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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

           Tuesday, January 31, 2017, Vol. 20, No. 22

                            Headlines


A U S T R A L I A

D&B NORTHERN: First Creditors' Meeting Slated for Feb. 3
LINACRE DEVELOPMENTS: First Creditors' Meeting Set for Feb. 7
STORM FINANCIAL: Former Directors Breached Duty, Judge Says
YELLOW BRICK: Annual Loss Widens to AUD9.5 Million


C A M B O D I A

* CAMBODIA: Border Casinos Set to Fold as Vietnam Lift Casino Ban


I N D I A

AASTHA INTERNATIONAL: CRISIL Assigns B+ Rating to INR7.0MM Loan
AKULA BOARDS: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
AL NAFEES: CRISIL Reaffirms 'D' Rating on INR233MM Cash Loan
AL NAFEES PROTEIN: CRISIL Lowers Rating on INR40.5MM Loan to 'D'
AR CONSTRUCTIONS: CRISIL Assigns 'B+' Rating to INR3.5MM LT Loan

B. K. POLYTECH: CRISIL Assigns B+ Rating to INR7.08MM LT Loan
BALU INDIA: ICRA Reaffirms B/A4 Rating on INR1cr Unalloc. Loan
CENOSPHERE INDIA: ICRA Lowers Rating on INR5cr Loan to 'D'
CHENAB INDUSTRIES: CRISIL Assigns B Rating to INR5.5MM Cash Loan
CHINAR SYNTEX: CRISIL Reaffirms B+ Rating on INR21MM Cash Loan

DINESH METAL: CRISIL Raises Rating on INR10MM Cash Loan to B+
DURA PUF: CRISIL Assigns B+ Rating to INR6MM LT Bank Loan
GREENTECH RENEWABLE: Weak Fin'l Strength Cues ICRA SP4D Grading
HI-CHOICE EXPORTS: CRISIL Cuts Rating on INR3.1MM LT Loan to B-
ITFT CONSULTANCY: CRISIL Reaffirms B+ Rating on INR5MM Loan

KISSAN AGRO: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'
MADRAS MEDICAL: ICRA Upgrades Rating on INR29.13cr Loan to B+
MARUTI MICRONS: CRISIL Assigns 'B+' Rating to INR7.44MM Term Loan
RAVICHAND FOOD: CRISIL Assigns 'B' Rating to INR5.90MM LT Loan
UNITED PROVINCES: CRISIL Assigns B+ Rating to INR118MM Cash Loan


J A P A N

FUJI OIL: Construction Unit Applies for Bankruptcy Procedure
TOSHIBA CORP: Mitsubishi UFJ to File Separate Damages Suits
TOSHIBA CORP: To Ask Banks to Continue Support Beyond February


N E W  Z E A L A N D

COMMERCIALISATION ADVISORS: Placed Into Liquidation


P H I L I P P I N E S

COUNTRYSIDE COOPERATIVE: PDIC to Pay Depositors Starting Feb. 7


S I N G A P O R E

SABANA SHARI'AH: Sias Urges Trust to Address Investor Concerns


S R I  L A N K A

SRI LANKA: Finance Minister Blames Previous Gov't for 'Debt Trap'
SRILANKAN AIRLINES: Fitch Affirms Govt. Guaranteed Bonds at 'B+'


T A I W A N

ATOPTECH INC: To Dissolve Taiwan Office, Hires KPMG as Advisor


X X X X X X X X

* BOND PRICING: For the Week Jan. 23 to Jan. 27, 2017


                            - - - - -


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


D&B NORTHERN: First Creditors' Meeting Slated for Feb. 3
--------------------------------------------------------
A first meeting of the creditors in the proceedings of D&B
Northern Beaches Auto and Cabs Repairs Pty Ltd will be held at
the offices of Cor Cordis Chartered Accountants, Level 6, 55
Clarence Street, in Sydney, on Feb. 3, 2017, at 11:00 a.m.

Ozem Kassem & Jason Tang of Cor Cordis Chartered Accountants were
appointed as administrators of D&B Northern on Jan. 23, 2017.


LINACRE DEVELOPMENTS: First Creditors' Meeting Set for Feb. 7
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Linacre Developments Pty Ltd will be held at the offices of Hall
Chadwick, Level 10, 575 Bourke Street, in Melbourne, Victoria, on
Feb. 7, 2017, at 9:15 a.m.

David Ross and Richard Albarran of Hall Chadwick were appointed
as administrators of Linacre Developments on Jan. 25, 2017.


STORM FINANCIAL: Former Directors Breached Duty, Judge Says
-----------------------------------------------------------
The Australian reports that Storm Financial's former directors
contravened their legal duty to carry out their job with "care
and diligence" by giving inappropriate financial advice to
vulnerable clients, a Federal Court justice has found.

The Australian Securities and Investments Commission (ASIC) began
civil proceedings against Emmanuel and Julie Cassimatis in 2010,
alleging that as the executive directors of Storm Financial Ltd
they breached their fiduciary duties under Australian corporate
law, the report notes.

The Storm model was not in dispute during the case against the
pair, Justice James Edelman noted, says The Australian.

                     About Storm Financial

Storm Financial Limited -- http://www.stormfinancial.com.au/--
operated in the Australian wealth management industry.  The
company managed over one trillion dollars in investment fund
assets for over nine million investors, distributed through
investment administration providers and financial adviser.  The
funds were invested through different investment products and
structures, including superannuation, non-superannuation managed
funds and life insurance products.  Non-superannuation managed
funds, which form the majority of Storm's products, total
approximately 26.5% of total investment fund assets in Australia,
as of June 30, 2007.

In 2009, Storm Financial Ltd. appointed Worrells Solvency &
Forensic Accountants as voluntary administrators after the
Commonwealth Bank of Australia demanded debt repayment of around
AUD20 million.  Storm later closed its business and fired all of
its 115 staff.  The closure, the company's administrators said,
was due to the significant reduction in Storm's income resulting
in trading losses being incurred "at a rate which the company
could no longer absorb."

The Commonwealth Bank of Australia, Storm's largest creditor,
lodged a AUD27.09 million debt claim at a first meeting of the
company's creditors on Jan. 20, 2010.  The group's remaining
creditors are owed AUD51 million, plus a provision for dividends
of AUD10 million.

In March 2009, the Australian Securities and Investments
Commission won its bid to liquidate Storm Financial after the
Federal Court ruled that the Company be wound up.  Federal court
Justice John Logan appointed Ivor Worrell and Raj Khatri of
Worrells Solvency and Forensic Accountants as liquidators for the
Company.


YELLOW BRICK: Annual Loss Widens to AUD9.5 Million
--------------------------------------------------
Michael Roddan at The Australian reports that Mark Bouris' loss-
making Yellow Brick Road has dived further into the red,
revealing a net loss of AUD9.5 million for the year through June.

The Australian says the deterioration on the prior year's AUD2.55
million loss came despite the financial services firm increasing
its revenue 31% to AUD218 million.

YBR, which has never booked an annual profit, declined to pay a
dividend, The Australian relates.

Australia-based Yellow Brick Road is a full service wealth
management company that offers products and services for home
loans, financial planning, insurance, superannuation, and
investments.



===============
C A M B O D I A
===============


* CAMBODIA: Border Casinos Set to Fold as Vietnam Lift Casino Ban
-----------------------------------------------------------------
The Phnom Penh Post reports that Vietnam's decision to partially
lift the long-standing ban that prevented Vietnamese citizens
from entering casinos in their own country could spell disaster
for gaming resorts in the Cambodian border town of Bavet, which
rely almost entirely on Vietnamese gamblers crossing the border
to play.

The Post relates that a decree issued by the Vietnamese
government on Jan. 20 and set to come into effect in March allows
casinos operating in Vietnam to apply for a three-year trial
licence that, once granted, would allow Vietnamese citizens over
the age of 21, and who are able to prove they have a monthly
income of at least VND10 million ($443), to place bets in their
gaming hall.

Casinos considered for a licence must have at least $2 billion
investment committed to their operations, the report says.

While it is not clear when the casinos will actually be given the
green light to welcome local punters, Grant Govertsen, head of
Asia equity research for brokerage firm Union Gaming Securities
Asia Ltd, wrote in an investment note that there will be a "near-
term impact" on Cambodian gaming operations given how soon
casinos can apply, according to the Post.

"We expect that the border casinos in cities like Bavet will bear
the brunt of the downside as the border casinos are significantly
easier to reach and have historically captured the lion's share
of Vietnamese customers," Mr. Govertsen wrote, says the report.
"We would expect many to struggle to survive over the duration of
the three-year Vietnam locals pilot program."

According to the report, Union Gaming said the Vietnamese
government has already pegged two locations to launch the pilot
program at yet-to-be-built casinos on the northern island of Van
Don and the southern island of Phu Quoc, with the possibility of
a third in Ho Tram, a coastal beach town 125 kilometres southeast
of Ho Chi Minh City.

The Post says the possibility of the Ho Tram facility, which
would siphon off mass market and VIP travel from Ho Chi Minh, has
already caused the firm to lower the earnings before interest,
tax, depreciation and amortisation (EBITDA) for Cambodia's
largest casino, NagaWorld, by 2 and 3 percent over the next two
years.

The Post relates that while Union Gaming believes that NagaWorld
will be largely insulated from a loss in traffic, Soeun Vuthy,
general liaison of Lucky89 Group, which operates two casinos
along the Vietnamese border, said the toll on Bavet -- which
relies almost entirely on Vietnamese punters -- will be
devastating.

"Numerous casinos will close down or go bankrupt because of
this," he said, adding that all new investment will likely grind
to a halt. "It's not just the casinos that will suffer, but
hundreds of jobs will be lost and real estate prices will
collapse," Vuthy, as cited by the Post, added.

"Sure the Vietnamese will be very happy to gamble in their own
country, but nobody will come to Bavet anymore because there will
be nothing left."

Vuthy added that Bavet is home to nearly a dozen brick-and-mortar
casinos, whose operators are already on edge as the Cambodian
government moves closer to passing legislation expected to raise
the minimum capital requirement from its current level of
$100,000, the Post reports.

"Cambodia's draft law on casino management, which has been sent
to us and which we expect to be passed this year, raises the cost
for licences and requires all new and existing casinos to have a
minimum capital requirement of $100 million," the report quotes
Vuthy as saying. "Nobody in Bavet will be able to meet the
Ministry of Economy and Finance demands."

The Post reports that Ros Phirun, deputy director of the
ministry's finance industry department, attempted to play down
the concerns of Bavet casino operators, insisting that allowing
Vietnamese locals to gamble at certain domestic casinos would
have minimal impact on the struggling Cambodian casino town.

"These areas are far from Bavet, will likely target a different
crowd, and will not have much of an impact on the border
casinos," the Post quotes Phirun as saying. "They are located
there mainly to get customers from around the area, like day-trip
gamblers from Ho Chi Minh City who don't need to stay overnight."

According to the Post, Phirun acknowledged that Bavet casinos
were already struggling and many could not afford licences or a
sharp increase of the minimum capital requirement. He said the
government would take this into consideration.

"We understand that licences are costly and the $100 million
capital requirement in the draft law is too high, so we will
probably revise it down to $50 million before it is passed," he
said, adds the Post.



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


AASTHA INTERNATIONAL: CRISIL Assigns B+ Rating to INR7.0MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Aastha International. The rating reflects AI's
limited track record in operations, average financial risk
profile, and working capital intensity in operations. These
weaknesses are partially offset by the partners' extensive
experience in the automotive industry.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit            7.0        CRISIL B+/Stable
   Long Term Loan         4.5        CRISIL B+/Stable

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record of operations: As the firm commenced
operations only in October 2015, sales were low at INR5.4 crore
in fiscal 2016. The firm is yet to demonstrate ability to
substantially ramp up sales.

* Average financial risk profile: Financial risk profile is
average marked by expected high gearing of 1.9 times as on
March 31, 2017.

* Moderate working capital intensity: Operations are moderately
working capital intensive, with estimated gross current assets of
100 days as on March 31, 2017, because of sizeable inventory and
credit extended.

Strength
* Extensive experience of the partners: Benefits from the nearly
three-decade long experience of the partners Mr. Akshar Sharma
and Mr. Ashwani Sharma, their healthy relationships with
suppliers and customers, and track record of timely delivery
should continue to support business risk profile. Revenue was
INR24 crore till December 2016, and should reach INR32-35 crore
in fiscal 2017.
Outlook: Stable

CRISIL believes AI will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if higher-than-expected sales or
profitability or substantial equity infusion significantly
improves capital structure. The outlook may be revised to
'Negative' in case of lower-than-expected cash accrual or
sizeable working capital requirement or debt-funded capital
expenditure.

Set up as a partnership firm in 2015 by Mr. Akshar Sharma & Mr.
Ashwani Sharma, AI is engaged in manufacturing of auto parts,
diesel engine parts, sheet metal components etc.  The firm has a
manufacturing facility in Ludhiana.

AI reported book profit of INR4.2 lakh on net sales of INR5.4
crore for 2015-16.


AKULA BOARDS: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Akula
Boards Limited at 'CRISIL B/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            9         CRISIL B/Stable (Reaffirmed)

   Letter of Credit       3         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    11         CRISIL B/Stable (Reaffirmed)

The ratings reflect ABL's weak financial risk profile marked by
modest net worth, high gearing, and weak debt protection metrics,
modest scale and working capital intensive nature of operations
in the competitive paper manufacturing industry. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of ABL's promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: The financial risk profile of the
company is marked by modest net worth, high gearing and weak debt
protection metrics. The company has modest net worth of around
INR9.2 crores as on March 31, 2016. Consequently, the gearing
stood at around 2.06 times as on the same date. Majority of the
total debt includes unsecured loans from the promoters which are
interest bearing and working capital borrowings. The promoters
have infused unsecured loans of around INR13.5 crores as on March
31, 2016. The company has weak debt protection metrics as
indicated by its NCATD of around 6 percent and interest coverage
ratio of around 1.52 times as on March 31, 2016.

* Working capital intensive nature of operations
The operations of the company are working capital intensive as
indicated by its GCA days of around 250 days as on March 31,
2016.  The high working capital intensity is on account of its
high inventory holding of 181 days as on March 31, 2016; the
debtors stood at 49 days, as on the same date. This has resulted
in full utilisation of bank lines in the 12 months ended December
2016.

Strength
* Extensive entrepreneurial experience of the promoters
ABL benefits from its promoter's extensive industry experience.
The company is promoted by Mr. A G V V N Satyanarayana and his
family. The promoters have rich entrepreneurial experience of
around a decade and have business interests in businesses such as
real estate, cinema halls, and agriculture. They ventured into
paper manufacturing in 2008, and developed strong relationships
with major customers and suppliers which would benefit ABL over
the medium term.
Outlook: Stable

CRISIL believes ABL will maintain the business risk profile over
the medium term backed by the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if a
significant increase in the revenue and profitability leads to
substantial cash accrual and improved liquidity. Conversely, the
outlook may be revised to 'Negative' if low revenue and
profitability, or any large, debt-funded capital expenditure
weakens the financial risk profile.

ABL, promoted by Mr. A G V V N Satyanarayana and his family
members, and commenced operations in 2008; it manufactures
writing and printing paper along with newsprint paper.

ABL, on a provisional basis, reported a profit after tax (PAT) of
INR24.5 lakhs on operating income of INR41.0 Crores for fiscal
2016, vis-a-vis INR4.9 lakhs and INR35.7 Crores, respectively in
fiscal 2015, on a standalone basis.


AL NAFEES: CRISIL Reaffirms 'D' Rating on INR233MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Al Nafees Frozen Food Exports Private Limited (part of the Al
Nafees group) at 'CRISIL D/CRISIL D'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee          5         CRISIL D (Reaffirmed)

   Cash Credit           233         CRISIL D (Reaffirmed)

   Foreign Bill
   Discounting            50         CRISIL D (Reaffirmed)

   Letter of Credit
   Bill Discounting        7         CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     60         CRISIL D (Reaffirmed)

The rating reflects instances of delay by ANFF in servicing debt,
due to delay in realisation of debtors resulting in weak
liquidity. The financial risk profile is below average with
highly leveraged capital structure.

Company from its established market position in the processed
meat industry, and the promoters' extensive experience.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ANFF and group entities, Al Nafees
Proteins Pvt Ltd, Al Tamash Exports Pvt Ltd and Prestige Food
Exports. This is because these entities, collectively referred to
as the Al Nafees group, have operational and financial linkages.
Furthermore, ANP is a 72 per cent subsidiary of ANFF, and ANFF
has provided corporate guarantee to the bank facilities of ANP
and ATE in the past.

Key Rating Drivers & Detailed Description
Weaknesses
* Below Average financial risk profile: Below avregae financial
risk profile marked by highly leveraged capital structure due to
large working capital debt. External borrowing also led to weak
debt protection metrics.

* Working capital-intensive operations: Company has working
capital intensive operations marked by its gross current assets
(GCA) days. Effective working capital management will remain a
rating sensitivity factor over the medium term

Strength
* Extensive experience of the promoters in the rice milling
industry: Presence of two decades has enabled the promoter to
build a strong market position despite intense competition. Its
brands (Mumtaz, Al Nafees, Aman, and Lazzat) have strong recall.
Furthermore, the group has, over the years, diversified product
profile. The group is also enhancing capacity at strategically
diverse locations to avail of strong quality livestock at
competitive rates.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.

ANP, ATE, and PF are in the same business. ANP, a subsidiary of
ANFF, processes meat of sheep, goat, and buffalo; ATE has a cold
storage where the group stores its products.


AL NAFEES PROTEIN: CRISIL Lowers Rating on INR40.5MM Loan to 'D'
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Al Nafees Proteins Private Limited (ANP; part of the Al Nafees
group) to 'CRISIL D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit          7.0       CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Long Term     40.5       CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable')

The downgrade reflects significant delays in servicing debt; the
delays have been caused by weak liquidity.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of ANFF and group entities, Al Nafees
Proteins Pvt Ltd (ANP), Al Tamash Exports Pvt Ltd (ATE) and
Prestige Food Exports (PF). This is because these entities,
collectively referred to as the Al Nafees group, have operational
and financial linkages. Furthermore, ANP is a 72 per cent
subsidiary of ANFF, and ANFF has provided corporate guarantee to
the bank facilities of ANP and ATE in the past.

Key Rating Drivers & Detailed Description
Weakness
* Below Average financial risk profile
Below average financial risk profile marked by highly leveraged
capital structure due to large working capital debt. External
borrowing also led to weak debt protection metrics.

* Working capital-intensive operations
Company has working capital intensive operations marked by its
gross current assets (GCA) days. Effective working capital
management will remain a rating sensitivity factor over the
medium term.

Strengths
* Extensive experience of the promoters in the rice milling
industry

Presence of two decades has enabled the promoter to build a
strong market position despite intense competition. Its brands
(Mumtaz, Al Nafees, Aman, and Lazzat) have strong recall.
Furthermore, the group has, over the years, diversified product
profile. The group is also enhancing capacity at strategically
diverse locations to avail of strong quality livestock at
competitive rates.

ANFF, promoted by Mr. Mohammad Mustaqeem Qureshi in 1987, is the
flagship company of the Al Nafees group. It processes and exports
buffalo meat. Its plant in Dasna (Uttar Pradesh) has capacity to
process 150 tonnes per day (tpd) of frozen meat. Its rented plant
in Hyderabad has a capacity of 90 tpd.

ANP, ATE, and PF are in the same business. ANP, a subsidiary of
ANFF, processes meat of sheep, goat, and buffalo; ATE has a cold
storage where the group stores its products.


