---

        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 23, 2018, Vol. 21, No. 016

                            Headlines


A U S T R A L I A

EVOLUTION GYMNASTICS: Second Creditors' Meeting Set for Jan. 31
GREENWAY PLUMBING: Second Creditors' Meeting Set for Feb. 6
IMAGING CENTRAL: Second Creditors' Meeting Set for Jan. 29
LIQUOR TRADERS: Second Creditors' Meeting Set for Jan. 29
MOSSGREEN PTY: Hickinbotham Chases AUD12MM From Sales of Artworks

OPAL HORIZON: First Creditors' Meeting Set for Jan. 25
QUINTIS GROUP: KordaMentha Appointed as Administrators
SWP BUILDINGS: First Creditors' Meeting Set for Jan. 30


C H I N A

COUNTRY GARDEN: Share Equity Issue No Impact on Moody's B1 CFR
FUTURE LAND: Share Issue to Improve Financial Profile, Fitch Says
HNA GROUP: Units Plunge Amid Concerns About Debt, Halted Shares
LAI FUNG: Fitch Assigns Final BB- Rating to US$350MM Senior Notes
SEVEN STARS: Appoints Kang Zhao as Independent Director


H O N G  K O N G

NOBLE GROUP: Cedar Holdings Expresses Interest in Buying Group


I N D I A

AADITYA KRAFT: CRISIL Lowers Rating on INR17.95MM Loan to D
DELUXE FABRICS: CRISIL Moves B+ Rating to Not Cooperating
HARITHA BIO: CRISIL Hikes Rating on INR18MM Cash Loan to B+
HILL TRACK: CRISIL Reaffirms B+ Rating on INR6MM Overdraft
HIMSON ENGINEERING: CRISIL Assigns B Rating to INR10.74MM Loan

JANALAKSHMI FINANCIAL: ICRA Lowers Rating on PTCs to D(SO)
JR FIBREGLASS: CRISIL Reaffirms B Rating on INR7.4MM Cash Loan
JYOTI STRUCTURES: Lenders to Approve Sanghi-Led Group's Bid
LAKSHMI SAAI: CRISIL Reaffirms B+ Rating on INR11MM LT Loan
LAKSHYA DAIRY: ICRA Moves D Rating to Not Cooperating Category

LAXMI BALAJI: CRISIL Reaffirms B+ Rating on INR6.6MM Cash Loan
MAHESHWARI INDUSTRIES: ICRA Moves B Rating to Not Cooperating
MAINI GROUP: ICRA Moves B+ Rating to Not Cooperating Category
MATHEW ASSOCIATES: CRISIL Cuts Rating on INR4.5MM Loan to B
MIRACLE DEVELOPERS: CRISIL Withdraws D Rating on INR6MM Loan

MODERN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR3.05MM Loan
NEOTECH EDUCATION: ICRA Moves D Rating to Not Cooperating
PEARL APPARELS: CRISIL Withdraws B Rating on INR2.9MM Term Loan
PERCEPT LTD: Cofounder Files Insolvency Petition v. Firm
PRACHI AGRICULTURE: CRISIL Assigns B+ Rating to INR12.8MM Loan

PROTEUS ENTERPRISE: CRISIL Assigns B+ Rating to INR0.25MM Loan
RAHEE INFRATECH: CRISIL Reaffirms D Rating on INR176.5MM Loan
REGEN INFRASTRUCTURE: ICRA Cuts Rating on INR20cr Loan to C
REGISTAN EXPORTS: CRISIL Assigns 'B' Rating to INR2.21MM Loan
ROYAL POWER: ICRA Removes B- Rating From Not Cooperating Category

SADANAND LAXMANRAO: CRISIL Withdraws 'B' Rating on INR10MM Loan
SAI RAGHAVENDRA: CRISIL Reaffirms B+ Rating on INR4.15MM Loan
SHREE HANS: ICRA Moves B+ Rating to Not Cooperating Category
SHRI JAGRITI: CRISIL Migrates Rating on INR5MM Term Loan to B+
SILK WOVEN: ICRA Lowers Rating on INR5cr Term Loan to D

SPECTOMS ENGINEERING: CRISIL Moves B+ Rating to Not Cooperating
SRI SATYA: CRISIL Migrates Rating on INR5.5MM Cash Loan to B+
SRIRANI SATI: CRISIL Reaffirms B Rating on INR6.75MM Cash Loan
TRIDENT SUGARS: CRISIL Keeps C Ratings on Watch Developing


I N D O N E S I A

SAWIT SUMBERMAS: Fitch Assigns Final B+ Rating to US$300MM Notes


M A L A Y S I A

APFT BHD: Low Shareholders' Equity Cues PN 17 Status


M O N G O L I A

MONGOLIA: Moody's Ups LT Issuer and Sr. Unsec. Ratings from Caa1


S I N G A P O R E

GOLDEN ENERGY: Fitch Assigns 'B+' Long-Term IDR, Outlook Pos.


X X X X X X X X

* BOND PRICING: For the Week Jan. 15 to Jan. 19, 2017


                            - - - - -


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


EVOLUTION GYMNASTICS: Second Creditors' Meeting Set for Jan. 31
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Evolution
Gymnastics Academy Pty Ltd has been set for Jan. 31, 2018, at
2:30 p.m. at the offices of Worrells Solvency & Forensic
Accountants, 44 Lydiard Street Sotuh, in Ballarat Central,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 30, 2018, at 5:00 p.m.

Nathan Deppeler of Worrells Solvency was appointed as
administrator of Evolution Gymnastics on Dec. 15, 2017.


GREENWAY PLUMBING: Second Creditors' Meeting Set for Feb. 6
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Greenway
Plumbing Pty Ltd has been set for Feb. 6, 2018, at 11:00 a.m. at
Level 3, 65 York Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 5, 2018, at 4:00 p.m.

Philip Hosking of HoskingHurst was appointed as administrator of
Greenway Plumbing on Dec. 21, 2017.


IMAGING CENTRAL: Second Creditors' Meeting Set for Jan. 29
----------------------------------------------------------
A second meeting of creditors in the proceedings of Imaging
Central North Pty Ltd has been set for Jan. 29, 2018, at
11:30 a.m. at Level 28, 108 St Georges Terrace, in Perth, West
Australia.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 25, 2018, at 4:00 p.m.

Martin Bruce Jones and Andrew Michael Smith of Ferrier Hodgson
were appointed as administrators of Imaging Central on Dec. 12,
2017.

LIQUOR TRADERS: Second Creditors' Meeting Set for Jan. 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Liquor
Traders Australia Pty Ltd, trading as Liquor Traders Australia
South West and Liquor Traders Australia, has been set for
Jan. 29, 2018, at 12:00 p.m. at the offices of Cor Cordis
Mezzanine Level, BGC Centre, 28 The Esplanade, in Perth, West
Australia.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 25, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Liquor Traders on Sept. 19, 2017.


MOSSGREEN PTY: Hickinbotham Chases AUD12MM From Sales of Artworks
-----------------------------------------------------------------
Giuseppe Tauriello at The Advertiser reports that the estate of a
South Australian building icon has been left more than AUD1
million short following the collapse of Mossgreen, an auction
house entrusted to sell the family's art collection.

According to the Advertiser, the private art and antiques of the
late Alan Hickinbotham and wife Margaret raised more than AUD4.3
million when it went under the hammer last year - representing
the most valuable collection ever sold in Adelaide.

But following the demise of Melbourne auction house Mossgreen,
which entered into administration in December with debts of
AUD12 million, the family may not see AUD1.2 million owed to it
from the sale proceeds, the Advertiser relates.

Last June's auction included acclaimed Australian artist Russell
Drysdale's Grandma's Sunday Walk, which fetched AUD2.98 million,
the Advertiser says. The piece was painted in 1972, just before
the artist lost his eyesight, and is the fifth-highest price for
any Australian artwork sold at auction.

The 1972 oil on canvas painting had been owned by the
Hickinbothams since 1990 and was sold to a private Australian
collector.

At the time, Mossgreen director Paul Sumner said the piece was
only expected to attract AUD1.8 million, the Advertiser relays.

"We touted it as his (Drysdale) last great masterpiece and one of
the most important pictures to come on the market for a long
time," the report quotes Mr. Sumner as saying following the
auction.  "The total collection sold for AUD4.35 million, which
is the highest total for any arts or antiques auction ever held
in South Australia."

The Advertiser relates that the auction, held at the National
Wine Centre, raised AUD4 million from 67 works of art, with an
additional AUD313,000 earned from 180 antiques and decorative
artworks. Among several other Drysdales from the Hickinbotham
collection, Dancing Children sold for AUD272,000.  Other notable
sales included Arthur Streeton's Portrait of a Young Girl, which
sold for AUD124,000, while a Flight, Barr & Barr 25-piece dessert
service sold for AUD111,600.

Mossgreen called in administrators BDO in December. On Jan. 17,
BDO said a deed of company arrangement proposal put forward by
Mr. Sumner had been withdrawn, meaning they would begin the
process of an orderly wind down of the business, according to the
Advertiser.

In a statement, BDO said a sale of the business would be
considered and expressions of interest were being sought, the
report relates.

It had previously reported to creditors that Mossgreen had AUD3
million in assets, including AUD1.6 million of cash in the bank
and AUD1.4 million owed by debtors.

The list of around 400 creditors includes vendors who are owed
AUD5.8 million, the Advertiser discloses.

According to the report, BDO told the first creditors meeting,
held on January 4, there was no legal requirement for the auction
house to deposit money from sales into a trust account.

Mossgreen specialized in Single Owner Auctions for collections
covering fine art and antiques.  James Michael White, Nicholas
Martin and Andrew Sallway of BDO were appointed as administrators
of Mossgreen Pty on Dec. 21, 2017.


OPAL HORIZON: First Creditors' Meeting Set for Jan. 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of Opal
Horizon Limited will be held at Level 7, 175 Eagle Street, in
Brisbane, Queensland, on Jan. 25, 2018, at 11:30 a.m.

Anthony Norman Connelly -- aconnelly@mcgrathnicol.com -- of
McGrathNicol were appointed as administrators of Opal Horizon on
Jan. 15, 2018.


QUINTIS GROUP: KordaMentha Appointed as Administrators
------------------------------------------------------
KordaMentha Restructuring partners Richard Tucker --
rtucker@kordamentha.com -- Scott Langdon --
slangdon@kordamentha.com -- and John Bumbak --
jbumbak@kordamentha.com -- have been appointed as Voluntary
Administrators of the Quintis Group.

The Voluntary Administrators were appointed on January 20 after
Asia Pacific Investments DAC exercised an option requiring
Quintis to acquire 400 hectares of plantations at a pre-
determined price of AUD37 million, with settlement required to
take place on Feb. 2, 2018.  Quintis did not have the financial
resources to pay the put option.

Quintis had been working on a recapitalisation transaction to
improve its liquidity position since April 2017 and directors and
management are disappointed a successful solvent recapitalisation
could not be completed.

The role of Voluntary Administrators is to manage the Group's
affairs, including initially to continue to trade the business as
a going concern and to preserve the value of the assets while an
assessment is undertaken.

The Voluntary Administrators will assist to implement a three-
point plan:

-- Continue trading Quintis on a "business as usual" basis.

-- Undertake a review of the company's operations.

-- Explore opportunities that will maximise value via a sale
    and recapitalisation process.

Quintis is Australia's largest sandalwood forestry management
company and manages 17 separate managed investment schemes.

Quintis employs approximately 500 staff at various locations
throughout Australia. Quintis manages nearly 13,000 hectares of
sandalwood plantations in northern Australia and owns a
distillery and pharmaceutical company to process the sandalwood
for the cosmetics, well-being and pharmaceutical industries. The
company was formed in 1997 and listed in 2007.


SWP BUILDINGS: First Creditors' Meeting Set for Jan. 30
-------------------------------------------------------
A first meeting of the creditors in the proceedings of SWP
Buildings Pty. Ltd. will be held at the offices of BPS
Reconstruction and Recovery, Level 5, Suite 6, 350 Collins
Street, in Melbourne, Victoria, on Jan. 30, 2018, at 12:00 p.m.

Simon Patrick Nelson -- snelson@bpsreconstruction.com.au -- of
BPS Reconstruction and Recovery was appointed as administrator of
SWP Buildings on Jan. 17, 2018.



=========
C H I N A
=========


COUNTRY GARDEN: Share Equity Issue No Impact on Moody's B1 CFR
--------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's proposal to issue share equity capital and
convertible bonds, if completed, will be credit positive because
it will help the company control its debt growth and boost its
liquidity. The company's Ba1 corporate family rating and stable
outlook remain unchanged.

On January 17, Country Garden announced that it will issue share
equity capital of around HKD7.88 billion and convertible bonds of
around HKD15.6 billion. The proceeds will be used to repay
existing debt, as cash reserves and for general corporate
purposes.

"We expect Country Garden's proposed equity issuance will help
the company contain its debt growth, because part of the proceeds
from the equity issuance will be used to repay existing debt,"
says Franco Leung, a Moody's Vice President and Senior Credit
Officer.

Additionally, although Moody's treats the convertible bonds as
debt-like instruments, the successful issuance of the convertible
bonds will improve Country Garden's liquidity by boosting its
cash balance and/or lengthening its debt maturity profile.

Moody's expects that Country Garden's leverage ratio, as measured
by adjusted revenue/debt including guarantees for joint ventures
and associates, will improve towards 110%-115% over the next 12-
18 months from around 93% in the 12 months ended June 2017.

Moody's also expects Country Garden's interest coverage -- as
measured by adjusted EBIT/interest -- will improve to 4.2x-4.7x
from around 3.5x for the 12 months ended June 2017.

Such improvements will be mainly driven by (1) moderate growth in
debt, supported in part by the company's solid operating cash
flow; and (2) robust revenue growth, underpinned by strong
contracted sales growth. Country Garden achieved high 78% year-
on-year growth in contracted sales to RMB550.8 billion in 2017,
after robust 120% year-on-year growth in 2016.

The proposed share placement represents approximately 2.16% of
the existing issued share capital. If the convertible bonds are
fully converted, Country Garden's share capital will increase by
3.57% based on the existing issued share capital. The convertible
bonds carry an option for bondholders to convert into new
ordinary shares at a price of HKD20.556, or 20.14% above the
average closing share price of HKD17.11 over the previous 10
trading days.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Country Garden Holdings Company Limited-founded in 1992 and
listed on the Hong Kong Stock Exchange-is a leading Chinese
integrated property developer. It also owns hotels that are
located mainly in Guangdong Province and complement its township
development projects.


FUTURE LAND: Share Issue to Improve Financial Profile, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says Future Land Development Holdings Limited's
(FLDH, BB-/Positive) share placement will improve the company's
financial profile and mitigate its structural subordination,
which will support its ratings.

The China-based property company announced the placement of
shares to at least six independent investors on 18 January 2017.
The maximum number of subscription shares represents
approximately 4.72% of the issued share capital of the company as
of the announcement date. The net proceeds of about HKD1.55
billion will be used for the company's development purposes and
as general working capital.

