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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, March 21, 2017, Vol. 20, No. 57

                            Headlines


A U S T R A L I A

ALINTA ENERGY: S&P Puts 'BB' CCR on CreditWatch Developing
CHANOAH NOMINEES: Clifton Hall Appointed as Liquidators
DICK SMITH: Receivers Launch Legal Action vs. Directors, Execs
EMECO PTY: Moody's Lowers Rating on US$282.7MM Senior Notes to Ca
MARYLAND SHOPPING: PPB Advisory Confirms Shopping Centre Sale

NATIONWIDE DEMO: First Creditors' Meeting Set for March 29
NIKOLA PTY: Clifton Hall Appointed as Liquidators
SHAKUHACHI LIMITED: Founder Faces Insolvent Trading Claim
ST BARBARA: S&P Withdraws B+ Rating on Issuer's Request
WALSH GROUP: First Creditors' Meeting Set for March 28


C A M B O D I A

CAMBODIA: Moody's Affirms B2 Issuer Rating; Outlook Stable


C H I N A

CHINA EVERGRANDE: Moody's Assigns B3 Rating to Proposed USD Notes
FOSUN INTERNATIONAL: S&P Assigns BB Rating to Proposed Sr. Notes
FUTURE LAND: High Leverage at End-2016 Within Fitch Expectations
RAIN CII CARBON: S&P Assigns 'B+' Rating to US$550MM Sr. Notes
YESTAR HEALTHCARE: 2016 Results in Line with Moody's Ba3 CFR


I N D I A

AGASTYA NUTRIFOOD: CARE Assigns B+ Rating to INR9cr LT Loan
APRICOT TILES: CARE Reaffirms B+ Rating on INR9.41cr LT Loan
BABA BHUMAN: CARE Assigns 'B' Rating to INR14.28cr LT Loan
CHAMUNDA ELECTRICALS: CARE Assigns B+ Rating to INR1cr LT Loan
DEEPAK PROTEINS: CARE Reaffirms B+ Rating on INR9cr LT Loan

DHRUV COTEX: CARE Revises Rating on INR13cr Loan to B+
DLS PAPERS: CARE Assigns 'B' Rating to INR9.25cr Long Term Loan
GARDEN SILK: CARE Reaffirms 'D' Rating on INR1063.82cr Term Loan
GUJARAT LIQUI: CARE Lowers Rating on INR5.25cr LT Loan to D
H. G. INFRATECH: CARE Upgrades Rating on INR28cr LT Loan to BB-

HEMODIAZ LIFE: CARE Reaffirms B+ Rating on INR3.40cr LT Loan
HINDUSTHAN NATIONAL: CARE Cuts Rating on INR2113.93cr Loan to B+
JAIMAL SINGH: CARE Assigns B+ Rating to INR5.75cr LT Loan
KRISHNA SHIPPING: CARE Assigns B+ Rating to INR8.75cr LT Loan
LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1.0cr LT Loan

MANJU SHREE: CARE Assigns B+ Rating to INR6.15cr LT Loan
MINERVA AUTOMOBILES: CARE Assigns B+ Rating to INR7.79cr LT Loan
PARADIGM BUSINESS: CARE Upgrades Rating on INR15cr Loan to BB-
RADHESHYAM GINNING: CARE Reaffirms B+ Rating on INR10cr LT Loan
RAGHU RAMA: CARE Reaffirms 'B' Rating on INR8cr LT Loan

REI AGRO: NCLT Orders Initiation of Insolvency Resolution Process
S C ENTERPRISES: CARE Assigns B+ Rating to INR5cr LT Loan
SAR SENAPATI: CARE Assigns B- Rating to INR265.79cr Loan
SE TRANSSTADIA: CARE Lowers Rating INR349.91cr Loan to 'D'
SHAMBHU MAHADEV: CARE Assigns B+ Rating to INR28.43cr LT Loan

SHREE GOKULESH: CARE Reaffirms B+ Rating on INR6.56cr LT Loan
SHREE VISHWAKARMA: CARE Assigns B+ Rating to INR6cr LT Loan
SPANDANA SPHOORTY: To Sell More Than 26% Stake to Kedaara Capital
SRASTHI BUILDCON: CARE Reaffirms B+ Rating on INR4.32cr LT Loan
SUKHMANI HOLIDAYS: CARE Cuts Rating on INR13.31cr LT Loan to D

VARDAAN EXPORTS: CARE Assigns B+ Rating to INR14cr LT Loan
VIDHANI GROUP: CARE Reaffirms B+ Rating on INR1cr LT Loan
YOGI COTEX: CARE Revises Rating on INR13cr LT Loan to B+


J A P A N

TOSHIBA CORP: Memory Chips Unit Attracts 10 Potential Bidders
TOSHIBA CORP: S&P Lowers CCR to 'CCC-'; Remains on Watch Negative


N E W  Z E A L A N D

PROPERTY VENTURES: PwC Liable for Up to $1BB in Liquidator's Suit


S I N G A P O R E

SINGAPORE: Default Fears Resurface Over Looming Debt Wall


S O U T H  K O R E A

DAEWOO SHIPBUILDING: Deloitte Anjin Penalty Decision Out March 24


X X X X X X X X

* BOND PRICING: For the Week March 13 to March 17, 2017


                            - - - - -


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ALINTA ENERGY: S&P Puts 'BB' CCR on CreditWatch Developing
----------------------------------------------------------
S&P Global Ratings placed the 'BB' corporate credit and issue
ratings on Alinta Energy Finance Pty Ltd. on CreditWatch with
developing implications.  Alinta Energy Finance is the financing
arm of the Alinta Energy group: the dominant gas retailer in
Perth, Australia; owner-operator of 1900 megawatts (MW) of
contracted generation assets; and an electricity and gas retailer
on the Australian east coast markets.

The CreditWatch placement follows Alinta Energy's announcement
that its major shareholders have entered into a binding sale
agreement with Hong Kong-based conglomerate, Chow Tai Fook
Enterprises Ltd. (CTFE; not rated), for the sale of 100% of
shares in Alinta Energy.  While the sale is subject to regulatory
approval, S&P believes Alinta Energy would conclude the sale over
the next few weeks.

"The CreditWatch with developing implications reflects our view
that the rating on Alinta Energy could move either up or down
depending on further information regarding the sale agreement,"
said S&P Global Ratings credit analyst Parvathy Iyer.

Details around the transaction are very limited, including which
entity within CTFE will own Alinta Energy; the credit profile of
the acquiring entity; the business and financial strategy under
the new owners; and the capital structure of Alinta Energy upon
financial close.

Given that CTFE is not rated, it is uncertain whether the credit
profile of the entity (or entities) that will own Alinta Energy
will affect the rating.  In the absence of a rating impact from
the new owners, S&P could rate Alinta Energy at least one notch
higher.

If S&P assesses the credit profile of the acquiring entity to be
stronger than Alinta Energy's, then the rating on Alinta Energy
could improve because the current constraint of financial sponsor
ownership will fall away.  This assessment is on the basis that
no adverse change occurs in Alinta Energy's business or financial
strategy under the new owners.  The extent of any such rating
uplift in the near to medium term is most likely to emerge from
improved financials rather than any group support, given that
Alinta Energy will be CTFE's first investment in Australia.

On the other hand, if the credit profile of the acquiring entity
were to be lower than the current rating on Alinta Energy, the
former can become a rating constraint and could place downward
rating pressure on the utility company.

CTFE's desire to retain Alinta Energy's current management team
and structure should continue to support the utility company's
operations.  Nonetheless, the new owners' commitment to Alinta
Energy's diverse operations and growth aspirations will be
important to our assessment of the utility company's ongoing
business profile.  Should the new owners adopt and remain
committed to a conservative financial structure, it would provide
positive momentum for the rating.

As part of the resolution of the CreditWatch, S&P will seek to
assess the credit profile of the new owners, understand their
strategy for the business, and their ongoing commitment to Alinta
Energy's various business segments.

S&P expects to resolve the CreditWatch upon conclusion of the
sale and further clarity on the above issues.


CHANOAH NOMINEES: Clifton Hall Appointed as Liquidators
-------------------------------------------------------
At a general meeting of the members of Chanoah Nominees Pty Ltd,
formerly Trading as Society Espresso, held on March 15, 2017, it
was resolved that the Company be wound up and that Daniel
Lopresti and Timothy James Clifton of Clifton Hall be appointed
liquidators.

The Liquidators can be reached at:

          Clifton Hall
          Level 3, 431 King William Street
          Adelaide, SA 5000
          Contact person: Christine Alomes
          Contact number: 08 7202 1800
          Facsimile: 08 7202 1840
          Email: calomes@cliftonhall.net.au


DICK SMITH: Receivers Launch Legal Action vs. Directors, Execs
--------------------------------------------------------------
The Sydney Morning Herald reports that the receivers of collapsed
electronics chain Dick Smith have launched legal action against
eight directors and executives, including ex-CEO Nick Abboud for
alleged breaches of their duty to exercise reasonable care.

Ferrier Hodgson, on behalf of Dick Smith Holdings, is seeking to
recover amounts equal to Dick Smith's 2015 interim and final
dividends, and losses from the management of inventory, in a
claim lodged in the Supreme Court of NSW late on March 17, the
report relates.

National Australia Bank and HSBC have also brought claims against
Mr. Abboud and former chief financial officer Michael Potts, says
SMH.

Dick Smith Holdings Limited Ltd (ASX:DSH) --
http://dicksmithholdings.com.au/-- is a retailer of consumer
electronics products. The Company sells a range of products
across four categories: office, mobility, entertainment, and
other products and services. The Company has two segments: Dick
Smith Australia and Dick Smith New Zealand. The Company connects
with its customers through four physical store formats, catering
for three distinct consumer demographics: Dick Smith, MOVE, David
Jones Electronics Powered by Dick Smith and MOVE by Dick Smith
Sydney International Airport. The Company's store network
consists of approximately 393 stores across Australia and
New Zealand, which include approximately 351 Dick Smith stores,
approximately 10 MOVE stores, approximately four MOVE by Dick
Smith stores and approximately 28 David Jones Electronics Powered
by Dick Smith stores.

As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 6, 2016, Dick Smith Holdings Ltd was placed in receivership
on Jan. 5 following the appointment of Voluntary Administrators.

Ferrier Hodgson partners James Stewart, Jim Sarantinos and
Ryan Eagle were appointed Receivers and Managers over DSH and
a number of associated entities.  The appointment was made by a
syndicate of lenders which hold security over the group.

The TCR-AP, citing Otago Daily Times, reported on July 26, 2016,
that the creditors of Dick Smith have voted in favor of
liquidation.  According to the report, administrator
McGrathNicol will take over as liquidator of 10 companies within
the Dick Smith group following the vote by creditors at a meeting
in Sydney on July 25. ODT related that McGrathNicol will continue
to focus on the exact reasons for Dick Smith's collapse, and who
is to blame.


EMECO PTY: Moody's Lowers Rating on US$282.7MM Senior Notes to Ca
-----------------------------------------------------------------
Moody's Investors Service has downgraded to Ca from Caa1 the
rating on the USD282.7 million senior secured 144a notes due
March 2019 issued by Emeco Pty Limited.

At the same time, Moody's has affirmed Emeco Holdings Limited's
corporate family rating at Caa1.

The outlook for all ratings remains negative.

RATINGS RATIONALE

The rating action follows Emeco's announcement on March 16 that
its creditor scheme of arrangement has received -- by face value
-- at least 75% noteholder approval.

Therefore, the court has approved and orders lodged with the
Australian Securities and Investments Commission, deeming it as
effective for the implementation of a merger by Emeco with
Orionstone Holdings (unrated) and Andy's Earthmovers (unrated),
as well as the recapitalization of Emeco.

Under the agreement, Emeco's noteholders, Orionstone, and Andy's
creditors will receive a share of around 50% of the ordinary
shares of the combined group and US$357.4 million in senior
secured Tranche B notes with a 5-year maturity.

Consequently, Emeco's debt maturity profile will extend to March
2022 from March 2019.

Moreover, a new revolving loan facility of AUD65 million -- with
a 3-year maturity and a fully underwritten rights issue for AUD20
million -- will be implemented.

"The transaction constitutes a distressed exchange, which is a
default event under Moody's definition. The downgrade of the
senior secured 144a notes to Ca considers this default and
Moody's assessment of the resultant high economic loss when
compared to the original payment promise for the notes," says
Kirsten Lee, a Moody's Analyst.

"The affirmation of Emeco's corporate family rating of Caa1
reflects Moody's expectation that earnings and cashflow
generation should improve as a result of cost and capex savings
achieved, if the transaction is completed," adds Lee. "However,
should the transaction not close as proposed, the corporate
family rating may be downgraded as the company may continue to
face financial stress."

Although Emeco's amount of debt outstanding on completion of the
transaction will increase, leverage is expected to reduce as a
result of the exchange of debt into equity, and cost and capital
expenditure synergies.

Despite the potential improvement in capital structure, Moody's
expects operating conditions to remain challenging over the next
12 months, due to the limited start-up of new mining projects and
strong competition among equipment rental providers with the
surplus availability of yellow goods and equipment.

Commodity prices also remain volatile, although they have
improved.

Consequently, until a meaningful and sustainable improvement in
mining companies' forecasts occurs, as accompanied by renewed
investments and increases in production volumes, Moody's expects
operating conditions for mining service providers to remain under
pressure.

Therefore, Moody's expects Emeco's revenue, earnings and cash
flow generation to continue to be limited over the next 12
months.

The negative ratings outlook reflects Moody's expectation that
Emeco's operating environment continues to be challenging, as
well as the risk that the debt restructure still requires a
number of steps before successful completion. Accordingly,
Moody's considers that the risk of default remains high.

The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in December 2014.

Emeco Holdings Limited, established in 1972 and based in Perth,
is a mining equipment rental company.


MARYLAND SHOPPING: PPB Advisory Confirms Shopping Centre Sale
-------------------------------------------------------------
PPB Advisory has confirmed the sale of the Maryland Shopping
Centre to a Newcastle-based syndicate as reported in The
Newcastle Herald.

The syndicate has paid AUD7.5 million for the centre at 144
Maryland Drive, after the former owner Maryland Shopping Centre
Pty Ltd went into receivership.

Partner Ken Whittingham and Director David Webb were appointed
receivers to Maryland Shopping Centre Pty Ltd in November 2013
and to the Haven Inn at Glebe after Director Michael Vella
conducted an Independent Business Review in June 2013 on behalf
of the secured creditor.

The Haven Inn was a 2-3 star inner city accommodation hotel (53
rooms), which was sold for AUD13.50 million in August 2014.


NATIONWIDE DEMO: First Creditors' Meeting Set for March 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Nationwide
Demo Pty Ltd will be held at the offices of Veritas Advisory,
Suite 2, Level 5, 123 Pitt Street, in Sydney, on March 29, 2017,
at 10:30 a.m.

David Iannuzzi & Steve Naidenov of Veritas Advisory were
appointed as administrators of Nationwide Demo on March 17, 2017.


NIKOLA PTY: Clifton Hall Appointed as Liquidators
-------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were
appointed as Joint and Several Liquidators of Nikola Pty Ltd,
formerly Trading as Kids Who, on March 8, 2017.

The Liquidators can be reached at:

          Clifton Hall
          Level 3, 431 King William Street
          Adelaide, SA 5000
          Contact person: Christine Alomes
          Contact number: 08 7202 1800
          Facsimile: 08 7202 1840
          Email: calomes@cliftonhall.net.au


SHAKUHACHI LIMITED: Founder Faces Insolvent Trading Claim
---------------------------------------------------------
Lucy Cormack at The Sydney Morning Herald reports that a scroll
through the Instagram profile of Australian fashion designer
Jessica White reveals a charmed life in sunny Bali, replete with
cocktails, waterfront parties and an enviable wardrobe.

But back home things aren't so sunny for more than 80 creditors
to her company who remain empty-handed since Ms. White left
Australia potentially owing almost AUD1 million dollars and
facing possible investigation for trading while insolvent, the
report says.

Ms. White is the founder and former director of the Australian
fashion label Shakuhachi, which was listed on the NSW Fair
Trading Complaints Register in January, according to SMH.

SMH relates that a recent Fairfax Media report detailed a wide
consumer backlash against the brand, largely for late and
undelivered orders.  But shoppers may be unaware that the
business of Shakuhachi has been sold, and a voluntary liquidation
of the former company under Ms. White is taking place.

In May 2015, the former Shakuhachi Limited was placed under
voluntary administration, after which Andrew Spring of forensic
accounting firm Jirsch Sutherland was appointed liquidator, the
report discloses.

According to SMH, Mr. Spring's report to the company's creditors,
who include manufacturers, modelling agencies and Woollahra
Municipal Council, sets the total amount owed to creditors at
more than AUD860,000.

SMH, citing Mr. Spring's analysis of the company books and
records, relates that Ms. White also personally owes the company
AUD634,034.

Mr. Spring's report says Ms. White's solicitor has previously
disputed the debt, but has failed to provide him with a statement
of her personal assets, SMH relays.

"I have been advised that [she] has moved to Bali, Indonesia, and
I anticipate there may be an issue with serving a statement of
claim on her. My investigations in this regard are ongoing," the
report quotes Mr. Spring as saying.

SMH notes that Mr. Spring has estimated any insolvent trading
claim against Ms. White would be at least AUD476,397.

He is conducting traces on AUD58,000 in money transfers listed in
the company's bank statements as "Bali transfers," but remain
otherwise unexplained, SMH relays.

In order to continue the investigation, Mr. Spring requires
funding from creditors of AUD20,000 to AUD40,000.

In the interim, he said he has identified any potential breaches
of director duties in a confidential report to the Australian
Securities and Investment Commission, SMH adds.

According to SMH, Ms. White declined to answer Fairfax Media's
questions, citing "ongoing legal matters," however in a statement
she said her personal finances were "not a concern for
Shakuhachi".

"I can confirm and assure your readers that I am taking any
allegations made against me (which are not admitted) very
seriously," the report quotes Ms. White as saying.

SMH relates that Ms. White said foreign investment in the brand
had allowed for overseas design and manufacturing opportunities,
confirming her ongoing association with the brand.

"Shakuhachi is currently working to attract new international
designers . . . I am excited by the prospect of working with
[them]."

SMH notes that while the former business under Ms. White is
undergoing liquidation, assets such as the brand and the online
store were purchased by Loft HK Limited in 2015.

Ms. White also appears to be connected to the brand through
Emporium Clothing Pty Ltd, an additional company of which she is
the director, SMH notes.


ST BARBARA: S&P Withdraws B+ Rating on Issuer's Request
-------------------------------------------------------
S&P Global Ratings said that it had withdrawn its ratings on St
Barbara Ltd. (B+/Stable/--) and the company's debt at the
issuer's request.

Certain terms used in this report, particularly certain
adjectives used to express S&P's view on rating relevant factors,
have specific meanings ascribed to them in its criteria, and
should therefore be read in conjunction with such criteria.


WALSH GROUP: First Creditors' Meeting Set for March 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Walsh
Group of Companies Pty Ltd will be held at 22 Drummond Street, in
Carlton, Victoria, on March 28, 2017, at 11:00 a.m.

Gregory Stuart Andrews & Andrew Juzva of G S Andrews Advisory
were appointed as administrators of Walsh Group on March 17,
2017.



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CAMBODIA: Moody's Affirms B2 Issuer Rating; Outlook Stable
----------------------------------------------------------
Moody's Investors Service has affirmed Cambodia's issuer rating
at B2 with a stable outlook.

The factors driving the rating affirmation and stable outlook are
Moody's expectations that:

(1) Policies to strengthen fiscal health and preserve
macroeconomic stability will set the stage to buffer and respond
to potential negative global economic and financial shocks;

(2) Vulnerabilities in the highly dollarized financial system,
very low incomes, weak rule of law and control of corruption and
factious political environment will remain sovereign credit
constraints.

Cambodia's local currency bond and deposit ceilings were raised
to B1 from B2. The long-term foreign currency bond ceiling was
raised to B1 from B2. The long-term foreign currency bank deposit
ceiling is unchanged at B3. The foreign currency short-term bond
and deposit ceilings are also unchanged at Not Prime.

RATINGS RATIONALE

RATIONALE FOR RATING AFFIRMATION AT B2

FIRST DRIVER -- STRENGTHENING GOVERNMENT REVENUE COLLECTION AND
MACROECONOMIC STABILITY BOLSTER POLICY FLEXIBILITY

The government's demonstrated track record of increasing revenue
collection underscores some improvement in fiscal policy
effectiveness. As part of the 2014-2018 Revenue Mobilization
Strategy, enhanced administration and compliance in tax
collection have driven a multi-year upward trend in government
revenues, which Moody's estimates rose to 19.6% of GDP in 2016,
higher than for many similarly-rated sovereigns.

Ongoing efforts toward increasing government revenues provides
the Cambodian government greater ability to fund spending on
capital goods and socioeconomic development that enhances the
country's competitiveness and achieves more balanced economic
development. Growing domestic revenues will also strengthen the
government's ability to adapt to any future tapering in grants or
concessionary funding.

As a small, open economy, Cambodia is potentially exposed to
exchange rate volatility. Significant exchange rate volatility or
pressure on the central bank's foreign exchange reserves to
prevent it would jeopardise macroeconomic stability. However,
monetary policy is effectively delivering exchange rate
stability, an important factor supporting foreign direct
investment inflows (FDI). In turn, FDI inflows finance the
country's large current account deficit, preserve macroeconomic
stability, and support GDP growth. Moody's expects Cambodia's low
wages costs, limited foreign investment restrictions and
proximity to regional markets will support continued robust FDI
inflows into the country and contribute to a build-up in foreign
exchange reserves.

The central bank's recent policies aim to enhance the resilience
of the financial system to shocks and facilitate greater use of
the domestic currency, which over time, could improve the
effectiveness of monetary policy. The doubling in the minimum
capital requirements for banks and other financial institutions
and implementation of a Basel III-compliant liquidity coverage
ratio aim to bolster financial stability. The central bank
continues to promote greater use of the Cambodian riel via
policies to reduce local currency transaction costs and increase
riel liquidity within the banking system.

SECOND DRIVER -- FINANCIAL SYSTEM RISKS, WEAK INSTITUTIONAL
FRAMEWORK, LOW INCOMES AND FACTIOUS POLITICAL ENVIRONMENT ARE
RATING CONSTRAINTS

The signs of improved policy effectiveness are balanced by credit
challenges that are likely to constrain the sovereign profile
over the medium term.

The financial system is larger and the loan-to-deposit ratio is
higher than for many B-rated sovereigns. Financial system risks
could manifest in tighter liquidity conditions, lower economic
growth and contingent liabilities to the government.
Notwithstanding the recent measures mentioned above, given the
economy's high dollarization levels, the central bank has limited
capability to act as a lender of last resort.

Moreover, Cambodia's scores on Government Effectiveness, Rule of
Law, and Control of Corruption in Worldwide Governance Indicators
are lower than other B-rated sovereigns and hamper prospects for
economic diversification. The government's adoption of an Anti-
Corruption law and streamlining and modernization of online tax
registration and payments systems mark steps towards reducing
corruption and improving the rule of law. However, the extent to
which these measures will improve the operating environment is
yet to be revealed.

Furthermore, incomes, as measured by GDP per capita at purchasing
power parity, are low relative to other B-rated sovereigns,
despite more than doubling over the past decade. As a result,
Cambodia is relatively susceptible to economic and financial
shocks. The economic base is fairly narrow, with growth reliant
on garment exports, tourism and construction and, as a result,
exposed to sector-specific shocks.

Against this backdrop, a flare-up in domestic political tensions
before or after the elections has the potential to hinder FDI
inflows and, more generally, reduce the attractiveness of doing
business in Cambodia. Meanwhile, should the election outcome
lower the impetus for reform to address institutional weaknesses
that would be credit negative.

RATIONALE FOR STABLE OUTLOOK

The stable outlook balances Cambodia's vulnerability to negative
shocks with mitigants.

Cambodia's high dollarization of both loans and deposits makes it
vulnerable to a potential sharp appreciation of the US dollar and
spike in US and domestic interest rates that could result in
tighter liquidity and precipitate an abrupt reversal in credit
growth that has fuelled construction activity and property
prices, leading to significant job losses. Political developments
have the potential to raise risks around the continuation of
robust FDI inflows and impetus for reform.

Mitigating factors include the country's strong economic growth
prospects over the medium term, which should help foster a return
of investment in the aftermath of a potential shock. In addition,
Cambodia's low government debt and the highly-concessional nature
of its borrowings supports high debt affordability and overall
fiscal strength.

WHAT COULD CHANGE THE RATING UP

Credit-positive developments would include 1) steps to address
institutional weaknesses, such as the rule of law and control of
corruption, that hinder the flexibility and effectiveness of
policies; 2) continued strong growth in foreign direct investment
that boosts GDP growth and incomes; 3) a continued strengthening
in policymaking institutions that bolsters Cambodia's ability to
adapt to any future tapering in concessionary funding; and 4) a
marked increase in economic diversification that mitigates
susceptibility to negative shocks.

WHAT COULD CHANGE THE RATING DOWN

Downward rating triggers would stem from: 1) persistent strong
credit growth that points to a misallocation of lending and
inflates an already large financial system; 2) political turmoil
that undermines economic activity on a sustained basis, and 3) a
sustained, structural slowdown in the garments and tourism
industries.

GDP per capita (PPP basis, US$): 3,498 (2015 Actual) (also known
as Per Capita Income)

Real GDP growth (% change): 7% (2016 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 3.9% (2016 Actual)

Gen. Gov. Financial Balance/GDP: -2.5% (2016 Actual) (also known
as Fiscal Balance)

Current Account Balance/GDP: -8.5% (2016 Actual) (also known as
External Balance)

External debt/GDP: 48.2% (2016 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 15, 2017, a rating committee was called to discuss the
rating of the Cambodia, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/framework, have materially
increased. The issuer's fiscal or financial strength, including
its debt profile, has not materially changed. The issuer has
become increasingly susceptible to event risks.

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

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



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CHINA EVERGRANDE: Moody's Assigns B3 Rating to Proposed USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned B3 senior unsecured rating
to China Evergrande Group's (B2 negative) proposed USD notes.

The rating outlook is negative.

The proceeds from the issuance will be used to refinance the
company's existing debt.

RATINGS RATIONALE

"The proposed issuance will improve Evergrande's debt maturity
and liquidity profiles," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.

Moody's expects that Evergrande will not incur any material
incremental debt from the proposed notes exchange, as the
proceeds from the proposed notes will be used to refinance its
existing notes.

Evergrande's B2 corporate family rating reflects its strong
market position, strong sales execution, low cost land bank, as
well as its nationwide and broad geographic coverage. However, it
is constrained by the high business and financial risks
associated with Evergrande's debt-funded acquisition strategy and
weak financial metrics.

The negative rating outlook reflects Evergrande's high levels of
business, financial and liquidity risks, given its aggressive
debt-funded acquisitions.

The rating of the proposed USD notes is notched down to B3 --
from its corporate family rating of B2 -- due to subordination
risk from the company's secured and subsidiary debt.

Downward rating pressure would emerge if: (1) the company's
liquidity position weakens further due to a deterioration in
contracted sales, and/or high levels of debt and/or land
payments, or high levels of deferred acquisition payables; (2) it
raises more debt to fund its business expansion, resulting in
revenue/adjusted debt (including perpetual securities) falling
below 40%; or (3) it takes on more debt-funded acquisitions
without a commensurate increase in its equity capital base.

On the other hand, the rating outlook could return to stable if
the company (1) reduces its debt leverage by raising equity
capital or disposing of non-core assets, such that
revenue/adjusted debt rises above 60% and EBIT/interest rises to
2x or higher; and (2) improves its liquidity position by reducing
the level of short-term debt or slowing the pace of land and
other acquisitions to preserve its operating cash flows.

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

China Evergrande Group is one of the major residential developers
in China. It has a standardized operating model. Founded in 1996
in Guangzhou, the company has rapidly expanded its business
across China over the past few years. At 30 June 2016, its land
bank totaled 186 million square meters in gross floor area across
175 Chinese cities.


FOSUN INTERNATIONAL: S&P Assigns BB Rating to Proposed Sr. Notes
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating and
'cnBB+' long-term Greater China regional scale rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
that Fosun International Ltd. (BB/Negative/--; cnBB+/--) will
unconditionally and irrevocably guarantee.  Fortune Star (BVI)
Ltd., a special purpose entity, will issue the notes.  The
ratings are subject to S&P's review of the final issuance
documentation. Fosun intends to use the issuance proceeds for
mergers and acquisitions, refinancing, and other general
corporate purposes.

The rating on the notes is the same as the corporate credit
rating on Fosun because of credit substitution under the
guarantee.  Even though Fosun's ratio of priority claims to total
assets could exceed our 15% notching threshold in 2016, the
company's diverse operating and investment assets at the parent
company mitigate the structural subordination risk associated
with the indebtedness at the holding company level.

The negative outlook on the corporate credit rating reflects
S&P's expectation that Fosun's leverage for its industrial
operations, although improving, will remain high over the next 12
months, and that the credit profile of the company's insurance
portfolio could weaken upon the completion of the disposal of
Ironshore Inc.  The prospects of a further reduction in leverage
are uncertain even though S&P expects Fosun to focus on
consolidating its existing investments instead of making more
aggressive acquisitions, recycling its investment portfolio, and
raising equity to fund investment.


FUTURE LAND: High Leverage at End-2016 Within Fitch Expectations
----------------------------------------------------------------
Fitch Ratings says Future Land Development Holdings Limited's
(BB-/Positive) higher leverage at end-2016 is within its
expectations. Leverage, as measured by net debt/adjusted
inventory (including proportional consolidation of joint ventures
and associates), had risen to 43% by end-2016 from 33% at
end-2015. Fitch expects the company to reduce leverage in 2017 by
achieving a higher contracted sales target while keeping the
land-acquisition budget at the 2016 level, although leverage if
sustained at the end-2016 level may result in the Positive
Outlook being revised back to Stable.

