulting in sustained
interest coverage of below 2.5x would lead to a ratings downgrade.

COMPANY PROFILE

Incorporated in 2016, KCPL manufactures and distributes cosmetic
products at its manufacturing facility in Haridwar. The company
has the arrangement to use the brand 'JOLEN' for cosmetics
products. Till FY13, the company has had only single line of
business viz. cosmetics.

In FY14, the company forayed into gold refining, jewellery
manufacturing. It has set up a 72mtpa raw gold refining unit in
Haridwar. The company imports raw gold from African countries
where it has stationed some employees for liaising with the
miners.

The promoters of the Kundan group were also engaged in the trading
of precious metals through their flagship company Kundan Rice
Mills.


KUNDAN INT'L: Ind-Ra Cuts Issuer Rating to BB/Negative
------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kundan
International Private Limited's (KIPL) Long-Term Issuer Rating to
'IND BB' from 'IND BB+(ISSUER NOT COOPERATING)'. The Outlook is
Negative. The instrument wise rating actions are:

-- INR450 mil. Fund-based working capital limits long-term
    rating downgraded and short-term rating affirmed with
    IND BB/Negative/IND A4+ rating; and

-- INR1,250 mil. Non-fund-based working capital limits long-term
    rating downgraded and short-term rating affirmed with IND
    BB/Negative/IND A4+ rating.

Ind-Ra has taken a consolidated view of KIPL and its parent,
Kundan Rice Mills Limited (KRML, 'IND BB'/Negative) while arriving
at the ratings. KIPL oversees KRML's chemicals trading business.

KEY RATING DRIVERS

The rating action reflects lower than expected recovery in KIPL's
financial profile following the commencement of low margin bullion
trading operations. The lower-than-expected recovery is attributed
to low margins in the bullion and chemical trading businesses.
Consolidated EBITDA margin remained weak at 0.9% in FY17 (FY16:
0.9%). Any adverse development such as an unanticipated movement
in foreign currency, fluctuations in commodity prices, or payment
defaults from smaller customers leading to debtor write-offs could
severely jeopardise the profitability of the company.

Ind-Ra believes the EBITDA margins will remain low over FY18-FY19
due to low-value-addition nature of both the businesses.

The ratings remain constrained by the commoditised nature of
chemicals industries. Moreover, the chemical trading industry has
low entry barriers and is highly competitive with multiple players
having established industry positions. Competition from
established players continues to remain a challenge, but KRML's
longstanding relationships with customers and suppliers mitigate
the risk to a certain extent.

The ratings, however, benefit from the company's comfortable
liquidity position as reflected by 68% and 62% utilisation of its
fund-based and non-fund-based working capital facilities,
respectively, for the 12 months ended September 2017.

The ratings continue to draw support from KIPL's promoters' 30
years of experience in the chemical trading business.

RATING SENSITIVITIES

Positive: Ability to maintain a steady revenue growth while
improving the operating profitability leading to an improvement in
consolidated credit metrics could result in the outlook being
revised to stable.

Negative: A decline in operating profitability resulting in any
further weakening of the consolidated credit metrics could result
in a negative rating action.

Any significant weakening of linkages with the parent, such as a
change in ownership, could lead to a change in the current rating
approach and the agency can switch to a standalone rating view on
KIPL.

COMPANY PROFILE

KIPL was incorporated in 2016 to segregate the chemicals trading
business of KRML in a separate entity.


KUNDAN RICE: Ind-Ra Lowers Issuer Rating to BB, Outlook Negative
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kundan Rice
Mills Limited's (KRML) Long-Term Issuer Rating to 'IND BB' from
'IND BB+(ISSUER NOT COOPERATING)'. The Outlook is Negative. The
instrument wise rating actions are:

-- INR450 mil. Fund-based limit long-term rating downgraded and
    short-term rating affirmed with IND BB/Negative/IND A4+
    rating; and

-- INR500 mil. Non-fund-based limit long-term rating downgraded
    and short-term rating affirmed with IND BB/Negative/IND A4+
    rating.

KRML created a 100% subsidiary Kundan International Private
Limited (KIPL; 'IND BB'/Negative) in FY16. KIPL oversees KRML's
chemicals trading business. The agency has taken a consolidated
approach, while arriving at the ratings.

KEY RATING DRIVERS

The rating action reflects the lower-than-expected recovery in
KRML's financial profile, following the recommencement of low-
margin bullion trading operations, which were scaled down in FY16.
The lower-than-expected recovery is attributed to a weak rice
demand and low margins in the bullion and chemical trading
businesses. Revenue from the rice trading segment declined 9.6%
yoy to INR369 million in FY17. KRML's EBITDA margin remained weak
at 0.9% in FY17 (FY16: 0.9%). Ind-Ra believes the company's EBITDA
margins will remain low over FY18-FY19 due to low-value-addition
nature of both the businesses.

Credit metrics improved in FY17 on account of an increase in the
absolute EBITDA to INR173 million (FY16: INR69 million, although
continued to be weak. Net leverage (total adjusted net
debt/operating EBITDAR) was 6.0x in FY17 (FY16: 11.6x) and gross
interest coverage (operating EBITDA/gross interest expense) was
1.3x (0.6x).

The ratings remain constrained by the commoditised nature of both
rice milling and chemicals industries. However, the commodity
price risk is mitigated to some extent as most of the sales
(around 80% in the chemical division) are order backed. Also, both
the businesses have low entry barriers and are highly competitive
with multiple players that have established industry positions.
Competition from established players continues to remain a
challenge, but KRML's longstanding relationships with customers
and suppliers mitigate this risk to a certain extent.

The ratings, however, benefit from the company's comfortable
liquidity position as reflected by 68% and 62% utilisation of its
fund-based and non-fund-based working capital facilities,
respectively, for the 12 months ended September 2017.

The ratings continue to draw support from KRML's promoters' 30
years of experience in the chemical trading and rice processing
businesses. The promoters have been infusing funds in the form of
unsecured loans (FY17: INR2.5 million, FY16: INR2.5 million, FY15:
INR20 million) from time-to-time to meet the company's working
capital requirements.

RATING SENSITIVITIES

Positive: Steady revenue growth along with an improvement in the
operating profitability, leading to an improvement in the credit
metrics, could result in a Stable Outlook.

Negative: A decline in the operating profitability resulting in
any further weakening in the credit metrics could result in a
negative rating action.

COMPANY PROFILE

KRML was incorporated in 1971 as a partnership firm and was
reconstituted as a company in 1995. The company operates via three
businesses; bullion trading (66% of FY17 revenue), rice milling
(2%), and trading of chemicals and polymers (31%).


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

-- INR100 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)/IND
    A4+(ISSUER NOT COOPERATING) rating;

-- INR60 mil. Non-fund-based working capital limit migrated to
    non-cooperating category with IND A4+(ISSUER NOT COOPERATING)
    rating;

-- INR14.1 mil. Term loan due on March 2018 migrated to non-
    cooperating category with IND BB+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 10, 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 1992, MLL manufactures high-density polyethylene
and polyvinyl chloride woven sacks, in Gorakhpur (Uttar Pradesh).
The company's products are sold to companies such as Indian
Farmers Fertiliser Cooperative Limited, Krishak Bharati
Cooperative Limited, and Tata Chemicals Ltd among others in the
fertiliser and cement industries.


MOMAI FOODS: CARE Lowers Rating on INR9.86cr LT Loan to D
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Momai Foods Private Limited (MFPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long- term Bank        9.86       CARE D Revised from
   Facilities                        CARE B+; Stable

Detailed Rationale & Key Rating Drivers

Ongoing delays in Debt servicing: The revision in the rating
assigned to the bank facilities of MFPL is primarily due to
irregularity in servicing its debt obligations.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: MFPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the firm.

Rajkot-based (Gujarat), MFPL is a private limited company
established in 2013 by Mr. Bhaveshbhai Khatra, Mr. Mehulbhai
Khatra and Mr. Chandubhai Khatra. The company is engaged in
business of manufacturing of ice cream. The company sells its
products in state of Gujarat, Rajasthan and Madhya Pradesh. The
company has installed capacity of 1.2 crore litres of ice cream
per annum. The company sells its product under the brand name
'MOMAI'. The company sells its ice cream through its network of 40
distributors and 6 retail outlets. The company has ISO 22000:2005
certification for food safety management system.


MOON SYNDICATE: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE has been seeking information from Moon Syndicate to monitor
the ratings vide letters/e-mails communications dated July 11,
2017, November 24, 2017, November 29, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Moon Syndicates's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank         9.00       CARE D; Issuer not
                                     cooperating; Based on best
                                     available information

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

Detailed description of the key rating drivers

At the time of last rating on August 9, 2017, the following were
the rating weaknesses and strengths;

Key Rating Weaknesses:

Ongoing delays in debt servicing: The entity has very long
inventory period and the same has piled up with the entity on
account of low orders from its customers. Due to slow movement in
inventory period and delayed payment from its customers lead to
stressed liquidity position of the entity. The same is revealed
from its over utilisation in cash credit account. Currently there
is overdrawing in the cash credit account for more than 30 days.

Chhattisgarh based Moon Syndicate was established in April 1990 by
Mr. Sontosh Raj Yadav. Since its inception, the entity has been
engaged in mining, crushing and supply of iron ore, manganese ore
and ferro alloys. Presently, the entity has 226 equipment base
which includes 59 excavators & loaders, 37 dozers, 116 mining
equipment and 14 crushing equipment. The crushing facilities of
the entity are located in the state of Chhattisgarh, Madhya
Pradesh, Jharkhand and Maharashtra with aggregated crushing
capacity of 9, 60,000 metric ton per annum.


MORMONT IFMR: Ind-Ra Affirms B+ Issuer Rating on Series A2 PTCs
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mormont IFMR
Capital 2016's (an ABS transaction) as follows:

-- INR73.44 mil. Series A1 pass-through certificates (PTCs),
    issued on December 30, 2016 at 9% coupon rate and due on
    October 1, 2017, affirmed with IND A-(SO)/Stable rating; and

-- INR24.42 mil. Series A2 PTCs, issued on December 30, 2016 at
    15% coupon rate and due on October 1, 2017, affirmed with IND
    B+(SO)/Stable rating.

The microfinance loan (MFI) pool assigned to the trust is
originated by erstwhile Disha Microfin Limited (Disha, the
originator or seller). In September 2015, Disha received an in-
principle approval from the Reserve Bank of India (RBI) to
commence operations as a small finance bank (SFB). Disha converted
itself to an SFB from a non-banking finance company (NBFC),
changing its name to Fincare Small Finance Bank Limited (FSFBL;
'IND A-'/Stable) effective June 2017.

