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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, May 9, 2017, Vol. 20, No. 91

                            Headlines


A U S T R A L I A

PADETTA PTY: First Creditors' Meeting Set for May 11
RV IMPORTS: Second Creditors' Meeting Set for May 11


C H I N A

GREENLAND HOLDING: High Debt Leverage Within Moody's Expectations
HUACHEN ENERGY: Moody's Assigns (P)B1 Corp. Family Rating
SHANDONG RUYI: 2016 Results No Immediate Impact on Moody's CFR
YINGDE GASES: Moody's Hikes Corp. Family Rating to B3


I N D I A

AFFLATUS INTERNATIONAL: Ind-Ra Migrates Rating to Non-cooperating
ASHA ENTERPRISES: Ind-Ra Migrates BB+ Rating to Non-Cooperating
B.R. OIL: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
BHADRESH TRADING: Ind-Ra Lowers Long-Term Issuer Rating to D
BHAGWATI STEELS: Ind-Ra Migrates BB- Rating to Non-Cooperating

BRIJBASI HI-TECH: Ind-Ra Migrates D Rating to Non-Cooperating
CONTINENTAL MILKOSE: Ind-Ra Migrates Rating to Non-Cooperating
D.R. SHAH: Ind-Ra Migrates B+ Rating to Non-Cooperating
DCS TECHNO: Ind-Ra Migrates BB- Rating to Non-Cooperating
ESSAR AGROTECH: CARE Assigns 'D' Rating to INR9cr LT Loan

GARG INDUSTRIES: Ind-Ra Migrates BB- Rating to Non-Cooperating
GENERAL PETROCHEMICALS: Ind-Ra Assigns BB- LT Issuer Rating
GIRRAJ JI: Ind-Ra Migrates BB+ Rating to Non-Cooperating
GYPSUM STRUCTURAL: Ind-Ra Migrates BB- Rating to Non-Cooperating
HARIHARA METALLOYS: Ind-Ra Migrates BB+ Rating to Non-Cooperating

JANKI NEWSPRINT: CRISIL Lowers Rating on INR14MM Loan to 'B'
LANCER CONTAINER: Ind-Ra Migrates B+ Rating to Non-Cooperating
LIGHT CRAFT: Ind-Ra Migrates BB- Rating to Non-Cooperating
LOTUS HOUSEHOLD: Ind-Ra Migrates BB Rating to Non-Cooperating
MAGIC AUTO: Ind-Ra Assigns BB+ Long-Term Issuer Rating

MAINI CONSTRUCTION: Ind-Ra Migrates BB- Rating to Non-Cooperating
NARAYAN AGRO: Ind-Ra Migrates C Rating to Non-Cooperating
RIDLEY IFMR: Ind-Ra Assigns B+ Rating to INR752.79MM PTCs
SAPNA GEMS: CRISIL Downgrades Rating on INR12MM Loan to 'D'
SBL CONSTRUCTION: Ind-Ra Migrates D Rating to Non-Cooperating

SHAMSHREE INTERNATIONAL: CRISIL Cuts Rating on INR4.9MM Loan to B
SHANKAR INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR6.95MM Loan
SHIV SHIVA: CARE Assigns 'B' Rating to INR32cr LT Loan
SHREE VENKATESH: Ind-Ra Assigns BB Long-Term Issuer Rating
SIVA CASHEW: CRISIL Lowers Rating on INR6.5MM Loan to 'B'

SRI LOGANAYAKI: CRISIL Lowers Rating on INR6.0MM Loan to 'B'
SRI MANJUBASHINI: CRISIL Cuts Rating on INR10.95MM LT Loan to B
SRI SRINIVASA: CRISIL Reaffirms B- Rating on INR3.5MM LT Loan
SRI VENKATESWARA: CRISIL Reaffirms 'B' Rating on INR3.95MM Loan
TARA SYNTEX: Ind-Ra Migrates B+ Rating to Non-Cooperating

VIJAY AUTOMOBILES: Ind-Ra Migrates B+ Rating to Non-Cooperating


P A K I S T A N

PAKISTAN: Shows Reduction in Fiscal Deficits, Moody's Says


S O U T H  K O R E A

KOREA: Fine Dust Adversely Affecting S. Korea's Retail Sector


S R I  L A N K A

SRI LANKA: S&P Assigns 'B+' Rating on US$-Denominated Bonds
SRI LANKA: Moody's Gives B1 Rating to USD Bond Offering Due 2027


X X X X X X X X

* BOND PRICING: For the Week May 1 to May 5, 2017


                            - - - - -


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




PADETTA PTY: First Creditors' Meeting Set for May 11
----------------------------------------------------
A first meeting of the creditors in the proceedings of Padetta
Pty Limited, trading as Beretta's Bike Studio, will be held on
May 11, 2017, at 10:30 a.m. at Level 15, 114 Williams Street, in
Melbourne, Victoria.

Nathan Deppeler and Matthew Jess of Worrells Solvency & Forensic
Accountants were appointed as administrators of Padetta Pty on
May 1, 2017.


RV IMPORTS: Second Creditors' Meeting Set for May 11
----------------------------------------------------
A second meeting of creditors in the proceedings of RV Imports
Australia Pty Ltd has been set for May 11, 2017, at 3:00 p.m. at
Zelman Room, Hawthorn Arts Centre, 360 Burwood Road, in Hawthorn,
Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 10, 2017, at 5:00 p.m.

Robyn Erskine and Robyn Erskine & Adrian Hunter of Brooke Bird
were appointed as administrator of RV Imports on March 28, 2017.



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


GREENLAND HOLDING: High Debt Leverage Within Moody's Expectations
-----------------------------------------------------------------
Moody's Investors Service says that Greenland Holding Group
Company Limited's debt leverage was elevated in 2016.
Nonetheless, this situation was within Moody's expectations, and
will not immediately affect the company's Ba1 corporate family
rating or the negative outlook on the rating.

"Greenland Holding's 2016 financial results were weak, because of
its business strategy of expanding rapidly," says Franco Leung, a
Moody's Vice President and Senior Credit Officer.

"Nevertheless, its credit metrics will improve modestly over the
next 12-18 months," adds Leung, who is also Moody's Lead Analyst
for Greenland Holding.

Greenland Holding's total reported debt increased by about 19%
year-on-year to around RMB286 billion at end-2016. The increase
was largely because of its continued business expansion in its
property and construction segments.

Consequently, its debt leverage -- as measured by adjusted
debt/capitalization -- deteriorated to around 79.1% at end-2016
from 77.4% at end-2015.

Moody's expects that the company's adjusted debt/capitalization
will remain between 75% and 80% over the next 6-12 months,
barring any major equity issuance or asset disposals. These
levels will position Greenland Holding weakly at its Ba1
corporate family rating. Its negative rating outlook is
appropriate for such a situation.

On the other hand, Greenland Holding's operating performance
stabilized in 2016. Its cash receipts from property sales
improved to around 80% of contracted sales in 2016 from around
60% in 2015. Moody's expects that its cash collection will remain
healthy, because the group has increased its portion of
residential property saleable resources, which tend to have
shorter cash collection cycles than for commercial properties.
Such a development will likely help slow the group's debt growth.

In addition, its gross profit margin remained stable at around
11.9% in 2016 -- largely unchanged from 11.3% in 2015 -- because
the improved margin for its non-property businesses offset the
lower margin for its property business.

The company also recorded a 19% year-over-year growth in revenue
in 2016, largely driven by the strong revenue growth from its
property and construction business segments.

As a result, its adjusted EBIT/interest coverage improved to
around 2.5x in 2016 from around 2.1x in 2015, despite a notable
increase in interest expense arising from its debt growth.
Moody's expects that Greenland Holding's EBIT/interest coverage
will remain around 2.5x over the next 6-12 months.

Greenland Holding's Ba1 corporate family rating reflects the
company's track record of delivering strong growth for its
property development business and establishing leading market
positions in its key markets, owing to its highly diversified
geographic coverage in China (Aa3 negative).

The Ba1 rating also considers Greenland Holding's strong ability
to access funding and acquire land, by virtue of its status as a
local state-owned enterprise, as well as its strong corporate
position in Shanghai, given its important role in the
urbanization of the city.

The key constraint on Greenland Holding rating is its debt-funded
growth strategy, which has resulted in high debt leverage and
weak credit metrics. Its rating is also tempered by its volatile
non-property businesses.

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

Greenland Holding Group Company Limited is a China-based company
and state-controlled enterprise group. The Shanghai State-Owned
Assets Supervision and Administration Commission is effectively
the largest shareholder of the company.

Greenland Holding is headquartered in Shanghai, with a focus on
the real estate sector. Its other businesses include energy,
construction, finance and auto dealerships.


HUACHEN ENERGY: Moody's Assigns (P)B1 Corp. Family Rating
---------------------------------------------------------
Moody's Investors Service has assigned a first-time (P)B1
corporate family rating to Huachen Energy Co., Ltd.

At the same time, Moody's has assigned a (P)B2 senior unsecured
rating to the proposed bond to be issued by the company.

The ratings outlook is stable.

The proceeds from the proposed issuance will be used for making
investments in overseas nuclear power projects and general
corporate purposes.

Moody's will remove the provisional status of the corporate
family rating and senior unsecured rating upon completion of the
bond issuance on satisfactory terms.

RATINGS RATIONALE

"Huachen's (P)B1 corporate family rating reflects its solid
market positions in the power generation sector in Zhangjiagang
in Jiangsu Province and Zhengzhou in Henan Province; and its
competitiveness due to its high operating efficiency," says
Osbert Tang, a Moody's Vice President and Senior Analyst.

However, Huachen's rating is constrained by: (1) complicated
shareholding structure, compounded by weak credit profile of its
immediate parent, Wintime Energy Co., Ltd (unrated); (2) its
sizeable capex plan which will keep its leverage high; (3) short
track record under its current shareholder; and (4) an evolving
regulatory regime and lack of transparent cost pass-through
mechanism.

"Over the last three years, Huachen's thermal power plants have
achieved higher utilization hours than the overall average for
Jiangsu and Henan provinces, demonstrating the company's
operating competitiveness against its peers," adds Tang, who is
also the local market analyst for Huachen. "However, we expect
its coal-fired operation will be under pressure due to higher
coal fuel cost."

Moody's expects that Huachen's gross installed capacity will
reach 11GW by end-2018 compared with 5GW at end-2016. Such rapid
capacity growth will result in a sizeable capital expenditure
plan over next three years, which will keep its leverage high.