AR CONSTRUCTIONS: CRISIL Assigns 'B+' Rating to INR3.5MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of AR Constructions.

                         Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility      3.5         CRISIL B+/Stable
   Bank Guarantee          4.0         CRISIL A4
   Cash Credit             2.5         CRISIL B+/Stable

The ratings reflect ARC's modest scale and working capital
intensive nature of operations and the susceptibility of its
operations margins to tender based nature of business. These
rating weaknesses are partially offset by the extensive industry
experience of ARC's promoters and its moderate financial risk
profile marked by moderate debt protection metrics, and capital
structure.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale and working capital intensive nature of
operations: ARC's scale of operations is modest as reflected in
revenue of INR6 crores in fiscal 2016. Modest scale of operations
restricts the firm from bidding for tenders of larger value. The
firm has a moderate order book of INR20 crores supporting revenue
visibility over the medium term. The firm also has high gross
current assets (GCA) of 281 days as on March 31, 2016, primarily
owing to high receivables.  The high receivable levels as on
March 31, 2016 primarily pertain to irrigation works done in
fiscal 2015. The receivable days are expected to improve to 90
days over the medium term. Nevertheless, ARC's operations would
remain working capital intensive owing to the inherent nature of
the industry.

* Susceptibility of operations margins to tender based nature of
business: The operating margin for the firm has been volatile in
the past ranging between 9-15 per cent, due to tender based
nature of operations and its revenue mix. Until 2014, ARC was
primarily into irrigation and canal works. Beginning fiscal
201515, the firm moved to transmission EPC contracts and
currently focuses only on transmission and substation contracts.
ARC's margins would remain susceptible to tender based nature of
business over the medium term.

Strengths
* Extensive industry experience of the promoters: ARC's promoter
by Mr. H Ajendra, has an extensive entrepreneurial experience
across, civil construction, and real estate development over the
last 15 years. The firm is expected to benefit from the
promoter's experience and his insights in construction and
project execution works which would continue to aid developing
strong supplier and customer relationships, over the medium term

* Moderate financial risk profile: ARC's financial risk profile
is marked by comfortable gearing, and moderate debt protection
metrics albeit constrained by a small net worth. The firm had a
net worth of INR2.2 crores with a total debt of around INR1.5
crores as on March 31, 2016. Consequently, the gearing stood at
around 0.66 times as on March 31, 2016. ARC has been operating a
gearing of less than 0.85 times over the past 3 years ended
March 31, 2016.
Outlook: Stable

CRISIL expects ARC to benefit from the extensive entrepreneurial
experience of its promoter. The outlook may be revised to
positive if the firm is able to improve its scale of operations
and operating margins resulting in an improvement in business
risk profile, along with an improvement in its capital structure
either through larger than expected accruals or through
significant infusion. Conversely, the outlook can be revised
negative if ARC witnesses decline in revenues or profitability,
or in case of any major debt funded capital expenditure, or
leading to deterioration in debt protection measures.

Established in 2009 as a partnership firm by Mr. Ajendra H. ARC
is engaged in the business of electrical transmission and
substation EPC contracts for civil and erection works. It
operates in Karnataka, AP and Telangana.

Net profit was INR26 lakh on operating income of INR6 crore in
fiscal 2016, against INR12 lakh and INR3.3 crore, respectively,
in fiscal 2015.


B. K. POLYTECH: CRISIL Assigns B+ Rating to INR7.08MM LT Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of B. K. Polytech Private Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit           2.42        CRISIL B+/Stable
   Long Term Loan        7.08        CRISIL B+/Stable

The rating reflects the company's exposure to stabilisation risk
on account of nascent stage of operations, and below-average
financial risk profile because of small networth and average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of its promoters and their funding support.

Key Rating Drivers & Detailed Description
Weaknesses
* Scale of operations and profitability are expected to remain
modest over the medium term owing to early stage of operations
and exposure to intense competition.

* Below-average financial risk profile: Gearing and debt
protection metrics may remain average. Gearing is expected to be
above 1.6 times as on March 31, 2018.

Strength
* Extensive experience of promoters: The promoters have industry
experience of more than 15 years through group entities. Also,
they are likely to extend need-based funding to support working
capital and liquidity needs.
Outlook: Stable

CRISIL believes BKPPL will benefit over the medium term from the
industry experience of its promoters. The outlook may be revised
to 'Positive' if successful stabilisation of operations,
substantial operating income and cash accrual, and efficient
working capital management improve financial risk profile. The
outlook may be revised to 'Negative' if lower-than-expected
operating income and accrual, stretched working capital cycle, or
any large, debt-funded capital expenditure further weakens
financial risk profile, particularly liquidity.

Incorporated in July 2013 and promoted by Mr. Binod Gupta, Mr.
Rohit Gupta, and Mr. Rahul Gupta, BKPPL is setting up a unit to
manufacture polypropylene and high density polyethylene woven
sacks and fabrics. Commercial operations are expected to commence
from March 2017.


BALU INDIA: ICRA Reaffirms B/A4 Rating on INR1cr Unalloc. Loan
--------------------------------------------------------------
ICRA has re-affirmed the short-term rating at [ICRA]A4 for the
INR47.50 crore post-shipment credit and INR1.50 crore letter of
credit of Balu India. ICRA has also re-affirmed the short-term
rating at [ICRA]A4 for the INR6.50 crore of packing credit
facility, which is a sub-limit of post-shipment credit. ICRA has
also re-affirmed the ratings at [ICRA]B/[ICRA]A4 to the
unallocated amount of INR1.00 crore. The outlook on the long-term
rating is 'Stable'.

                       Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Short-term Fund
  Based Limits          47.50        [ICRA]A4 re-affirmed

  Short-term Non-
  fund Based Limit       1.50        [ICRA]A4 re-affirmed

  Unallocated Amount     1.00        [ICRA]B(Stable)/[ICRA]A4
                                     re-affirmed

Detailed Rationale
The ratings re-affirmation take into account the firm's moderate
scale of operations and high net working capital intensity,
resulting in a stretched liquidity position and adverse capital
structure. The ratings also take into account the high
concentration risks and credit risks arising out of huge exposure
to a single client. ICRA notes BI's financial profile being
vulnerable to the cyclicality inherent in the automobile sector,
foreign exchange fluctuations due to the export oriented nature
of BI's operations, and exposure to price risks for fixed price
contracts of the firm. In addition, the ratings remain
constrained by the risks associated with capital withdrawals as
inherent in the proprietorship nature of the firm.

The ratings, however, favorably factor in the extensive
experience of the promoter in the auto component sector. BI
enjoys an approved vendor status from the Original Equipment
Manufacturers (OEMs) of tractors and utility vehicles in the
domestic and overseas markets. Furthermore, the ratings consider
the increased scale of operations and healthy order book position
for BI's current financial year.

ICRA expects the top-line to register a healthy annual growth of
35-40% in the current financial year on the back of healthy sales
booked in the first eight months of the fiscal as well as a
strong order book position. The firm's ability to effectively
manage its receivables and inventory levels with a growing scale
of operations will remain the key rating sensitivity.
Furthermore, the firm's ability to infuse additional funds and
bring back the loans and advances extended to group concerns will
remain critical to improve its liquidity profile.

Key rating drivers
Credit Strengths
* Extensive experience of management in the auto-component
   sector;
* Presence in domestic and overseas markets; approved vendor for
   OEMs of tractors and utility vehicles.

Credit Weakness
* Moderate scale of operations, and healthy order book likely to
   support revenue growth in the near term;
* Weak financial profile as reflected by adverse capital
   structure, high working capital intensity and stretched cash
   flows;
* Exposure to sales concentration risks with the largest
   customer accounting for around 80% of sales in the past three
   years;
* Margins susceptible to fluctuations in raw material prices and
   foreign exchange fluctuations;
* Exposure to inherent cyclicality in the automobile industry.

Detailed description of key rating drivers highlighted:

The firm's working capital intensity is high on account of 270
days of credit extended to its major customer, which accounts for
~80% of total sales. The firm's reliance on external borrowings
is high on account of elongated working capital cycle, as evident
from total outside liabilities/tangible net-worth of 8.69 times
as on March 31, 2016. It is an approved vendor for OEMs as well
as Tier-I suppliers in domestic and international markets. The
order inflow from existing customers as well as acquisition of
new customers has supported the firm's revenue growth in the
current fiscal; however, its ability to manage its working
capital cycle while scaling-up its operations will remain the key
rating sensitivities.

BI mainly caters to OEMs and Tier-I suppliers, where the
competition from established auto part manufacturers is high. The
firm's ability to acquire design and development capabilities to
meet safety, emission and other regulatory norms also influence
the performance of the auto component industry. The firm's
profitability remains vulnerable to fluctuation in steel prices
as it enters into short-term as well as long-term fixed-price
arrangements with its customers. Besides, it is also exposed to
vagaries in currency markets as a substantial part of its sales
are denominated by foreign currency.

Established in 1990 by Mr. Jaspal Singh Chandock, Balu India
manufactures crankshaft, which is assembled in engines of
tractors, heavy vehicle, passenger cars, and marine and
stationary engines. The firm caters to OEMs as well as Tier-I
suppliers in domestic and international markets. The firm's
registered office is in Mumbai, and its manufacturing unit at
Belgum in Karnataka. Balu India is also recognised as a "ONE
STAR" Export House by the Government of India.

BI recorded a net profit before tax of INR0.67 crore on an
operating income of INR60.77 crore for the year ending March 31,
2016.


CENOSPHERE INDIA: ICRA Lowers Rating on INR5cr Loan to 'D'
----------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR5.00 crore running packing credit facility, INR1.00 crore cash
credit facility (sub-limit of running packing credit facility)
and INR0.70 crore term loan facility of Cenosphere India Private
Limited from [ICRA]BB+ (Stable) to [ICRA]D. ICRA has also
downgraded the short term rating outstanding on the INR1.50 crore
non fund based facilities of the company from [ICRA]A4+ to
[ICRA]D.

                         Amount
  Facilities           (INR crore)      Ratings
  ----------           -----------      -------
  Fund Based-Running        5.00        [ICRA]D/ downgraded from
  Packing Credit                        [ICRA]BB+ (Stable)
  (RPC/EPC/PCFC/EBD/
  FBD)

  Fund Based-Cash          (1.00)       [ICRA]D/downgraded from
  Credit (sub-limit                     [ICRA]BB+ (Stable)
  of RPCFC)

  Fund Based-Rupee          0.70        [ICRA]D/ downgraded
  Term Loan                             from [ICRA]BB+ (Stable)

  Non Fund Based-           0.50        [ICRA]D/downgraded from
  (ILC/FLC)/Bank                        [ICRA]A4+
  Guarantee

  Non Fund Based-           1.00        [ICRA]D/downgraded from
  Loan Equivalent Risk                  [ICRA]A4+

Rationale

The downgrade in the ratings primarily considers CIPL's delay in
meeting its debt service obligations in a timely manner due to
delay in receipt of payment from an overseas client. The ratings
also remain constrained by decline in capacity utilization of its
manufacturing units in FY2016, and high working capital
utilization owing to stretched receivable days. ICRA notes that
CIPL's a major portion of sale of cenospheres are made to oil
drilling companies. Hence, any slowdown in the oil drilling
activity would impact the demand for cenosphere, as also
reflected by a decline in income from sale of cenpshere from
INR32.38 crore in FY2015 to INR19.42 crore in FY2016. In ICRA's
opinion, the ability of the entity to improve its scale of
operations while improving its profitability and efficiently
managing its working capital requirements, would be the key
rating sensitivities, going forward. The ratings, however,
favorably takes into account the experience of the management in
the business of manufacturing cenosphere.

Key rating drivers
Credit Strengths
* Experience of the management in the business of manufacturing
   of cenosphere
Credit Weakness
* Delays observed in timely servicing its debt service
   obligations
* Decline in capacity utilization on account of low demand for
   cenosphere from oil drilling companies
* High working capital intensity of operations owing to
   stretched receivable days, adversely impacting liquidity
   position of the company

Description of key rating drivers highlighted:

The promoters of CIPL have a track record in manufacturing of
cenosphere. The company had started operations in April, 2004 and
has an installed capacity of 5500 tons p.a. in Kolkata and 2000
tons p.a. in Nagpur. The company had utilized only 53% of its
total capacity in FY2016 as compared to 71% in FY2015 owing to
decline in the demand for cenosphere from oil drilling companies.
The company in FY2016 also started trading in steam coal. Roughly
53% of the revenue in FY2016 was derived from sale of cenosphere
and the rest from trading activities.

CIPL's revenues witnessed marginal growth in FY2016 supported
largely by trading operations where the margins are relatively
lower. As a result, the operating margin witnessed a decline from
9.24% in FY2015 to 8.68% in FY2016. During H1 FY2017, the company
has achieved a turnover of INR9.98 crore. ICRA notes that the net
working capital intensity of CIPL's operations continues to
remain high owing to stretched receivable days. Moreover, the
recent delay observed in not meeting its dues in its packing
credit account.

Incorporated in 1998, Cenosphere India Pvt. Ltd. is into
processing of cenosphere. The company commenced operations in
April, 2004 with its facility in Kolkata. At present, the company
has an installed capacity of 5500 tons p.a. in Kolkata and 2000
tons p.a. in Nagpur. The company is an associate of Gimpex Pvt.
Ltd. (GPL) (rated at [ICRA]BB+/Stable), which is engaged in sale
of barite, coal, iron ore and mill scale.


CHENAB INDUSTRIES: CRISIL Assigns B Rating to INR5.5MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Chenab Industries Private Limited.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit           5.5        CRISIL B/Stable
   Long Term Loan        4.0        CRISIL B/Stable

The rating reflects the company's limited track record of
operations, susceptibility of operating margin to volatility in
input prices, and weak financial risk profile because of subdued
debt protection metrics. These weaknesses are partially offset by
the extensive experience of its promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Limited track record due to start-up phase: Commercial
operations are expected to start by April 2017 with modest
capacity of 1650 tonne per annum. The company will have a small
scale of operations in the competitive textiles industry, which
will restrict benefits accruing from economies of scale.

* Susceptibility of operating margin to volatility in input
prices: Costs of production and profit margins depend heavily on
crude oil prices, as nylon filament yarn (NFY) players use
petrochemical-based raw materials such as caprolactum. Since raw
material cost accounts for 65-70% of net sales, any fluctuation
in crude oil prices can affect profitability.

* Below-average debt protection metrics: Large debt to set up the
plant and low cash accrual during initial years of operations are
likely to lead to subdued debt protection metrics in the near
term.

Strength
* Extensive experience of promoters
Presence of over three decades in the textile industry has
enabled the promoters to understand market dynamics and establish
strong relationship with suppliers and customers.
Outlook: Stable

CRISIL believes CIPL will benefit over the medium term from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if stabilisation of proposed plant in a timely
manner and higher-than-expected revenue and profitability lead to
large cash accrual. The outlook may be revised to 'Negative' if
further delay in commencement of operations or lower-than-
expected cash accrual during initial phase puts pressure on
liquidity.

Promoted by Mr. Kush Aggarwal and Mr. D S Rana, CIPL is setting
up a plant in Govindsar Industrial Area in Kathua, Jammu, to
manufacture nylon and Poly Propylene yarn. Operations are likely
to begin by April 2017.


CHINAR SYNTEX: CRISIL Reaffirms B+ Rating on INR21MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Chinar Syntex Limited.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            21       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect CSL's modest scale of operations
as reflected by its operating revenue of INR77 cr. CRISIL
believes that operating revenue may grow in range of 5-10% per
annum over medium term owing to established and extensive
experience of promoters in the industry. CSL has a low operating
margin of around 4.8 times in fiscal 2016 and is expected that
the same will remain susceptible to fluctuation in the raw
material prices.

It has weak financial risk profile marked by high total outside
liability to tangible net worth (TOL/TNW) ratio, small net worth,
and weak debt protection metrics. It is expected that despite
absence of debt funded capex the financial risk profile will
remain weak because of large incremental working capital
requirement. Large working capital requirement is indicated by
gross current assets of 207 days as on March 31, 2016, leading to
high bank limit utilization, averaging 98% over the 15 months
through September 2016.

Key Rating Drivers & Detailed Description

Weaknesses
* Modest scale of operations and susceptibility to volatility in
raw material prices:
CSL's modest scale is reflected in operating revenue of INR77
crore in fiscal 2016 and of INR60 crore for the nine months
through December 2016. The small scale in a highly competitive
and fragmented industry limits the company's pricing power and
renders it susceptible to changes in raw material prices, leading
to a fluctuating operating margin. The margin was low, at 4.8% in
fiscal 2016.

* Working capital-intensive operations
The company had large gross current assets of 207 days as on
March 31, 2016, driven by sizeable inventory of 109 days and
considerable receivables of 99 days, leading to high bank limit
utilisation of 98% over the 15 months through September 2016.

* Weak financial risk profile
CSL's TOLTNW ratio was 3.69 times as on March 31, 2016, and is
expected to remain high over the medium term because of large
working capital requirement. Interest coverage ratio was 1.39
times and net cash accrual to adjusted debt ratio was 0.03 time
in fiscal 2016, and are expected at 1.30-1.40 times and 0.03-0.04
time, respectively, over the medium term due to large working
capital debt. Despite the absence of debt-funded capital
expenditure (capex), the financial risk profile will remain weak
because of large incremental working capital requirement.

Strength
* Extensive experience of promoters in the textile industry
CSL's promoters have experiences of over 25 decades in the
textile industry, and have established relationships with
customers and suppliers, ensuring stable demand. The company
sells its product under the Chinar brand. Its revenue grew by 5%
over the three fiscals through March 2016, and will grow 5-10%
annually over the medium term because of the promoters'
established presence.
Outlook: Stable

CRISIL believes CSL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company scales up operations substantially
while improving profitability, leading to better-than-expected
cash accrual and easing pressure on liquidity. The outlook may be
revised to 'Negative' if financial risk profile deteriorates
because of larger-than-expected working capital requirement or
sizeable debt-funded capex.

CSL, incorporated in 1992, is promoted by Mr. Purushottam
Aggarwal, Mr. Naresh Aggarwal, and Mr. Nand Kishore Aggarwal. It
manufactures suiting and shirting fabric under the Chinar brand.
Its weaving unit is in Bhiwani, Haryana.

CSL reported a net profit of INR0.62 crore on net sales of INR77
crore for Fiscal 2016, as against a net profit of INR0.60 crore
on net sales of INR76.25 crore for fiscal 2015.


DINESH METAL: CRISIL Raises Rating on INR10MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Dinesh Metal Industries to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

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

The upgrade reflects an expected improvement in the business and
financial risk profiles on account of an increase in the scale of
operations and stable profitability, and a better networth and
capital structure.

Revenue is expected to increase to INR60.0 crore in fiscal 2017
from INR47 crore in fiscal 2016, because of incremental business.
The operating margin is likely to remain stable at 3-4% for
fiscal 2017. The expected improvement in scale of operations and
stable profitability will lead to improvement in networth;
consequently, total outside liabilities to tangible networth
(TOLTNW) ratio is expected to improve to 3.4 time as on March 31,
2017 from 3.95 times as on March 31, 2016.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Net sales were INR47 crore in
fiscal 2016. The modest scale of operations restricts the ability
to negotiate with customers or suppliers as the steel trading
business is highly fragmented with several small players
operating within the country.

* Working capital-intensive operation: Operations are expected to
be working capital intensive on account of moderate inventory and
debtor days.

* Average financial risk profile: The firm's financial risk
profile is average marked by modest networth of INR 5.3 crore and
high TOLTNW ratio of 3.95 times as on March 31, 2016, Interest
coverage ratio was average at 1.5 times for fiscal 2016.