The company increased its land purchases in 2016, which led to a
temporary spike in leverage. Its full-year attributable land
premiums reached CNY47 billion, representing 72% of its total
presales (including joint ventures). The company intends to boost
its total contracted sales and maintain a similar budget for land
purchases in 2017, which may lead to slightly lower gearing than
in 2016.

Future Land's consolidated contracted sales (excluding joint
ventures) rose by 64% to CNY48 billion, thanks to its fast-churn
strategy. Its sales efficiency, as measured by contracted sales
to total debt, increased to 1.8x from 1.5x in 2015. Fitch
believes the aggressive land acquisitions in 2016 will help to
achieve its 2017 contracted sales growth target of CNY85 billon
(up 30%).

Fitch will continue to monitor the company's land-acquisition
discipline relative to its contracted sales performance in
assessing its ratings and outlook.


RAIN CII CARBON: S&P Assigns 'B+' Rating to US$550MM Sr. Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'B+' issue rating to Rain CII
Carbon LLC's (RCCL) proposed US$550 million senior secured notes
due 2025.  S&P assigned the notes a '4' recovery rating, which
indicates its expectation of average (30%-50%; rounded estimate
45%) recovery in the event of a payment default.  The corporate
credit rating on RCCL is unaffected at 'B+' with a stable
outlook.

S&P believes RCCL will use the proceeds to repay about US$377
million outstanding under its current notes due in 2018 and
partly repay the notes due in 2021.

                    RECOVERY ANALYSIS

Key analytical factors:

   -- S&P is assigning a recovery rating of '4' to the proposed
      senior secured notes of US$550 million.  RCCL also plans to
      obtain a revolving credit facility (RCF) of US$60 million
      that will have priority of payment over the senior secured
      notes issued by RCCL.  S&P's recovery analysis assumes
      that, in a hypothetical default scenario, RCCL's RCF would
      be 85% utilized.

   -- Almost all of the value remaining after meeting priority
      claims will flow to the company's senior secured note
      holders.

   -- The proposed issuance has a light covenant package, with
      only a financial incurrence covenant of fixed-charge cover
      of 2x.  In S&P's view, the company's future incremental
      borrowing needs are almost negligible and covenant
      compliance will not be difficult.

Simulated default assumptions:

In S&P's simulated default scenario, a default could occur if
RCCL's cash flows declined materially due to a significant
economic downturn that lowered demand for base metals -- in
particular, aluminum -- and significantly reduced production of
aluminum and commodity chemicals.  Weak aluminum production, in
turn, would considerably lower demand for calcined petroleum coke
and coal tar pitch.  At the same time, in S&P's default scenario,
it assumes that prices of RCCL's two key raw materials -- green
petroleum coke and coal tar -- remain high.  As a result, RCCL's
operating margin would be compressed, given that the company
would not be able to pass the higher costs to customers because
of weak demand.  S&P believes that RCCL would be reorganized as a
going concern if it were to default, because of the company's
good market position, valuable asset base, and long-term
relationships with suppliers and customers.

Other simulated default assumptions include:

   -- Year of default: 2020
   -- Jurisdiction: U.S.

Simplified waterfall:

   -- Emergence EBITDA: US$125 million (capital expenditure
      represents 2%-3% of three-year average sales and the
      cyclicality adjustment is 15%, in line with the specific
      industry sub-segment).

   -- EBITDA multiple: 5x
   -- Gross recovery value: US$550 million
   -- Net recovery value for waterfall after administrative
      expenses (5%): US$525 million
   -- Estimated first-lien debt claims (RCF drawn about 85% of
      its size): US$50 million
   -- Total value available for senior secured note holders:
      US$475 million
   -- Estimated senior secured debt claims: US$1,050 million
   -- Recovery estimate on senior secured debt claims: 45%
      average recovery (30%-50%)
   -- Recovery rating: '4'
   -- Issue rating on senior secured notes: 'B+' (same as the
      issuer credit rating)

Note: All debt amounts include six months of accrued prepetition
interest.


YESTAR HEALTHCARE: 2016 Results in Line with Moody's Ba3 CFR
------------------------------------------------------------
Moody's Investors Service says that the 2016 full-year results
for Yestar Healthcare Holdings Company Limited -- previously
known as Yestar International Holdings Company Limited -- are in
line with its Ba3 corporate family and senior unsecured bond
ratings.

The outlook on the ratings remains stable.

"Yestar has continued its transformation into a leading
distributor of medical consumables in China, while also
maintaining a solid financial profile," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.

The company has become one of the largest distributors of Roche
Diagnostics products in China, following the completion earlier
this year of three acquisitions originally announced in 2H 2016.
It is also the largest distributor of Fujifilm film products in
China.

Yestar's revenue grew 23% year-on-year to RMB3.0 billion in 2016
and its reported gross margins expanded 4.3 percentage points to
25.4%, driven by the increasing contribution from high-margin in
vitro diagnostic (IVD) products.

Moody's also estimates that its adjusted EBITDA margin rose by
around 3.5 percentage points to 18.2%.

Following its $200 million bond issuance in September 2016,
mainly to fund acquisitions to grow its IVD product distribution
business, Yestar's total reported debt rose to RMB1.7 billion at
end-2016 from RMB420 million at end-2015.

Moody's estimates that its adjusted debt/EBITDA was around 3.2x
at end-2016, compared with 1.3x at end-2015.

Although gross leverage was moderately higher than Moody's
assumption of under 3x, the situation was offset by strong
adjusted retained cash flow (RCF)/total debt of around 20%, which
was higher than Moody's mid-teens estimate and supportive of its
Ba3 ratings.

"We expect Yestar's business profile to continue to strengthen,
as the company builds out its geographic footprint nationally and
expands its product offerings," adds Tsuen.

Moody's also expects leverage to remain steady in 2017 compared
with 2016, as further modestly-sized acquisitions may be funded
by cash on hand, and as revenue and adjusted EBITDA grow around
20% in 2017.

Yestar's liquidity is solid. Its cash balance of RMB1.3 billion
at end-2016 -- compared with RMB506 million at end-2015 -- will
be sufficient to cover its RMB225 million in short-term debt,
even after committing around RMB700 million to close its recent
acquisitions.

The principal methodology used in these ratings was Distribution
& Supply Chain Services Industry published in December 2015.

Headquartered in Shanghai and listed on the Hong Kong Stock
Exchange since October 2013, Yestar Healthcare Holdings Company
Limited is one of the largest distributors of Roche Holding AG's
(A1 stable) diagnostics products and also the largest distributor
of FUJIFILM Holdings Corporation's (A1 stable) film products in
China.



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


AGASTYA NUTRIFOOD: CARE Assigns B+ Rating to INR9cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Agastya Nutrifood Industries LLP (ANI), as:

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

   Long Term/Short
   Term Bank
   Facilities              2.50      CARE B+; Stable/CARE A4;
                                     Assigned

   Short Term Bank
   Facilities              3.50      CARE A4 Assigned

The ratings assigned to the bank facilities of ANI is constrained
on account of its constitution as limited liability partnership
firm, project implementation and stabilization risk, competition
from established players and susceptibility of margins to
fluctuation in prices of raw material and foreign exchange
fluctuation.

The ratings however, derive strength from experienced partners
and location advantage.

ANI's ability to successfully complete its debt funded capex and
stabilizing its operations to achieve envisaged level of sale
& profitability is the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weakness

Constitution as a LLP firm

The constitution as a LLP firm restricts ANI's overall financial
flexibility in terms of limited access to external funds for any
future expansion plans. Further, there is inherent risk of
possibility of dissolution of the firm in case of
death/retirement/insolvency/personal contingency of the partner
as well as withdrawal of capital by the partners.

Project implementation and stabilization risk

ANI is implementing a project of manufacturing of food and
allied/related products with the estimated cost of INR23.11 crore
to be funded through project debt to equity mix of 0.86 times.
Until February 7, 2017, ANI had incurred 65% of total cost of the
project. With balance costs yet to incur, the firm is exposed to
project implementation and stabilization risk.

Competition from established players

With ANI foraying into an entirely new line of business i.e. food
products industry which is characterized by presence of numerous
players, overcoming competition from reputed players will be an
uphill task for the company. ANI is entering into a highly
fragmented industry wherein large numbers of organized &
unorganized players are present, wherein has a very low
bargaining power against both its customers as well as its
suppliers.

Susceptibility of margins to fluctuation in prices of raw
material and foreign exchange fluctuation

Profit margins of ANI will remain vulnerable to changes in prices
of raw material i.e. Potato followed by edible oil and seasoning.
Prices of these raw materials have remained fluctuating in past
hence going forward also any changes in prices of these raw
materials may put pressure on margins of the firm.

ANI will also export its products to Dubai wherein its profit
margins will also remain vulnerable to foreign exchange rate
fluctuations.

Key Rating Strength

Diversified experience of promoters albeit no relevant experience
into similar line of operations

Mr. Apoorva Goenka holds total experience of more than eight
years in the education industry through his engagement in
Bholaram Education Society (rated CARE BB-). Mr. Manoj Singh
holds total experience of more than two decades through his
engagement in Middle East (Dubai) based Europa Group which is
involved into packaging industry and architecting technologies &
methodologies. However, promoters do not have any direct
experience into food and allied product manufacturing.

Location advantage

ANI has locational advantage as its manufacturing facilities are
strategically located in terms of proximity to raw materials
is located in Ahmedabad-Rajkot highway which is a convenient
place. The location provides proximity to sources of raw
material access and smooth supply of raw materials at competitive
prices and lower logistic expenditure (both on the transportation
and storage). It enjoys good road connectivity leading to better
lead time and facilitating delivery of products in a timely
manner.

Agastya Nutrifood Industries LLP (ANI), a Limited Liability
Partnership was formed in October 2015 by Mr. Apoorva Goenka and
Mr. Manoj Singh to undertake a green field project to manufacture
food and allied products such as Short Cut Pasta and Potato
Pellets/Chips. ANI is setting up a plant at Bavla (Ahmedabad)
with an installed capacity of 6171 MTPA.

The total cost of the project is INR23.11 crore which is proposed
to be funded through project debt to equity mix of 0.86 times.
ANI has envisaged commencing commercial production from April 17.


APRICOT TILES: CARE Reaffirms B+ Rating on INR9.41cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Apricot Tiles India Private Limited (ATIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              9.41      CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              1.60      CARE A4 Reaffirmed

The ratings assigned to the bank facilities of ATIPL are
primarily constrained on account of small scale of operations
with cash loss, leveraged capital structure, weak debt coverage
indicators, working capital intensive nature of operations
coupled with weak liquidity position in FY16 (refers to the
period April 1 to March 31). Furthermore, the ratings continue to
remained constrained due to its presence in the fragmented
ceramic industry along with fortunes dependent upon the real
estate market and susceptibility of margins to fluctuation in raw
material and fuel prices.

The ratings, however, take comfort from the long experience of
the promoters in the ceramic industry and its presence in the
ceramic cluster with easy access to raw material, power and fuel.

The ability of ATIPL to increase it scale of operations,
profitability, improve capital structure & liquidity position are
the key rating sensitivities.

Detailed description of the key rating drivers

Small scale of operations coupled with cash loss during FY16
ATIPL has commenced its operations in June, 2015 hence FY16 was
the first year of operations and during its 10 months of
operations in FY16 (A) the company has registered a TOI of
INR5.27 crore. Furthermore, due to high non-cash expenditure
coupled with higher interest & finance charges ATIPL has
registered net loss.

Leveraged capital structure and weak debt coverage indicators
The capital structure stood leveraged as on March 31, 2016 marked
by overall gearing ratio of 2.83x on account of higher amount of
total as against net worth base. The debt coverage indicators
stood weak marked by the interest coverage ratio stood below
unity on account of higher interest expenses as compared to low
PBILDT during FY16, further total debt to GCA also stood weak as
on March 31, 2016 on the back of cash loss reported during FY16.

Susceptibility of margins to volatility in raw material and fuel
(natural gas) prices

The price of raw material i.e. clay is market driven which due to
higher demand is expected to remain volatile and put pressure on
the margins of tile manufacturers. Furthermore, the power and
fuel cost has increased significantly for the companies operating
in Gujarat during the past few years. Thus, the power & fuel
prices have remained volatile and any sharp adverse movement in
future may affect its profitability of the company.

Key Rating Strengths

Experienced promoters in the ceramic industry

All the promoters are holding healthy experience in the same line
of business through their engagement in different entities. Mr.
Kantilal Marvaniya has 10 years of experience in the ceramic
industry, Mr. Sureshbhai Sinojia holds long business experience
of 30 years, Mr. Mahesh Marvaniya has experience of more than 3
years.

Presence in the ceramic cluster with easy access to raw material
and labor ATIPL`s manufacturing facility is located in Morbi,
Gujarat which is one of the largest ceramic clusters in India.
Majority ceramic tiles production in India comes from the Morbi-
Wankaner cluster, primary raw material i.e. different types of
clays and other minerals such as feldspar powder are easily
available from the local market of Gujarat.

Morbi-based (Gujarat), ATIPL is a private limited company,
incorporated in 2014 by Mr. Kantilal Marvaniya, Mr. Sureshbhai
Sinojia, Mr. Mahesh Marvaniya and other associate promoters.
ATIPL is engaged in manufacturing of digital wall tiles that
finds application in both commercial as well as residential
buildings. ATIPL has commenced operations from June 2015. It
operates from its sole manufacturing facility located at Morbi
(Gujarat) which has an installed capacity of 30000 MTPA for
manufacturing of digital wall tiles as on March 31, 2016. ATIPL
is set up by its promoters to diversify their business into
manufacturing of digital wall tiles. Earlier none of the
associate entities was into manufacturing of digital wall tiles.

During FY16 (A), ATIPL reported net loss of INR0.63 crore on a
TOI of INR5.29 crore. Till January, 2017 ATIPL achieved the
turnover of INR11.21 crore.


BABA BHUMAN: CARE Assigns 'B' Rating to INR14.28cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Baba
Bhuman Shah Ji Rice Mills (BBS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             14.28      CARE B; Stable Assigned

The rating assigned to the bank facilities of BBS is constrained
by limited experience of partners, small scale of operations with
low net worth base & PAT margins, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by elongated operating cycle, susceptibility of margins to
fluctuation in raw material prices, fragmented nature of industry
and partnership nature of its constitution. The rating, however,
derives strength from locational advantages. Going forward, the
ability of the firm to increase its scale of operations while
improving its overall solvency position and managing its working
capital requirements efficiently would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Location advantages: The firm's processing facility is situated
at Fazilka, Haryana which is one of the largest producers of
paddy in India. Its presence in the region gives additional
advantage over the competitors in terms of easy availability of
the raw material as well as favorable pricing terms.

Key Rating Weaknesses

Limited experience of partners: The partners have limited
experience in agro processing industry.

Small scale of operations with low net worth base and low PAT
margins Owing to short track record of operations, the firm's
scale of operations has remained small marked by total operating
income (TOI) of INR46.88 crore in FY16 (refers to the period
April 1 to March 31) and net-worth base of INR4.05 crore as on
March 31, 2016. The PBILDT margin and PAT margin of the firm
stood at 6.62% and 0.28%, respectively, in FY16.

Leveraged capital structure: The capital structure of the firm
stood leveraged with overall gearing ratio of 7.63x as on
March 31, 2016, mainly on account of firm's high reliance on bank
borrowings to fund various business requirements.

Weak debt coverage indicators: The firm has weak debt coverage
indicators as marked by interest coverage ratio of 1.32x and
total debt to GCA of 41.29x for FY16.

Elongated operating cycle: The operating cycle of the firm stood
elongated at 263 days for FY16 (236 days for FY15). As per the
banker, the average utilization of the working capital limits
remained at 90% for the last 12 months period ended December
2016.

Susceptibility of margins to fluctuation in raw material prices:
The firm is susceptible towards fluctuation in raw material
prices and monsoon dependent operations. Since there is a long
time lag between raw material procurement and liquidation of
inventory, the firm is exposed to the risk of adverse price
movement resulting in lower realization than expected.

Fragmented nature of industry: The commodity nature of the
product makes the industry highly fragmented. Furthermore, the
concentration of rice millers around the paddy growing regions
makes the business intensely competitive.

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

Baba Bhuman Shah Ji Rice Mills (BBS) was established in 2013 as a
partnership firm by Mr. Kewal Krishan, Mr. Kharait Lal, Mr.
Sandeep Kumar, Mr. Subhash Chander, Mr. Rajinder Kumar, Mr.
Surinder Kumar and Mrs Kanta Rani sharing profit and loss in the
ratio of 15%, 15%, 15%, 14%, 14%, 14% and 13% respectively. The
commercial operations started from November 2013. The firm is
engaged in processing of paddy at its manufacturing facility
located in Fazilka, Punjab, with an installed capacity of 7,000
Metric Tonnes per annum, as on December 30, 2016. BBS sells
basmati and non-basmati rice directly and also through a network
of 10 brokers to various wholesalers based in Punjab, Delhi,
Gujarat, Haryana etc.

The raw material, primarily paddy, is procured from grain markets
through commission agents based in Punjab. The firm is also
engaged in trading of rice. In FY16 (refers to the period April 1
to March 31), income from trading constituted 5% of the total
revenue.

In FY16, BBS has achieved a total operating income of INR46.88
crore with PAT of INR0.13 crore, as against the total operating
income of INR35.69 crore with PAT of INR0.12 crore in FY15. In
9MFY17 (Provisional), the firm has achieved total operating
income of INR21.79 crore.


CHAMUNDA ELECTRICALS: CARE Assigns B+ Rating to INR1cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Chamunda Electricals Private Limited (CEPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             1.00       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             7.50       CARE A4 Assigned

The ratings assigned to the bank facilities of CEPL are
constrained on account of small scale of operations, moderately
leveraged capital structure, moderate debt protection metrics and
moderate liquidity position. Further the rating remained
constrained on account of geographical and customer concentration
risk and presence into fragmented and competitive industry having
low entry barriers and tender driven nature of industry.

The ratings, however, derive benefits from the experience of the
promoters with long industrial track record of around two decades
and growing scale of operations with moderate profitability.

Ability of CEPL to increase in its scale of operations coupled
with improvement in financial risk profile in terms of
improvement in profitability, capital structure along with
efficient working capital management will be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations and moderate profitability

The total operating income (TOI) during FY16 (A) grew by 43.02%
y-o-y to INR 13.89 crore. The TOI has also grown at a Compounded
Annual Growth Rate (CAGR) of 68.84% during the period FY14-FY16.
However, overall scale of operations stood at a small level.
Further, PBILDT margin and PAT margin remained at moderate level.

Moderately leveraged capital structure and moderate debt
protection metrics

The capital structure stood moderately leveraged as marked by a
moderate overall gearing ratio as on March 31, 2016 while debt to
equity ratio stood below unity at comfortable level. Further, the
debt protection metrics stood moderate as marked by total debt to
Gross Cash Accruals (GCA) of 5.65 times as on March 31, 2016.

Moderate liquidity position

Liquidity position remained moderate as marked by working capital
cycle of 46 days and moderate current ratio as on March 31, 2016.
Owing to the nature of the business, some of the funds remained
block in the form of security deposits, which gets released after
a period of some days.

Geographical concentration risk and customer concentration risk
CEPL has orders restricted towards different regions in the state
of Gujarat state only and also faces customer concentration risk
as it provides operation and maintenance service to only one
client viz. Gujarat Energy Transmission Company Limited (GETCO).

Exposed to competition due to low entry barriers and tender
driven nature of business

CEPL's business is tender-based which is characterized by intense
competition resulting in moderate operating margins for the
company.

Key rating strengths

Experienced management with long industrial track record of
around two decades

Mr. Chiragbhai Patel, the key promoter, aged 42 years (M.Com)
having an experience of around 2 decades in the maintenance and
operation of sub-station, while he looks after the overall
operations of the company with the support of his father Mr.
Natvarlal Rathod.

Palanpur-based (Gujarat) CEPL is incorporated by Mr. Chiragbhai
Patel with support of his father Mr. Natvarlal Rathod, wife Mrs.
Purnikaben Patel and other family members is engaged in providing
'Operation and Maintenance' services of sub-stations for Gujarat
Energy Transmission Corporation Limited (GETCO). CEPL is engaged
in providing Electrical Contractor services to carry out Electric
Installation works & Erection of line on H frames structure &
Towers up to 220 KV. CEPL has been registered as B Class
contractor by Gujarat Energy Transmission Corporation Limited
(GETCO) for erection of line on H frames structure & Tower up to
220 kV voltage class. Earlier, CEPL was partnership firm and
later was converted into private limited company as Chamunda
Electricals Private Limited in 2013.

During FY16(Audited), CEPL reported a total operating income
(TOI) of INR13.89 crore with a PAT of INR0.27 crore as against
TOI of INR9.71 crore and PAT of INR0.21 crore in FY15 (A). During
9MFY17 (Provisional), CEPL achieved a TOl of INR9.11 crore.


DEEPAK PROTEINS: CARE Reaffirms B+ Rating on INR9cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Deepak Proteins Private Limited (DPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              9         CARE B+; Stable Reaffirmed

The rating assigned to the bank facilities of DPPL continues to
remain constrained on account of its modest scale of operations
in the highly fragmented and working capital intensive cotton
seed oil industry and weak financial risk profile marked by thin
profitability, leveraged capital structure, moderate liquidity
and weak debt coverage indicators. The rating, further, continue
to remain constrained on account of vulnerability of profit
margins to fluctuation in raw material prices.

The rating continues to derive benefits from the long track
record of the promoters in the cotton seed oil industry and
proximity to raw material source.

DPPL's ability to increase its scale of operations along with the
improvement in profitability amidst high competition and
improvement in capital structure, debt coverage indicators
coupled with better working capital management are the key rating
sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Modest scale of operations in the highly fragmented and working
capital intensive cotton seed oil industry The scale of operation
remained modest marked by TOI of INR41.70 crore during FY16. The
operations are working capital intensive marked by elongated
working capital cycle of 100 days. DPPL is present in the
fragmented edible oil industry characterised by presence of large
number of unorganized as well as organized players resulting in
limited pricing flexibility against both customers as well as its
suppliers.

Weak financial risk profile marked by thin profitability,
leveraged capital structure, moderate liquidity and weak debt
coverage indicators

PBILDT margin declined by 42 bps and stood low at 2.12% during
FY16 on account of increase in raw material cost. As a
consequence of the same, PAT margin also remained thin during
FY16. Capital structure marked by overall gearing stood leveraged
on the back of low net worth base and high level of debt.
Furthermore, with low cash accruals, debt coverage indicators
also stood weak marked by total debt to GCA of 51.83 times as on
March 31, 2016. Liquidity position remained moderate marked by
current ratio of 1.36 times as on March 31, 2016.

Vulnerability of profit margins to fluctuation in raw material
prices

The profitability of DPPL is exposed to fluctuations in raw
material prices, which is being agricultural commodity its prices
are volatile in nature and linked to production in the domestic
market.

Key rating strengths

Long track record of the promoters in the cotton seed oil
industry Mr. Satishchandra Thakkar and Mr. Gunvantlal Thakkar are
the key promoters of DPPL, who manages all day to day operations
of the company and possess more than three decades of experience
in the oil milling industry.

Proximity to raw material source

DPPL is based in Harij, in the northern region of Gujarat, which
is one of the biggest market for cotton seed and cotton seed oil
in Gujarat. Thus, proximity of DPPL's unit to the cotton growing
region ensures easy raw material access at effective prices and
lower logistic expenditure (both on transportation and storage).
DPPL was incorporated by Mr. Satishchandra Thakkar and Mr.
Gunvantlal Thakkar along with other family members in 2008. The
company is engaged in manufacturing of cotton seed wash oil and
de-oiled cake (DOC). DPPL's plant is located at Harij, Gujarat
which has an installed capacity of 22,000 Metric Tonnes Per Annum
(MTPA) as on March 31, 2016 and 18 expellers at its crushing
facility. DPPL's operations are concentrated in North Gujarat.
DPPL market its products under the brand name 'SATISH'.

The promoters also run two entities in the name of P.V. Agro and
Kalptaru Finstock. P.V. Agro is engaged in trading of various
agro commodities like castor seeds, guar seeds, cumin seed,
cotton DOC and guar dal while Kalptaru Finstock is engaged in
commodities trading and investments in shares.

During FY16 (A), DPPL reported PAT of INR0.01 crore on a TOI of
INR41.70 crore as against net profit of INR0.01 crore on a TOI of
INR38.21 crore during FY15. During 10MFY17 (Provisional),DPPL has
achieved a turnover of INR38 crore.


DHRUV COTEX: CARE Revises Rating on INR13cr Loan to B+
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhruv Cotex Private Limited (DCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank          13        CARE B+, Stable Revised
   Facilities                        from CARE B

The revision in the rating assigned to the bank facilities of
DCPL takes into account growth in the operating income and cash
accruals, improvement in capital structure and debt coverage
indicators during FY16 (refers to the period April 1 to March
31).

The rating, however, continues to be constrained by the modest
scale with low capitalization, low profit margins, leveraged
capital structure and weak debt coverage indicators and working
capital intensive nature of operations. The rating is further
constrained by its presence in the highly competitive and
fragmented textile industry and susceptibility of operating
margins to the raw material price fluctuation.

These factors far offset the benefits derived from the experience
and resourceful promoters, operational support from group
entities with presence across textile value chain and location
advantage.

The ability of DCPL to increase the scale of operations and
improve profitability and capital structure along with efficient
management of the working capital amidst the intense competition
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced and resourceful promoters: DCPL is promoted by Mr.
Utpal Bhayani and Mrs Alka Desai who look after the day to day
management of the company. Mr. Utpal Bhayani has more than 2
decades of experience in the textiles industry being associated
with the Deesan group since its inception.

Operational support from group entities: DCPL is a part of the
Deesan group which has been in the business of textile
manufacturing since 1996 and has various companies operating
under it (including DCPL). It has presence in all segments of
cotton textiles starting from cultivation of cotton to
manufacturing of garments. DCPL receives operational support from
the other group companies in terms of procurement of materials
and building customers.

Location advantage: DCPL's manufacturing facility is located at
the Integrated Textile Park in Shirpur, Dhule, Maharashtra which
is in close proximity to cotton producing belts of Dhule,
Amravati and Parbhani and is surrounded by multiple yarn and
textile manufacturing units within the textile park thereby
facilitating in procurement of raw materials.

Key Rating Weaknesses

Modest scale in competitive industry: DCPL's scale of operations
remained modest due to nascent stage of operations in a
competitive textile industry. Small scale restricts financial
flexibility and deprives it of benefits of economies of scale.

Low profitability and weak solvency position: The profitability
margins remained low although have shown marginal improvement
trend during the past 2 years ending FY16. DCPL's capital
structure although has shown improving trend, remained leveraged
during FY15-FY16 with high dependence on external borrowings.
Operations remained working capital intensive with high gross
current asset days of over 76 days leading to high utilisation of
working capital limits.

Presence in fragmented and competitive industry: DCPL is into
manufacturing of grey fabric which are dominated by numerous
independent players which lead to high degree of fragmentation
resulting into high level of competition in the segment. Due to
high competition in the industry, the players in the industry
have limited bargaining power with their customers and hence,
players in this industry are operating at low margin.

Incorporated in 2011 by Mr. Utpal Bhayani and Mrs Alka Desai,
Dhruv Cotex Private Limited (DCPL) is engaged into manufacturing
of woven grey fabrics used for shirting and dress material. It
started commercial operations in July 31, 2014 and at present the
company has 16 looms with capacity to manufacture 29000 metres
(80% of utilisation in FY16) of grey fabric per month. Its
facility is located at Dahiwad, Shirpur, Dhule. DCPL sells its
products in domestic market majorly to fabric processing units in
Delhi and Ahmedabad.

DCPL's plant is established under the "Group Work Shed Scheme"
(Scheme of Integrated Textile Park (SITP) of Ministry of Textile,
the Government of India) and consists of 13 SSI units under it.
The GWSS further operates a total of 80 looms via the SSI units
which provide job work services (viz. weaving, warping and sizing
of grey cloth) to DCPL.

During FY16 (refers to the period April 01 to March 31), DCPL has
posted total operating income of INR75.48 crore (as against
INR36.74 crore in FY15) with PAT of INR0.16 crore (as against PAT
of INR0.02 crore in FY15). Moreover, the company has achieved
turnover of INR54.71 crore for the period April, 2016 to
December, 2016.


DLS PAPERS: CARE Assigns 'B' Rating to INR9.25cr Long Term Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of DLS
Papers Private Limited (DLS), as:

                      Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             9.25       CARE B; Stable Assigned

The rating assigned to the bank facilities of DLS is primarily
constrained by its short track record of operations, weak
financial risk profile marked by net losses, leveraged capital
structure, weak coverage indicators. The rating is further
constrained by susceptibility of margins to fluctuation in raw
material availability with its presence in a competitive
industry. The ratings, however, draw comfort from experienced
promoters.

Going forward, the ability of company to increase its scale of
operations while improving its profitability margins and capital
structure along with efficient management of working capital
requirement shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Short track record and small scale of operations: The company
commenced its operations in October 2015 and has only one year of
track record with small scale of operations. Small scale limits
the company's financial flexibility in times of stress and
deprives it from scale benefits.

Net losses, leveraged capital structure and weak coverage
indicators

The profitability margins of the company stood low as the company
compromised on margins to garner the market in the competitive
nature of industry. Furthermore, owing to initial year of
operation with high interest and depreciation cost, the company
incurred net losses during FY16.

The capital structure of the company stood leveraged mainly on
account of debt funded capex undertaken coupled with low net
worth base and high reliance on working capital borrowing to meet
the working capital requirements. The coverage indicators of the
company stood weak on account of high interest cost due to high
debt level coupled with low profitability.

Highly competitive industry along with susceptibility to
volatility in prices of raw material

DLS operates in competitive segments of the industry, which is
very fragmented due to low entry barriers. There are numerous
players in the unorganized sector, which increases the level of
competition. Moreover, raw material cost constitutes
approximately 70% of the total cost of production. Thus, margins
are vulnerable to fluctuation in raw material cost. Being a new
player in the paper industry, the profitability of the company is
based on the ability of the company to absorb the increase in raw
material prices, which will have an impact on the profitability
margins and sales realization.