As at end-June 2017, FLDH had outstanding offshore bonds of CNY4
billion and an offshore unrestricted cash balance of CNY1
billion. The USD0.25 billion offshore senior notes due 2017 were
repaid subsequently in November 2017. The proceeds from the share
placement will provide an additional source of liquidity to cover
the outstanding offshore debt, which would mitigate the
structural subordination FLDH faces through its claim as a
shareholder of its subsidiary, Future Land Holdings Co., Ltd.
(FLH, BB-/Positive).

Fitch will continue to monitor FLDH's standalone financial
profile and the dividends it receives from the 67.1%-owned A-
share listed subsidiary to assess the level of structural
subordination impacting FLDH's ratings.


HNA GROUP: Units Plunge Amid Concerns About Debt, Halted Shares
---------------------------------------------------------------
Prudence Ho at Bloomberg News reports that shares of HNA Group
Co. units fell in Shanghai and Shenzhen trading after more of the
conglomerate's subsidiaries halted their stock from trading,
pending "major"' announcements.

Bloomberg relates that Hainan HNA Infrastructure Investment Group
Co. fell by the 10 percent daily limit in Shanghai on Jan. 11,
while HNA Innovation Co. slumped more than 9 percent. HNA
Investment Group Co. sank as much as 5.4 percent.

Four HNA units -- HNA-Caissa Travel Group Co., Bohai Capital
Holding Co., Tianjin Tianhai Investment Co. and flagship Hainan
Airlines Holding Co. -- suspended their shares from trading this
month ahead of unspecified announcements, according Bloomberg.
Another unit, CCOOP Group Co., has halted its stock since
November last year.

Goldman Sachs Group Inc. said in a report last week that HNA-
related bonds have been underperforming amid speculation about
the group's ability to repay its debts, though the broker expects
the Chinese conglomerate to ultimately be able to roll over its
obligations, Bloomberg recalls.

Bloomberg says HNA has been facing increasing pressure -- some
banks are said to have frozen some unused credit lines to HNA
units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.

HNA Group Co. Ltd. offers airlines services. The Company provides
domestic and international aviation transportation, air travel,
aviation maintenance, and aviation logistics services. HNA Group
also operates holding, capital, tourism, logistics, and other
business.


LAI FUNG: Fitch Assigns Final BB- Rating to US$350MM Senior Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Lai Fung Holdings Limited's (BB-
/Stable) USD350 million 5.65% senior notes due 2023 a final
rating of 'BB-'.

The notes are rated at the same level as Lai Fung's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The assignment of the final rating follows
the receipt of documents conforming to information already
received and is in line with the expected rating assigned on 4
January 2018.

Lai Fung's ratings are supported by its stable financial profile
with investment-property (IP) EBITDA/gross interest ratio at 1.6x
and total debt-to-total property assets at 33.5% at 31 July 2017,
both similar to levels a year earlier, thanks to the first full
year of contribution from its new Guangzhou Lai Fung Tower to
rental income.

The Chinese property company's ratings are constrained by its
small IP EBITDA of around USD60 million, material exposure to
development properties and the large amount of investment
property under development with a gross floor area of 3.6 million
square feet (334,450 sq m) compared with the current 3.2 million
sq ft of completed investment property in operation.

KEY RATING DRIVERS

Prudent Financial Management: Lai Fung has maintained neutral to
positive operating cash flow by focusing on generating a healthy
profit margin in its development-property business to support the
development of new investment properties between 2011 and 2017.
Lai Fung's leverage, as measured by total debt/total property
assets, remained at less than 30% after it peaked in FY13, as it
raised funds in the equity market and maintained stable cash
flows from property sales. Between FY15 and FY17, the gross floor
area (GFA) of development property projects available for sale
fell to around 2 million sq ft (excluding joint-venture projects)
from 5.9 million sq ft.

Hengqin Project Long-Term Positive: The Hengqin Novotown project
will become an important source of recurring income after
completion in 1HFY19 and will likely push total IP EBITDA above
HKD600 million when the project matures after FY20. The sale of
cultural-themed properties may generate sales of about HKD1
billion to support the development of this project from FY18.
Fitch expect the development of this project to increase Lai
Fung's leverage to above 30% in the short to medium term, but
leverage will still be below the threshold where Fitch could
consider negative rating action.

Lai Fung will need to spend another HKD2 billion in Phase 1 of
the project, which is on track. Construction started in 2HFY15
and the company has signed license agreements that cover about
60% of the project's culture and hospitality-themed GFA of around
1.5 million sq ft.

Reducing Concentration of Rental Income: Fitch expects Shanghai
Hong Kong Plaza, Lai Fung's flagship investment property, to
account for less than 50% of the company's rental revenue by
FY19, from about 60% currently. The decline will result from the
addition of new investment properties. Fitch expect Lai Fung's
mature investment properties to have rental growth in the mid- to
low-single digits and achieve a stable EBITDA margin of around
62%. Its already-high occupancy of above 95% for most of its key
office and retail properties means that further rental revenue
upside will mainly be driven by positive rental reversion.

Lower Contribution from Residential Projects: Lai Fung's sales of
development properties will be mainly driven by the Palm Spring
project in Zhongshan city in Guangdong province. Lai Fung's gross
profit margin for development property has been above 40% since
FY09, except for FY11, and Fitch expect this margin to be
sustained in the next two to three years, underpinned by the
stable or rising selling price of the Palm Spring project. Lai
Fung's 3.5 million sq ft of saleable GFA of development
properties will last until FY21 or FY22 based on the current
construction schedule. Fitch have assumed in Fitch analysis that
Lai Fung will acquire development-property projects every two to
three years.

DERIVATION SUMMARY

Lai Fung's shopping malls and offices enjoyed healthy occupancy
of over 90% and high single-digit rental rate growth. Its IP
EBITDA/gross interest cover has been above 1.2x; setting it apart
from most Chinese homebuilders that rely on more risky
development-property sales to service their debts. Lai Fung has a
significantly stronger financial profile than Golden Wheel Tiandi
Holdings Company Limited (B/Stable), which is also focused on
investment properties. Golden Wheel's IP EBITDA/gross interest
coverage was only 0.5x at end-2016, lower than Lai Fung's 1.6x.
Lai Fung's leverage is also lower than 'BB' rating category
peers' leverage of between 30% and 40%.

Lai Fung's small IP EBITDA of around USD60 million in FY17 and
material exposure to development property risks constrain its
ratings.

KEY ASSUMPTIONS

Fitch's key assumptions within Fitch rating case for the issuer
include:
- Replenishes development-property land bank over a three-year
   sales cycle
- Mid- to low-single-digit rental rate growth
- IP GFA growth according to management guidance as per interim
   report
- Capex and dividend for FY17 and FY18 similar to FY16 level
- Hong Kong dollar at 1.15 to Chinese yuan over FY17-FY19

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:
- Annual EBITDA from investment properties rising above
   HKD600 million (FY16: HKD381 million, FY17: HKD549 million)
   and EBITDA from investment properties/interest expenses
   exceeding 1.5x on a sustained basis (FY16: 1.3x, FY17: 1.6x)

Developments that may, individually or collectively, lead to
negative rating action include:

- EBITDA from investment properties/interest expenses falling
   below 1.0x on a sustained basis, or
- Total debt/property assets exceeding 40% on a sustained basis
   (FY16: 28.9%, FY17: 33.5%)

LIQUIDITY

Sufficient Liquidity: Lai Fung has consistently maintained enough
cash to cover its short-term debt expiring. It had approximately
HKD2 billion of cash on hand and undrawn credit facilities of
HKD3.7 billion at 30 November 2017, which were sufficient to meet
its short-term bank loans of HKD18 million and offshore yuan-
denominated senior notes of CNY1.8 billion due April 2018. Lai
Fung's growing recurring EBITDA of over HKD400 million will also
provide steady cash flow to support its debt servicing.


SEVEN STARS: Appoints Kang Zhao as Independent Director
-------------------------------------------------------
The Board of Directors of Seven Stars Cloud Group, Inc., has
appointed Mr. Kang Zhao to serve as an independent director of
the Board. Pursuant to the Securities Purchase Agreement dated
Oct. 23, 2017, Hong Kong Guo Yuan Group Capital Holdings Limited,
the purchaser of the securities, became entitled to designate one
individual to join the Board. Guo Yuan has decided to replace its
initial designee, Xin Wang, with Mr. Kang Zhao.

There are no family relationships between Mr. Zhao and any of the
Company's officers and directors and there are no other
transactions to which the Company or any of its subsidiaries is a
party in which Mr. Zhao has a material interest subject to
disclosure under Item 404(a) of Regulation S-K.

                        About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc., is
an Intelligent Industrial Internet (3I) platform, creating an
artificial intelligent & fintech-powered, supply chain solution
for commercial enterprises. By utilizing cutting-edge and
all-encompassing fintech-powered technologies plus resources such
as Artificial Intelligence, Blockchain, Cloud Computing & Data
("ABCD"), Seven Stars Cloud provides efficient, secure and
margin-expanding digital supply chain solutions and asset-backed
securitization for global industrial energy, commodity,
exhibition/trade show & Intellectual Property, clients & markets.
The company is headquartered in Tongzhou District, Beijing,
China. Visit http://www.sevenstarscloud.comfor more information.

KPMG Huazhen LLP, in Beijing, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2016, noting that the Company incurred
recurring losses from operations, has net current liabilities and
an accumulated deficit that raise substantial doubt about its
ability to continue as a going concern.

Webcast reported a net loss of $27.43 million in 2016 following a
net loss of $8.54 million in 2015. As of Sept. 30, 2017, Seven
Stars had $71.55 million in total assets, $47.76 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $22.53 million in total equity.



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


NOBLE GROUP: Cedar Holdings Expresses Interest in Buying Group
--------------------------------------------------------------
Bloomberg News reports that Cedar Holdings Group, a Chinese
conglomerate, has expressed interest in buying control of
commodities trader Noble Group, according to people with
knowledge of the matter.

Cedar has made an informal approach to some major Noble Group
shareholders, although no formal talks have started, the people
said, asking not to be identified because the information is
confidential, Bloomberg relays. Noble shares surged as much as
37% to 28 Singapore cents, the highest since December, before
trading at 27 cents at 1:24 p.m., Jan. 22, prompting a query from
the Singapore Exchange, according to Bloomberg.

Bloomberg says Noble Group is battling for survival after a
crisis marked by billions in losses and a string of asset sales.
The Hong Kong-based company is racing to hammer out a deal on
restructuring about US$3.5 billion (SGD4.6 billion) in debt
before a coupon payment falls due on Jan 29, people familiar with
the matter said earlier. Its market value has collapsed from a
peak of more than US$10 billion to less than US$300 million,
Bloomberg notes.

Cedar is the largest private company in Guangzhou and ranks 16th
nationwide, with CNY157 billion (SGD32.4 billion) in 2016 sales,
Bloomberg discloses citing Cedar's website. Founded in 1997,
Cedar Holdings' businesses include supply chain, chemicals,
tourism, real estate and finance. The firm controls two listed
companies: Zibo Qixiang Tengda Chemical Co and Sinoer Men's Wear
Co.

According to Bloomberg, the restructuring talks, which started in
November, are coalescing around a deal that would involve
converting much of Noble Group's unsecured debt into equity. The
agreement could result in the dilution of the stakes of current
equity holders, including founder Richard Elman, who has an
18% interest, and China's sovereign wealth fund with 9.5%.

Noble Group must pay US$39.7 million of interest due on Jan 29 on
its bonds maturing 2020, according to Bloomberg calculations.
It's unclear whether the company would pay the coupon while in
restructuring talks, but if it fails to pay it would be declared
in default after a brief grace period. It also has bonds due in
2018 and 2022, Bloomberg adds.

                         About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2017, Fitch Ratings downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR), senior unsecured rating and
the ratings on all its outstanding senior unsecured notes to 'CC'
from 'CCC'. The Recovery Rating is 'RR4'. The downgrade follows
Noble's Nov. 15, 2017 announcement that it has commenced
discussions with stakeholders on its capital structure.



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


AADITYA KRAFT: CRISIL Lowers Rating on INR17.95MM Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Aaditya Kraft & Papers Private Limited (AKPPL) to
'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           3.3       CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

   Term Loan            17.95      CRISIL D (Downgraded from
                                   'CRISIL B/Stable')

The downgrade reflects delay in repaying term loan due to weak
liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting term debt obligation: Low cash accrual and
high dependence on working capital debt led to stretched
liquidity and hence a two-month delay in servicing term loan
instalments.

* Start-up phase and expected small scale of operations: With
installed capacity of 2500 tonne per month and production
estimated to have commenced from November 2016, scale is likely
to remain modest over the medium term. Moreover, as industrial
kraft paper would be the company's only source of revenue, it
will remain vulnerable to seasonal nature of demand. Moreover,
the kraft paper segment is intensely competitive due to low entry
barrier, which will limit pricing power and increase
susceptibility to volatile raw material prices.

Strength

* Entrepreneurial experience of promoters: Though this is the
first venture of the company's promoters in the paper industry,
they have more than 10 years of experience in material handling
services for aluminum industries across Cuttack. Prior to that,
the promoters had successfully executed many contracts for Indian
Railways and other players. Furthermore, key promoter, Mr.
Bibekananda Behara, has wide knowledge of the region in which he
operates. Promoters have also extended need-based funds.

Incorporated in 2012 and promoted by Mr. Bibekananda Behara and
family, AKPPL manufactures kraft paper at its facility in
Cuttack, Odisha.


DELUXE FABRICS: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
Due to inadequate information, and in line with Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated
the rating on the long-term bank facility of Deluxe Fabrics Ltd
(DFL) to 'CRISIL B+/Stable/Issuer not cooperating'. However, the
company management has started sharing information necessary for
a comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B+/Stable/Issuer not
cooperating' to 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           12        CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable'
                                   Issuer Not Cooperating)

The rating continues to reflect the company's weak financial risk
profile, with subdued debt protection metrics and capital
structure, and working capital-intensive operations. These
weaknesses are partially offset by the experience of its
promoters and its established customer base in the textile
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, and large working capital
requirement: Revenue was modest at INR25.85 crore in fiscal 2017.
The garment industry is highly fragmented and competitive, with a
large number of unorganised players in the market, limiting the
pricing flexibility and bargaining power of players. Working
capital-intensive operations are reflected in gross current
assets of 339 days as on March 31, 2017, driven by large
inventory of 201 days and receivables of 144 days.

* Weak financial risk profile: As on March 31, 2017, networth was
small at INR6.08 crore and gearing high at 2.16 times. Debt
protection metrics were weak, with interest coverage ratio at 0.9
times and net cash accrual to total debt ratio at 0.01 time in
fiscal 2017.

Strengths

* Experience of the promoters in the textile industry: The
experience of the promoters in the knitted fabric and readymade
garments industry has helped the company establish healthy
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes DFL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if liquidity improves because of significant
improvement in profitability and turnover, leading to better-
than-expected cash accrual, or effective working capital
management. The outlook may be revised to 'Negative' if liquidity
weakens because of significant increase in working capital
requirement, or decline in turnover, or debt-funded capital
expenditure.

Established in 1983, and promoted by Mr. Shri Pal Jain and his
family members and friends, DFL manufactures knitted
fabric/clothes and readymade garments, at its facility in
Ludhiana, Punjab.