KEY RATING DRIVERS

Originator's Servicing, Underwriting & Collection Capabilities:
The affirmation reflects adequate levels of credit enhancement
(CE) to support default stresses to commensurate with the rating
level; overall performance of the loans in the pool over the last
12 months since the initial closing; and the servicing, collection
and recovery capabilities of FSFBL. The company has increased its
collection team strength at each branch level, subsequent to the
demonetisation announced last year to bring back the reduced
collection efficiency of its microfinance loan portfolio to pre-
demonetisation levels. Additionally, the company is promoting and
creating greater awareness of microfinance products in the
affected regions of its portfolio, namely 200 villages by
showcasing a short film titled, Pragati. The agency is of the
opinion that the issuer's origination and servicing capabilities
are of an acceptable standard.

Availability of External Credit Support: According to the payout
report dated 20 December 2017, the available CE was INR12.21
million and the future principal outstanding (POS) excluding
overdue was INR109.68 million. The current CE for PTCs increased
to 10.63% of the current pool POS including overdue at end-
November 2017 from 5.00% at issuance. The available CE is in the
form of fixed deposit with RBL Bank Ltd.

There has been no use of the CE until date, as the excess spread
and overcollateralisation in the transaction have been sufficient
to absorb the shortfalls. As of November 2017 collection month,
the level of overcollateralisation available to Series A1 PTCs and
Series A2 PTCs is 33.0% and 10.8%, respectively, of the current
POS.

Key Pool Characteristics: As of 20 December 2017, the total POS
including principal overdue was INR114.94 million, signifying an
amortisation of 52.95% of the pool. The zero plus days past due
delinquency bucket was around 5.39% of the original POS and 11.45%
of the current POS and the 90 plus days past due delinquency
bucket was around 4.41% of the original POS and 9.36% of the
current POS. On 20 December 2017, the pool consisting 10,767 loans
had a weighted average seasoning of 15.2 months, implying a
moderate repayment track record of the underlying borrowers. Also,
the average current loan balance was INR10,676 with a weighted
average internal rate of return of 25.1%.

Key Assumptions: At the time of the initial rating, Ind-Ra has
derived a base case gross default rate of 4%-5%. The agency had
analysed the characteristics of the pool and established its base
case assumptions through four key performance variables, viz.
default rate, recovery rate, recovery timeline and prepayment
rate, which collectively affect the credit risk in a transaction.
The current available CE can absorb stressed defaults in the range
of 20%-25% of future POS.

RATING SENSITIVITIES

Ind-Ra also conducted rating sensitivity tests. If the assumptions
of both base case default rate and base recovery rate were
simultaneously worsened by 20%, the model-implied rating
sensitivity suggests that the rating of PTCs will not be
downgraded.

FSFBL was registered as a non-deposit accepting NBFC with the RBI
on 5 April 2010. The company was converted to an NBFC-MFI,
effective 6 December 2013. In September 2015, it received the in-
principle approval from the RBI to start operations as an SFB. It
commenced banking operations from 21 July 2017. In October 2016,
FSFBL acquired Future Financial Services Pvt Ltd (FFSPL), a
Chittoor-based NBFC, through a slump sale.

FSFBL is a part of the Fincare group, which comprises FSFBL,
FFSPL, Lok Management Services Pvt. Ltd., India Finserve Advisors
Pvt. Ltd. and Fincare Business Services Pvt. Ltd.

FSFBL's loan portfolio grew to INR13.1 billion in FY17 (FY16:
INR3.2 billion). Its securitised loan portfolio stood at INR5.35
billion in FY17 (FY16: INR973.7 million). FSFBL classifies a loan
as a non-performing asset if it is overdue for more than 90 days.
Its gross non-performing asset ratio stood at 0.76% at FYE17
compared with 0.45% at FYE16.


NHC FOODS: Ind-Ra Lowers Issuer Rating to BB, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded NHC Foods
Limited's (NHCFL) Long-Term Issuer Rating to 'IND BB(ISSUER NOT
COOPERATING)' from 'IND BB+(ISSUER NOT COOPERATING)'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR22.6 mil. Term loan downgraded and maintained in non-
    cooperating category with IND BB(ISSUER NOT
    COOPERATING)/Stable rating; and

-- INR240 MIL. Fund-based facilities Long-term rating
    downgraded; Short-term rating affirmed and Maintained in
    non-cooperating category with IND BB(ISSUER NOT
    COOPERATING)/Stable/IND A4+(ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects a sustained breach of Ind-Ra's negative
rating guideline of interest coverage (EBITDA/interest expense)
below 1.5x in 2QFY18 (2QFY18: 1.18x, 1QFY18: 1.6x, FY17: 1.8x) due
to an increase in interest expense. NHC reported EBITDA margins of
2.8% in 1HFY18 against the agency's expectation of around 3%.
Revenue plunged to INR363.121 million in 1HFY18 (FY17: INR1,380.92
million,1HFY17: INR915 million).

The ratings have been maintained in the non-cooperating category
as the company did not provide Ind-Ra with a management
certificate regarding timely debt servicing for the last 12 months
and information related to working capital utilisation for the
last two months, despite continuous requests and follow-ups.
Investors and other users are advised to take appropriate caution
while using these ratings.

RATING SENSITIVITIES

Positive: An improvement in the operating profitability, leading
to an improvement in the credit metrics will be positive for the
ratings.

Negative:  Any decline in the EBITDA margins, leading to
deterioration in the credit metrics will be negative for the
ratings.

COMPANY PROFILE

NHCFL was incorporated in 1960 by Himatlal Shah. The company
processes and exports spices and food grains.


NORTHERN INDIA: CRISIL Reaffirms B+ Rating on INR8.25MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Northern India Trading Co
(NITC).

                          Amount
   Facilities           (INR Mln)   Ratings
   ----------           ---------   -------
   Export Packing Credit   8.25     CRISIL B+/Stable (Reaffirmed)

   Letter of Credit        0.50     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      0.25     CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations in a highly fragmented industry and modest financial
risk profile because of modest net worth, debt protection metrics
and moderately high total outside liabilities to adjusted net
worth (TOLANW). These weaknesses are partially offset by the
longstanding experience of partners in the ready-made garment
(RMG) industry and established customer base.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in a highly fragmented industry:
Scale of operations has remained modest as reflected in operating
income of about INR20.6 crores in fiscal 2017 (Rs 20 crores in
fiscal 2016). Scale remained modest due to intense competition in
the export market, especially from low-cost countries such as
China, Vietnam, Bangladesh, Indonesia, and Pakistan. CRISIL
believes that the scale is expected to remain modest over the
medium term.

* Modest financial risk profile: The net worth was modest at
INR3.7 crores as on March 31, 2017, while TOLANW ratio continued
to remain moderately high in the range of 2.9-3.4 times over the
three fiscals ended March 31, 2017 due to working capital
intensive nature of operations. Further, debt protection metrics
were modest too, with interest coverage ratio at 1.3 times for
fiscal 2017. Financial risk profile is expected to remain modest
over the medium term.

Strengths

* Longstanding experience of partner in the RMG industry and
established customer base: The partner's experience of over three
decades has helped develop strong relationships with customers and
suppliers. The strong relationships with customers are reflected
in repeated orders from them on a year-on-year basis. Benefits
from extensive partner's experience is expected to continue over
the medium term.

Outlook: Stable

CRISIL believes that NITC will continue to benefit from its
partners' extensive industry experience, but its financial risk
profile will remain constrained because of large working capital
requirements. The outlook may be revised to 'Positive' if the firm
scales up operations significantly and sustains its profitability,
leading to better-than-expected cash accrual, or if its capital
structure improves due to equity infusion. The outlook may be
revised to 'Negative' in case of decline in operating income, or
lower-than-expected profitability, or large capital withdrawal,
weakening the liquidity.

NITC, a partnership firm set up in 1979, manufactures and exports
ready-made garments for women and children, such as skirts,
blouses, and trousers. The firm largely sells directly to branded
retail outlets in Europe and the US. Its manufacturing unit in
Faridabad, Haryana, has capacity of 2000-3000 garments per day.


OLIVE TEX: Ind-Ra Affirms 'BB' Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings has affirmed Olive Tex Silk Mills Private Limited's
(OTSMPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is
Stable. The instrument-wise rating actions are:

-- INR4.6 mil. (reduced from INR12.8 mil.) Long-term loan due on
    August 2018 affirmed with IND BB/Stable rating;

-- INR300 mil. (reduced from INR343.4 mil.) Fund-based
    facilities affirmed with IND BB/Stable/IND A4+ rating; and

-- INR22.5 mil. Non-fund-based facilities withdrawn (repaid in
    full) with WD rating.

KEY RATING DRIVERS

The affirmation reflects OTSMPL's continued moderate credit
profile. In FY17, interest coverage (operating EBITDA/gross
interest expense) was 2.0x (FY16: 1.9x) and net leverage was
(total adjusted net debt/operating EBITDAR) was 5.0x (4.4x). The
marginal improvement in interest coverage was due to a decrease in
interest cost owing to a reduction in the short-term debt, while
the deterioration in net financial leverage was due to a fall in
operating EBITDA (FY17: INR80 million; FY16: INR95 million).

Moreover, revenue fell to INR1,233 million in FY17 from INR1,381
million in FY16 in view of few orders received after
demonetisation. OTSMPL booked INR730 million in revenue for
8MFY18. As of December 2017, the outstanding order book stood at
INR435.38 million, which will be executed by FYE18, providing
moderate near-term revenue visibility. EBITDA margin was 6.5% in
FY17 (FY16: 6.9%). The fall in EBITDA margin was due to a decline
in operating income and raw material price fluctuations.

The ratings reflect OTSMPL's moderate liquidity, indicated by an
average utilisation of its fund-based facilities of 88.08% for the
12 months ended November 2017.

However, the ratings continue to be supported by the promoter's
operating experience of more than a decade in the garment
manufacturing industry.

RATING SENSITIVITIES

Positive: Any substantial growth in revenue and profitability
resulting in any improvement in the credit metrics could result in
an upgrade.

Negative: Any decline in profitability leading to any
deterioration in the credit metrics could result in a downgrade.

COMPANY PROFILE

Incorporated in 2007, Mumbai-based OTSMPL is engaged in garment
manufacturing as two sites in Vapi (Daman and Diu district). In
addition, it has two parcels of land in Tarapur (Mumbai) for
fabric weaving.