Key Rating Strengths

Experienced management

DLS is well supported by experienced management having rich
experience in diversified business segments such as paper,
textile, construction industry.

Stable outlook of the paper industry

The fortune of the Indian paper packaging industry is closely
linked with the economic growth as demand of paper for packaging
increases with increase in industrial output. While the rising
cost of raw material and power cost may impact the profitability
of the paper industry in the short-medium term, the outlook for
the long term remains stable

Uttar Pradesh-based DLS Paper Private Limited was incorporated in
March 2013 and started its commercial operation in October, 2015.
The company is currently being managed by Mr. Laxman Singh, Mr.
Dinesh Kumar, Mr. Aamir Ahmed and Mr. Arshad Ali. DLS is engaged
in manufacturing of kraft paper with installed capacity of 50
tons per day as on December 31, 2016 from its manufacturing
facility located in Muzzafarnagar, Uttar Pradesh. The product
manufactured by DLS is used for manufacturing corrugated boxes
and the same is sold to manufacturers of packaging materials and
dealers located in Delhi and regions. The main raw materials for
the company are waste paper and waste corrugated boxes and the
same is procured from scrap traders located in Delhi NCR and
Muzaffarnagar region.

During 6MFY16 (refers to the period April 1 to March 31) DLS
achieved a total operating income (TOI) of INR5.63 crore with net
losses of INR 0.18 crore. Furthermore, the company has achieved
total TOI of INR20.43 crore till 10MFY17 (refers to the period
April 1 to January 31, based on provisional results).


GARDEN SILK: CARE Reaffirms 'D' Rating on INR1063.82cr Term Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Garden Silk Mills Limited (GSML), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities-Term
   loan                 1063.82      CARE D Reaffirmed

   Long-term Bank
   Facilities-Fund
   based working
   capital limits        298.71      CARE D Reaffirmed

   Short-term Bank
   Facilities-Non-
   fund based working
   capital limits        532.00      CARE D Reaffirmed

   Long-term Bank
   Facilities-Non
   Fund based            416.79      CARE D Reaffirmed


The reaffirmation in the ratings assigned to the bank facilities
of GSML takes into account continuing delays in servicing of its
debt obligations on account of stretched liquidity position.

GSML's ability to improve its cash flows and regularize its debt
servicing are the key monitorables.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing

The rating factors in delays in debt servicing on account of
stretched liquidity position. The company has been incurring
cash losses on account of weak demand for its products resulting
in sub-optimal capacity utilization.

Incorporated in 1979, Garden Silk Mills Limited (GSML) is engaged
in manufacturing of polyester chips, polyester filament yarn and
polyester textile fabrics. It manufactures synthetic fabric under
the brand names, Garden and Vareli. The manufacturing facilities
are located in Vareli (weaving unit) and Jolwa (manufacturing
unit of chips and yarn), in Surat District. As on March 31, 2015,
the company had polyester chips capacity of 5,06,000 metric
tonnes per annum (MTPA) and Polyester Filament Yarn (PFY)
capacity of 2,21,061 MTPA - comprising of 1,58,610 MTPA of
Partially Oriented Yarn (POY) and 62,451 MTPA of Fully Drawn Yarn
(FDY).

GSML is promoted by Mr. Praful A Shah, a first-generation
entrepreneur. He is also the Chairman and Managing Director
of the company. He has more than four decades of experience in
the industry. He is involved in the strategic decision making
process of the company. He is well supported by his son Mr. Alok
P. Shah, promoter and joint managing director in the day-to-day
operations of the company; who also possesses significant
experience in the industry.

GSML is predominantly a domestic player with around 85% of the
gross sales from the domestic market while remaining is in the
form of exports.


GUJARAT LIQUI: CARE Lowers Rating on INR5.25cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gujarat Liqui Pharmacaps Private Limited (GLPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term/Short-
   term Bank
   Facilities             5.25       CARE D/CARE D Revised
                                     from CARE BB/CARE A4

   Short-term Bank
   Facilities             2          CARE D Revised from CARE A4

The revision in the ratings assigned to the bank facilities of
GLPL is on account of delay in debt repayment owing to weak
liquidity position.

Establishing a clear debt servicing track record with improvement
in the liquidity position remains the key rating sensitivity.

Detailed description of key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing: GLPL has been irregular in
servicing its debt obligation as the cash credit account remained
overdrawn for a maximum period of around 45 days. The same is due
to devolvement of Letter of Credit which the company was unable
to repay on account of non-availability of funds.

Vadodara-based (Gujarat) GLPL was incorporated in October 1995,
by Mr. S K Chattopadhyay and commenced its operations in the year
1999. The company is specialized in Novel Drug Delivery System
via manufacturing of soft gelatin formulations(in oral forms) for
therapeutic segments such as pain management, anti-malarial,
anti-bacterial, antiinflammatory, herbals, nutritional
supplements etc. GLPL is a government recognized 'Star export
house' company with an ISO 9001:2008 certification for quality
management systems & ISO 14001:2004 certification for
environmental management systems conferred by QSI,USA as well as
approved by World Health Organization (WHO). GLPL operates from
its sole manufacturing facility located in Vadodara (Gujarat)
with an installed capacity of 81.20 crore capsules per annum as
on March 31, 2016, while its overseas offices are located at
Nigeria, Vietnam, Kenya and Cambodia.

While the key raw materials such as gelatin, active
pharmaceutical ingredients (API), excipients and other packing
materials are mostly purchased domestically, the imports
(primarily consisting of cod-liver oil from France) constitute
approximately 6% of the total raw material purchases during FY16
(refers to the period April 1 to March 31), whereas exports
contribute around 94% to the total revenues during FY16 and
include destinations such as Nigeria, Ghana, Ivory Coast,
Malaysia and South Africa. It operates as a third party
manufacturer as well as markets a few products under its own
brand name.


H. G. INFRATECH: CARE Upgrades Rating on INR28cr LT Loan to BB-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
H. G. Infratech Private Limited (HGIPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             28.00      CARE BB-; Stable Revised
                                     From CARE B+

The revision in the rating assigned to the bank facilities of
HGIPL is on account of improvement in booking status toward its
ongoing real estate project and experience of the promoters in
the real estate industry.

The rating, however, continues to remain constrained on account
of implementation risk associated with the ongoing project along
with timely receipt of remaining booking advances and moderate
financial risk profile of existing trading business. The rating
also factors in the inherent risk associated with the cyclical
real estate industry.

The ability of HGIPL to complete its on-going project within
envisaged time and cast parameters along with timely realization
of sales proceeds is the key rating sensitivity. Furthermore,
improvement in financial risk profile of its trading operations
marked by improvement in profit margins, capital structure, debt
coverage indicators and operating cycle would also remain
crucial.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Project implementation risk

HGIPL has started construction activities of project in Q1FY16
and the entire construction related work is expected to be
completed by March, 2018. Till December 31, 2016, the firm has
incurred cost of INR27.15 crore forming 53% of envisaged project
cost and 56% of total construction cost. Hence, with balance 44%
cost to be incurred and considering rising commodity prices,
there is a risk related to the timely construction of the balance
project. Further, the company is also exposed to risk related to
timely receipt of remaining booking advance.

Moderate financial risk profile in existing trading operations

During FY16, TOI of HGIPL declined marginally to INR10.61 crore
as compared to INR10.67 crore during FY15, thus the scale of
trading operations remained small. Capital structure remained
comfortable marked by an overall gearing ratio of 0.55 times as
on March 31, 2016 (March 31, 2015: 0.73 times) while total debt
to GCA stood weak at 39.25x as on March 31, 2016.

Risk related to real estate sector

The real estate industry in India is highly fragmented with most
of the real estate developers having a city-specific or region-
specific presence. The risks associated with real estate industry
are - cyclical nature of business (drop in property prices),
interest rate risk, roll back of income tax benefits etc.

Key Rating Strengths

Moderately comfortable booking status

HGIPL has received the booking for 150 flats (out of total 192
flats) and 59 bungalows (out of total 97 Bungalows) constituting
72% of total units and has received the booking advance of
INR11.94 crore which forms 20% of sales value of booked units and
44% of cost incurred (i.e. INR27.15 crore) reflecting moderate
advances against cost incurred.

Experienced promoters

HGIPL is promoted by Mr. DheerajAgarwal and Mr. Ashish Agarwal.
HGIPL is a part of the HG group which has presence into trading
of food grains, oil seeds and pulses etc since 1913. Overall, the
promoters have moderate experience in execution of real estate
projects with maximum project size of 38,000 5q ft. area though
there is geographical concentration as all the projects are in
Gwalior city only. The promoters also have experience into
trading of building material of 4 years. Before this, they were
also involved into colonizing activity since its inception in
2006 till 2011.

Gwalior-Based (Madhya Pradesh), HGIPL was incorporated as a
private limited company in September 2006 as H G Colonizers and
Developers Private Limited. Subsequently, HGCDPL was converted
into HGIPL in August 2011.

HGIPL is managed by two promoters namely Mr. Dheeraj Agarwal and
Mr. Ashish Agarwal. Currently, HGIPL is engaged into trading of
building material and real estate development. Before 2011, it
was engaged into colonizing activity. HGIPL is a part of HG Group
which has presence since 1913. M/s. Himmat Ram Ghasi Ram (engaged
in to trading of food grains, oil seeds and pulses etc), a 100-
year-old firm is managed by Mr. Dheeraj Agarwal. Currently, HGIPL
is executing its residential flats project named 'Emerland
Greens' at Gwalior, Madhya Pradesh. HGIPL has purchased total
land of 6,14,081 square feet out of which HGIPL will utilize
3,94,016 sq. ft. of land in the first phase. Balance land will
come into this project through phase 2 & 3. In first phase HGIPL
is constructing 289 units of total 4,54,840 sq. ft.

During FY16, HGIPL has reported a PAT of INR0.11 crore on a total
operating income of INR10.61 crore as a PAT of INR0.11 crore on a
total operating income of INR10.67 crore in FY15.


HEMODIAZ LIFE: CARE Reaffirms B+ Rating on INR3.40cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Hemodiaz Life Sciences Private Limited (HLS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              3.40      CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities              3.40      CARE A4 Reaffirmed

The ratings assigned to the bank facilities of HLS continue to
remain constrained by its small scale of operations with low net
worth base, low profitability margins, leveraged capital
structure and weak coverage indicators. The ratings are further
constrained by its presence in the highly competitive industry.

However, the ratings draw comfort from the experienced promoters
with long track record of operations, growing scale of operations
and moderate operating cycle.

Going forward, the ability of HLS to profitably increase its
scale of operations while improvement in capital structure along
with effective management of working capital shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations:

Despite the growth registered on y-o-y basis in the last 3
financial years (FY14-FY16), the scale of operations stood small
which limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

Low profitability margins: The company's profitability margins
continue to remain on the lower side owing to the trading nature
of the business and intense market competition given the highly
fragmented nature of the industry. This apart, interest burden on
working capital borrowing also continues to restrict the net
profitability of the company.  Leveraged capital structure: The
company has low net worth base and has its dependence on external
working capital borrowings for managing working capital
requirements. The average utilization of the working capital
borrowings stood at around 90% for the past 12 months ended
December, 2016.

Highly competitive trading industry: The company is operating in
a competitive industry wherein there is presence of a large
number of players in the unorganized and organized sectors.

Key Rating Strengths

Experienced promoters and long track record of operations: Mrs.
Rajni Dhawan has more than two decades of experience in the
trading of medical equipment and looks after the overall affairs
of the entity. Mr. Ashish Dhawan has around 4-5 years of
experience through this entity and looks after the marketing &
sales department.

Moderate operating cycle: The operating cycle of the company
continues to remain moderate at 57 days for FY16. Being a
competitive nature of industry, the company provides credit up to
45 days to its customers and receives credit up to 20 days from
its suppliers.

Established in 1998, Hemodiaz Life Sciences Private Limited (HLS)
is a private limited company and was initially incorporated under
the name of Shri Behrai Lal Polymers Private Limited. In May
2012, its name was changed to HLS. The company is currently being
managed by Mrs Rajni Dhawan and Mr. Ashish Dhawan. New Delhi-
based HLS is engaged in trading of PVC granules and medical
equipment such as syringe, X-ray machines, ECG machines etc.
Also, the company imports (around 20% of total purchases in FY16)
the PVC granules from Dubai, Taiwan while medical equipment are
imported from China and Germany. The company sells the medical
equipment's to hospitals all over India through distributor
network (around 250). PVC granules are sold to plastic products
manufacturer located in Delhi-NCR.

HLS achieved a total operating income (TOI) of INR29.43 crore
with profit after tax (PAT) of INR0.09 crore, respectively in
FY16 (refers to the period April 1 to March 31)as against TOI of
INR20.93 crore with PAT of INR0.09, respectively, in FY15. During
10MFY17 (refers to the period April 1 to January 31; based on
provisional results), the company has achieved total operating
income of INR27 crore.


HINDUSTHAN NATIONAL: CARE Cuts Rating on INR2113.93cr Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hindusthan National Glass & Industries Ltd. (HNG), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities          2,113.93      CARE B+; Stable Revised
                                     from CARE BB

   Long-term/Short-
   Term Bank
   Facilities            600.00      CARE B+; Stable/CARE A4
                                     Revised from CARE BB/CARE A4

   NCD - Series-III      200.00      CARE B+; Stable Revised
                                     from CARE BB

The revision in the long-term ratings assigned to the bank
facilities/instruments of HNG takes into account the continued
high level of operational loss in FY16 (refers to the period
April 1 to March 31) & 9MFY17 and further weakening of the
capital structure particularly due to erosion of networth with
continuous losses. The ratings also take note of the significant
amount of debt repayment obligation in FY18.

The ratings continue to be constrained by the moderate capacity
utilisation levels due to subdued industry outlook, foreign
currency fluctuation risk and threat from substitute products.

However, the ratings continue to draw strength from the
experience of the promoters and long track record of the company
along with established market presence and leadership position in
container glass industry.

The ratings also factor in the sale of investment in subsidiary
company, HNG Global GmbH (HNG Global) in June 2016 for EUR23MM
which enabled the company to meet its debt obligations in timely
manner as per the terms of the Corrective Action Plan (CAP)
implemented by the lenders.

Improvement in operational performance and timely infusion of
funds are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Stable operating income with operational losses during FY16;
albeit losses reduced in 9MFY17 due to stake sale in HNG
Global

The operating income of the company remained relatively stable
during FY16. Though PBILDT margin witnessed improvement during
FY16, the high capital charge led to losses.

During 9MFY17, the total operating income was marginally lower at
INR1,372.23 crore as compared with INR1,401.83 crore during
9MFY16. The PBILDT margin declined, particularly due to the
impact of demonetisation in Q3FY17. However, non-operating income
of INR103.14 crore mainly comprising profit of INR94.69 crore
arising on disposal of investment in HNG Global resulted in lower
net loss of INR46.99 crore during 9MFY17 as compared with net
loss of INR202.72 crore during 9MFY16.

Debt management exercise undertaken by the company

In view of the liquidity stretch being faced by the company
during H1FY15, a debt management exercise was undertaken, under
which majority of the consortium members approved and implemented
a CAP in March 2015. This resulted into deferment of repayment
obligations of the company for two years with the cut-off date
being December 1, 2014 along with reduction of interest. In line
with the broad outlines of such CAP terms, the management of the
company infused INR33 crore in Q4FY15 and INR9.31 crore in FY16
as unsecured loans. Furthermore, net infusion into HNG through
the stake sale of HNG Global was expected to be around 15 million
Euro (around INR110 crore), to be completed by Q4FY16.

However, the deal was completed during June 2016 for a
consideration of 23 mn Euro (Rs.166 crore). The company is
also required to infuse INR150 crore each in FY18 and FY19 and
INR100 crore each in FY21 and FY22 as per CAP terms.

Apart from this, one of the bankers of the consortium who has not
agreed to the CAP formulated by the Joint Lenders Forum (JLF)
referred such matter to Hon'ble High Court of Calcutta which is
presently sub-judice. The matter was also referred to Debt
Recovery Tribunal of Kolkata by such concerned banker and the
same remains sub-judice.

Moderate capacity utilisation levels

The capacity utilisation declined from 75.45% in FY15 to 63.49%
in FY16. The decrease was primarily due to sluggish growth in
demand and oversupply situation in the market.

Weak capital structure and debt coverage indicators

With consistent losses leading to erosion of networth, HNG's
capital structure has deteriorated substantially over the years.
The overall gearing ratio of the company witnessed further
deterioration and stood at 11.79x as on March 31, 2016 vis-a-vis
6.53x as on March 31, 2015. Though the interest coverage improved
marginally with increase in PBILDT, it continued to remain weak.

Foreign currency borrowings exposing the company to foreign
currency risks

The net imports of the company stood at INR146.33 crore in FY16
thus exposing the company to foreign exchange fluctuation risk.
Further in FY12, HNG raised substantial foreign currency loans,
to carry out its expansion plans and operational activities. Out
of outstanding foreign currency loans as on March 31, 2016, loans
aggregating USD 65 million (Rs.431.50 crore with a conversion
rate of INR66.38/$) remained unhedged as on March 31, 2016.

Threat of substitute products

The container glass industry is facing threat from alternate
forms of packaging like flexible packaging, laminates and plastic
containers owing to factors like weight, fragility, cost, etc.

Key Rating Strengths

Long track record of the company with established market presence
HNG, having track record of over six decades, is a leading
manufacturer of container glass and has a pan India presence.

The company has seven manufacturing facilities with an aggregate
installed capacity of 1,569,500 tpa spread across the country. It
is the largest container glass player in the country with the
highest market share.

Experienced promoters

Mr C. K. Somany (Chairman), the current promoter of HNG, is a
renowned technocrat having over 60 years of experience in glass
technology. His two sons, Mr. Sanjay Somany and Mr. Mukul Somany,
both being Vice Chairman & MD, also have an experience of over 26
years in the container glass industry.

HNG, incorporated in February 1946, was promoted by the Kolkata-
based Somany family and, currently, Mr. C. K. Somany is the
chairman of the company. The company is a leading manufacturer of
container glass with seven manufacturing units, spread across the
country having an aggregate installed capacity of 1,569,500 tpa
(tonne per annum), the largest in the country.

In FY16, HNG reported net loss of INR193.33 crore on total
operating income of INR1,975.51 crore against net loss of
INR237.05 crore on operating income of INR1,997.71 crore in FY15.
During 9MFY17, the company reported net loss of INR46.99 crore on
total operating income of INR1,372.23 crore.


JAIMAL SINGH: CARE Assigns B+ Rating to INR5.75cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jaimal
Singh Satnam Singh (JSSS), as:


                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             5.75       CARE B+; Stable Assigned

The rating assigned to the bank facilities of JSSS is constrained
by its weak financial risk profile marked by small (though
growing) scale of operations, low profitability margins, weak
overall solvency position and working capital intensive nature of
operations. The rating is further constrained by the
susceptibility of profitability margins to raw material price
fluctuations and competitive nature of the industry. The rating,
however, derives strength from the experienced proprietor,
established marketing network and favourable location of
operations.

Going forward, the ability of the firm to profitably scale-up its
operations while improving the overall solvency position and
managing the working capital requirements efficiently, will
remain the key rating sensitivities.

Detailed Description of key rating drivers

Key Rating Weaknesses

Small scale of operations, low profitability margins and weak
overall solvency position: The scale of operations of the firm
stood small marked by Total Operating Income (TOI) of INR 23.29
crore in FY16. The small scale of operations limits the firm's
financial flexibility in times of stress and deprives it of scale
benefits. However, the scale of operations of JSSS witnessed
growth at a CAGR of ~121% during FY14-FY16 period on account of
increase in quantity sold owing to higher orders received from
firm's existing customers as-well-as from the new customers added
to business. The profitability margins of the firm have remained
at a weak level with PBILDT and PAT margins of 3.42% and 0.96%,
respectively in FY16.

The firm had a leveraged capital structure marked by long-term
debt to equity ratio of 6.85x and overall gearing of 16.90x, as
on March 31, 2016.

Working capital intensive nature of operations: The average cash
credit limit utilization of the firm remained around 90% for the
last 12 months ended October 2016.

Susceptibility of margins to raw material price fluctuations: The
raw material cost has always been a major contributor to the
total operating cost in past three years. The entities in textile
industry are susceptible to fluctuations in raw material prices.

High competition from organised/unorganised players: The firm
operates in a highly fragmented textile manufacturing industry
wherein the presence of large number of entities in the
unorganized sector and established players in the organized
sector limits the bargaining power with customers.

Key Rating Strengths

Experienced proprietor: The firm is currently being managed by
Mr. Ajinder Pal Singh. Mr. Ajinder Pal Singh has an experience of
more than two-and-a-half decades in the textile industry through
his association with JSSS and other associate entities engaged in
the similar line of business.

Favorable location of operations: Ludhiana is a well-established
hub of manufacturing of textiles. The firm benefits from the
location advantage in terms of easy accessibility to large
customer base located in Ludhiana.

Established marketing network: The firm is engaged in the selling
of ladies dress material under the brand name of 'R.Tex' through
its network of 30 retailers located in Chandigarh, Delhi, Haryana
and Punjab.

Jaimal Singh Satnam Singh (JSSS) was incorporated in 1995 and is
currently being managed by Mr. Ajinder Pal Singh (proprietor).
The firm is engaged in the manufacturing & selling of ladies
dress material under its own brand name 'R.Tex'.  JSSS has an
associate concern, namely Parmeshwari Silk Mills Ltd. (rated
'CARE BB-') established in 1993 and engaged in the manufacturing
and selling of shirting fabric and dress material.

In FY16, the firm reported a total operating income of INR23.29
crore with PAT of INR0.22 crore as against total operating
income of INR19.20 crore with PAT of INR0.09 crore in FY15. In
7MFY17 (Prov.), the firm has achieved total operating income of
INR16.25 crore.


KRISHNA SHIPPING: CARE Assigns B+ Rating to INR8.75cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Krishna Shipping and Allied Services (KSAS), as:
                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-Term Bank
   Facilities             8.75       CARE B+; Stable Assigned

The rating assigned to the bank facilities of KSAS are
constrained on account of low profit margins, leveraged capital
structure and weak debt coverage indicators. The rating also
constrained due to moderate liquidity position, partnership
nature of constitution and presence in fragmented industry with
presence of large number of unorganized players.

The rating, however, derive benefits from the experience of the
partners in stevedoring and custom house agent service and
moderate scale of operations.

The ability of KSAS to increase its scale of operations coupled
with improvement in financial risk profile in terms of increase
in profitability and improvement in capital structure along with
the efficient working capital management will be its key rating
sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Low profit margins, leveraged capital structure and weak debt
coverage indicators

PAT margin of the firm remained low at 1.11% on account of high
interest and finance charges. Gross cash accruals of the firm
also remained low at INR0.97 crore during FY16. On the back of
low net worth base and high debt level, capital structure of KSAS
as marked by an overall gearing ratio stood leveraged as on March
31, 2016. Further, Debt coverage indicators stood weak as marked
by total debt to gross cash accruals of 15.63 times as on March
31, 2016 due to low gross cash accruals and high debt level.
Interest coverage ratio also stood low during FY16.

Moderate liquidity position

Liquidity position of KSAS remained moderate as marked by
moderate level of current ratio and quick ratio. The firm is not
required to maintain any inventory due to the nature of business.
However the operating cycle remained comfortable at 20 days in
FY16.

Partnership nature of constitution

The constitution as a partnership firm restricts KSAS's overall
financial flexibility in terms of limited access to external
funds for any future expansion plans. Further, there is inherent
risk of possibility of withdrawal of capital and dissolution
of the firm in case of death/insolvency of partner.

Highly fragmented industry with the presence of large number of
unorganized players

The performance of the shipping service sector is linked to cargo
traffic, which in turn, is dependent on the health of the economy
and trade imbalance. The freight forwarding industry is highly
fragmented and is dominated by a large segment of unorganized
players, which limit the bargaining power of the company.

Key rating strengths

Well experienced partners in stevedoring and custom house agent
services

KSAS is established by Thakkar family in 1999 and later in 2006
two partners retired. Presently, Mr. Karsanbhai Thakkar (aged 72
years), B.A., and his son Mr. Pankaj Thakkar (aged 44 years)
manage the overall operations of the firm. Both the partners have
more than two decades of experience in stevedoring and custom
house agent services.

Krishna Shipping and Allied Service (KSAS) was established in
1999 by Thakkar family. However, in 2006 two partners retired and
remaining partners Mr. Karsanbhai Thakkar (aged 72 years) and Mr.
Pankajbhai Thakkar (Aged 44 years) manages overall operations of
the firm. KSAS is engaged in shipping related activities which
includes stevedoring, intraport transportation and other
auxiliary port related services such as custom clearances and
storage formalities for smooth handling of cargo at port. KSAS
acts as an agent of Puyvast Maritime India Private Limited- The
Indian Granite Express. It handles about 90% of marble/granite
blocks emerging from Uttar Pradesh, Rajasthan and surroundings.
Later in FY14, the business of its group entity Krishna Clearing
agency which was engaged in providing service of custom house
agent was
transferred to KSAS. KSAS provides stevedoring services at Kandla
port, Gujarat and Custom House Agent service at Kandla Port and
Mundra Port, Gujarat.

During FY16(Audited), KSAS reported a total operating income
(TOI) of INR66.63 crore with a PAT of INR0.74 crore as against
TOI of INR74.13 crore and PAT of INR0.72 crore in FY15 (A). Till
December 2016, KSAS has achieved total operating income of
INR28.14 crore approximately.

Status of non-cooperation with previous CRA: CRISIL has suspended
its rating vide press release dated December 9, 2016 on account
of non-cooperation by Krishna Shipping and Allied Services with
CRISIL's efforts to undertake a review of the ratings
outstanding.


LALSONS PLYBOARD: CARE Reaffirms B+ Rating on INR1.0cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Lalsons Plyboard Private Limited (LPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             1.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             5.10       CARE A4 Reaffirmed

The ratings continue to remain constrained on account of decline
in total operating income of Vidhani Group (VG) along with
presence in the highly fragmented and competitive wood product
industry, vulnerability of profits to fluctuation in raw material
prices and foreign exchange rates. Further, the ratings remained
constrained due to moderate financial risk profile marked by
moderate liquidity position as marked by elongated working
capital cycle, moderately leveraged capital structure and
moderate debt coverage indicators during FY16 (refers to the
period April 1 to March 31).

The ratings, however, continue to derive benefit from the vast
experience of the directors in the wood products industry.

The ratings also factor in the increase in the group's profit
margins FY16 (refers to the period from April 1 to March 31)
and a marginal improvement in the capital structure and debt
coverage indicators during the same financial year.

VG's ability to increase its scale of operations with improvement
in profitability, capital structure, debt coverage indicators and
efficient management of its working capital requirement would be
the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Moderate scale of operations and profitability

During FY16, VG's total Operating Income (TOI) declined by 20% to
INR28.63 crore as against INR36.06 crore in FY15 on the back of
decline in demand of its products. However, it continues to
remain at moderate level. Furthermore, profit margins improved
during FY16 however it continued to remain at moderate level.

Moderately leveraged capital structure and weak debt coverage
indicators

Capital structure marked by overall gearing stood moderately
leveraged on the back of moderate net worth base and level of
debt. Furthermore, with low cash accruals and moderate debt, debt
coverage indicators also stood moderate marked by total debt to
GCA of 15.31 times as on March 31, 2016.

Moderate liquidity indicators

Operating cycle remained moderately elongated to 67 days on the
back of high gross asset days. Furthermore, current ratio and
quick ratio stood above unity at moderate level in FY16.

Presence in highly fragmented industry leading to intense
competition

There are large numbers of unorganized players in Wood industry
which makes it highly fragmented and intensifies competition.

Key rating strengths

Experience promoters in wood industry

The Vidhani family including Mr. Girdhar Vidhani, Mr. Govind
Vidhani, Mr. Hemant Vidhani are in this line of wood business
since more 15 years. Mr. Girdhar Vidhani is involved in overall
management of the company and he is supported by other members of
Vidhani family.

Analytical Approach: Consolidated

For arriving at the ratings of Lalsons Plyboard Private Limited
(LPPL), CARE has considered the combined financial and business
profile of two entities, namely, Vidhani Veneers Private Limited
(VVPL) and LPPL as the Vidhani Group (VG), due to their
managerial linkages.

LPPL was incorporated on October 9, 2002 and was promoted by Mr.
Girdhar Vidhani who spearheads the company in assistance with
other family members/directors including Mr. Hemant Girdhar
Vidhani, Mr. Govind Lalchand Vidhani, Ms. Kanchan Vidhani and Ms.
Varsha Girdhar Vidhani. The company is engaged in manufacturing
and trading of plyboards, flush doors, block boards, core veneer
and face veneer at its manufacturing facility situated at Kutch,
Gujarat. LLPL imports its key raw material i.e. timber from
Malaysia, USA and Germany and sells the final product in Gujarat,
Maharashtra, Rajasthan and Delhi.

During FY16 (A), VG reported PAT of INR0.34 crore on a TOI of
INR28.63 crore as against net profit of INR0.25 crore on a TOI
of INR36.06 crore during FY15. During 10MFY17 (Prov.), VG has
achieved a turnover of INR24.92 crore.


MANJU SHREE: CARE Assigns B+ Rating to INR6.15cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Manju
Shree Syntex Private Limited (MSSPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.15       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.50       CARE A4 Assigned

The ratings assigned to the bank facilities of MSSPL are
primarily constrained on account of continuous decline in Total
Operating Income (TOI) along with moderate profitability margins,
moderate solvency position and stressed liquidity position. The
ratings are further constrained owing to its present in a highly
competitive and fragmented textile industry and vulnerability of
margins to fluctuation in the raw material prices.