Moody's estimates that Huachen will incur total capex of RMB20
billion during 2016-2018. Consequently, Moody's expects that its
adjusted debt to capitalization to range between 64% and 68% for
2016-2018; its adjusted funds from operations (FFO) to debt will
be between 6% and 8% in the next 12-18 months.

Huachen's rating is also constrained by China's evolving
regulatory regime and the lack of transparent cost pass-through
mechanism for the power generation business. In January 2017, the
Chinese government (Aa3 negative) decided not to raise tariffs
for coal-fired power stations this year, as the increase in coal
prices has not reached the trigger for tariff revisions.

While Huachen has solid market positions in Zhangjiagang and
Zhengzhou, the focus of its operations in these two cities also
heightens its geographical concentration risks. Moody's also
notes that Huachen's current shareholder Wintime Energy, which
took 100% control only in April 2016, has limited experience in
investing in and managing the power generation business.

Huachen's shareholding structure includes multiple layers of
shareholding entities that provide limited visibility around
their financial profiles. There is uncertainty around Huachen's
cashflow and financial position can be protected from the weak
credit profile of its parent.

Moody's notes the presence of some restrictive covenants in the
proposed USD bonds Offering Circular, and these can serve as
partial mitigants to the risk of upstream of cash flow from
Huachen to its immediate parent.

Huachen's senior unsecured rating of (P)B2 is one notch lower
than its corporate family rating, reflecting the structural
subordination risks associated with debt at subsidiary level. At
end-June 2016, the subsidiary debt amounted to 60% of the total
assets.

Huachen's stable outlook reflects Moody's view that Huachen will
maintain its financial profile over the next 12-18 months and
that there will be no significant adverse change in the
regulatory environment over the same period.

Huachen's rating could be upgraded if there are material
improvements in: (1) the regulatory regime and tariff adjustment
mechanism; and/or (2) the company's business and financial
profiles. A reduction in the ownership complexity and/or a
significant improvement in Wintime Energy's credit profile could
also lead to upward rating trend.

Financial indicators for an upgrade include adjusted FFO/debt
surpassing 12% on a sustainable basis.

On the other hand, Huachen's rating could be downgraded if: (1)
there are unfavorable changes in the regulatory regime that
materially impact its business operations; and/or (2) its credit
metrics weaken significantly due to significant debt-funded
expansion or acquisitions beyond rating expectation, and/or
significant cash leakage from Huachen to Wintime Energy. A
material deterioration in Wintime Energy's credit profile could
also lead to downward rating pressure.

Financial indicators for a downgrade include adjusted FFO/debt
dropping below 3% for a sustained period.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in December 2013.

Huachen Energy Co., Ltd. is a privately-owned power generating
company headquartered in Beijing, with its core thermal power
operation in Jiangsu and Henan provinces. At end-2016, it had
total installed capacity of about 5GW, of which 83% were coal
fired; 16% gas fired and 1% solar power.

At end-2016, Huachen was indirectly wholly-owned by Wintime
Energy Co., Ltd (unrated), which is listed on the Shanghai Stock
Exchange. Wintime Energy is a listed A-share coal-mining and
trading company in China, and is owned as to 32.41% by Wintime
Holding Group Co., Ltd, which is ultimately controlled by Mr.
Wang Guangxi.


SHANDONG RUYI: 2016 Results No Immediate Impact on Moody's CFR
--------------------------------------------------------------
Moody's Investors Service says that Shandong Ruyi Technology
Group Co., Ltd.'s (Ruyi) 2016 financial results are in line with
Moody's expectations and will not immediately affect its B2
corporate family rating or the B3 senior unsecured rating on the
notes issued by Prime Bloom Holdings Limited, and guaranteed by
Ruyi and Ruyi's wholly owned subsidiary, Forever Winner
International Development Ltd (unrated).

The ratings outlook is stable.

"Ruyi's financial leverage increased to 9.1x in 2016 from 8.9x in
2015, driven largely by higher debt to fund its acquisition of
SMCP Group in October 2016, because Ruyi only included SMCP's
revenue and earnings after the acquisition was completed in
October 2016," says Chenyi Lu, a Moody's Vice President and
Senior Credit Officer.

"We expect that Ruyi's financial leverage will improve to 7.0x-
7.5x over the next two years, driven by its strong revenue growth
and improved earnings; but such a situation will be partially
offset by a moderate increase in its debt levels to support its
expanded operations," adds Lu.

Moody's expects Ruyi's revenue to grow by about 21% in 2017
versus a 27.7% growth in 2016, driven by: (1) newly added
production capacity in the yarn and fabrics business; and (2) the
full-year revenue contribution from SMCP Group (B1 stable), which
Moody's expects will account for around 17% of Ruyi's total
revenue.

Moody's also projects that Ruyi's revenue will grow 7% in 2018,
driven by additional newly added production capacity in its yarn
and fabrics business, and better business traction from SMCP, as
SMCP continues its international expansion outside France,
especially in Asia.

Ruyi's adjusted EBITDA margin should improve to 11.5%-12.0% over
the next 1-2 years from 10.5% in 2016, underpinned by the
company's focus on expense and cost control measures, and a
greater revenue contribution from SMCP, as well as SMCP's better
margins.

In addition, Ruyi's adjusted debt should increase moderately to
RMB30.8 billion over the next two years from RMB27.8 billion at
end-2016, driven by its continued investments in capacity
expansion in the yarn and fabric business, and working capital
needs to support its expanded operations.

Its financial leverage -- as measured by adjusted debt/EBITDA --
should therefore fall to about 7.0x-7.5x over the next 12-18
months. This level of leverage is in line with the parameters of
its B2 rating.

However, Ruyi's liquidity position is weak. At end-2016, the
company held cash -- including pledged deposits -- of RMB8.6
billion. These liquidity sources and its cash flow from
operations over the next 12 months are insufficient to cover its
RMB9.1 billion in maturing debt, bills payable of RMB5.5 billion,
and estimated capital expenditure of RMB1.5 billion over the next
12 months.

The principal methodology used in these ratings was Retail
Industry published in October 2015.

Established in 2001, Shandong Ruyi Technology Group Co., Ltd. is
a vertically integrated textile company that engages in textile
manufacturing, trading, the manufacturing and retailing of
apparel, and cotton and wool production.

The company has two listed subsidiaries, namely, Shenzhen Stock
Exchange-listed Shandong Jining Ruyi Woolen Textile Co. Ltd.
(unrated) and Tokyo Stock Exchange-listed Renown Incorporated
(unrated).


YINGDE GASES: Moody's Hikes Corp. Family Rating to B3
-----------------------------------------------------
Moody's Investors Service has upgraded Yingde Gases Group Company
Limited's (Yingde Gases) corporate family rating to B3 from Caa1.

Moody's has also upgraded the senior unsecured rating on the
bonds issued by Yingde Gases Investment Limited and guaranteed by
Yingde Gases to Caa1 from Caa2.

At the same time, Moody's has placed on review for further
upgrade Yingde Gases' B3 corporate family rating and the Caa1
senior unsecured rating on the bonds issued by Yingde Gases
Investment Limited and guaranteed by Yingde Gases.

RATINGS RATIONALE

"The upgrade reflects Yingde Gases' reduced risk of default
following its change of ownership and management control to PAG
Asia II LP (PAG, unrated), an investment partnership managed by
PAG Asia Capital Limited (unrated)," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.

"Yingde Gases' change of ownership and management control
provides greater clarity and stability to the company's
operations, management and strategy and improves its access to
funding in both the onshore and offshore capital markets," adds
Ho, who is also the Lead Analyst for Yingde Gases.

On May 4, 2017, Yingde Gases announced PAG's general offer had
been accepted by shares representing 98% of its share capital and
voting rights.

The company had announced on April 27, 2017, its new Chairman,
CEO and executive director who was appointed by PAG.

PAG plans to hold a 100% stake in Yingde Gases and to privatize
the company. PAG's investment in Yingde Gases, based on a 100%
shareholding, would reach about USD1.5 billion in value. Moody's
believes the meaningful size of PAG's investment underlines its
commitment to Yingde Gases' long-term development.

Despite ownership and management control uncertainty since
November 2016, Yingde Gases posted a stable financial performance
in 2016, demonstrating the sustainability of its business model
and its leadership position among independent onsite industrial
gas providers in China.

Yingde Gases' adjusted EBITDA rose about 11% year-on-year to
RMB3.0 billion in 2016, driven by 6% year-on-year growth in
revenue to RMB8.4 billion, and an improvement in its adjusted
EBITDA margin to about 35.4% in 2016 from 33.9% in 2015.
Leverage, as measured by adjusted debt/EBITDA, improved to about
3.6x in 2016 from 3.8x in 2015 as the rise in adjusted EBITDA
outpaced the rise in adjusted debt.

The company's level of leverage, combined with its reduced risk
of default, position its fundamental credit profile in the single
B rating level.

Moody's review will focus on Yingde Gases' (1) demonstration of
its ability to make progress on refinancing its short-term
borrowings, including a RMB681 million syndicated loan that was
classified as a short-term borrowing at end-2016 due to a
financial covenant breach, on satisfactory terms and conditions,
resulting in an improvement in its liquidity and debt maturity
profile; (2) operating performance in 1H 2017 in terms of revenue
growth, stable profitability and stable cash flow generation; and
(3) corporate strategy and financial policy under its new
ownership and management.

The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.

Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB8.4 billion in revenues in 2016. At end- 2016, it had a total
of 70 gas production facilities in operation and another 13 under
development.



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


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

   -- INR450 mil. Fund-based limit migrated to Non-Cooperating
      Category; and

   -- INR20 mil. Non-fund-based limit migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1975, AFI manufactures denim and non-denim
garments.  The firm provides end-to-end apparels solutions.


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

   -- INR15 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR60 mil. Non-fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 12, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

AEPL was established in 1995.  It is engaged in contract-based
construction work mainly for Central public works department,
State PWD's, National Building Construction Corporation, Delhi
Metro Rail Corporation, and various central and state government
bodies.


B.R. OIL: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed B.R. Oil
Industries Private Limited's (BROIPL) Long-Term Issuer Rating at
'IND BB+'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR2.7 mil. (reduced from INR24.4) Term loan affirmed with
      'IND BB+/Stable' rating; and

   -- INR60 mil. Fund-based working capital limits affirmed with
      'IND BB+/Stable' rating

                        KEY RATING DRIVERS

The affirmation reflects the competitive nature of the edible oil
industry, indicated by low operating margins of most players.
Although BROIPL registered a revenue of INR2,414.91 million (up
11.7% yoy) for FY16, its operating margin continued to be low at
1.4% in FY16 (FY15: 1.4%).