PLASMA METAL: CARE Assigns B Rating to INR35cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Plasma
Metal Processing Private Limited (PMPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              35        CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PMPL is constrained
due to the project execution and stabilization risk,
susceptibility of margins to fluctuation in raw material prices
and presence of the company in a fragmented industry.

The rating however, derives strength from the extensive experience
of the promoters, support from group companies in terms of
marketing arrangement and operational synergies. The rating
further derives strength from the association with Tata Steel
Limited (TSL) and the patented technology for Electro Plasma
Technology (EPT) to be used by the company for coating.
Ability of the company to commence its operations as per scheduled
time without any cost overrun is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project execution risk: PMPL is in process of setting up of a
manufacturing unit for plasma coated rebars, wire rods and wires.
The total cost of the project is estimated to INR49.30 crore which
will be funded through term loan and promoter's contribution in
the proportion of 0.71:0.29 respectively. As on November 30, 2017,
the company has incurred 73.39% of the total cost and the project
is expected to complete by March 2018. Timely completion of
project without any cost overrun will be critical from credit
perspective.

Susceptibility of margins to fluctuation in raw material prices:
The major raw materials that will be required by the company are
zinc and steel, prices of which are highly volatile in nature and
are dependent on global scenario. Any adverse movement in the
prices will directly impact the profitability of the company.
Presence in highly fragmented industry: The company operates in
the steel industry which is highly fragmented in nature due to the
presence of large number of unorganized players. Fragmented nature
of industry results in intense competition and limits the
bargaining of the company. However, considering the patented EPT
and receipt of LOI from TSL, might aid the company in surviving
the fierce competition.

Key Rating Strengths

Experienced promoters: PMPL is promoted and will be managed by Mr.
Viren Mehta, Mr. Krishnakant Tekriwal, Mr. Shreekant Tekriwal, and
Mr. Rishikant Tekriwal. The promoters have an average experience
of more than one and a half decade in the business of metal
coating and manufacturing of wires. Apart from PMPL, the promoters
are also associated with the associate entities namely Triveni
Wires Private Limited (TWPL) and Tensile Wires (India) Private
Limited (TWIPL). Being in the industry for so long has helped the
promoters in gaining adequate acumen about the business and might
aid in the smooth operations of PMPL.

Support from associate entities in terms of marketing arrangement
and operational synergies: PMPL has two associate concerns namely
TWPL and TWIPL. Both the companies are engaged in manufacturing of
wires and are in the business since the past three decades. The
associate entities are engaged in the similar line of business
providing marketing support and other operational synergies in
terms of access to already established client base.

Receipt of letter of intent from TSL along and the patented
technology developed: The company will act as an external
processing associate for TSL. Furthermore, it has received a
letter of intent from TSL for manufacturing of 8-25 mm rebars with
coating of zinc. The patented technology, namely, EPT will used to
clean and coat metals as per the specifications given by TSL.

Incorporated in the year 2011, PMPL is engaged in the setting up
the facility for manufacturing of plasma coated re-bars, wire rods
and wires. The manufacturing facility of the company will be
located at Butibori, Nagpur with a proposed installed capacity to
manufacture 60000 tons of rebars, wire rods and wires per annum.


PRAKASH JHA: CRISIL Withdraws B+ Rating on INR10MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Prakash Jha Productions (PJP). PJP requested CRISIL to withdraw
the ratings and has provided no dues certificate from the rated
banker. The rating action is in line with CRISIL's policy on
withdrawal of its bank loan facilities.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             10        CRISIL B+/Stable (Rating
                                     reaffirmed and Withdrawal)

PJP is a proprietorship firm set up by Mr. Prakash Jha, a director
and producer of Hindi movies. The firm, engaged in production of
Hindi movies, undertakes all pre- and post-production activities
in-house.


RAM COIR: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Ram Coir Mills'
(RCM) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.
The instrument-wise rating actions are:

-- INR32 mil. (reduced from INR38.4 mil.) Term loans due on
    March 2021 affirmed with IND B+/Stable rating;

-- INR130 mil. affirmed with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects RCM's continued moderate scale of
operations and credit profile, due to its presence in the
intensely competitive coir industry along with limited pricing
flexibility, raw material price fluctuations, and exchange rate
movements, as it is an export-oriented unit.

In FY17, revenue was INR544.6 million (FY16: INR521.1 million),
net leverage (Ind-Ra total adjusted net debt/operating EBITDAR)
was 6.1x (5.3x), interest cover (operating EBITDA/gross interest
expenses) was 2.2x (1.8x) and EBITDA margin was 5.4% (4.3%).
Revenue grew at a CAGR of 7.15% and the margins varied between
4.2% and 5.4% over FY14-FY17.

The ratings factor in the partnership form of the organisation and
in its tight liquidity position. Its average peak use of cash
credit limits during the 12 months ended November 2017 was 95%.

The ratings, however, continue to be supported by more than three
decades of experience of the company's present partners in the
coir industry, and the company's more than 60 years of presence in
the coir industry and its established relationships with customers
and suppliers.

RATING SENSITIVITIES

Negative: A significant decline in the profitability resulting in
sustained deterioration in the credit metrics and/or liquidity
could lead to a negative rating action.

Positive: Substantial growth in the revenue and profitability
leading to a sustained improvement in the credit metrics could
lead to a positive rating action.

COMPANY PROFILE

Incorporated in 1952 and based out of Kerala, RCM manufactures
vinyl backed coir products, coir mats, jute products, rubber
molded coir products, 100% rubber mats and polypropylene mats. The
firm is SA8000:2008 certified.


S.S.T. PACKAGING: CRISIL Assigns B Rating to INR5.4MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facility of S. S. T. Packaging Private Limited
(SSTP).

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit            0.5       CRISIL B/Stable
   Term Loan              5.4       CRISIL B/Stable

CRISIL's rating reflects the nascent stage of operations, exposure
to risks relating to intense competition and volatility in raw
material prices, and the weak financial risk profile. These rating
weaknesses are partially offset by the extensive experience of
promoters in the plastic products industry.

Key Rating Drivers & Detailed Description

Weakness

* Nascent stage of operations: Installation of machines was
completed recently, and the trial run is now being conducted.
Operations are expected to commence from January 2018. Ramp-up in
scale would take place over a period of time, and hence, risks
related to the initial stages, would persist.

* Weak financial risk profile: Financial risk profile is
constrained by a small networth of INR2 crores and high gearing of
2.83 time, respectively, as on March 31, 2017. Given the small
scale of operations, debt-funded capital expenditure (capex), and
limited accretion to reserve, networth and gearing may not improve
significantly in the near term.

* Susceptibility to intense competition and volatile raw material
prices: Low entry barriers, the small gestation period and easy
access to raw material, intensify competition in the plastic
products industry. Presence of small entities, mainly catering to
local demand, limits the scope for players to expand their
geographic reach and consolidate operations, and further
constrains their pricing flexibility. Operating margin is also
susceptible to volatility in polymer prices, as they are linked to
crude oil prices.

Strengths

* Extensive experience of the promoters in the plastic industry:
The three decade-long experience of the promoter, Mr. Tanmay Kumar
through his firm, Kumar Enterprise, and his large distributor
network, will continue to support the business risk profile. The
company was previously engaged in the BSNL scratch card business,
and now undertakes offset designing and printing of disposables
paper cups.

Outlook: Stable

CRISIL believes SSTP will continue to benefit from the extensive
experience of its promoter, and established relationships with key
suppliers. The outlook may be revised to 'Positive' if substantial
improvement in profitability and cash accrual, strengthens the
financial risk profile. The outlook may be revised to 'Negative'
if any delay in commencement of operations, lower-than-expected
scale of operations or cash accrual, or any large debt-funded
capex, weakens the financial risk profile.

SSTP was set up on January 12, 2016, by the promoter, Mr. Tanmay
Kumar. The company manufactures polystyrene-based disposable
plastic glasses, cups and other similar products. The
manufacturing facility is at Govindpur (near Baraipur), Kolkata,
and has the capacity to make around 500 tonnes of paper every
month.


SGS MARINE: CARE Reaffirms B Rating on INR6cr LT Loan
-----------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
SGS Marine Habitability Private Limited (SGS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facility                6         CARE B; Stable Reaffirmed

Detailed Rationale& Key Rating Drivers

The ratings assigned to the bank facilities of SGS continue to be
tempered by small scale and limited track record of operations,
leveraged capital structure and weak debt coverage indicators,
working capital intensive nature of operations and susceptibility
to competition and cyclicality in the shipping industry. The
ratings also factor in increase in profitability margins albeit
decline in total operating income in FY17 (refers to period from
April 01 to March 31). The ratings are, however, derive strength
from experience of promoter for more than two decades in shipping
industry, reputed clientele and healthy order book position.

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

Detailed Description of the Key Rating Drivers

Key Rating Weaknesses

Short track record of the firm with small scale of operations and
continue cash losses: SVRI was established in the year 2015 and
the total operating income stood at INR20.33crorein FY17 with low
net worth base of INR2.45crore as on March 31, 2017. Apart, the
firm continues to incur losses during the review period due to
thin operating margins along with high interest costs and
depreciation provisions.

Decline in PBILDT margin: The firm experienced decline in PBILDT
margins during the review period. The PBILDT margin of the firm
declined from 5.90% in FY16 to 4.65% in FY17 due to increase in
prices of paddy due to shortage in the market. Apart, the firm
continues to incur losses during the review period due to thin
operating margins along with high interest costs and depreciation
provisions.

Weak capital structure and debt coverage indicators: The capital
structure of the firm remained leveraged for the last two balance
sheet dates. The overall gearing deteriorated from 1.92x as on
March 31, 2016 to 3.58x as on March 31, 2017 at back of increase
in working capital utilization to manage the day to day operations
and increase in term loans for the purchase of machinery coupled
with decline in the net worth as the firm incurs continuous losses
and the losses being adjusted from partner's capital account.

Total debt/GCA also stood weak at 28.02x in FY17 on account of
increase in debt levels of the firm in order to manage the working
capital requirements and availing term loans to purchase the
machinery.

Constitution of entity as a partnership firm with inherent risk of
withdrawal of capital: SVRI, being a partnership firm, is exposed
to inherent risk of the partner's capital being withdrawn at time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth.

Key Rating Strengths

Experience of promoter for more than two decades in rice business:
SVRI was promoted by Mr. S M Veeresh (Managing Partner) and his
family members. He has around 20 years of experience in rice
trading business. He is also a MBA graduate. Through his
experience in the rice trading business, he has established
healthy relationship with key suppliers, customers, local farmers,
dealers and also with the brokers facilitating the rice business
within the state.