HARITHA BIO: CRISIL Hikes Rating on INR18MM Cash Loan to B+
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Haritha Bio Products India Private Limited (HBPPL)
to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            18       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan         14       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term
   Bank Loan Facility      9       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The rating upgrade reflects CRISIL's belief that the HBPPL's
liquidity will improve in sustainable manner with expected cash
accruals to be adequate to meet its debt obligations driven by
moderate revenues and operating margins and funding support from
promoters to meet working capital requirement. Unsecured loans
from promoters support the liquidity of the company. Unsecured
loans are expected to remain in the business over the medium term
and the same is going to be key monitorable over the medium term.
Furthermore business risk profile remains moderate however
operating margins decreased in Fiscal 2017 to around 9.7% from
13.9% in Fiscal 2016, stable revenues support the same.

Rating continues to reflect HBPPL's weak financial risk profile,
susceptibility to volatility in raw material prices and working
capital intensive nature of operations. These rating weaknesses
are partially offset by the extensive industry experience of the
promoters and healthy relationship with its customer.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: HBPPL's financial risk profile is
weak marked by negative net worth, due to accumulated losses, and
modest capital structure however supported by moderate interest
coverage ratio. Interest coverage ratio was 2.45 times for the
Fiscal 2017 and is expected to remain moderate over the medium
term.

* Susceptibility to volatile prices of raw material: The
operating profitability of the company has been volatile due to
fluctuation in raw material price. The company has reported
operating margin of 9.7% in 2016-17 against 13.9% in 2015-16.
Operating margins of the company is expected to remain
susceptible to volatility in raw material prices.

* Working capital intensive operations: The operations of the
company are moderately working capital intensive as indicated by
its gross current asset (GCA) days of around 117 days as on
March 31, 2017. This is primarily on account of high inventory
holding of around 100-125 days. The company had inventory of
around 124 days as on March 31, 2017. The company generally
receives payment in around 10-30 days from its customers. The
company is able to get a credit of around 45-60 days from its
suppliers thereby partially assuaging its working capital
requirements

Strength

* Extensive industry experience of the promoters and healthy
customer relationship: The company benefits from the extensive
industry experience of the promoters. The company is promoted by
Mr. Srinivas Kanamata Reddy and his family members. The promoter,
Mr. Srinivas Kanamata Reddy has an extensive industry experience
of around a decade in distillery industry. Over the years the
promoters has established healthy relationship with is key raw
material suppliers and customers, thereby resulting in full
capacity utilization during 2016-17 (refers to financial year,
April 1 to March 31). Further, the revenues of the company has
grown at a healthy compound annual growth (CAGR) rate of around
32 percent over the past 3 years through 2016-17. CRISIL believes
that the company will benefit from the extensive industry
experience of the promoters over the medium term.

Outlook: Stable

CRISIL believes that HBPPL will benefit from the extensive
experience of its promoters in the distillery industry. The
outlook may be revised to 'Positive' if there is improvement in
the financial risk profile due to better than expected cash
accruals or significant equity infusion resulting in improvement
in its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if any regulatory changes adversely impact
the company's revenues and margins or if its financial risk
profile deteriorates due to larger-than-expected debt funded
capital expenditure or lower than expected profitability.

Incorporated in 2009, HBPPL is into manufacturing of extra
neutral alcohol (ENA) and rectified spirit (RS). Based out of
Hyderabad, the company is promoted by Mr. Srinivas Kanamata Reddy
and his family members.


HILL TRACK: CRISIL Reaffirms B+ Rating on INR6MM Overdraft
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facility of Hill Track Constructions Pvt Ltd
(HCPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft              6        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect HCPL's modest scale of operations
amid intense competition, geographical concentration in revenue,
average financial risk profile, and large working capital
requirement. These weaknesses are partially offset by the
experience of the promoters in the civil construction industry.

Analytical Approach

CRISIL has treated unsecured loans (outstanding at INR0.93 crore
as on March 31, 2017) extended to HCPL by the promoters as debt.
That's because these loans are expected to be repaid over the
medium term. Earlier, these loans were treated as neither debt
nor equity.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amid intense competition: Small
scale of operations, with revenue of INR2.57 crore in fiscal
2017, amid intense competition limits pricing power with
suppliers and customers, thereby constraining profitability.

* Geographical concentration in revenue: Although HCPL has been
in operations for 15 years, it derives its revenue almost
entirely from projects implemented in Kerala.

* Average financial risk profile: Adjusted gearing (if adjusted
for bill discounting facilities) is expected to be around 3 times
over the medium term. Debt protection metrics are moderate and
interest coverage ratio is expected at 2.5 times over the medium
term. Liquidity is supported by adequate cash accrual against
debt repayment obligation and moderate bank limit utilisation.
Working capital requirement is met through bill discounting based
on promissory notes from government of Kerala.

* Large working capital requirement: Inventory is sizeable and
receivables stretched. However, this is mitigated by bill
discounting based on promissory notes from government of Kerala.

Strengths

* Experience of promoters: The directors have been in the
business for over 20 years. The company undertakes contracts for
hostels, colleges, and shopping malls, offices for Public Works
Department and Central Public Works Department in Kerala, along
with other private companies. Also, established track record in
the civil construction business, and high-quality and timely
project execution resulted in winning government tenders.

Outlook: Stable

CRISIL believes HCPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if substantial increase in revenue,
profitability and cash accrual, along with efficient working
capital management strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, stretch in working capital cycle, or large, debt-funded
capital expenditure weakens financial risk profile and liquidity.

HCPL, established in June 2001 at Wayanad (Kerala) and promoted
by Mr. P A Devasia, undertakes contracts for civil construction
work for buildings such as hostels, colleges, shopping malls, and
offices.


HIMSON ENGINEERING: CRISIL Assigns B Rating to INR10.74MM Loan
--------------------------------------------------------------
CRISIL Ratings had revoked the suspension, and assigned its
'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of
Himson Engineering Private Limited (HEPL). CRISIL had, on
Feb. 15, 2013, suspended the rating, as HEPL had not provided the
information required to maintain a valid rating. HEPL has now
shared the requisite information, enabling CRISIL to rate the
facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1         CRISIL A4 (Assigned,
                                   Suspension revoked)

   Cash Credit          10.74      CRISIL B/Stable (Assigned,
                                   Suspension revoked)

   Letter of Credit      1         CRISIL A4 (Assigned,
                                   Suspension revoked)

The ratings reflect the modest financial risk profile, large
working capital requirement, and susceptibility to volatile raw
material prices. These rating weaknesses are partly mitigated by
the extensive experience of the promoters in the textile
industry, and their funding support.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of INR12.40 crore, extended by HEPL's promoters as neither debt
nor equity, as the funds are expected to remain in the business
in the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Operations are highly
working capital intensive, as reflected in gross current assets
of 391 days as on March 31, 2017, driven by large inventory of
253 days and moderate debtors of 109 days, respectively.

* Weak debt protection metrics: Debt protection metrics are
likely to remain weak, due to higher interest outgo. Net cash
accrual to total debt and interest coverage ratios stood at 0.02
time and 0.70%, respectively, in fiscal 2017.

* Susceptibility to volatile raw material prices: Operating
margin has declined to 2.6% in fiscal 2017, from 3.8% in fiscal
2015, due to fluctuation in prices of mild steel.

Strength

* Extensive experience of the promoters in the textile industry:
The decade-long experience of the promoters in the textile
industry, has enabled them to establish The Himson in brand in
the textile manufacturing machine segment. Their longstanding
presence and support via unsecured loans, will continue to
support the business risk profile.

Outlook: Stable

CRISIL believes HEPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if an improvement in revenue and profitability leads
to sizeable cash accrual. The outlook may be revised to
'Negative' if a considerable stretch in the working capital
cycle, or any substantial capital expenditure programme, weakens
the financial risk profile, particularly liquidity.

HEPL was set up in 2006, by promoters, Mr. Darshan Bachkaniwala,
Mrs Vasumati Bhogilal Bachkaniwala, and Mrs Dhaneshwari Darshan
Bachkaniwala. The company has been demerged from Himson Textile
Engineering Pvt Ltd, which is part of the Gujarat-based Himson
Bhogibhai group. HEPL manufactures texturing and winding
machines, and other consumables and spare parts, for players in
the textile industry.


JANALAKSHMI FINANCIAL: ICRA Lowers Rating on PTCs to D(SO)
----------------------------------------------------------
ICRA has downgraded the rating for PTCs issued under a
securitisation transaction originated by Janalakshmi Financial
Services Limited (JFSL). The transaction is backed by the Small
Group (SG) loan contracts offered by JFSL. The transaction
involved 'at Par' transfer of receivables to the trust. The PTCs
carried an eventual promise of principal payouts and monthly
promise of interest payouts. PTC Series A2 is subordinate to PTC
Series A1, and interest payments were promised to PTC Series A2
only after maturity of PTC Series A1.

                           Amount
  Facilities             (INR crore)    Ratings
  ----------             -----------    -------
  Syme IFMR Capital 2016

  PTC Series A1               1.79      [ICRA]C+(SO) downgraded
                                        to [ICRA]D(SO)

  PTC Series A2               1.58      [ICRA]C+(SO) downgraded
                                        to [ICRA]D(SO)

Rationale

The rating downgrade reflects the inadequacy of the pool
collections and the credit enhancement available in the
transaction to meet the promised payouts to the PTC investors on
the scheduled maturity date.

Key rating drivers

Credit Weaknesses

* Sustained weak collection performance leading to higher than
expected delinquency levels; pool collections together with the
available credit enhancement are insufficient to meet the
promised payout to the PTC investors on the maturity date.

Description of key rating drivers highlighted above:

The collection performance of the underlying loans was healthy
till October 2016 collection month. However, post the
demonetisation event, the monthly collection level declined
significantly. Collection from overdue contracts has also been
poor. Due to the sustained weaker-than-expected pool performance,
there has been a shortfall in meeting the scheduled payouts to
the PTC investors even after the utilisation of the entire credit
enhancement available in the transaction.

Key rating assumptions

Janalakshmi Financial Services Ltd (JFSL) is a Bangalore-based
NBFC-MFI catering to the financial needs of urban poor women
through the Joint Liability Mechanism. The company was founded in
2006 by Mr. Ramesh Ramanathan as Janalakshmi Social Services
(JSS), whose portfolio was taken over by JFSL in 2008. The
promoter shareholding continues to be in JSS (now called Jana
Urban Foundation or JUF); the corpus funds in JUF are used for
social activities.

As on November 30, 2017, JFSL had a portfolio of about INR9,158
crore. The company has a diversified presence across 18 states
and 2 union territories in India with the share of the top 3
states of Tamil Nadu, Karnataka and Maharashtra comprising of
about 49% of the overall portfolio as on November 30, 2017. JFSL
registered a high compounded growth of 110% over the last four
years ended FY2017. The company raised INR1,030 crore equity
during Apr-Nov 2017 from existing and new investors.

In FY2017, JFSL reported a net profit of INR170.0 crore on a
total managed asset base of INR15,729.8 crore as against a net
profit of INR160.3 crore on a total managed assets base of
INR13,345 crore during FY2016. During H1FY2018, JFSL reported a
loss of INR1,192 crore on a managed asset base of INR10,332
crore.

ICRA has rated 12 standalone JFSL transactions till date backed
by Small Group (SG) loans, Enterprise Financial Services (EFS)
loans, Nano loans and Jana Kisan (JK) loans. Out of these, three
transactions have matured.


JR FIBREGLASS: CRISIL Reaffirms B Rating on INR7.4MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of JR Fibreglass Industries
Private Limited.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        6        CRISIL A4 (Reaffirmed)

   Cash Credit           7.4      CRISIL B/Stable (Reaffirmed)

   Letter of Credit      1.1      CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .5      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the company's modest scale of
operations and large working capital requirements. These rating
weaknesses are partially offset by the extensive experience of
JRF's promoters in manufacturing and installing air pollution
control equipment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations, reflected in
revenue of INR25 crore in fiscal 2018, remain modest in the
highly fragmented industry.

* Large working capital requirements: JRF has large working
capital requirement driven by gross current assets estimated at
300-325 during fiscal 2018, owing to high credit extended to
customers, as well as high inventory being maintained due to the
company's product profile.

Strengths

* Extensive experience of promoters: JRF has been present in the
air pollution control equipment manufacturing business since the
past three decades. Over the years, the promoters have
established strong relationships with customers and suppliers.

Outlook: Stable

CRISIL believes that JRF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if JRF achieves
substantially large cash accruals driven by significant increase
in scale of operations and sustained profitability, while
improving its working capital cycle. Conversely, the outlook may
be revised to 'Negative' in case of pressure on the company's
cash accruals or cash cycle, or any large debt-funded capex,
weakening its financial risk profile, particularly its liquidity.

JRF, based in Mumbai, was incorporated in 1983 by Mr. Jitendra
Ratilal Thakkar and Mr. Pankaj Mansukhlal Mehta. The company is
currently managed and promoted by the Thakkar family and their
affiliates. It primarily manufactures and installs air pollution
control equipment on turnkey basis.


JYOTI STRUCTURES: Lenders to Approve Sanghi-Led Group's Bid
-----------------------------------------------------------
The Economic Times reports that lenders led by State Bank of
India are set to approve a bid for Jyoti Structures by a clutch
of ultra-high net worth individuals, led by Netmagic founder
Sharad Sanghi, said two bankers in the know of the matter.

Sanghi, who has teamed up with private equity executive Manish
Kejriwal and Manipal Group's Ranjan Pai, proposes to invest
INR150 crore in Jyoti and pay banks INR3,000 crore over 15 years,
the people said, ET relays.

This is the only proposal banks have received for Jyoti
Structures. It will require them to take a haircut of more than
80%; so they get less than 20% of outstanding debt, the report
says.

"This was the first briefing to the committee of creditors on the
proposal. We are trying for a better rate, but a general
consensus among lenders is to go ahead with this," the report
quotes a banker involved with the matter as saying.

"There will be one more meeting and then banks will approach
their respective committees for approvals. The proposal will then
be sent to National Company Law Tribunal (NCLT)," the banker
said, speaking on the condition of anonymity, ET relays. "It's a
good roster of strong investors. We believe that the promised
money will be invested."

He said one problem with bidders was that they have no experience
in carrying out engineering, procurement and construction (EPC)
work - the company provides EPC services in the power sector, the
report adds.

Jyoti owes INR7,000 crore to banks. The INR3,000 crore bidders
have promised to pay over 15 years will amount to just INR1,100
crore in current value, ET discloses.

Investors have also sought fresh working capital loans of INR250
crore from lenders. Bank guarantees totalling INR1,000 crore will
continue in the form of new limits for the company's use in
ongoing projects, according to ET.

"The drawback in the current proposal is that recovery will be
made from company cash flow. So if the company doesn't do well,
no money will come in," ET quotes another banker, who also did
not wish to be named, as saying.  "We even approached some past
bidders so they can submit some proposal even if it's on
subcontracting basis, but there is no interest. It was either
this or liquidation."

Sanghi, who had sold Netmagic to Japanese telecom major NTT
Communication five years ago, is also engaged as an investor
backing many emerging companies, ET discloses. For Kejriwal, a
former India head at Temasek, who currently runs Kedaara Capital,
this will be a personal investment.