The ratings, however, are supported by a strong liquidity
position and strong credit metrics, indicated by a 75.6%
utilization of working capital facilities during the 12 months
ended March 2017. In FY16, interest coverage (operating
EBITDA/gross interest expense) was 7.9x (FY15: 3.3x) and net
leverage (Ind-Ra total adjusted net debt/operating EBITDAR) was
negative 0.03x (2.5x). Moreover, BROIPL's founders have more than
two decades of experience in edible oil trading.

According to provisional financials for FY17, revenue was
INR3.515 billion, interest coverage was 15.5x, net leverage was
0.5x and operating EBITDA margin was 2.1%.  Moreover, net working
capital cycle was around 16 days (FY16: negative 1 day).  The
marginal deterioration in the cycle was due to a rise in
receivable days, according to the management.

                        RATING SENSITIVITIES

Negative:  A decline in operating margin or an increase in the
working capital cycle leading to a deterioration in its liquidity
profile will be negative for ratings.

Positive: An improvement in operating profitability leading to
credit metrics maintained at existing levels on a sustained basis
will be positive for ratings.

COMPANY PROFILE

Incorporated in October 2009, BROIPL commenced commercial
operations in 2013.  It manufactures, processes and trades edible
oils such as mustard oil and soya oil.  The company has a solvent
extraction plant with an installed capacity of 500 metric tons
per day and a refinery with an installed capacity of 75 metric
tons per day.  Its registered office is in Morena, Madhya
Pradesh.


BHADRESH TRADING: Ind-Ra Lowers Long-Term Issuer Rating to D
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bhadresh
Trading Corporation Ltd's (BTCL) Long-Term Issuer Rating to
'IND D(ISSUER NOT COOPERATING)' from 'IND BB'.  The ratings have
also been migrated to the non-cooperating category.  The issuer
did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency.  Thus, the
rating is based on the best available information and feedback
from a consortium banker that the company's account has been
classified as non-performing asset.  The rating will now appear
as 'IND D(ISSUER NOT COOPERATING)' on the agency's website.  The
instrument-wise rating actions are:

   -- INR8.5 mil. Fund-based limits (long-and short-term) lowered
      and migrated to Non-Cooperating Category;

   -- INR686.80 mil. Term loan (long-term) downgraded and
migrated
      to Non-Cooperating Category; and

   -- INR1.35 mil. Non-fund-based limits (short-term) downgraded
      and migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 17, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

                        KEY RATING DRIVERS

The downgrade reflects defaults on debt obligations during the 12
months ended March 2017.

                        RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in a rating upgrade.

COMPANY PROFILE

Incorporated in 1964, BTCL was converted into a limited company
in 2008 and is promoted by Mr. Bhadresh Mehta.  It exports and
trades raw cotton and cotton yarn, purchasing raw cotton from
ginners primarily in Gujarat and Maharashtra and exporting it
primarily to China, Southeast Asia, Pakistan and Bangladesh.
BTCL sells under its own brand 'Bhadresh' to China and
Bangladesh.  The company has offices in China, Singapore, Turkey
and the US. Recently, BTCL diversified its operations, and began
the trade of pulses in FY13 and the generation of solar power in
FY15.


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

   -- INR185 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BS is a part of Bhagwati Group.  It is a proprietorship firm
engaged in the trading of iron and steel since 1989.


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

   -- INR85 mil. Fund-based working capital limit migrated to
Non-
      Cooperating Category;

   -- INR100 mil. Non-fund-based working capital limit migrated
to
      Non-Cooperating Category;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 22, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1971, Brijbasi Hi-tech Udyog manufactures fire
fighting vehicles for various government departments.  It has a
manufacturing plant in Mathura.


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

   -- INR225 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

   -- INR125 mil. Non-fund-based working capital limit migrated
      to Non-Cooperating Category; and

   -- INR50 mil. Proposed non-fund-based working capital limit
      migrated to Non-Cooperating Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
15 January 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

CMIL, established in 1992, manufactures milk, ready-to-eat
products and choco malt.


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

   -- INR27.5 mil. Fund-based working capital facility migrated
to
      Non-Cooperating Category; and

   -- INR22.5 mil. Non-fund-based working capital facility
      migrated to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982 by Mr. Dalichand Shah, D.R. Shah
Construction Co is a civil contracting company that undertakes
maintenance services for hospitals, schools and residential
buildings for government bodies in Mumbai such as MHADA and MCGM.


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

   -- INR57.5 mil. Fund-based facilities migrated to Non-
      Cooperating Category; and

   -- INR62.5 mil. Non-fund-based facilities migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Sept. 10, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1997, DCS (formerly known as DCS Trading and
Services Private Limited) is a Hyderabad-based trading company.
It deals in machinery spare parts and consumables which are used
in mining, power and automobile industries.


ESSAR AGROTECH: CARE Assigns 'D' Rating to INR9cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Essar
Agrotech Limited (EATL) as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities              9         CARE D Assigned

The rating assigned to the bank facilities of EATL continues to
remain constrained by modest scale of operation with net loss
over the last 3 years ending FY16 (refers to the period April 1
to March 31), weak debt coverage indicators, working capital
intensive nature of operations and agri-commodity nature of
business making EATL performance susceptible to the vagaries of
climatic conditions. However, the rating derives strength from
experience and resourcefulness of the promoters and the
management team in the agri products business, diversified
product portfolio, geographical presence and moderate capital
structure.

The ability of EATL to increase its scale of operations,
improvement in profitability and liquidity position with
effective
management of working capital requirement are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoter: The directors have an experience of more
than two and half decades and are ably supported by a team of
qualified and experienced professionals.

Diversified product portfolio: EATL is engaged in sale of
flowers, plants and vegetable and milk in domestic and export
markets. Furthermore, the sales in the domestic market have been
to reputed players in processing food and fast food chains
segment.

Moderate capital structure: Capital structure of the company is
comfortable and has been below unity for the past three years
ending March 31, 2016, led by comfortable net worth of the
company.

Key Rating Weaknesses

Net loss and weak debt coverage indicators: Although the PBILDT
margin of the company has remained moderate, the company has been
suffering from net loss led by high fixed capital expenses.
Furthermore, low cash accruals and high amount of total debt has
resulted in weak debt coverage indicators

Working capital intensive nature of operations: EATL operates in
the business which depends heavily on working capital borrowings
with funds mainly blocked in an inventory and receivables as
marked by high gross current asset days of more than 160 days
during last three years ending FY16 leading to high working
capital limit utilization to support the operations.

Dependence on environmental factors: EATL is engaged in sale of
flowers, plants and vegetable and milk in domestic and export
markets therefore the sale of agri-commodity thereby making its
performance susceptible to the vagaries of the climatic condition
due to seasonal availability and perishable nature of agri-
commodity. Moreover, the production of agricommodity is dependent
on area under cultivation, monsoon. However, the comfort can be
drawn on account of long presence in the business therefore
mitigating the risk to a certain extent.

The constitution as a LLP firm restricts AHSL's overall financial
flexibility in terms of limited access to external funds for
any future expansion plans. Furthermore, 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.

Aastha Hi-Tech Storage LLP (AHSL) was established in August 2013
by Mr Deepakkumar Vaswani, Mr Baldevji Thakor, Mr Kiritkumar
Dhanesinh Chauhan, Mr Narendrapalsinh Joddha, Mr Janeshbhai
Patel, Mr Harichandrasinh Bhati and Mr Samirkumar Patel. AHSL's
commercial operations started from April 2015 and FY16 was its
first full year of operations.

AHSL was set up to provide cold storage facilities at Banaskatha
(Gujarat) with total installed capacity of 9000 MTPA (Metric
Tonnes Per Annum) as on March 31, 2016. The main objective of
setting up AHSL is to preserve potatoes and other vegetables for
a longer duration. The plant is located at ban (Gujarat) which is
one of the major Potatoes growing area region in Gujarat.

As per the audited results for FY16, AHSL reported net loss of
INR1.13 crore on a total operating income (TOI) of INR4.50
crore.


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

   -- INR135 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

   -- INR5 mil. Non-fund-based working capital limit migrated to
      Non-Cooperating Category;

Note: Issuer Not Cooperating: The ratings were last reviewed on
March 23, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1948 and managed by B.M. Garg, GAIN manufactures
and exports steel hinges (square butt hinges, back flap hinges
and piano hinges), staples, nuts, bolts, brackets, etc.  It is a
Delhi-based government-recognized export house and has been
accredited with ISO: 9001-2000, CE Marking and Bureau of Indian
Standards certifications.


GENERAL PETROCHEMICALS: Ind-Ra Assigns BB- LT Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned General
Petrochemicals Limited (GPL) a Long-Term Issuer Rating of
'IND BB-'.  The Outlook is Stable.  The instrument-wise rating
actions are:

   -- INR206.24 mil. Term loan assigned with 'IND BB-/Stable'
      rating; and

   -- INR80 mil. Fund-based limit assigned with 'IND BB-/Stable'
      rating

                       KEY RATING DRIVERS

The ratings reflect GPL's moderate scale of operations, credit
profile and liquidity.  According to the FY17 provisional
results, revenue was INR438 million (FY16: INR299 million, FY15:
INR399 million), interest coverage (operating EBITDA/gross
interest expense) was 2.15x (1.88x, 1.88x) and leverage (adjusted
net debt/operating EBITDAR) was 4x (9.18x, 6.89x).  The company's
maximum use of the working capital limits was 59% during the 12
months ended March 2017.

However, the ratings are supported by the company's founder
promoter's three decades of experience in the textile industry.

                       RATING SENSITIVITIES

Positive: A sustained improvement in the credit metrics could be
positive for the ratings.

Negative: Deterioration in the overall credit metrics could be
negative for the ratings.

COMPANY PROFILE

Incorporated in 1995, GPL manufactures greige fabric in Surat,
Gujarat on a job-work basis.


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

   -- INR13.70 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category;

   -- INR58.70 mil. Non-fund-based working capital limit migrated
      to Non-Cooperating Category;

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
Feb. 23, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Girraj Ji Stone Crushers was incorporated in 1994 and is an 'A'
class contractor engaged in the tender-based business of ballast
supply, linking of railway tracks and construction of railway
under bridges and railway over bridges as well as other
construction work in various parts of India.