Growth in total operating income during the review period: Even
though SVRI was established in 2015, the firm started its
commercial operations from March 2016. The total operating income
of the firm in the first full year of operations stood at INR20.33
crore in FY17 against INR0.64 crore in FY16 due to increase in
sale of rice and its by-products.

Moderate Improvement in interest coverage ratio: PBILDT interest
coverage marginally increased to 1.49x in FY17 compared to 0.25x
in FY16 at the back of absolute increase in PBILDT levels
resulting in the absorption of increase in finance costs.

Healthy demand outlook of rice: Rice is consumed in large quantity
in India which provides favorable opportunity for the rice millers
and thus the demand is expected to remain healthy over medium to
long term. India is the second largest producer of rice in the
world after China and the largest producer and exporter of basmati
rice in the world. The rice industry in India is broadly divided
into two segments - basmati (drier and long grained) and non-
basmati (sticky and short grained). Demand of Indian basmati rice
has traditionally been export oriented where the South India
caters about one-fourth share of India's exports. However, with a
growing consumer class and increasing disposable incomes, demand
for premium rice products is on the rise in the domestic market.
Demand for non-basmati segment is primarily domestic market driven
in India. Initiatives taken by government to increase paddy
acreage and better monsoon conditions will be the key factors
which will boost the supply of rice to the rice processing units.

Rice being the staple food for almost 65% of the population in
India has a stable domestic demand outlook. On the export front,
global demand and supply of rice, government regulations on export
and buffer stock to be maintained by government will determine the
outlook for rice exports.

Shree Veerabhadreshwara Rice Industries was established in 2015 as
a partnership firm and promoted by Mr. S M Veeresh and
Ms.RoopaVeeresh (Spouse of S M Veeresh). SVRI is engaged in
milling and processing of rice. The rice milling unit of the firm
is located at Hanagawadi industrial Area, HariharTaluk, and
Davangere district of Karnataka. Apart from rice processing, the
firm is also engaged in selling by-products such as broken rice,
husk and bran. The firm started its commercial operations from
March 2016. Earlier, the promoter of the firm, Mr. S M Veeresh,
was engaged in warehousing business of paddy and other agriculture
products.

The main raw material, paddy, is directly procured from local
farmers located in and around Devangere District and the firm
sells rice and other by-products in the open markets of Karnataka.


SHAARC PROJECTS: Ind-Ra Raises Issuer Rating to BB+/Stable
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Shaarc Projects
Limited's (SPL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BB'. The Outlook is Stable. The instrument-wise rating actions
are:

-- INR35 mil. (increased from INR25 mil.) Fund-based limits
    long-term rating upgraded/short-term rating affirmed with
    IND BB+/Stable/IND A4+ rating;

-- INR40 mil. (reduced from INR50 mil.) Non-fund-based limits
    affirmed with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects the improvement in SPL's revenue and
profitability; however, the scale of operations remains small and
metrics moderate.

Revenues improved 25% yoy to INR664 million in FY17, primarily on
account of a higher number of contracts executed. The company
recorded revenue of INR530 million for the April-November 2017
period and has a current order book of INR1,059.19 million
(including international projects worth INR334 million) and L1
orders of INR260 million. The order book is 1.9x of FY17 revenues
and thus gives revenue visibility for the next two years. EBITDA
margins improved in FY17 to 13.9% (FY16: 11.2%), primarily on
account of a decrease in raw material prices and the execution of
mostly direct contracts. The net leverage (adjusted net
debt/operating EBITDA) deteriorated to 2x in FY17 (FY16:1.5x) on
account of an increase in the total debt to INR208.8 million
(INR93.6 million) while EBITDA interest coverage (operating
EBITDA/gross interest expense) was stable at 4.0x (4.0x).

The ratings also factor in SPL's geographically well-diversified
and reputed customer base. The company's clients include Indian
Oil Corporation Limited ('IND AAA'/Stable), Essar Power Limited
and Indiabulls Construction Limited. The projects are executed
across India while the company is also undertaking sub-contract
works overseas.

The ratings continue to be supported by SPL's promoters' over 20
years of experience in the engineering procurement and
construction industry. Also, SPL's liquidity has been comfortable
as reflected by its 69% average use of the working capital limits
during the 12 months ended November 2017.

RATING SENSITIVITIES

Positive: A substantial increase in the revenue while maintaining
the profitability and the overall credit metrics could result in a
positive rating action.

Negative: A substantial decline in the revenue and deterioration
in the EBITDA margin along with deterioration in the overall
credit metrics could be negative for the ratings.

COMPANY PROFILE

SPL was established in 2011 as a closely held public limited
company with its registered office in Gujarat. The company
undertakes industrial civil construction projects including the
construction of gas pipelines, drainage pipes, water pipelines,
and plant sheds for various state-owned companies and well-
established private players in many states across India. The
company has also received sub-contracts works, to be executed
overseas.


SHREE BHARANI: CRISIL Assigns C Rating to INR5.25MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL C/CRISIL A4' ratings to
the bank facilities of Shree Bharani Spinnings India Limited
(SBSIL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan          4         CRISIL C
   Letter of Credit        2.50      CRISIL A4
   Bank Guarantee          0.25      CRISIL A4
   Cash Credit             5.25      CRISIL C

The ratings reflect company's weak liquidity profile, weak
financial risk profile and modest scale of operations in the
intensely competitive cotton industry. These weaknesses are
partially offset by the extensive industry experience of the
promoters.

Analytical Approach

Promoters have infused unsecured loans to the extent of INR5.20
crore in FY17. Unsecured loans are treated as neither debt nor
equity as they do not bear any interest.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak liquidity profile: SBSIL's liquidity is weak owing to high
term debt obligation as compared to accruals, sporadic mismatch in
cash flows resulting in highly drawn bank limits.

* Weak financial risk profile: The firm had modest net worth and
high gearing of INR3.7 Cr and 3.01 times as on March 31, 2017. Its
interest coverage and NCATD were constrained at 1.8 and 0.16 times
for fiscal 2017.

* Modest scale of operations in a competitive industry:
With revenue of around INR30 crore in fiscal 2017, the scale of
operations is modest in an intensely competitive market due to low
entry barriers.

Strengths

* Extensive industry experience of the promoters: A presence of
more than 25 years in the cotton industry has enabled the
promoters to understand local market dynamics, and establish a
healthy relationship with suppliers and customers, resulting in
repeat orders.

SBSIL was incorporated in 1994 as a private limited company for
the purpose of setting up a spinning mill with 3000 spindles. It
was reconstituted as a public Limited company. The company
commenced commercial production in 1995 with 5760 spindles.
Presently, it has 14,880 spindles of capacity.


SHYAM SUNDER: CRISIL Lowers Rating on INR30MM LT Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its rating to the long-term bank
facility of Shyam Sunder Estates Pvt Ltd (SSEPL) to 'CRISIL D'
from 'CRISIL BB/Stable'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan           30       CRISIL D (Downgraded from
                                     'CRISIL BB/Stable')

The rating reflects delays in payment of interest on term loan.
The delays are on account of lower than expected flow of advances,
leading to weak liquidity. The company also has weak financial
risk profile because of strained liquidity and the project is
exposed to demand related risk and timely receipt of customer
advances. The company, however benefits from the extensive
experience of promoters in the real estate sector.

Key Rating Drivers & Detailed Description

Weakness

* Delay in servicing interest on term loans: SSEPL has been
delaying in servicing of interest on its term loan because of weak
liquidity arising from lower bookings and receipt of customer
advances.

* Exposure to timely receipt of customer advances: The project has
been completed, however about 35% of the flats are still unsold as
on December 10, 2017. Ramp-up in bookings and timely receipt of
customer advances remains critical to repay upcoming debt
obligations.

Strength

* Extensive experience of promoters: Longstanding presence in the
real estate industry has enabled the promoters to build
established relationship with customers.

Incorporated in by Mumbai based Darvesh group, SSEPL develops
residential real estate projects and has currently undertaken
redevelopment of residential building, Darvesh Grand, in Khar
West, Mumbai.


SIVARAJ HOLIDAY: CRISIL Assigns B+ Rating to INR7.64MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Sivaraj Holiday Inn Private Limited
(Sivaraj).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Term Loan          7.64      CRISIL B+/Stable

The rating reflects the company's modest scale of operations and
susceptibility to economic downturn. These weaknesses are
partially offset by the experience of its promoters in the
hospitality industry and moderate financial risk profile.

Analytical Approach

Unsecured loans of INR6.21 crore from promoters as on March 31,
2017, have been treated as neither debt nor equity as these loans
are expected to remain in business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With turnover of about INR9.7 crore
for fiscal 2017, scale remains small. Also, majority of sales were
generated from a single property, leading to geographical
concentration in revenue.

* Susceptibility to economic downturns: The hotel industry is
vulnerable to changes in the domestic economy. Typically, the
industry follows a six-year cycle. Business is linked to global
economic conditions, and tourism traffic is linked to
discretionary budgets.

Strengths

* Extensive experience of promoters: The promoters have been in
the hospitality industry for over 10 years, and has established
their hotel with moderate brand recall and occupancy levels

* Above-average financial risk profile: Gearing and debt
protection metrics were moderate.

Outlook: Stable

CRISIL believes Sivaraj will continue to benefit over the medium
term from long standing experience of the promoters in the
hospitality industry. The outlook may be revised to 'Positive' if
significant improvement in revenue due to rise in occupancy rate,
and healthy operating margin result in higher cash accrual and
better debt protection metrics. The outlook may be revised to
'Negative' if adverse impact on occupancy rate and average room
rates because of competitive pressure weakens financial risk
profile.

Incorporated in 2009 and promoted by Mr. Sivakumar and his family,
Sivaraj operates a hotel in Salem, Tamil Nadu.


SRI SARASWATHI: CARE Assigns B+ Rating to INR15cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Saraswathi Educational Society (SSES), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              15        CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SSES are tempered by
declining SBID margins and net losses during FY15-FY16, moderate
capital structure and weak debt coverage indicators, uneven cash-
flow associated with educational Institutes, elongated working
capital cycle on account of stretched receivable days, highly
competitive and regulated nature of educational industry. The
rating, however, derive strength by long track record of the
society and experience of the promoters for more than eight years
in educational services industry, growth in total income during
review period, on campus placement facility, satisfactory
infrastructure facilities and resources and stable outlook of
educational services industry.

Going forward, ability of the society to improve its total income
and surplus margins in competitive environment, ability of the
society to improve and sustain high student enrolment levels
amidst intense competition and to manage working capital
requirements effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Declining SBID margins and net losses during FY15-FY16.