Jyoti Structures Limited operates as an engineering, procurement,
tower testing, manufacturing, and construction company in the
transmission lines, substations, and distribution sectors in
India and internationally.


LAKSHMI SAAI: CRISIL Reaffirms B+ Rating on INR11MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facilities of Lakshmi Saai Agri Cold Storage
Private Limited (LSA).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan         11       CRISIL B+/Stable (Reaffirmed)

   Proposed Working
   Capital Facility        1       CRISIL B+/Stable (Reaffirmed)


The rating continues to reflect the company's modest scale of
operations in the highly fragmented cold storage industry, and
its below-average financial risk profile. These weaknesses are
partially offset by the promoters' extensive experience in the
agricultural commodities business, and established customer
relationships.

Analytical Approach

CRISIL has treated the company's unsecured loans as neither debt
nor equity as they are non-interest-bearing and will remain in
the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: LSA has installed capacity of
20,000 tonne. The cold chain industry in India is highly
fragmented with the unorganised segment accounting for 80-85% of
total cold storage capacity.

* Below-average financial risk profile: Cash accrual is expected
to be tightly matched against repayment obligation. However,
liquidity is expected to be supported by unsecured loans from
promoters and capital subsidy from the national horticulture
board. Timely support through unsecured loans and receipt of
subsidy will remain a key rating sensitivity factor.  Gearing was
high at 2.74 times as on March 31, 2017. Gearing is expected to
improve gradually with improvement in profitability and absence
of debt-funded capital expenditure. Debt protection metrics are
healthy because of low borrowing cost.

Strengths

* Promoters' extensive industry experience: The promoters have
been in the agricultural commodities trading business for over 30
years, and have gained insight into the industry dynamics, which
enabled them to venture into cold storage business. Further, they
scaled up operations over a short period of time, and developed
good relationships with customers. Furthermore, their established
position helps the company in terms of pricing, and assured
demand and supply.

Outlook: Stable

CRISIL believes LSA will continue to benefit from its promoters'
extensive experience. The outlook may be revised to 'Positive' if
improvement in revenue and profitability leads to better cash
accrual. The outlook may be revised to 'Negative' if financial
risk profile weakens due to constrained profitability, or large,
debt-funded capital expenditure, or absence of timely fund
support from promoters.

LSA was incorporated in 2010, but commenced operations in 2014.
Based in Chennai. It operates a cold storage facility. It is
managed by director Mr. C Suresh Kumar.


LAKSHYA DAIRY: ICRA Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA has moved the long term rating for the bank facilities of
Lakshya Dairy Private Limited (LDPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                     Amount
  Facilities       (INR crore)   Ratings
  ----------       -----------   -------
  Long-Term Fund        7.50     [ICRA]D ISSUER NOT COOPERATING;
  Based                          Rating moved to the 'Issuer
                                 Not Cooperating' category

  Unallocated           2.50     [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer
                                 Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Incorporated in 2007-08, LDPL is engaged in the trading of milk.
The company has been promoted by Mr Rajbir Singh Nagar and Mr
Rohit Nagar, who have been in the milk trading business for more
than two decades. The company procures milk from farmers and milk
aggregators, and preserves it in its chillers before selling it
to milk processors and local dairies.


LAXMI BALAJI: CRISIL Reaffirms B+ Rating on INR6.6MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Laxmi Balaji Cotton Industries (LBCI) at 'CRISIL
B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           6.6       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .5       CRISIL B+/Stable (Reaffirmed)

   Term Loan             2.9       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest, though improving, scale
of operation in the competitive cotton ginning industry, large
working capital requirement and an average financial risk
profile. These rating weaknesses are partially offset by the
extensive industry experience of the partners and an established
relationship with suppliers and customers.

Analytical Approach

CRISIL has treated unsecured loans of INR1.3 crore from the
partners as on March 31, 2017, as neither debt nor equity. That's
because the loans carry a nominal interest rate and are expected
to be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest, though improving, scale of operations in a highly
fragmented industry: The initial phase of operations and
fragmentation in the cotton ginning industry have led to modest
revenue of INR33 crore in fiscal 2017. Although the revenue
increased from INR12.2 crore in fiscal 2016, it is expected to
remain at less than INR50 crore over the medium term, given the
limited capacity and intense competition. This also restricts
benefits of economies of scale and limits pricing flexibility,
thus constraining profitability.

* Working capital-intensive operations: Gross current assets were
high at 104 days, on account of debtors of 15 days and inventory
of 78 days, as on March 31, 2017. With no major credit available
on procurement, the working capital requirement is likely to
remain high over the medium term.

* Average financial risk profile: The networth was small at
INR4.6 crore, and the gearing high at over 1.9 times, as on
March 31, 2017.

Strengths

* Extensive industry experience of the partners: The partners
have an experience of more than 20 years in the cotton ginning
industry. This has enabled them to understand the dynamics of the
local market, and establish relationships with customers and
suppliers. Their experience has led to a ramp up in scale in
quick time.

* Funding support from the partners: The partners have extended
unsecured loans of INR1.31 crore in fiscal 2017.

Outlook: Stable

CRISIL believes LBCI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of better-than-expected revenue and cash
accrual or capital infusion, thus strengthening the capital
structure. The outlook may be revised to 'Negative' in case of
lower-than-anticipated revenue and cash accrual, sizable working
capital requirement, or large, unanticipated capital expenditure,
weakening the financial risk profile, particularly liquidity.

Established in 2015, LBCI is a partnership firm of Mr. Ankit
Tayal and Mr. Sajal Agrawal. The firm gins and presses cotton at
its unit in Shahpur, Karnataka, which has a capacity of around
400 cotton bales per day. The family members of the partners have
a track record of over four decades in the cotton ginning
industry.

In fiscal 2017, profit after tax (PAT) was INR64 lakh on net
sales of INR33.87 crore, as against net loss of INR22 lakh on net
sales of INR11.88 crore in fiscal 2016.


MAHESHWARI INDUSTRIES: ICRA Moves B Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the long term rating for the bank facilities of
Maheshwari Industries (MI) to the 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B (Stable) ISSUER
NOT COOPERATING".

                      Amount
  Facilities        (INR crore)    Ratings
  ----------        -----------    -------
  Fund based-Cash       7.00       [ICRA]B (Stable) ISSUER NOT
  Credit                           COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity.

Maheshwari Industries (MI) is a proprietorship concern
incorporated in the year 1996 promoted by Mrs. Meenakshi
Maheshwari. The operations of the firm are managed by Mr. Upendra
Maheshwari who has an experience of more than two decades in
steel trading business.

The firm is engaged in trading of steel and steel products in
Mumbai and nearby regions. It has a warehouse in Kalamboli, Navi
Mumbai where it stores the steel products procured from the steel
manufacturing units and supplies to its clients based on their
requirements The products supplied by the firm include TMT bars,
corrosion resistant steel (CRS), epoxy coated steel (PSL
process), ready-made steel (Cut & Bend Bars), Structural Steels,
Electric Resistance welded pipes (ERW), Galvanised plain (GP)
sheets, galvanised corrugated sheet (GC), hot rolled (HR) and
Cold rolled (CR) sheets to infrastructure projects, builders and
subcontractors in civil construction industry.


MAINI GROUP: ICRA Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA has moved the long term rating for the bank facilities of
Maini Group of Educational Society (MGES) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long-Term Fund       9.00       [ICRA]B+ (Stable) ISSUER NOT
  Based                           COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

  Unallocated          0.50       [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  the 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Established in 2011, MGES operates the Cambridge International
School in Nawashahr, Punjab. The school commenced operations in
April 2013 and has ~1100 students in Academic Year 2016-17. The
society is promoted by Mr Sukhdev Prasad Maini and Mr Rajan Maini
who have other business interests, including filling stations and
brick kilns.


MATHEW ASSOCIATES: CRISIL Cuts Rating on INR4.5MM Loan to B
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
facilities of Mathew Associates Hook - Up & Weld Services (MAHWS)
to 'CRISIL B/Stable' from 'CRISIL B+/Stable' while reaffirming
the short term rating at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       10.5       CRISIL A4 (Reaffirmed)

   Cash Credit           4.5       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The rating downgrade reflects elongation in the working capital
cycle along with higher than expected withdrawals from the firm.
The GCA as on March 31, 2017 was higher than CRISIL's
expectations at 354 days as against 291 days as on March 31,
2016. The withdrawals from the firm has been at INR 1.61 crores
as against profit after tax of INR 2.3 crores. The downgrade also
reflects sluggish new order inflow and execution of orders in
hand , resulting in lower than expected scale of operations. The
revenues of the firm declined to INR 25.6 crores in fiscal 2017
as against INR 31.5 crores in fiscal 2016, despite adequate
orders in hand.

The ratings continue to reflect the firm's modest scale of
operations in the fabrication business and customer concentration
in its revenue, and its subdued financial risk profile because of
small networth and high total outside liabilities to adjusted
networth ratio (TOL/ANW). These weaknesses are partially offset
by its partner's extensive experience in the fabrication
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and customer concentration in
revenues: MAHWS is a modest player in highly competitive
industry. Also, it has not diversified into other segments other
than oilfield services. Since commencing operations in 1992,
firm's revenue has been volatile on account of high customer
concentration and its inability to procure business from other
potential customers. The resultant scale of operations have
remained in the range of INR 26 crores to INR 40 crores in the
past three fiscals.

* Subdued financial risk profile: MAHWS has a small net-worth of
INR 7.4 crores as on March 31, 2017 and has remained at this
level over the last three fiscals through fiscal 2017. The TOL/
ANW of the firm is also high at 3.9 times as on March 31, 2017.

Strengths

* Partner's extensive experience in the fabrication business:
MAHWS is promoted and managed by Mr. Rajendra Prasad Mada and Mr.
Thomas George who have an experience in oilfield services of more
than two decades. Besides, the firm also has a well-defined
organizational structure and qualified & experienced second tier
management in the decision making positions. This has helped the
firm to develop a name for itself and establish relationships
with its customers.

Outlook: Stable

CRISIL believes MAHWS will continue to benefit from its partner's
industry experience. The outlook may be revised to 'Positive' if
there is a significant increase in operating revenue and
profitability, or if the firm diversifies its clientele. The
outlook may be revised to 'Negative' if its capital structure
deteriorates on account of stretch in working capital cycle,
large debt funded capital expenditure or large withdrawals, or if
its revenue or profitability is lower than expected.

MAHWS, formed in 1992, is engaged in engineering, fabrication,
and installation of oil rigs for oil and gas companies. It was
formed as a proprietorship firm by Mr. Mathew who has extensive
experience in project management, manufacturing, fabrication,
supply and commissioning of equipment and chemical plants. MAHWS
has ISO 9001:2008 (for quality management) and OHSAS 18001:2007
(for occupational health and safety management system)
certifications from DNV GL.


MIRACLE DEVELOPERS: CRISIL Withdraws D Rating on INR6MM Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Miracle
Developers (MD) for obtaining information through letters and
emails dated April 10, 2017 and May 8, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             6        CRISIL D (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MD. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
the group is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower. Based on the
last available information, CRISIL has migrated the rating to
'CRISIL D/Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the bank facility of MD,
following a request from the company, and receipt of the no due
certificate from the rated bankers. The rating action is in line
with CRISIL's policy on withdrawal of its bank loan borrowings.

MD was established in 2010 by Mr. Rahul Gawade and his brother
Mr. Amit Gawade and is engaged in development of residential
property in Wakad in Pune. The firm is currently engaged in
development of one project of about 1 lac sq ft (in two phases)
in under the name' Miracle Mark'.


MODERN INDUSTRIES: CRISIL Reaffirms B+ Rating on INR3.05MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Modern Industries - Bhavnagar
(MI).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        .49       CRISIL A4 (Reaffirmed)

   Cash Credit          3.05       CRISIL B+/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit     1.50       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   1.91       CRISIL B+/Stable (Reaffirmed)

   Term Loan            3.05       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations and average financial risk profile. These weaknesses
are partially offset by the extensive experience of its partners
in the steel industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: Modest scale of operations (revenue
of INR32.27 crore in fiscal 2017) amid intense competition limits
pricing power with customers or suppliers, thereby constraining
profitability.

* Average financial risk profile: Both capital structure and debt
protection metrics are average, indicated by high total outside
liabilities to adjusted networth ratio of 5.92 times and modest
networth of INR1.19 crore as on March 31, 2017, and interest
coverage of 1.18 times in fiscal 2017.

Strength

* Extensive industry experience of the partners: Longstanding
presence in the steel trading segment has enabled the partners to
register healthy revenue growth and establish strong
relationships with principal suppliers and customers.

Outlook: Stable

CRISIL believes MI will continue to benefit from its partners'
extensive experience. The outlook may be revised to 'Positive' if
there is a significant and sustained increase in revenue and
profit margins, or if financial risk profile improves on account
of better capital structure and networth. The outlook may be
revised to 'Negative' if pressure on profitability leads to
lower-than-expected cash accrual or if sizeable working capital
requirement weakens financial risk profile.

MI, a partnership firm formed by Mr. Himanshu Kalra, Mr. Nandan
Chawala, and Mr. Sahil Trikha, manufactures ingots. It was formed
in fiscal 2015 and started commercial production in January 2015.
The firm has installed capacity of 1500 tonne per month at its
manufacturing plant at Bhavnagar in Gujarat.


NEOTECH EDUCATION: ICRA Moves D Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Neotech Education Foundation (NEF) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING".

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund based-Term       15.90     [ICRA]D ISSUER NOT COOPERATING;
  Loan                            Rating moved to the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly the lenders, investors and other market participants
are advised to exercise appropriate caution while using this
rating as the rating may not adequately reflect the credit risk
profile of the entity.

Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. The
college offers civil, electrical and mechanical engineering
courses at undergraduate level. Additionally, the college also
started offering Diploma courses in civil, computer, electrical
and mechanical streams with the total intake of 300 students per
batch from academic year 2014-15.


PEARL APPARELS: CRISIL Withdraws B Rating on INR2.9MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Pearl
Apparels for obtaining information through letters dated Jan. 24,
2017 and Feb. 14, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Foreign                3        CRISIL A4 (Issuer Not
   Documentary                     Cooperating; Rating
   Bills Purchase                  Withdrawal)

   Foreign Exchange       3.6      CRISIL A4 (Issuer Not
   Forward                         Cooperating; Rating
                                   Withdrawal)

   Packing Credit         3.0      CRISIL A4 (Issuer Not
                                   Cooperating; Rating
                                   Withdrawal)

   Term Loan              2.9      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating
                                   Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Pearl Apparels. This restricts
CRISIL's ability to take a forward-looking view on the credit
quality of the entity. CRISIL believes that the information
available for Pearl Apparels is consistent with 'Scenario 2'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on the bank facilities of
Pearl Apparels continues to be 'CRISIL B/Stable/CRISIL A4/Issuer
Not Cooperating'.

CRISIL has withdrawn its rating on the bank facilities of Pearl
Apparels at the firm's request and receipt of no objection
certificate from Oriental Bank of Commerce. The rating action is
in line with CRISIL's policy on withdrawal of its bank loan
ratings.