Strength
* Extensive experience of the proprietor in the steel industry,
and established relationship with customers and suppliers.: The
proprietor, Mr. Lalit Shah, has an experience of over two decades
in the steel trading business. This enabled a healthy growth in
revenue. An established relationship with major suppliers and
customers further strengthens the market position.
Outlook: Stable

CRISIL believes DMI will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if revenue and profitability improve, leading to a
better financial risk profile. The outlook may be revised to
'Negative' if the financial risk profile weakens, most likely
because of a decline in cash accrual, deterioration in working
capital management, or sizeable capital withdrawal by the
proprietor

DMI was established in 1995 as a partnership firm, but was
reconstituted as a proprietorship concern in 2000. The firm
trades in seamless tubes and pipes used for the transfer of high-
pressure liquids. It has been an authorised dealer of Indian
Seamless Metal Tubes Limited since 2005, and of Jindal Saw
Limited since 2009. The firm has recently started dealership of
electric resistance welded (ERW) pipes from Jindal India Limited.

Net profit was INR0.66 crore on net sales of INR47.28 crore in
fiscal 2016, vis-a vis INR0.55 crore and INR47.26 crore,
respectively, in fiscal 2015.


DURA PUF: CRISIL Assigns B+ Rating to INR6MM LT Bank Loan
---------------------------------------------------------
CRISIL has assigned ratings of 'CRISIL B+/Stable/CRISIL A4' to
the bank facilities of Dura Puf (Silvassa) Private Limited.

                          Amount
   Facilities           (INR Mln)      Ratings
   ----------           ---------      -------
   Proposed Long Term
   Bank Loan Facility        6         CRISIL B+/Stable

   Cash Credit               1         CRISIL B+/Stable

   Letter of Credit          4         CRISIL A4

The rating reflects DPL's modest scale and working capital
intensive operations in highly competitive foam industry. These
rating weaknesses are partially offset by promoter's extensive
experience in foam industry and average financial risk profile
marked by moderate debt protection metrics and weak capital
structure.

Analytical Approach

For arriving at the rating, CRISIL has treated the unsecured loan
of INR4.42 crores as neither debt nor equity as it is expected to
remain in the business over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Large working capital requirements: DPL's operations are
working capital intensive as indicated by high gross current
asset of 171 days as on March, 2016. This is primarily on account
of high inventory level and debtors of about 80-90 days.

* Modest scale of operations: DPL has modest scale of operations
as indicated by modest revenues of INR13 crores in 2015-16.
CRISIL believes that the moderate scale of operations will
continue to constrain the business risk profile over the medium
term.

Strengths
* Extensive experience of promoters in foam industry: DPL
benefits from the extensive experience of over 40 years in foam
industry. Over the years, the management has established
longstanding relationship with the customers and suppliers.

* Average financial risk profile: DPL's average financial risk
profile is marked by moderate debt protection metrics marked by
healthy interest coverage ratio and moderate net cash accruals to
total debt ratio (NCATD) ratio of 4.4 times 0.12 times estimated
for 2016-17. However, the capital structure remains weak marked
by high estimated gearing of 3.4 times.
Outlook: Stable

CRISIL believes Dura Puf Silvassa Pvt. Ltd. will continue to
benefit over the medium term from the promoters' experience and
established relationships with customers. The outlook may be
revised to 'Positive' if the company's scale of operation and
profitability improves substantially resulting in strengthening
the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if low cash accrual, because of decline in
profitability or stretched working capital cycle, or a higher
than expected debt-funded capital expenditure weakens the
financial risk profile.

Incorporated in 1972, Dura Puf Silvassa Pvt. Ltd. (DPL) is
engaged in manufacturing of polyurethane foam (PU) which finds
application in mattress manufacturing and packaging. The company
is promoted by Mr. Deepak Doshi and is based out of Mumbai.

The company's operating income was INR13 crores and profit after
tax was INR0.78 crore in fiscal 2016 vis-a-vis losses of INR 0.1
crore on operating income of INR9.76 crore in fiscal 2015.


GREENTECH RENEWABLE: Weak Fin'l Strength Cues ICRA SP4D Grading
---------------------------------------------------------------
ICRA has assigned a 'SP4D' grading to Greentech Renewable
Energies. The grading indicates 'Weak Performance Capability and
Weak Financial Strength' of the channel partner to undertake
solar projects.

The grading is valid for a period of two years from Jan. 13,
2017, after which it will be kept under surveillance.

Grading Drivers

Strengths
* Well qualified management with adequate manpower;
* Positive feedback from customers, supplier and banker.
Risk factors
* Relatively new player in the solar domain ability to
   demonstrate track record by executing successful solar
   projects remains to be seen;
* Small scale of solar operations, the firm is yet to
   demonstrate its ability to scale up its operations and
   achieve operational efficiency;
* High competitive pressures from various organised and
   unorganised players;
* Low financial flexibility: The firm has a small net worth of
   INR0.10 crore as on March 2016; this may restrict the firm's
   ability to secure new orders in absence of further capital
   infusion;
* Risks inherent in partnership firms, where any substantial
   capital withdrawal could impact the net-worth and gearing
   levels.

Fact Sheet
Year of establishment: 2015

Registered office address:
Plot No. - 1, Unit -III, Kharvel Nagar
Dist - Khurda
Bhubaneshwar - 751 001, Odisha

Managing Partner:
Mr. Abhijeet Panda

Greentech Renewable Energies was established in 2015 as a
partnership firm, and the current partners are Mrs. Labanya
Padhy, Mrs. Swarnalata Panda, and Mr. Abhijeet Panda. It is
involved in manufacturing of solar water pumps, off-grid solar
system, solar water heating system, solar street light etc. The
partners are well qualified, and have a total experience of 5
years in the industry.

SI Related Business - Weak Performance Capability
Partners' track record: The partners have a prior experience of
~5 years in the solar sector. They established GRE in 2015, and
have executed projects of upto 40 Kw.

Technical competence and adequacy of manpower: The partners have
a prior experience of ~5 years in the solar sector. The firm at
present has a small scale of operations with 14 permanent
employees handling areas of administration, engineering, and
operations. The employee base is adequate for the size of its
operations.

Quality of suppliers and tie ups: The key materials required for
the process includes solar batteries, solar PV modules, circuit
boards, and other electronic components and consumables which are
procured from suppliers including Vikram Solar Private Limited,
Rotomag Motors & Controls Private Limited etc. It has shortlisted
vendors for supply of raw materials and components based on
product certifications, quality parameters, financial strength,
capacity and the service levels offered.

Customer and O&M Network: The firm at present has limited
customer base in the solar business. O&M services are provided by
an in-house team in Bhubaneshwar. As indicated by the management,
till date the firm has not got any issue related to quality and
workings of the projects installed.

Revenues: INR0.08 crore
Return on Capital Employed (RoCE): Not applicable
Total Outside Liabilities / Tangible Net worth: 0.03 times
Interest Coverage Ratio: 1.30 times
Net-Worth: INR0.10 crore
Current Ratio: 31.99 times
Relationship with bankers:
Bankers are satisfied with firm's account
Conduct

The overall financial profile of the firm is Weak.


HI-CHOICE EXPORTS: CRISIL Cuts Rating on INR3.1MM LT Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank facility
of Hi-Choice Exports Private Limited to 'CRISIL B-/Stable' from
'CRISIL B/Stable'; while reaffirming the ratings on short term
bank facilities at 'CRISIL A4'.

                           Amount
   Facilities            (INR Mln)   Ratings
   ----------            ---------   -------
   Export Packing Credit     6.6     CRISIL A4 (Reaffirmed)
   & Export Bills
   Negotiation/Foreign
   Bill discounting

   Packing Credit            5.4     CRISIL A4 (Reaffirmed)

   Proposed Long Term        3.1     CRISIL B-/Stable (Downgraded
   Bank Loan Facility                from 'CRISIL B/Stable')

The downgrade reflects significant stretch in HCEL's working
capital cycle on account of increase in debtor realisation to 258
days as on March 31, 2016, from 57 days a year ago primarily due
to sluggish demand in the retail market. The increase in debtors
was largely funded by stretching payables. The downgrade also
factors in weakened business risk profile because of 39% decline
in operating revenue in fiscal 2016 due to muted demand.

Stretched receivables coupled with lower cash accrual has
resulted in subdued financial flexibility reflected in continued
high total outside liabilities to tangible networth (TOLTNW)
ratio at 3.98 times as on March 31, 2016. Operating income may
improve in fiscal 2017, while liquidity and financial risk
profile are likely to remain weak over the medium term.

Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile
Networth was INR 3.13 crore as on March 31, 2016. The capital
structure is likely to be highly leveraged with TOLTNW ratio--
3.98 times - expected to remain high over the medium term because
of high dependence on working capital debt. The debt protection
metrics may be low with interest coverage and net cash accrual to
adjusted debt ratios expected to remain subdued at 1.2-1.32 times
and 0.02-0.03 time over the medium term.

* Working capital-intensive operations
Operations are highly working capital intensive, marked by gross
current assets of 525 days as on March 31, 2016, driven by high
inventory and debtor days. Sizeable working capital cycle is
expected to continue to stretch financial flexibility over the
medium term.

* Small scale of operations amid intense competition
Scale of operations is small, with an operating revenue of
INR9.67 crore in fiscal 2016. The ready-made garments industry is
highly fragmented, marked by the presence of a large number of
unorganised players.

Strength
* Extensive experience of promoters
The promoters, Mr. Ramesh Baheti and his son, Mr. Shailender
Baheti, have more than 20 years of experience in the ready-made
garments industry. Over the years, the promoters have established
a strong relationship with customers and suppliers, this has
helped the company to sustain its operations.
Outlook: Stable

CRISIL believes HCEL will maintain its business risk profile over
the medium term backed by the extensive industry experience of
its promoters. The outlook may be revised to 'Positive' if
working capital management is efficient and high sales improve
business risk profile. The outlook may be revised to 'Negative'
if pressure on profitability lowers cash accrual or increase in
working capital requirements weaken financial risk profile.

Incorporated in 1995, HCEL manufactures and exports readymade
garments that comprise mainly women's wear. Its manufacturing
facility at Jaipur can produce 50,000-100,000 garments monthly.

HCEL reported a net profit of INR0.01 crore on net sales of
INR8.64 crore for Fiscal 2016, as against a net profit of INR0.02
crore on net sales of INR14.52 crore for fiscal 2015.


ITFT CONSULTANCY: CRISIL Reaffirms B+ Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of ITFT
Consultancy Private Limited at 'CRISIL B+/Stable/CRISIL A4'.

                         Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Short Term
   Bank Loan Facility      3        CRISIL A4 (Reaffirmed)

   Proposed Working
   Capital Facility        5       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect an average scale of operations
and vulnerability to regulatory risks in the education sector.
These rating weaknesses are partially offset by an average
financial risk profile because of low gearing and moderate debt-
protection metrics, and the extensive industry experience of the
promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Average scale of operations in the competitive education
sector: The scale of operations remains average with revenue of
INR22 crore in fiscal 2016, constrained by intense competition
from other major educational institutions in Chandigarh.

* Exposure to regulatory risks associated with educational
institutes: The courses provided by ITFT are affiliated to Punjab
Technical University, and have to comply with specific
operational and infrastructure norms as laid down by the
regulatory bodies such as University Grants Commission (UGC) and
various governmental and quasi-governmental agencies. The company
will remain exposed to the highly regulated environment in the
education sector over the medium term.

Strengths
* Average financial risk profile: The financial risk profile
remains average with gearing of 1.8 times as on March 31, 2016.
Debt protection metrics have remained moderate with interest
coverage and net cash accrual to total debt ratios were 2.5 times
and 0.12 time, respectively, for fiscal 2016.

* Extensive experience of the promoters in the education sector:
The promoters have more than two decades of experience in the
education sector. Benefits from the promoters' experience should
continue to support business risk profile.
Outlook: Stable

CRISIL believes ITFT will continue to benefit from the extensive
industry experience of the promoters and the healthy demand
prospects for the education sector. The outlook may be revised to
'Positive' in case of a substantial increase in cash accrual,
backed by ramp-up in fee collection and number of students. The
outlook may be revised to 'Negative' if a decline in student
intake, delay in receivables from the government, or any large,
debt-funded capital expenditure weakens the financial risk
profile, particularly liquidity.

Set up in 1994 as a society, ITFT was reconstituted as a private
limited company in 2006. It is promoted by Mr. Gulshan Sharma and
his son, Mr. Aman Sharma. The company offers graduation and post-
graduation courses that are approved by the Punjab Technical
University. It has its campus in Chandigarh and also provides
skill-based short-term courses for central & state governments;
like Deen Dayal Upadhay Grameen Kaushalya Yojana (DDUGKY) &
Rashtriya Uchchatar Shiksha Abhiyan (RUSA) etc.

Profit after tax of INR0.02 crore on net sales of INR21.49 crore
in fiscal 2016, against net loss of INR1.5 crore on net sales of
INR 34.46 crore in fiscal 2015.


KISSAN AGRO: CRISIL Lowers Rating on INR6MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kissan Agro Industries to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             6        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

   Proposed Long Term      2.75     CRISIL B/Stable (Downgraded
   Bank Loan Facility               from 'CRISIL B+/Stable')

   Term Loan               1.00     CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects weakening of liquidity on account of
sizeable capital withdrawal. The withdrawal of profit and capital
has been more than CRISIL's expectations, reducing the cash
accrual available for term debt repayment and incremental working
capital requirement. Future instances of sizeable capital
withdrawal will continue to constrain liquidity.

The downgrade also factors in deterioration in the business risk
profile, as reflected in a significant decline in sales volume
because of the whitefly epidemic as well as lower realisations
and subdued demand for guar gum, leading to fall in revenue to
INR32.13 crore in fiscal 2016 from INR64.64 crore in fiscal 2015.

The operating income may improve in fiscal 2017 as there were net
sales of INR36 crore till December 10, 2016, while financial
flexibility is likely to remain constrained due to a high total
outside liabilities to tangible networth ratio.

Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations
Operating revenue was INR32.13 crore in fiscal 2016. The modest
scale of operations has led to lower bargaining power thus
constraining the ability to avail higher credit from suppliers.
The business risk profile will remain constrained over the medium
term on account of a limited track record.

* Weak financial risk profile
The total outside liabilities to tangible networth (TOLTNW) ratio
was high and debt protection metrics average. As on March 31,
2016, the TOLTNW ratio was around 3.38 times and is expected to
remain high at around 3 times over medium term. The interest
coverage and net cash accrual to total debt ratios were 1.94
times and 0.04 times, respectively, in fiscal 2016, and are
expected to remain average over medium term owing to low
profitability. The interest coverage and net cash accrual to
adjusted debt ratios are expected to be in the range of 2.00-2.15
times and 0.07-0.09 time, respectively.

Strengths
* Extensive experience of the partners in the cotton and guar-gum
industries
The partners have an experience of around two decades in the
cotton ginning and cotton seed oil extracting industry. Over this
period, they have established a sound relationship with customers
and suppliers. The extensive experience of the partners will
support the business risk profile over the medium term.

* Diversified product portfolio and end-user industry base
The firm has a presence in the cotton ginning, cotton seed oil
extracting, and guar gum split manufacturing segments. Around 60%
of the revenue in fiscal 2016 has come from guar gum split sales
to Haryana, Rajasthan, and Punjab; the remaining revenue was from
cotton ginning and cotton seed oil manufacturing. With a
diversified product profile, the company also caters to different
end-users such as the spinning and knitting industry.

The diversified product profile and end-user industry helps to
reduce dependence for revenue and profitability on a particular
product or end-user industry.
Outlook: Stable

CRISIL believes KAI will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of an increase in scale operations and
improvement in profitability, leading to a better financial risk
profile. The outlook may be revised to 'Negative' in case of
sizeable capital withdrawal, decline in revenue and
profitability, or a stretched working capital cycle.

KAI was set up as a partnership firm in 2012 by Mr. Tarsem Chand,
his son Mr. Pawan Kumar, and their relative, Ms Promila. The firm
is based in Mandi Adampur, Haryana. It gins cotton, extracts
cotton oil, and manufactures guar gum splits. It commenced
commercial operations in November 2012.

KAI reported a net profit of INR0.19 crore on net sales of
INR32.11 crore for Fiscal 2016, as against a net profit of
INR0.23 crore on net sales of INR64.26 crore for fiscal 2015.


MADRAS MEDICAL: ICRA Upgrades Rating on INR29.13cr Loan to B+
-------------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B to [ICRA]B+
for the INR6.00 crore2 cash credit facility and the INR29.13
crore (revised from INR18.88 crore) term loan facilities of
Madras Medical Mission (MMM). ICRA has reaffirmed the short-term
rating of [ICRA]A4 assigned to the INR43.00 crore short-term fund
based facilities and the INR13.70 crore (revised from INR20.25
crore) short-term non-fund based facilities of MMM. The outlook
on the long term rating is Stable.

                         Amount
  Facilities          (INR crore)     Ratings
  ----------          -----------     -------
  Long term: Fund         6.00        Upgraded from [ICRA]B
  based facilities-                   to [ICRA]B+ (Stable)
  CC


  Long term: Fund         29.13       Upgraded from [ICRA]B
  based facilities-                   to [ICRA]B+ (Stable)
  TL

  Short term: Fund
  based facilities        43.00       Reaffirmed at [ICRA]A4

  Short term: Non-
  fund based facilities   13.70       Reaffirmed at [ICRA]A4

Rationale
The rating upgrade takes into account the healthy accretion to
reserves over the past few fiscals aiding improvement in the
capital structure following negative net worth till FY2014. The
ratings also reflect MMM's longstanding presence in the
healthcare sector with high reputation in Tamil Nadu, with strong
technical capabilities backed by state-of-the art equipment and
quality professionals. However, the ratings continue to be
constrained by thin margins due to concessions being extended to
weaker section of the society as MMM falls under "not for profit
organization" and also the high dependence of the profitability
on donations. ICRA also takes note of the regular debt funded
capital expenditure leading to large repayment obligations and
heavy dependence on short term loans exposing MMM to refinancing
risks. Further, the ratings take into consideration the
significant competition in the healthcare sector and medical
education which could add pressure in attracting and retaining
faculty/doctors over the long term.

Key rating drivers
Credit Strengths
* Established healthcare provider with high reputation in
   Tamil Nadu
* Superior technical capabilities backed by state-of-the-art
   equipment and experienced consultants
* Healthy demand growth expected for healthcare services
* Improvement in gearing levels due to positive accretion
   to reserves
Credit Weakness
* Concessions extended to patients on account of MMM being a
   "not for profit organization" impacts margins
* High dependence of margins on donations; any adverse change
   could have a significant effect on net margin
* Significant competition in the healthcare sector and medical
   education

Description of key rating drivers highlighted:

MMM has presence in both healthcare and medical education sectors
with positive demand prospects from both. MMM's high reputation
in Tamil Nadu as an established healthcare provider coupled with
gradual rise in demand for its medical courses provides long term
revenue visibility. The income from hospital has contributed
around 75%-79% of the total revenue of the society over the years
with remaining portion being contributed by the income from
educational institution. Despite the significant challenge of
attracting and retaining quality medical practitioners in the
healthcare industry, MMM has been able to contain its attrition
levels due to its established reputation and maintaining its
compensation levels at par with industry benchmarks. This coupled
with treatments offered at concessional rates has put pressure on
the margins over the last few years.