SBID margins declining year-on-year during review period. SBID
margin decreased from 36.20% in FY15 to 22.72% in FY16 and then to
22.10% in FY17 due to increase in power and fuel, employee costs
and overheads.

The society has incurred net losses in FY15 and FY16 due to
increase in depreciation at the back of purchase of projectors and
inverters among others. However, the surplus margin increased to
2.88% in FY17 due to non provision of depreciation as per Income
Tax Act sections 11 and 12 where acquisition of capital assets
have been taken as application of funds in order to avoid erosion
of corpus fund.

Leverage capital structure and weak debt coverage indicators: The
society has leverage capital structure during review period. The
debt equity improved from 2.61x as on March 31, 2015 to 0.89x as
on March 31,2017 due to repayment of term loan installments
coupled with increase in corpus funds and unsecured loans to the
tune of INR5.33 crore are subordinated to bank facility. Due to
the above said factor,the overall gearing ratio also improved from
3.68x as on March 31, 2015 to 2.05x as on March 31, 2017 The debt
coverage indicators of the society remained weak during review
period. Total debt/GCA is deteriorated from 12.05x in FY15 to
60.03x in FY16 due to decrease in GCA at the back of net losses
though unsecured loans to the tune of INR5.33 crore are
subordinated to bank facility. The same improved to 53.14x in FY17
due to increase in GCA at the back of non provision of
depreciation as per the Income Tax Act sections 11 and 12 where
acquisition of capital assets has been taken as application of
funds. SBID interest coverage ratio decreased from 1.68x in FY15
to 1.15x in FY17 due to decrease in SBID level though decrease in
interest cost at the back of repayment of term loan installments,
still the debt coverage indicators remained weak.

Uneven cash-flow associated with educational Institutes: The
revenue stream of the society is skewed towards the beginning of
the academic year (normally between June-August) when the bulk of
the tuition fees, hostel fees and other related income is
collected whereas the society incurs regular stream of payments
for meeting staff salary, maintenance activities, interest
expenses amongst others.30% of total fees received from students
and remaining 70% reimbursed from State Government of Andhra
Pradesh.

Elongated working capital cycle: The operating cycle of the
society elongated and remained at 112 days in FY17. The average
debtor days increased from 116 days in FY16 to 131 days in FY17 on
account of delays in reimbursement amount from State Government of
Andhra Pradesh. Around 70% of the total fees is eligible for fee
reimbursement scheme. The average creditor days was decreased from
21 days in FY16 to 19 days in FY17 due to prompt payment.

Highly regulated nature of educational industry: SSES is operating
in a highly regulated industry. In addition to AICTE, the
educational institutions are regulated by respective State
Governments with reference to matters such as determining the
number of management quota seats, amount of tuition fee charged
for government quota and management quota giving limited
flexibility to the institutions. The technical education sector
also requires regular approvals from various government bodies for
addition of new courses/seats as well as continuation of the
existing courses which exposes it to high regulatory risk. These
factors have significant bearing on the revenues and surplus
levels of the institutions and resultantly on SSES's financial
risk profile.

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

Key Rating Strengths

Long track record of the society and experience of the promoters
for more than eight years in educational services industry:
SSES was established in 2008 by Mr. S V S S Ramachandra Raju
(Chairman), Mr. D V Subbaraju (Late) (Vice Chairman), Mr. D V N S
Varma (Secretary & Correspondent), Mr. R S S Varma (Treasurer)
among others. Mr. S V S S Ramachandra Raju and Mr. D S N Varma are
post graduates and remaining are graduates by qualification. All
have more than eight years of experience in educational services
industry.

Growth in total income during review period: The total operating
income of the society is increasing y-o-y during the review
period. The same is increased from INR10.41 crore in FY15 to
INR10.67 crore in FY16 due to increase in transport and exam fees
and marginal increase in tuition fees at the back of marginal
increase in enrollment ratio from 85.70% in FY15 to 85.80% in
FY16. However, the same has increased to INR11.44 crore in FY17
due to increase in B.Tech fees level from INR36, 500 to INR51,000
though decrease in enrolment ratio of the students to 82.67% in
FY17. During April to October in FY18 (Provisional),the society
has achieved total operating income of INR5.12 crore.

On campus placement facility: The availability of on-campus
placement facility after completion of any professional course is
a key driver for attracting new students to the institution. SSES,
over the years has been arranging for campus placements for its
students enrolled in various courses mainly in the months of
December & January. Few of the companies which participated and
recruited students from various courses of SSES are IBM, PayTM,
Tech Mahindra Limited, Hinduja Global Solution Limited, HCL
Technologies and Infosys Limited among others.49% of the students
from the batch (2011-2015) and 84% of the students from the batch
2012-2016 were recruited across various companies.

Satisfactory infrastructure facilities and resources: The campus,
which is spread over 15 acres of land with separate blocks and
building for every department. It has multiple libraries with vast
and comprehensive collections on various topics and subjects. The
institution has laboratories with sophisticated modern equipment
for undertaking leading edge research. Each Department is provided
with the latest computer systems and internet facility. Also, the
campus provides other facilities like canteen and post office.

Stable outlook of educational services industry: The education
sector in India is poised to witness major growth in the years to
come as India will have world's largest tertiary-age population
and second largest graduate talent pipeline globally by the end of
2020. As of now the education market is worth US$ 100 billion.
Currently, higher education contributes 59.70 per cent of the
market size, school education 38.10 per cent, pre-school segment
1.60 per cent, and technology and multi-media the remaining 0.60
per cent.

Higher education system in India has undergone rapid expansion.
Currently, India's higher education system is the largest in the
world enrolling over 70 million students while in less than two
decades, India has managed to create additional capacity for over
40 million students. At present, higher education sector witnesses
spending of over Rs 46,200 crore (US$ 6.78 billion), and it is
expected to grow at an average annual rate of over 18 per cent to
reach Rs 232,500 crore (US$ 34.12 billion) in next 10 years.

Sri Saraswathi Educational Society (SSES) is registered under
society's registration act 1935. SSES was established in 2008 by
Mr.S V S S Ramachandra Raju (Chairman),Mr.D V Subbaraju (Late)
(Vice Chairman), Mr.D V N S Varma (Secretary & Correspondent),
Mr.R S S Varma (Treasurer),Mr.M V S S Ramachandra Raju(Joint
Secretary),Mr.D Sunil(Member),Mr.D S N Varma(Member),Mr.D V R P
Raju(Member) and D S Sandhya Devi(Member). SSES presently manages
one college by name 'Srinivasa Institute of Engineering and
Technology'(SIET) college at Amalapuram, East Godavari, Andhra
Pradesh. SIET is recognized by AICTE and affiliated to Jawaharlal
Nehru Technological University, Kakinada (JNTU). SIET was rewarded
with 'A Grading' rating by Andhra Pradesh government. SIET is
certified ISO 9001:2015 by BMQR and accredited by NACC with 'A'
grade on May 02, 2017.SIET is committed to provide a highly
industry-relevant education and supported by the most up-to-date
facilities and equipment. Aesthetically built buildings, well
furnished class rooms & E-class rooms, lecture halls, library,
computer labs, Internet facility, conference hall, spacious play
grounds, hostels and offer an ideal environment for pursuit of a
professional career. Seats available for admission are 70% for
government quota and 30% for management quota.

SSES provides Under Graduate (UG),Post Graduate (PG).UG courses
includes the branches like Electrical and Computer Engineering
(ECE), Computer Science and Engineering (CSE), Electrical and
Electronics Engineering (EEE), Mechanical and Civil and
Polytechnic courses.PG courses includes CSE, Structural
Engineering(Civil),Machine design and VLSI design. Polytechnic
courses includes ECE,EEE, Mechanical and Civil.


SRI VIJAYA: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Sri Vijaya
Venkateswara Cotton Mills Private Limited's (SVVCM) additional
bank facilities as follows:

-- INR45.0 mil. Fund-based limit assigned with IND B+/Stable
    rating; and

-- INR0.2 mil. Non-fund-based limit assigned with IND A4 rating.

RATING SENSITIVITIES

Negative: Any deterioration in the credit metrics could lead to a
negative rating action.

Positive: Any improvement in the scale of operations and credit
metrics could lead to a positive rating action.

COMPANY PROFILE

SVVCM was incorporated in 2006 by Mr. M Nagamalleswara Rao and Mr.
M Rajasekhara Rao. It is engaged in the ginning and pressing of
cotton. Its processes are completely automated, with the capacity
to process 300 bales of cotton per day and operate 42 double
roller gins.


STAARLIGHT DESIGNS: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Staarlight Designs (SD) to
'CRISIL B+/Stable/CRISIL A4' 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
SD from CRISIL B+/Stable/CRISIL A4 Issuer not cooperating to
'CRISIL B+/Stable/CRISIL A4'.

                          Amount
   Facilities            (INR Mln)     Ratings
   ----------            ---------     -------
   Cash Credit               .35       CRISIL B+/Stable (Migrated
                                       from 'CRISIL B+/Stable'
                                       Issuer Not Cooperating*)

   Export Packing Credit    3.00       CRISIL B+/Stable (Migrated
                                       from 'CRISIL B+/Stable'
                                       Issuer Not Cooperating*)

   Foreign Demand Bill      2.60       CRISIL A4 (Migrated from
   Purchase                            'CRISIL A4' Issuer Not
                                       Cooperating*)

   Long Term Loan            .75       CRISIL B+/Stable (Migrated
                                       from 'CRISIL B+/Stable'
                                       Issuer Not Cooperating*)

   Proposed Long Term       3.30       CRISIL B+/Stable (Migrated
   Bank Loan Facility                  from 'CRISIL B+/Stable'
                                       Issuer Not Cooperating*)

The ratings continue to reflect the firm's modest scale of
operations in intensely competitive and highly fragmented ready-
made garment (RMG) industry and its below-average financial risk
profile, marked by modest net worth. These weaknesses are
partially offset by the extensive industry experience of its
partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive and highly
fragmented RMG industry: SD is expected to record revenue of
INR26.5 crore during fiscal 2018, indicating its small scale of
operations in the fragmented textile industry. The small scale of
operations denies the firm the benefits of economies of scale.
Furthermore, the RMG manufacturing segment is marked by high
fragmentation and intense competition on account of low entry
barriers and small capital requirements. SD has high geographical
and customer concentration in its revenue profile. The firm
derives about 90 per cent of its revenue from exports to Italy and
hence, is exposed to the risk of fluctuations in foreign exchange
(forex) rates, and to any slowdown in Italian economy. Any
slowdown in end-user economies may adversely affect SD's business
and financial performance. Furthermore, SD faces significant
customer concentration risks. It derives around 90 per cent of its
export revenue from sales to five customers. The high customer
concentration makes SD's revenue growth and profitability
dependent on its key customers' growth plans.