Set up in Gurugram (Haryana) in 1989, PA is a partnership firm of
Mr. Bishan Chand Gupta, Mr. Kishan Lal Gupta and Mr. Subhash
Chand Gupta. The firm, which manufactures readymade garments, is
a 100% export-oriented unit.


PERCEPT LTD: Cofounder Files Insolvency Petition v. Firm
--------------------------------------------------------
The Economic Times reports that Shailendra Singh, former managing
director at Percept Ltd, has dragged his estranged brother
Harindra Singh to the National Company Law Tribunal and sought
insolvency of the Mumbai-based media and entertainment group that
he cofounded to clear his dues.

In March last year, Shailendra Singh had stepped down as MD of
Percept, which he had been part of for 33 years and still owns
50% in, ET says.

He is seeking INR2.6 crore in salary and unpaid dues as an
operational creditor, which he claimed was paid to him through
cheques but was dishonoured due to insufficient funds, according
to his petition to the tribunal, ET relays.

ET reviewed a copy of the petition.

Both Shailendra Singh and Harindra Singh declined to comment on
the development, ET notes.

"Serious differences between them arose due to the high handed
conduct of Harindra Singh and his family who wanted to run the
companies as their own fiefdom and completely oust the
complainant and his family from the affairs of the companies,"
the petition to NCLT said, ET relays.

According to the report, Harindra Singh took full control of
Percept, which the brothers had founded in 1984, last year after
the brothers executed a family settlement. The group then had
said Shailendra Singh would continue as a passive shareholder but
will not be involved in its management.

According to the latter's petition, the holding companies and
joint properties were to be divided between the brothers and the
unpaid dues of the complainant for the services that he rendered
to the Percept Group of Companies was to be repaid, ET relates.

Percept Limited, through its subsidiaries, operates as an
entertainment, media, and communications company in India,
Bahrain, and the United Arab Emirates.


PRACHI AGRICULTURE: CRISIL Assigns B+ Rating to INR12.8MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Prachi Agriculture And Properties
Private Limited (PAPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       12.8       CRISIL B+/Stable (Assigned)

The rating reflects the benefit from the experience of PAPL's
promoters and their funding support. These strengths are
partially offset by exposure to risks related to implementation
of school, stabilisation of operations, and commensurate ramp-up
in occupancy and small scale of operations.

Key Rating Drivers & Detailed Description

Strengths

* Experiences of promoters: The promoters are already operating a
school, Bharatiya Vidya Bhavan's Raipur Kendra, which is an
internationally reputed institution since 2009. Over the years
they gained experience in management of the school and also the
key requirements of the industry. Hence, the new school under is
expected to benefit from the extensive experience of the
promoters.

* Funding support: Due to the initial stage of operations, any
mismatch between net cash accrual and repayment is expected to be
met by promoters in the form of unsecured loans.

Weakness

* Exposure to risks related to project implementation,
stabilisation of operations, and commensurate ramp-up in sales:
PAPL is setting up a school at Raipur which is currently under
construction phase and first academic session expected to begin
from Aril 2018 onwards. Timely implementation of the project and
stabilisation of operations and ramp up in student occupancy
levels will remain critical monitorables.

* Small scale of operations: The school is under construction
phase and yet to begin operations. First academic batch is
expected to begin from April 2018 onwards with initial classes
beginning Jr Kg to Std V. Further, even when the operations
start, the school will have limited fee income of INR1.45-3.25
crore over the two years of operations assuming occupancy levels
of 25-45%. Although healthy growth is expected over the medium
term, the small scale of operations will constrain the business
risk profile.

Outlook: Stable

CRISIL believes PAPL will benefit from the experience of the
promoters in the education field. The outlook may be revised to
'Positive' if timely project implementation and stabilisation of
operations lead to anticipated revenue, profitability, and cash
accrual during the initial phase of operations. Conversely, the
outlook may be revised to 'Negative' if PAPL faces delays in
start of school operations or its intake is lower than
expectation, leading to weak liquidity.

PAPL, incorporated in January 1988, is setting up a school, R K
Sarda Vidya Aashram, at Raipur.  The school is expected to
commence its first academic session from 2018-2019 onwards. Mr.
Kamal Kishore Sarda and his family are the promoters.

PAPL is a part of the Chhattisgarh-based Sarda group of companies
promoted by Mr. Kamal Kishore Sarda and his family; Sarda Energy
and Minerals Ltd is the group's flagship company. The group's
business interests include steel, ferroalloys, captive mines, and
power. Chhattisgarh Investments Ltd, Parvatiya Power Ltd, and Mr.
Sarda are the principal promoters of SDFPL.


PROTEUS ENTERPRISE: CRISIL Assigns B+ Rating to INR0.25MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Proteus Enterprise Private
Limited (PEPL).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Secured Overdraft
   Facility               0.25       CRISIL B+/Stable (Assigned)

   Bank Guarantee         6.75       CRISIL A4 (Assigned)

   Overdraft              1.00       CRISIL A4 (Assigned)

The ratings reflect the modest scale of, and working capital
intensity in, operations, amidst intense competition, and small
networth. These rating weaknesses are offset by the extensive
experience of the promoters, and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and small networth: Scale of
operations remains modest due to intense competition, as
reflected in revenue of INR11-12 crore, and networth of INR2.65
crore, respectively, as on March 31, 2017. Networth is expected
to remain around INR 3.00 Cr in the medium term.

* Working capital intensity in operations
Operations remain working capital intensive, as reflected in
gross current assets of 189 days as on March 31, 2017, led by
receivables of 145 days. Given the nature of business, operations
are expected to remain working capital intensive in the medium
term.

Strengths

* Extensive experience of the promoters: The decade-long
experience of the promoters, and their established track record
of completing over 20 projects since 2011, will continue to
support the business risk profile.

* Moderate financial risk profile: Financial risk profile is
marked by moderate gearing and adequate debt protection metrics.
Gearing stood at 1.05 times as on March 31, 2017. The interest
coverage and net cash accrual to total debt ratios were at 3.44
times and 0.69 times, respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes PEPL would continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of significant growth in revenue. The outlook
may be revised to 'Negative' if any stretch in the working
capital cycle weakens liquidity.

PEPL was incorporated in 2007, by Mr. Paresh Vadher along with
his close aides, and began operations in 2011. The company is
engaged in erection, supply and commissioning of power
transmission lines, and electricity substations for the
government and private entities.


RAHEE INFRATECH: CRISIL Reaffirms D Rating on INR176.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Rahee Infratech Ltd (RIPL) at 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       176.5      CRISIL D (Reaffirmed)

   Cash Credit           73        CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    20.5      CRISIL D (Reaffirmed)

The ratings reflect the company's continued delay in servicing
debt obligations on account of stretched liquidity because of
large working capital requirement. However, these weaknesses are
offset by the extensive experience of its promoters in the
railway construction and fastenings industry.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Operations are working
capital intensive, as reflected in gross current assets (GCAs) of
275-322 days over the three years through March 31, 2017. The
high GCAs are primarily due to the stretched receivables cycle,
large inventory and high loans and advances to group entities.
The same has resulted in the full utilisation of bank lines.

* Delays in interest payments to the bank: Stretched liquidity
has resulted in delay in servicing interest obligations.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' seven decade-long experience in the industry and
diversification into construction and steel fabrication should
support business.

RIPL was set up in 1948, as a partnership firm, Ramchander
Heeralall for supplying fastenings to the Indian Railways (IR).
In 1998, the firm was reconstituted as a private limited company,
with the current name. The company mainly operates in two lines
of business, construction and fabrication, and fastening. The
company currently undertakes construction of bridges, railway
sidings, superstructure, mobile flash butt welding and steel
fabrication, primarily for IR. It also manufacturers track
materials such as fish plates, steel clips, track bolts and nuts,
spikes, and elastic fastening, such as elastic rail clips, rail
anchors, and rubber pads.


REGEN INFRASTRUCTURE: ICRA Cuts Rating on INR20cr Loan to C
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR20 crore
fund based limits and INR20 crore non-fund based limits of Regen
Infrastructure and Services Private Limited (RISPL) from
[ICRA]BB- (pronounced ICRA double B minus) ISSUER NOT COOPERATING
to [ICRA]C (pronounced ICRA C) ISSUER NOT COOPERATING. The short
term rating assigned to the INR20 crore non-fund based bank
limits of the company has been reaffirmed at [ICRA]A4 (pronounced
ICRA A four) ISSUER NOT COOPERATING. The rating continues to
remain in the 'Issuer Not Cooperating' category.

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund Based Bank      20.00      [ICRA]C ISSUER NOT COOPERATING;
  Limits (Long-term)              Revised from [ICRA]BB- (Stable)
                                  and continues to remain in
                                  'Issuer Not Cooperating'
                                  Category

  Non-Fund Based       20.00      [ICRA]C/[ICRA]A4 ISSUER NOT
  Bank Limits                     COOPERATING; Long-term rating
  (Short-term)                    revised from [ICRA]BB-; short-
                                  term rating reaffirmed. Ratings
                                  continue to remain in 'Issuer
                                  Not Cooperating' category

Rationale

The rating downgrade follows the revision in rating of its parent
company, Regen Powertech Private Limited (RPPL) following delays
in debt servicing by RPPL to its lender(s). ICRA has limited
information on the entity's performance since the time it was
last rated in November 2013. As part of its process and in
accordance with its rating agreement with RISPL, ICRA has been
trying to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information. Accordingly the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

Analytical approach

For arriving at the ratings, ICRA has taken a consolidated view
of RPPL and RISPL, since both operate in the same line of
business, have operational linkages and share a common
management. ICRA has applied its rating methodologies/policies as
indicated below:

RISPL, incorporated in January 2008, is a wholly owned subsidiary
of RPPL. This company primarily handles the infrastructure
requirements in commissioning a WTG, including facilitation of
land acquisition, and the civil works w.r.t. erection and
commissioning of WTGs supplied by RPPL.


REGISTAN EXPORTS: CRISIL Assigns 'B' Rating to INR2.21MM Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Registan Exports (RE).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     2.21       CRISIL B/Stable

   Packing Credit         1.50       CRISIL A4

   Long Term Loan          .81       CRISIL B/Stable

   Foreign Exchange
   Forward                5.00       CRISIL A4

   Cash Credit             .98       CRISIL B/Stable

   Export Bill Purchase
   Discounting            1.50       CRISIL A4

The ratings reflect the firm's working capital-intensive
operations and stretched liquidity. These strengths are partially
offset by the extensive experience of its promoters in the
garment industry and association with Reliance Trends.

Analytical Approach

Unsecured loans of INR 1.43 Cr are treated as debt, as they are
interest bearing.

Key Rating Drivers & Detailed Description

Weaknesses:

* Working capital-intensive operations: Operations remain working
capital intensive marked by high gross current assets of 250 days
due to sizeable inventory and stretched receivables. Working
capital requirement is expected to remain large because of the
nature of RE's business.

* Weak liquidity: Cash accrual was INR14 lakh against debt
repayment of INR22.32 lakh in fiscal 2017. However, liquidity
derives comfort from unsecured loans extended regularly by
promoters.

Strengths:

* Promoters' experience and association with Reliance Trends:
Presence of more than 25 years in the garment industry and
association with Reliance Trends (accounts for over 30% of RE's
overall revenue) will continue to support business over the
medium term.

Outlook: Stable

CRISIL believes RE will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if higher-than-expected sales and
profitability lead to healthy cash accrual. The outlook may be
revised to 'Negative' if substantially low profitability weakens
financial risk profile, especially liquidity.

RE was incorporated in 1990 as a proprietorship firm by Mr. Akash
Gupta. In 1994 it was converted into partnership firm along with
his family members. It is involved in cutting, stitching and
packing of fabrics. Plant is based out in Jaipur, Rajasthan.


ROYAL POWER: ICRA Removes B- Rating From Not Cooperating Category
-----------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B- (Stable) and
[ICRA]A4 from the 'ISSUER NOT COOPERATING' category as Royal
Power Turnkey Implements Private Limited has now submitted its
'No Default Statement' ("NDS") which validates that the company
is regular in meeting its debt servicing obligations. The
company's rating was moved to the 'ISSUER NOT COOPERATING'
category in November 15, 2017.

The assigned rating takes into account the fairly established
track record of the promoters in executing turnkey power
projects. Gaining support from the Government's thrust on the
transmission and distribution systems, the company's order book
position as on May 2017 stood healthy at ~INR116 crore, i.e.,
5.9x of its OI in FY2017.

The rating, however, is constrained by the time over-runs in the
ongoing work orders leading to a stretched liquidity profile as
evident from the consistently high utilisation of working capital
facilities. Further, such elongated project duration leads to
funds being locked as margin and retention money, as well as
exposure to high contingent liability in the form of bank
guarantees submitted. ICRA notes that any further deferment in
the execution will impact the revenue bookings and constrain the
company's capacity to place new bids. The rating also notes the
delays in collection from state utilities and the revenue's
vulnerability to the order cycle and execution co-operation
provided by the clients. The rating also factors in the modest
scale of operations with a declining trend in revenues witnessed
over the last three years, inherent execution risk associated
with the project nature of the business, and the intense
competition prevalent in the industry.

Going forward, the timely project completion, diversifying
clientele base to scale up operations and efficiency in the
working capital management will be the key rating sensitivities.


SADANAND LAXMANRAO: CRISIL Withdraws 'B' Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facility of
Sadanand Laxmanrao Patil (SLP). SLP requested CRISIL to withdraw
the ratings and have provided withdrawal request. The rating
action is in line with CRISIL's policy on withdrawal of its bank
loan facilities.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Term Loan              10       CRISIL B/Stable (Withdrawal)

Analytical Approach

CRISIL has combine SLP, Gajanan Uttamrao Mante (GUM) and Gajanan
Mante and Sadanand Patil (Association of Person; AOP) together
referred as 'Apratim group' for arriving at the rating since all
three entities are executing a single project namely Lake city in
Pali and have common management.

SLP, established in 2007 by Pune-based entrepreneur, Mr. Sadanand
Laxmanrao, has been engaged in the real estate business since
then.


SAI RAGHAVENDRA: CRISIL Reaffirms B+ Rating on INR4.15MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its CRISIL B+/Stable' rating on the
bank facilities of Sai Raghavendra Rice Industries (Sai
Raghavendra).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          4.15       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       1.47       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   1.88       CRISIL B+/Stable (Reaffirmed)

   SME Credit            .50       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's modest scale of
operations in the intensely competitive rice milling industry,
and susceptibility to changes in government regulations and paddy
prices. These rating weaknesses are partially offset by benefits
derived from the promoters' extensive experience and moderate
financial risk profile, marked by modest net worth, low gearing,
and average debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in intensely competitive rice
milling industry: Business risk profile is marginally constrained
by modest scale of operations in the fragmented rice milling
industry. Revenue was INR15.15 Cr in 2016-17 and is expected to
remain modest with no major capacity addition plans.