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

   -- INR40 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category; and

   -- INR20 mil. Non-fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 8, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1993, GSIPL undertakes contract-based construction
work, mainly for organizations such as New Delhi Municipal
Council, Delhi Jal Board and Indian Oil Corporation Ltd ('IND
AAA'/Stable), along with various central and state government
bodies.  It has executed several reputed pipeline projects for
Delhi Jal Board (2012), Ircon International Limited (2013) and
others.


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

   -- INR160 mil. Fund-based working capital facility migrated to
      Non-Cooperating Category; and

   -- INR40 mil. Non-fund-based working capital facility migrated
      to Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 3, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, Harihara Metalloys is involved in trading
of various kinds of steel such as thermo mechanical treatment
bars, billets, scrap, sponge iron and ingots.


JANKI NEWSPRINT: CRISIL Lowers Rating on INR14MM Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Janki
Newsprint Limited (JNPL) for obtaining information through
letters and emails dated January 20, 2017 and February 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee          .25       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Cash Credit           14.00       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

   Foreign Letter
   of Credit              5.00       CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL A4+')

   Long Term Loan          .75       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     'CRISIL BB/Stable')

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

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Janki Newsprint Limited. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Janki Newsprint Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to CRISIL B/Stable/CRISIL A4.

JNPL was originally incorporated as Sumit Agro Products Ltd
(SAPL) in 2000; SAPL was reconstituted as a closely held public
limited company with the current name in 2010. JNPL manufactures
newsprint and kraft paper at its facility in Meerut (Uttar
Pradesh). It is being managed by Mr. Amit Garg, Mr. Sumit Garg,
and Mr. Anand Prakash.


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

   -- INR50 mil. Fund based working capital limit migrated to
Non-
      Cooperating Category; and

   -- INR70 mil. Term loan migrated to Non-Cooperating Category;

Note: Issuer Not Cooperating: The ratings were last reviewed on
Feb. 19, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

LCLPL was incorporated in 2011 and is a multimodal transport
operator registered with DG Shipping of India.  The company
offers door-to-door logistic services including NVOCC, container
trading, freight forwarding, road transportation, container empty
yard and container leasing.  Headquartered in Mumbai, LCLPL has
two more branches in Gujarat and Delhi.


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

   -- INR44.2 mil. Long-term loan migrated to Non-Cooperating
      Category; and

   -- INR5.0 mil. Fund-based Facilities migrated to Non-
      Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 28, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Started in 2011, LCSPL provides entertainment solutions (light
and sound) to motion pictures and advertising fraternity.


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

   -- INR30.39 mil. Term loan migrated to Non-Cooperating
      Category;

   -- INR40 mil. Fund-based working capital limit migrated to
Non-
      Cooperating Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
March 10, 2015.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

LHP was incorporated in June 2012 by Gajendra Singh, Dharmendra
Kumar and Niraj Dubey.  The company manufactures mosquito coils,
insect mats and mosquito and insect repellents.


MAGIC AUTO: Ind-Ra Assigns BB+ Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Magic Auto
Private Limited (MAPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.  The instrument-wise rating action is:

   -- INR600 mil. Fund-based bank facilities assigned with
       'IND BB+/Stable/IND A4+' rating

                         KEY RATING DRIVERS

The ratings are constrained by MAPL's moderate credit metrics on
account of a high balance sheet debt and low EBITDAR margin.  Net
financial leverage (adjusted net debt/operating EBITDAR) was 4.3x
and gross interest coverage (operating EBITDAR/gross interest
expense) was 3x in FY16.  However, the EBITDAR interest coverage
(operating EBITDAR/gross interest expense+ rent) was lower at
1.6x due to the impact of lease rentals.  Ind-Ra expects FY17
EBITDAR interest coverage and adjusted leverage to have remained
at around the FY16 levels.

The EBITDAR margins of the company remained in a narrow range of
3%-3.5% over FY13-FY16, despite healthy growth in the sales
volumes, primarily due to the dealership nature of its business.
EBITDAR margin reduced in FY16 on account of higher discounts
offered as % of sales (up 20bp yoy), an increase in employees
cost as % of sales (up 20bp yoy) and a dip in sales incentives.
FY17 EBITDAR margins are likely to remain in the range of 3%-
3.5%.

Moreover, the company has moderate working capital requirements
with net cash conversion cycle of 30 days in FY16 (FY15: 26
days). The company reported negative cash flow from operations of
INR57 million in FY16 (FY15: positive INR256 million) on account
of increased working capital requirements of the company due to
the addition of a new car showroom.  Ind-Ra expects the working
capital requirement to have increased slightly in FY17 as the
company recorded higher sales volume, necessitating a larger
inventory holding.

The ratings are supported by MAPL's stable business profile.  It
operates seven showrooms of Maruti Suzuki India Limited (MSIL) in
New Delhi.  MSIL is the largest passenger car original equipment
manufacturer in India with a market share of around 47% as of
March 2017 (Source: Society of Indian Automobile Manufacturers).
MSIL has displayed steady sales growth at a volume CAGR of 7.48%
over FY12-FY17, which is double of the passenger vehicle industry
CAGR of 3.08% over the same period.

The company has opened two dealerships under MSIL's Nexa brand,
underpinning its relationship with the original equipment
manufacturer.  Ind-Ra expects the sales contribution from Nexa to
be margin accretive.  Besides, MAPL has three true value outlets
and five workshops in New Delhi.

The ratings factor in MAPL's revenue growth at a CAGR of 10.7%
over FY13-FY16. In FY16, revenue increased 23% yoy to INR6.496
billion on the back of a 19.5% yoy increase in sales volume to
12,631 cars.  This was on account of the addition of one new car
showroom and a true value outlet and higher sales at the existing
showrooms.  The strong revenue growth continued in FY17, with the
company reporting revenue of INR7.134 billion for 11MFY17,
supported by the addition of one new Nexa showroom and two
workshops.  The company sold 14,067 cars in 11MFY17.  MAPL
derives around 91% of its revenue from the sale of cars, 4.7%
from the sale of spares & accessories and 3.9% from the sale of
services.

                       RATING SENSITIVITIES

Negative: Deterioration in the liquidity profile and/or
deterioration in the credit metrics could result in a negative
rating action.

Positive: An increase in the revenue and operating profit along
with an improvement in the credit metrics will be positive for
the ratings.

COMPANY PROFILE

Incorporated in 1989, MAPL is an authorised dealer of MSIL in
Delhi.  The company is promoted by Kochar family and was awarded
Maruti dealership in July 2004.


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

   -- INR90 mil. Fund-based working capital limit migrated to
Non-
      Cooperating Category; and

   -- INR19 mil. Non-fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 29, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1997, MCEPL manufactures aluminum formwork,
cuplock scaffolding and wall formwork, as well as solar
structures.


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

   -- INR70 mil. Fund-based working capital limit migrated to
Non-
      Cooperating Category

Note: Issuer Not Cooperating: The ratings were last reviewed on
Jan. 15, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NAFL was incorporated in 1976 as Jiwan Milk & Allied Specialties
Limited.  The name was changed to Roadmaster Foods Limited in
1991; RMI Foods Limited in 1997; finally to Narayan Agro Foods
Limited in 2007.  NAFL produces dairy products at its plant in
Kotkapura (Punjab) that has an installed capacity of processing
0.45 million liters of milk per day.


RIDLEY IFMR: Ind-Ra Assigns B+ Rating to INR752.79MM PTCs
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ridley IFMR
Capital 2016 (an ABS transaction) these final ratings:

   -- INR752.79 mil. (amortized from INR958.43) Series A1 pass-
      through certificates (PTCs) assigned with
      IND B+(SO)/Negative rating; and

   -- INR132.19 Series A2 PTCs assigned with 'IND
      B+(SO)/Negative' rating

The microfinance loan pool assigned to the trust is originated by
Disha Microfin Private Limited (Disha).

                         KEY RATING DRIVERS

The Outlook revision is primarily driven by a rise in loans
delinquent by over zero days past due (0+dpd) on account of
demonetisation.  As of March 2017, 0+dpd delinquency was 20.4%
(November 2016: 0.0%) of the original pool principal outstanding
(POS) and 24.3% (November 2016: 0.0%) of the current POS.  Ind-Ra
has mostly observed higher 0+dpd delinquencies from Disha-
originated loans that were disbursed across Maharashtra, Madhya
Pradesh, Gujarat and Karnataka.  The states accounted for 82.0%
of the initial pool principal outstanding at closing.  Gross
collection efficiency (current collections, including overdue
collections) declined to about 53.7% in March 2017 from 72.5% in
the first month since the closing (i.e. December 2016).

The final ratings are based on the origination, servicing,
collection and recovery expertise of Disha, the legal and
financial structure of the transaction, and the credit
enhancement (CE) provided in the transaction.  The final rating
of Series A1 PTCs addresses the timely payment of interest on
monthly payment dates and the ultimate payment of principal by
the final maturity date of Sept. 19, 2018, in accordance with
transaction documentation.

The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and the ultimate payment of
principal by the final maturity date of Sept. 19, 2018, in
accordance with transaction documentation.

The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of over-collateralisation available to Series A1 and
Series A2 PTCs at transaction closing are 13% and 1% of the
initial POS, respectively.  Total excess cash flow or internal CE
available to Series A1 and A2 PTCs at transaction closing is
30.09% and 15.14%, respectively, of the initial POS.  The
transaction benefits from an external CE of 4.0% of the initial
POS (4.9% of future POS) in the form of fixed deposits with RBL
Bank in the name of the originator, with a lien marked in favor
of the trustee.  The collateral pool assigned to the trust at par
had an initial POS of INR1.101.65 billion (current POS of
INR923.13 million as of March 2017), as of the pool cut-off date
of Nov. 11, 2016.

The external CE will be used in case of a shortfall in a) the
complete redemption of all Series of PTCs on the final maturity
date, b) the monthly interest payment to Series A1 investors c)
the monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 maximum payout on the Series A2 final maturity date.

                         RATING SENSITIVITIES

As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure.  The agency
analyzed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.

Ind-Ra also conducted rating sensitivity tests. If the
assumptions about the base case default rate worsen by 30%, the
model-implied rating sensitivity suggests that the ratings of
Series A1 will not be impacted while that of Series A2 PTCs will
be downgraded by two notches.