MMM's net worth had remained negative on account of the huge
losses incurred during the period FY2002 to FY2008, especially on
account of losses from the Pondicherry unit due to the high
gestation period for the medical college hospital. However in
FY2015 and FY2016 the capital structure turned favourable to
aided by the positive accretion to reserves. The margins of the
society are largely supported by the donations received from
various corporate bodies. This renders the profitability and
coverage indicators susceptible to any variations in the
donations received.

Madras Medical Mission is a registered society established in
1982 by Bishop Zachariah Mar Dionysius, operating a tertiary care
hospital at a prime location in Mogapair, Chennai, an educational
institution offering medical courses in Pondicherry (PIMS) and a
nursing college in Chennai. The society started its operations
with a Cardiac Care unit in 1987 and expanded over the years to
transform into a multi-speciality hospital. MMM's Chennai
hospital is now well known for its specialised departments with
patient centric service mission which includes the Institute of
Cardio Vascular Diseases (ICVD), the Institute of Reproductive
Medicine and Women's Health and the Institute of Gastroenterology
and Liver Diseases and currently operates 292 beds. In 2000, the
society established the educational institution - Pondicherry
Institute of Medical Sciences, offering both undergraduate and
postgraduate medical courses and the institute includes an
associated teaching hospital operating 640 beds. The nursing
college in Chennai was established in 2008 and offers both
undergraduate and postgraduate courses in Nursing.

In FY2016, MMM achieved a net profit of INR7.3 crore on a total
operating income of INR258.0 crore as compared to net profit of
INR6.6 crore on a total operating income of INR227.4 crore during
the previous financial year.


MARUTI MICRONS: CRISIL Assigns 'B+' Rating to INR7.44MM Term Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Maruti Microns.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             7.44        CRISIL B+/Stable
   Bank Guarantee        0.80        CRISIL A4
   Cash Credit           4.00        CRISIL B+/Stable

The ratings reflect exposure to project implementation risks and
to timely stabilisation and commensurate ramp-up in sales during
the initial phase of operations. The ratings also factor in
expectation of an average financial risk profile because of the
debt-funded project. These rating weaknesses are partly offset by
the extensive experience of the partners in the ceramic tiles
manufacturing business, and expectation of lower demand risk as
almost half of the production will be consumed by ceramic units
belonging to the partners.

Analytical Approach

Unsecured loans from promoters (INR2.19 crore as on Dec. 31,
2016) have been treated as neither debt nor equity.

Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to project implementation and to
timely stabilisation and commensurate ramp-up in sales during the
initial phase of operations: The project will be completed in
March 2017 and operations will start from April 2017. The timely
stabilisation of operations and commensurate ramp up in sales in
the initial phase will be a key monitorable. Any significant
delay in ramp up can severely impact the credit risk profile.

* Expected average financial risk profile: The financial risk
profile is expected to be average driven by a small networth,
high gearing, and average debt protection metrics. The total
project cost of over INR14 crore is funded by a term loan of
INR7.4 crore and the rest through equity and unsecured loans from
the promoters.

Strengths
* Extensive industry experience of the partners and their funding
support: Most of the partners have been in the ceramic tiles
business for almost a decade. This will help to ramp-up
operations.

* Expectation of lower demand risk as production will be largely
consumed by ceramic units belonging to the partners: Consumption
by ceramic units of the partners will be around 40-50% of total
production resulting into lower offtake risk. Supply to these
units will be at cost plus mark-up agreed mutually for
maintaining profitability in this firm as well.
Outlook: Stable

CRISIL believes MM will benefit from the extensive industry
experience of its partners. The outlook may be revised to
'Positive' if timely implementation and stabilisation of the
project leads to revenue, profitability, and cash accrual as
anticipated during the initial phase of operations. The outlook
may be revised to 'Negative' in case of delay in the
implementation or stabilisation of the project, leading to lower
revenue and cash accrual, or a stretched working capital cycle,
resulting in deterioration in the financial risk profile,
especially liquidity.

MM was established in 2016 as a partnership firm. It is setting
up a greenfield project for manufacturing ceramic clay used in
the ceramic industry. Its proposed production capacity will be
500 tonne per day. Commercial operations are expected to commence
from April 2017.


RAVICHAND FOOD: CRISIL Assigns 'B' Rating to INR5.90MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its rating 'CRISIL B/Stable' on the long-term
bank facilities of Ravichand Food Industries.

                           Amount
   Facilities            (INR Mln)      Ratings
   ----------            ---------      -------
   Proposed Long Term
   Bank Loan Facility       .05         CRISIL B/Stable
   Cash Credit             4.00         CRISIL B/Stable
   Long Term Loan          5.90         CRISIL B/Stable

Rating reflects firm's exposure to risks pertaining to nascent
stages of its operations and its below average financial risk
profile. These weaknesses are partially offset by extensive
industry experience of promoters.

Key Rating Drivers & Detailed Description
Weaknesses
* Nascent stages of operations: Firm started its operations in
July 2016 and is therefore exposed to risks pertaining to timely
stabilization of its operations and offtake.

* Below average financial risk profile: The financial risk
profile is below average, as reflected in a modest networth of
INR1.92 crore, interest coverage of 1.45 times and high gearing
of 3.11 times. Liquidity is stretched marked by modest NCA due to
modest scale of operations and low profitability.

Strength
* Extensive experience of Proprietor: Proprietor have extensive
experience of three decades thorugh group companies.
Outlook: Stable

CRISIL believes that RFI will benefit over the medium term from
its proprietor's extensive industry experience. The outlook may
be revised to 'Positive' in case of a significant growth in its
revenues and net cash accruals while improving its capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of lower-than-expected revenues or significant debt-
funded capital expenditure, resulting in further weakening of its
debt protection metrics.

RFI was established in 2015 as a proprietorship firm by Mr.
Pravin Khobragade and started its operations in July 2016. RFI
undertakes milling and processing of paddy into rice, rice bran
and broken rice.

UNITED PROVINCES: CRISIL Assigns B+ Rating to INR118MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of The United Provinces Sugar Co. Limited.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Term Loan             61.78       CRISIL B+/Stable
   Proposed Long Term
   Bank Loan Facility    35.00       CRISIL B+/Stable
   Letter Of Guarantee    0.20       CRISIL A4
   Cash Credit          118.00       CRISIL B+/Stable
   Import Letter of
   Credit Limit           0.35       CRISIL A4

The ratings reflect the extensive experience of the promoters in
the sugar industry and prepayment of interest-bearing term loans
by four quarters. These rating strengths are partially offset by
a negative networth and modest debt protection metrics, large
working capital requirement, and exposure to risks related to the
regulated nature of the sugar industry.

Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: TUPSCL's financial risk
profile is weak on account of its negative net worth as on March
31, 2016 and its weak debt protection metrics.

* Exposure to risks related to the regulated nature of the sugar
industry: The sugar manufacturing industry is highly regulated
and is also exposed to risks related to seasonality in sugarcane
production. These factors can impact the scale of operations and
margins.

Strengths
* Extensive experience of the promoters in the sugar industry:
The promoters have been engaged in the sugar industry for over
four decades.

* Prepayment of term loans: The company has prepaid INR5.91 crore
(reflecting four quarters of principal repayment) of its
interest-bearing loans. This will support financial flexibility
over the next four quarters.
Outlook: Stable

CRISIL believes TUPSCL will continue to benefit from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' if there is a substantial and sustained
increase in revenue, while the profitability margins improve, or
considerable improvement in the capital structure on the back of
sizeable equity infusion. The outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in the capital structure caused most
likely because of larger-than-expected debt-funded capital
expenditure or a stretched working capital cycle.

TUPSCL, incorporated in 1924, is promoted and managed by Mr.
Arvind Kanoria. The company manufactures sugar and has an
installed capacity of 6000 tonne crushed per day.

Net loss was INR5.9 crore on operating income of INR135 crore
in fiscal 2016, against INR31.5 crore and INR216.9 crore,
respectively, in fiscal 2015. During 9 months ended
December 2016, the company has reported net loss of INR3.9 crore
on net sales of INR 201.21 crore.



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


FUJI OIL: Construction Unit Applies for Bankruptcy Procedure
------------------------------------------------------------
Reuters reports that Fuji Oil Co Ltd said that the company's
unit, a Tokyo-based construction unit, applied for bankruptcy
procedure with Tokyo district court.

Fuji Oil says the unit has JPY313 million debt, Reuters relates.

Fuji Oil Co Ltd manufactures and sells oils and fats, ingredients
for confectionery and bakery, and soy protein.


TOSHIBA CORP: Mitsubishi UFJ to File Separate Damages Suits
-----------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp, reeling in an
account-falsification scandal, is set to face additional damages
suits totaling billions of yen (tens of million dollars) as
Mitsubishi UFJ Trust and Banking and two other trust banks plan
to file separate lawsuits.

The banks, which also include Trust & Custody Services Bank and
Japan Trustee Services Bank, will seek damages for losses they
incurred after Toshiba share price nosedived following the
scandal, Nikkei relates citing sources close to the plans at
respective banks. Each of the banks will seek about JPY1 billion
($8.73 million), Nikkei says.

Trust & Custody Services Bank is an affiliate of Mizuho Financial
Group, while Japan Trustee Services Bank is affiliated with
Sumitomo Mitsui Trust Holdings, the report notes.

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3.  Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.

The TCR-AP reported on Jan. 26, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Toshiba Corp. to 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'C', all by
one notch.  All of these ratings remain on CreditWatch with
negative implications.  S&P also lowered its senior unsecured
debt rating on Toshiba two notches to 'B-' from 'B+' and kept the
rating on CreditWatch negative.  On Dec. 28, 2016, S&P placed the
long- and short-term ratings on Toshiba on CreditWatch with
negative implications at the same time as lowering the long-term
ratings, in response to Toshiba's announcement that it might
recognize several JPY100 billion in impairment losses related to
goodwill arising from its acquisition of a nuclear power business
through U.S.-based Westinghouse Electric Co. LLC, because the
goodwill far exceeded the company's initial estimates.


TOSHIBA CORP: To Ask Banks to Continue Support Beyond February
--------------------------------------------------------------
Jiji Press reports that Toshiba Corp. will ask creditor financial
institutions to continue loans to the company in March and later.

The company is expected to make the request at a meeting with the
creditors on Feb. 15, sources said, Jiji Press relates.

Jiji Press says most of the institutions, including the main
creditors of Sumitomo Mitsui Banking Corp., Mizuho Bank and
Sumitomo Mitsui Trust Bank, have already agreed to continue loans
to Toshiba until the end of February.

According to Jiji Press, Toshiba plans to seek investment in the
chip division from outside its group after the spin-off, in order
to improve its finances, which are seen to be battered heavily by
massive losses from its U.S. nuclear power plant business.
Toshiba's nuclear business losses are expected to reach up to
some JPY680 billion.

On Feb. 14, Toshiba is scheduled to announce the exact amount of
the losses, measures to prevent any recurrence of such massive
loss and its earnings for April-December of 2016, the report
says.

At the Feb. 15 meeting, Toshiba will ask the creditors for
continued support, by explaining its earnings forecasts and steps
to restructure its operations, including the spinning-off of the
semiconductor business, the sources, as cited by Jiji Press,
said.

Before the possibility of the company incurring huge losses from
its U.S. nuclear business came to light, Toshiba had forecast a
group net profit of JPY145 billion for fiscal 2016, which ends in
March, with its equity capital seen coming to JPY320 billion at
the end of the year, says Jiji Press.

There is a possibility that Toshiba's debts will exceed its
assets due to the possible huge losses, the report adds.

Jiji Press relates that the company plans to seek investment of
JPY200 billion to JPY300 billion in the chip business after the
spin-off while limiting possible partners' equity stakes in the
new firm at 19.9 percent, the sources said. Possible investors
include Canon Inc. and investment funds.

Based on advice from a foreign securities company, Toshiba is
making preparations to hold bidding to select investors in the
spin-off, according to the sources cited by Jiji Press.

Toshiba plans to choose investors next month and seek approval at
an extraordinary meeting of its shareholders on March 27, the
sources said, Jiji Press relays.

The sources said Toshiba is also considering selling part of its
assets, including a Tokyo hospital it operates and shares in
seven listed affiliates, and reducing costs, in order to raise
several hundreds of billions of yen adds Jiji Press.

                          About Toshiba

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

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3.  Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.

The TCR-AP reported on Jan. 26, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Toshiba Corp. to 'CCC+' and its short-term corporate credit and
commercial paper program ratings on the company to 'C', all by
one notch.  All of these ratings remain on CreditWatch with
negative implications.  S&P also lowered its senior unsecured
debt rating on Toshiba two notches to 'B-' from 'B+' and kept the
rating on CreditWatch negative.  On Dec. 28, 2016, S&P placed the
long- and short-term ratings on Toshiba on CreditWatch with
negative implications at the same time as lowering the long-term
ratings, in response to Toshiba's announcement that it might
recognize several JPY100 billion in impairment losses related to
goodwill arising from its acquisition of a nuclear power business
through U.S.-based Westinghouse Electric Co. LLC, because the
goodwill far exceeded the company's initial estimates.



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


COMMERCIALISATION ADVISORS: Placed Into Liquidation
---------------------------------------------------
Stuff.co.nz reports that the chief executive of a Wintec-owned
firm that mentors business start-ups has had her own company put
into liquidation due to thousands of dollars in unpaid taxes.

According to Stuff.co.nz, Soda Inc chief executive Dr Claire
McGowan owes NZ$172,338 in taxes for her personal consulting
business Commercialisation Advisors Ltd.

Soda Inc is a publicly funded Waikato-based business incubator.

Stuff.co.nz, citing a liquidation report compiled by KPMG, says
McGowan's company owes NZ$172,338 to Inland Revenue, ACC and BNZ
for "failing to meet its obligations to Inland Revenue consisting
of overdue GST and income tax together with associated penalties
and interest".

"On application of the Commissioner of Inland Revenue, the
company was placed into liquidation on Sept. 9, 2016, for failing
to meet its obligations," the report said.

Stuff.co.nz says Ms. McGowan has also tendered her resignation as
chief executive of Soda Inc.

This occurred on December 19, when she emailed her resignation to
all board members citing family reasons for her departure. The
resignation is effective on February 16, Stuff.co.nz relates.

According to Stuff.co.nz, Ms. McGowan said her business began to
buckle under the weight of the recession.

"This company was set up 13 years ago as my consultancy business.
From around 2008, due to the global financial crisis and other
matters, my company income reduced and I accumulated tax arrears,
and subsequent additional penalties and interest," Stuff.co.nz
quotes Ms. McGowan as saying.  "Since then, right through until
the liquidation last year, I've been working with all parties and
paying towards that debt.  Throughout this process I've worked
with all of the involved parties and accepted their advice to
liquidate.  There is nothing untoward about the matter of me
winding down my personal business."

Ms. McGowan was appointed chief executive of Soda Inc in 2014,
replacing Graham Smith.

Commercialisation Advisors Ltd is a stand-alone entity and has no
links to Soda Inc.



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


COUNTRYSIDE COOPERATIVE: PDIC to Pay Depositors Starting Feb. 7
---------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) will start
servicing the deposit insurance claims of depositors of the
closed Countryside Cooperative Rural Bank of Batangas on Feb. 7,
2017, 8:00 AM to 5:00 PM.

Claims of depositors of the Head Office will be serviced at the
bank's office premises located along the National Road, Brgy.
Pallocan, Kanluran, Batangas City from February 7 to 9, 2017.
Meanwhile, servicing of claims for the four branches will be
conducted on Feb. 7 to 8, 2017. These include the Balayan Branch
at Antorcha St., Balayan, Batangas; Lemery Branch in Palanas,
Lemery, Batangas; Padre Garcia Branch in Poblacion, Padre Garcia,
Batangas; and, Tanauan Branch located at the G/F M.B. Perez
Business Center, JP Laurel, Tanauan City.

Filing of claims is waived for depositors with valid deposit
balances of PHP100,000 and below; who have no obligations with
the bank, have not acted as co-makers of these obligations, are
not spouses of the borrowers, have updated and complete mailing
address in the bank records or through the PDIC-provided Mailing
Address Update Form (MAUF), and have not maintained the account
under the name of business entities. Postal Money Orders (PMOs)
will be sent to said depositors at their respective mailing
addresses.

All other depositors, regardless of the type of their account or
account balance, have to file deposit insurance claims. All valid
claims will be paid.

When filing claims for deposit insurance, depositors have to
personally present their Savings Passbook, Certificate of Time
Deposit or other evidence of deposit, and two (2) valid photo-
bearing IDs with their signature.

Depositors who are below 18 years old should be represented by a
parent. For these depositors, a photocopy of the child's Birth
Certificate issued by the National Statistics Office (NSO) or a
duly certified copy issued by the Local Civil Registrar is
required. The parent should sign the Claim Form and other
requirements. However, if the claimant is not the signatory in
the bank records, the original copy of a notarized or
authenticated Special Power of Attorney (SPA) of depositor or
parent of a minor depositor is required.

PDIC will not accept claims which are incomplete or lack the
requisite documents. The deposit insurer may also require other
documents in the course of processing of claims. PDIC reminds
depositors to deal only with PDIC authorized officers.

For more information on the payout process and requirements,
depositors may contact the Public Assistance Department at
telephone numbers (02) 841-4630 to 31, or e-mail at
pad@pdic.gov.ph. Depositors outside Metro Manila may call the
PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). The procedures
and requirements for filing of deposit insurance claims are also
posted in the PDIC website, www.pdic.gov.ph. The Claim Form and
format of the SPA may also be downloaded free of charge from the
PDIC website.



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


SABANA SHARI'AH: Sias Urges Trust to Address Investor Concerns
--------------------------------------------------------------
The Strait Times reports that Securities Investors Association
Singapore (Sias) head David Gerald has urged Sabana Shari'ah
Compliant Industrial Real Estate Investment Trust (Reit) to
address unit holders' concerns and come up with a plan to avoid
liquidation.

According to the report, the move comes as unit holders campaign
to fire the trust's manager, Sabana Real Estate Investment
Management, over the trust's poor performance. They are seeking
an in-house management team better aligned with unit holders'
goals.

The Strait Times relates that Mr. Gerald, who is chief executive,
founder and president at Sias, said in a letter on Jan. 25: "Sias
regrets that the management has not addressed the concerns of
unit holders earlier and for the situation to deteriorate to a
point where unit holders feel the need to replace the Reit
manager or liquidate the Reit.

"Sias calls on Sabana Reit to address the concerns of unit
holders adequately, put forth a detailed plan to avoid
liquidation of the Reit and resolve the issues to the
satisfaction of unit holders."

But he also stressed there are regulations that unit holders will
have to consider, the report states. For instance, unlike in a
listed company, where shareholders with a majority can vote out a
board and vote in a new one, Reit managers are Capital Markets
Services (CMS) licence holders.

Unit holders need to take note that any new manager will have to
be a CMS licence holder and comply with Reits regulations in
Singapore, the report relays.

"If an existing Reit manager is appointed, it would still need to
seek approval from the Monetary Authority of Singapore to also
manage Sabana Reit. There is also the requirement that the Reit
has a manager at all times," the report quotes Mr. Gerald as
saying.

Mr Gerald added that investors should take note that some loan
covenants could provide clauses that, if the Reit manager is
changed, the loan will be recalled, The Strait Times relates.

"This needs to be adequately addressed before any change of the
Reit manager."

The Strait Times adds that unit holders should also be aware that
one of the proposed resolutions calls for the winding up and/or
divestment of all properties in the Sabana Reit portfolio should
the proposed Reit manager not be approved by the authorities.

"In the current economic conditions, unit holders may lose out
with a divestment," said Mr. Gerald.