* Susceptibility to changes in government regulations and
volatility in raw material prices: Sai Raghavendra has a volatile
operating margin marked by 5.2-9.6 percent over the three years
ended March 31, 2017. The domestic rice industry is highly
regulated in terms of paddy prices, export/import policy for
rice, and rice release mechanism, which affects the credit
quality of players in the industry

Strengths

* Promoters' extensive experience in the rice milling industry
and established relationships with its suppliers and customers:
Promoter has been in this business for more than two decades.
This has helped the firm in establishing strong relationships
with its customers and ensuring stability in demand and regular
supply of paddy

* Moderate financial risk profile: Sai Raghavendra had a gearing
of about 1.03 times as on March 31, 2017. Debt protection
measures with interest coverage and net cash accruals to total
debt (NCATD) ratios estimated at about 2.06 times and 13 percent,
respectively, in 2016-17.

Outlook: Stable

CRISIL believes Sai Raghavendra will continue to benefit over the
medium term from the promoters' extensive experience. The outlook
may be revised to 'Positive' if a substantial and sustained
increase in revenue, stable profitability, and sizeable equity
infusion by the promoters strengthen financial risk profile.
Conversely, the outlook may be revised to 'Negative' if a steep
decline in profitability, or stretch in working capital cycle,
weakens the financial metrics.

Incorporated in 2011 as a partnership firm, Sai Raghavendra
operates a rice mill for undertaking milling and processing of
paddy into rice, rice bran, broken rice, and husk. The firm
commenced commercial operations in fiscal 2013 and is based in
Kolkulpally, Andhra Pradesh. The managing partners, Mr. V Jagan
and Mr. V Srinivas, have around 30 years of experience in similar
lines of business.

During fiscal 2017, the firm reported a profit after tax (PAT) of
INR0.03 Crores on operating income of INR15.15 Crores against PAT
of INR0.04 Crores on operating income of INR22.47 Crores in the
previous fiscal.


SHREE HANS: ICRA Moves B+ Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the ratings for the bank facilities of Shree Hans
Rice & General Mills (SHRGM) to the 'Issuer Not Cooperating'
category. The rating is now denoted as [ICRA]B+(Stable)/[ICRA]A4
ISSUER NOT COOPERATING.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund Based Limits      74.40      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Unallocated
  (Proposed Limits)       0.60      [ICRA]B+(Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating moved to the 'Issuer
                                    Not Cooperating' category

ICRA has been seeking information from the entity so as to
monitor its performance. Despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA on the basis of the best
available/dated/limited information on the issuers' performance.
Accordingly, lenders, investors and other market participants are
advised to exercise appropriate caution while using this rating
as it may not adequately reflect the credit risk profile of the
entity.

Policy in respect of non-cooperation by the rated entity
SHRGM a partnership firm, was incorporated in 1980, and is
primarily engaged in milling of basmati rice, with its milling
unit located in Taraori, Karnal, in close proximity to the local
grain market. The firm has a milling and sorting capacity of 12
tonnes per hour.


SHRI JAGRITI: CRISIL Migrates Rating on INR5MM Term Loan to B+
--------------------------------------------------------------
Due to inadequate information, and in line with guidelines of
Securities and Exchange Board of India (SEBI), CRISIL Ratings had
migrated the rating on the long-term bank facilities of Shri
Jagriti Solvex Private Limited (SJSPL) to 'CRISIL B/Stable/Issuer
Not Cooperating'. However, the company management has started
sharing the information necessary for a comprehensive review of
the rating. Consequently, CRISIL is migrating the rating rating
on the bank facilities of SJSPL from 'CRISIL B/Stable/Issuer Not
Cooperating' to 'CRISIL B+/Stable' and rating on the short term
facility has been reassigned at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft              6        CRISIL A4 (Reassigned)

   Term Loan              5        CRISIL B+/Stable (Migrated
                                   from 'CRISIL B/Stable' Issuer
                                   Not Cooperating)

The upgrade reflects successful completion of capital expenditure
and stabilisation of operations in fiscal 2018. The company has
commenced operations from April 2017 and is expected to report
revenue of around INR65 crore in fiscal 2018. The upgrade also
factors in CRISIL's belief that the revenue growth will be
sustained over the medium term along with along with maintenance
of steady operating margin. This will lead to moderate accruals
to meet repayments and support liquidity.

The rating reflects SJSPL's nascent stage of operations in
intensely competitive industry, below-average financial risk
profile marked by expected aggressive capital structure and
average debt protection metrics and Susceptibility of operating
margin to volatility in raw material prices. These weaknesses are
partially offset by extensive experience of its promoters in the
solvent extraction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations in intensely competitive industry:
The edible oil industry is highly fragmented, with numerous
small-scale unorganized players catering to local demands. This
coupled with nascent stage of operations will lead to modest
scale of operations and limits SJSPL's ability to bargain with
its suppliers and customers.

* Modest financial risk profile: Nascent stage of operations is
expected to result in modest networth of INR4.5-4.75 crore and
high Total outside liabilities to tangible networth ratio at 3.0-
3.5 times as on March 31, 2018. Debt protection metrics is
expected to remain average due to high interest costs and average
operating margins

* Susceptibility of operating margin to volatility in raw
material prices: SJSPL's operating margin is vulnerable to
adverse movements in the prices of its raw material, rice bran,
which is dependent on the rice production which is affected by
changes in weather and monsoon.

Strengths

* Extensive industry experience of the promoters: The promoters
have been in the solvent extraction business for a decade, and
have established strong relationships with customers and
suppliers, and has helped them to have understanding of the
dynamics of the local market, anticipating price trends and
calibrating purchasing and stocking decisions.

Outlook: Stable

CRISIL believes SJSPL will continue to benefit from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if revenue and profitability improve,
leading to higher cash accrual and better financial risk profile.
The outlook may be revised to 'Negative' if lower-than-expected
revenue or profitability or stretch in working capital cycle
weakens financial risk profile or liquidity.

Incorporated in 2011 by Mr. Kamal Kumar, SJSPL operates a rice
bran oil extraction plant and refinery at Mahasamund
(Chhattisgarh). The company commenced operations from April 2017.


SILK WOVEN: ICRA Lowers Rating on INR5cr Term Loan to D
-------------------------------------------------------
ICRA has revised the rating of bank facilities of Silk Woven Sack
Private Limited (SWSPL) to [ICRA]D from [ICRA]B-.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-Term        5.00        [ICRA]D; Revised from
  Loan                               [ICRA]B- (Stable)

  Fund based-Cash        1.50        [ICRA]D; Revised from
  Credit                            [ICRA]B- (Stable)

Rationale

The rating downgrade follows the delays in debt servicing by Silk
Woven Sack Private Limited to the lender, as confirmed by them to
ICRA.

Key rating drivers

Credit Strengths

* Experience of key promoters in manufacturing of woven sacks:
SWSPL was incorporated in 2014 and the promoters have an
extensive experience in manufacturing of woven sacks.

* Fiscal benefits in terms of interest subsidy and Government
capital subsidy for units engaged in woven sacks industry: The
company is eligible to avail of interest subsidy of 6% on term
loan of plant and machinery and 15% capital subsidy under the
Technology Upgradation Fund scheme of the Central Government.

Credit challenges

* Delays in repayment of debt obligations: The account is
irregular.

* Weak financial profile characterised by net losses, weak debt
coverage indicators and a stretched capital structure: The
financial profile of the company remains weak as is evident from
its net losses of INR0.51 crore, weak debt coverage indicators
with DSCR of 0.70 times and stretched capital structure as is
evident from a high gearing of 3.60 times in FY2017.

* Intense competition and fragmented nature of industry: The
plastic poly woven sack industry remains highly fragmented with
many players operating predominantly in the small and medium
scale sector leading to intense competition and pricing pressure.
In the FIBC segment, the company faces competition from
established players in the export market as well as from cheaper
Chinese exporters.

Incorporated in 2014, Silk Woven Sack Private Limited is in the
business of manufacturing PP woven fabric. The company is managed
by Mr. Divyesh Rangani and three other partners. The company has
its manufacturing facility located near Rajkot in Gujarat with
the installed capacity of 2500 MT per annum.

The company manufacturers PP fabric rolls ranging between 35 GSM
to 150 GSM and size ranging from 12 inches to 36 inches; which it
sells through various dealers and distributors across Gujarat.


SPECTOMS ENGINEERING: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Spectoms Engineering
Private Limited (SEPL) 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 SEPL from 'CRISIL
B+/Stable/CRISIL A4/Issuer Not Cooperating' to 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       4.65       CRISIL A4 (Migrated from
                                   'CRISIL A4' Issuer Not
                                   Cooperating)

   Bill Purchase         .20       CRISIL A4 (Migrated from
                                   'CRISIL A4' Issuer Not
                                   Cooperating)

   Cash Credit          1.60       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable'
                                   Issuer Not Cooperating)

   Letter of Credit     2.00       CRISIL A4 (Migrated from
                                   'CRISIL A4' Issuer Not
                                   Cooperating)

   Proposed Long Term
   Bank Loan Facility   2.05       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable'
                                   Issuer Not Cooperating)

   Proposed Term Loan    .50       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable'
                                   Issuer Not Cooperating)

The ratings continue to reflect the company's modest scale of
operations, large working capital requirement, and constrained
financial risk profile. These weaknesses are partially offset by
the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Despite rising 163% in fiscal 2017
over the previous fiscal, sales remained modest, at INR14.5
crore, largely due to the company' tender-based business and
exposure to intense competition.

* Large working capital requirement: Gross current assets were at
147 days as on March 31, 2017, due to inventory and receivables
of 54 days and 23 days, respectively.

* Constrained financial risk profile: Networth was modest at
INR1.6 crore as on March 31, 2017, leading to average gearing and
debt protection metrics constraining the financial risk profile.

Strength

* Extensive experience of the promoters: The promoters'
experience of more than two decades has helped the company
establish strong relationships with customers and suppliers.

Outlook: Stable

CRISIL believes SEPL will continue to benefit from its promoters'
experience. The outlook may be revised to 'Positive' if higher-
than-expected revenue and operating margin leading to substantial
cash accrual, or significant equity infusion by the promoters,
results in a better financial risk profile. The outlook may be
revised to 'Negative' if significant decline in operating margin
or cash accrual, inefficient working capital management,
larger'than-expected, debt-funded capital expenditure, or
sizeable capital withdrawal weakens the financial risk profile.

Incorporated in 1974, SEPL is owned and managed by the Shah
family of Vadodara (Gujarat). The company is primarily a turnkey
supplier of feed milling solutions. It also manufactures marine
equipment.


SRI SATYA: CRISIL Migrates Rating on INR5.5MM Cash Loan to B+
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated
the rating on the long-term bank facility of Sri Satya Bhaskara
Poultry Farm (SSBPF) to 'CRISIL B+/Stable/Issuer Not
Cooperating'. However, management has subsequently started
sharing information necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL is migrating the
rating on the company's bank facility from 'CRISIL
B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Open Cash Credit      5.2       CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable'
                                   Issuer Not Cooperating)

The rating continues to reflect SSBPF's Susceptibility to risks
inherent in poultry industry and intense competition, its modest
scale of operation and Weak Financial risk profile marked by
modest net worth and weak debt protection metrics. These rating
weakness are partially offset by SSBPF's partner's extensive
industry experience and long standing relationship with customers
and suppliers.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operation and Susceptibility to risks inherent
in poultry industry and intense competition: The firm reported
revenue around INR21.80 Crores during FY 2016-17. SBPF's business
risk profile is susceptible to the risk inherent in the poultry
industry and to intense competition. Also, the industry is highly
fragmented with large number of unorganized players on account of
low entry barriers due to low capital intensity. SSBPF, operating
in the open market, is susceptible to intense competition in the
segment.

* Weak Financial Risk Profile: SSBPF had modest net worth of
around INR5.34 Cr as on March 31, 2017 and weak debt protection
metrics as indicated by net cash accruals to total debt (NCATD)
of around 7 percent and interest coverage ratio of around 1.8 for
2016-17.

Strengths

* Extensive industry experience of promoters and Established
relationship with its customers: The extensive industry
experience of the promoters and their established linkages with
various traders has enabled the healthy offtake of eggs. CRISIL
believes that SSBPF's business risk profile will continue to
benefit from the extensive industry experience of its promoters.

Outlook: Stable

CRISIL believes that SSBPF will benefit from the extensive
industry experience of its partners and its established track
record in the poultry business. The outlook may be revised to
'Positive' if SSBPF diversifies its customer profile or increases
its scale of operations and operating profitability on a
sustained basis leading to an improvement in its financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's revenues or operating profitability decline
significantly or if the firm undertakes a 'larger than expected'
debt funded capex thereby leading to deterioration in its
financial risk profile.

Established in 2011 as a partnership firm, SSBPF is involved in
the production of commercial eggs. The firm has its manufacturing
unit in Hyderabad (Telangana). The firm is promoted by Mr. Sesha
Reddy and his wife Mrs. Snehalatha.

During fiscal 2017, the Firm reported a profit after tax (PAT) of
INR0.44 Crores on operating income of INR21.79 Crores against PAT
of INR0.42 Crores on operating income of INR17.19 Crores in the
previous fiscal.


SRIRANI SATI: CRISIL Reaffirms B Rating on INR6.75MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
loan facilities of Srirani Sati Enterprises Private Limited
(SSEPL) at 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           6.75      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.25      CRISIL B/Stable (Reaffirmed)

The rating reflects working capital-intensive operations and a
weak financial risk profile. The rating also factors in low
bargaining power with principals and exposure to intense
competition in the iron and steel industry. These weaknesses are
partially offset by the extensive industry experience of the
promoters and association with Electrosteel Castings Limited.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets
(GCAs) were high at 311 days as on March 31, 2017, mainly due to
high receivables and moderate inventory. There is moderate
exposure to debtor risk owing to a policy of allowing open credit
to customers and dealers. However, the risk is mitigated by the
established relationship with them and their dependency on the
company for products of as SSEPL is the exclusive distributor of
Electrosteel's thermo-mechanically treated (TMT) bars and wire
rods in Bihar.

* Weak financial risk profile: The networth is small, the total
outside liabilities to tangible networth (TOLTNW) ratio high, and
debt protection metrics below average. The networth was INR4.73
crore as on March 31, 2017, on account of low accretion to
reserves. This limits the ability to act against any potential
adverse conditions or business downturns. The TOLTNW ratio was
1.90 times as on March 31, 2017, due to high reliance on external
borrowing to fund working capital requirement. The interest
coverage and net cash accrual to total debt ratios were 1.14
times and 0.02 time, respectively, in fiscal 2017, mainly due to
low cash accrual, given the trading nature of operations.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of a decade in steel trading, although the
company has been in operations for only three years. It has been
an authorised distributor of TMT bars and pig iron of
Electrosteel since fiscal 2013 in Bihar. It also trades in steel
structural products manufactured by local rolling mills.

Furthermore, the company is the sole distributor of TMT bars and
wire roads of Electrosteel in Bihar. The extensive industry
experience of promoters and association with Electrosteel should
help to gradually improve the scale of operations.

Outlook: Stable

CRISIL believes SSEPL will continue to benefit from the extensive
industry experience of its promoters and association with
Electrosteel. The outlook may be revised to 'Positive' in case of
healthy cash accrual, improvement in working capital management,
or infusion of substantial capital, leading to better liquidity
and debt protection metrics. The outlook may be revised to
'Negative' in case of low cash accrual, deterioration in working
capital management, or large, debt-funded capital expenditure,
leading to deterioration in the financial risk profile,
especially liquidity.