The ratings, however, favorably take into account experienced
management in the textile industry and location advantage by
virtue of being situated in the textile cluster of Bhilwara.

The ability of firm to increase its scale of operations while
improving profitability and efficient management of working
capital would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weakness

Continuous decline in Total Operating Income (TOI) in a highly
fragmented and competitive textile industry TOI of MSSPL has
shown a declining trend over the past three financial years ended
FY16 (refers to the period April 1 to March 31) mainly due to
change in product mix and industry slowdown. MSSPL has presence
in the textile industry, which is highly fragmented and
competitive with presence of numerous independent small scale
enterprises owing to low entry barriers leading to high level of
competition. Smaller companies are more vulnerable to intense
competition and have limited pricing flexibility, which
constrains their profitability as compared to larger companies
who have better efficiencies and pricing power considering their
scale of operations.

Moderate profitability margins

The profitability of the company stood moderate. The PBILDT
margin has declined in FY16 over FY15 mainly on account of higher
raw material cost and increased employees cost. Profitability of
the company is vulnerable to any adverse movement in the raw
material prices.

Moderate solvency position and stressed liquidity position
The capital structure stood moderate mainly on account of
scheduled repayment of long term debt along with accretion
of profits to reserve. Furthermore, debt service coverage
indicators of the company stood moderate, mainly due to higher
decline in GCA level as against decrease in total debt. Interest
coverage ratio stood moderate due to decrease in interest and
finance expenses.

The business of the company is working capital intensive nature
of operations and same is reflected by elongated operating cycle
owing to high inventory holding period. Furthermore, the
liquidity ratios of the company stood moderate with full
utilization of its working capital bank borrowings during last 12
months ended January 2017.

Key Rating Strength

Experienced and qualified management in textile industry and
locational advantage

The management of the company has vast experience in the textile
industry. Being present in the industry since a long period of
time, the management of the company has established marketing
network of its products. Furthermore, the company is located at
Bhilwara which is one of the largest textile clusters in India.

Bhilwara-based (Rajasthan) Manju Shree Syntex Private Limited
(MSSPL) was incorporated in 2005 as a private limited company by
Mr. Mordhwaj Gagrani along with his family members. MSSPL is
engaged in the business of manufacturing of grey fabrics as well
as trading of grey and finished fabrics. Furthermore, the company
does weaving activity on job work basis for others. All of the
weaving and designing activities are done in-house while the
processing of the finished fabric is outsourced to various
process houses. The company markets its products under the brand
name of "Da Vinci" and "Spectrum". The plant of MSSPL is located
at Bhilwara, Rajasthan, which is a textile cluster and has 29
looms i.e 24 double width looms and 5 single width looms with
total average installed capacity of 2.50 Lakh Meters Per Month
(LMPA) as on March 31, 2016.


MINERVA AUTOMOBILES: CARE Assigns B+ Rating to INR7.79cr LT Loan
----------------------------------------------------------------
CARE Ratings has been seeking information from Minerva
Automobiles Pvt. Ltd. (MAPL) to monitor the rating vide e-mail
communications/
letters dated July 15, 2016, February 16, 2017, February 17, 2017
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requiste information
for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         7.79       CARE B+; ISSUER NOT
   Facilities                        COOPERATING; BASED ON
                                     BEST AVAILABLE INFORMATION

The rating on Minerva Automobiles Pvt. Ltd.'s bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.

The rating takes into account MAPL's short track record of
operations, low bargaining power with OEM and reliance for
volume for growth, renewal based dealership contract, working
capital intensive nature of business and intense competition in
the auto dealership industry. The rating, however, draws comfort
from the experience of the promoters.  Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above rating.

Detailed description of the key rating drivers

Key Rating Strengths

Experience promoters: MAPL is currently, managed by Mr. Brijesh
Meher (MBA, aged 36 years), having about a decade of diverse
business experience. He looks after the day-to-day affairs of the
company with the assistance of his co-director and a team of
experienced professionals. Mr. Abhishek Meher (M. A., aged 33
years), having seven years of varied business experience, looks
after the operations of the company. Mr. Chintesh Meher (B. Com.,
aged 35 years), possesses more than a decade of experience in
poultry business. Mr. Animesh Meher (B. Tech., aged 28 years) has
about two years of experience.

Key Rating Weaknesses

Short track record of operations: MAPL had completed three years
and eight months of operations and had achieved total operating
income and PAT of INR63.55 crore and INR 0.29 crore respectively
in FY16.

Low bargaining power with OEM and reliance for volume for growth:
MAPL's business model is purely in the nature of trading, wherein
profit margins are very thin and bargaining power over the
Original Equipment Manufacturer (OEM) is also low. As MAPL's
margin on products is pre-decided at a particular level, it has a
limited scope to enhance its profitability margins. Hence, the
company's growth prospects depend on the ability to increase its
sales volume and capitalize on the spares and service segment.

Renewal based dealership contract: The company has to renew its
dealership agreement with Mahindra & Mahindra Ltd. (M&M )on
yearly basis. Therefore renewability of the same would pose a
risk to the business sustenance of the company.

Working capital intensive nature of business: Average utilisation
of working capital limit remained high at around 98% during the
last twelve month ending January 31, 2017.

Intense competition in the auto dealership industry: MAPL faces
aggressive competition on account of established presence of
authorized dealers of other commercial vehicle manufacturers.
Considering the existing competition, MAPL would be required to
offer better terms like providing discounts on purchases to
attract new customers. Such discounts offered to customers create
margin pressure and negatively impact the revenue earning
capacity of the company.

Minerva Automobiles Pvt. Ltd (MAPL) is a Bolangir, Odisha based
company, incorporated in February 15, 2012 by Mr. Brijesh Meher,
Mr. Abhishek Meher, Mr. Chintesh Meher and Mr. Animesh Meher. All
the promoters are related as brothers except Mr. Abhishek Meher,
who is related as nephew of others. MAPL is an authorized dealer
of Mahindra & Mahindra Ltd.  (MML). It is engaged in providing
sale and after sale services of MML's personal and commercial
vehicles through its showrooms situated in Balangir district
(leased) and Bhawanipatna (Owned) in Odisha.

During FY16, the company has reported total income of INR63.55
crore with a PAT of INR0.29 crore.


PARADIGM BUSINESS: CARE Upgrades Rating on INR15cr Loan to BB-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Paradigm Business Ventures (PBV), as:

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

The revision in the long-term rating assigned to the bank
facilities of PBV takes into account improvement in project
preparedness level including construction work, booking status &
realization from sold flats. The rating, however, continues to be
constrained by marketing risk associated with remaining flats,
PBV's exposure to local demand dynamics and cyclicality
associated with the real estate industry.

The rating, however, factors in the experience of the promoters
in the real estate industry.

Going forward, the ability of the firm to execute the project as
per schedule, along with timely sale of the residential units
at envisaged prices and any change in the regulatory guidelines
would be the key rating sensitivities.

Detailed description of the key rating drivers

Project preparedness level

In terms of project preparedness, approximately 94% and 50% of
the construction work is completed for Phase I and Phase II
respectively. As on January 26, 2017, out of total saleable area
of 7.95 lakh square feet (lsf), the area sold stood at 3.07 lsf
(39%) with total sales value of INR99.07 crore. Till January 26,
2017, the firm has received INR51 crore as customer advances
(about 51% of the sold value of the project).However, the firm is
exposed to the execution risk for the remaining portion of the
project and is also exposed to funding risk (term loans of INR30
crore are yet to be sanctioned).

Market competition

Though, the firm has booked 199 flats out of the total 515 flats,
the risk of selling of the remaining flats at the estimated sales
price remains. Moreover, many townships are emerging in cities
like Mohali, Zirakpur, Dehrabassi and small players are coming
with projects in these areas.

Cyclicality associated with the real estate industry and exposure
to local demand-supply dynamics

The firm is exposed to the cyclicality associated with the real
estate sector which has direct linkage with the general
macroeconomic scenario, interest rates and level of disposable
income available with individuals.

Experienced promoters

PBV is promoted by Mr. Tejpal Gupta, Mr. D R Singla, Mr. Vijay
Kumar Jindal and Mr. Suresh Singla. The promoters have work
experience ranging from 10-12 years in the real estate industry
and have gained this experience through their association with
group concerns, which is likely to benefit PBV in the long term.

Paradigm Business Venture (PBV) was established in November, 2014
as a partnership firm having Mr. Tejpal Gupta, Mr. Vijay Kumar
Jindal, Mr. Suresh Singla and Mr. D R Singla as its partners,
sharing profit and loss equally. The firm is currently developing
its residential project named 'The Hermitage Park' at Zirakpur,
Punjab on a 7.50 acre land. The project was launched in June,
2015 and is being developed in three phases with 515 flats in
total. The project is well connected to hospitals and schools
which lie within 3 Kms. Furthermore, the location provides
connectivity and accessibility from railway station and bus
stand. Besides PBV, the partners of the firm are also the
promoters in associate concerns like Citi Centre Developers
(rated 'CARE B'), Pee Kay Shuttering House (rated 'CARE B+'), Pee
Kay Shuttering and Scaffolding Limited (rated 'CARE MSE 6'), G. S
Promoters & Developers, Harmony Colonisers Private Limited,
Fortune Multitech Private Limited, Hollywood Developers and
Chandigarh Builders; all engaged in the real estate and
construction industry.


RADHESHYAM GINNING: CARE Reaffirms B+ Rating on INR10cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Radheshyam Ginning Pressing Private Limited (RSGPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              10        CARE B+; Stable Reaffirmed

The rating assigned to the bank facilities of RSGPPL continues to
remain constrained on account of decline in total operating
income during FY16 (refers to the period April 1 to March 31)
coupled with thin profit margin, weak debt coverage indicators
and moderate liquidity position. The rating further continues to
remain constrained on account of presence of RSGPPL in the cotton
ginning business which is at the lower end of the entire textile
value chain that involves limited value addition and seasonality
associated with the procurement of raw material.

The rating, however, continues to derive benefits from the vast
experience of the promoters in the cotton industry coupled with
location advantage in terms of proximity to the cotton seed
growing regions in Gujarat and moderate capital structure.

The ability of RSGPPL to increase its scale of operations and
profit margins in light of the competitive nature of the industry
along with improvement in debt coverage indicators through better
working capital management would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Declined in total operating income coupled with thin
profitability margins

RSGPPL's total operating income (TOI) has been declining since
the last two year period ended FY16 on account of decline in
cotton prices. The PBILDT and PAT margins remained thin at 1.60%
and 0.28%, respectively, in FY16 on account of low value addition
in the final/end use product.

Weak debt coverage indicators

RSGPPL's debt coverage indicators remained weak owing to low
profits. Total debt to GCA stood weak at 23.60x as on March 31,
2016, while interest coverage ratio stood at 1.52x during FY16.

Moderate liquidity position amid working capital intensive nature
of operations

Liquidity position of RSGPPL remained moderate marked by
comfortable current ratio of 1.32x but below unity quick ratio
of 0.26x as on March 31, 2016. RSGPPL's operations are working
capital intensive in nature as significant portion of funds
are blocked in inventory thereby leading to high utilization of
working capital borrowings and long operating cycle remained at
73 days.

Key Rating Strengths

Experience promoters

Mr. Anil Daslaniya and other promoters possess long standing
experience in cotton industry thereby helping them to maintain
long-term relationship with customers and with farmers who supply
raw material to RSGPPL.

Proximity to the cotton growing area of Gujarat

RSGPPL's plant is located in cotton producing belt of Gujarat
region which is the largest producer of raw cotton in India.
Gujarat produces around 31% of total national production of
cotton, whereas Saurashtra region accounts for around 65%
of total area under cotton cultivation in the state of Gujarat.
RSGPPL's presence in cotton producing region results in benefit
derived from lower logistics expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective price and consistent demand for finished goods
resulting in sustainable revenue visibility.

Moderate capital structure

Capital structure remained moderately leveraged marked by overall
gearing of 1.76x as on March 31, 2016.

Incorporated in July, 1999 by Mr. Anil Daslaniya and Mr. Akbar
Gangani, Radheshyam Ginning Pressing Private Limited (RSGPPL) is
engaged in the processing of cotton by ginning (separation of
cotton seed from cotton fibre) and pressing (manufacturing of
cotton bales) activities, with an installed capacity of 450 bales
per day at its manufacturing facility located at Amreli, Gujarat.

During FY16 (A), RSGPPL reported PAT of INR0.15 crore on a TOI of
INR53.07 crore as against PAT of INR0.14 crore on a TOI of
INR99.35 crore during FY15. During 10MFY17 (Prov.), RSGPPL has
achieved a turnover of INR50.00 crore.


RAGHU RAMA: CARE Reaffirms 'B' Rating on INR8cr LT Loan
-------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Raghu Rama Renewable Energy Limited (RRREL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              8         CARE B; Stable Reaffirmed

The rating assigned to the bank facilities of RRREL continues to
remain constrained by the absence of long-term Power Purchasing
Agreement (PPA), weak operational performance with low Plant Load
Factor (PLF), weak financial profile with continued operating
losses, leveraged capital structure and stretched liquidity
position.

The rating is, however, underpinned by the experienced promoter
and management team with the parent company having considerable
experience in power generation and financial support from the
group.

The ability of the company to enter into long-term PPA and
consequently improve its PLF, financial position and its
liquidity profile are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Weak operational and financial performance

The company majorly operates on merchant basis and the absence of
long term PPA has resulted in highly volatile revenue stream.
This apart, the increasing input price of biomass fuel has
resulted in high cost of power generation vis-a-vis other
sources.

Consequently, the off-take on the merchant exchange has been low
resulting in low PLF and subdued financial performance with net
loss and cash loss reported in FY16 (refers to the period April 1
to March 31).

Leveraged capital structure

The capital structure of the company is highly leveraged as
represented by weak overall gearing ratio which further
deteriorated as on March 31, 2016, due to significant erosion in
the net worth of the company on account of operational losses.

Stretched liquidity position

The liquidity position of the company continues to remain
stretched led by operational losses, high debt repayment
obligation and stretched operating cycle.

Key rating strengths

Long track record of group in Power segment and experienced
promoters

The group has an experience in successfully commissioning power
projects with varied fuels like Coal, Gas, Biomass, Hydro and
Wind. Mr. K Raghu Ramakrishna Raju is the Chairman & Managing
Director of the company and also the promoter of the IndBarath
group. Mr. Raghu has more than 15 years of experience in power
sector and is actively involved in the day-to-day operations of
the company. He is assisted by the team of experienced and
professional managers.

Financial support from group companies

On account of weak operational and financial performance, the
group companies have been supporting the company by extending
short-term interest free ICDs which the company is utilizing to
meet its debt obligations.

Raghu Rama Renewable Energy Limited (RRREL) was incorporated in
2001 and is a subsidiary of Ind- Barath Power Infra Limited of
the Ind-Barath Group. The company operates 18-MW Biomass-based
power plant in Ramnad district of Tamil Nadu. The plant has been
commissioned in October 2004. This is the first
standalone biomass-based power plant in the State of Tamil Nadu.
The primary source of fuel is biomass such as Prosopis Juliflora
shrubs combined with wood powder and matchbox waste. Biomass is
procured from surrounding areas.

During FY16, Raghu Rama Renewable Energy Limited has reported
loss at PBILDT level of INR-5.40 crore and net loss of INR7.74
crore on a total operating income of INR9.67 crore as against
loss at PBILDT level of INR-2.58 crore and net loss of INR6.15
crore on total operating income of INR21.05 crore in FY15.
Status of non-cooperation with previous CRA: ICRA suspended the
rating in March 2016 due to its inability to carry out rating
surveillance in the absence of the requisite information from the
company.


REI AGRO: NCLT Orders Initiation of Insolvency Resolution Process
-----------------------------------------------------------------
The Financial Express reports that the National Company Law
Tribunal (NCLT), Kolkata, has ordered for initiation of the
Corporate Insolvency Resolution process in respect of Basmati
rice exporter REI Agro Limtied, which has allegedly been involved
in a massive bank loan fraud, under the provisions of Insolvency
and Bankruptcy Code.

The Financial Express relates that the city-based company has
allegedly defrauded a 20-lender consortium, led by public sector
Uco Bank, through conspiracy, cheating and forgery. The
consortium of bankers had extended a staggering INR5,262 crore
loan to the Basmati rice processing and marketing company, the
report says.

In a stock exchange filing on March 7, REI Agro Limited said
pursuant to filing of an application by Surendra Kumar Joshi, an
operational creditor of the company, the NCLT, Kolkata, has
ordered for initiation of the Corporate Insolvency Resolution
process vide its order dated February 27, according to The
Financial Express.

By the order of the Tribunal, the powers of the board of
directors of the company stand suspended and such powers will be
vested with Anil Agarwal, who has been appointed as an Interim
Resolution Professional to carry out all compliances as per the
provisions of the Insolvency and Bankruptcy Code, 2016 (IBC) in
respect of the company, the report says.

After passing of the order, the NCLT has granted a moratorium to
the company, the report notes. It prohibits any action to
foreclose, recover or enforce any security interest created by
the lenders in respect of its property, including any action
under the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act, 2002. It also prohibits
recovery of any property by an owner or lessor where such
property is occupied by or in the possession of the lenders.

REI Agro Limited is engaged in processing of Basmati rice
(installed capacity of 118 tph). It is also involved in trading
in commodities and wind power generation.


S C ENTERPRISES: CARE Assigns B+ Rating to INR5cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
S C Enterprises (SCE), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               5        CARE B+; Stable Assigned

The rating assigned to the bank facilities of SCE is primarily
constrained by its small scale of operations with low
proprietor's capital base, and low profitability margins. The
rating is further constrained by working capital intensive nature
of operation along with highly competitive nature of industry and
proprietorship nature of constitution.

The rating, however, continues to take comfort from experienced
promoters, growing scale of operations and moderate capital
structure.

Going forward, ability of the company to scale up its operations
while improvement of the profitability margins with efficient
working capital management shall be the key rating sensitivities.

Detailed description of the key rating drivers

Key rating weaknesses

Small scale of operations though growing

Despite the growth registered on y-o-y basis in last 3 financial
years (FY14-FY16; refers to the April 01 to March 31), the scale
of operations stood small which limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.

Low profitability margins

The company's profitability margins have been historically on the
lower side owing to trading nature of the business and intense
market competition in the industry. Interest cost has further
restricted the net profitability.

Working capital intensive nature of operations though moderate
operating cycle

SCE maintains adequate inventory of traded product to cater the
immediate demand of the customers. The firm normally allows
credit period of around 2 months to its customers owing to high
competition prevailing in the market.

Furthermore, the firm receives an average credit period of 1
month from the suppliers; entailing all lead to moderate
operating cycle. The working capital requirements are largely met
through bank borrowings, which results in almost full utilization
of the average working capital limits for the past 12 months
ended December 31, 2016.

Highly competitive industry

SCE operates in a highly fragmented industry wherein there is
presence of a large number of players in the unorganized
and organized sectors. There are number of small and regional
players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins.

Key rating Strengths

Experienced proprietor
Mr Subhash Chand looks after overall operations of the firm. He
has an experience of around two decades in trading business
through his association with this entity.

Moderate capital structure

The capital structure of the firm stood moderate marked by
overall gearing of 1.36x as on March 31, 2016. Overall gearing
has been deteriorated from last year as the firm was not enjoying
any bank facility in FY15.

Haryana-based S C Enterprises was established in 1995 as a
proprietorship entity by Mr. Subhash Chand. The firm is engaged
in trading of textile products viz. Fabrics of ladies and gents
suits, mattress cover, blankets, sofa covers, slip covers,
cushion covers etc. SCE sales its products to retailers mainly
located in Delhi, Gurgaon and Faridabad. SCE procure the traded
products directly from manufacturing industries located in Delhi
through various dealers.

In FY16, SCE has achieved a total operating income (TOI) of
INR52.01 crore with PAT of INR0.24 crore as against INR42.72
crore and INR0.18 crore, respectively, in FY15. Furthermore, the
company has achieved total operating income of INR45.00 crore in
8MFY17 (refers to the period April 1 to November 30, based on
provisional results).


SAR SENAPATI: CARE Assigns B- Rating to INR265.79cr Loan
--------------------------------------------------------
CARE Ratings has been seeking information from Sar Senapati
Santaji Ghorpade Sugar Factory Limited (SSGSFL) to monitor the
rating vide e-mail communications/letters dated July 20, 2016,
December 27, 2016, December 28, 2016, and February 16, 2017 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

The rating on SSGSFK bank facilities and instruments will now be
denoted as CARE B-; ISSUER NOT COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank       265.79       CARE B-; ISSUER NOT
   Facilities                        COOPERATING; Based on
                                     best available information

The ratings however remains constrained on account of the highly
leveraged capital structure and weak debt coverage indicators,
working capital intensive nature of operations and presence of
the company in the highly cyclical and seasonal sugar industry.

Ratings, however, continues to derive strength from experienced
and resourceful promoters in the sugar industry and fully
integrated nature of sugar mill.

The ability of the company to increase its scale of operations
and improve its profitability while efficiently managing its
working capital are the key rating sensitivities.

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

Detailed description of the key rating drivers

Key Rating Strengths

Experienced and resourceful promoters

The chief promoter, Mr. Hasanrao Mushrif, has been engaged in
active politics for last 15 years as Labour and Welfare Minister,
Government of Maharashtra, from Kagal constituency. He has a wide
acceptance among local farmers which helps the company in
maintaining cordial relationship with them and facilitates cane
procurement activities. Mr. Mushrif has an overall experience of
over two and half decades in sugar industry. The overall
operations of SGSFL would be ably managed by second tier
management including qualified engineers, contract and
arbitration experts, agricultural officers for implementation and
operation of the ongoing partially integrated project.

Fully integrated business operations mitigating the risk related
to the cyclical and seasonal sugar industry to certain extend

SGSFL with an installed capacity of 4,800 TCD for sugar
production, 30 KLPD of distillation plant and 22 MW of power
generation is relatively a moderate size fully integrated player
in the sugar industry which is dominated by large size private
players and co-operative mills.

However, fully integrated nature of facility of SGSFL enables
diversification of revenue stream and betters the company's
ability to absorb the fluctuations in the prices of raw material
and finished goods.

Key Rating Weaknesses

Financial risk profile marked by highly leveraged capital
structure and weak debt coverage indicators

The TOI of the company has increased to INR217.30 crore during
FY16 on back of the sugar sale. Further, PBILDT margin has also
improved to 24.97% during FY16. However, higher interest and
depreciation cost restricted the corresponding improvement in the
PAT margins, which improved to INR5.97 crore as against loss of
INR11.24 crore during FY15. Modest networth base on account of
past losses resulted into highly leveraged as marked by overall
gearing of 4.69x as on March 31, 2016. The debt coverage
indicators of the company remained weak as marked by total debt
to GCA of 25.82x and interest coverage of 1.28x.

Cyclical and seasonal nature of industry along-with inherent
agro-climatic risks

Sugarcane is the key raw material used for the manufacture of
sugar and sugar-related products. The availability and yield
of sugarcane depends on factors like rainfall, temperature and
soil conditions, demand-supply dynamics, government policies,
etc. The production of sugarcane and hence sugar is cyclical in
nature, wherein production of sugarcane is on an uptrend for 2
years and then declines over the next 2 years, before trending up
again.

SGSFL was incorporated on February 19, 2011 to undertake sugar &
sugar related production at Kolhapur. SGSFL is promoted by Mr.
Hasanrao Mushrif, chief promoter, along with Mr. Sajid Hasan
Mushirf, Managing Director (MD). SGSFL has a fully integrated
cane processing plant comprising sugar plant with crushing
capacity of 4,800 tonnes of cane crushed per day (TCD), 30 Kilo
Liters Per Day (KLPD) distillery and bagasse fired co-generation
unit of 22 mega-watt (MW). The company has signed power purchase
agreement (PPA) with Maharashtra Electricity Distribution Company
Limited (MSEDCL; rated 'CARE A+ (SO)') for the off-take of the
surplus power from the co-generation unit of the plant post
captive consumption. During FY16, company expanded its sugar
crushing capacity by 1,300 TCD taking its crushing capacity to
4,800 TCD for sugar season 2015-16.

The sugar plant is located in Village Belewadi Kalamma, Tehsil:
Kagal, Dist. Kolhapur, Maharashtra. The company has started
commercial operations from December 2014 and Sugar Season (SS)
2014-2015 was the first crushing season of the company.

During FY16, company reported total operating income of INR217.30
crore (FY15: INR108.81 crore) and profit after tax (PAT) of
INR5.97 crore (FY15: loss of INR11.24 crore)


SE TRANSSTADIA: CARE Lowers Rating INR349.91cr Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
SE Transstadia Pvt Ltd (SETS), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank        349.91      CARE D Revised
   Facilities-Term                   from CARE BBB-
   Loan

   Long-term Bank         20.00      CARE D Revised
   Facilities-Non-                   from CARE BBB-
   fund-based

The revision in the ratings assigned to the bank facilities of
SETS takes into account the delay in servicing of interest on the
term loan for the month of December 2016 and January 2017 by the
company.

Detailed description of the key rating drivers

SETS part of 'Setco group' is developing a multipurpose
convertible (indoor & outdoor) stadium along with sports facility
in Ahmedabad. The estimated cost of the project was revised to
INR524.80 crore from INR458 crore due to increase in scope of the
project and the company has applied for additional term loan of
INR43.91 crore with the bankers. The additional term loan
includes IDC of INR21 crore due to shift in COD from June 2016 to
March 2017. Due to delay in sanctioning by one of the bank the
disbursement of the additional term was pending. However, the
company had to service the interest from July 2016 to date from
its own funds in spite of no major commercial operations. The
company has delayed in payment interest payment for the month of
December 2016 and January 2017 by less than 30 days.

However, subsequently all the banks have sanctioned the
additional term loan and the process of joint documentation had
started. Meanwhile the interest for February 2017 has been timely
serviced by the company form its own funds.

SE TransStadia Pvt Ltd (SETS) also belongs to 'Setco group' and
is engaged in development of multipurpose convertible (indoor &
outdoor) stadium along with sports facility in the vicinity of
Kankaria Lake, Maninagar, Ahmedabad. The multipurpose sports
arena consists of about 14.50 lakh sq.ft. build-up area with 2
basement, 1 ground and 6 floors. SETS has signed a concession
agreement (CA) with Government of Gujarat (GoG) on June 14, 2012
to develop and operate a stadium as Public-Private-Partnership
project on a Design, Built, Finance, Own, Operate and Transfer
(DBFOOT) basis. The total concession period is 35 years which
includes construction period of 3 years.


SHAMBHU MAHADEV: CARE Assigns B+ Rating to INR28.43cr LT Loan
-------------------------------------------------------------
CARE Ratings has been seeking information from Shambhu Mahadev
Sugar & Allied Industries Limited (SMSAIL) to monitor the rating
vide e-mail communications/letters dated November 25, 2016,
February 1, 2017 and February 3, 2017, and February 27, 2017 and
numerous phone calls. However, despite our repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information, which however, in CARE's opinion is not sufficient
to arrive at a fair rating. The rating on SMSAIL bank facilities
and instruments will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank        28.43       CARE B+; ISSUER NOT
   Facilities                        COOPERATING

The ratings however remains constrained on account of the weak
financial risk profile of the company marked by decline in the
total operating income during FY15, deterioration in the capital
structure of the company and weak debt coverage indicators,
working capital intensive nature of operations of the company,
non-integrated nature of business operations and presence in the
highly cyclical and seasonal sugar industry.

Ratings, however, derives strength from the long and established
track record of the promoters of over two decades in the sugar
industry, qualified and experienced second-tier management and
strategic location of the sugar factory thereby ensuring adequate
cane availability.

The ability of SMSAIL to procure the envisaged volume of sugar
cane at the envisaged prices, improve its profitability and debt
protection metrics and effective management of the working
capital are the key rating sensitivities.

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

Detailed description of the key rating drivers

At the time of last rating on February 2, 2016 the following were
the rating strengths and weaknesses:

Key Rating Strengths

Long track record of promoters in sugar & sugar related
production

SMSAIL is promoted by Mr. Dilip Shankarrao Apet (CMD) who has
nearly 25 years of experience in sugar industry. Mr. Apet is ably
supported by his brother Mr. Umakant Shankarrao Apet in managing
of day to day business operations. The top management of SMSAIL
is ably supported by second tier management, including a
qualified and experienced team of engineers, chemists and finance
professionals.

Strategic location of the sugar plant

The sugar plant of SMSAIL is located in the sugarcane cultivation
area in Havargaon village, Taluka Kallam, Dist. Osmanabad,
Maharashtra. The command area of SMSAIL comprises total 132
villages of Osmanabad and Beed district.  The total land under
sugarcane cultivation is of about 20,183 hectares with an average
yield of 80MT/hectare.

Key Rating Weaknesses

Financial risk profile marked by decline in the total operating
income

The total operating income (TOI) of the company registered the y-
o-y decline of 61% to INR32.58 crore during FY15 as compared to
INR82.61 crore during FY14. It was mainly on account of the
management stance of holding onto the finished goods inventories.
Low cost of sales on account of lower quantity of sugar sold
resulted into company reporting PBILDT margin of 51.57%.
Nevertheless, higher interest cost restricted the corresponding
improvement in the PAT margins and company reported PAT of
INR0.31 crore during FY15.

Highly leveraged capital structure and weak debt protection
indicators

Lower augmentation of networth base over years, has resulted into
moderate networth base and highly leveraged capital structure.
The overall gearing of the company deteriorated from 4.17x as on
March 31, 2014 to 6.07x as on March 31, 2015 on account of the
increase in the working capital bank borrowing. Modest gross cash
accruals combined with higher interest cost resulted into weak
debt protection indicators as evident from TDGCA of 93.95x and
interest coverage of 1.04x during FY15.

Working capital intensiveness nature of business due to long
inventory holding period

During FY15, the working capital cycle of the company elongated
on account of the higher inventory days due to management stance
of holding onto the sugar inventory. The same was funded
partially through increase in the working capital bank borrowing
bank borrowing and balance through the incremental cane supply
deposits from farmer as on March 31, 2015.