COMPANY PROFILE

Incorporated in 1995, Disha is registered with the Reserve Bank
of India (RBI) as a non-banking financial company - microfinance
institution.  In September 2015, it received in-principle
approval from the RBI to start operations as a small-finance
bank.  Disha acquired Future Financial Services Pvt Ltd in
October 2016.  It is a part of Fincare group, which comprises
Disha, Future Financial Services Pvt. Ltd, Lok Management
Services Pvt. Ltd., India Finserve Advisors Pvt. Ltd. and Fincare
Business Services Pvt. Ltd.


SAPNA GEMS: CRISIL Downgrades Rating on INR12MM Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the short-term bank
facilities of Sapna Gems (SG) to 'CRISIL D' from 'CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Packing Credit           3        CRISIL D (Downgraded from
                                     'CRISIL A4')


   Post Shipment Credit    12        CRISIL D (Downgraded from
                                     'CRISIL A4')

   Proposed Short Term      5        CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL A4')

The downgrade reflects delays of over 30 consecutive days by SG
in servicing its packing credit and post-shipment credit
obligations, because of weak liquidity driven by stretch in
working capital cycle.

SG has large working capital requirement and a below-average
financial risk profile because of its small networth, high total
outside liabilities to adjusted networth (TOLANW) ratio, and weak
debt protection metrics. However, the firm benefits from its
partners' extensive experience in the diamond industry, and its
established relationships with customers.

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting debt obligation: The firm's receivables have
been stretched as reflected in debtors of INR135 crore as on
September 2016. Delayed payments from customers has led to
stretch in working capital cycle resulting in stretched liquidity
and overdue bills of above 30 days.

* Below-average financial risk profile: SG's financial risk
profile is constrained by modest networth of INR12.69 crore and
high TOLANW ratio of 8.79 times as on March 31, 2016. Debt
protection metrics were weak, with interest coverage ratio of 1.3
times in fiscal 2016.

* Large working capital requirement: SG had gross current assets
of 600 days, driven by inventory of 72 days and receivables of
521 days, as on March 31, 2016.

Strengths

* Partner's extensive experience in the diamond industry, and
established relationships with customers: The partners'
experience of more than 30 years has helped the firm establish an
extensive marketing network of commission agents, and identify
and react to market trends.

SG, set up in 1978 as a partnership firm, mainly trades in
polished diamonds. The firm also cuts and polishes diamonds. It
derives 97% of its revenue from trading, and 3% from processing.
SG currently has two partners: Mr Popatlal Shah and Mr Devendra
Shah.

Its profit after tax (PAT) was INR0.33 crore on net sales of
INR66.89 crore in fiscal 2016, against INR0.44 crore and INR68.67
crore, respectively, in fiscal 2015.


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

   -- INR20 mil. Fund-based limit (Long-term) migrated to Non-
      Cooperating Category; and

   -- INR55 mil. Proposed fund-based limit (Long-term) migrated
      to Non-Cooperating Category; and

   -- INR50 mil. Non-fund-based limit (Short-term) migrated to
      Non-Cooperating Category

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

COMPANY PROFILE

SCPL was incorporated as a private limited company in July 2005.
The company is engaged in civil construction work of medium and
large industrial, commercial, institutional and residential
projects.


SHAMSHREE INTERNATIONAL: CRISIL Cuts Rating on INR4.9MM Loan to B
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shamshree
International Private Limited (SIPL) for obtaining information
through letters and emails dated January 20, 2017 and
February 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             4.9       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

   Letter of Credit        4.5       CRISIL B/Stable (Issuer
                                     Not Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shamshree International
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Shamshree
International Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable.

SIPL's financial risk profile continues to be weak with modest
net worth of INR46 million, and high gearing of 2.5 times, as on
March 31, 2015. The interest coverage was also low at 1.31 times
for 2014-15. The financial risk profile is expected to remain
weak over the near term.


SHANKAR INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR6.95MM Loan
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shankar
Industries Rice Mill (SIRM) for obtaining information through
letters and emails dated January 20, 2017 and February 10, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.95      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Shankar Industries Rice Mill.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Shankar Industries Rice Mill is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB rating
category or lower.' Based on the last available information,
CRISIL has reaffirmed the rating at CRISIL B/Stable.

SIRM was established as a partnership firm in Raichur (Karnataka)
in 1977. The firm is a rice mill and is currently managed by the
promoters - Ms. R Vijayalakshmi and her sons, Mr. R Pavan Kumar
and Mr. R Raghavendra.


SHIV SHIVA: CARE Assigns 'B' Rating to INR32cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shiv
Shiva Steel Pvt Ltd (SSPL) as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long term Bank
   Facilities            32.00       CARE B; Stable Assigned

The rating assigned to the bank facilities of SSPL is constrained
by project Implementation risk, highly fragmented and competitive
nature of industry and high working capital intensive nature of
business. The rating, however, continues to draw comfort from
long experience of the promoters and the proposed facilities
proximity to raw material sources.

The ability of the company to complete the project without any
cost & time overrun and derive envisaged benefit from it will
remain as the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Long experience of the directors

SSPL is promoted by Mr. Binay Kumar Singh, a graduate, having
about 30 years of experience in the same line of business, will
look after the overall affairs of the company along with Mr.
Ramesh Chandra Gupta (aged, 58 year), Mr. Vijay Kumar Gupta
(aged, 56 year), Mr. Shishir Kumar Agarwal (aged, 34 year) and
Mr. Vibhor Singh (aged, 26 year) along with their experienced
team of management.

Proximity to raw material sources
SSPL's plant is located in Patna, Bihar which has close proximity
to raw material sources from Dhanbad. The company will be able to
access raw materials locally and find substantial market locally,
which helps the company to save substantial amount of
transportation cost and also procure raw materials at effective
price.

Key Rating Weaknesses

Project implementation risk
SSPL is setting up a unit to carry out manufacturing of TMT bar
at Patna, Bihar with an aggregate project cost of INR37.90 crore,
which is proposed to be financed by way of equity capital of
INR11.1 crore, unsecured loan from promoters of INR5.80 crore and
term loan from bank of INR21.00 crore. The banker has sanctioned
a term loan of INR21.0 crore to fund its ongoing project. The
company has already expended INR7.50 crore towards land and site
development till March 31, 2017. The project is expected to be
operational from October, 2017. The company also has plans to
take a working capital facility of INR11.00 crore for its day to
day operation.

Highly fragmented and competitive nature of industry
SSPL faces stiff competition from the organized as well as
unorganized players in the industry. This apart, the company
faces tough competition from various regional and local players
with unorganized industry being highly fragmented.

Working capital intensive nature of business
SSPL's business, being manufacturing of thermo-mechanically
treated bars, is working capital intensive by nature, as they
are expected to stock the raw material for continuous flow of
production.

Shiv Shiva Steel Pvt Ltd (SSPL) was incorporated in 2016 with its
registered office at Exhibition Road, Patna, Bihar. The company
is implementing a manufacturing unit of TMT bar having installed
capacity of 120000 MT per annum at Patna, Bihar. The day to day
affairs of the entity are looked after by Mr. Binay Kumar Singh
along with the help of other directors and experienced personnel.

SSPL is setting up a unit to carry out manufacturing of TMT bar
at Patna, Bihar with an aggregate project cost of INR37.90 crore,
which is proposed to be financed by way of promoter's
contribution of INR16.90 crore and term loan of INR21.00 crore,
at a debt equity mix of 1.24:1. The project is expected to be
operational from October, 2017.


SHREE VENKATESH: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shree Venkatesh
Realties (SVR) a Long-Term Issuer Rating of 'IND BB'.  The
Outlook is Stable.  Instrument-wise rating actions are:

   -- INR160 mil. Term loans assigned with 'IND BB/Stable' rating

                        KEY RATING DRIVERS

The ratings reflect the execution, saleability and funding risks
associated with SVR's ongoing project, Lake Life in Pune.  The
11-storeyed project has 161 residential and 28 commercial units,
and six bungalows.  The project is being jointly developed by SVR
and landowners and has revenue sharing of 61.8% and 38.2%,
respectively.

As of March 2017, the company sold 87 units (68 residential and
19 commercial) worth INR185 million and collected 62% of the
total sale value.  Management claims to have completed 70% of the
layout development and has incurred INR261 million of the total
construction cost of INR373 million as of March 2017.  The
management expects the project to be fully completed by June
2018.

The total project cost of INR674 million will be funded by debt
of INR160 million, promoters' contribution of INR170 million and
customer advances of INR344 million.  The promoters have infused
INR110 million in the project as of February 2017.  Ind-Ra
believes that any significant time or cost overruns could lead to
cash flow mismatches, as customer advances (51%) form a major
source of the company's revenue.

The ratings, however, are supported by SVR's promoters' extensive
track record of 18 completed projects in Pune and their combined
experience of over two decades in the real estate business.

                         RATING SENSITIVITIES

Positive: A quick turnover of flats than the agency's
expectations, resulting in high customer advances leading to
higher cash flows available for debt servicing could result in a
positive rating action.

Negative: A below-than-expected sales rate and realization of the
project or significant time or cost overruns in the project which
will be funded mainly by debt or non-infusion of equity in a
timely manner could result in a negative rating action.

COMPANY PROFILE

SVG is a Pune-based partnership firm engaged in real estate
development.  The firm's group company, Shree Venkatesh Buildcon
Pvt Ltd is also engaged in the similar line of business.


SIVA CASHEW: CRISIL Lowers Rating on INR6.5MM Loan to 'B'
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Siva
Cashew Company (SCC) for obtaining information through letters
and emails dated January 20, 2017 and February 10, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             6.5       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded
                                     from 'CRISIL B+/Stable')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Siva Cashew Company. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Siva Cashew Company is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL B rating category or lower.' Based on
the last available information, CRISIL has downgraded the rating
to CRISIL B/Stable.

Set up in 2006 by Mr. Srinilal Sadasivan, SCC trades in raw
cashew nuts and processes cashew kernels. SCC has two processing
facilities in Kollam (Kerala) and installed capacity of 24 tonnes
per day.


SRI LOGANAYAKI: CRISIL Lowers Rating on INR6.0MM Loan to 'B'
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Loganayaki Timbers (SLT) for obtaining information through
letters and emails dated January 25, 2017 and February 14, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             0.6       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL B+/Stable)

   Letter of Credit        6.0       CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL B+/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Loganayaki Timbers. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Sri Loganayaki Timbers is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL B rating category or
lower.' Based on the last available information, CRISIL has
downgraded the rating to CRISIL B/Stable.