* Below average financial risk profile: As on March 31, 2017, the
firm reported gearing of around 1.5 times. The gearing
deteriorated due to the drawings in fiscal 2017 of about INR3.9
crore which deteriorated the networth. During fiscal 2017, the
firm's debt protection metrics deteriorated due to the drawings.
As on March 31, 2017, SD is reported a small net worth of around
INR2.45 crore, deteriorated from INR5.9 crore as on March 31,
2016. The net worth is small on account of the modest accretions
resulting from the firm's small scale of operations.

Strengths

* Promoters' extensive industry experience: SD benefits from the
industry experience of its promoters, Mr. Ravichandran and Mr.
Karuppuswamy, who have been in the RMG segment for over two
decades. The promoters have established relations with key
customers, with whom they have been associated for over 10 years
resulting in healthy increase in its revenue to INR23.1 crore from
INR7 crore over the past five years ended March 2014, at a healthy
compound annual growth rate of 35 per cent.

Outlook: Stable

CRISIL believes that Staarlight Designs (SD) will continue to
benefit over the medium term from its promoters' extensive
industry experience and its established client relationships. The
outlook may be revised to 'Positive' in case of a sustained
increase in the firm's scale of operations and profitability,
resulting in improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SD's
revenue or profitability declines considerably, or its working
capital management deteriorates resulting in stretched liquidity,
or if it undertakes a substantial debt-funded capex programme,
resulting in deterioration in its financial risk profile.

Established in 1999, SD manufactures and exports knitted garments
to various companies in Europe. The firm has its manufacturing
facility in Tiruppur (Tamil Nadu) and was set up by Mr. B M
Ravichandran and Mr. M Karuppusamy.


SUNSHINE LIQUID: CARE Assigns B+ Rating to INR16.50cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Sunshine Liquid Storage Private Limited (SLSPL), as:
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            16.50       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SLSPL are
constrained on account of project execution risk and stabilization
risk, volatility in raw material prices, presence in highly
competitive nature of industry.

The rating however, derives strength from and experienced and
resourceful promoters along with strong group support and
strategic location of plant.

The ability of SLSPL to increase its timely completion of project,
increase in scale of operations and improve capital structure
along with efficient management of working capital requirement are
the key rating sensitivities.

Detailed description of Key rating drivers

Key rating Weakness

Project execution and stabilization risk: SLSPL has undertaken the
project to construct 41 storage tanks at a total cost of INR30.90
crore, which would be funded through promoter's contribution
amounting to INR14.90 crore and balance through term loan,
sanctioned (Rs.16 crore) and partly disbursed (Rs. 11.99 crore).
Out of the total projected cost, a total cost of INR24.85 crore
has been incurred till December 8, 2017, which was funded through
promoter's contribution and term loan.

Volatility in raw material prices: The key raw material for SLSPL
is steel whose prices are volatile in nature on account of demand
and supply factor. Thus the fluctuating prices for raw materials
shall be critical as it can affect production capacity to
construct storage tanks.

Presence in competitive nature of industry: SLSPL is engaged into
oil industry which is highly fragmented with a high level of
competition from both the organized and largely unorganized
sector, along with the susceptibility of margins to volatile raw
material prices.

Key Rating Strengths

Experienced and resourceful promoters with strong group support:
Incorporated in January 2011, SLSPL is part of group company
namely Mahesh Oil Industry established in 2014 engaged in refinery
of edible oil, Sunshine Enterprises established in 2012 engaged in
warehousing business and SRW Corporation & Shree Ramdev
Weighbridge established in 2002 which is engaged in the business
of warehousing and transportation of oils. The group with its long
track of operation in the oil transportation/
warehousing industry has developed established relationship with
customers in the area of Deendayal Port (formerly known as Kandla
Port), Gujarat. Thus, SLSPL derives huge operational and financial
synergies owing to same management coupled with the group's
presence in the oil industry since last 15 years.

Strategic location of plant: SLSPL's primarily raw material is
steel purchased from domestic suppliers, thus it shall benefit
from the plant being located at Deendayal Port (formerly known as
Kandla Port) area, Gujarat resulting in lower transportation cost
and further benefitted by promoters' established relations with
suppliers. Also being located in Deendayal Port (formerly known as
Kandla Port), Gujarat, all the basic infrastructural facilities
viz. power, labour and transportation are readily available.

Incorporated in January 2011, Sunshine Liquid Storage Private
Limited (SLSPL) is engaged in the business of renting of liquid
storage tanks. The company will provide these storage tanks to oil
refining companies and to its group companies. Almost 50% will be
consumed by its group companies, which are dealing in same line.

The company has undertaken a phase-wise project to manufacture
liquid storage tanks in early FY17. The overall cost of the
project is INR30.90 crore, funded by debt of INR16 crore and
promoter's contribution of INR14.90 crore. The project has been
set-up at Kandala port Gujarat, with 41 storage tanks having an
installed capacity of 68,091 kls./p.a. Although, SLSPL was
incorporated in 2011 but the construction for storage tanks
commenced from May 2016 as there was delay in the release of the
tender by the Kandala port trust authorities. The entire project
is estimated to be completed in September 2018.

The company has already awarded plot No. 18 admeasuring 14,550 Sq.
Mts. by Kandla Port Trust for 30 year (starting from May 16, 2016
to May 15, 2046) lease base (with yearly rent of INR1.39 crore)
and as on Dec. 8, 2017 completed the construction of 14 tanks
which will be operation within two months and incurred total cost
of 24 crore from its own sources and term loan.


SWASTIK ISPAT: CRISIL Assigns D Rating to INR8.5MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings to the
bank facilities of Swastik Ispat Pvt Ltd (SIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Working Capital
   Term Loan                1.5      CRISIL D

   Term Loan                1.5      CRISIL D
   Proposed Long Term
   Bank Loan Facility       2        CRISIL D
   Proposed Letter of
   Credit                   1        CRISIL D
   Funded Interest
   Term Loan                0.5      CRISIL D
   Proposed Cash
   Credit Limit             8.5      CRISIL D

The ratings reflect the company's overdrawn cash credit facility
and delays in servicing term debt obligations. The rating also
factors SIPL's large working capital requirement, operating
losses, and exposure to cyclicality in the steel industry.
Conversely, these weaknesses are partially offset by the
experience of the promoter.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Gross current assets have
been sizeable, driven by stretched receivables and high inventory
holding.

* Operating losses: Operating losses were reported in fiscal 2017
due to intense competition, and downturn in the steel industry.

* Exposure to cyclicality in the steel industry: The demand for
steel products depends on the growth of the primary end-user
segments, such as infrastructure and real estate. Any slowdown in
these markets over the medium term may adversely affect demand for
steel products.

Strength

* Experience of promoter: Benefits derived from the promoter's
experience of over three decades and healthy relations with
suppliers and customers should continue to support the business.

Orissa based SIPL, incorporated in 2003, manufactures sponge iron.
Mr. Rajesh Bagaria is the promoter.


TAYAL FIBERS: CARE Assigns B+ Rating to INR11.84cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Tayal
Fibers (TF), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            11.84       CARE B+; Stable Assigned

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of TF is primarily
constrained on account of nascent stage of operations in a highly
competitive industry, leveraged capital structure and moderate
liquidity position. The rating is, further, constrained on account
of its constitution as a partnership firm, operating margins
susceptible to cotton price fluctuation and seasonality associated
with the cotton industry.

The rating, however, favorably takes into account experienced
management with long standing presence of the management in the
textile industry through group companies and strategically located
in the cotton growing region.

Improvement in the scale of operations while improving:
profitability margins in light of volatile raw material prices and
efficient management of working capital is key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Nascent stage of operations with financial risk profile marked
leveraged capital structure, moderate liquidity position and
moderate liquidity position: The firm has started its operation
from November 2016 and FY18 will be its full 1st year of
operation. Within 5MFY17, Total Operating Income (TOI) of the firm
stood at INR28.04 crore with PBILDT and PAT margin of 3.50% and
0.09% respectively. The capital structure of TF stood moderately
leveraged and weak debt coverage indicators. The liquidity profile
of the firm stood moderate with 70-75% utilization of working
capital bank borrowings in last twelve month ended October 2017.

Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year.
Furthermore, cotton being a seasonal crop, the inventory levels of
the entity generally remains high at the end of the financial
year. Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk.

Presence in the lowest segment of the textile value chain and in a
highly fragmented cotton ginning industry: High proportion of
small scale units operating in cotton ginning and pressing
industry has resulted in fragmented nature of industry leading to
intense competition amongst the players. As TF operates in this
highly fragmented industry wherein large numbers of un-organised
players are also present, it has very low bargaining power against
both its customers as well as its suppliers. This coupled with
limited value addition in cotton ginning process results in the
firm operating at very thin profitability (PAT) margins.

Key Rating Strengths

Experienced management and long standing presence of the
management in the textile industry through group companies: Mr.
Sunil Tayal has more than two decades of experience and handle
overall management of the firm. Mr. Gaurav Tayal, Mr. Kunal Tayal
and has around five and three years of experience respectively in
the textile industry. Due to longstanding presence in the cotton
industry, the group has established good relations with its
customers as well as suppliers and gets repeated orders from its
customers.

Strategically located in the cotton growing region: Gujarat,
Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil
Nadu are the major cotton producer's states in India. The plant of
TF is located in one of the cotton producing belt of Aurangabad
(Maharashtra) in India. The presence of TF in cotton producing
region results in benefit derived from lower logistics expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective price.

Aurangabad (Maharashtra) based Tayal Fibers (TF) was formed in
2016 as a partnership firm by Mr. Gaurav Tayal, Mr. Kunal Tayal
and Mr. Sunil Tayal to share profit and loss in the ratio of 50%,
25% and 25% respectively. The firm belongs to Mahesh Group,
Sendhwa, which is engaged in the business of cotton ginning and
trading since more than two decades. TF is engaged in the business
of cotton ginning and pressing along with the production of cotton
seed and cake. The manufacturing unit of the firm has installed
capacity to manufacture cotton bales of 50000 Bales per Annum
(BPA) as on March 31, 2017. TF procures raw cotton directly from
farmers and local mandis and sells its finished products mainly in
Maharashtra and Telangana.

The firm has commenced its operations from November, 2016. The
total cost of project was INR5.30 crore which was funded through
the term loan of INR3 crore and remaining through capital of
promoters.