SMSAIL was incorporated by Mr. Dilip Shankarrao Apet, Chairman
and Managing Director (CMD) in the year 2000 to undertake sugar
and sugar related production at village Havargaon, Taluka Kallam
in Osmanabad District, Maharashtra.

The factory was established in 2002 with a sugarcane crushing
capacity of 2,500 Tonnes of cane crushed per day (TCD).

SMSAIL has also set up a molasses based distillery plant in FY12
with an installed capacity of 30 Kilo liters per day (KLPD),
which is to be operational from FY17. During FY15, SMSAIL
registered a total operating income of INR32.58 crore through
sale of 8,999 Metric Tonnes (MT) of sugar at an average sales
realization of INR25,414/MT.

During FY15, SMSAIL reported a PAT of INR0.31 crore (as against
PAT of INR0.06 crore in FY14) on a total operating income of
INR32.58 crore (as against INR82.61 crore in FY14).


SHREE GOKULESH: CARE Reaffirms B+ Rating on INR6.56cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shree Gokulesh Rice Mill (SGRM), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.56       CARE B+; Stable Reaffirmed

The rating assigned to the bank facilities of SGRM continues to
remain constrained on account of thin profit margins, leveraged
capital structure, weak debt coverage indicators and moderate
liquidity position. The rating is further constrained owing to
presence into the fragmented agro-processing industry along with
partnership nature of its constitution. The reaffirmation also
factors in risk associated with the on-going debt-funded capex.

The rating, however, continues to derive comfort from SGRM's
experienced and resourceful promoters and its proximity to paddy-
growing areas.

The ability of SGRM to increase its scale of operations,
improvement in profitability and capital structure while managing
working capital efficiently are the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Thin profit margins, leveraged capital structure, weak debt
coverage indicators and moderate liquidity position The PBILDT
margin declined by 46 bps and stood low at 2.78% during FY16
(refers to the period April 1 to March 31) on account of increase
in raw material cost. The PAT margin also remained thin during
FY16 owing to high interest costs and low value addition nature
of operations. The capital structure marked by overall gearing
stood leveraged on the back of low net worth base and high level
of debt. Furthermore, with low cash accruals, debt coverage
indicators also stood weak marked by total debt to GCA of 18.49
times as on March 31, 2016. Liquidity position remained moderate
marked by current ratio of 1.48 times as on March 31, 2016.

Presence into the fragmented agro-processing industry along with
partnership nature of its constitution

SGRM generates its revenue from processing of rice and is exposed
to inherent risks associated with agro-climatic conditions and
seasonality of agro product. SGRM being a partnership firm is
exposed to inherent risk of partners' capital being withdrawn at
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of key partners.

Risk associated with on-going debt-funded capex

SGRM is currently undertaking debt-funded capex, thus SGRM
exposed to risk associated with implementation and stabilisation
of operation for ongoing capex.

Key rating strengths

Experienced and resourceful promoters

The operation of SGRM is currently managed by Mr. Minesh H.
Patel, Mr. Raghav J. Patel, and Mr. Tejas K. Patel. All the
partners collectively look after all day-to-day operations of the
firm. Mr. Minesh Patel possess more than decade of experience in
the industry.

Proximity to paddy-growing areas

SGRM's plant is located at Ahmedabad, Gujarat, which is in
proximity to the paddy-growing areas of the country.

Established in the year 2004, Ahmedabad-based Shree Gokulesh Rice
Mill (SGRM) is a partnership firm engaged in the processing of
non-basmati rice. Key partners include Mr. Minesh H. Patel, Mr.
Raghav J. Patel, and Mr. Tejas K. Patel who manages the day-to-
day operations. As on March 31 2016, it had a total installed
capacity of 36,000 Metric Tonne per Annum (MTPA) for paddy
processing and operates through its sole manufacturing facility
at Jetalpur (Ahmedabad). SGRM procures paddy from local traders
and supplies its products in pan India levels through brokers.
SGRM has base of 150 brokers in pan India level. However, it
supplies mainly to Gujarat, Maharashtra, Karnataka and Rajasthan.
SGRM sells its products under three brands named 'Galaxy',
'Butterfly' and 'Gokulesh'.

During FY16 (A), SGRM reported PAT of INR0.05 crore on a TOI of
INR35.52 crore as against net profit of INR0.02 crore on a TOI of
INR32.19 crore during FY15. During 10MFY17 (Prov.), SGRM has
achieved a turnover of INR36 crore.


SHREE VISHWAKARMA: CARE Assigns B+ Rating to INR6cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Vishwakarma Cold Storage (SVCS), as:

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

The rating assigned to the bank facilities of SVCS is constrained
on account of its small scale of operations, thin profitability,
leveraged capital structure and weak debt coverage indicators.
The rating also remained constrained due to moderate liquidity
position, stretched operating cycle, partnership nature of
constitution and presence in the fragmented and highly
competitive industry.

The ratings, however, derive benefits from the experience of the
partners in storage service business and proximity to the potato
growing region of Gujarat.

The ability of SVCS to increase in its scale of operations
coupled with improvement in financial risk profile in terms of
increase in profitability and improvement in capital structure
along with the efficient working capital management will be the
key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Small scale of operations with thin profitability

During FY16, SVCS's total Operating Income (TOI) declined by
6.85% to INR5.85 crore as against INR6.28 crore in FY15 and stood
at a small level. During FY16, the PBILDT margin of SVCS improved
marginally by 79 bps and stood at 15.27% however, owing to high
interest and finance cost, PAT margin of the firm remained thin
at 0.26%.

Leveraged capital structure and weak debt coverage indicators
Capital structure marked by overall gearing stood leveraged on
the back of low net worth base and high debt level.

Furthermore, with low cash accruals and high debt, debt coverage
indicators also stood weak marked by total debt to GCA of 63.20
times as on March 31, 2016.

Elongated operating cycle

Operating cycle remained elongated on the back of high inventory
level and high debtor's collection period. On account of this,
operating cycle remained elongated at 377 days during FY16.

Fragmented nature of industry coupled with competitive nature of
business and partnership nature of constitution The firm operates
in the cold storage services industry which is highly fragmented
with the presence of numerous independent small-scale enterprises
owing to low entry barriers leading to high level of competition
in the segment.

Furthermore, the constitution as a partnership firm restricts
SVCS's overall financial flexibility in terms of limited access
to external funds for any future expansion plans with inherent
risk of possibility of withdrawal of capital and dissolution of
the firm in case of death/insolvency of partner.

Key rating strengths

Well experienced partners in storage service business

Partners of SVCS have experience of more than two decades in
storage facilities. Mr. Chamanbhai Suthar, Partner is also
well experienced in growing and maintaining potatoes.

Proximity to potato growing region of Gujarat

The cold storage facility of the firm is located in the potato
growing belt of Gujarat having large network of potato growers,
thereby making it suitable for the farmers and potato chip
manufacturers in terms of transportation and connectivity.

SVCS was established in 1998 by Mr. Chamanlal Gajjar, Mr.
Veljibhai Suthar, Mr. Thannaji Suthar and Mr. Chunilal Chaudhary.
However, Mr. Veljibhai Suthar retired from SVCS from October
2016. SVCS was set up to provide cold storage facilities at Deesa
(Gujarat) with total installed capacity of 2,85,000 bags (50 kg
each). The main objective of setting up SVCS is to preserve
potatoes for longer duration. The plant is located at Deesa
(Gujarat) which is one of the major Potatoes growing regions in
Gujarat.

During FY16 (refers to the period April 1 to March 31), SVCS
reported PAT of INR1.35 crore (FY15: INR0.61 crore) on a total
operating income (TOI) of INR5.85 crore (FY15: INR6.28 crore).
During 9MFY17 (Provisional), SVCS has achieved TOI of INR4
crore.


SPANDANA SPHOORTY: To Sell More Than 26% Stake to Kedaara Capital
-----------------------------------------------------------------
LiveMint reports that seven years after being hit by the
microfinance crisis that originated in Andhra Pradesh, control of
microfinance lender Spandana Sphoorty Financial Ltd is set to
change hands.

The microfinance lender is in talks with private equity firm
Kedaara Capital Investment Managers Ltd to sell more than 26% in
the company, the Mint relates citing a public notice released on
March 14. The company also said it has received in-principle
approval from the Reserve Bank of India (RBI) for the proposed
deal, the report says.

Kedaara will pick up close to 60% in the company, said a person
directly involved in the matter, asking not to be identified,
according to the Mint.

"We are looking at raising equity capital and are expecting to
close the transaction before March end. We have already got
approval from lenders for the CDR exit and we are looking at
getting back to industry leadership position soon," the report
quotes Padmaja Reddy, founder-managing director of Spandana
Sphoorty, as saying.

After the stake transfer, the company will have net owned funds
worth INR700 crore and debt of INR1,000 crore as of March 31,
Reddy said.

Spandana is one of the five microfinance companies referred to
the corporate debt restructuring (CDR) cell after a controversial
law by the Andhra Pradesh state government crippled the sector,
the Mint discloses. The law was enacted to rein in microlenders
after a series of suicides were reported due to alleged coercion
of borrowers by some microfinance companies to recover loans, the
report recalls.

The Mint says the proposed deal with Kedaara Capital will follow
Spandana's exit from the CDR cell, which is expected before March
end. Three-four existing lenders which are part of the 37-member
consortium under the CDR package will look at refinancing
INR1,100 crore of existing debt which will be used to square off
the debt owed to other lenders, Mr. Reddy, as cited by LiveMint,
added.

The report notes that the microfinance lender, which had an
exposure of INR2,200 crore in Andhra Pradesh at the time of the
crisis, had suffered two years of losses before turning positive.
According to the management, the company made its first profit of
INR60 crore in 2013-14 and since then, the going has been good.
The company is expected to close this current financial year with
a INR165 crore profit, the report relays.

Mr. Reddy added that the company had to make several changes to
bring about a turnaround, the report says. This included
expanding outside Andhra Pradesh, changing the collections from
weekly to bi-weekly. The company's total loan portfolio which
stood at INR4,500 crore before the crisis fell to INR600 crore in
the subsequent period as it stopped disbursements. Spandana's
total gross loan portfolio as of March stands at INR1,400 crore
with a network of 524 branches across 11 states, the report
discloses.


SRASTHI BUILDCON: CARE Reaffirms B+ Rating on INR4.32cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Srasthi Buildcon Private Limited (SBPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             4.32       CARE B+; Stable Re-affirmed

   Short-term Bank
   Facilities             1.00       CARE A4 Re-affirmed

The ratings assigned to the bank facilities of SBPL continue to
remain constrained on the back of susceptibility of its profit
margins to fluctuations in raw material prices coupled with its
presence in the competitive construction industry and working
capital intensive nature of operations. The ratings continue to
remain constrained by its leveraged capital structure, weak debt
coverage indicators and moderate liquidity position during FY16
(refers to the period April 1 to March 31).

The ratings continue to draw strength from the wide experience of
the promoters in the construction industry.  Going forward,
SBPL's ability to scale up its operations with improvement in
profitability, capital structure, debt coverage and liquidity
position would be the key sensitivities. Furthermore, efficient
management of its working capital while maintaining its
comfortable capital structure would also remain crucial.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations

Total Operating Income (TOI) of SBPL has been growing at a
Compounded Annual Growth Rate (CAGR) of 47% for the past
three years ended FY16 on the back of gradual improvement in
execution of orders received. However, scale of operations
continues to remain at moderate level of INR26.48 crore in FY16.

Financial risk profile marked by leveraged capital structure,
weak debt coverage indicators and moderate liquidity position

Capital structure remained moderately leveraged on the back of
high debt level as well as moderate net worth position.

On account of this, overall gearing stood at 4.62x as on
March 31, 2016. Furthermore, with high debt level and low cash
accruals, total debt to GCA stood at 13.11x as on March 31, 2016.
Working capital cycle of SBPL remained moderate at 78 days during
FY16 and 97 days during FY15.

High competition and tender driven nature of construction
industry

Construction industry is fragmented in nature with large number
of medium scale players present at the regional level.

This coupled with the tender driven nature of construction
contracts poses a huge competition and puts pressure on the
profit margins of the players.

Key Rating Strengths

Moderate experience of promoters

Srasthi Buildcon Pvt. Ltd. (SBPL) is promoted by Mr. Tehseen Khan
and Ms Pooja Premchandani. The key promoter Mr. Tehseen Khan has
around seven years' of experience in the similar line of
business.

Incorporated in September 2012, Bhopal-based (Madhya Pradesh)
SBPL is promoted by Mr. Tehseen Khan and Ms Pooja Premchandani.
SBPL is engaged into the business of civil construction primarily
consisting of road and building construction. SBPL is registered
as 'Class B' contractor (on a scale of Class A to Class C) with
Public Works Department (PWD), Madhya Pradesh and works generally
on road and civil construction projects for the Government of
Madhya Pradesh.

During FY16 (A), SBPL reported PAT of INR0.28 crore on a TOI of
INR26.48 crore as against PAT of INR0.18 crore on a TOI of
INR17.29 crore during FY15.


SUKHMANI HOLIDAYS: CARE Cuts Rating on INR13.31cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sukhmani Holidays Inn Private Limited (SHI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             13.31      CARE D Revised from
                                     CARE B+

The revision in the rating assigned to the bank facilities of SHI
takes into account the delays in debt servicing of the company
due to its weak liquidity position as the company is unable to
generate sufficient funds in a timely manner.

Detailed description of the key rating drivers

Ongoing delays: There are on-going delays in servicing the
principal amount and interest for term loan account. On an
average, the company clears the dues with-in one month. The
delays are on account of weak liquidity as the company is unable
to generate sufficient funds in a timely manner.

Sukhmani Holidays Inn Private Limited Private Limited (SHI) was
incorporated in June, 2014 to acquire a running Chandigarh based,
Hotel Pearl, which was established in 2006 by Mr. Yash Pal
Mahajan. Currently, the hotel is managed by the promoters of SHI
which include Mr. Jagjeet Singh and Mrs Harbhajan Kaur, as its
directors. SHI is engaged in running the hotel under the name
"Pearl" in Chandigarh having 34 rooms (Studio-3, Deluxe- 19 and
Executive-11), 3 banquet halls and restaurant facilities. The
company has entered into marketing arrangements with various
online tours and travels portals like Go Ibibo, Make My Trip,
Thomas Cook, Clear Trip to attract the potential customers.

In FY16 (refers to the period April 1 to March 31), SHI has
achieved a total operating income of INR1.18 crore with net
loss of INR1.87 crore. Furthermore, the company has achieved
total operating income of INR1.60 crore in 9MFY17 (Provisional).


VARDAAN EXPORTS: CARE Assigns B+ Rating to INR14cr LT Loan
----------------------------------------------------------
CARE Ratings has been seeking information from Vardaan Exports to
monitor the rating(s) vide e-mail communications/letters dated
February 20, 2017 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requiste
information for monitoring the ratings. In the absence of minimum
information required for the purpose of the rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on Vardaan Exports bank facilities
will now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             14.00      CARE B+; ISSUER NOT
                                     COOPERATING

   Short-term Bank
   Facilities              1.00      CARE A4; ISSUER NOT
                                     COOPERATING

   Long-term/Short
   Term Bank Facilities    3.00      CARE B+/CARE A4; ISSUER
                                     NOT COOPERATING

Detailed description of the key rating drivers

At the time of last rating on August 18, 2015, the following were
the rating strengths and weaknesses.

Key Rating Strengths

Experienced partner in the agro-processing industry: Mr. J B
Bansal and Mr. Poonam Garg have an experience of around 8 years
in the milling, processing and trading of basmati and non-
basmati rice.

Key rating weakness

Weak financial risk profile: In FY15 (refers to the period
April 1 to March 31:based on the provisional results) the
financial risk profile of VEX continued to remain weak
characterised by modest scale of operations, low profitability
margins, leveraged capital structure and weak coverage
indicators based on unaudited results.

During FY15, VEX achieved total operating income (TOI) of
INR107.72 crore (based on unaudited results) as against TOI of
INR105.63 crore during FY14. However, the scale of operations
has remained modest. The profitability margins as marked by
PBILDT and PAT continued to remain on the lower side due to
highly competitive and fragmented nature of the industry.

The capital structure of the firm continued to remain leveraged
marked by overall gearing ratio of 2.46x in FY15 on account of
low networth base and high dependence on bank borrowings due to
working capital intensive nature of operations. The interest
coverage and total debt to GCA stood weak at 1.13x and 63.47x
respectively as on March 31, 2015.

Working capital-intensive nature of operations: The operating
cycle of the firm improved to 79 days during FY15 on account of
better inventory management policies adopted by the firm
resulting in lower inventory holding levels. The average working
capital utilization was almost full of its sanctioned working
capital limits for the 12 months ended July, 2015.


VIDHANI GROUP: CARE Reaffirms B+ Rating on INR1cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vidhani Group (VG), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             1.00       CARE B+; Stable Reaffirmed

   Short-term Bank
   Facilities             4.90       CARE A4 Reaffirmed

The ratings continue to remain constrained on account of decline
in total operating income of VG along with presence in highly
fragmented and competitive wood product industry, vulnerability
of profits to fluctuation in raw material prices and foreign
exchange rates. Furthermore, the ratings remained constrained due
to moderate financial risk profile marked by moderate liquidity
position as marked by elongated working capital cycle, moderately
leveraged capital structure and moderate debt coverage indicators
during FY16 (refers to the period April 1 to March 31).

The ratings, however, continue to derive benefit from the vast
experience of the directors in the wood products industry.

The ratings also factor in the increase in the group's profit
margins FY16 and a marginal improvement in the capital structure
and debt coverage indicators during the same financial year.

VG's ability to increase its scale of operations with improvement
in profitability, capital structure, debt coverage indicators and
efficient management of its working capital requirement would be
the key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Moderate scale of operations and profitability

During FY16, VG's total operating income (TOI) declined by 20% to
INR28.63 crore as against INR36.06 crore in FY15 on the back of
decline in demand of its products. However, it continues to
remain at moderate level. Furthermore, profit margins improved
during FY16, however, it continued to remain at moderate level.

Moderately leveraged capital structure and weak debt coverage
indicators

Capital structure marked by overall gearing stood moderately
leveraged on the back of moderate net worth base and level of
debt. Furthermore, with low cash accruals and moderate debt, debt
coverage indicators also stood moderate marked by total debt to
GCA of 15.31 times as on March 31, 2016.

Moderate liquidity indicators

Operating cycle remained moderately elongated to 67 days on the
back of high gross asset days. Furthermore, current ratio and
quick ratio stood above unity at moderate level in FY16.

Presence in highly fragmented industry leading to intense
competition

There are large numbers of unorganized players in Wood industry
which makes it highly fragmented and intensifies competition.

Key rating strengths

Experience promoters in wood industry

The Vidhani family including Mr. Girdhar Vidhani, Mr. Govind
Vidhani, Mr. Hemant Vidhani are in this line of wood business
since more 15 years. Mr. Girdhar Vidhani is involved in overall
management of the company and he is supported by other members of
the Vidhani family.

For arriving at the ratings of Vidhani Veneers Private Limited,
CARE has considered the combined financial and business profile
of two entities, namely, Lalsons Plyboard Private Limited (LPPL)
and VVPL as the Vidhani Group (VG), due to their managerial
linkages.

VVPL was incorporated in Gujarat during August 2006 by Mr. Jay
Vidhani in assistance with Mr. Girdhar Vidhani, Mr. Romesh
Vidhani and Mr. Govind Lalchand Vidhani. VVPL manufactures
veneers, ply boards, flush board, and block boards and is also
engaged in the trading of pine timber and fire wood. The Vidhani
family is in this line of business since last 15 years. VVPL has
two group companies Lalsons Plyboard Pvt. Ltd. (LPPL - engaged
into manufacturing of veneers, ply boards, flush boards and block
boards) and Ishwari Wood Products Pvt. Ltd. (engaged in the trade
of wood work machinery).

From April 2014 onwards, VVPL solely concentrates on trading
activities and its manufacturing operations are discontinued and
leased out to LPPL in order to increasing the scale of operations
of its group company. VVPL imports its key raw material i.e.
timber logs from Malaysia, USA and Germany and sells the final
product in Gujarat, Maharashtra, Rajasthan and Delhi.

During FY16 (A), VG reported PAT of INR0.34 crore on a TOI of
INR28.63 crore as against net profit of INR0.25 crore on a TOI
of INR36.06 crore during FY15. During 10MFY17 (Prov.), VG has
achieved a turnover of INR24.92 crore.


YOGI COTEX: CARE Revises Rating on INR13cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Yogi Cotex Private Limited (YCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities               13       CARE B+, Stable Revised
                                     from CARE B

The revision in the rating assigned to the bank facilities of
YCPL takes into account growth in the operating income and cash
accruals; improvement in capital structure and debt coverage
indicators during FY16 (refers to the period April 1 to
March 31).

The rating, however, continues to be constrained by modest scale,
low profit margins, leveraged capital structure and weak debt
coverage indicators and working capital intensive nature of
operations. The rating is further constrained by operations in
the highly competitive and fragmented nature of the textile
industry and susceptibility of operating margins to the raw
material price fluctuation.

These factors far offset the benefits derived from the experience
and resourceful promoters, operational support from group
entities with presence across textile value chain and location
advantage.

The ability of YCPL to increase the scale of operations and
improve profitability and capital structure along with efficient
management of the working capital amidst the intense competition
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long track record and experienced management: YCPL is promoted by
Mr. Chintan Patel and Mr. Jagat Kilawala who look after the
overall management of the company. Together they have a combined
experience of 16 years in the textiles industry with Mr. Jagat
Kilawala being associated with the Deesan group since its
inception.

Operational support from group entities: YCPL is a part of the
Deesan group which has been in the business of textile
manufacturing since 1996 and has various companies operating
under it (including YCPL). It has presence in all segments of
cotton textiles starting from cultivation of cotton to
manufacturing of garments. YCPL receives operational support from
the other group companies in terms of procurement of materials
and building customers.

Location advantage: YCPL's manufacturing facility is located at
the Integrated Textile Park in Shirpur, Dhule, Maharashtra
which is in close proximity to cotton producing belts of Dhule,
Amravati and Parbhani and is surrounded by multiple yarn and
textile manufacturing units within the textile park thereby
facilitating in procurement of raw materials.

Key Rating Weaknesses

Modest scale of operations in competitive industry: YCPL's scale
of operations remained modest during the last three years ended
FY16. The same is due to nascent stage of operations and been
operating in competitive textile industry.

Small scale restricts financial flexibility and deprives it of
benefits of economies of scale.

Low profitability and weak solvency position: Also, the
profitability margins remained low although have shown marginal
improvement trend during past three years ending FY16. YCPL's
capital structure although has shown improving trend, however,
remained leveraged during FY14-FY16 with high dependence on
external borrowings. Operations remained working capital
intensive with high gross current asset days of over 85 days
leading to high utilization of limits.

Presence in fragmented and competitive industry: YCPL is into
manufacturing of grey fabric, which is dominated by numerous
independent players which lead to high degree of fragmentation
resulting into high level of competition in the segment. Due to
high competition in the industry, the players in the industry
have limited bargaining power with their customers and hence,
players in this industry are operating at low margin.

Incorporated in 2012 by Mr. Chintan Patel and Mr. Jagat Kilawala,
Yogi Cotex Private Limited (YCPL) is engaged into manufacturing
of woven grey fabrics used for shirting and dress material. It
started commercial operations from September 2013, and at
present, the company has 16 looms with capacity to manufacture
29000 meters per day of grey fabric per month. Its facility is
located at Dahiwad, Shirpur, Dhule. YCPL sale's its products into
domestic market majorly to fabric processing units in Delhi and
Ahmedabad. YCPL's plant is established under the "Group Work Shed
Scheme" (Scheme of Integrated Textile Park (SITP) of Ministry of
Textile, the Government of India) and consists of 13 SSI units
under it. The GWSS further operates 80 looms via the SSI units
which provide job work services (viz. weaving, warping and sizing
of grey cloth) to YCPL.

During FY16 (refers to the period of April 1 to March 31), YCPL
has posted total operating income of INR72.75 crore (as against
INR62.43 crore in FY15) with PAT of INR0.19 crore (as against net
loss of INR0.03 crore in FY15). Moreover, the company has
achieved turnover of INR73.72 crore for the period April 2016 to
November 2016.



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


TOSHIBA CORP: Memory Chips Unit Attracts 10 Potential Bidders
-------------------------------------------------------------
Pavel Alpeyev, Takahiko Hyuga, and Takako Taniguchi at Bloomberg
News report that Toshiba Corp.'s memory chips business is
attracting more potential bidders ahead of an end-March deadline,
including Japanese government-backed entities, people with
knowledge of the matter said.

The Development Bank of Japan is considering a joint offer with
U.S. financial bidders, people familiar with the matter said,
asking not to be identified discussing a private matter,
Bloomberg relates.

Bloomberg says the electronics conglomerate is seeking a sale of
the prized unit to make up for a multibillion-dollar writedown in
its nuclear operations. The semiconductor business is Toshiba's
crown jewel and makes the memory chips that go into personal
computers, smartphones and data centers. It accounted for about
25% of Toshiba's JPY5.67 trillion in revenue during the latest
fiscal year, Bloomberg notes.

The shares of Toshiba rose 3.5% in Tokyo on March 17. The stock
is down 33% this year after unveiling the potential losses in
late December, according to Bloomberg.

According to Bloomberg, a Toshiba executive said March 16 he
would welcome a bid from Innovation Network Corp. of Japan. INCJ
and DBJ are considering a joint bid to take more than a 30%
stake, the Yomiuri newspaper reported, but Chief Cabinet
Secretary Yoshihide Suga immediately poured cold water on the
speculations, telling reporters in Tokyo that Japan is not
considering the use of public funds for Toshiba, Bloomberg says.

Bloomberg relates that the number of interested parties, which
already include semiconductor makers and investments funds, may
increase beyond the current 10 and the company expects final bids
by March 29, the executive said. Western Digital Corp., SK Hynix
Inc., Foxconn Technology Group, Micron Technology Inc. and
Kingston Technology Co. are among those interested, one of the
people said, Bloomberg relays. On March 2, Foxconn founder Terry
Gou said he is "very serious" about making a bid for the memory
chip business.

The bids could range from JPY700 billion to JPT1.8 trillion
($6.2 billion-$15.9 billion), one of the persons said, Bloomberg
relays. Toshiba, which is willing to sell off a majority stake in
the unit, is seeking bids that value the entire business at
JPY1.5 trillion. According to Bloomberg, Toshiba is struggling to
regain its footing after disclosing an estimated loss of
JPY712.5 billion in Westinghouse Electric. The Tokyo-based
company has had to delay its earnings announcement twice, and has
also floated the possibility of selling off the nuclear
operations, the report notes.

Financial bidders may be likely but they will probably submit
offers closer to the deadline, the executive, as cited by
Bloomberg, said. Among the financial bidders are Bain Capital,
Silver Lake Partners and KKR & Co., people familiar with the
matter have said, Bloomberg relays.

The Toshiba executive declined to clarify whether the government-
backed group is the Japanese company that is said to have
expressed interested, Bloomberg states. INCJ was created in 2009
with majority government ownership and a mandate to promote the
next generation of technologies and companies. The fund put money
into Renesas Electronics Corp., which was formed in 2010 from the
struggling semiconductor operations of several Japanese
companies. INCJ later created Japan Display Inc. from the
troubled screenmaking units of Toshiba, Sony Corp., and Hitachi
Ltd.

Bloomberg adds that Toshiba has said it aims to complete the sale
of the chips business by March 2018. Its three main lenders have
agreed to extend support to the company in the meantime,
Bloomberg reports citing two people familiar with the matter.
Toshiba met with the banks on March 15, asking for extension of
its loans through April and offering equity and real estate as
collateral, the people said, Bloomberg adds.

                          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.


TOSHIBA CORP: S&P Lowers CCR to 'CCC-'; Remains on Watch Negative
-----------------------------------------------------------------
S&P Global Ratings said it has lowered its long-term corporate
credit rating on Japan-based capital goods and diversified
electronics company Toshiba Corp. two notches to 'CCC-' from
'CCC+' and lowered the senior unsecured debt rating three notches
to 'CCC-' from 'B-'.  Both ratings remain on CreditWatch with
negative implications.  Also, S&P is keeping its 'C' short-term
corporate credit and commercial paper program ratings on the
company on CreditWatch negative.  The long- and short-term
ratings on Toshiba have remained on CreditWatch with negative
implications since December 2016, when S&P also lowered the long-
term ratings because of the likelihood that the company might
recognize massive losses in its U.S. nuclear power business; S&P
kept them on CreditWatch negative when it lowered the long- and
short-term ratings in January 2017.

The downgrade this time reflects S&P's view that absent
unanticipated, significantly favorable changes in the issuer's
circumstances, there is a growing likelihood that Toshiba will
become unable to fulfill its financial obligations in a timely
manner or will undertake a debt restructuring S&P classifies as
distressed in the next six months.  The ratings remain on
CreditWatch negative because of an increasing likelihood, in
S&P's view, that the heavy losses and financial burden related to
Toshiba's U.S. nuclear power business will grow further,
increasing uncertainty about Toshiba's prospects for
restructuring and bank support.

Since December 2016, Toshiba has been restructuring its
businesses to plug its impaired shareholders' equity and
stabilize its financial standing.  Specifically, it has sold some
assets and plans to sell its core NAND flash memory
(semiconductor) business. But it will be some time before Toshiba
receives the proceeds of asset sales.

The company says it will review the status of its U.S. nuclear
power business, Westinghouse Electric Co. LLC, within the Toshiba
group and will take steps to isolate risk in its overseas nuclear
power business, including possibly deconsolidating Westinghouse
by selling a majority stake in Westinghouse.  However, specifics
of any sale related to Westinghouse are unclear and S&P do not
rule out the possibility that Westinghouse might file for Chapter
11 bankruptcy under U.S. law.  As the parent company, Toshiba is
a guarantor for Westinghouse's external debt and, therefore, S&P
sees a growing likelihood that the risk of contingent liabilities
will materialize in the future.  These increased uncertainties
lead S&P to believe pressure on Toshiba's funding ability and
liquidity is likely to grow.