Incorporated in 2003, SLT is a Tamil Nadu-based firm that trades
in and processes hardwood. It is promoted and managed by Mr. I S
Murugan and his family members.


SRI MANJUBASHINI: CRISIL Cuts Rating on INR10.95MM LT Loan to B
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Manjubashini Chemicals Private Limited (SMCPL) for obtaining
information through letters and emails dated January 20, 2017 and
February 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Bank Guarantee           1        CRISIL A4 (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL BB/Stable)

   Cash Credit              7        CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL BB/Stable)

   Proposed Long Term      10.95     CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Downgraded from
                                     CRISIL BB/Stable)

   Standby Line of Credit   1.05     CRISIL B/Stable (Issuer Not
                                     Cooperating; Downgraded from
                                     CRISIL BB/Stable)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Manjubashini Chemicals
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Sri Manjubashini
Chemicals Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL B rating category or lower.' Based on the
last available information, CRISIL has downgraded the rating to
CRISIL B/Stable/CRISIL A4.

SMCPL was set up as a proprietary concern, Sri Manjunatha
Corporation in 1970 and was reconstituted as a private limited
company with the current name in 2002. The company has been the
exclusive dealer of Stahl India Pvt Ltd's finished leather
chemicals since 1985.


SRI SRINIVASA: CRISIL Reaffirms B- Rating on INR3.5MM LT Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Srinivasa Paper Mills Private Limited (SSPM) for obtaining
information through letters and emails dated January 20, 2017 and
February 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit              2        CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan           3.5      CRISIL B-/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Srinivasa Paper Mills
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Sri Srinivasa Paper
Mills Private Limited is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL B-
/Stable.

Established in 2011 and based out of Yanam (Puducherry), SSPM
manufactures kraft paper. The company is promoted by Mr. K
Seshagiri Rao and others.


SRI VENKATESWARA: CRISIL Reaffirms 'B' Rating on INR3.95MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sri
Venkateswara Rice Mill - Gollaprolu (SVRM) for obtaining
information through letters and emails dated January 20, 2017 and
February 10, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Cash Credit             3.95      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Long Term Loan          1.20      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

   Proposed Long Term      1.10      CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating; Rating
                                     Reaffirmed)

   SME Credit               .25      CRISIL B/Stable (Issuer Not
                                     Cooperating; Rating
                                     Reaffirmed)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sri Venkateswara Rice Mill -
Gollaprolu. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Sri Venkateswara Rice Mill -
Gollaprolu is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
rating category or lower.' Based on the last available
information, CRISIL has reaffirmed the rating at CRISIL B/Stable.

Set up in 2002 as a proprietorship firm, SVRM is engaged in
milling and processing of paddy into rice, rice bran, broken rice
and husk. Its rice mill is located in Gollaprolu in East Godavari
District of Andhra Pradesh. The firm is promoted by Mr.
Gollapalli Tirupathi Rao and his family.


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

   -- INR50 mil. Fund-based facility migrated to Non-Cooperating
      Category

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 25, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1986, TSPL manufactures ethnic apparels for
women. The company is based out of Surat and has branches in New
Delhi, Gujarat, Ambala, Amritsar, and Ludhiana.


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

   -- INR100 mil. Fund-based working capital limit migrated to
      Non-Cooperating Category

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 18, 2016.  Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1972, Vijay Automobiles is an authorized
distributor of spare parts for Tata Motors Ltd.'s commercial
vehicles in Alwar, Rajasthan.



===============
P A K I S T A N
===============


PAKISTAN: Shows Reduction in Fiscal Deficits, Moody's Says
----------------------------------------------------------
Strong growth performance, fiscal deficit reduction and improved
inflation dynamics underpin the Government of Pakistan's B3
rating with a stable outlook, says Moody's Investors Service.

At the same time, credit challenges include a relatively high
general government debt burden, weak physical and social
infrastructure, a fragile external payments position, and high
political risk. In particular, the government's very narrow
revenue base weighs on debt affordability. Meanwhile, exports and
remittance inflows have slowed and capital goods imports have
risen, resulting in renewed pressure on the external account.

Moody's conclusions are contained in its annual credit analysis
of Pakistan, "Government of Pakistan -- B3 Stable". The
analytical factors that are used in its Sovereign Bond Rating
Methodology are: economic strength, which is assessed as
"moderate"; institutional strength "very low (+)"; fiscal
strength "very low (-)"; and susceptibility to event risk "high".

Moody's notes that prospects for growth have improved following
Pakistan's successful completion of its three-year Extended Fund
Facility (EFF) program with the International Monetary Fund (IMF)
in September 2016 and the launch of the China-Pakistan Economic
Corridor (CPEC) project in 2015.

Moody's notes that the implementation of the CPEC project has the
potential to transform the Pakistani economy by relieving
infrastructure bottlenecks, and stimulating both foreign and
domestic investment. However, headwinds to further fiscal
consolidation and renewed pressure on the external account
present downside risks to the rating.

"Since 2013, implementation of economic reforms and increased
foreign investment flows have contributed to macroeconomic
stability and higher GDP growth. However, government debt remains
elevated and pressure on the external account continues. " said
William Foster, a Vice President and Senior Credit Officer at
Moody's.

The stable outlook represents balanced upside and downside risks
to the sovereign credit profile. Support from multilateral and
bilateral lenders has bolstered Pakistan's foreign currency
reserves and fostered progress on economic reforms. Meanwhile,
implementation of the CPEC project has the potential to transform
the Pakistani economy by relieving infrastructure bottlenecks,
and stimulating both foreign and domestic investment. However,
headwinds to further fiscal consolidation and renewed pressure on
the external account present downside risks to the rating.

Upward triggers to the rating would stem from sustained progress
in structural reforms that would significantly reduce
infrastructure impediments and supply-side bottlenecks. This
would improve Pakistan's investment environment and eventually
aid a shift to a sustained higher growth trajectory. A
fundamental strengthening in the external liquidity position and
meaningful reduction in the government deficit and debt burden
would also be credit positive.

Conversely, Moody's would view a stalling of the government's
post-IMF program economic reform agenda, material widening of the
fiscal deficit, a deterioration in the external payments
position, withdrawal of multilateral and bilateral support, or a
more unstable political environment as credit negative.



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


KOREA: Fine Dust Adversely Affecting S. Korea's Retail Sector
-------------------------------------------------------------
Yonhap News reports that South Korea's retail sector is adversely
being affected by the high concentrations of fine dust carried
over from China and Mongolia, industry watchers said.

Data showed that despite the many days off last week to celebrate
international Labor Day, Buddha's Birthday and Children's Day,
the fine dust alerts issued by the weather service and general
health concerns raised caused a lot of people to stay indoors,
according to Yonhap News.

Retailers such as Lotte Department Store said its sales dropped 5
percent on year on Saturday when the fine dust warning was
issued. It said from Monday through Saturday of last week, its
sales were off by 2.8 percent vis-a-vis the year before, the
report notes.

"Originally, Lotte expected a 5-percent increase in sales early
this month," a company source who declined to be identified said,
the report relays.

Hyundai Department Store another retailer said sales in May up
till Saturday, May 6 edged up 2.5 percent compared to the year
before, the report notes. The gain, however, failed to meet
expectations, the report notes.

It said people tended to stay indoors which hurt purchases, the
report discloses.  The store added that large numbers of people
going abroad further weakened sales, the report relays.

Such views were echoed by Shinsegae Department Store which said
its sales were up 4.7 percent, but the numbers reflected
expansion of its store size and not a good on-year comparison,
the report notes.

The department store said fallouts for offline stores had been
felt even in April, when fine dust levels made headlines, the
report discloses.

By products sold the three department stores said there was a
slight falloff in both clothing while gains were posted in
household appliances and in particular air purifiers, the report
notes.

"There were double digit spikes in demand for air purifiers that
helped out overall sales to some extent," an official at Hyundai
said, the report adds.



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


SRI LANKA: S&P Assigns 'B+' Rating on US$-Denominated Bonds
-----------------------------------------------------------
S&P Global Ratings assigned its 'B+' long-term foreign currency
issue rating to Sri Lanka's (B+/Negative/B) benchmark-size U.S.
dollar-denominated bonds.  The bonds will constitute the direct,
unconditional, unsubordinated, and unsecured obligations of Sri
Lanka.

S&P's sovereign credit ratings on Sri Lanka reflect the country's
high external debt and low foreign exchange reserves, which
continue to make the country vulnerable to external shocks, in
S&P's opinion.  Other rating constraints on Sri Lanka include the
high general government net debt burden (at 74.9% of GDP in
2016). With GDP per capita estimated at US$3,911 (2016), Sri
Lanka's level of prosperity is low.  The authorities, moreover,
continue to face significant challenges in effectively addressing
structural imbalances due to institutional constraints and a
fragmented political landscape.  These rating constraints weigh
against Sri Lanka's sound growth potential, which reflects the
strengths in the garment, tourism, and business process
outsourcing sectors.

The negative outlook on the sovereign rating indicates that S&P
could lower its rating on Sri Lanka in the next 12 months if (1)
S&P sees signs of a reversal in reform momentum, (2) currency
pressure leads to substantial increases in public debt, (3)
reserve levels decline further, or (3) contingent liabilities
from state-owned enterprises worsen the general government's
financial position.  S&P may revise the outlook back to stable if
Sri Lanka's external and fiscal indicators continue to improve,
or if S&P concludes that the nascent strengthening of Sri Lanka's
institutions and governance practices is on a more sustainable
footing.


SRI LANKA: Moody's Gives B1 Rating to USD Bond Offering Due 2027
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the
Government of Sri Lanka's US dollar bond offering maturing in
2027. The outlook on the Government of Sri Lanka's issuer rating
is negative.

RATINGS RATIONALE

Sri Lanka's B1 rating balances the economy's robust growth
potential and higher income levels than similarly rated
sovereigns against a high government debt burden, low debt
affordability, and reliance on external borrowing combined with
relatively low foreign exchange reserves.

The negative outlook on the rating is underpinned by: (1) Sri
Lanka's persistently weak fiscal metrics, in an environment of
subdued GDP growth, which could lead to renewed balance of
payments pressure; and (2) the possibility that the effectiveness
of the fiscal reforms envisaged by the government may be lower
than Moody's currently expects, which could further weaken fiscal
and economic performance.