The promoters of the company are also promoting Mahesh Ginning
Private Limited, Rajrajeshwar Cotton Industries, Mahesh Cotton
Industries (MCI), Girija Shankar Cotton Private Limited (GSCPL)
and Bhawani Shankar Ginning Factory (BSGF), all are engaged in the
same line of business.


TEN APPARELS: CRISIL Assigns B- Rating to INR22.03MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facility of Ten Apparels and Industries Private
Limited (TAIPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Term Loan     22.03      CRISIL B-/Stable

   Proposed Working
   Capital Facility        4.94      CRISIL B-/Stable

The rating reflects the company's exposure to risks related to
implementation and demand. This weakness is partially offset by
promoter's extensive experience in the textile industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to implementation and demand: The
company is exposed to implementation as the project is still in
nascent stage. The company is also exposed to risks related to
international demand for denim garments.

Strengths

* Extensive experience of promoter: The promoter has over 20 years
of experience in the textile industry and this will continue to
benefit TAIPL over the medium term.

Outlook: Stable

CRISIL believes TAIPL will continue to benefit over the medium
term from the extensive experience of its promoter. The outlook
may be revised to 'Positive' if stabilization of operations at
proposed factory and higher-than-expected revenue and
profitability lead to healthy cash accrual. The outlook may be
revised to 'Negative' if delay in commencement of operations or
substantially low accrual during initial phase puts pressure on
liquidity.

Set up in fiscal 2016 by Mr. Srish Balakrishna, TAIPL is setting
up a garment manufacturing plant in Red Hills, Tamil Nadu.


THEME HOTELS: CARE Assigns 'B-' Rating to INR3.89cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Theme
Hotels Private Limited (THPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             3.89       CARE B-; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of THPL is primarily
constrained on account of its modest scale of operations with net
loss in FY17, weak debt coverage indicators, moderate liquidity
position and its presence in a cyclical and competitive nature of
the hotel industry.

The rating, however, derives comfort from the experienced
management in the hotel industry with comfortable capital
structure and moderate Occupancy Rate (OR).

The ability of the company to increase its scale of operations
while improving OR and Average Room Rent (ARR) coupled with
generating profitability in highly competitive hotel industry are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Modest scale of operation with net loss in FY17: The scale of
operation of THPL has witnessed continuously growth during past
four financial years ended FY17 owing to increase in OR and ARR.
The hotel has moderate average OR of 78.24%% ARR of INR1907.92 in
FY17. During FY17, PBILDT margin stood moderate, however, the
company has registered continuous net loss in last three financial
years ended FY17.

Weak debt coverage indicators and moderate liquidity position: The
debt service coverage indicators of the company stood weak owing
to low GCA level and high interest expenses. Further, the
liquidity position of THPL stood moderate with cash flow from
operating activities stood at INR0.95 crore in FY17 as against
INR1.25 crore in FY16 mainly on account of decline in PBILDT
during FY17. Further the operating cycle stood comfortable at 6
days in FY17.

Cyclical and competitive nature of the hotel industry: Indian
hotel industry is highly fragmented in nature with presence of
large number of organized and unorganized players spread across
all regions. The hospitality industry is highly cyclical in nature
and sensitive to any untoward events such as slowdown in the
economy.

Key Rating Strength

Experienced Management: Mr. Girriraj Kumawat, Director has more
than a decade of experience in the food processing industry and 6
years of experience in the hotel industry. He looks after the
overall affairs of the hotel and is assisted by other directors
who have more than decade of experience in the industry.

Comfortable capital structure: The capital structure of the
company stood comfortable with overall gearing of 0.96 times as on
March 31, 2017.

Rajasthan based THPL was incorporated as a private limited company
in 2004 by Mr. Prashant Kumar and Mr. Giraj Kumar. THPL is engaged
in the hotel business and presently owns and operates a Hotel
namely The Theme Hotel, located in Jaipur (Rajasthan) with total
53 rooms comprising of 12 executive and 41 deluxe rooms, 3
banquets along with 4 restaurants and bars. The hotel became
operational from November, 2012. THPL also has various other
facilities such as Gym, gaming zone etc. THPL is a 3-star
government approved hotel situated near the Airport in Jaipur.


TIMES STEEL: CRISIL Assigns B+ Rating to INR22MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
bank facility of Times Steel and Power Private Limited (TSPPL).
The rating reflects TSPPL's modest scale of operations in a highly
competitive segment and susceptibility of operating profitability
to volatility in raw material prices. These rating strengths are
partially offset by the promoters' extensive experience.


                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              22       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in an intensely competitive industry:
TSPPL is a small player in a highly competitive iron and steel
industry which is highly fragmented with presence of small, medium
and large sized players. The large players benefit due to
economies of scale, which small players like TSPPL do not benefit
from. The industry is also characterized by small players as there
are no entry barriers. Highly fragmented structure of this
industry leads to intense competition amongst the players.

* Susceptibility of operating profitability to volatility in raw
material prices:  The prices of iron ore and sponge iron have been
highly volatile in the past resulting in volatility in TSPPL'
operating margins. The margins would continue to remain
susceptible to changes in prices over the medium term as well.

Strength

* Extensive experience of its promoters:  TSPPL's promoters have
more than three decades of experience in this industry. Over the
years, the promoters have developed good insight of the industry
and have developed healthy relationship with customers and
suppliers.

Outlook: Stable

CRISIL believes that TSPPL will continue to benefit from its
promoters' extensive industry experience and its established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if the company scales up its operations and
profitability through better working capital management, leading
to improvement in its financial risk profile, especially
liquidity. Conversely, the outlook may be revised to 'Negative' if
TSPPL's overall financial risk profile, particularly liquidity,
weakens because of a decline in profitability, a stretch in
working capital cycle, or any significant debt-funded capital
expenditure.

Times Steel and Power Private Limited (TSPPL), incorporated in
2002, is engaged in manufacturing of sponge iron. The company has
a manufacturing facility in Sundergarh, Odisha. TSPPL has total
sponge iron kilns of 350 TPD with an annual capacity to produce
1,05,000 mtpa of sponge iron.


TRISHA TRENDS: CRISIL Assigns B+ Rating to INR6MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Trisha Trends Private Limited (TTPL).
The rating reflects TTPL's modest scale and working capital
intensity in operations, and subdued financial risk profile. These
rating weaknesses are partially offset by the promoters' extensive
experience in retailing ready-made garments.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Overdraft              1.17       CRISIL B+/Stable

   Long Term Loan         1.63       CRISIL B+/Stable

   Cash Credit            6          CRISIL B+/Stable

   Cash Credit/
   Overdraft facility     1.20       CRISIL B+/Stable

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive industry:
Revenue was modest at INR13.6 crore in fiscal 2017, due to intense
competition from organised and unorganised players, which will
continue to constrain scalability.

* Working capital intensive operations: Operations are working-
capital-intensive, with sizeable gross current assets (GCAs) of
220-230 days on account of high inventory because of the wide
variety of products. The high working capital cycle has resulted
in high utilisation of bank limit.

* Subdued financial risk profile: Networth was modest at INR2.23
crore and total outside liabilities to tangible networth high at
8.8 times, as on March 31, 2017. Debt protection metrics is
average marked by interest coverage of 2.22 times and net cash
accruals to total debt of 0.09 times in fiscal 2017. Financial
risk profile may remain weak on account of sizeable working
capital debt.

Strength

* Promoters' extensive industry experience: Promoters' experience
of around 17 years in retailing ready-made garments has helped
scale up operations and forge strong relationships with customers
and suppliers.

Outlook: Stable

CRISIL believes TTPL will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability improve, while
improving its financial risk profile. Conversely, the outlook may
be revised to 'Negative' if revenue or profitability declines, or
any large debt funded capital expenditure, or stretch in working
capital, weakens financial risk profile.

TTPL was incorporated in 2011, to take over the business of Amrita
Creatives, a proprietorship firm set up in 2000. Operations are
managed by Mrs Amrita Mishra and her sons, Mr. Mayank Mishra and
Mr. Manav Mishra. The company processes and retails women's
garments, including sarees, salwar suits, lehengas, and wedding
gowns, under the brand, Trisha; through its three retail stores in
Hyderabad.


ULTIMA SWITHGEARS: Ind-Ra Gives BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ultima
Switchgears Limited (USL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:

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

-- INR50 mil. Non-fund-based limit assigned with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect USL's small scale of operations and weak
credit metrics. Revenues were stagnant during FY16-FY17 and stood
at INR262.63 million in FY17 (FY16: INR259.49 million), due to
persistent delays in order execution over the last three years.
The interest coverage (operating EBITDA/gross interest expense)
marginally improved to 1.58x in FY17 (FY16: 1.45x) due to a
decline in interest expense owing to the less utilisation of the
working capital facilities. The net leverage (adjusted net
debt/operating EBITDA) improved to 2.70x in FY17 (FY16: 4.84x), on
the back of lower short-term borrowings, driven by an improvement
in USL's working capital cycle to 245 days in FY17 (FY16: 342
days).

The ratings also reflect the company's tight liquidity position,
as evident from its around 93% utilisation of cash credit limits
during the nine months ended November 2017 and elongated working
capital cycle of 245 days in FY17.

The ratings, however, are supported by USL's comfortable EBITDA
margins of 7.62% in FY17 (FY16: 8.31%) and promoter's experience
of more than two decades in the electronics business.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and working
capital cycle, leading to an improvement in the overall credit
metrics could lead to a positive rating action.

Negative: A decline in the operating profitability and/or
deterioration in the working capital cycle, leading to
deterioration in the overall credit metrics could lead to a
negative rating action.

COMPANY PROFILE

Incorporated in 1997, USL manufactures electrical components such
as electrical control panels and boards, switchgears and HG fuses
up to 132kV. The company has manufacturing plants in Roorkee and
Noida. The company also executes EPC work for distribution
companies' (discoms) substations. USL procures raw materials from
the domestic market and sells final products to distribution
companies and EPC contractors working for discoms and state
electricity boards.


UNITECH FABRICATORS: CARE Assigns B+ Rating to INR5.56cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Unitech
Fabricators and Engineers Private Limited (UFEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.56       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             4.20       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of UFEPL are
constrained by its small scale of operations with low
profitability margins, volatility in raw material prices,
intensely competitive nature of the industry with presence of many
unorganised players and working capital intensive nature of
business. The aforesaid constraints are partially offset by its
experienced promoters along with satisfactory track record of
operations, comfortable capital structure and moderate debt
coverage indicators.