SSEPL, incorporated in fiscal 2012 and promoted by the Patna-
based Mohanka family, commenced operations from fiscal 2013. The
company is an authorised distributor of Electrosteel for TMT bars
and pig iron, in Bihar. It also trades in steel structural
products manufactured by local rolling mills. Operations are
managed by its promoter-director Mr. Jagdish Prasad Mohanka and
Mr. Prakash Kumar Mohanka.


TRIDENT SUGARS: CRISIL Keeps C Ratings on Watch Developing
----------------------------------------------------------
CRISIL's rating on the bank facilities of Trident Sugars Limited
(TSL) remains on 'Rating Watch with developing Implications'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term
   Bank Loan Facility     34.2       CRISIL C/Watch Developing
                                     (Continues on 'Rating Watch
                                     with Developing
                                     Implications')

   Rupee Term Loan        15.8       CRISIL C/Watch Developing
                                     (Continues on 'Rating Watch
                                     with Developing
                                     Implications')

CRISIL had placed the ratings on the bank facilities of TSL on
Rating Watch with developing Implications on April 29, 2017. The
rating action followed the announcement by Rajshree Sugars and
Chemicals Limited (RSCL) confirming divestment of its entire
stake in TSL to Natems Sugars Private Limited (NSPL).
Subsequently, CRISIL had extended the watch in July 2017 and
October 2017. CRISIL will continue to follow up with NSPL's
management to evaluate the extent of impact of the corporate
action on the credit risk profile of TSL and will remove the
ratings from watch and take a final rating action upon receiving
adequate clarity and information.

The ratings continue to reflect TSL's below-average financial
risk profile, and the company's susceptibility to regulatory
risks in the sugar industry. These rating weaknesses are
partially offset by TSL's long-standing regional presence.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The Company's financial risk
profile continue to be weak marked by high gearing and subdued
debt protection metrics. Substantial losses incurred in the past
and sizeable debt has resulted in leveraged capital structure as
reflected in gearing of 21 times as on March 31, 2017. Debt
protection metrics remains subdued marked by interest coverage of
0.84 for fiscal 2017.

* Susceptibility to regulatory risks in the sugar industry: The
domestic sugar industry is regulated in terms of cane prices,
payment terms of sugarcane and export and import of sugar. Govt
of India (GOI) fixes the statutory minimum price (SMP) or the
fair and remunerative price (F&RP) to be paid to cane growers,
rendering many mills sick.

Strength

* Long-standing regional presence in Telanagana: TSL has a long
standing presence in Zaheerabad, Telangana region. The plant
currently has a crushing capacity of 3000 TCD (tonnes of cane per
day).  TSL's plant (crushing unit) is located close to sugar
crane growing region.

Based in Zaheerabad (Telanagana), TSL was incorporated in 2002 is
into manufacturing of sugar and has a crushing capacity of 3000
TCD (tonnes of cane per day).



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


SAWIT SUMBERMAS: Fitch Assigns Final B+ Rating to US$300MM Notes
-----------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based palm oil and sugar
producer PT Sawit Sumbermas Sarana Tbk's (SSMS, B+/Positive)
US$300 million 7.75% senior notes due 2023 a final rating of
'B+', and a Recovery Rating of 'RR4'. The notes are issued by
SSMS's wholly owned subsidiary, SSMS Plantation International
Pte. Ltd., and are guaranteed by SSMS and its parent, PT Citra
Borneo Indah (CBI), and certain operating subsidiaries.

The final rating follows the receipt of documents conforming to
the information already received and is in line with the expected
rating assigned on 15 January 2018. SSMS intends to use the
proceeds mainly for refinancing existing debt. The new notes will
extend SSMS's debt maturity to 2023. The notes are rated at the
same level as SSMS's IDR as they represent the company's
unconditional, unsecured and unsubordinated obligations.

KEY RATING DRIVERS

Rating Based on Consolidated Profile: Fitch analyses CBI and its
subsidiaries as a single economic entity because of their strong
legal, strategic and operational linkages. Fitch's assessment
reflects the sustainability initiatives and business strategies
of CBI and its subsidiaries, which include constructing an export
platform and developing a palm oil refinery, and the guarantees
under the note issuance. Therefore Fitch has based SSMS's IDR on
CBI's consolidated financial profile.

Efficient Upstream Operator: SSMS's rating is supported by its
young plantation area and favourable operating profile. SSMS
owned and operated 19 oil palm estates in Central Kalimantan at
end-June 2017. SSMS had a high oil extraction rate (OER) of 23.1%
at end-2017, one of the industry's highest in Indonesia. SSMS's
planted area had a young average age of 8.3 years at end-2017. Of
the more than 70,000 ha of planted area, about 15,000 ha are
immature.

The young maturity profile of the oil palm trees provides the
company with future production growth. Fitch expect overall fresh
fruit bunch (FFB) yield to gradually improve to around 22.5
tonnes/ha (2016: 18.0 tonnes/ha) as more plants enter their prime
age. Fitch expect annual crude palm oil (CPO) production to
increase to above 450,000 tonnes (2016: 289,653 tonnes) by 2019
as more trees enter maturity and the average age of the planted
area increases. Fitch forecast leverage to fall to below 2.5x by
2019 with the higher production and healthy CPO prices, which
underpins Fitch Positive Outlook.

Attractive but Small, Concentrated Plantation: SSMS's plantations
are all located within a 60 km radius in Central Kalimantan. The
area is near a port and processing facilities, which allows the
company to operate efficiently and at competitive costs. However,
the concentration in such a small area and lack of product
diversification could leave the company vulnerable to negative
developments that affect this region.

Investment to Continue: CBI plans to invest a total of IDR1.2
trillion over 2017-2018 to expand into the downstream of the palm
oil industry. CBI is constructing a refinery facility with total
capacity of 2,500 tonnes per day that is due to be completed in
2018. The refinery will expand the group's operations over the
value chain and improve its business profile in the longer run.
However, Fitch expect the refinery to take one to two years after
commissioning to ramp up its production and make meaningful
EBITDA contribution to the overall group.

As part of its strategy, the company also aims to expand its
plantation assets inorganically by a total of around 80,000 ha
over the next five years. The investments are likely to push the
CBI group's leverage to above 3.0x in 2017-2018.

Healthy CPO Price Outlook: The rating on SSMS also factors in the
company's exposure to volatility in CPO prices as it is a pure
upstream player with little product and business diversification.
CPO prices have improved over the last year to an average of
USD660-670/tonne in 2017, from around USD640/tonne in 2016. Fitch
expect CPO prices to remain fairly supported at around
USD675/tonne over the longer term.

DERIVATION SUMMARY

Fitch rates SSMS based on the consolidated credit profile of its
parent CBI because of the moderate to strong linkages between the
two entities. Fitch believe the proforma group credit profile of
CBI will be driven largely by SSMS, as SSMS currently accounts
for all of CBI's EBITDA and 94% of CBI's debt.

Compared with PT Tunas Baru Lampung Tbk (TBL, BB-/Negative), SSMS
has a larger plantation area and superior palm oil operating
performance. However, TBL has a sugar business that lends
stability and it has more diversified products and distribution
channels, which justifies TBL being rated one notch higher than
SSMS.

KEY ASSUMPTIONS

Fitch's Key Assumptions within Fitch Rating Case for the Issuer
- Gradual increase in FFB yield to around 22.5 tonnes/ha in
   2018-2020, as more plants enter their prime mature stage
- CPO OER at 23.4% in 2018-2020, in line with historical average
- CPO price at USD665/tonne in 2018 and USD675 from 2019.
   Realised price will be about USD70 lower.
- Cost per ha to increase by 4% per year to factor in inflation
- Capex at 5% above management guidance
- Other investment outflows of around IDR320 billion per year in
   2018-2019 and IDR480 billion in 2019 for inorganic growth
   (including new planting)
- SSMS dividend payout at 30% of net income

Key Recovery Rating Assumptions:
- The recovery analysis assumes post-default EBITDA of IDR1,245
billion, which reflects the near mid-cycle commodity price,
expected CPO production on normal weather conditions, and going-
concern economic value/EBITDA multiple at 6x.

- 10% administrative claims are applied on the going-concern
value.

- Fitch estimates high recovery of 91%-100% for SSMS's secured
and unsecured debt, corresponding to a 'RR1' Recovery Rating for
the senior unsecured notes after adjusting for administrative
claims. Nevertheless, Fitch has rated SSMS's senior unsecured
bonds at 'B+' with a Recovery Rating of 'RR4' because, under
Fitch's Country-Specific Treatment of Recovery Ratings criteria,
Indonesia falls into the Group D of countries based on creditor-
friendliness. Instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

- Consolidated leverage (adjusted net debt to EBITDAR) falls to
below 2.5x on a sustained basis, provided that the company
demonstrates a disciplined approach towards its acquisitions and
shows progress towards improving its sustainability, and its
downstream operation stabilises.

- Neutral FCF generation

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

- Outlook may be revised back to Stable if it does not meet the
above parameters.

LIQUIDITY

Comfortable Liquidity: Fitch believe CBI has comfortable
liquidity with cash of IDR1.13 trillion as of end-September 2017,
which is sufficient to cover the IDR415 billion of debt maturing
within one year. CBI's liquidity is also supported by SSMS's
robust operating cash flow generation.



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


APFT BHD: Low Shareholders' Equity Cues PN 17 Status
----------------------------------------------------
The Sun Daily reports that aviation training provider APFT Bhd
has been admitted into the Practice Note 17(PN17) category as its
shareholders' equity fell below the 50% threshold, more than a
year after auditors flagged going concern issues in its audited
financial statement for the financial year ended July 31, 2016.

Sun Daily relates that the group's board of directors said in a
Bursa Malaysia filing that its shareholders equity interest stood
at 34.6%.

"The former external auditors of the company, Messrs. SJ Grant
Thornton, had expressed an emphasis of matter on the company's
ability to continue as a going concern in the latest audited
financial statements of the company for the financial year ended
July 31, 2016," the group said, Sun Daily relays.

According to the report, the company had changed its financial
year end from July 31, 2016 to September 30 and subsequently from
September 30 to January 31.

In line with that, the company said it will be announcing its
financial statement covering a period of 18 months between
August 1, 2016 to Jan 31, 2018, Sun Daily adds.

Sun Daily relates that the company is also seeking an additional
extension of time from the Companies Commission of Malaysia until
July 31, to hold its 2017 AGM, along with its requisite 2018 AGM
for the tabling of its Audited Financial Statements for the 18
month period.

Its last AGM was held on Dec. 19, 2016, Sun Daily adds.

APFT Berhad owns and operates flight education and training
academy, the Asia Pacific Flight Training Academy (APFTA),
located at Sultan Ismail Petra Airport, Pengkalan Chepa, Kota
Bharu Kelantan. APFTA is a flight education and training service
provider in Malaysia. The Company operates through two segments:
flight education and training, and mechanical works and services.
It has a fleet strength of over 30 aircrafts, and over 40 flight
and ground instructors operating out of three commercial airports
in Malaysia.



===============
M O N G O L I A
===============


MONGOLIA: Moody's Ups LT Issuer and Sr. Unsec. Ratings from Caa1
----------------------------------------------------------------
Moody's Investors Service has upgraded the Government of
Mongolia's long-term issuer ratings and the senior unsecured
ratings to B3 from Caa1, and the senior unsecured MTN program
rating to (P)B3 from (P)Caa1. The short-term issuer ratings are
affirmed at Not Prime. The outlook remains stable.

The key factors driving the rating upgrade are an alleviation in
liquidity and external pressures and prospects of a somewhat
attenuated sensitivity of Mongolia's credit metrics to
fluctuations in commodity prices, if the reforms currently
implemented and planned are adhered to.

The refinancing of government debt at the end of last year,
combined with measures to narrow the fiscal deficit and windfall
gains from higher commodity-related revenues reduce Mongolia's
financing needs. In addition, the measures currently implemented
under the IMF program, if effective, will contribute to reduce -
but not eliminate - the volatility of economic and fiscal
outcomes as a result of potential sudden changes in commodity
prices and demand.

The stable outlook on Mongolia's B3 rating reflects balanced
risks. On the upside, reforms may prove more effective at
reducing Mongolia's sensitivity to commodity cycles than Moody's
currently envisage. On the downside, and in particular in a less
favorable commodity environment, liquidity and external pressures
could intensify significantly again. Such a scenario may arise in
the event of deviations from the objectives of the reforms
planned over time.

Moody's has also raised the local-currency bond and deposit
ceilings to Ba2, from Ba3 previously. The long-term foreign
currency deposit ceiling is raised to Caa1 from Caa2, and the
long-term foreign currency bond ceiling to B1 from B3. All short-
term foreign currency ceilings remain at Not Prime. These
ceilings act as a cap on ratings that can be assigned to the
foreign- and local-currency obligations of entities domiciled in
the country.

RATINGS RATIONALE

RATIONALE FOR UPGRADE TO B3

ABATEMENT OF IMMINENT LIQUIDITY PRESSURES

In October 2017, Mongolia refinanced debt maturities that were
due in 2018. The refinancing clears immediate government
liquidity pressures, pushing back the next repayments of
government external debt to 2021. It also alleviates external
risks arising from a thin foreign reserve position relative to
maturing debt obligations.

The debt refinancing has combined with a narrowing fiscal deficit
on account of higher revenue growth as the government has started
to implement fiscal measures and benefited from unexpectedly
strong commodity-related revenues. As a result, Mongolia's gross
borrowing needs have moderated to an estimated 17.7% of GDP in
2018, from over 30.0% of GDP expected at the beginning of last
year, when the rating was confirmed at Caa1 following a review
for downgrade. Moody's expect Mongolia's financing needs to
decline gradually further, albeit remaining at high levels.

A more favorable commodity price environment and stronger demand
for Mongolia's exports resulted in the current account deficit
narrowing in 2017, to an estimated 5.3% of GDP from 6.1% of GDP
in 2016. Moody's forecasts the current account deficit to narrow
further to 4.6% of GDP in 2018. Coupled with disbursements from
the IMF and other bilateral lenders and stronger foreign direct
investment, this supports accretion to foreign exchange reserves.
And with the extension of upcoming maturing debt repayments,
reserves coverage of debt payments has improved from very weak
levels.

Moody's expects the External Vulnerability Indicator, or the
ratio of maturing long term and short term external debt
obligations relative to foreign exchange reserves to moderate to
144.5% in 2018 and subsequently fall further from these levels
although reserves will remain lower than debt repayments due over
the next year. While this ratio is still high compared to other
sovereigns rated by Moody's, it represents a material moderation
of balance of payments pressure from 420.2% in 2017.

IMPLEMENTATION OF WIDE-RANGING REFORMS TARGETED AT IMPROVING
ECONOMIC AND FISCAL FUNDAMENTALS

GDP growth surprised on the upside in 2017. Moody's now estimates
that GDP increased by 4.2% in 2017 and 3.3% in 2018. This denotes
some capacity of the economy to respond to a favorable external
environment, and a greater resilience to fiscal and monetary
policy tightening than Moody's previously estimated.