Signs that the fiscal consolidation measures are ineffective or
that the authorities' commitment towards fiscal consolidation is
wavering would point to a higher debt burden for longer and put
negative pressure on the rating. In particular, if such
developments were accompanied by a marked fall in foreign
exchange reserves and lack of market access, a downgrade of the
rating would be possible.

Conversely, evidence of effective reform implementation leading
to significant and lasting improvements in tax collection would
be positive. Such an improvement, coupled with reforms of
macroeconomic policy that lead to more stable external financing
conditions, would support a return of the rating outlook to
stable.

This credit rating and any associated review or outlook has been
assigned on an anticipated/subsequent basis.

The principal methodology used in this rating was Sovereign Bond
Ratings published in December 2016.



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


* BOND PRICING: For the Week May 1 to May 5, 2017
-------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD             11.50   04/01/19    USD       1.13
ARTSONIG PTY LTD             11.50   04/01/19    USD       1.13
BOART LONGYEAR MANAGEMEN      7.00   04/01/21    USD       6.15
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      67.70
RELIANCE RAIL FINANCE PT      2.15   09/26/23    AUD      67.70
STOKES LTD                   10.00   06/30/17    AUD       0.25
TREASURY CORP OF VICTORI      0.50   11/12/30    AUD      67.57


CHINA
-----

AKESU XINCHENG ASSET INV      7.50   10/10/18    CNY      51.50
ANKANG DEVELOPMENT & INVE     6.35   03/06/20    CNY      81.00
ANQING URBAN CONSTRUCTIO      6.76   12/31/19    CNY      62.25
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            7.00   12/18/19    CNY      61.02
BAISHAN URBAN CONSTRUCTI      7.00   07/31/19    CNY      60.74
BANGBU CITY INVESTMENT H      5.78   08/10/17    CNY      30.30
BAODING NATIONAL HI-TECH      7.33   12/24/19    CNY      63.64
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      50.69
BAOJI INVESTMENT GROUP C      7.14   12/26/18    CNY      51.64
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.09
BAOSHAN STATE-OWNED ASSE      7.30   12/10/19    CNY      62.20
BAOTOU STATE OWNED ASSET      7.03   09/17/19    CNY      61.82
BAYINGUOLENG INNER MONGO      7.48   09/10/18    CNY      50.90
BEIJING CAPITAL DEVELOPM      5.95   05/29/19    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      70.32
BEIJING GUCAI GROUP CO L      8.28   12/15/18    CNY      73.19
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.37
BEIJING XINGZHAN STATE O      6.48   08/31/19    CNY      61.77
BIJIE XINTAI INVESTMENT       7.15   08/20/19    CNY      61.60
BINZHOU BINCHENG DISTRIC      6.50   07/05/19    CNY      61.52
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      60.11
CANGZHOU CONSTRUCTION &       6.72   01/23/20    CNY      61.68
CHANGSHA CITY CONSTRUCTI      6.95   04/24/19    CNY      62.15
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.00
CHANGSHA COUNTY XINGCHEN      8.35   04/06/19    CNY      62.03
CHANGSHA PILOT INVESTMEN      6.70   12/10/19    CNY      62.42
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.02
CHANGSHU BINJIANG URBAN       6.85   04/27/19    CNY      61.56
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      40.74
CHANGSHU CITY OPERATION       8.00   01/16/19    CNY      41.33
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.48
CHANGXING URBAN CONSTRUC      6.80   11/30/19    CNY      61.55
CHANGYI ECONOMIC AND DEV      7.35   10/30/20    CNY      73.28
CHANGZHOU JINTAN DISTRIC      8.30   03/14/19    CNY      61.59
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.77
CHANGZHOU WUJIN CITY CON      6.22   06/08/18    CNY      50.80
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      61.65
CHAOHU URBAN TOWN CONSTR      7.00   12/24/19    CNY      83.60
CHAOYANG CONSTRUCTION IN      7.30   05/25/19    CNY      61.71
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.51
CHENGDU CITY DEVELOPMENT      6.18   01/14/20    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.50
CHENGDU ECONOMIC&TECHNOL      6.50   07/17/18    CNY      50.97
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      61.56
CHENGDU ECONOMIC&TECHNOL      6.55   07/17/19    CNY      62.50
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.30
CHENGDU HI-TECH INVESTME      6.28   11/20/19    CNY      61.52
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.26
CHENGDU XINCHENG XICHENG      8.35   03/19/19    CNY      62.64
CHENGDU XINDU XIANGCHENG      8.60   12/13/18    CNY      73.18
CHENGDU XINGCHENG INVEST      6.17   01/28/20    CNY      61.55
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.18
CHENGDU XINGJIN URBAN CO      7.30   11/27/19    CNY      62.60
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.94
CHENZHOU URBAN CONSTRUCT      7.34   09/13/19    CNY      61.97
CHIFENG CITY HONGSHAN IN      7.20   07/25/19    CNY      60.72
CHIFENG CITY INFRASTRUCT      6.18   05/18/17    CNY      50.08
CHINA CITY CONSTRUCTION       3.97   03/01/21    CNY      14.24
CHINA CITY CONSTRUCTION       5.55   12/17/17    CNY      45.00
CHINA GOVERNMENT BOND         1.64   12/15/33    CNY      72.74
CHIZHOU CITY MANAGEMENT       7.17   10/17/19    CNY      61.57
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      61.89
CHONGQING BEIFEI INDUSTR      7.13   12/25/19    CNY      62.06
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.00
CHONGQING CHANGSHOU DEVE      7.45   09/25/19    CNY      62.12
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      61.42
CHONGQING FULING STATE-O      6.39   01/21/20    CNY      62.12
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      50.80
CHONGQING HECHUAN RURAL       8.28   04/10/18    CNY      51.03
CHONGQING HECHUAN URBAN       6.95   01/06/18    CNY      40.51
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.14
CHONGQING HONGRONG CAPIT      7.20   10/16/19    CNY      61.83
CHONGQING JIANGJIN HUAXI      6.95   01/06/18    CNY      40.94
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.00
CHONGQING JIANGJIN HUAXI      7.46   09/21/19    CNY      62.46
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.16
CHONGQING JINYUN ASSET M      6.75   06/18/19    CNY      61.41
CHONGQING LAND PROPERTIE      7.35   04/25/19    CNY      61.14
CHONGQING MAIRUI CITY IN      6.82   08/17/19    CNY      61.03
CHONGQING NAN'AN URBAN C      6.29   12/24/17    CNY      40.55
CHONGQING NAN'AN URBAN C      8.20   04/09/19    CNY      62.07
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.80
CHONGQING NANCHUAN DISTR      7.35   09/06/19    CNY      61.92
CHONGQING QIJIANG EAST N      6.75   01/29/20    CNY      61.43
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      50.96
CHONGQING THREE GORGES I      6.40   01/23/19    CNY      76.82
CHONGQING XINGRONG HOLDI      8.35   04/19/19    CNY      62.12
CHONGQING XIYONG MICRO-E      6.76   07/25/19    CNY      61.38
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.32
CHONGQING YONGCHUAN HUIT      7.33   10/16/19    CNY      62.33
CHONGQING YONGCHUAN HUIT      7.49   03/14/18    CNY      70.33
CHONGQING YUFU ASSET MAN      6.50   09/04/19    CNY      62.00
CHONGQING YULONG ASSET M      6.87   05/31/19    CNY      61.53
CHONGQING YUXING CONSTRU      7.29   12/08/17    CNY      40.87
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.54
CHONGQING YUXING CONSTRU      7.30   12/10/19    CNY      61.99
CHUXIONG AUTONOMOUS DEVE      6.08   10/18/17    CNY      50.84
CHUZHOU CITY CONSTRUCTIO      6.81   11/23/19    CNY      61.95
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      60.15
CHUZHOU TONGCHUANG CONST      7.05   01/09/20    CNY      62.14
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      60.68
CIXI STATE OWNED ASSET I      6.60   09/20/19    CNY      61.76
DALI ECONOMIC DEVELOPMEN      8.80   04/24/19    CNY      62.25
DALIAN CHANGXING ISLAND       6.60   01/25/20    CNY      61.71
DALIAN DETA INVESTMENT C      6.50   11/15/19    CNY      61.73
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      60.98
DALIAN LVSHUN CONSTRUCTI      6.78   07/02/19    CNY      61.03
DANDONG CITY DEVELOPMENT      5.84   09/06/17    CNY      40.01
DANDONG CITY DEVELOPMENT      6.63   12/21/18    CNY      70.68
DANYANG INVESTMENT GROUP      8.10   03/06/19    CNY      61.96
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      61.80
DAQING GAOXIN STATE-OWNE      6.88   12/05/19    CNY      63.00
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.30
DAQING URBAN CONSTRUCTIO      6.55   10/23/19    CNY      61.49
DATONG ECONOMIC CONSTRUC      6.50   06/01/17    CNY      40.10
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.85
DAXING ANLING FORESTRY G      7.08   10/23/19    CNY      50.88
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      60.95
DAZHOU INVESTMENT CO LTD      6.99   12/25/19    CNY      61.80
DEYANG CITY CONSTRUCTION      6.99   12/26/19    CNY      61.56
DEZHOU DEDA URBAN CONSTR      7.14   10/18/19    CNY      62.41
DONGBEI SPECIAL STEEL GR      5.88   05/05/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.10   01/15/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.30   09/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.50   03/27/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      8.20   06/06/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.40   07/17/17    CNY      40.00
DONGBEI SPECIAL STEEL GR      5.63   04/12/18    CNY      40.00
DONGBEI SPECIAL STEEL GR      7.00   07/10/16    CNY      40.00
DONGBEI SPECIAL STEEL GR      6.30   09/24/16    CNY      40.00
DONGTAI COMMUNICATION IN      7.39   07/05/18    CNY      50.75
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      61.73
DONGTAI UBAN CONSTRUCTIO      7.10   12/26/19    CNY      84.40
ENSHI URBAN CONSTRUCTION      7.55   10/22/19    CNY      62.14
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      49.94
ERDOS DONGSHENG CITY DEV      8.40   02/28/18    CNY      50.08
EZHOU CITY CONSTRUCTION       7.08   06/19/19    CNY      61.55