The ability of the company to improve its scale of operations
along with profitability margins 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 low profitability margins: UFEPL is
a relatively small player in the manufacturing of cable trays and
associated products like earthing material and lighting poles with
total operating income and net profit of INR29.84 crore and
INR0.54 crore, respectively, in FY17 (prov.). Further, the net
worth base and total capital employed was low at INR9.34 crore and
INR17.68 crore, respectively, as on March 31, 2017 (prov.). This
apart, the PBILDT and PAT margin is low at 6.03% and 1.80%
respectively, during FY17 (prov.). As per management, the company
has achieved total operating income of INR8.52 crore during first
five months of FY18. The small size restricts the financial
flexibility of the company in times of stress and it suffers on
account of economies of scale.

Volatility in raw material prices: The major raw materials for
manufacturing of cable trays are mild steel and MS plate, the
prices of which are volatile. Further, the company does not have
any long term contracts with the domestic suppliers for the
purchase of raw materials. Hence the profitability margins of the
company could get adversely affected with any sudden spurt in the
raw material prices.

Intensely competitive nature of the industry with presence of many
unorganised players: UFEPL faces stiff competition from the
organized as well as unorganized players in the industry. This
apart, the company faces tough competition from various regional
and local players with unorganized industry being highly
fragmented. UFEPL has to price its products competitively without
compromising the quality of the products. Further, fungible nature
of products with no visible differentiators has also resulted in a
highly competitive market. In such a competitive scenario smaller
entities like UFEPL in general are more vulnerable on account of
its limited pricing flexibility.

Working capital intensive nature of business: UFEPL's business,
being manufacturer of cable trays and associated products like
earthing material and lighting poles, is working capital intensive
by nature on the back of its strategy to maintain raw material
stock in view of expected rising raw material prices coupled with
the company's strategy to maintain finished stocks as per demand
in the marketplace. The same is reflected by the average inventory
holding period in the range of 23-66 days during FY14-FY17
(prov.). This apart, the average collection period also remained
high at 125 days in FY17 (prov.) as UFEPL offers moderately high
credit period to its customers to attract them and retain them on
the backdrop of intense competition. The average utilization for
the same was around 90% during the last 12 months ended August 31,
2017.

Key Rating Strengths

Experienced promoters along with satisfactory track record of
operations: The promoter of UFEPL is Mr. Kamal Kumar
Bhattacharjee, Director, aged about 52 years, having around three
decades of experience in the cable trays manufacturing business.
He is being duly supported by the other promoter director Mrs.
Shibani Bhattacharjee, having more than decade long experience in
similar line of business. The promoters are actively involved in
the strategic planning and running the day to day operations of
the company along with a team of experienced personnel. Further,
the company is in operation for around two decades (since 1998)
and has a satisfactory track record of operation.

Comfortable capital structure and moderate debt coverage
indicators: The capital structure of the company remained
comfortable marked by debt equity and overall gearing ratios of
0.20x and 0.89x, respectively as on March 31, 2017 (prov.).
Furthermore, the interest coverage ratio also remained moderate at
1.98x in FY17 (prov.). However, total debt to GCA, although
deteriorated as on March 31, 2017 (prov.) to 9.30x from 7.55x as
on March 31, 2016 due to increase in total debt during the period,
remained moderate.

Incorporated in September 1998, Unitech Fabricators and Engineers
Private Limited (UFEPL) is engaged in the business of
manufacturing of cable trays and associated products like earthing
material and lighting poles with its facilities located at West
Bengal with an aggregate installed capacity of 18,000 Ton Per
Annum.

Mr. Kamal Kumar Bhattacharjee, having around three decades of
experience in the same line of industry, looks after the overall
management of the company along with the other directors Mrs.
Shibani Bhattacharjee and supported by the team of experienced
professionals.


ZF ELECTRONICS: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed the rating on the bank facilities of
ZF Electronics Tvs India Private Limited (ZFTVS) at CRISIL
B+/Stable/CRISIL A4.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee         0.2       CRISIL A4 (Reaffirmed)

   Cash Credit            4.5       CRISIL B+/Stable (Reaffirmed)

   Export Packing Credit  2.5       CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       0.3       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     4.1       CRISIL B+/Stable (Reaffirmed)

   Standby Line of
   Credit                 1         CRISIL B+/Stable (Reaffirmed)

   Term Loan              2.4       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan              6         CRISIL B+/Stable (Reaffirmed)

The ratings reflect the modest scale of operations in the
intensely competitive automotive component industry and it's below
average financial risk profile due to subdued debt protection
metrics. These weaknesses are partially offset by the promoter's
long standing presence in the automotive component industry and
its association with the TVS group.

Key Rating Drivers & Detailed Description

Weakness

* Modest Scale of Operations in an intensely competitive
automotive component industry: ZFTVS has a modest scale of
operations, with net sales of only INR42.4 crore in fiscal 2017.
Moreover, it had a small net worth of INR12.23crore as on March
31, 2017. ZFTVS's small scale of operations in an intensely
competitive industry limits its ability to bargain with suppliers
and customers, and prevents it from enjoying benefits associated
with economies of scale. CRISIL believes that ZFTVS's operation
shall remain modest over the medium term.

* Exposure to risks related to cyclicality in the automobile
industry: ZFTVS derives more than 50 percent of its revenues from
the automobile industry, which is inherent cyclical. CRISIL
believes that ZFTV's business risk profile will remain susceptible
to cyclicality in the automobile industry over the medium term.

Strength

* Promoter's long standing experience in the automotive component
industry and its association with the TVS Group: ZF Electronics
TVS India Private Limited is an equal joint venture between TVS
Sri Chakra Investments Private Limited and ZF India Private
Limited. TVS Srichakra Investments Private Limited is a 100
percent subsidiary of TVS Srichakra Limited (rated CRISIL AA-
/Stable/CRISIL A1+) and ZF India Private (100 percent subsidiary
of ZF Friedrichshafen AG, Germany). TVS Srichakra Limited is one
of India's leading two &three-wheeler tyres.

Outlook: Stable

CRISIL believes ZFTVS) will continue to benefit over the medium
term from the promoter's long standing presence in the automotive
component industry. The outlook may be revised to 'Positive' in
case of significant growth in revenue and operating margin. The
outlook may be revised to 'Negative' in case of a decline in
revenue or operating margin or larger-than-expected debt-funded
capital expenditure, resulting in weakening of the financial risk
profile, particularly liquidity.

Set up in 1993, ZFTVS is an equal joint venture between TVS
Srichakra Investments Ltd (100% subsidiary of TVS Srichakra Ltd,
rated 'CRISIL AA-/Stable/CRISIL A1+') and ZF India Pvt Ltd. The
company manufactures electro-magnetic switches for consumer
durables, and automotive components. The company is based out of
Madurai (Tamil Nadu).



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


JAPAN LIFE: Consumer Centers Receive Over 1,500 Inquiries
---------------------------------------------------------
The Mainichi reports that consumer centers throughout Japan have
received over 1,500 inquiries regarding Japan Life Co., which is
suspected of having engaged in a fraudulent rental business,
officials said on Dec. 28, 2017.

The Mainichi relates that Japan Life had been repeatedly ordered
to suspend operations by the Consumer Affairs Agency, and the size
of the debt as of March this year was JPY240.5 billion (US$2.1
billion), believed to be the second largest for a company involved
in a fraudulent business targeting consumers after cattle farm
chain Agura Bokujo with liabilities totaling JPY430 billion.

Of the 1,500 inquiries, 700 involve payments already made to the
Tokyo-based company totaling over JPY10 billion, according to the
officials, The Mainichi relays.

"The amount of damage is unprecedentedly high," the report quotes
an official of the National Consumer Affairs Center of Japan as
saying.

Customers, many of them elderly, bought magnetic necklaces and
other health items and concluded "rental owner" contracts under
which the company promised to pay them a 6 percent annual rental
fee if they rent the items to others, the report notes.

Japan Life, which sells health magnetizers and healing mattresses,
filed for bankruptcy on Dec. 26, 2017.



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


TRIYARDS HOLDINGS: Posts US$162.5MM Net Loss For FY2017
-------------------------------------------------------
The Strait Times reports that Triyards Holdings, the yard-
operating unit of offshore marine firm Ezra Holdings, has swung
deep into the red following the termination of two shipbuilding
contracts worth some US$51 million.

In a Singapore Exchange (SGX) filing on Dec. 29, the company said
that its Vietnam facility, Saigon Offshore Fabrication and
Engineering Ltd, has received termination notices from the
customer which is claiming reimbursements of all sums paid in
advance amounting to about US$10.2 million, the Strait Times
relays. Triyards said termination of the two contracts was because
it was unable to deliver the projects by the contractual delivery
dates as it lacked funding to complete the vessels.

According to the report, the company said it is facing loan-
repayment issues that could pose a possible threat to its going-
concern status.

The Strait Times says the contract cancellations helped send
Triyards into a net loss of US$162.5 million (SGD217.3 million)
for the 12 months ended Aug. 31, 2017, against a net profit of
US$17.8 million a year ago. Loss per share stands at 50.06 US
cents, from an earnings per share of 5.48 US cents a year ago. No
dividend has been declared for the period.

As at Aug. 31, the group has net current liabilities of US$60.8
million. The group has defaulted certain bank facilities, and is
currently in discussion with respective lenders for a mutually
acceptable settlement, it said, the report relays.

The Strait Times relates that revenue for the group fell by
US$208.7 million, or 64 per cent, to US$116.2 million for FY17
from the year-ago period.

This decrease was mainly attributed to: lower contributions from
its units, cost overruns of certain projects, provisions for
liquidated damages due to contract cancellations and the reversal
of US$51 million in revenue from the two shipbuilding contracts,
Triyards, as cited by The Strait Times, said.

The report relates that the group explained that termination of
the two contracts was because it was unable to deliver the
projects by the contractual delivery dates, as it lacked funding
to complete the vessels.

According to the report, the company also announced last month
that it has applied to the SGX for a waiver of the listing
requirements to hold its FY17 annual general meeting (AGM), and
announce its Q1 earnings, citing on-going restructuring plans. It
has sought an extension to hold its AGM by March 31, and announce
its Q1 results by Feb 28.

Triyards provides engineering, fabrication and ship construction
solutions for the global offshore and marine industry. Its parent
Ezra filed for bankruptcy protection in March, and trading of its
shares has been suspended since September.

Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include
Asia, Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore
support vessels, liftboats, research vessels, aluminum built
security vessels, chemical tankers and windfarm service vessels.
The Company's business and facilities include specialized
shipbuilding; ship repair, maintenance and conversion; rig
building, and offshore engineering, construction and fabrication.
The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.



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


* BOND PRICING: For the Week Dec. 25 to Dec. 29, 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 2018.  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.



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