The fiscal deficit and debt burden are also narrowing at a faster
pace than Moody's previously expected, partly because of the
buoyancy offered by a higher growth and commodity price
environment. However, as a commodity-reliant economy, Mongolia's
susceptibility to commodity price boom-bust cycles remains high,
and is reflected in a wide range of possible outcomes in its
deficit and debt metrics when subject to positive or negative
economic or financial shocks.

Under Moody's baseline assumptions, higher nominal GDP growth
contributes to a stabilization in fiscal and external metrics. In
turn, a relatively favorable macroeconomic environment affords
the government the ability to implement reforms. Structural
benchmarks under the IMF's Extended Fund Facility are a primary
focus of government policy. These reforms are centered around
increasing accountability and restraint over budgetary spending,
improving fiscal health through more effective tax collections
and reducing pro-cyclical spending by tightening the budgetary
process; strengthening the banking system, and enhancing the
independence and effectiveness of monetary policy.

While progress has been made in setting up the regulatory and
legal framework, adherence to the current reform plans over a
sustained period of time would distinguish the current
improvements in headline economic and fiscal metrics from
previous cycles. Indeed, past experience indicates that in an
adverse commodity price environment, previously implemented rules
have been relaxed or circumvented, resulting in a reversion to
boom-bust cycles.

RATIONALE BEHIND THE STABLE OUTLOOK

The stable outlook indicates risks to Mongolia's rating are
balanced.

On the upside, reforms may prove more effective at reducing
Mongolia's sensitivity to commodity cycles than Moody's currently
envisage, and both fiscal and external buffers may improve.

On the downside, implementation risks would stem primarily from
domestic political risks and commodity price fluctuations, both
of which have diminished the effectiveness of past reforms. Since
reforms have been implemented in an environment of favorable
commodity prices and demand, there remains a risk of slippage to
pro-cyclical behavior in an adverse commodity scenario.

The stable outlook also captures the potential credit positive or
negative implications of the reforms of the banking system. The
results of the banks' Asset Quality Review (AQR) are awaited;
they will determine capital shortfalls and lay out a response
strategy. Moody's expect that the immediate fiscal costs
associated with recapitalization of banks will be moderate.
Beside these costs, the government's management of this exercise
and the measures that are taken to strengthen governance and
financial supervision to prevent a renewed erosion of banks'
capital in the future will provide important indicators about
potential changes in Mongolia's institutional strength.

WHAT COULD CHANGE THE RATING UP

Upward rating pressure could develop as a result of sustained and
effective implementation of structural reforms leading to greater
confidence that, even in an adverse commodity price environment,
macroeconomic volatility and fiscal pro-cyclicality would be
reduced.

A build-up of buffers, evident through a lasting strengthening of
Mongolia's external liquidity position and/or a meaningful and
durable reduction in the government deficit and debt burden would
also be credit positive. In particular, these developments would
be accompanied by a steady rise in international reserves and
increased certainty about the government's ability to meet
external debt repayments.

WHAT COULD CHANGE THE RATING DOWN

Moody's would view signs that reform progress slows or seems
ineffective at reducing the volatility of Mongolia's credit
metrics as credit negative. A renewed material widening of the
fiscal deficit, or a weakening of the external payments position
such as through a widening trade balance or a reduction in
capital inflows, would also weigh on Mongolia's credit profile.

GDP per capita (PPP basis, US$): 12,272 (2016 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 1% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.1% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -15% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -6.1% (2016 Actual) (also known as
External Balance)

External debt/GDP: 216.3% (2016 Actual)

Level of economic development: Low level of economic resilience

Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.

On January 16, 2018, a rating committee was called to discuss the
rating of the Mongolia, Government of. The main points raised
during the discussion were: The issuer's governance and/or
management, have materially increased. The systemic risk in which
the issuer operates has materially decreased. The issuer has
become less susceptible to event risks.

The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2016.

The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.



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


GOLDEN ENERGY: Fitch Assigns 'B+' Long-Term IDR, Outlook Pos.
-------------------------------------------------------------
Fitch Ratings has assigned Singapore-based Golden Energy and
Resources Limited (GEAR) a 'B+' Long-Term Issuer Default Rating
(IDR) with a Positive Outlook. The agency has also assigned an
expected rating of 'B+(EXP)' and a Recovery Rating of 'RR4' to
the proposed USD300 million notes to be issued by GEAR.

The notes are rated at the same level as GEAR's IDR as they
constitute the direct, unsubordinated and unsecured obligations
of the company. The final rating on the notes is contingent upon
the receipt of final documents conforming to information already
received. Part of the proceeds will be used to fund potential
acquisitions.

At the same time, Fitch has assigned GEAR's coal mining
subsidiary, PT Golden Energy and Mines Tbk (GEMS), a 'B+' Long-
Term IDR and Fitch Ratings Indonesia has assigned the company a
National Long-Term Rating of 'A(idn)'. The Outlook on both
ratings is Positive.

The ratings of both entities are based on the consolidated
profile of the GEAR group. The ratings reflect GEAR's strong
financial profile, healthy reserve life, track record of
production growth and the moderate sensitivity of its credit
metrics to benchmark coal prices. The Positive Outlook reflects
Fitch expectation that the company will be able to successfully
continue its production ramp-up to a level commensurate with the
profile of a 'BB-' rated entity over the next 12-18 months.

'A' National Long-Term Ratings denote expectations of low default
risk relative to other issuers or obligations in the same
country. However, changes in circumstances or economic conditions
may affect the capacity for timely repayment to a greater degree
than is the case for financial commitments denoted by a higher
rated category.

KEY RATING DRIVERS

Linkages Between GEAR, GEMS: The linkages between GEAR and GEMS
are moderate, as assessed under Fitch's Parent and Subsidiary
Rating Linkage criteria. GEAR owns 67% of GEMS and retains
majority control over its board of directors and commissioners.
An agreement between GEMS's shareholders ensures that the company
will maximise profit distribution by paying at least 80% of its
free cash flow as dividends.

Fitch has assessed the ratings of both entities based on the
consolidated profile of the GEAR group, given the moderate
linkages and the relative credit profiles of the two entities.
Fitch will reassess this rating approach should there be weakness
in linkages between the two companies. Fitch adjusts the
consolidated credit metrics to only include 67% of GEMS due to
the presence of a strong minority shareholder at GEMS - GMR Coal
Resources Pte. Ltd, which owns 30% of GEMS. GEAR's standalone
operations are not very material and most of its earnings are
derived from GEMS's dividends.

Production Increase: GEMS has demonstrated a successful track
record in ramping up production. Coal produced increased to 15.6
million metric tons (mt) in 2017 from 9.5 million mt in 2016, and
it recorded a production CAGR of about 33% over the past three
years. Fitch expect GEMS to increase production at its currently
producing mines by about 6-7 million mt per year over the next
three years. Fitch also expect total capex on increasing
production to range between USD30 million and USD50 million over
the next three years, mainly to upgrade the capacity of its
hauling roads, crushers and barge loading conveyors.

However, capex to raise production remains lower than some of its
peers, primarily due to the proximity of its main coal mine to
the loading port. Fitch may consider upgrading the ratings of
GEAR and GEMS if GEMS is able to increase its production to 30
million tonnes per annum on a sustained basis, which will also
allow GEAR to continue maintaining an adjusted EBITDA (based on a
proportionate consolidation of GEMS) of over USD150 million,
factoring in Fitch long-term coal price assumptions.

Moderate Sensitivity to Coal Prices: The cost position of GEMS's
coal production in South Kalimantan, Indonesia, held under its
99%-owned subsidiary PT Borneo Indobara (BIB), is among the
world's top quartile due a low strip ratio of about 4x coupled
with short haulage. This resulted in direct cash costs of about
USD22/mt in 9M17. However, the calorific value (CV) of GEMS's
coal is low compared with the Indonesian average, which results
in a lower selling price. The ratings reflect Fitch EBITDA
expectation of USD9/mt in 2018 under Fitch price assumptions of
USD72/mt for Newcastle 6,000 kcal in 2018. Over 80% of coal
produced by GEMS is from its BIB mine.

Healthy Reserves, Long Contract Life: GEMS has the fourth-largest
coal reserves in Indonesia with proved reserves of about 676
million tonnes as at end-October 2017, translating to a reserve
life of over 25 years based on its 2018 production. GEMS's BIB
mine holds over 500 million tons of its proved reserves with a
mining licence that is valid until 2036, alleviating concerns
over licence renewal. Most established Indonesian coal miners
face licence renewal risks over the next five years. Fitch
believe GEMS is unlikely to rush into any acquisitions given its
large reserves, although GEAR plans to use the majority of the
proposed notes' proceeds on acquisitions or investments.

Conservative Financial Profile: The ratings reflects Fitch
expectations that the company will continue to maintain a
conservative credit profile, aided by increasing production
volumes, healthy pre-dividend cash flow generation, moderate
capex in relation to its operating cash flows and relatively low
interest expense. GEAR's adjusted net leverage was less than 1x
and its cash balances have exceeded debt since 2016. Fitch also
expect GEAR to continue maintaining a conservative and prudent
financial profile.

Cyclical Coal Industry Exposure: GEAR's earnings are vulnerable
to the thermal coal industry's cyclicality. Thermal coal prices
are currently at their highest for the past five years (Newcastle
6,000 kcal at over USD100/mt). Fitch expects production to rise
in response to higher prices, which should lead to further price
moderation over the medium term and is reflected in Fitch price
assumptions. Fitch also expect Asian thermal coal prices to be
highly susceptible to import demand in the region, particularly
Chinese demand, and policies relating to the coal sector.

DERIVATION SUMMARY

The ratings of GEAR and GEMS are based on the consolidated credit
profile of the GEAR group, due to the moderate linkages between
the two entities and their relative credit profiles. The ratings
factor in the group's strong credit ratios, large reserve base
and moderate sensitivity to coal prices. GEAR's leverage,
coverage and refinancing profile is stronger than PT Indika
Energy Tbk's (B+/Positive) and it has a stronger reserve life
compared with Indika. However, Indika's operations are larger and
more integrated, and its earnings are also larger and more
diversified. The production capacity of Indika's key coal asset,
Kideco, is well-established and at its peak, compared with GEMS,
which is currently ramping up production. Fitch also think that
both companies demonstrate comparable sensitivities to declines
in coal prices. The Positive Outlook on Indika reflects Fitch
expectations of the flexibility available to Indika to address
its lumpy debt maturities while GEMS's Positive Outlook reflects
Fitch expectations of a successful production ramp-up.

GEMS's financial profile is largely comparable with Geo Energy
Resources Limited's (B+/Stable). However, GEMS has a stronger
business risk profile with a substantially larger reserve base
and higher potential production levels, which are reflected in
its Positive Outlook, while Geo is constrained at the current
rating level due to its smaller operations.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Fitch Rating Case for the Issuer
Include:

- Index coal prices in line with Fitch's mid-cycle commodity
price assumptions, adjusted for differences in CV (average
Newcastle 6,000 kcal free-on-board: USD72/mt in 2018 and USD67/mt
thereafter)

- Selling prices at GEMS in line with the average discount of its
various grades of coal to Newcastle coal prices. About 2-3
million tonnes per annum sold on relatively fixed prices.

- Total volume of coal produced in 2018, 2019 and 2020 amounting
to 21.5 million mt, 26.8 million mt and 32.5 million mt,
respectively.

- Capex incurred in 2018, 2019 and 2020 of USD46 million, USD30
million and USD35 million, respectively, mainly to increase the
capacity at its BIB mine.

- No production factored in from the group's new acquisitions.

- Acquisition of PT Barasentosa Lestari (BSL) for USD60 million
in 2018 without factoring in the related production.

- GEAR to raise USD300 million via its senior notes, with USD200
million used for acquisitions in 2018.

Fitch's key assumptions for bespoke recovery analysis include:

- The recovery analysis assumes that GEAR and its subsidiaries
would be considered a 'going concern' in bankruptcy, and that the
company would be reorganised rather than liquidated. Fitch have
assumed a 10% administrative claim.

- GEMS's going-concern EBITDA is based on the amount expected for
2017, and includes pro-forma adjustments for the EBITDA
contributions from increasing coal volumes and Fitch's coal price
assumptions over the next three years.

- The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA level upon which Fitch
base the valuation of the company. The going-concern EBITDA is
30% below the mid-cycle EBITDA based on the long-term average
thermal coal price assumptions used by Fitch. The post-
reorganisation EBITDA assumes some post-default operating
improvement, and is at a level that may violate the intended
covenants for its US dollar notes.

- An enterprise value (EV) multiple of 3.5x is used to calculate
a post-reorganisation valuation for GEMS based on some recent
Indonesia coal asset transactions. The historical EV multiple for
companies in the natural resources sector ranged from 5.8x-11x,
with a median of 8.7x.

- Fitch has excluded debt at GEMS from the resultant EV, and
assumed 50.1% of this resultant value corresponding to the
proportion of GEMS shares that would be pledged to the
noteholders.

- The waterfall results in a recovery of around 65% for the note
holders of the USD300 million issuance. However, Fitch applies a
soft cap of 'RR4' for the Recovery Rating of GEAR, given that
most of its businesses are located in Indonesia, a Group D
country. Fitch consequently rates the senior unsecured US dollar
notes at 'B+(EXP)'.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action

- Fitch may consider upgrading the ratings of GEAR and GEMS if
GEMS is able to increase its sustainable production volume to
over 30 million tonnes per annum, while GEAR is able to maintain
adjusted EBITDA of USD150 million, based on a proportionate
consolidation of GEMS, and adjusted net debt/EBITDA of less than
2.0x.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- A failure to ramp up production volume to Fitch expectations.

LIQUIDITY

Robust Liquidity at GEMS: Liquidity at GEMS is robust, with
healthy cash generation, low debt levels and long drawn-out
maturities. As at September 2017, GEMS had USD55 million of debt,
including a USD48 million seven-year loan with gradual maturities
until 2024. Debt balances at GEMS are likely to increase by about
USD60 million if its acquisition of BSL is successful. Fitch
expect internal cash generation at GEMS to be more than
sufficient to fund Fitch expected capex for its production
increase and to meet its debt repayment obligations. Fitch expect
the majority of cash flow after capex to be paid out as dividends
as stipulated in its shareholder agreement.

GEMS also has the flexibility to borrow up to USD240 million from
its existing banking facilities under the terms of the proposed
US dollar notes. While this provides GEMS with additional
liquidity, any significant increase in GEMS's debt may result in
a subordination of GEAR's debt and consequently impact GEAR's
rating.

Dividends Support GEAR's Liquidity: As at September 2017, GEAR
did not carry debt on a standalone basis. It added USD50 million
of debt in 4Q17 to fund its acquisition of a 10% stake in
Westgold Resources Limited. The USD300 million GEAR plans to
raise through the senior unsecured notes will be used to
refinance the USD50 million loan, while another USD50 million
will go towards general corporate purposes and the remaining
USD200 million will fund potential acquisitions. GEAR's liquidity
would, however, depend on the dividends from GEMS, which remain
its main source of cash inflows. GEAR does not expect to add any
debt after the bond issuance. GEAR's liquidity is supported by
strong dividend inflows, which would be used to service its debt
obligations.



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


* BOND PRICING: For the Week Jan. 15 to Jan. 19, 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.



                 *** End of Transmission ***