The Tokyo Stock Exchange and Nagoya Stock Exchange both
designated Toshiba's stock as "securities under supervision
(examination)" as of March 15, 2017, because 18 months had
elapsed since the bourses designated the stock as "securities on
alert" for Toshiba's past accounting improprieties, deeming it
highly necessary for the company to improve its internal
controls.  If in the future the bourses determine that Toshiba
has not improved its internal controls, they might decide to
delist Toshiba's stock.  S&P expects creditor banks that have
pledged to maintain their outstanding balance of lending will
support Toshiba's immediate funding needs.  But because the
bourses this time redesignated the stock based on the view that
Toshiba's internal controls have not improved, S&P believes
creditor banks will find it increasingly difficult to accept any
potential request from the company for further funding.

Previously, S&P rated Toshiba's senior unsecured debt one notch
higher than S&P's long-term corporate credit rating on the
company.  However, this time S&P has equalized the two ratings.
At this point, the creditor banks' support stance has not changed
substantially.  However, S&P has eliminated the notch difference
between the ratings because under its scenario S&P sees a growing
likelihood that any debt restructuring might be a court-led
procedure.  S&P's view until now was that any default might take
the form of main creditor banks providing support that S&P
defines as 'SD' (selective default), leading S&P to believe the
company was more likely to fulfill its obligations to bondholders
than to lender banks.  However, S&P can no longer maintain this
view under these growing uncertainties.

S&P will resolve the CreditWatch placements after examining
Toshiba's liquidity in the next one to two months and the support
stance of its creditor banks, such as whether they will maintain
outstanding lending balances, developments related to Toshiba's
restructuring plan, and the emergence of any new equity
investors. S&P might further downgrade Toshiba if it faces
difficulties fulfilling its financial obligations in a timely
manner because its restructuring plan does not move forward and
no prospects exist for it to receive continued support from its
creditor banks. A downgrade is also possible if S&P determines
that debt restructuring it classifies as distressed is a virtual
certainty.

RATINGS LIST

Downgraded; CreditWatch Action
                            To                   From
Toshiba Corp.
Corporate Credit Rating    CCC-/Watch Neg/C     CCC+/Watch Neg/C

Toshiba Corp.
Senior Unsecured           CCC-/Watch Neg       B-/Watch Neg

CreditWatch
Toshiba Corp.
Commercial Paper           C/Watch Neg          C/Watch Neg



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


PROPERTY VENTURES: PwC Liable for Up to $1BB in Liquidator's Suit
-----------------------------------------------------------------
Sophie Boot at BusinessDesk reports that PricewaterhouseCoopers
said it's under the gun for up to NZ$1 billion after two failed
attempts to stop a lawsuit brought against it by the liquidator
of a collapsed property development company.

Property Ventures, directed by discharged bankrupt Christchurch
businessman David Henderson, was the parent of a group of
companies that failed after the global financial crisis and left
a large Queenstown project unfinished, according to BusinessDesk.
The report says liquidator Robert Walker launched High Court
action against the company's directors alongside PwC, which was
the group's auditors. BusinessDesk says PwC has failed in the
High Court and Court of Appeal to get the action quashed or to
get the transfer of the debt to litigation funder SPF No 10
declared invalid.

According to the report, the accounting firm on March 16 asked
the Supreme Court to stay the proceedings, scheduled for the
first quarter of 2018, until the plaintiff has satisfied the
court they are not an abuse of process.

BusinessDesk relates that PwC's QC, Bruce Gray, said there had
been trafficking in the claim, and it comes under the legal tort
of champerty, which concerns third parties providing financial
backing for legal action in exchange for a share of the profit.

"Someone who is a complete stranger to the litigation, well-
funded and is bringing the litigation for its own sake as a
business enterprise, and that's what SPF is doing, is champertous
and the transaction is void," BusinessDesk quotes Mr. Gray as
saying. "This is not a case where a liquidator has sought funding
to pursue a claim for the benefit of unsecured creditors. That's
simply not happening."

"In any real sense, this liquidator was not here bringing the
claim for the benefit of unsecured creditors," Mr. Gray, as cited
by BusinessDesk, said. "The first NZ$300 million plus of the
value of the claim is already assigned to SPF. His second
motivation was to show how the commercial world had been
corrupted. Whatever it means, it's the kind of ancillary purpose
for bringing litigation that the courts have regarded as
inappropriate and an inadequate explanation to justify an
assignment that would otherwise be champertous."

BusinessDesk relates that Mr. Gray sadi the claim made, for
between NZ$240 million and NZ$320 million as of 2014, was
increasing "almost exponentially" due to 20% interest compounding
monthly, and it could exceed NZ$1 billion by the time trial
starts.

"The fact that the claim is brought by the liquidator tends to
conceal who actually owns the claim. In substance, SPF as funder
has purchased the claim, owns its proceeds, controls it," the
report quotes Mr. Gray as saying. "This case shows all of the
evils of champerty. It's pursued as a business asset in its own
right by someone who is well-funded and who's not about
vindicating rights or being repaid for something that has been
done with the company, but has pursued for maximum profit. The
defendants live with the reality of being defendants in a claim
for about NZ$1 billion, and that's troubling."

According to BusinessDesk, Justin Smith QC, representing Property
Ventures' liquidator Robert Walker and others, said neither the
funding agreement nor the assignment to SPF should be prevented
by the court.

"It is a standard market funding agreement, there are clear
provisions as to control of the litigation. I don't perceive that
on its own it is contended by the appellant to amount to
maintenance or champerty," BusinessDesk quotes Mr. Smith as
saying. "The assignment is what I perceive the appellant to have
its principal, if not sole, beef with, namely the effect of it.
It is an assignment of debt with all ancillary rights, in terms
of charges over secured property and rights to take it over. In
itself, it couldn't amount to champerty."

The Court of Appeal has previously ruled that arrangements can't
be struck down due to a profit motive being found, Mr. Smith
said, BusinessDesk relays.

"We may not like it but we know there are vulture funds who make
it their business to acquire enormous debts for small amounts of
money and make what some would regard as very high profits, but
we have to note they take commensurately high risks to acquire
the debts," Mr. Smith, as cited by BusinessDesk, said.

Property Ventures (PVL), the central company of the
David Henderson property development ventures, was put into
receivership in March 2010, and then into liquidation in July the
same year.



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


SINGAPORE: Default Fears Resurface Over Looming Debt Wall
---------------------------------------------------------
Denise Wee at Bloomberg News reports that default fears are
resurfacing in Singapore ahead of a wall of maturing corporate
debt, as a U.S. bankruptcy filing of a firm from the city flags
lingering pain despite economic recovery.

Pressure to pay down obligations has been unrelenting, Bloomberg
says. Companies excluding banks in Singapore must repay SGD38
billion ($27 billion) of local bonds through the end of 2020,
after about the same amount fell due in the four years through
2016, according to data compiled by Bloomberg. Six firms have
defaulted on SGD1.2 billion worth of notes since November 2015.

For some of Singapore's small debt-laden companies, a rebound in
manufacturing and exports hasn't been enough to bolster bottom
lines sufficiently, Bloomberg notes. In the latest sign of
strains, Ezra Holdings Ltd., which provides engineering services
to the offshore oil and gas sector, filed for Chapter 11
protection March 18 in the U.S., according to Bloomberg.  The
Singapore government, seeking to make it easier for firms to
restructure debt at home, voted earlier this month to enact
several changes to its Companies Act that are expected to take
effect by March 31, Bloomberg recalls.

"I see ongoing distress which could lead to further defaults in
the local bond market, in particular in oil and gas and
shipping," Bloomberg quotes Thomas Dillenseger, Hong Kong-based
managing director at restructuring firm Alvarez & Marsal, as
saying.

According to Bloomberg, Singapore's government late last year
introduced measures to boost marine and offshore engineering
companies' access to working capital, including providing loans
to eligible firms. "Up to now, local lenders have generally been
supportive, although it remains to be seen how long this resolve
will last," Bloomberg quotes Emmanuel Chua, Singapore-based
senior associate at Herbert Smith Freehills, as saying.



====================
S O U T H  K O R E A
====================


DAEWOO SHIPBUILDING: Deloitte Anjin Penalty Decision Out March 24
-----------------------------------------------------------------
The Korea Herald reports that South Korea's financial authorities
will decide on March 24 to what extent Deloitte Anjin should be
punished for writing false financial reports for Daewoo
Shipbuilding & Marine Engineering, sources said March 20.

"We're holding a meeting on March 24 to decide the degree of the
penalty," the report quotes Yoo Kwang-yeol, a standing
commissioner of the Securities & Futures Commission under the
Financial Services Commission, as saying. The SFC consists of
five commissioners -- Chairman and FSC Vice Chairman Jeong Eun-
bo, three non-standing commissioners and one standing
commissioner, the Korea Herald says.

According to the Korea Herald, local news reports said that
Deloitte Anjin, one of the big four accounting firms in Korea,
could face up to 12 months of business suspension, which would
ban the firm from having a new contract with a company for
accounting services for 12 months.

If Deloitte Anjin receives a business suspension, about 100
companies currently in need of a contract renewal with the
accounting firm could be affected, said a source, who declined to
be named, the Korea Herald relays.

Deloitte Anjin has about 1,100 employees.

The Korea Herald notes that for more than a year, the Financial
Supervisory Service has been investigating Deloitte Anjin on
whether the firm deliberately turned a blind eye to DSME when the
shipbuilder was cooking its books in 2013 and 2014.

Separately, the prosecution indicted in December the accounting
firm and three of its employees on charges of providing favorable
reports for DSME in 2013 and 2014 even when it was aware of
DSME's window dressing, the report recalls.

Deloitte Anjin had asserted at the time that it did not violate
any laws, the Korea Herald notes.

Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures.  Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.

The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.



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


* BOND PRICING: For the Week March 13 to March 17, 2017
-------------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50    04/01/19      USD      1.14
ARTSONIG PTY LTD           11.50    04/01/19      USD      1.14
BOART LONGYEAR MANAGEMEN    7.00    04/01/21      USD      6.25
BOART LONGYEAR MANAGEMEN    7.00    04/01/21      USD      6.25
BOART LONGYEAR MANAGEMEN   10.00    10/01/18      USD     74.50
BOART LONGYEAR MANAGEMEN   10.00    10/01/18      USD     74.50
CML GROUP LTD               9.00    01/29/20      AUD      1.02
HILLGROVE RESOURCES LTD     6.00    12/20/19      AUD      2.10
KEYBRIDGE CAPITAL LTD       7.00    07/31/20      AUD      0.72
LAKES OIL NL               10.00    03/31/17      AUD      4.13
LAKES OIL NL               10.00    05/31/18      AUD      8.00
MIDWEST VANADIUM PTY LTD   11.50    02/15/18      USD      2.00
MIDWEST VANADIUM PTY LTD   11.50    02/15/18      USD      2.00
RELIANCE RAIL FINANCE PT    2.15    09/26/23      AUD     67.57
RELIANCE RAIL FINANCE PT    2.15    09/26/23      AUD     67.57
STOKES LTD                 10.00    06/30/17      AUD      0.30
TREASURY CORP OF VICTORI    0.50    11/12/30      AUD     67.57