================
S R I  L A N K A
================


SRI LANKA: Finance Minister Blames Previous Gov't for 'Debt Trap'
-----------------------------------------------------------------
Reuters reports that Sri Lanka's public debt repayments will grow
to a record $4 billion in 2019, the finance ministry said on
Jan. 26, blaming "colossal borrowing" by the previous government.

"Sri Lanka is embroiled in a gigantic debt trap," Reuters quotes
Finance Minister Ravi Karunanayake as saying in a statement.

The cost of repaying and servicing foreign-held debt will jump
more than 32 percent this year to $2.42 billion from 2016's 1.83
billion, rising to $2.56 billion next year, it said.

"The main reason is that loans obtained by the previous regime
for infrastructure development have not brought any return on
their investment," the ministry said in the statement, adding
that domestic revenues and export earnings had fallen between
2011 and 2014, Reuters relays.

In addition to the official public debt, the ministry said the
previous government had obtained loans worth around LKR2 trillion
($13 billion) via state-owned enterprises without including them
on the country's balance sheet, according to Reuters.

Reuters says the former president, Mahinda Rajapaksa, has
defended large-scale borrowing, saying it was needed to rebuild
infrastructure after a 26-year civil war, investing in things
such as ports, railways, highways and power plants, mostly
through financed by Chinese loans.

President Maithripala Sirisena, who unseated Rajapaksa in an
election two years ago, is in the process of converting the debts
of a loss-making $1.5 billion Chinese-built port into equity to
reduce the debt burden, says Reuters.


SRILANKAN AIRLINES: Fitch Affirms Govt. Guaranteed Bonds at 'B+'
----------------------------------------------------------------
Fitch Ratings has affirmed SriLankan Airlines Limited's US
dollar-denominated government guaranteed bonds at 'B+'.

KEY RATING DRIVERS
The airline's bonds are rated at the same level as SLA's parent,
the government of Sri Lanka (GoSL; B+/Negative) due to the
unconditional and irrevocable guarantee provided by the
government. GoSL held 99.5% of SLA as at end-2016 through direct
and indirect holdings.

DERIVATION SUMMARY
Fitch has rated SLA's US dollar-denominated bonds at the same
level as the sovereign due to the unconditional and irrevocable
guarantee provided by the government. The rating is not derived
from its issuer's standalone credit profile and thus is not
comparable to its industry peers.

RATING SENSITIVITIES
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- A downgrade of the sovereign rating

Positive: Developments that may, individually or collectively,
lead to positive rating action include:
- An upgrade of the sovereign rating

For the sovereign rating of Sri Lanka, the following
sensitivities were outlined by Fitch in its Rating Action
Commentary of Feb. 29, 2016.

The Negative Outlook reflects the following risk factors that
could, individually or collectively, result in a downgrade of the
ratings:

- A further increase in external vulnerability driven by a
  sustained decline in FX reserves reflecting, for instance,
  reduced international market access and/or a sudden reversal
  in portfolio inflows.
- A further deterioration in policy coherence and credibility
  that widens macroeconomic imbalances and/or heightens external
  vulnerabilities.
- Continued fiscal slippage resulting in a failure to stabilise
  the general government debt ratio.

The main factors that could, individually or collectively, lead
to a revision of the Outlook to Stable are:

- Implementation of a predictable and robust policy framework
  leading to a reduction in risks to basic economic and financial
  stability.
- Improvement in Sri Lanka's public finances underpinned by a
  credible medium-term fiscal consolidation strategy, including
  a broadening of the general government revenue base.
- Sustained smaller current-account deficits with higher
  levels of non-debt capital inflows (FDI) and an increase
  in foreign exchange reserves.



===========
T A I W A N
===========


ATOPTECH INC: To Dissolve Taiwan Office, Hires KPMG as Advisor
--------------------------------------------------------------
ATopTech, Inc. seeks approval from the U.S. Bankruptcy Court in
Delaware to hire KPMG Advisory Services Co., Ltd.

The firm will provide business advisory services in connection
with the dissolution of the Debtor's office in Taiwan.

KPMG has agreed to give the Debtor a discounted hourly rate of
$250 for a manager level.  The firm's current hourly rates are:

     Partners/Managing Directors     $690
     Directors/Senior Managers       $570
     Managers                        $515
     Senior Associates        $370 - $435
     Associates               $250 - $270

Eric Tsao, a KPMG partner, disclosed in a court filing that his
firm is a "disinterested person" as defined in section 101(14) of
the Bankruptcy Code.

KPMG can be reached through:

     Eric Tsao
     KPMG Advisory Services Co., Ltd.
     68F, Taipei 101 Tower
     No. 7, Sec. 5
     Xinyi Road, Taipei 11049
     Taiwan, R.O.C.

                        About ATopTech

ATopTech, Inc. -- http://www.atoptech.com/-- is in the business
of IC physical design.  ATopTech claims its technology offers the
fastest time to design closure focused on advanced technology
nodes.  The use of state-of-the-art multi-threading and
distributed processing technologies speeds up the design process,
resulting in unsurpassed project completion times.

ATopTech, Inc. sought Chapter 11 protection (Bankr. D. Del. Case
No. 17-10111(MFW)) on Jan. 13, 2017.  The petition was signed by
Claudia Chen, vice president, finance.  The case is assigned to
Judge Mary F. Walrath.

The Debtor estimated assets and liabilities in the range of $10
million to $50 million.

ATopTech has retained Dorsey & Whitney as bankruptcy counsel and
Cowen and Company as its investment banker.  Wilson Sonsini
Goodrich & Rosati, Professional Corporation, serves as corporate
and transactional counsel to ATopTech.  Grant Thornton serves as
tax counsel; and Arnold & Porter serves as litigation counsel.
Epiq Bankruptcy serves as claims and notice agent.



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

* BOND PRICING: For the Week Jan. 23 to Jan. 27, 2017
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50    04/01/19    USD       1.51
ARTSONIG PTY LTD           11.50    04/01/19    USD       8.50
BOART LONGYEAR MANAGEME     7.00    04/01/21    USD       6.25
BOART LONGYEAR MANAGEME     7.00    04/01/21    USD       7.25
BOART LONGYEAR MANAGEME    10.00    10/01/18    USD      75.25
BOART LONGYEAR MANAGEME    10.00    10/01/18    USD      75.25
CML GROUP LTD               9.00    01/29/20    AUD       1.02
CRATER GOLD MINING LTD     10.00    08/18/17    AUD      23.80
HILLGROVE RESOURCES LTD     6.00    12/20/19    AUD       2.10
KEYBRIDGE CAPITAL LTD       7.00    07/31/20    AUD       0.71
LAKES OIL NL               10.00    03/31/17    AUD       3.88
LAKES OIL NL               10.00    05/31/18    AUD       5.00
MIDWEST VANADIUM PTY LT    11.50    02/15/18    USD       2.22
MIDWEST VANADIUM PTY LT    11.50    02/15/18    USD       2.22
PALADIN ENERGY LTD          6.00    04/30/17    USD      66.25
PALADIN ENERGY LTD          7.00    03/31/20    USD      72.74
RELIANCE RAIL FINANCE P     2.15    09/26/23    AUD      66.76
RELIANCE RAIL FINANCE P     2.15    09/26/23    AUD      66.77
STOKES LTD                 10.00    06/30/17    AUD       0.35
TREASURY CORP OF VICTOR     0.50    11/12/30    AUD      67.83