CHINA
-----

AKESU XINCHENG ASSET INV    7.50    10/10/18      CNY     51.24
ANKANG DEVELOPMENT & INV    6.35    03/06/20      CNY     81.23
ANQING URBAN CONSTRUCTIO    6.76    12/31/19      CNY     62.24
ANSHAN CITY CONSTRUCTION    8.25    03/05/19      CNY     41.81
ANSHAN CITY CONSTRUCTION    6.39    04/25/20      CNY     73.67
ANSHUN STATE-RUN ASSETS     6.98    01/10/20      CNY     61.87
ANSHUN STATE-RUN ASSETS     6.98    01/10/20      CNY     61.88
ANYANG INVESTMENT GROUP     8.00    04/17/19      CNY     61.79
BAICHENG ZHONGXING URBAN    7.00    12/18/19      CNY     61.14
BAISHAN URBAN CONSTRUCTI    7.00    07/31/19      CNY     61.42
BANGBU CITY INVESTMENT H    5.78    08/10/17      CNY     30.14
BANGBU CITY INVESTMENT H    6.30    09/11/20      CNY     82.12
BAODING NATIONAL HI-TECH    7.33    12/24/19      CNY     62.85
BAOJI INVESTMENT GROUP C    7.14    12/26/18      CNY     51.30
BAOJI INVESTMENT GROUP C    7.14    12/26/18      CNY     51.61
BAOSHAN STATE-OWNED ASSE    7.30    12/10/19      CNY     60.00
BAOSHAN STATE-OWNED ASSE    7.30    12/10/19      CNY     61.92
BAOTOU STATE OWNED ASSET    7.03    09/17/19      CNY     62.08
BAYINGUOLENG INNER MONGO    7.48    09/10/18      CNY     51.03
BEIJING CAPITAL DEVELOPM    5.95    05/29/19      CNY     60.82
BEIJING CHAOYANG STATE-O    5.25    03/27/20      CNY     74.35
BEIJING CONSTRUCTION ENG    5.95    07/05/19      CNY     60.85
BEIJING CONSTRUCTION ENG    5.95    07/05/19      CNY     60.91
BEIJING ECONOMIC TECHNOL    5.29    03/06/18      CNY     40.14
BEIJING FUTURE SCIENCE P    6.28    09/22/19      CNY     69.54
BEIJING GUCAI GROUP CO L    8.28    12/15/18      CNY     73.39
BEIJING JINGMEI GROUP CO    6.14    09/09/20      CNY     72.16
BEIJING XINGZHAN STATE O    6.48    08/31/19      CNY     56.83
BEIJING XINGZHAN STATE O    6.48    08/31/19      CNY     61.54
BIJIE XINTAI INVESTMENT     7.15    08/20/19      CNY     61.60
BINZHOU BINCHENG DISTRIC    6.50    07/05/19      CNY     61.36
BINZHOU BINCHENG DISTRIC    6.50    07/05/19      CNY     61.50
CANGZHOU CONSTRUCTION &     6.72    01/23/20      CNY     60.10
CANGZHOU CONSTRUCTION &     6.72    01/23/20      CNY     61.68
CHANGDE CITY CONSTRUCTIO    6.50    02/25/20      CNY     57.29
CHANGDE CITY CONSTRUCTIO    6.50    02/25/20      CNY     62.47
CHANGDE ECONOMIC DEVELOP    7.19    09/12/19      CNY     58.05
CHANGDE ECONOMIC DEVELOP    7.19    09/12/19      CNY     61.76
CHANGSHA CITY CONSTRUCTI    6.95    04/24/19      CNY     61.66
CHANGSHA COUNTY XINGCHEN    8.35    04/06/19      CNY     56.80
CHANGSHA COUNTY XINGCHEN    8.35    04/06/19      CNY     62.31
CHANGSHA PILOT INVESTMEN    6.70    12/10/19      CNY     62.09
CHANGSHU BINJIANG URBAN     6.85    04/27/19      CNY     61.33
CHANGSHU CITY OPERATION     8.00    01/16/19      CNY     40.71
CHANGSHU CITY OPERATION     8.00    01/16/19      CNY     41.46
CHANGXING URBAN CONSTRUC    6.80    11/30/19      CNY     57.55
CHANGXING URBAN CONSTRUC    6.80    11/30/19      CNY     61.49
CHANGYI ECONOMIC AND DEV    7.35    10/30/20      CNY     70.10
CHANGYI ECONOMIC AND DEV    7.35    10/30/20      CNY     72.63
CHANGZHI CITY CONSTRUCTI    6.46    02/26/20      CNY     61.15
CHANGZHOU JINTAN DISTRIC    8.30    03/14/19      CNY     62.14
CHANGZHOU WUJIN CITY CON    6.22    06/08/18      CNY     50.55
CHAOHU URBAN TOWN CONSTR    7.00    12/24/19      CNY     61.88
CHAOHU URBAN TOWN CONSTR    7.00    12/24/19      CNY     83.60
CHAOYANG CONSTRUCTION IN    7.30    05/25/19      CNY     61.25
CHENGDU CITY DEVELOPMENT    6.18    01/14/20      CNY     57.73
CHENGDU CITY DEVELOPMENT    6.18    01/14/20      CNY     61.54
CHENGDU ECONOMIC&TECHNOL    6.50    07/17/18      CNY     50.52
CHENGDU ECONOMIC&TECHNOL    6.50    07/17/18      CNY     50.81
CHENGDU ECONOMIC&TECHNOL    6.55    07/17/19      CNY     61.49
CHENGDU ECONOMIC&TECHNOL    6.55    07/17/19      CNY     62.50
CHENGDU HI-TECH INVESTME    6.28    11/20/19      CNY     55.29
CHENGDU HI-TECH INVESTME    6.28    11/20/19      CNY     61.55
CHENGDU XINCHENG XICHENG    8.35    03/19/19      CNY     62.13
CHENGDU XINCHENG XICHENG    8.35    03/19/19      CNY     62.21
CHENGDU XINDU XIANGCHENG    8.60    12/13/18      CNY     73.05
CHENGDU XINGCHENG INVEST    6.17    01/28/20      CNY     55.92
CHENGDU XINGCHENG INVEST    6.17    01/28/20      CNY     62.02
CHENGDU XINGJIN URBAN CO    7.30    11/27/19      CNY     62.15
CHENGDU XINGJIN URBAN CO    7.30    11/27/19      CNY     62.59
CHENZHOU URBAN CONSTRUCT    7.34    09/13/19      CNY     61.94
CHENZHOU URBAN CONSTRUCT    7.34    09/13/19      CNY     61.95
CHENZHOU XINTIAN INVESTM    6.30    07/17/20      CNY     73.80
CHIFENG CITY HONGSHAN IN    7.20    07/25/19      CNY     61.12
CHIFENG CITY INFRASTRUCT    6.18    05/18/17      CNY     50.16
CHINA CITY CONSTRUCTION     4.93    07/14/20      CNY     11.81
CHINA CITY CONSTRUCTION     3.97    03/01/21      CNY     25.49
CHINA CITY CONSTRUCTION     5.55    12/17/17      CNY     42.88
CHINA GOVERNMENT BOND       1.64    12/15/33      CNY     72.88
CHIZHOU CITY MANAGEMENT     7.17    10/17/19      CNY     61.60
CHIZHOU CITY MANAGEMENT     7.17    10/17/19      CNY     61.84
CHONGQING BEIFEI INDUSTR    7.13    12/25/19      CNY     61.98
CHONGQING BEIFEI INDUSTR    7.13    12/25/19      CNY     62.00
CHONGQING CHANGSHOU DEVE    7.45    09/25/19      CNY     62.02
CHONGQING CHANGSHOU DEVE    7.45    09/25/19      CNY     62.05
CHONGQING CITY CONSTRUCT    5.12    05/21/20      CNY     74.47
CHONGQING FULING STATE-O    6.39    01/21/20      CNY     55.02
CHONGQING FULING STATE-O    6.39    01/21/20      CNY     61.89
CHONGQING HECHUAN RURAL     8.28    04/10/18      CNY     50.85
CHONGQING HECHUAN URBAN     6.95    01/06/18      CNY     40.62
CHONGQING HONGRONG CAPIT    7.20    10/16/19      CNY     61.72
CHONGQING JIANGJIN HUAXI    6.95    01/06/18      CNY     40.62
CHONGQING JIANGJIN HUAXI    7.46    09/21/19      CNY     62.02
CHONGQING JIANGJIN HUAXI    7.46    09/21/19      CNY     62.17
CHONGQING JINYUN ASSET M    6.75    06/18/19      CNY     60.91
CHONGQING JINYUN ASSET M    6.75    06/18/19      CNY     61.26
CHONGQING LAND PROPERTIE    7.35    04/25/19      CNY     62.11
CHONGQING MAIRUI CITY IN    6.82    08/17/19      CNY     61.56
CHONGQING NAN'AN URBAN C    6.29    12/24/17      CNY     40.46
CHONGQING NAN'AN URBAN C    8.20    04/09/19      CNY     62.04
CHONGQING NANCHUAN DISTR    7.35    09/06/19      CNY     61.88
CHONGQING NANCHUAN DISTR    7.35    09/06/19      CNY     61.91
CHONGQING QIJIANG EAST N    6.75    01/29/20      CNY     61.89
CHONGQING THREE GORGES I    6.40    01/23/19      CNY     50.92
CHONGQING XINGRONG HOLDI    8.35    04/19/19      CNY     61.99
CHONGQING XIYONG MICRO-E    6.76    07/25/19      CNY     61.76
CHONGQING YONGCHUAN HUIT    7.33    10/16/19      CNY     61.82
CHONGQING YONGCHUAN HUIT    7.33    10/16/19      CNY     62.05
CHONGQING YONGCHUAN HUIT    7.49    03/14/18      CNY     70.92
CHONGQING YUFU ASSET MAN    6.50    09/04/19      CNY     56.10
CHONGQING YUFU ASSET MAN    6.50    09/04/19      CNY     61.77
CHONGQING YULONG ASSET M    6.87    05/31/19      CNY     61.23
CHONGQING YUXING CONSTRU    7.29    12/08/17      CNY     40.69
CHONGQING YUXING CONSTRU    7.30    12/10/19      CNY     62.03
CHONGQING YUXING CONSTRU    7.30    12/10/19      CNY     62.10
CHUXIONG AUTONOMOUS DEVE    6.08    10/18/17      CNY     50.23
CHUZHOU CITY CONSTRUCTIO    6.81    11/23/19      CNY     61.72
CHUZHOU CITY CONSTRUCTIO    6.81    11/23/19      CNY     62.15
CHUZHOU TONGCHUANG CONST    7.05    01/09/20      CNY     56.25
CHUZHOU TONGCHUANG CONST    7.05    01/09/20      CNY     62.05
CIXI STATE OWNED ASSET I    6.60    09/20/19      CNY     57.82
CIXI STATE OWNED ASSET I    6.60    09/20/19      CNY     61.80
DALI ECONOMIC DEVELOPMEN    8.80    04/24/19      CNY     62.32
DALIAN CHANGXING ISLAND     6.60    01/25/20      CNY     61.87
DALIAN DETA INVESTMENT C    6.50    11/15/19      CNY     61.44
DALIAN LVSHUN CONSTRUCTI    6.78    07/02/19      CNY     57.03
DALIAN LVSHUN CONSTRUCTI    6.78    07/02/19      CNY     61.16
DANDONG CITY DEVELOPMENT    6.63    12/21/18      CNY     70.86
DANYANG INVESTMENT GROUP    8.10    03/06/19      CNY     61.89
DANYANG INVESTMENT GROUP    6.81    10/23/19      CNY     72.16
DAQING GAOXIN STATE-OWNE    6.88    12/05/19      CNY     61.74
DAQING GAOXIN STATE-OWNE    6.88    12/05/19      CNY     63.00
DAQING URBAN CONSTRUCTIO    6.55    10/23/19      CNY     61.45
DASHIQIAO URBAN CONSTRUC    6.58    02/21/20      CNY     60.94
DASHIQIAO URBAN CONSTRUC    6.58    02/21/20      CNY     61.11
DATONG ECONOMIC CONSTRUC    6.50    06/01/17      CNY     39.89
DAXING ANLING FORESTRY G    7.08    10/23/19      CNY     30.00
DAXING ANLING FORESTRY G    7.08    10/23/19      CNY     51.12
DAZHOU INVESTMENT CO LTD    6.99    12/25/19      CNY     58.72
DAZHOU INVESTMENT CO LTD    6.99    12/25/19      CNY     61.76
DEYANG CITY CONSTRUCTION    6.99    12/26/19      CNY     61.51
DEYANG CITY CONSTRUCTION    6.99    12/26/19      CNY     61.93
DEZHOU DEDA URBAN CONSTR    7.14    10/18/19      CNY     62.05
DONGBEI SPECIAL STEEL GR    7.40    07/17/17      CNY     40.00
DONGBEI SPECIAL STEEL GR    5.88    05/05/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    5.63    04/12/18      CNY     40.00
DONGBEI SPECIAL STEEL GR    6.30    09/24/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    6.50    03/27/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    6.10    01/15/18      CNY     40.00
DONGBEI SPECIAL STEEL GR    7.00    07/10/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    8.20    06/06/16      CNY     40.00
DONGBEI SPECIAL STEEL GR    8.30    09/06/16      CNY     40.00
DONGTAI COMMUNICATION IN    7.39    07/05/18      CNY     50.70
DONGTAI UBAN CONSTRUCTIO    7.10    12/26/19      CNY     62.14
DONGTAI UBAN CONSTRUCTIO    7.10    12/26/19      CNY     84.40
DRILL RIGS HOLDINGS INC     6.50    10/01/17      USD     46.50
DRILL RIGS HOLDINGS INC     6.50    10/01/17      USD     47.50
ENSHI URBAN CONSTRUCTION    7.55    10/22/19      CNY     62.13
ERDOS DONGSHENG CITY DEV    8.40    02/28/18      CNY     25.00
ERDOS DONGSHENG CITY DEV    8.40    02/28/18      CNY     25.22
EZHOU CITY CONSTRUCTION     7.08    06/19/19      CNY     61.48
FEICHENG CITY ASSETS MAN    7.10    08/14/18      CNY     50.97
FENGCHENG CITY CONSTRUCT    7.50    02/28/21      CNY     72.16
FENGHUA CITY INVESTMENT     7.45    09/24/19      CNY     61.66
FENGHUA CITY INVESTMENT     7.45    09/24/19      CNY     62.20
FUJIAN LONGYAN CITY CONS    7.45    08/14/19      CNY     61.86
FUJIAN NANPING HIGHWAY C    6.69    01/28/20      CNY     61.56
FUJIAN NANPING HIGHWAY C    6.69    01/28/20      CNY     61.70
FUJIAN NANPING HIGHWAY C    7.90    10/26/18      CNY     72.77
FUQING CITY STATE-OWNED     6.66    03/01/21      CNY     72.50
FUSHUN URBAN INVESTMENT     5.95    05/11/18      CNY     70.31
FUXIN INFRASTRUCTURE CON    7.55    10/10/19      CNY     60.00
FUXIN INFRASTRUCTURE CON    7.55    10/10/19      CNY     62.13
FUZHOU INVESTMENT DEVELO    6.78    01/16/20      CNY     57.73
FUZHOU INVESTMENT DEVELO    6.78    01/16/20      CNY     61.88
FUZHOU URBAN AND RURAL C    6.35    09/25/18      CNY     46.00
FUZHOU URBAN AND RURAL C    6.35    09/25/18      CNY     50.72
GANSU PROVINCIAL HIGHWAY    6.75    11/16/18      CNY     71.59
GANSU PROVINCIAL HIGHWAY    7.20    09/19/18      CNY     71.94
GANZHOU CITY DEVELOPMENT    6.40    07/10/18      CNY     50.70
GANZHOU DEVELOPMENT ZONE    6.70    12/26/18      CNY     47.70
GANZHOU DEVELOPMENT ZONE    6.70    12/26/18      CNY     51.15
GAOMI STATE-OWNED ASSETS    6.75    11/15/18      CNY     47.36
GAOMI STATE-OWNED ASSETS    6.75    11/15/18      CNY     50.92
GAOMI STATE-OWNED ASSETS    6.70    11/15/19      CNY     58.63
GAOMI STATE-OWNED ASSETS    6.70    11/15/19      CNY     61.51
GONGYI STATE OWNED ASSET    6.70    01/18/20      CNY     60.77
GUANGAN INVESTMENT HOLDI    8.18    04/25/19      CNY     61.80
GUANGXI BAISE DEVELOPMEN    6.50    07/04/19      CNY     61.04
GUANGXI BAISE DEVELOPMEN    6.50    07/04/19      CNY     61.10
GUANGYUAN INVESTMENT HOL    7.25    11/26/19      CNY     61.81
GUILIN ECONOMIC CONSTRUC    6.90    05/09/18      CNY     46.63
GUILIN ECONOMIC CONSTRUC    6.90    05/09/18      CNY     50.77
GUIYANG ECO&TECH DEVELOP    8.42    03/27/19      CNY     61.86
GUIYANG JINYANG CONSTRUC    6.70    10/24/18      CNY     46.90
GUIYANG JINYANG CONSTRUC    6.70    10/24/18      CNY     51.09
GUIYANG PUBLIC RESIDENTI    6.70    11/06/19      CNY     61.55
GUIYANG PUBLIC RESIDENTI    6.70    11/06/19      CNY     62.00
GUIYANG URBAN DEVELOPMEN    6.20    02/28/20      CNY     60.67
GUOAO INVESTMENT DEVELOP    6.89    10/29/18      CNY     43.86
GUOAO INVESTMENT DEVELOP    6.89    10/29/18      CNY     50.96
HAIAN COUNTY CITY CONSTR    8.35    03/28/18      CNY     50.97
HAIAN COUNTY CITY CONSTR    8.35    03/28/18      CNY     50.99
HAICHENG URBAN INVESTMEN    8.39    11/07/18      CNY     72.61
HAICHENG URBAN INVESTMEN    8.39    11/07/18      CNY     73.51
HAIMEN CITY DEVELOPMENT     8.35    03/20/19      CNY     61.97
HAINING STATE-OWNED ASSE    7.80    09/20/18      CNY     72.16
HAINING STATE-OWNED ASSE    7.80    09/20/18      CNY     72.47
HAINING STATE-OWNED ASSE    6.08    03/06/20      CNY     82.70
HANDAN CITY CONSTRUCTION    7.05    12/24/19      CNY     62.00
HANDAN CITY CONSTRUCTION    7.05    12/24/19      CNY     62.34
HANGZHOU HIGH-TECH INDUS    6.45    01/28/20      CNY     56.28
HANGZHOU HIGH-TECH INDUS    6.45    01/28/20      CNY     61.61
HANGZHOU MUNICIPAL CONST    5.90    04/25/18      CNY     50.33
HANGZHOU MUNICIPAL CONST    5.90    04/25/18      CNY     50.41
HANGZHOU XIAOSHAN ECO&TE    6.70    12/26/18      CNY     51.36
HANGZHOU YUHANG CITY CON    7.55    03/29/19      CNY     60.00
HANGZHOU YUHANG CITY CON    7.55    03/29/19      CNY     61.68
HANGZHOU YUHANG INNOVATI    6.50    03/18/20      CNY     74.69
HANZHONG CITY CONSTRUCTI    7.48    03/14/18      CNY     71.13
HARBIN HELI INVESTMENT H    7.48    09/26/18      CNY     71.83
HARBIN HELI INVESTMENT H    7.48    09/26/18      CNY     71.89
HARBIN WATER INVESTMENT     5.70    05/06/20      CNY     73.96
HEBEI SHUNDE INVESTMENT     6.98    12/05/19      CNY     61.85
HEBEI SHUNDE INVESTMENT     6.98    12/05/19      CNY     62.04
HEFEI HAIHENG INVESTMENT    7.30    06/12/19      CNY     61.44
HEFEI TAOHUA INDUSTRIAL     8.79    03/27/19      CNY     62.30
HEFEI XINCHENG STATE-OWN    7.88    04/23/19      CNY     61.83
HEFEI XINCHENG STATE-OWN    7.88    04/23/19      CNY     61.91
HEGANG KAIYUAN CITY INVE    6.50    07/19/19      CNY     61.54
HENAN JIYUAN CITY CONSTR    7.50    09/25/19      CNY     62.21
HENGYANG CITY CONSTRUCTI    7.06    08/13/19      CNY     61.90
HENGYANG CITY CONSTRUCTI    7.06    08/13/19      CNY     62.04
HUAIAN CITY URBAN ASSET     6.87    12/26/19      CNY     56.65
HUAIAN CITY URBAN ASSET     6.87    12/26/19      CNY     62.02
HUAIAN CITY WATER ASSET     8.25    03/08/19      CNY     62.09
HUAI'AN DEVELOPMENT HOLD    6.80    03/24/17      CNY     41.72
HUAI'AN DEVELOPMENT HOLD    7.20    09/06/19      CNY     55.02
HUAI'AN DEVELOPMENT HOLD    7.20    09/06/19      CNY     61.75
HUAIAN QINGHE NEW AREA I    6.79    04/29/17      CNY     39.88
HUAIAN QINGHE NEW AREA I    6.68    01/24/20      CNY     61.41
HUAIBEI CITY CONSTRUCTIO    6.68    12/17/18      CNY     50.21
HUAIBEI CITY CONSTRUCTIO    6.68    12/17/18      CNY     50.96
HUAIHUA CITY CONSTRUCTIO    8.00    03/22/18      CNY     50.21
HUAIHUA CITY CONSTRUCTIO    8.00    03/22/18      CNY     50.88
HUANGGANG CITY CONSTRUCT    7.10    10/19/19      CNY     61.82
HUANGGANG CITY CONSTRUCT    7.10    10/19/19      CNY     62.04
HUANGSHI URBAN CONSTRUCT    6.96    10/25/19      CNY     61.87
HUIAN STATE ASSETS INVES    7.50    10/15/19      CNY     62.16
HULUDAO INVESTMENT GROUP    8.47    03/01/19      CNY     60.00
HUNAN CHANGDE DEYUAN INV    7.18    10/18/18      CNY     50.93
HUNAN CHENGLINGJI HARBOR    7.70    10/15/18      CNY     51.42
HUNAN CHENGLINGJI HARBOR    7.70    10/15/18      CNY     51.44
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18      CNY     50.71
HUZHOU MUNICIPAL CONSTRU    7.02    12/21/17      CNY     40.59
HUZHOU MUNICIPAL CONSTRU    6.70    12/14/19      CNY     61.52
HUZHOU NANXUN STATE-OWNE    8.15    03/31/19      CNY     61.91
HUZHOU WUXING NANTAIHU C    7.71    02/17/18      CNY     41.56
INNER MONGOLIA HIGH-TECH    7.20    09/25/19      CNY     61.70
JIAMUSI NEW ERA INFRASTR    8.25    03/22/19      CNY     60.80
JIAMUSI NEW ERA INFRASTR    8.25    03/22/19      CNY     61.60
JIAN CITY CONSTRUCTION I    7.80    04/20/19      CNY     62.01
JIANAN INVESTMENT HOLDIN    7.68    09/04/19      CNY     60.00
JIANAN INVESTMENT HOLDIN    7.68    09/04/19      CNY     62.43
JIANGDONG HOLDING GROUP     6.90    03/27/19      CNY     61.01
JIANGDU XINYUAN INDUSTRI    8.10    03/23/19      CNY     62.39
JIANGMEN CITY BINJIANG C    6.60    02/28/20      CNY     62.19
JIANGSU DAFENG HARBOR HO    7.98    11/15/17      CNY     50.42
JIANGSU HANRUI INVESTMEN    8.16    03/01/19      CNY     41.33
JIANGSU HUAJING ASSETS M    5.68    09/28/17      CNY     25.12
JIANGSU JINGUAN INVESTME    6.40    01/28/19      CNY     50.78
JIANGSU LIANYUN DEVELOPM    6.10    06/19/19      CNY     60.74
JIANGSU LIANYUN DEVELOPM    6.10    06/19/19      CNY     60.97
JIANGSU NANJING PUKOU EC    7.10    10/08/19      CNY     61.56
JIANGSU NANJING PUKOU EC    7.10    10/08/19      CNY     61.76
JIANGSU NEWHEADLINE DEVE    7.00    08/27/20      CNY     72.53
JIANGSU NEWHEADLINE DEVE    7.00    08/27/20      CNY     72.91
JIANGSU SUHAI INVESTMENT    7.20    11/07/19      CNY     61.99
JIANGSU TAICANG PORT DEV    7.66    05/16/19      CNY     62.14
JIANGSU WUZHONG ECONOMIC    8.05    12/16/18      CNY     66.22
JIANGSU WUZHONG ECONOMIC    8.05    12/16/18      CNY     72.87
JIANGSU XISHAN ECONOMIC     6.99    11/01/19      CNY     61.75
JIANGSU XISHAN ECONOMIC     6.99    11/01/19      CNY     69.60
JIANGSU ZHANGJIAGANG ECO    6.98    11/16/19      CNY     62.29
JIANGXI HEJI INVESTMENT     8.00    09/04/19      CNY     62.39
JIANGXI HEJI INVESTMENT     8.00    09/04/19      CNY     62.43
JIANGYAN STATE OWNED ASS    6.85    12/03/19      CNY     61.70
JIANGYAN STATE OWNED ASS    6.85    12/03/19      CNY     61.77
JIANGYIN CITY CONSTRUCTI    7.20    06/11/19      CNY     61.51
JIANGYIN CITY CONSTRUCTI    7.20    06/11/19      CNY     61.80
JIANGYIN GAOXIN DISTRICT    6.60    02/27/20      CNY     61.68
JIANHU URBAN CONSTRUCTIO    6.50    02/22/20      CNY     61.45
JIANHU URBAN CONSTRUCTIO    6.50    02/22/20      CNY     61.70
JIASHAN STATE-OWNED ASSE    6.80    06/06/19      CNY     61.48
JIAXING CULTURE FAMOUS C    8.16    03/08/19      CNY     61.79
JIAXING ECONOMIC&TECHNOL    6.78    06/14/19      CNY     57.28
JIAXING ECONOMIC&TECHNOL    6.78    06/14/19      CNY     61.24
JILIN CITY CONSTRUCTION     6.34    02/26/20      CNY     58.63
JILIN CITY CONSTRUCTION     6.34    02/26/20      CNY     61.64
JIMO CITY URBAN DEVELOPM    8.10    12/17/19      CNY     71.50
JINAN CITY CONSTRUCTION     6.98    03/26/18      CNY     50.60
JINAN XIAOQINGHE DEVELOP    7.15    09/05/19      CNY     61.72
JINAN XIAOQINGHE DEVELOP    7.15    09/05/19      CNY     61.80
JINGJIANG BINJIANG XINCH    6.80    10/23/18      CNY     50.79
JINGJIANG BINJIANG XINCH    6.80    10/23/18      CNY     51.15
JINGZHOU URBAN CONSTRUCT    7.98    04/24/19      CNY     61.99
JINING CITY CONSTRUCTION    8.30    12/31/18      CNY     41.96
JINING CITY YANZHOU DIST    8.50    12/28/17      CNY     25.58
JINING HI-TECH TOWN CONS    6.60    01/28/20      CNY     61.50
JINING HI-TECH TOWN CONS    6.60    01/28/20      CNY     61.73
JINING WATER SUPPLY GROU    7.18    01/22/20      CNY     62.36
JINSHAN STATE-OWNED ASSE    6.65    11/27/19      CNY     61.99
JINZHOU CITY INVESTMENT     7.08    06/13/19      CNY     61.11
JINZHOU CITY INVESTMENT     7.08    06/13/19      CNY     61.74
JISHOU HUATAI STATE OWNE    7.37    12/12/19      CNY     61.93
JISHOU HUATAI STATE OWNE    7.37    12/12/19      CNY     62.13
JIUJIANG CITY CONSTRUCTI    8.49    02/23/19      CNY     42.27
JIXI STATE OWN ASSET MAN    7.18    11/08/19      CNY     61.69
JIXI STATE OWN ASSET MAN    7.18    11/08/19      CNY     61.97
KAIFENG DEVELOPMENT INVE    6.47    07/11/19      CNY     60.95
KARAMAY URBAN CONSTRUCTI    7.15    09/04/19      CNY     61.77
KARAMAY URBAN CONSTRUCTI    7.15    09/04/19      CNY     61.87
KASHI URBAN CONSTRUCTION    7.18    11/27/19      CNY     61.97
KUNMING CITY CONSTRUCTIO    7.60    04/13/18      CNY     50.55
KUNMING CITY CONSTRUCTIO    7.60    04/13/18      CNY     50.87
KUNMING DIANCHI INVESTME    6.50    02/01/20      CNY     62.06
KUNMING INDUSTRIAL DEVEL    6.46    10/23/19      CNY     56.84
KUNMING INDUSTRIAL DEVEL    6.46    10/23/19      CNY     61.40
KUNMING WUHUA DISTRICT S    8.60    03/15/18      CNY     50.90
KUNMING WUHUA DISTRICT S    8.60    03/15/18      CNY     50.94
KUNSHAN ENTREPRENEUR HOL    6.28    11/07/19      CNY     57.73
KUNSHAN ENTREPRENEUR HOL    6.28    11/07/19      CNY     61.32
KUNSHAN HUAQIAO INTERNAT    7.98    12/30/18      CNY     41.50
LAIWU CITY ECONOMIC DEVE    6.50    03/01/18      CNY     30.31
LANZHOU CITY DEVELOPMENT    8.20    12/15/18      CNY     63.32
LANZHOU CITY DEVELOPMENT    8.20    12/15/18      CNY     69.84
LEQING CITY STATE OWNED     6.50    06/29/19      CNY     61.09
LESHAN STATE-OWNED ASSET    6.99    03/18/18      CNY     70.74
LESHAN STATE-OWNED ASSET    6.99    03/18/18      CNY     70.86
LIAONING YAODU DEVELOPME    7.35    12/12/19      CNY     61.22
LIAOYANG CITY ASSETS OPE    7.10    11/13/19      CNY     60.30
LIAOYANG CITY ASSETS OPE    7.10    11/13/19      CNY     62.12
LIAOYANG CITY ASSETS OPE    6.88    06/13/18      CNY     66.00
LIAOYUAN STATE-OWNED ASS    8.17    03/13/19      CNY     59.50
LIAOYUAN STATE-OWNED ASS    8.17    03/13/19      CNY     62.04
LIJIANG GUCHENG MANAGEME    6.68    07/26/19      CNY     61.44
LINAN CITY CONSTRUCTION     8.15    03/09/18      CNY     50.78
LINAN CITY CONSTRUCTION     8.15    03/09/18      CNY     50.80
LINYI CITY ASSET MANAGEM    6.68    12/12/19      CNY     57.91
LINYI CITY ASSET MANAGEM    6.68    12/12/19      CNY     61.97
LINYI ECONOMIC DEVELOPME    8.26    09/24/19      CNY     62.96
LINYI INVESTMENT DEVELOP    8.10    03/27/18      CNY     50.87
LISHUI URBAN CONSTRUCTIO    5.80    05/29/20      CNY     73.24
LIUPANSHUI DEVELOPMENT I    6.97    12/03/19      CNY     56.80
LIUPANSHUI DEVELOPMENT I    6.97    12/03/19      CNY     61.58
LIUZHOU DONGCHENG INVEST    8.30    02/15/19      CNY     41.00
LIUZHOU DONGCHENG INVEST    8.30    02/15/19      CNY     41.94
LIUZHOU INVESTMENT HOLDI    6.98    08/15/19      CNY     61.59
LIYANG CITY CONSTRUCTION    8.20    11/08/18      CNY     68.96
LONGHAI STATE-OWNED ASSE    8.25    12/02/17      CNY     40.00
LONGHAI STATE-OWNED ASSE    8.25    12/02/17      CNY     40.93
LOUDI CITY CONSTRUCTION     7.28    10/19/18      CNY     51.09
LOUDI CITY CONSTRUCTION     7.28    10/19/18      CNY     51.20
LUOHE CITY CONSTRUCTION     6.81    03/30/17      CNY     30.03
LUOHE CITY CONSTRUCTION     6.81    03/30/17      CNY     30.05
LUOHE CITY CONSTRUCTION     6.99    10/30/19      CNY     61.69
LUOYANG CITY DEVELOPMENT    6.89    12/31/19      CNY     61.92
MAANSHAN ECONOMIC TECHNO    7.10    12/20/19      CNY     62.00
MIANYANG SCIENCE TECHNOL    6.30    07/22/18      CNY     53.11
MIANYANG SCIENCE TECHNOL    7.16    05/15/19      CNY     60.02
MIANYANG SCIENCE TECHNOL    7.16    05/15/19      CNY     61.21
MUDANJIANG STATE-OWNED A    7.08    08/30/19      CNY     61.01
MUDANJIANG STATE-OWNED A    7.08    08/30/19      CNY     61.38
NANAN CITY TRADE INDUSTR    8.50    04/25/19      CNY     62.37
NANCHANG CITY CONSTRUCTI    6.19    02/20/20      CNY     56.19
NANCHANG CITY CONSTRUCTI    6.19    02/20/20      CNY     61.41
NANCHANG ECONOMY TECHNOL    6.88    01/09/20      CNY     61.90
NANCHANG MUNICIPAL PUBLI    5.88    02/25/20      CNY     57.64
NANCHANG MUNICIPAL PUBLI    5.88    02/25/20      CNY     61.44
NANCHONG DEVELOPMENT INV    6.69    01/28/20      CNY     61.85
NANCHONG DEVELOPMENT INV    6.69    01/28/20      CNY     82.34
NANCHONG ECONOMIC DEVELO    8.16    04/26/19      CNY     62.22
NANJING JIANGNING SCIENC    7.29    04/28/19      CNY     61.40
NANJING NEW&HIGH TECHNOL    6.94    09/07/19      CNY     61.54
NANJING NEW&HIGH TECHNOL    6.94    09/07/19      CNY     61.62
NANJING STATE OWNED ASSE    5.40    03/06/20      CNY     60.95
NANJING STATE OWNED ASSE    5.40    03/06/20      CNY     73.83
NANJING URBAN CONSTRUCTI    5.68    11/26/18      CNY     45.97
NANJING URBAN CONSTRUCTI    5.68    11/26/18      CNY     50.77
NANJING XINGANG DEVELOPM    6.80    01/08/20      CNY     55.92
NANJING XINGANG DEVELOPM    6.80    01/08/20      CNY     61.93
NANTONG CITY GANGZHA DIS    7.15    01/09/20      CNY     62.09
NANTONG CITY GANGZHA DIS    7.15    01/09/20      CNY     62.23
NANTONG CITY TONGZHOU DI    6.80    05/28/19      CNY     61.41
NEIJIANG INVESTMENT HOLD    7.00    07/19/18      CNY     48.71
NEIJIANG INVESTMENT HOLD    7.00    07/19/18      CNY     50.90
NEIMENGGU XINLINGOL XING    7.62    02/25/18      CNY     41.01
NINGBO CITY ZHENHAI INVE    6.48    04/12/17      CNY     39.93
NINGBO EASTERN NEW TOWN     6.45    01/21/20      CNY     61.38
NINGBO URBAN CONSTRUCTIO    7.39    03/01/18      CNY     24.49
NINGBO URBAN CONSTRUCTIO    7.39    03/01/18      CNY     25.66
NINGBO ZHENHAI HAIJIANG     6.65    11/28/18      CNY     51.03
NINGDE CITY STATE-OWNED     6.25    10/21/17      CNY     10.17
NONGGONGSHANG REAL ESTAT    6.29    10/11/17      CNY     40.40
PANJIN CONSTRUCTION INVE    7.50    05/17/19      CNY     60.00
PANJIN CONSTRUCTION INVE    7.42    03/01/18      CNY     61.21
PANJIN CONSTRUCTION INVE    7.50    05/17/19      CNY     61.47
PANJIN PETROLEUM HIGH TE    6.95    01/10/20      CNY     61.50
PANJIN PETROLEUM HIGH TE    6.95    01/10/20      CNY     61.89
PEIXIAN STATE-OWNED ASSE    7.20    12/06/19      CNY     62.15
PEIXIAN STATE-OWNED ASSE    7.20    12/06/19      CNY     62.37
PENGLAI CITY PENGLAIGE T    6.80    01/30/21      CNY     71.55
PENGLAI CITY PENGLAIGE T    6.80    01/30/21      CNY     72.81
PI COUNTY STATE-OWNED AS    7.25    10/15/20      CNY     74.42
PINGDINGSHAN CITY DEVELO    7.86    05/08/19      CNY     61.76
PINGDINGSHAN CITY DEVELO    7.86    05/08/19      CNY     61.86
PINGHU CITY DEVELOPMENT     7.20    09/18/19      CNY     60.20
PINGHU CITY DEVELOPMENT     7.20    09/18/19      CNY     61.80
PINGXIANG URBAN CONSTRUC    6.89    12/10/19      CNY     61.73
PINGXIANG URBAN CONSTRUC    6.89    12/10/19      CNY     84.05
PIZHOU RUNCHENG ASSET OP    7.55    09/25/19      CNY     60.50
PIZHOU RUNCHENG ASSET OP    7.55    09/25/19      CNY     62.12
PUER CITY STATE OWNED AS    7.38    06/20/19      CNY     61.68
PUTIAN STATE-OWNED ASSET    8.10    03/21/19      CNY     61.92
PUYANG INVESTMENT GROUP     6.98    10/29/19      CNY     61.68
QIANAN XINGYUAN WATER IN    6.45    07/11/18      CNY     50.67
QIANDONG NANZHOU DEVELOP    8.80    04/27/19      CNY     63.14
QIANDONGNANZHOU KAIHONG     7.80    10/30/19      CNY     61.65
QIANXI NANZHOU HONGSHENG    6.99    11/22/19      CNY     61.60
QINGDAO CITY CONSTRUCTIO    6.89    02/16/19      CNY     41.19
QINGDAO CITY CONSTRUCTIO    6.89    02/16/19      CNY     41.38
QINGDAO HUATONG STATE-OW    7.30    04/18/19      CNY     55.97
QINGDAO HUATONG STATE-OW    7.30    04/18/19      CNY     61.40
QINGDAO JIAOZHOU CITY DE    6.59    01/25/20      CNY     61.87
QINGZHOU HONGYUAN PUBLIC    6.50    05/22/19      CNY     28.00
QINGZHOU HONGYUAN PUBLIC    6.50    05/22/19      CNY     30.42
QINGZHOU HONGYUAN PUBLIC    7.25    10/19/18      CNY     51.13
QINGZHOU HONGYUAN PUBLIC    7.25    10/19/18      CNY     51.17
QINGZHOU HONGYUAN PUBLIC    7.35    10/19/19      CNY     54.12
QINGZHOU HONGYUAN PUBLIC    7.35    10/19/19      CNY     62.03
QINHUANGDAO DEVELOPMENT     7.46    10/17/19      CNY     61.99
QINHUANGDAO DEVELOPMENT     7.46    10/17/19      CNY     62.15
QINZHOU CITY DEVELOPMENT    6.72    04/30/17      CNY     50.14
QITAIHE CITY CONSTRUCTIO    7.30    10/18/19      CNY     61.01
QUANZHOU QUANGANG PETROC    8.40    04/16/19      CNY     61.59
QUANZHOU QUANGANG PETROC    8.40    04/16/19      CNY     62.02
QUANZHOU TAISHANG INVEST    7.08    12/10/19      CNY     61.99
QUANZHOU URBAN CONSTRUCT    6.48    01/11/20      CNY     56.47
QUANZHOU URBAN CONSTRUCT    6.48    01/11/20      CNY     61.88
QUJING DEVELOPMENT INVES    7.25    09/06/19      CNY     62.73
QUJING DEVELOPMENT INVES    7.25    09/06/19      CNY     62.80
RUDONG COUNTY DONGTAI SO    7.10    01/31/18      CNY     50.86
RUDONG COUNTY DONGTAI SO    7.45    09/24/19      CNY     61.94
RUDONG COUNTY DONGTAI SO    7.45    09/24/19      CNY     62.00
RUGAO COMMUNICATIONS CON    8.51    01/26/19      CNY     52.12
RUGAO COMMUNICATIONS CON    6.70    02/01/20      CNY     62.14
RUGAO COMMUNICATIONS CON    6.70    02/01/20      CNY     63.00
RUIAN STATE OWNED ASSET     6.93    11/26/19      CNY     61.71
RUIAN STATE OWNED ASSET     6.93    11/26/19      CNY     61.93
SANMENXIA CITY FINANCIAL    6.68    01/29/20      CNY     61.64
SANMENXIA CITY FINANCIAL    6.68    01/29/20      CNY     61.98
SANMING CITY CONSTRUCTIO    6.40    03/05/20      CNY     61.56
SANMING STATE-OWNED ASSE    6.92    12/05/19      CNY     62.01
SANMING STATE-OWNED ASSE    6.99    06/14/18      CNY     71.33
SHANGHAI CHENGTOU CORP      4.63    07/30/19      CNY     60.24
SHANGHAI FENGXIAN NANQIA    6.25    03/05/20      CNY     61.35
SHANGHAI JIADING INDUSTR    6.71    10/10/18      CNY     50.91
SHANGHAI JINSHAN URBAN C    6.60    12/21/19      CNY     61.50
SHANGHAI JINSHAN URBAN C    6.60    12/21/19      CNY     61.64
SHANGHAI LUJIAZUI DEVELO    5.79    02/25/19      CNY     65.85
SHANGHAI LUJIAZUI DEVELO    5.79    02/25/19      CNY     71.79
SHANGHAI MINHANG URBAN C    6.48    10/23/19      CNY     57.23
SHANGHAI MINHANG URBAN C    6.48    10/23/19      CNY     61.79
SHANGHAI REAL ESTATE GRO    6.12    05/17/17      CNY     39.89
SHANGHAI SONGJIANG TOWN     6.28    08/15/18      CNY     45.98
SHANGHAI SONGJIANG TOWN     6.28    08/15/18      CNY     50.67
SHANGHAI URBAN CONSTRUCT    5.25    11/30/19      CNY     60.45
SHANGQIU DEVELOPMENT INV    6.60    01/15/20      CNY     61.60
SHANGRAO CITY CONSTRUCTI    7.30    09/10/19      CNY     57.73
SHANGRAO CITY CONSTRUCTI    7.30    09/10/19      CNY     61.94
SHANGYU COMMUNICATIONS I    6.70    09/11/19      CNY     61.81
SHAOGUAN JINYE DEVELOPME    7.30    10/18/19      CNY     61.97
SHAOGUAN JINYE DEVELOPME    7.30    10/18/19      CNY     62.14
SHAOXING CHENGBEI XINCHE    6.21    06/11/18      CNY     50.32
SHAOXING CHENGZHONGCUN R    6.50    01/24/20      CNY     56.10
SHAOXING CHENGZHONGCUN R    6.50    01/24/20      CNY     61.85
SHAOXING HI-TECH INDUSTR    6.75    12/05/18      CNY     50.96
SHAOXING KEQIAO DISTRICT    6.30    02/26/19      CNY     50.51
SHAOXING KEQIAO DISTRICT    6.30    02/26/19      CNY     51.10
SHAOXING PAOJIANG INDUST    6.90    10/31/19      CNY     62.05
SHAOXING URBAN CONSTRUCT    6.40    11/09/19      CNY     61.41
SHAOYANG CITY CONSTRUCTI    7.40    09/11/18      CNY     50.97
SHENYANG HEPING DISTRICT    6.85    11/13/19      CNY     61.62
SHENYANG MACHINE TOOL CO    6.50    04/09/20      CNY     49.59
SHISHI STATE OWNED INVES    7.40    09/13/19      CNY     61.68
SHIYAN CITY INFRASTRUCTU    7.98    04/20/19      CNY     61.76
SHOUGUANG JINCAI STATE-O    6.70    10/23/19      CNY     58.18
SHOUGUANG JINCAI STATE-O    6.70    10/23/19      CNY     61.75
SHUANGYASHAN DADI CITY C    6.55    12/25/19      CNY     61.25
SHUANGYASHAN DADI CITY C    6.55    12/25/19      CNY     81.49
SHUYANG JINGYUAN ASSET O    6.50    12/03/19      CNY     55.92
SHUYANG JINGYUAN ASSET O    6.50    12/03/19      CNY     61.61
SICHUAN DEVELOPMENT HOLD    5.40    11/10/17      CNY     30.21
SONGYUAN URBAN DEVELOPME    7.30    08/29/19      CNY     61.00
SUIZHOU DEVELOPMENT INVE    7.50    08/22/19      CNY     61.92
SUQIAN ECONOMIC DEVELOPM    7.50    03/26/19      CNY     61.42
SUQIAN WATER GROUP CO       6.55    12/04/19      CNY     61.80
SUZHOU CITY CONSTRUCTION    7.45    03/12/19      CNY     61.45
SUZHOU FENHU INVESTMENT     7.00    10/22/17      CNY     50.20
SUZHOU FENHU INVESTMENT     7.00    10/22/17      CNY     50.44
SUZHOU INDUSTRIAL PARK T    5.79    05/30/19      CNY     55.92
SUZHOU INDUSTRIAL PARK T    5.79    05/30/19      CNY     60.80
SUZHOU TECH CITY DEVELOP    7.32    11/01/18      CNY     51.09
SUZHOU URBAN CONSTRUCTIO    5.79    10/25/19      CNY     55.65
SUZHOU URBAN CONSTRUCTIO    5.79    10/25/19      CNY     61.44
SUZHOU WUJIANG COMMUNICA    6.80    10/31/20      CNY     65.21
SUZHOU WUJIANG COMMUNICA    6.80    10/31/20      CNY     72.76
SUZHOU WUJIANG EASTERN S    8.05    12/05/18      CNY     69.45
SUZHOU WUJIANG EASTERN S    8.05    12/05/18      CNY     72.84
SUZHOU XIANGCHENG URBAN     6.95    09/03/19      CNY     61.54
SUZHOU XIANGCHENG URBAN     6.95    09/03/19      CNY     61.88
TAIAN CITY TAISHAN INVES    6.64    03/02/18      CNY     40.20
TAIAN CITY TAISHAN INVES    6.76    01/25/20      CNY     58.78
TAIAN CITY TAISHAN INVES    6.76    01/25/20      CNY     62.19
TAICANG ASSET MANAGEMENT    8.25    12/31/18      CNY     72.92
TAICANG ASSET MANAGEMENT    8.25    12/31/18      CNY     72.93
TAICANG HENGTONG INVESTM    7.45    10/30/19      CNY     62.20
TAICANG URBAN CONSTRUCTI    6.75    01/11/20      CNY     60.01
TAICANG URBAN CONSTRUCTI    6.75    01/11/20      CNY     62.32
TAIXING ZHONGXING STATE-    8.29    03/27/18      CNY     50.69
TAIXING ZHONGXING STATE-    8.29    03/27/18      CNY     50.89
TAIYUAN HIGH-SPEED RAILW    6.50    10/30/20      CNY     72.49
TAIYUAN LONGCHENG DEVELO    6.50    09/25/19      CNY     61.34
TAIZHOU CITY HUANGYAN DI    6.85    12/17/18      CNY     51.00
TAIZHOU CITY HUANGYAN DI    6.85    12/17/18      CNY     51.06
TAIZHOU HAILING ASSETS M    8.52    03/21/19      CNY     61.91
TAIZHOU JIAOJIANG STATE     7.46    09/13/20      CNY     73.00
TAIZHOU JIAOJIANG STATE     7.46    09/13/20      CNY     73.77
TAIZHOU XINTAI GROUP CO     6.85    08/14/18      CNY     50.82
TAIZHOU XINTAI GROUP CO     6.85    08/14/18      CNY     50.87
TANGSHAN NANHU ECO CITY     7.08    10/16/19      CNY     61.80
TENGZHOU CITY STATE-OWNE    6.45    05/24/18      CNY     55.02
TIANJIN BINHAI NEW AREA     5.00    03/13/18      CNY     63.80
TIANJIN BINHAI NEW AREA     5.00    03/13/18      CNY     70.30
TIANJIN DONGFANG CAIXIN     7.99    11/23/18      CNY     72.71
TIANJIN ECO-CITY INVESTM    6.76    08/14/19      CNY     59.53
TIANJIN ECO-CITY INVESTM    6.76    08/14/19      CNY     61.41
TIANJIN ECONOMIC TECHNOL    6.20    12/03/19      CNY     55.92
TIANJIN ECONOMIC TECHNOL    6.20    12/03/19      CNY     61.51
TIANJIN HANBIN INVESTMEN    8.39    03/22/19      CNY     61.92
TIANJIN HI-TECH INDUSTRY    7.80    03/27/19      CNY     56.74
TIANJIN HI-TECH INDUSTRY    7.80    03/27/19      CNY     61.79
TIANJIN JINNAN CITY CONS    6.95    06/18/19      CNY     61.35
TIANJIN JINNAN CITY CONS    6.95    06/18/19      CNY     61.50
TIELING PUBLIC ASSETS IN    7.34    05/29/18      CNY     50.83
TIELING PUBLIC ASSETS IN    7.34    05/29/18      CNY     50.85
TIGER FOREST & PAPER GRO    5.38    06/14/17      CNY     60.13
TONGCHUAN DEVELOPMENT IN    7.50    07/17/19      CNY     62.30
TONGLIAO TIANCHENG URBAN    7.75    09/24/19      CNY     62.01
TONGLIAO URBAN INVESTMEN    5.98    09/01/17      CNY     40.12
TONGREN FANJINGSHAN INVE    6.89    08/02/19      CNY     61.36
URUMQI CITY CONSTRUCTION    6.35    07/09/19      CNY     61.14
URUMQI ECO&TECH DEVELOPM    8.58    01/10/19      CNY     52.09
URUMQI HIGH-TECH INVESTM    6.18    03/05/20      CNY     61.06
URUMQI STATE-OWNED ASSET    6.48    04/28/18      CNY     50.52
URUMQI STATE-OWNED ASSET    6.48    04/28/18      CNY     50.52
WAFANGDIAN STATE-OWNED A    8.55    04/19/19      CNY     62.46
WEIFANG DONGXIN CONSTRUC    6.88    11/20/19      CNY     61.63
WEIFANG DONGXIN CONSTRUC    6.88    11/20/19      CNY     61.81
WEIHAI WENDENG URBAN PRO    6.38    03/06/20      CNY     61.45
WEINAN CITY INVESTMENT G    6.69    01/15/20      CNY     61.57
WEINAN CITY INVESTMENT G    6.69    01/15/20      CNY     61.63
WENLING CITY STATE OWNED    7.18    09/18/19      CNY     61.93
WENZHOU ANJUFANG CITY DE    7.65    04/24/19      CNY     61.54
WENZHOU ECONOMIC-TECHNOL    6.49    01/15/20      CNY     58.18
WENZHOU ECONOMIC-TECHNOL    6.49    01/15/20      CNY     61.53
WUHAI CITY CONSTRUCTION     8.20    03/31/19      CNY     61.00
WUHAI CITY CONSTRUCTION     8.20    03/31/19      CNY     61.61
WUHAN METRO GROUP CO LTD    5.70    02/04/20      CNY     57.73
WUHAN METRO GROUP CO LTD    5.70    02/04/20      CNY     61.63
WUHU ECONOMIC TECHNOLOGY    6.70    06/08/18      CNY     50.70
WUHU XINMA INVESTMENT CO    7.18    11/14/19      CNY     61.71
WUHU XINMA INVESTMENT CO    7.18    11/14/19      CNY     61.88
WUJIANG ECONOMIC TECHNOL    6.88    12/27/19      CNY     61.65
WUJIANG ECONOMIC TECHNOL    6.88    12/27/19      CNY     61.77
WUXI MUNICIPAL CONSTRUCT    6.60    09/17/19      CNY     61.56
WUXI MUNICIPAL CONSTRUCT    6.60    09/17/19      CNY     61.60
WUXI TAIHU INTERNATIONAL    7.60    09/17/19      CNY     57.73
WUXI TAIHU INTERNATIONAL    7.60    09/17/19      CNY     62.15
WUXI XIDONG NEW TOWN CON    6.65    01/28/20      CNY     61.55
WUXI XIDONG NEW TOWN CON    6.65    01/28/20      CNY     62.02
WUXI XIDONG TECHNOLOGY I    5.98    10/26/18      CNY     66.25
WUXI XIDONG TECHNOLOGY I    5.98    10/26/18      CNY     71.32
WUZHOU DONGTAI STATE-OWN    7.40    09/03/19      CNY     62.07
XIAMEN XINGLIN CONSTRUCT    6.60    02/22/20      CNY     61.76
XIAMEN XINGLIN CONSTRUCT    6.60    02/22/20      CNY     81.80
XI'AN AEROSPACE BASE INV    6.96    11/08/19      CNY     61.91
XIAN CHANBAHE DEVELOPMEN    6.89    08/03/19      CNY     61.54
XI'AN HI-TECH HOLDING CO    5.70    02/26/19      CNY     47.50
XI'AN HI-TECH HOLDING CO    5.70    02/26/19      CNY     50.89
XIANGLU PETROCHEMICALS C    6.01    04/27/17      CNY     39.71
XIANGTAN CITY CONSTRUCTI    8.00    03/16/19      CNY     60.00
XIANGTAN CITY CONSTRUCTI    8.00    03/16/19      CNY     61.72
XIANGTAN HI-TECH GROUP C    6.90    01/15/20      CNY     61.70
XIANGTAN HI-TECH GROUP C    6.90    01/15/20      CNY     61.84
XIANGTAN JIUHUA ECONOMIC    7.43    08/29/19      CNY     61.90
XIANGYANG CITY CONSTRUCT    8.12    01/12/19      CNY     40.60
XIANGYANG CITY CONSTRUCT    8.12    01/12/19      CNY     41.53
XIANNING CITY CONSTRUCTI    7.50    08/31/18      CNY     51.23
XIANNING CITY CONSTRUCTI    7.50    08/31/18      CNY     51.29
XIAOGAN URBAN CONSTRUCTI    8.12    03/26/19      CNY     62.11
XINGHUA URBAN CONSTRUCTI    7.25    10/23/18      CNY     50.98
XINING CITY INVESTMENT &    7.70    04/27/19      CNY     61.96
XINJIANG SHIHEZI DEVELOP    7.50    08/29/18      CNY     51.15
XINJIANG UYGUR AR HAMI Z    6.25    07/17/18      CNY     50.46
XINXIANG INVESTMENT GROU    6.80    01/18/18      CNY     40.61
XINYANG HUAXIN INVESTMEN    6.95    06/14/19      CNY     61.33
XINYU CITY CONSTRUCTION     7.08    12/13/19      CNY     61.50
XINYU CITY CONSTRUCTION     7.08    12/13/19      CNY     62.15
XINZHOU CITY ASSET MANAG    7.39    08/08/18      CNY     51.18
XUCHANG GENERAL INVESTME    7.78    04/27/19      CNY     62.11
XUZHOU ECONOMIC TECHNOLO    8.20    03/07/19      CNY     41.89
XUZHOU ECONOMIC TECHNOLO    8.20    03/07/19      CNY     55.94
XUZHOU XINSHENG CONSTRUC    7.48    05/08/18      CNY     50.99
XUZHOU XINSHENG CONSTRUC    7.48    05/08/18      CNY     51.00
YAAN STATE-OWNED ASSET O    7.39    07/04/19      CNY     61.69
YANCHENG CITY DAFENG DIS    7.08    12/13/19      CNY     62.02
YANCHENG CITY DAFENG DIS    7.08    12/13/19      CNY     63.00
YANCHENG ORIENTAL INVEST    5.75    06/08/17      CNY     49.86
YANCHENG ORIENTAL INVEST    6.99    10/26/19      CNY     61.85
YANCHENG SOUTH DISTRICT     6.93    10/26/19      CNY     61.77
YANGZHONG URBAN CONSTRUC    7.10    03/26/18      CNY     70.87
YANGZHOU URBAN CONSTRUCT    6.30    07/26/19      CNY     61.09
YIBIN STATE-OWNED ASSET     5.80    05/23/18      CNY     70.73
YICHANG MUNICIPAL FINANC    7.12    10/16/19      CNY     61.83
YICHANG URBAN CONSTRUCTI    6.85    11/08/19      CNY     58.49
YICHANG URBAN CONSTRUCTI    6.85    11/08/19      CNY     61.68
YICHANG URBAN CONSTRUCTI    8.13    11/17/19      CNY     72.88
YICHUN CITY CONSTRUCTION    7.35    07/24/19      CNY     61.68
YIJINHUOLUOQI HONGTAI CI    8.35    03/19/19      CNY     62.13
YIJINHUOLUOQI HONGTAI CI    8.35    03/19/19      CNY     62.14
YILI STATE-OWNED ASSET I    6.70    11/19/18      CNY     51.15
YINCHUAN URBAN CONSTRUCT    6.28    03/09/17      CNY     25.00
YINGKOU CITY CONSTRUCTIO    7.98    04/18/20      CNY     73.23
YINGKOU COASTAL DEVELOPM    7.08    11/16/19      CNY     61.19
YINGKOU COASTAL DEVELOPM    7.08    11/16/19      CNY     61.29
YIXING CITY DEVELOPMENT     6.90    10/10/19      CNY     61.57
YIXING CITY DEVELOPMENT     6.90    10/10/19      CNY     61.71
YIYANG CITY CONSTRUCTION    7.36    08/24/19      CNY     61.62
YIZHENG CITY CONSTRUCTIO    7.78    06/14/19      CNY     62.16
YIZHENG CITY CONSTRUCTIO    7.78    06/14/19      CNY     62.40
YUEYANG CITY CONSTRUCTIO    6.05    07/12/20      CNY     73.87
YUHUAN COUNTY COMMUNICAT    7.15    10/12/19      CNY     56.27
YUHUAN COUNTY COMMUNICAT    7.15    10/12/19      CNY     61.81
YULIN CITY INVESTMENT OP    6.81    12/04/18      CNY     51.25
YULIN URBAN CONSTRUCTION    6.88    11/26/19      CNY     61.88
YUNCHENG URBAN CONSTRUCT    7.48    10/15/19      CNY     62.34
YUNNAN PROVINCIAL INVEST    5.25    08/24/17      CNY     40.18
YUYAO ECONOMIC DEVELOPME    6.75    03/04/20      CNY     81.79
YUYAO WATER RESOURCE INV    7.20    10/16/19      CNY     62.14
ZHANGJIAGANG JINCHENG IN    6.23    01/06/18      CNY     30.36
ZHANGJIAGANG MUNICIPAL P    6.43    11/27/19      CNY     61.56
ZHANGJIAJIE ECONOMIC DEV    7.40    10/18/19      CNY     62.06
ZHANGJIAKOU CONSTRUCTION    7.00    10/26/19      CNY     61.56
ZHANGJIAKOU TONGTAI HOLD    6.90    07/05/18      CNY     71.23
ZHAOYUAN STATE-OWNED ASS    6.64    12/31/19      CNY     61.90
ZHEJIANG HUZHOU HUANTAIH    6.70    11/28/19      CNY     57.73
ZHEJIANG HUZHOU HUANTAIH    6.70    11/28/19      CNY     61.44
ZHEJIANG JIASHAN ECONOMI    7.05    12/03/19      CNY     58.12
ZHEJIANG JIASHAN ECONOMI    7.05    12/03/19      CNY     61.96
ZHEJIANG PROVINCE DEQING    6.40    02/22/20      CNY     55.20
ZHEJIANG PROVINCE DEQING    6.40    02/22/20      CNY     61.47
ZHEJIANG PROVINCE DEQING    6.90    04/12/18      CNY     70.86
ZHENGZHOU CITY CONSTRUCT    6.37    12/03/19      CNY     56.10
ZHENGZHOU CITY CONSTRUCT    6.37    12/03/19      CNY     61.58
ZHENGZHOU PUBLIC HOUSING    5.98    07/17/20      CNY     74.87
ZHENJIANG CULTURE AND TO    5.86    05/06/17      CNY     50.11
ZHENJIANG CULTURE AND TO    6.60    01/30/20      CNY     61.43
ZHENJIANG TRANSPORTATION    7.29    05/08/19      CNY     61.11
ZHENJIANG TRANSPORTATION    7.29    05/08/19      CNY     61.53
ZHONGSHAN TRANSPORTATION    6.65    08/28/18      CNY     50.94
ZHONGSHAN TRANSPORTATION    6.65    08/28/18      CNY     51.20
ZHOUSHAN DINGHAI STATE-O    7.25    08/31/20      CNY     68.46
ZHOUSHAN DINGHAI STATE-O    7.25    08/31/20      CNY     73.07
ZHUCHENG ECONOMIC DEVELO    7.50    08/25/18      CNY     30.61
ZHUCHENG ECONOMIC DEVELO    6.40    04/26/18      CNY     37.52
ZHUCHENG ECONOMIC DEVELO    6.40    04/26/18      CNY     40.46
ZHUCHENG ECONOMIC DEVELO    6.80    11/29/19      CNY     61.69
ZHUCHENG ECONOMIC DEVELO    6.80    11/29/19      CNY     61.84
ZHUHAI HUAFA GROUP CO LT    8.43    02/16/18      CNY     25.77
ZHUHAI HUAFA GROUP CO LT    8.43    02/16/18      CNY     25.80
ZHUHAI HUAFA GROUP CO LT    5.50    06/05/19      CNY     68.33
ZHUJI CITY CONSTRUCTION     6.92    12/19/19      CNY     62.06
ZHUJI CITY CONSTRUCTION     6.92    07/05/18      CNY     71.24
ZHUMADIAN INVESTMENT CO     6.95    11/26/19      CNY     60.10
ZHUMADIAN INVESTMENT CO     6.95    11/26/19      CNY     62.05
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19      CNY     61.92
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19      CNY     62.07
ZHUZHOU GECKOR GROUP CO     7.82    08/18/18      CNY     71.80
ZHUZHOU YUNLONG DEVELOPM    6.78    11/19/19      CNY     61.61
ZHUZHOU YUNLONG DEVELOPM    6.78    11/19/19      CNY     82.00
ZIBO CITY PROPERTY CO LT    5.45    04/27/19      CNY     36.31
ZIBO CITY PROPERTY CO LT    6.83    08/22/19      CNY     61.84
ZIGONG STATE-OWNED ASSET    6.86    06/17/18      CNY     70.99
ZIYANG CITY CONSTRUCTION    7.58    01/09/19      CNY     51.26
ZOUCHENG CITY ASSET OPER    7.02    01/12/18      CNY     20.32
ZOUPING COUNTY STATE-OWN    6.98    04/27/18      CNY     70.15
ZOUPING COUNTY STATE-OWN    6.98    04/27/18      CNY     70.97
ZUNYI INVESTMENT GROUP L    8.53    03/13/19      CNY     61.87
ZUNYI ROAD & BRIDGE ENGI    7.15    08/17/20      CNY     73.00
ZUNYI STATE-OWNED ASSET     6.98    12/26/19      CNY     62.06


HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35    07/03/17      CNY     65.13


INDONESIA
---------

BERAU COAL ENERGY TBK PT    7.25    03/13/17      USD     35.57
BERAU COAL ENERGY TBK PT    7.25    03/13/17      USD     36.01
DAVOMAS INTERNATIONAL FI   11.00    12/08/14      USD      1.24
DAVOMAS INTERNATIONAL FI   11.00    05/09/11      USD      1.24
DAVOMAS INTERNATIONAL FI   11.00    12/08/14      USD      1.24
DAVOMAS INTERNATIONAL FI   11.00    05/09/11      USD      1.24


INDIA
-----

3I INFOTECH LTD             2.50    03/31/25      USD     14.63
BLUE DART EXPRESS LTD       9.30    11/20/17      INR     10.12
BLUE DART EXPRESS LTD       9.40    11/20/18      INR     10.26
BLUE DART EXPRESS LTD       9.50    11/20/19      INR     10.39
CAPRI GLOBAL CAPITAL LTD    9.50    02/17/20      INR      0.75
GTL INFRASTRUCTURE LTD      5.03    11/09/17      USD     33.75
JAIPRAKASH ASSOCIATES LT    5.75    09/08/17      USD     43.00
JAIPRAKASH POWER VENTURE    7.00    02/13/49      USD     20.00
JCT LTD                     2.50    04/08/11      USD     27.00
L&T HOUSING FINANCE LTD     8.05    02/17/20      INR      0.63
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      1.53
REI AGRO LTD                5.50    11/13/14      USD      1.53
SVOGL OIL GAS & ENERGY L    5.00    08/17/15      USD      1.51


JAPAN
-----

AVANSTRATE INC              5.55    10/31/17      JPY     30.50
AVANSTRATE INC              5.55    10/31/17      JPY     37.00
FUKUSHIMA BANK LTD/THE      1.19    12/05/23      JPY     74.00
MICRON MEMORY JAPAN INC     2.10    11/29/12      JPY      5.38
MICRON MEMORY JAPAN INC     2.03    03/22/12      JPY      5.38
MICRON MEMORY JAPAN INC     2.29    12/07/12      JPY      5.38
TAKATA CORP                 0.85    03/06/19      JPY     41.50
TAKATA CORP                 0.58    03/26/21      JPY     45.00
TAKATA CORP                 1.02    12/15/17      JPY     49.50


KOREA
-----

2014 KODIT CREATIVE THE     5.00    12/25/17      KRW     35.11
2014 KODIT CREATIVE THE     5.00    12/25/17      KRW     35.11
2016 KIBO 1ST SECURITIZA    5.00    09/13/18      KRW     30.88
DAEWOO SHIPBUILDING & MA    3.79    04/21/19      KRW     74.96
DOOSAN CAPITAL SECURITIZ   20.00    04/22/19      KRW     50.99
EXPORT-IMPORT BANK OF KO    1.70    09/22/30      KRW     73.35
HYUNDAI MERCHANT MARINE     1.00    07/07/21      KRW     50.38
HYUNDAI MERCHANT MARINE     1.00    04/07/21      KRW     52.75
KIBO ABS SPECIALTY CO LT   10.00    08/22/17      KRW     24.72
KIBO ABS SPECIALTY CO LT    5.00    02/25/19      KRW     29.37
KIBO ABS SPECIALTY CO LT    5.00    12/25/17      KRW     33.46
KIBO ABS SPECIALTY CO LT    5.00    03/29/18      KRW     34.03
KOREA SOUTH-EAST POWER C    1.10    12/07/42      KRW     54.45
KOREA SOUTH-EAST POWER C    4.44    12/07/42      KRW     54.80
LSMTRON DONGBANGSEONGJAN    4.53    11/22/17      KRW     34.47
MERITZ CAPITAL CO LTD       5.44    09/29/46      KRW     35.98
OKC SECURITIZATION SPECI   10.00    01/03/20      KRW     29.23
OKC SECURITIZATION SPECI    3.00    02/17/42      KRW     52.18
SHINHAN BANK                3.83    12/08/31      KRW     71.49
SHINHAN BANK                3.83    12/08/31      KRW     71.49
SINBO SECURITIZATION SPE    5.00    10/30/19      KRW     18.51
SINBO SECURITIZATION SPE    5.00    02/25/20      KRW     27.15
SINBO SECURITIZATION SPE    5.00    01/28/20      KRW     27.24
SINBO SECURITIZATION SPE    5.00    12/30/19      KRW     27.43
SINBO SECURITIZATION SPE    5.00    09/30/19      KRW     28.36
SINBO SECURITIZATION SPE    5.00    08/27/19      KRW     28.79
SINBO SECURITIZATION SPE    5.00    07/29/19      KRW     29.08
SINBO SECURITIZATION SPE    5.00    03/13/19      KRW     29.19
SINBO SECURITIZATION SPE    5.00    06/25/19      KRW     29.43
SINBO SECURITIZATION SPE    5.00    03/18/19      KRW     30.51
SINBO SECURITIZATION SPE    5.00    03/18/19      KRW     30.51
SINBO SECURITIZATION SPE    5.00    02/27/19      KRW     30.70
SINBO SECURITIZATION SPE    5.00    02/27/19      KRW     30.70
SINBO SECURITIZATION SPE    5.00    01/30/19      KRW     30.94
SINBO SECURITIZATION SPE    5.00    01/30/19      KRW     30.94
SINBO SECURITIZATION SPE    5.00    12/23/18      KRW     31.32
SINBO SECURITIZATION SPE    5.00    12/23/18      KRW     31.32
SINBO SECURITIZATION SPE    5.00    07/29/18      KRW     31.37
SINBO SECURITIZATION SPE    5.00    06/25/18      KRW     31.72
SINBO SECURITIZATION SPE    5.00    05/26/18      KRW     32.00
SINBO SECURITIZATION SPE    5.00    09/26/18      KRW     32.30
SINBO SECURITIZATION SPE    5.00    09/26/18      KRW     32.30
SINBO SECURITIZATION SPE    5.00    09/26/18      KRW     32.30
SINBO SECURITIZATION SPE    5.00    08/29/18      KRW     32.56
SINBO SECURITIZATION SPE    5.00    08/29/18      KRW     32.56
SINBO SECURITIZATION SPE    5.00    07/24/18      KRW     33.14
SINBO SECURITIZATION SPE    5.00    07/24/18      KRW     33.14
SINBO SECURITIZATION SPE    5.00    06/27/18      KRW     33.39
SINBO SECURITIZATION SPE    5.00    06/27/18      KRW     33.39
SINBO SECURITIZATION SPE    5.00    12/23/17      KRW     33.48
SINBO SECURITIZATION SPE    5.00    03/12/18      KRW     34.23
SINBO SECURITIZATION SPE    5.00    03/12/18      KRW     34.23
SINBO SECURITIZATION SPE    5.00    02/11/18      KRW     34.36
SINBO SECURITIZATION SPE    5.00    02/11/18      KRW     34.36
SINBO SECURITIZATION SPE    5.00    01/15/18      KRW     34.91
SINBO SECURITIZATION SPE    5.00    01/15/18      KRW     34.91
SINBO SECURITIZATION SPE    5.00    10/01/17      KRW     35.69
SINBO SECURITIZATION SPE    5.00    10/01/17      KRW     35.69
SINBO SECURITIZATION SPE    5.00    10/01/17      KRW     35.69
SINBO SECURITIZATION SPE    5.00    08/16/17      KRW     37.19
SINBO SECURITIZATION SPE    5.00    08/16/17      KRW     37.19
SINBO SECURITIZATION SPE    5.00    07/24/17      KRW     37.74
SINBO SECURITIZATION SPE    5.00    06/07/17      KRW     39.71
SINBO SECURITIZATION SPE    5.00    06/07/17      KRW     39.71
SINBO SECURITIZATION SPE    5.00    07/08/17      KRW     41.07
SINBO SECURITIZATION SPE    5.00    07/08/17      KRW     41.07
SINBO SECURITIZATION SPE    5.00    03/13/17      KRW     77.14
SINBO SECURITIZATION SPE    5.00    03/13/17      KRW     77.14
TONGYANG CEMENT & ENERGY    7.50    04/20/14      KRW     70.00
TONGYANG CEMENT & ENERGY    7.50    09/10/14      KRW     70.00
TONGYANG CEMENT & ENERGY    7.50    07/20/14      KRW     70.00
TONGYANG CEMENT & ENERGY    7.30    06/26/15      KRW     70.00
TONGYANG CEMENT & ENERGY    7.30    04/12/15      KRW     70.00
U-BEST SECURITIZATION SP    5.50    11/16/17      KRW     36.09
WOONGJIN ENERGY CO LTD      3.00    12/19/19      KRW     60.54


SRI LANKA
---------

SRI LANKA GOVERNMENT BON    5.35    03/01/26      LKR     60.84
SRI LANKA GOVERNMENT BON    8.00    01/01/32      LKR     66.87
SRI LANKA GOVERNMENT BON    6.00    12/01/24      LKR     67.56
SRI LANKA GOVERNMENT BON    9.00    06/01/43      LKR     68.48
SRI LANKA GOVERNMENT BON    9.00    11/01/33      LKR     71.87
SRI LANKA GOVERNMENT BON    9.00    06/01/33      LKR     72.26
SRI LANKA GOVERNMENT BON    9.00    10/01/32      LKR     72.86
SRI LANKA GOVERNMENT BON    7.00    10/01/23      LKR     75.00


MALAYSIA
--------

ADVANCE SYNERGY BHD         2.00    01/26/18      MYR      0.07
BARAKAH OFFSHORE PETROLE    3.50    10/24/18      MYR      0.65
BERJAYA CORP BHD            2.00    05/29/26      MYR      0.38
BERJAYA CORP BHD            5.00    04/22/22      MYR      0.52
BIMB HOLDINGS BHD           1.50    12/12/23      MYR     74.81
BRIGHT FOCUS BHD            2.50    01/22/31      MYR     72.53
ELK-DESA RESOURCES BHD      3.25    04/14/22      MYR      0.95
HIAP TECK VENTURE BHD       5.00    06/27/21      MYR      0.32
I-BHD                       2.50    10/09/19      MYR      0.44
IRE-TEX CORP BHD            1.00    06/10/19      MYR      0.03
LAND & GENERAL BHD          1.00    09/24/18      MYR      0.19
MALTON BHD                  6.00    06/30/18      MYR      1.02
PERWAJA HOLDINGS BHD        7.00    03/26/19      MYR      0.04
PUC FOUNDER MSC BHD         4.00    02/15/19      MYR      0.06
REDTONE INTERNATIONAL BH    2.75    03/04/20      MYR      0.14
SAM ENGINEERING & EQUIPM    4.00    09/25/17      MYR      3.78
SEE HUP CONSOLIDATED BHD    4.60    12/22/17      MYR      0.13
SENAI-DESARU EXPRESSWAY     1.35    06/30/31      MYR     53.91
SENAI-DESARU EXPRESSWAY     1.35    12/31/30      MYR     55.27
SENAI-DESARU EXPRESSWAY     1.35    06/28/30      MYR     56.63
SENAI-DESARU EXPRESSWAY     1.35    12/31/29      MYR     57.93
SENAI-DESARU EXPRESSWAY     1.35    06/29/29      MYR     59.24
SENAI-DESARU EXPRESSWAY     1.35    12/29/28      MYR     60.53
SENAI-DESARU EXPRESSWAY     1.35    06/30/28      MYR     61.84
SENAI-DESARU EXPRESSWAY     1.35    12/31/27      MYR     63.13
SENAI-DESARU EXPRESSWAY     1.35    06/30/27      MYR     64.39
SENAI-DESARU EXPRESSWAY     1.35    12/31/26      MYR     65.72
SENAI-DESARU EXPRESSWAY     1.35    06/30/26      MYR     67.09
SENAI-DESARU EXPRESSWAY     1.35    12/31/25      MYR     68.49
SENAI-DESARU EXPRESSWAY     1.15    06/30/25      MYR     68.58
SENAI-DESARU EXPRESSWAY     0.50    12/31/38      MYR     69.17
SENAI-DESARU EXPRESSWAY     1.15    12/31/24      MYR     70.08
SENAI-DESARU EXPRESSWAY     0.50    12/30/39      MYR     70.53
SENAI-DESARU EXPRESSWAY     0.50    12/31/40      MYR     71.53
SENAI-DESARU EXPRESSWAY     1.15    06/28/24      MYR     71.64
SENAI-DESARU EXPRESSWAY     0.50    12/31/41      MYR     72.38
SENAI-DESARU EXPRESSWAY     1.15    12/29/23      MYR     73.20
SENAI-DESARU EXPRESSWAY     0.50    12/31/42      MYR     73.45
SENAI-DESARU EXPRESSWAY     0.50    12/31/43      MYR     74.32
SENAI-DESARU EXPRESSWAY     1.15    06/30/23      MYR     74.80
SOUTHERN STEEL BHD          5.00    01/24/20      MYR      1.38
THONG GUAN INDUSTRIES BH    5.00    10/10/19      MYR      4.30
UNIMECH GROUP BHD           5.00    09/18/18      MYR      1.05
VIZIONE HOLDINGS BHD        3.00    08/08/21      MYR      0.05
YTL LAND & DEVELOPMENT B    3.00    10/31/21      MYR      0.47


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     5.35    10/01/21      SGD     51.25
ASL MARINE HOLDINGS LTD     4.75    03/28/20      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      1.91
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD     36.26
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD     36.51
BLD INVESTMENTS PTE LTD     8.63    03/23/15      USD      4.66
BUMI CAPITAL PTE LTD       12.00    11/10/16      USD     54.71
BUMI CAPITAL PTE LTD       12.00    11/10/16      USD     55.00
BUMI INVESTMENT PTE LTD    10.75    10/06/17      USD     54.84
BUMI INVESTMENT PTE LTD    10.75    10/06/17      USD     56.10
ENERCOAL RESOURCES PTE L    9.25    04/07/18      USD     45.38
EZION HOLDINGS LTD          4.88    06/11/21      SGD     52.38
EZION HOLDINGS LTD          5.10    03/13/20      SGD     62.88
EZION HOLDINGS LTD          4.70    05/22/19      SGD     70.88
EZION HOLDINGS LTD          4.85    01/23/19      SGD     74.50
EZRA HOLDINGS LTD           4.88    04/24/18      SGD     28.00
FALCON ENERGY GROUP LTD     5.50    09/19/17      SGD     70.45
INDO INFRASTRUCTURE GROU    2.00    07/30/10      USD      1.00
ORO NEGRO DRILLING PTE L    7.50    01/24/19      USD     68.38
OSA GOLIATH PTE LTD        12.00    10/09/18      USD      1.75
PACIFIC INTERNATIONAL LI    7.25    11/16/18      SGD     74.75
PACIFIC RADIANCE LTD        4.30    08/29/18      SGD     30.00
RICKMERS MARITIME           8.45    05/15/17      SGD     21.25
SWIBER CAPITAL PTE LTD      6.50    08/02/18      SGD      5.00
SWIBER CAPITAL PTE LTD      6.25    10/30/17      SGD      5.00
SWIBER HOLDINGS LTD         5.55    10/10/16      SGD      5.00
SWIBER HOLDINGS LTD         7.75    09/18/17      CNY      9.00
SWIBER HOLDINGS LTD         7.13    04/18/17      SGD     11.63
TRIKOMSEL PTE LTD           5.25    05/10/16      SGD     17.63
TRIKOMSEL PTE LTD           7.88    06/05/17      SGD     18.00


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 C    1.00    10/10/25      USD     58.00
DEBT AND ASSET TRADING C    1.00    10/10/25      USD     58.18



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy Magdadaro and
Peter A. Chapman, Editors.

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

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

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



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