CHINA
-----

AKESU XINCHENG ASSET IN     7.50    10/10/18    CNY      51.05
ANQING URBAN CONSTRUCTI     6.76    12/31/19    CNY      61.89
ANQING URBAN CONSTRUCTI     6.76    12/31/19    CNY      62.15
ANSHAN CITY CONSTRUCTIO     8.25    03/05/19    CNY      61.25
ANSHAN CITY CONSTRUCTIO     8.25    03/05/19    CNY      61.94
ANSHUN STATE-RUN ASSETS     6.98    01/10/20    CNY      61.69
ANSHUN STATE-RUN ASSETS     6.98    01/10/20    CNY      83.00
ANYANG INVESTMENT GROUP     8.00    04/17/19    CNY      61.82
BAICHENG ZHONGXING URBA     7.00    12/18/19    CNY      60.98
BAISHAN URBAN CONSTRUCT     7.00    07/31/19    CNY      60.96
BANGBU CITY INVESTMENT      5.78    08/10/17    CNY      30.32
BAODING NATIONAL HI-TEC     7.33    12/24/19    CNY      64.00
BAOJI INVESTMENT GROUP      7.14    12/26/18    CNY      50.69
BAOJI INVESTMENT GROUP      7.14    12/26/18    CNY      51.31
BAOSHAN STATE-OWNED ASS     7.30    12/10/19    CNY      60.50
BAOSHAN STATE-OWNED ASS     7.30    12/10/19    CNY      62.39
BAOTOU STATE OWNED ASSE     7.03    09/17/19    CNY      61.76
BAYINGUOLENG INNER MONG     7.48    09/10/18    CNY      50.94
BEIJING CAPITAL DEVELOP     5.95    05/29/19    CNY      61.29
BEIJING CONSTRUCTION EN     5.95    07/05/19    CNY      61.05
BEIJING ECONOMIC TECHNO     5.29    03/06/18    CNY      70.38
BEIJING GUCAI GROUP CO      8.28    12/15/18    CNY      73.83
BEIJING XINGZHAN STATE      6.48    08/31/19    CNY      61.57
BEIJING XINGZHAN STATE      6.48    08/31/19    CNY      62.11
BIJIE XINTAI INVESTMENT     7.15    08/20/19    CNY      62.12
BINZHOU BINCHENG DISTRI     6.50    07/05/19    CNY      61.66
BINZHOU BINCHENG DISTRI     6.50    07/05/19    CNY      65.50
CANGZHOU CONSTRUCTION &     6.72    01/23/20    CNY      61.57
CANGZHOU CONSTRUCTION &     6.72    01/23/20    CNY      62.18
CHANGDE ECONOMIC DEVELO     7.19    09/12/19    CNY      62.40
CHANGDE ECONOMIC DEVELO     7.19    09/12/19    CNY      64.36
CHANGSHA CITY CONSTRUCT     6.95    04/24/19    CNY      62.21
CHANGSHA COUNTY XINGCHE     8.35    04/06/19    CNY      61.70
CHANGSHA COUNTY XINGCHE     8.35    04/06/19    CNY      62.11
CHANGSHA HIGH TECHNOLOG     7.30    11/22/17    CNY      40.65
CHANGSHA PILOT INVESTME     6.70    12/10/19    CNY      62.26
CHANGSHA PILOT INVESTME     6.70    12/10/19    CNY      62.50
CHANGSHU BINJIANG URBAN     6.85    04/27/19    CNY      61.41
CHANGSHU BINJIANG URBAN     6.85    04/27/19    CNY      61.71
CHANGSHU CITY OPERATION     8.00    01/16/19    CNY      41.01
CHANGSHU CITY OPERATION     8.00    01/16/19    CNY      41.44
CHANGXING URBAN CONSTRU     6.80    11/30/19    CNY      61.66
CHANGXING URBAN CONSTRU     6.80    11/30/19    CNY      61.73
CHANGYI ECONOMIC AND DE     7.35    10/30/20    CNY      73.55
CHANGZHOU JINTAN DISTRI     8.30    03/14/19    CNY      61.68
CHANGZHOU WUJIN CITY CO     6.22    06/08/18    CNY      50.76
CHANGZHOU WUJIN CITY CO     6.22    06/08/18    CNY      50.80
CHAOHU URBAN TOWN CONST     7.00    12/24/19    CNY      61.94
CHAOHU URBAN TOWN CONST     7.00    12/24/19    CNY      83.60
CHAOYANG CONSTRUCTION I     7.30    05/25/19    CNY      61.87
CHENGDU CITY DEVELOPMEN     6.18    01/14/20    CNY      61.82
CHENGDU CITY DEVELOPMEN     6.18    01/14/20    CNY      62.11
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18    CNY      50.67
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18    CNY      50.90
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19    CNY      61.37
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19    CNY      62.50
CHENGDU HI-TECH INVESTM     6.28    11/20/19    CNY      61.30
CHENGDU HI-TECH INVESTM     6.28    11/20/19    CNY      61.59
CHENGDU XINCHENG XICHEN     8.35    03/19/19    CNY      62.62
CHENGDU XINCHENG XICHEN     8.35    03/19/19    CNY      62.82
CHENGDU XINDU XIANGCHEN     8.60    12/13/18    CNY      73.00
CHENGDU XINGCHENG INVES     6.17    01/28/20    CNY      61.89
CHENGDU XINGJIN URBAN C     7.30    11/27/19    CNY      62.39
CHENGDU XINGJIN URBAN C     7.30    11/27/19    CNY      62.82
CHENZHOU URBAN CONSTRUC     7.34    09/13/19    CNY      61.83
CHENZHOU URBAN CONSTRUC     7.34    09/13/19    CNY      62.00
CHIFENG CITY HONGSHAN I     7.20    07/25/19    CNY      60.80
CHIFENG CITY INFRASTRUC     6.18    05/18/17    CNY      50.08
CHINA CITY CONSTRUCTION     5.55    12/17/17    CNY      45.00
CHINA GOVERNMENT BOND       1.64    12/15/33    CNY      74.70
CHIZHOU CITY MANAGEMENT     7.17    10/17/19    CNY      61.70
CHIZHOU CITY MANAGEMENT     7.17    10/17/19    CNY      84.50
CHONGQING BEIFEI INDUST     7.13    12/25/19    CNY      62.45
CHONGQING BEIFEI INDUST     7.13    12/25/19    CNY      84.55
CHONGQING CHANGSHOU DEV     7.45    09/25/19    CNY      62.19
CHONGQING CHANGSHOU DEV     7.45    09/25/19    CNY      62.57
CHONGQING FULING STATE-     6.39    01/21/20    CNY      61.70
CHONGQING FULING STATE-     6.39    01/21/20    CNY      62.40
CHONGQING HECHUAN RURAL     8.28    04/10/18    CNY      51.12
CHONGQING HECHUAN RURAL     8.28    04/10/18    CNY      51.30
CHONGQING HECHUAN URBAN     6.95    01/06/18    CNY      40.52
CHONGQING HONGRONG CAPI     7.20    10/16/19    CNY      61.38
CHONGQING JIANGJIN HUAX     6.95    01/06/18    CNY      40.98
CHONGQING JIANGJIN HUAX     7.46    09/21/19    CNY      62.19
CHONGQING JIANGJIN HUAX     7.46    09/21/19    CNY      62.53
CHONGQING JINYUN ASSET      6.75    06/18/19    CNY      61.29
CHONGQING JINYUN ASSET      6.75    06/18/19    CNY      61.54
CHONGQING LAND PROPERTI     7.35    04/25/19    CNY      61.44
CHONGQING LAND PROPERTI     7.35    04/25/19    CNY      62.29
CHONGQING MAIRUI CITY I     6.82    08/17/19    CNY      60.97
CHONGQING NAN'AN URBAN      6.29    12/24/17    CNY      40.62
CHONGQING NAN'AN URBAN      8.20    04/09/19    CNY      62.22
CHONGQING NANCHUAN DIST     7.35    09/06/19    CNY      61.99
CHONGQING NANCHUAN DIST     7.35    09/06/19    CNY      62.30
CHONGQING QIJIANG EAST      6.75    01/29/20    CNY      61.55
CHONGQING THREE GORGES      6.40    01/23/19    CNY      51.19
CHONGQING THREE GORGES      6.40    01/23/19    CNY      76.82
CHONGQING XINGRONG HOLD     8.35    04/19/19    CNY      61.87
CHONGQING XIYONG MICRO-     6.76    07/25/19    CNY      61.56
CHONGQING YONGCHUAN HUI     7.33    10/16/19    CNY      62.55
CHONGQING YONGCHUAN HUI     7.33    10/16/19    CNY      62.64
CHONGQING YONGCHUAN HUI     7.49    03/14/18    CNY      70.42
CHONGQING YUFU ASSET MA     6.50    09/04/19    CNY      62.22
CHONGQING YULONG ASSET      6.87    05/31/19    CNY      61.96
CHONGQING YUXING CONSTR     7.29    12/08/17    CNY      40.93
CHONGQING YUXING CONSTR     7.30    12/10/19    CNY      62.04
CHONGQING YUXING CONSTR     7.30    12/10/19    CNY      83.00
CHUXIONG AUTONOMOUS DEV     6.08    10/18/17    CNY      50.89
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19    CNY      62.15
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19    CNY      62.19
CHUZHOU TONGCHUANG CONS     7.05    01/09/20    CNY      62.12
CHUZHOU TONGCHUANG CONS     7.05    01/09/20    CNY      82.36
CIXI STATE OWNED ASSET      6.60    09/20/19    CNY      60.84
CIXI STATE OWNED ASSET      6.60    09/20/19    CNY      61.65
DALI ECONOMIC DEVELOPME     8.80    04/24/19    CNY      62.77
DALIAN CHANGXING ISLAND     6.60    01/25/20    CNY      62.00
DALIAN DETA INVESTMENT      6.50    11/15/19    CNY      61.63
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19    CNY      61.23
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19    CNY      63.23
DANDONG CITY DEVELOPMEN     6.63    12/21/18    CNY      71.03
DANYANG INVESTMENT GROU     8.10    03/06/19    CNY      61.60
DANYANG INVESTMENT GROU     8.10    03/06/19    CNY      61.94
DAQING GAOXIN STATE-OWN     6.88    12/05/19    CNY      61.07
DAQING GAOXIN STATE-OWN     6.88    12/05/19    CNY      63.00
DAQING URBAN CONSTRUCTI     6.55    10/23/19    CNY      61.77
DATONG ECONOMIC CONSTRU     6.50    06/01/17    CNY      39.80
DATONG ECONOMIC CONSTRU     6.50    06/01/17    CNY      40.08
DAXING ANLING FORESTRY      7.08    10/23/19    CNY      52.48
DAXING ANLING FORESTRY      7.08    10/23/19    CNY      52.68
DAZHOU INVESTMENT CO LT     6.99    12/25/19    CNY      62.01
DAZHOU INVESTMENT CO LT     6.99    12/25/19    CNY      62.22
DEYANG CITY CONSTRUCTIO     6.99    12/26/19    CNY      61.71
DEYANG CITY CONSTRUCTIO     6.99    12/26/19    CNY      62.50
DEZHOU DEDA URBAN CONST     7.14    10/18/19    CNY      62.63
DONGBEI SPECIAL STEEL G     5.63    04/12/18    CNY      40.00
DONGBEI SPECIAL STEEL G     5.88    05/05/16    CNY      40.00
DONGBEI SPECIAL STEEL G     6.10    01/15/18    CNY      40.00
DONGBEI SPECIAL STEEL G     6.30    09/24/16    CNY      40.00
DONGBEI SPECIAL STEEL G     6.50    03/27/16    CNY      40.00
DONGBEI SPECIAL STEEL G     7.00    07/10/16    CNY      40.00
DONGBEI SPECIAL STEEL G     7.40    07/17/17    CNY      40.00
DONGBEI SPECIAL STEEL G     8.20    06/06/16    CNY      40.00
DONGBEI SPECIAL STEEL G     8.30    09/06/16    CNY      40.00
DONGTAI COMMUNICATION I     7.39    07/05/18    CNY      50.51
DONGTAI COMMUNICATION I     7.39    07/05/18    CNY      51.02
DONGTAI UBAN CONSTRUCTI     7.10    12/26/19    CNY      62.11
ENSHI URBAN CONSTRUCTIO     7.55    10/22/19    CNY      62.56
ERDOS DONGSHENG CITY DE     8.40    02/28/18    CNY      49.84
ERDOS DONGSHENG CITY DE     8.40    02/28/18    CNY      49.99
EZHOU CITY CONSTRUCTION     7.08    06/19/19    CNY      62.07
FEICHENG CITY ASSETS MA     7.10    08/14/18    CNY      50.97
FEICHENG CITY ASSETS MA     7.10    08/14/18    CNY      51.21
FENGHUA CITY INVESTMENT     7.45    09/24/19    CNY      61.22
FENGHUA CITY INVESTMENT     7.45    09/24/19    CNY      62.16
FUJIAN LONGYAN CITY CON     7.45    08/14/19    CNY      62.33
FUJIAN NANPING HIGHWAY      6.69    01/28/20    CNY      82.15
FUJIAN NANPING HIGHWAY      7.90    10/26/18    CNY      73.32
FUSHUN URBAN INVESTMENT     5.95    05/11/18    CNY      70.47
FUXIN INFRASTRUCTURE CO     7.55    10/10/19    CNY      60.00
FUXIN INFRASTRUCTURE CO     7.55    10/10/19    CNY      61.84
FUZHOU INVESTMENT DEVEL     6.78    01/16/20    CNY      61.59
FUZHOU INVESTMENT DEVEL     6.78    01/16/20    CNY      62.13
FUZHOU URBAN AND RURAL      6.35    09/25/18    CNY      50.86
FUZHOU URBAN AND RURAL      6.35    09/25/18    CNY      50.86
GANSU PROVINCIAL HIGHWA     6.75    11/16/18    CNY      71.82
GANSU PROVINCIAL HIGHWA     7.20    09/19/18    CNY      72.42
GANZHOU CITY DEVELOPMEN     6.40    07/10/18    CNY      50.58
GANZHOU DEVELOPMENT ZON     6.70    12/26/18    CNY      51.06
GANZHOU DEVELOPMENT ZON     6.70    12/26/18    CNY      51.14
GAOMI STATE-OWNED ASSET     6.70    11/15/19    CNY      61.41
GAOMI STATE-OWNED ASSET     6.70    11/15/19    CNY      61.67
GAOMI STATE-OWNED ASSET     6.75    11/15/18    CNY      50.30
GAOMI STATE-OWNED ASSET     6.75    11/15/18    CNY      51.05
GONGYI STATE OWNED ASSE     6.70    01/18/20    CNY      61.35
GUANGAN INVESTMENT HOLD     8.18    04/25/19    CNY      60.60
GUANGAN INVESTMENT HOLD     8.18    04/25/19    CNY      62.24
GUANGXI BAISE DEVELOPME     6.50    07/04/19    CNY      61.11
GUANGXI BAISE DEVELOPME     6.50    07/04/19    CNY      61.41
GUANGYUAN INVESTMENT HO     7.25    11/26/19    CNY      61.87
GUILIN ECONOMIC CONSTRU     6.90    05/09/18    CNY      50.88
GUILIN ECONOMIC CONSTRU     6.90    05/09/18    CNY      51.70
GUIYANG ECO&TECH DEVELO     8.42    03/27/19    CNY      61.95
GUIYANG JINYANG CONSTRU     6.70    10/24/18    CNY      51.08
GUIYANG JINYANG CONSTRU     6.70    10/24/18    CNY      51.34
GUIYANG PUBLIC RESIDENT     6.70    11/06/19    CNY      62.27
GUOAO INVESTMENT DEVELO     6.89    10/29/18    CNY      47.28
GUOAO INVESTMENT DEVELO     6.89    10/29/18    CNY      51.07
HAIAN COUNTY CITY CONST     8.35    03/28/18    CNY      50.93
HAIAN COUNTY CITY CONST     8.35    03/28/18    CNY      51.14
HAICHENG URBAN INVESTME     8.39    11/07/18    CNY      72.74
HAIMEN CITY DEVELOPMENT     8.35    03/20/19    CNY      61.00
HAIMEN CITY DEVELOPMENT     8.35    03/20/19    CNY      61.77
HAINING STATE-OWNED ASS     7.80    09/20/18    CNY      72.47
HAINING STATE-OWNED ASS     7.80    09/20/18    CNY      72.85
HANDAN CITY CONSTRUCTIO     7.05    12/24/19    CNY      62.66
HANDAN CITY CONSTRUCTIO     7.05    12/24/19    CNY      62.83
HANGZHOU HIGH-TECH INDU     6.45    01/28/20    CNY      62.25
HANGZHOU MUNICIPAL CONS     5.90    04/25/18    CNY      50.16
HANGZHOU MUNICIPAL CONS     5.90    04/25/18    CNY      50.64
HANGZHOU XIAOSHAN ECO&T     6.70    12/26/18    CNY      51.65
HANGZHOU YUHANG CITY CO     7.55    03/29/19    CNY      62.20
HANZHONG CITY CONSTRUCT     7.48    03/14/18    CNY      71.25
HANZHONG CITY CONSTRUCT     7.48    03/14/18    CNY      71.47
HARBIN HELI INVESTMENT      7.48    09/26/18    CNY      72.06
HARBIN HELI INVESTMENT      7.48    09/26/18    CNY      72.25
HEBEI SHUNDE INVESTMENT     6.98    12/05/19    CNY      62.25
HEBEI SHUNDE INVESTMENT     6.98    12/05/19    CNY      62.28
HEFEI HAIHENG INVESTMEN     7.30    06/12/19    CNY      62.33
HEFEI HAIHENG INVESTMEN     7.30    06/12/19    CNY     #N/A N/A
HEFEI TAOHUA INDUSTRIAL     8.79    03/27/19    CNY      62.46
HEFEI XINCHENG STATE-OW     7.88    04/23/19    CNY      62.29
HEGANG KAIYUAN CITY INV     6.50    07/19/19    CNY      61.13
HENAN JIYUAN CITY CONST     7.50    09/25/19    CNY      62.69
HENGYANG CITY CONSTRUCT     7.06    08/13/19    CNY      61.90
HENGYANG CITY CONSTRUCT     7.06    08/13/19    CNY      62.07
HUAIAN CITY URBAN ASSET     6.87    12/26/19    CNY      62.42
HUAIAN CITY URBAN ASSET     6.87    12/26/19    CNY      62.80
HUAIAN CITY WATER ASSET     8.25    03/08/19    CNY      62.52
HUAI'AN DEVELOPMENT HOL     6.80    03/24/17    CNY      41.80
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19    CNY      61.90
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19    CNY      63.09
HUAIAN QINGHE NEW AREA      6.68    01/24/20    CNY      62.01
HUAIAN QINGHE NEW AREA      6.68    01/24/20    CNY      84.14
HUAIAN QINGHE NEW AREA      6.79    04/29/17    CNY      40.05
HUAIBEI CITY CONSTRUCTI     6.68    12/17/18    CNY      51.12
HUAIHUA CITY CONSTRUCTI     8.00    03/22/18    CNY      50.50
HUAIHUA CITY CONSTRUCTI     8.00    03/22/18    CNY      50.99
HUANGGANG CITY CONSTRUC     7.10    10/19/19    CNY      62.02
HUANGGANG CITY CONSTRUC     7.10    10/19/19    CNY      62.67
HUANGSHI URBAN CONSTRUC     6.96    10/25/19    CNY      62.37
HUIAN STATE ASSETS INVE     7.50    10/15/19    CNY      62.59
HUNAN CHANGDE DEYUAN IN     7.18    10/18/18    CNY      51.24
HUNAN CHANGDE DEYUAN IN     7.18    10/18/18    CNY      51.59
HUNAN CHENGLINGJI HARBO     7.70    10/15/18    CNY      51.59
HUNAN CHENGLINGJI HARBO     7.70    10/15/18    CNY      51.67
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18    CNY      50.73
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18    CNY      77.25
HUZHOU MUNICIPAL CONSTR     6.70    12/14/19    CNY      61.48
HUZHOU MUNICIPAL CONSTR     7.02    12/21/17    CNY      71.80
HUZHOU NANXUN STATE-OWN     8.15    03/31/19    CNY      62.46
HUZHOU WUXING NANTAIHU      7.71    02/17/18    CNY      71.16
INNER MONGOLIA HIGH-TEC     7.20    09/25/19    CNY      62.08
JIAMUSI NEW ERA INFRAST     8.25    03/22/19    CNY      61.21
JIAMUSI NEW ERA INFRAST     8.25    03/22/19    CNY      61.78
JIAN CITY CONSTRUCTION      7.80    04/20/19    CNY      61.98
JIANAN INVESTMENT HOLDI     7.68    09/04/19    CNY      63.15
JIANGDONG HOLDING GROUP     6.90    03/27/19    CNY      61.11
JIANGDU XINYUAN INDUSTR     8.10    03/23/19    CNY      62.04
JIANGSU HANRUI INVESTME     8.16    03/01/19    CNY      61.99
JIANGSU HUAJING ASSETS      5.68    09/28/17    CNY      25.15
JIANGSU JINGUAN INVESTM     6.40    01/28/19    CNY      50.45
JIANGSU LIANYUN DEVELOP     6.10    06/19/19    CNY      60.78
JIANGSU LIANYUN DEVELOP     6.10    06/19/19    CNY      60.93
JIANGSU NANJING PUKOU E     7.10    10/08/19    CNY      61.92
JIANGSU NANJING PUKOU E     7.10    10/08/19    CNY      62.22
JIANGSU NEWHEADLINE DEV     7.00    08/27/20    CNY      72.54
JIANGSU NEWHEADLINE DEV     7.00    08/27/20    CNY      72.73
JIANGSU SUHAI INVESTMEN     7.20    11/07/19    CNY      61.73
JIANGSU TAICANG PORT DE     7.66    05/16/19    CNY      62.30
JIANGSU WUZHONG ECONOMI     8.05    12/16/18    CNY      73.21
JIANGSU WUZHONG ECONOMI     8.05    12/16/18    CNY      73.42
JIANGSU XISHAN ECONOMIC     6.99    11/01/19    CNY      62.17
JIANGSU XISHAN ECONOMIC     6.99    11/01/19    CNY      69.60
JIANGSU ZHANGJIAGANG EC     6.98    11/16/19    CNY      62.29
JIANGXI HEJI INVESTMENT     8.00    09/04/19    CNY      62.13
JIANGXI HEJI INVESTMENT     8.00    09/04/19    CNY      62.58
JIANGYAN STATE OWNED AS     6.85    12/03/19    CNY      61.77
JIANGYAN STATE OWNED AS     6.85    12/03/19    CNY      62.34
JIANGYIN CITY CONSTRUCT     7.20    06/11/19    CNY      62.23
JIANGYIN CITY CONSTRUCT     7.20    06/11/19    CNY      62.90
JIASHAN STATE-OWNED ASS     6.80    06/06/19    CNY      61.86
JIAXING CULTURE FAMOUS      8.16    03/08/19    CNY      61.78
JIAXING ECONOMIC&TECHNO     6.78    06/14/19    CNY      61.13
JIAXING ECONOMIC&TECHNO     6.78    06/14/19    CNY      61.46
JINAN CITY CONSTRUCTION     6.98    03/26/18    CNY      50.40
JINAN XIAOQINGHE DEVELO     7.15    09/05/19    CNY      62.03
JINAN XIAOQINGHE DEVELO     7.15    09/05/19    CNY      62.10
JINGJIANG BINJIANG XINC     6.80    10/23/18    CNY      50.93
JINGJIANG BINJIANG XINC     6.80    10/23/18    CNY      77.00
JINGZHOU URBAN CONSTRUC     7.98    04/24/19    CNY      62.05
JINING CITY CONSTRUCTIO     8.30    12/31/18    CNY      42.13
JINING CITY YANZHOU DIS     8.50    12/28/17    CNY      25.84
JINING HI-TECH TOWN CON     6.60    01/28/20    CNY      61.69
JINING WATER SUPPLY GRO     7.18    01/22/20    CNY      61.77
JINSHAN STATE-OWNED ASS     6.65    11/27/19    CNY      62.36
JINZHOU CITY INVESTMENT     7.08    06/13/19    CNY      61.34
JINZHOU CITY INVESTMENT     7.08    06/13/19    CNY      61.54
JISHOU HUATAI STATE OWN     7.37    12/12/19    CNY      61.61
JISHOU HUATAI STATE OWN     7.37    12/12/19    CNY      83.23
JIUJIANG CITY CONSTRUCT     8.49    02/23/19    CNY      62.39
JIUJIANG CITY CONSTRUCT     8.49    02/23/19    CNY      64.00
JIXI STATE OWN ASSET MA     7.18    11/08/19    CNY      62.88
KAIFENG DEVELOPMENT INV     6.47    07/11/19    CNY      61.60
KARAMAY URBAN CONSTRUCT     7.15    09/04/19    CNY      61.91
KARAMAY URBAN CONSTRUCT     7.15    09/04/19    CNY      62.04
KASHI URBAN CONSTRUCTIO     7.18    11/27/19    CNY      61.94
KUNMING CITY CONSTRUCTI     7.60    04/13/18    CNY      50.50
KUNMING CITY CONSTRUCTI     7.60    04/13/18    CNY      51.05
KUNMING DIANCHI INVESTM     6.50    02/01/20    CNY      61.89
KUNMING INDUSTRIAL DEVE     6.46    10/23/19    CNY      61.34
KUNMING INDUSTRIAL DEVE     6.46    10/23/19    CNY      63.01
KUNMING WUHUA DISTRICT      8.60    03/15/18    CNY      51.09
KUNMING WUHUA DISTRICT      8.60    03/15/18    CNY      51.22
KUNSHAN ENTREPRENEUR HO     6.28    11/07/19    CNY      61.54
KUNSHAN HUAQIAO INTERNA     7.98    12/30/18    CNY      41.33
LAIWU CITY ECONOMIC DEV     6.50    03/01/18    CNY      60.47
LANZHOU CITY DEVELOPMEN     8.20    12/15/18    CNY      66.60
LANZHOU CITY DEVELOPMEN     8.20    12/15/18    CNY      69.87
LEQING CITY STATE OWNED     6.50    06/29/19    CNY      61.13
LEQING CITY STATE OWNED     6.50    06/29/19    CNY      62.00
LESHAN STATE-OWNED ASSE     6.99    03/18/18    CNY      71.16
LESHAN STATE-OWNED ASSE     6.99    03/18/18    CNY      71.55
LIAONING YAODU DEVELOPM     7.35    12/12/19    CNY      60.25
LIAOYANG CITY ASSETS OP     6.88    06/13/18    CNY      65.31
LIAOYANG CITY ASSETS OP     6.88    06/13/18    CNY      66.11
LIAOYANG CITY ASSETS OP     7.10    11/13/19    CNY      61.92
LIAOYUAN STATE-OWNED AS     8.17    03/13/19    CNY      60.30
LIAOYUAN STATE-OWNED AS     8.17    03/13/19    CNY      61.15
LIJIANG GUCHENG MANAGEM     6.68    07/26/19    CNY      61.70
LINAN CITY CONSTRUCTION     8.15    03/09/18    CNY      45.00
LINAN CITY CONSTRUCTION     8.15    03/09/18    CNY      50.47
LINYI CITY ASSET MANAGE     6.68    12/12/19    CNY      62.20
LINYI CITY ASSET MANAGE     6.68    12/12/19    CNY      62.66
LINYI ECONOMIC DEVELOPM     8.26    09/24/19    CNY      63.42
LINYI INVESTMENT DEVELO     8.10    03/27/18    CNY      50.68
LIUPANSHUI DEVELOPMENT      6.97    12/03/19    CNY      62.00
LIUZHOU DONGCHENG INVES     8.30    02/15/19    CNY      61.88
LIUZHOU INVESTMENT HOLD     6.98    08/15/19    CNY      61.42
LIYANG CITY CONSTRUCTIO     8.20    11/08/18    CNY      69.79
LONGHAI STATE-OWNED ASS     8.25    12/02/17    CNY      40.00
LONGHAI STATE-OWNED ASS     8.25    12/02/17    CNY      41.19
LOUDI CITY CONSTRUCTION     7.28    10/19/18    CNY      51.11
LOUDI CITY CONSTRUCTION     7.28    10/19/18    CNY      51.32
LUOHE CITY CONSTRUCTION     6.81    03/30/17    CNY      29.77
LUOHE CITY CONSTRUCTION     6.81    03/30/17    CNY      30.09
LUOHE CITY CONSTRUCTION     6.99    10/30/19    CNY      61.08
LUOHE CITY CONSTRUCTION     6.99    10/30/19    CNY      61.90
LUOYANG CITY DEVELOPMEN     6.89    12/31/19    CNY      61.91
LUOYANG CITY DEVELOPMEN     6.89    12/31/19    CNY      62.68
MAANSHAN ECONOMIC TECHN     7.10    12/20/19    CNY      62.37
MIANYANG SCIENCE TECHNO     6.30    07/22/18    CNY      53.09
MIANYANG SCIENCE TECHNO     7.16    05/15/19    CNY      57.00
MIANYANG SCIENCE TECHNO     7.16    05/15/19    CNY      61.03
MUDANJIANG STATE-OWNED      7.08    08/30/19    CNY      61.26
MUDANJIANG STATE-OWNED      7.08    08/30/19    CNY      61.56
NANAN CITY TRADE INDUST     8.50    04/25/19    CNY      63.50
NANCHANG ECONOMY TECHNO     6.88    01/09/20    CNY      62.58
NANCHONG DEVELOPMENT IN     6.69    01/28/20    CNY      82.45
NANCHONG ECONOMIC DEVEL     8.16    04/26/19    CNY      62.30
NANJING JIANGNING SCIEN     7.29    04/28/19    CNY      60.50
NANJING JIANGNING SCIEN     7.29    04/28/19    CNY      61.62
NANJING NEW&HIGH TECHNO     6.94    09/07/19    CNY      61.66
NANJING NEW&HIGH TECHNO     6.94    09/07/19    CNY      62.28
NANJING URBAN CONSTRUCT     5.68    11/26/18    CNY      51.24
NANJING URBAN CONSTRUCT     5.68    11/26/18    CNY      51.84
NANJING XINGANG DEVELOP     6.80    01/08/20    CNY      62.50
NANTONG CITY GANGZHA DI     7.15    01/09/20    CNY      62.51
NANTONG CITY GANGZHA DI     7.15    01/09/20    CNY      62.77
NANTONG CITY TONGZHOU D     6.80    05/28/19    CNY      61.00
NANTONG CITY TONGZHOU D     6.80    05/28/19    CNY      61.56
NEIJIANG INVESTMENT HOL     7.00    07/19/18    CNY      50.87
NEIJIANG INVESTMENT HOL     7.00    07/19/18    CNY      51.36
NEIMENGGU XINLINGOL XIN     7.62    02/25/18    CNY      71.33
NINGBO CITY ZHENHAI INV     6.48    04/12/17    CNY      40.18
NINGBO EASTERN NEW TOWN     6.45    01/21/20    CNY      61.53
NINGBO URBAN CONSTRUCTI     7.39    03/01/18    CNY      50.81
NINGBO URBAN CONSTRUCTI     7.39    03/01/18    CNY      52.15
NINGBO ZHENHAI HAIJIANG     6.65    11/28/18    CNY      51.34
NINGDE CITY STATE-OWNED     6.25    10/21/17    CNY       9.71
NINGHAI COUNTY URBAN IN     8.60    12/31/17    CNY      40.00
NONGGONGSHANG REAL ESTA     6.29    10/11/17    CNY      40.51
PANJIN CONSTRUCTION INV     7.50    05/17/19    CNY      60.01
PANJIN CONSTRUCTION INV     7.50    05/17/19    CNY      61.58
PANJIN PETROLEUM HIGH T     6.95    01/10/20    CNY      62.02
PANJIN PETROLEUM HIGH T     6.95    01/10/20    CNY      63.31
PEIXIAN STATE-OWNED ASS     7.20    12/06/19    CNY      62.37
PEIXIAN STATE-OWNED ASS     7.20    12/06/19    CNY      62.69
PINGDINGSHAN CITY DEVEL     7.86    05/08/19    CNY      61.73
PINGDINGSHAN CITY DEVEL     7.86    05/08/19    CNY      62.13
PINGHU CITY DEVELOPMENT     7.20    09/18/19    CNY      62.10
PINGXIANG URBAN CONSTRU     6.89    12/10/19    CNY      62.07
PINGXIANG URBAN CONSTRU     6.89    12/10/19    CNY      84.05
PIZHOU RUNCHENG ASSET O     7.55    09/25/19    CNY      61.10
PIZHOU RUNCHENG ASSET O     7.55    09/25/19    CNY      62.63
PUER CITY STATE OWNED A     7.38    06/20/19    CNY      61.59
PUTIAN STATE-OWNED ASSE     8.10    03/21/19    CNY      61.88
PUTIAN STATE-OWNED ASSE     8.10    03/21/19    CNY      62.88
PUYANG INVESTMENT GROUP     6.98    10/29/19    CNY      61.89
QIANAN XINGYUAN WATER I     6.45    07/11/18    CNY      50.38
QIANDONG NANZHOU DEVELO     8.80    04/27/19    CNY      62.53
QIANDONGNANZHOU KAIHONG     7.80    10/30/19    CNY      61.98
QIANXI NANZHOU HONGSHEN     6.99    11/22/19    CNY      61.54
QIANXI NANZHOU HONGSHEN     6.99    11/22/19    CNY      62.12
QINGDAO CITY CONSTRUCTI     6.19    02/16/17    CNY      40.01
QINGDAO CITY CONSTRUCTI     6.19    02/16/17    CNY      40.03
QINGDAO CITY CONSTRUCTI     6.89    02/16/19    CNY      61.42
QINGDAO CITY CONSTRUCTI     6.89    02/16/19    CNY      61.58
QINGDAO HUATONG STATE-O     7.30    04/18/19    CNY      61.64
QINGDAO HUATONG STATE-O     7.30    04/18/19    CNY      62.05
QINGDAO JIAOZHOU CITY D     6.59    01/25/20    CNY      62.02
QINGZHOU HONGYUAN PUBLI     6.50    05/22/19    CNY      30.01
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18    CNY      51.24
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18    CNY      51.43
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19    CNY      62.14
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19    CNY      62.52
QINHUANGDAO DEVELOPMENT     7.46    10/17/19    CNY      62.13
QINHUANGDAO DEVELOPMENT     7.46    10/17/19    CNY      62.15
QINZHOU CITY DEVELOPMEN     6.72    04/30/17    CNY      50.25
QITAIHE CITY CONSTRUCTI     7.30    10/18/19    CNY      61.64
QUANZHOU QUANGANG PETRO     8.40    04/16/19    CNY      62.35
QUANZHOU QUANGANG PETRO     8.40    04/16/19    CNY      62.45
QUANZHOU TAISHANG INVES     7.08    12/10/19    CNY      62.37
QUANZHOU TAISHANG INVES     7.08    12/10/19    CNY      62.40
QUANZHOU URBAN CONSTRUC     6.48    01/11/20    CNY      62.54
QUANZHOU URBAN CONSTRUC     6.48    01/11/20    CNY      62.60
QUJING DEVELOPMENT INVE     7.25    09/06/19    CNY      61.82
QUJING DEVELOPMENT INVE     7.25    09/06/19    CNY      62.19
RUDONG COUNTY DONGTAI S     7.10    01/31/18    CNY      51.13
RUDONG COUNTY DONGTAI S     7.45    09/24/19    CNY      61.91
RUDONG COUNTY DONGTAI S     7.45    09/24/19    CNY      62.00
RUGAO COMMUNICATIONS CO     6.70    02/01/20    CNY      61.74
RUGAO COMMUNICATIONS CO     8.51    01/26/19    CNY      77.98
RUIAN STATE OWNED ASSET     6.93    11/26/19    CNY      61.87
RUIAN STATE OWNED ASSET     6.93    11/26/19    CNY      62.28
SANMENXIA CITY FINANCIA     6.68    01/29/20    CNY      61.76
SANMING STATE-OWNED ASS     6.92    12/05/19    CNY      62.61
SANMING STATE-OWNED ASS     6.99    06/14/18    CNY      71.33
SHANGHAI CHENGTOU CORP      4.63    07/30/19    CNY      60.04
SHANGHAI JIADING INDUST     6.71    10/10/18    CNY      50.62
SHANGHAI JIADING INDUST     6.71    10/10/18    CNY      51.02
SHANGHAI JINSHAN URBAN      6.60    12/21/19    CNY      61.56
SHANGHAI JINSHAN URBAN      6.60    12/21/19    CNY      61.59
SHANGHAI MINHANG URBAN      6.48    10/23/19    CNY      61.95
SHANGHAI MINHANG URBAN      6.48    10/23/19    CNY      62.38
SHANGHAI REAL ESTATE GR     6.12    05/17/17    CNY      40.22
SHANGHAI SONGJIANG TOWN     6.28    08/15/18    CNY      51.10
SHANGHAI URBAN CONSTRUC     5.25    11/30/19    CNY      61.37
SHANGQIU DEVELOPMENT IN     6.60    01/15/20    CNY      62.10
SHANGRAO CITY CONSTRUCT     7.30    09/10/19    CNY      61.99
SHANGRAO CITY CONSTRUCT     7.30    09/10/19    CNY      62.54
SHANGYU COMMUNICATIONS      6.70    09/11/19    CNY      62.16
SHANGYU COMMUNICATIONS      6.70    09/11/19    CNY      62.50
SHAOGUAN JINYE DEVELOPM     7.30    10/18/19    CNY      62.00
SHAOGUAN JINYE DEVELOPM     7.30    10/18/19    CNY      62.42
SHAOXING CHENGBEI XINCH     6.21    06/11/18    CNY      50.41
SHAOXING CHENGZHONGCUN      6.50    01/24/20    CNY      61.82
SHAOXING CHENGZHONGCUN      6.50    01/24/20    CNY      82.30
SHAOXING HI-TECH INDUST     6.75    12/05/18    CNY      51.46
SHAOXING PAOJIANG INDUS     6.90    10/31/19    CNY      61.63
SHAOXING PAOJIANG INDUS     6.90    10/31/19    CNY      62.50
SHAOXING URBAN CONSTRUC     6.40    11/09/19    CNY      62.25
SHAOYANG CITY CONSTRUCT     7.40    09/11/18    CNY      51.50
SHENYANG HEPING DISTRIC     6.85    11/13/19    CNY      61.91
SHISHI STATE OWNED INVE     7.40    09/13/19    CNY      61.88
SHIYAN CITY INFRASTRUCT     7.98    04/20/19    CNY      62.45
SHOUGUANG JINCAI STATE-     6.70    10/23/19    CNY      61.81
SHOUGUANG JINCAI STATE-     6.70    10/23/19    CNY      62.09
SHUANGYASHAN DADI CITY      6.55    12/25/19    CNY      61.41
SHUANGYASHAN DADI CITY      6.55    12/25/19    CNY      81.49
SHUYANG JINGYUAN ASSET      6.50    12/03/19    CNY      61.45
SHUYANG JINGYUAN ASSET      6.50    12/03/19    CNY      61.74
SICHUAN DEVELOPMENT HOL     5.40    11/10/17    CNY      30.34
SONGYUAN URBAN DEVELOPM     7.30    08/29/19    CNY      60.83
SONGYUAN URBAN DEVELOPM     7.30    08/29/19    CNY      61.78
SUIZHOU DEVELOPMENT INV     7.50    08/22/19    CNY      62.39
SUQIAN ECONOMIC DEVELOP     7.50    03/26/19    CNY      61.73
SUQIAN ECONOMIC DEVELOP     7.50    03/26/19    CNY      63.50
SUQIAN WATER GROUP CO       6.55    12/04/19    CNY      62.30
SUZHOU CITY CONSTRUCTIO     7.45    03/12/19    CNY      61.50
SUZHOU FENHU INVESTMENT     7.00    10/22/17    CNY      50.57
SUZHOU INDUSTRIAL PARK      5.79    05/30/19    CNY      60.93
SUZHOU TECH CITY DEVELO     7.32    11/01/18    CNY      51.73
SUZHOU URBAN CONSTRUCTI     5.79    10/25/19    CNY      61.36
SUZHOU URBAN CONSTRUCTI     5.79    10/25/19    CNY      62.23
SUZHOU WUJIANG COMMUNIC     6.80    10/31/20    CNY      73.83
SUZHOU WUJIANG EASTERN      8.05    12/05/18    CNY      73.14
SUZHOU WUJIANG EASTERN      8.05    12/05/18    CNY      73.63
SUZHOU XIANGCHENG URBAN     6.95    09/03/19    CNY      61.66
SUZHOU XIANGCHENG URBAN     6.95    09/03/19    CNY      62.44
TAIAN CITY TAISHAN INVE     5.79    03/02/18    CNY      69.80
TAIAN CITY TAISHAN INVE     6.76    01/25/20    CNY      62.12
TAIAN CITY TAISHAN INVE     6.76    01/25/20    CNY      62.47
TAICANG ASSET MANAGEMEN     8.25    12/31/18    CNY      73.32
TAICANG ASSET MANAGEMEN     8.25    12/31/18    CNY      73.39
TAICANG HENGTONG INVEST     7.45    10/30/19    CNY      62.56
TAICANG URBAN CONSTRUCT     6.75    01/11/20    CNY      62.07
TAICANG URBAN CONSTRUCT     6.75    01/11/20    CNY      62.60
TAIXING ZHONGXING STATE     8.29    03/27/18    CNY      51.13
TAIXING ZHONGXING STATE     8.29    03/27/18    CNY      51.18
TAIYUAN HIGH-SPEED RAIL     6.50    10/30/20    CNY      73.10
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19    CNY      61.10
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19    CNY      61.77
TAIZHOU CITY HUANGYAN D     6.85    12/17/18    CNY      50.71
TAIZHOU CITY HUANGYAN D     6.85    12/17/18    CNY      51.22
TAIZHOU HAILING ASSETS      8.52    03/21/19    CNY      61.77
TAIZHOU HAILING ASSETS      8.52    03/21/19    CNY      62.35
TAIZHOU JIAOJIANG STATE     7.46    09/13/20    CNY      74.40
TAIZHOU XINTAI GROUP CO     6.85    08/14/18    CNY      50.90
TAIZHOU XINTAI GROUP CO     6.85    08/14/18    CNY      51.18
TANGSHAN NANHU ECO CITY     7.08    10/16/19    CNY      62.21
TENGZHOU CITY STATE-OWN     6.45    05/24/18    CNY      60.00
TIANJIN BINHAI NEW AREA     5.00    03/13/18    CNY      70.46
TIANJIN BINHAI NEW AREA     5.00    03/13/18    CNY      70.89
TIANJIN DONGFANG CAIXIN     7.99    11/23/18    CNY      73.36
TIANJIN ECO-CITY INVEST     6.76    08/14/19    CNY      61.12
TIANJIN ECO-CITY INVEST     6.76    08/14/19    CNY      61.35
TIANJIN ECONOMIC TECHNO     6.20    12/03/19    CNY      61.70
TIANJIN ECONOMIC TECHNO     6.20    12/03/19    CNY      61.82
TIANJIN HANBIN INVESTME     8.39    03/22/19    CNY      61.92
TIANJIN HI-TECH INDUSTR     7.80    03/27/19    CNY      62.11
TIANJIN HI-TECH INDUSTR     7.80    03/27/19    CNY      62.90
TIANJIN JINNAN CITY CON     6.95    06/18/19    CNY      61.68
TIANJIN JINNAN CITY CON     6.95    06/18/19    CNY      63.00
TIELING PUBLIC ASSETS I     7.34    05/29/18    CNY      50.91
TIELING PUBLIC ASSETS I     7.34    05/29/18    CNY      50.99
TIGER FOREST & PAPER GR     5.38    06/14/17    CNY      59.03
TONGCHUAN DEVELOPMENT I     7.50    07/17/19    CNY      61.38
TONGLIAO TIANCHENG URBA     7.75    09/24/19    CNY      62.05
TONGLIAO URBAN INVESTME     5.98    09/01/17    CNY      40.00
TONGREN FANJINGSHAN INV     6.89    08/02/19    CNY      61.76
URUMQI CITY CONSTRUCTIO     6.35    07/09/19    CNY      61.37
URUMQI CITY CONSTRUCTIO     6.35    07/09/19    CNY      61.83
URUMQI ECO&TECH DEVELOP     8.58    01/10/19    CNY      52.58
URUMQI STATE-OWNED ASSE     6.48    04/28/18    CNY      50.80
URUMQI STATE-OWNED ASSE     6.48    04/28/18    CNY      51.60
WAFANGDIAN STATE-OWNED      8.55    04/19/19    CNY      62.49
WEIFANG DONGXIN CONSTRU     6.88    11/20/19    CNY      62.04
WEIFANG DONGXIN CONSTRU     6.88    11/20/19    CNY      84.30
WEINAN CITY INVESTMENT      6.69    01/15/20    CNY      60.92
WEINAN CITY INVESTMENT      6.69    01/15/20    CNY      61.74
WENLING CITY STATE OWNE     7.18    09/18/19    CNY      61.74
WENZHOU ANJUFANG CITY D     7.65    04/24/19    CNY      61.89
WENZHOU ECONOMIC-TECHNO     6.49    01/15/20    CNY      61.51
WENZHOU ECONOMIC-TECHNO     6.49    01/15/20    CNY      62.20
WUHAI CITY CONSTRUCTION     8.20    03/31/19    CNY      61.00
WUHAI CITY CONSTRUCTION     8.20    03/31/19    CNY      61.84
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18    CNY      51.00
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18    CNY      51.05
WUHU XINMA INVESTMENT C     7.18    11/14/19    CNY      62.06
WUHU XINMA INVESTMENT C     7.18    11/14/19    CNY      62.24
WUJIANG ECONOMIC TECHNO     6.88    12/27/19    CNY      61.95
WUJIANG ECONOMIC TECHNO     6.88    12/27/19    CNY      62.59
WUXI MUNICIPAL CONSTRUC     6.60    09/17/19    CNY      61.89
WUXI MUNICIPAL CONSTRUC     6.60    09/17/19    CNY      61.90
WUXI TAIHU INTERNATIONA     7.60    09/17/19    CNY      62.37
WUXI XIDONG NEW TOWN CO     6.65    01/28/20    CNY      61.92
WUXI XIDONG TECHNOLOGY      5.98    10/26/18    CNY      72.02
WUZHOU DONGTAI STATE-OW     7.40    09/03/19    CNY      62.55
XI'AN AEROSPACE BASE IN     6.96    11/08/19    CNY      62.34
XIAN CHANBAHE DEVELOPME     6.89    08/03/19    CNY      61.72
XIANGTAN CITY CONSTRUCT     8.00    03/16/19    CNY      61.00
XIANGTAN CITY CONSTRUCT     8.00    03/16/19    CNY      61.63
XIANGTAN HI-TECH GROUP      6.90    01/15/20    CNY      61.92
XIANGTAN HI-TECH GROUP      6.90    01/15/20    CNY      62.25
XIANGTAN JIUHUA ECONOMI     7.43    08/29/19    CNY      61.84
XIANGYANG CITY CONSTRUC     8.12    01/12/19    CNY      41.80
XIANGYANG CITY CONSTRUC     8.12    01/12/19    CNY      42.15
XIANNING CITY CONSTRUCT     7.50    08/31/18    CNY      51.37
XIANYANG MUNICIPAL CONS     7.90    12/09/17    CNY      40.10
XIAOGAN URBAN CONSTRUCT     8.12    03/26/19    CNY      61.89
XINGHUA URBAN CONSTRUCT     7.25    10/23/18    CNY      51.86
XINING CITY INVESTMENT      7.70    04/27/19    CNY      62.13
XINJIANG SHIHEZI DEVELO     7.50    08/29/18    CNY      49.29
XINJIANG UYGUR AR HAMI      6.25    07/17/18    CNY      50.45
XINXIANG INVESTMENT GRO     6.80    01/18/18    CNY      40.77
XINYANG HUAXIN INVESTME     6.95    06/14/19    CNY      61.44
XINYANG HUAXIN INVESTME     6.95    06/14/19    CNY      61.49
XINYU CITY CONSTRUCTION     7.08    12/13/19    CNY      61.79
XINYU CITY CONSTRUCTION     7.08    12/13/19    CNY      82.00
XINZHOU CITY ASSET MANA     7.39    08/08/18    CNY      50.89
XUCHANG GENERAL INVESTM     7.78    04/27/19    CNY      62.07
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19    CNY      60.35
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19    CNY      62.69
XUZHOU XINSHENG CONSTRU     7.48    05/08/18    CNY      50.90
XUZHOU XINSHENG CONSTRU     7.48    05/08/18    CNY      51.35
YAAN STATE-OWNED ASSET      7.39    07/04/19    CNY      62.74
YANCHENG CITY DAFENG DI     7.08    12/13/19    CNY      61.95
YANCHENG CITY DAFENG DI     7.08    12/13/19    CNY      63.00
YANCHENG ORIENTAL INVES     5.75    06/08/17    CNY      49.50
YANCHENG ORIENTAL INVES     5.75    06/08/17    CNY      49.87
YANCHENG ORIENTAL INVES     6.99    10/26/19    CNY      62.39
YANCHENG SOUTH DISTRICT     6.93    10/26/19    CNY      62.11
YANCHENG SOUTH DISTRICT     6.93    10/26/19    CNY      62.50
YANGZHONG URBAN CONSTRU     7.10    03/26/18    CNY      71.18
YANGZHOU URBAN CONSTRUC     6.30    07/26/19    CNY      61.66
YIBIN STATE-OWNED ASSET     5.80    05/23/18    CNY      70.98
YICHANG MUNICIPAL FINAN     7.12    10/16/19    CNY      61.83
YICHANG MUNICIPAL FINAN     7.12    10/16/19    CNY      61.91
YICHANG URBAN CONSTRUCT     6.85    11/08/19    CNY      61.73
YICHANG URBAN CONSTRUCT     6.85    11/08/19    CNY      62.42
YICHUN CITY CONSTRUCTIO     7.35    07/24/19    CNY      60.00
YICHUN CITY CONSTRUCTIO     7.35    07/24/19    CNY      60.89
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19    CNY      59.17
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19    CNY      60.06
YILI STATE-OWNED ASSET      6.70    11/19/18    CNY      51.29
YILI STATE-OWNED ASSET      6.70    11/19/18    CNY      52.38
YINCHUAN URBAN CONSTRUC     6.28    03/09/17    CNY      25.04
YINGKOU CITY CONSTRUCTI     7.98    04/18/20    CNY      71.00
YINGKOU CITY CONSTRUCTI     7.98    04/18/20    CNY      73.69
YINGKOU COASTAL DEVELOP     7.08    11/16/19    CNY      61.81
YINGKOU COASTAL DEVELOP     7.08    11/16/19    CNY      62.21
YIXING CITY DEVELOPMENT     6.90    10/10/19    CNY      61.88
YIXING CITY DEVELOPMENT     6.90    10/10/19    CNY      61.95
YIYANG CITY CONSTRUCTIO     7.36    08/24/19    CNY      61.87
YIZHENG CITY CONSTRUCTI     7.78    06/14/19    CNY      62.40
YIZHENG CITY CONSTRUCTI     7.78    06/14/19    CNY      62.93
YUHUAN COUNTY COMMUNICA     7.15    10/12/19    CNY      62.10
YUHUAN COUNTY COMMUNICA     7.15    10/12/19    CNY      62.50
YULIN CITY INVESTMENT O     6.81    12/04/18    CNY      51.16
YULIN URBAN CONSTRUCTIO     6.88    11/26/19    CNY      61.73
YULIN URBAN CONSTRUCTIO     6.88    11/26/19    CNY      62.69
YUNCHENG URBAN CONSTRUC     7.48    10/15/19    CNY      61.56
YUNNAN PROVINCIAL INVES     5.25    08/24/17    CNY      40.00
YUNNAN PROVINCIAL INVES     5.25    08/24/17    CNY      40.25
YUYAO WATER RESOURCE IN     7.20    10/16/19    CNY      62.66
ZHANGJIAGANG JINCHENG I     6.23    01/06/18    CNY      30.37
ZHANGJIAGANG MUNICIPAL      6.43    11/27/19    CNY      61.93
ZHANGJIAJIE ECONOMIC DE     7.40    10/18/19    CNY      62.56
ZHANGJIAKOU CONSTRUCTIO     7.00    10/26/19    CNY      62.19
ZHANGJIAKOU TONGTAI HOL     6.90    07/05/18    CNY      71.54
ZHAOYUAN STATE-OWNED AS     6.64    12/31/19    CNY      62.36
ZHEJIANG HUZHOU HUANTAI     6.70    11/28/19    CNY      62.99
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19    CNY      62.24
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19    CNY      84.43
ZHEJIANG PROVINCE DEQIN     6.90    04/12/18    CNY      70.81
ZHENGZHOU CITY CONSTRUC     6.37    12/03/19    CNY      62.20
ZHENGZHOU CITY CONSTRUC     6.37    12/03/19    CNY      62.34
ZHENJIANG CULTURE AND T     5.86    05/06/17    CNY      50.43
ZHENJIANG CULTURE AND T     6.60    01/30/20    CNY      61.32
ZHENJIANG TRANSPORTATIO     7.29    05/08/19    CNY      60.77
ZHENJIANG TRANSPORTATIO     7.29    05/08/19    CNY      61.59
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18    CNY      50.87
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18    CNY      51.20
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20    CNY      73.23
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20    CNY      73.77
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18    CNY      40.53
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18    CNY      40.65
ZHUCHENG ECONOMIC DEVEL     6.80    11/29/19    CNY      61.73
ZHUCHENG ECONOMIC DEVEL     6.80    11/29/19    CNY      62.45
ZHUCHENG ECONOMIC DEVEL     7.50    08/25/18    CNY      30.59
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18    CNY      51.00
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18    CNY      51.05
ZHUJI CITY CONSTRUCTION     6.92    07/05/18    CNY      71.57
ZHUJI CITY CONSTRUCTION     6.92    07/05/18    CNY      71.75
ZHUJI CITY CONSTRUCTION     6.92    12/19/19    CNY      62.53
ZHUMADIAN INVESTMENT CO     6.95    11/26/19    CNY      62.11
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19    CNY      62.46
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19    CNY      62.80
ZHUZHOU GECKOR GROUP CO     7.82    08/18/18    CNY      72.31
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19    CNY      62.24
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19    CNY      82.00
ZIBO CITY PROPERTY CO L     5.45    04/27/19    CNY      36.18
ZIBO CITY PROPERTY CO L     6.83    08/22/19    CNY      61.80
ZIGONG STATE-OWNED ASSE     6.86    06/17/18    CNY      71.26
ZIYANG CITY CONSTRUCTIO     7.58    01/09/19    CNY      51.08
ZOUCHENG CITY ASSET OPE     7.02    01/12/18    CNY      20.09
ZOUPING COUNTY STATE-OW     6.98    04/27/18    CNY      70.98
ZUNYI INVESTMENT GROUP      8.53    03/13/19    CNY      60.00
ZUNYI INVESTMENT GROUP      8.53    03/13/19    CNY      62.48
ZUNYI ROAD & BRIDGE ENG     7.15    08/17/20    CNY      73.61
ZUNYI ROAD & BRIDGE ENG     7.15    08/17/20    CNY      73.90
ZUNYI STATE-OWNED ASSET     6.98    12/26/19    CNY      62.05


HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35    07/03/17    CNY      66.88


INDONESIA
---------

BERAU COAL ENERGY TBK P     7.25    03/13/17    USD      31.00
BERAU COAL ENERGY TBK P     7.25    03/13/17    USD      28.02
DAVOMAS INTERNATIONAL F    11.00    12/08/14    USD       0.88
DAVOMAS INTERNATIONAL F    11.00    05/09/11    USD       0.89
DAVOMAS INTERNATIONAL F    11.00    05/09/11    USD       0.89
DAVOMAS INTERNATIONAL F    11.00    12/08/14    USD       0.88


INDIA
-----

3I INFOTECH LTD             2.50    03/31/25    USD      13.25
BLUE DART EXPRESS LTD       9.30    11/20/17    INR      10.10
BLUE DART EXPRESS LTD       9.40    11/20/18    INR      10.23
BLUE DART EXPRESS LTD       9.50    11/20/19    INR      10.37
GTL INFRASTRUCTURE LTD      5.03    11/09/17    USD      28.50
JAIPRAKASH ASSOCIATES L     5.75    09/08/17    USD      44.38
JAIPRAKASH POWER VENTUR     7.00    02/13/49    USD      20.00
JCT LTD                     2.50    04/08/11    USD      27.00
PRAKASH INDUSTRIES LTD      5.25    04/30/15    USD      20.75
PYRAMID SAIMIRA THEATRE     1.75    07/04/12    USD       1.00
REI AGRO LTD                5.50    11/13/14    USD       2.13
REI AGRO LTD                5.50    11/13/14    USD       2.13
SVOGL OIL GAS & ENERGY      5.00    08/17/15    USD       1.21


JAPAN
-----

AVANSTRATE INC              5.55    10/31/17    JPY      33.25
AVANSTRATE INC              5.55    10/31/17    JPY      37.00
MICRON MEMORY JAPAN INC     2.03    03/22/12    JPY       5.38
MICRON MEMORY JAPAN INC     2.10    11/29/12    JPY       5.38
MICRON MEMORY JAPAN INC     2.29    12/07/12    JPY       5.38
TAKATA CORP                 0.58    03/26/21    JPY      46.13
TAKATA CORP                 0.85    03/06/19    JPY      45.00
TAKATA CORP                 1.02    12/15/17    JPY      50.00


KOREA
-----

2014 KODIT CREATIVE THE     5.00    12/25/17    KRW      34.67
2014 KODIT CREATIVE THE     5.00    12/25/17    KRW      34.67
2016 KIBO 1ST SECURITIZ     5.00    09/13/18    KRW      30.48
DONGBU METAL CO LTD         5.75    04/16/20    KRW      74.57
DOOSAN CAPITAL SECURITI    20.00    04/22/19    KRW      49.92
EXPORT-IMPORT BANK OF K     1.70    09/22/30    KRW      72.32
HANA FINANCIAL GROUP IN     3.95    05/29/45    KRW     415.10
HANJIN SHIPPING CO LTD      5.90    06/07/17    KRW       5.49
HYUNDAI MERCHANT MARINE     1.00    04/07/21    KRW      53.50
HYUNDAI MERCHANT MARINE     1.00    07/07/21    KRW      51.50
KIBO ABS SPECIALTY CO L     5.00    02/25/19    KRW      29.00
KIBO ABS SPECIALTY CO L     5.00    03/29/18    KRW      33.51
KIBO ABS SPECIALTY CO L     5.00    12/25/17    KRW      33.04
KIBO ABS SPECIALTY CO L    10.00    08/22/17    KRW      22.92
KOREA SOUTH-EAST POWER      4.38    12/07/42    KRW      53.46
KOREA SOUTH-EAST POWER      4.44    12/07/42    KRW      53.71
LSMTRON DONGBANGSEONGJA     4.53    11/22/17    KRW      34.03
MERITZ CAPITAL CO LTD       5.44    09/29/46    KRW      34.99
OKC SECURITIZATION SPEC    10.00    01/03/20    KRW      28.59
SHINHAN BANK                3.83    12/08/31    KRW      70.18
SHINHAN BANK                3.83    12/08/31    KRW      70.18
SINBO SECURITIZATION SP     5.00    01/15/18    KRW      34.47
SINBO SECURITIZATION SP     5.00    01/15/18    KRW      34.47
SINBO SECURITIZATION SP     5.00    01/28/20    KRW      26.90
SINBO SECURITIZATION SP     5.00    01/30/19    KRW      30.54
SINBO SECURITIZATION SP     5.00    01/30/19    KRW      30.54
SINBO SECURITIZATION SP     5.00    02/11/18    KRW      33.93
SINBO SECURITIZATION SP     5.00    02/11/18    KRW      33.93
SINBO SECURITIZATION SP     5.00    02/21/17    KRW      65.11
SINBO SECURITIZATION SP     5.00    02/21/17    KRW      65.11
SINBO SECURITIZATION SP     5.00    02/25/20    KRW      26.82
SINBO SECURITIZATION SP     5.00    02/27/19    KRW      30.32
SINBO SECURITIZATION SP     5.00    02/27/19    KRW      30.32
SINBO SECURITIZATION SP     5.00    03/12/18    KRW      33.67
SINBO SECURITIZATION SP     5.00    03/12/18    KRW      33.67
SINBO SECURITIZATION SP     5.00    03/13/17    KRW      57.03
SINBO SECURITIZATION SP     5.00    03/13/17    KRW      57.03
SINBO SECURITIZATION SP     5.00    03/13/19    KRW      28.78
SINBO SECURITIZATION SP     5.00    03/18/19    KRW      30.09
SINBO SECURITIZATION SP     5.00    03/18/19    KRW      30.09
SINBO SECURITIZATION SP     5.00    05/26/18    KRW      31.57
SINBO SECURITIZATION SP     5.00    06/07/17    KRW      29.21
SINBO SECURITIZATION SP     5.00    06/07/17    KRW      29.21
SINBO SECURITIZATION SP     5.00    06/25/18    KRW      31.30
SINBO SECURITIZATION SP     5.00    06/25/19    KRW      29.04
SINBO SECURITIZATION SP     5.00    06/27/18    KRW      32.95
SINBO SECURITIZATION SP     5.00    06/27/18    KRW      32.95
SINBO SECURITIZATION SP     5.00    07/08/17    KRW      37.45
SINBO SECURITIZATION SP     5.00    07/08/17    KRW      37.45
SINBO SECURITIZATION SP     5.00    07/24/17    KRW      34.70
SINBO SECURITIZATION SP     5.00    07/24/18    KRW      32.71
SINBO SECURITIZATION SP     5.00    07/24/18    KRW      32.71
SINBO SECURITIZATION SP     5.00    07/29/18    KRW      30.96
SINBO SECURITIZATION SP     5.00    07/29/19    KRW      28.68
SINBO SECURITIZATION SP     5.00    08/16/17    KRW      35.70
SINBO SECURITIZATION SP     5.00    08/16/17    KRW      35.70
SINBO SECURITIZATION SP     5.00    08/27/19    KRW      28.40
SINBO SECURITIZATION SP     5.00    08/29/18    KRW      32.14
SINBO SECURITIZATION SP     5.00    08/29/18    KRW      32.14
SINBO SECURITIZATION SP     5.00    09/26/18    KRW      31.89
SINBO SECURITIZATION SP     5.00    09/26/18    KRW      31.89
SINBO SECURITIZATION SP     5.00    09/26/18    KRW      31.89
SINBO SECURITIZATION SP     5.00    09/30/19    KRW      27.98
SINBO SECURITIZATION SP     5.00    10/01/17    KRW      35.21
SINBO SECURITIZATION SP     5.00    10/01/17    KRW      35.21
SINBO SECURITIZATION SP     5.00    10/01/17    KRW      35.21
SINBO SECURITIZATION SP     5.00    10/30/19    KRW      18.43
SINBO SECURITIZATION SP     5.00    12/23/17    KRW      33.06
SINBO SECURITIZATION SP     5.00    12/23/18    KRW      30.92
SINBO SECURITIZATION SP     5.00    12/23/18    KRW      30.92
SINBO SECURITIZATION SP     5.00    12/30/19    KRW      27.07
TONGYANG CEMENT & ENERG     7.30    04/12/15    KRW      70.00
TONGYANG CEMENT & ENERG     7.30    06/26/15    KRW      70.00
TONGYANG CEMENT & ENERG     7.50    04/20/14    KRW      70.00
TONGYANG CEMENT & ENERG     7.50    07/20/14    KRW      70.00
TONGYANG CEMENT & ENERG     7.50    09/10/14    KRW      70.00
U-BEST SECURITIZATION S     5.50    11/16/17    KRW      35.61
WOONGJIN ENERGY CO LTD      3.00    12/19/19    KRW      58.87


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35    03/01/26    LKR      61.83
SRI LANKA GOVERNMENT BO     9.00    06/01/43    LKR      70.17
SRI LANKA GOVERNMENT BO     9.00    10/01/32    LKR      74.63
SRI LANKA GOVERNMENT BO     8.00    01/01/32    LKR      68.66
SRI LANKA GOVERNMENT BO     9.00    06/01/33    LKR      74.20
SRI LANKA GOVERNMENT BO     6.00    12/01/24    LKR      68.45
SRI LANKA GOVERNMENT BO     9.00    11/01/33    LKR      73.78


MALAYSIA
--------

BIMB HOLDINGS BHD           1.50    12/12/23    MYR      72.53
BRIGHT FOCUS BHD            2.50    01/22/31    MYR      73.33
LAND & GENERAL BHD          1.00    09/24/18    MYR       0.19
SENAI-DESARU EXPRESSWAY     0.50    12/29/45    MYR      74.50
SENAI-DESARU EXPRESSWAY     0.50    12/30/39    MYR      69.34
SENAI-DESARU EXPRESSWAY     0.50    12/30/44    MYR      73.83
SENAI-DESARU EXPRESSWAY     0.50    12/31/38    MYR      67.92
SENAI-DESARU EXPRESSWAY     0.50    12/31/40    MYR      70.28
SENAI-DESARU EXPRESSWAY     0.50    12/31/41    MYR      71.09
SENAI-DESARU EXPRESSWAY     0.50    12/31/42    MYR      72.11
SENAI-DESARU EXPRESSWAY     0.50    12/31/43    MYR      73.08
SENAI-DESARU EXPRESSWAY     1.15    06/28/24    MYR      71.52
SENAI-DESARU EXPRESSWAY     1.15    06/30/23    MYR      74.60
SENAI-DESARU EXPRESSWAY     1.15    06/30/25    MYR      68.55
SENAI-DESARU EXPRESSWAY     1.15    12/29/23    MYR      73.04
SENAI-DESARU EXPRESSWAY     1.15    12/31/24    MYR      70.01
SENAI-DESARU EXPRESSWAY     1.35    06/28/30    MYR      56.09
SENAI-DESARU EXPRESSWAY     1.35    06/29/29    MYR      58.91
SENAI-DESARU EXPRESSWAY     1.35    06/30/26    MYR      67.11
SENAI-DESARU EXPRESSWAY     1.35    06/30/27    MYR      64.40
SENAI-DESARU EXPRESSWAY     1.35    06/30/28    MYR      61.74
SENAI-DESARU EXPRESSWAY     1.35    06/30/31    MYR      53.30
SENAI-DESARU EXPRESSWAY     1.35    12/29/28    MYR      60.34
SENAI-DESARU EXPRESSWAY     1.35    12/31/25    MYR      68.49
SENAI-DESARU EXPRESSWAY     1.35    12/31/26    MYR      65.74
SENAI-DESARU EXPRESSWAY     1.35    12/31/27    MYR      63.12
SENAI-DESARU EXPRESSWAY     1.35    12/31/29    MYR      57.48
SENAI-DESARU EXPRESSWAY     1.35    12/31/30    MYR      54.67
UNIMECH GROUP BHD           5.00    09/18/18    MYR       1.00


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


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



ASL MARINE HOLDINGS LTD     4.75    03/28/20    SGD      70.00
ASL MARINE HOLDINGS LTD     5.35    10/01/21    SGD      70.00
AUSGROUP LTD                7.95    10/20/18    SGD      66.25
BAKRIE TELECOM PTE LTD     11.50    05/07/15    USD       0.25
BAKRIE TELECOM PTE LTD     11.50    05/07/15    USD       1.46
BERAU CAPITAL RESOURCES    12.50    07/08/15    USD      30.72
BERAU CAPITAL RESOURCES    12.50    07/08/15    USD      31.50
BLD INVESTMENTS PTE LTD     8.63    03/23/15    USD       5.88
BUMI CAPITAL PTE LTD       12.00    11/10/16    USD      51.38
BUMI CAPITAL PTE LTD       12.00    11/10/16    USD      51.38
BUMI INVESTMENT PTE LTD    10.75    10/06/17    USD      47.94
BUMI INVESTMENT PTE LTD    10.75    10/06/17    USD      53.50
ENERCOAL RESOURCES PTE      9.25    08/05/14    USD      40.00
EZION HOLDINGS LTD          4.70    05/22/19    SGD      66.88
EZION HOLDINGS LTD          4.85    01/23/19    SGD      74.48
EZION HOLDINGS LTD          4.88    06/11/21    SGD      48.50
EZION HOLDINGS LTD          5.10    03/13/20    SGD      57.88
EZRA HOLDINGS LTD           4.88    04/24/18    SGD      30.00
FALCON ENERGY GROUP LTD     5.50    09/19/17    SGD      69.96
GEO ENERGY RESOURCES LT     7.00    01/18/18    SGD      71.00
INDO INFRASTRUCTURE GRO     2.00    07/30/10    USD       1.00
INTERNATIONAL HEALTHWAY     6.00    02/06/18    SGD      65.00
INTERNATIONAL HEALTHWAY     7.00    04/27/17    SGD      65.00
NEPTUNE ORIENT LINES LT     4.40    06/22/21    SGD      69.50
NEPTUNE ORIENT LINES LT     4.65    09/09/20    SGD      73.50
ORO NEGRO DRILLING PTE      7.50    01/24/19    USD      65.00
OSA GOLIATH PTE LTD        12.00    10/09/18    USD      62.63
PACIFIC INTERNATIONAL L     7.25    11/16/18    SGD      71.50
PACIFIC RADIANCE LTD        4.30    08/29/18    SGD      41.88
RICKMERS MARITIME           8.45    05/15/17    SGD      21.25
SWIBER CAPITAL PTE LTD      6.25    10/30/17    SGD      12.00
SWIBER CAPITAL PTE LTD      6.50    08/02/18    SGD      12.00
SWIBER HOLDINGS LTD         5.55    10/10/16    SGD      10.88
SWIBER HOLDINGS LTD         7.13    04/18/17    SGD      12.25
SWIBER HOLDINGS LTD         7.75    09/18/17    CNY       7.63
TRIKOMSEL PTE LTD           5.25    05/10/16    SGD      17.00
TRIKOMSEL PTE LTD           7.88    06/05/17    SGD      17.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADING      1.00    10/10/25    USD      57.23
DEBT AND ASSET TRADING      1.00    10/10/25    USD      58.00



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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.


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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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.

Copyright 2017.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.



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