FEICHENG CITY ASSETS MAN      7.10   08/14/18    CNY      50.83
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      61.97
FENGHUA CITY INVESTMENT       7.45   09/24/19    CNY      62.24
FUJIAN LONGYAN CITY CONS      7.45   08/14/19    CNY      61.77
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.49
FUJIAN NANPING HIGHWAY C      6.69   01/28/20    CNY      61.73
FUJIAN NANPING HIGHWAY C      7.90   10/26/18    CNY      73.10
FUSHUN URBAN INVESTMENT       5.95   05/11/18    CNY      70.18
FUXIN INFRASTRUCTURE CON      7.55   10/10/19    CNY      61.65
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      61.51
FUZHOU INVESTMENT DEVELO      6.78   01/16/20    CNY      62.15
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
FUZHOU URBAN AND RURAL C      6.35   09/25/18    CNY      50.76
GANSU PROVINCIAL HIGHWAY      6.75   11/16/18    CNY      71.39
GANSU PROVINCIAL HIGHWAY      7.20   09/19/18    CNY      72.24
GANZHOU CITY DEVELOPMENT      6.40   07/10/18    CNY      50.83
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      50.97
GANZHOU DEVELOPMENT ZONE      6.70   12/26/18    CNY      51.22
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.25
GAOMI STATE-OWNED ASSETS      6.75   11/15/18    CNY      50.95
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.42
GAOMI STATE-OWNED ASSETS      6.70   11/15/19    CNY      61.49
GONGYI STATE OWNED ASSET      6.70   01/18/20    CNY      61.02
GUANGAN INVESTMENT HOLDI      8.18   04/25/19    CNY      61.85
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      60.98
GUANGXI BAISE DEVELOPMEN      6.50   07/04/19    CNY      61.28
GUANGYUAN INVESTMENT HOL      7.25   11/26/19    CNY      61.48
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      50.80
GUILIN ECONOMIC CONSTRUC      6.90   05/09/18    CNY      51.70
GUIYANG ECO&TECH DEVELOP      8.42   03/27/19    CNY      62.00
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.16
GUIYANG JINYANG CONSTRUC      6.70   10/24/18    CNY      51.40
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      61.82
GUIYANG PUBLIC RESIDENTI      6.70   11/06/19    CNY      63.00
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      47.45
GUOAO INVESTMENT DEVELOP      6.89   10/29/18    CNY      50.96
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      50.91
HAIAN COUNTY CITY CONSTR      8.35   03/28/18    CNY      51.07
HAICHENG URBAN INVESTMEN      8.39   11/07/18    CNY      72.62
HAIMEN CITY DEVELOPMENT       8.35   03/20/19    CNY      61.97
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.25
HAINING STATE-OWNED ASSE      7.80   09/20/18    CNY      72.63
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.27
HANDAN CITY CONSTRUCTION      7.05   12/24/19    CNY      62.83
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.50
HANGZHOU HIGH-TECH INDUS      6.45   01/28/20    CNY      61.90
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.12
HANGZHOU MUNICIPAL CONST      5.90   04/25/18    CNY      50.54
HANGZHOU XIAOSHAN ECO&TE      6.70   12/26/18    CNY      51.40
HANGZHOU YUHANG CITY CON      7.55   03/29/19    CNY      62.04
HANZHONG CITY CONSTRUCTI      7.48   03/14/18    CNY      71.36
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      71.89
HARBIN HELI INVESTMENT H      7.48   09/26/18    CNY      72.05
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.09
HEBEI SHUNDE INVESTMENT       6.98   12/05/19    CNY      61.99
HEFEI HAIHENG INVESTMENT      7.30   06/12/19    CNY      61.30
HEFEI TAOHUA INDUSTRIAL       8.79   03/27/19    CNY      62.38
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      61.79
HEFEI XINCHENG STATE-OWN      7.88   04/23/19    CNY      62.15
HEGANG KAIYUAN CITY INVE      6.50   07/19/19    CNY      61.02
HENAN JIYUAN CITY CONSTR      7.50   09/25/19    CNY      62.51
HENGYANG CITY CONSTRUCTI      7.06   08/13/19    CNY      61.90
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.12
HUAIAN CITY URBAN ASSET       6.87   12/26/19    CNY      62.80
HUAIAN CITY WATER ASSET       8.25   03/08/19    CNY      62.33
HUAI'AN DEVELOPMENT HOLD      6.80   03/24/17    CNY      41.77
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      61.72
HUAI'AN DEVELOPMENT HOLD      7.20   09/06/19    CNY      62.05
HUAIAN QINGHE NEW AREA I      6.79   04/29/17    CNY      39.97
HUAIAN QINGHE NEW AREA I      6.68   01/24/20    CNY      61.84
HUAIBEI CITY CONSTRUCTIO      6.68   12/17/18    CNY      50.92
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.67
HUAIHUA CITY CONSTRUCTIO      8.00   03/22/18    CNY      50.92
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.16
HUANGGANG CITY CONSTRUCT      7.10   10/19/19    CNY      62.61
HUANGSHI URBAN CONSTRUCT      6.96   10/25/19    CNY      62.03
HUIAN STATE ASSETS INVES      7.50   10/15/19    CNY      62.07
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.13
HUNAN CHANGDE DEYUAN INV      7.18   10/18/18    CNY      51.24
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.38
HUNAN CHENGLINGJI HARBOR      7.70   10/15/18    CNY      51.44
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      51.08
HUNAN ZHAOSHAN ECONOMIC       7.00   12/12/18    CNY      77.25
HUZHOU MUNICIPAL CONSTRU      7.02   12/21/17    CNY      40.64
HUZHOU MUNICIPAL CONSTRU      6.70   12/14/19    CNY      62.13
HUZHOU NANXUN STATE-OWNE      8.15   03/31/19    CNY      61.97
HUZHOU WUXING NANTAIHU C      7.71   02/17/18    CNY      71.12
INNER MONGOLIA HIGH-TECH      7.20   09/25/19    CNY      61.83
INNER MONGOLIA ZHUNGEER       6.94   05/10/18    CNY      75.10
JIAMUSI NEW ERA INFRASTR      8.25   03/22/19    CNY      61.70
JIAN CITY CONSTRUCTION I      7.80   04/20/19    CNY      61.97
JIANAN INVESTMENT HOLDIN      7.68   09/04/19    CNY      61.28
JIANGDONG HOLDING GROUP       6.90   03/27/19    CNY      60.93
JIANGDU XINYUAN INDUSTRI      8.10   03/23/19    CNY      61.89
JIANGSU HANRUI INVESTMEN      8.16   03/01/19    CNY      61.64
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.08
JIANGSU HUAJING ASSETS M      5.68   09/28/17    CNY      25.13
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.37
JIANGSU JINGUAN INVESTME      6.40   01/28/19    CNY      50.94
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.67
JIANGSU LIANYUN DEVELOPM      6.10   06/19/19    CNY      60.83
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.62
JIANGSU NANJING PUKOU EC      7.10   10/08/19    CNY      61.74
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.40
JIANGSU NEWHEADLINE DEVE      7.00   08/27/20    CNY      72.69
JIANGSU SUHAI INVESTMENT      7.20   11/07/19    CNY      61.61
JIANGSU TAICANG PORT DEV      7.66   05/16/19    CNY      62.25
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.11
JIANGSU WUZHONG ECONOMIC      8.05   12/16/18    CNY      73.42
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      61.90
JIANGSU XISHAN ECONOMIC       6.99   11/01/19    CNY      69.60
JIANGSU ZHANGJIAGANG ECO      6.98   11/16/19    CNY      62.05
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      61.99
JIANGXI HEJI INVESTMENT       8.00   09/04/19    CNY      62.38
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      61.77
JIANGYAN STATE OWNED ASS      6.85   12/03/19    CNY      62.10
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.03
JIANGYIN CITY CONSTRUCTI      7.20   06/11/19    CNY      62.90
JIASHAN STATE-OWNED ASSE      6.80   06/06/19    CNY      61.95
JIAXING CULTURE FAMOUS C      8.16   03/08/19    CNY      61.73
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.00
JIAXING ECONOMIC&TECHNOL      6.78   06/14/19    CNY      61.28
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.36
JINAN CITY CONSTRUCTION       6.98   03/26/18    CNY      50.70
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.85
JINAN XIAOQINGHE DEVELOP      7.15   09/05/19    CNY      61.88
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.86
JINGJIANG BINJIANG XINCH      6.80   10/23/18    CNY      50.90
JINGZHOU URBAN CONSTRUCT      7.98   04/24/19    CNY      61.99
JINING CITY CONSTRUCTION      8.30   12/31/18    CNY      41.62
JINING CITY YANZHOU DIST      8.50   12/28/17    CNY      25.78
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.68
JINING HI-TECH TOWN CONS      6.60   01/28/20    CNY      61.80
JINING WATER SUPPLY GROU      7.18   01/22/20    CNY      61.54
JINSHAN STATE-OWNED ASSE      6.65   11/27/19    CNY      62.03
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.16
JINZHOU CITY INVESTMENT       7.08   06/13/19    CNY      61.18
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      61.39
JISHOU HUATAI STATE OWNE      7.37   12/12/19    CNY      62.32
JIUJIANG CITY CONSTRUCTI      8.49   02/23/19    CNY      62.26
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      61.91
JIXI STATE OWN ASSET MAN      7.18   11/08/19    CNY      62.68
KAIFENG DEVELOPMENT INVE      6.47   07/11/19    CNY      61.35
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.85
KARAMAY URBAN CONSTRUCTI      7.15   09/04/19    CNY      61.92
KASHI URBAN CONSTRUCTION      7.18   11/27/19    CNY      61.71
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      50.90
KUNMING CITY CONSTRUCTIO      7.60   04/13/18    CNY      51.00
KUNMING DIANCHI INVESTME      6.50   02/01/20    CNY      61.86
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      61.44
KUNMING INDUSTRIAL DEVEL      6.46   10/23/19    CNY      63.01
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.03
KUNMING WUHUA DISTRICT S      8.60   03/15/18    CNY      51.10
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.19
KUNSHAN ENTREPRENEUR HOL      6.28   11/07/19    CNY      61.54
KUNSHAN HUAQIAO INTERNAT      7.98   12/30/18    CNY      41.55
LAIWU CITY ECONOMIC DEVE      6.50   03/01/18    CNY      60.32
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      66.60
LANZHOU CITY DEVELOPMENT      8.20   12/15/18    CNY      69.65
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      61.00
LEQING CITY STATE OWNED       6.50   06/29/19    CNY      62.00
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      72.00
LESHAN STATE-OWNED ASSET      6.99   03/18/18    CNY      71.45
LIAONING YAODU DEVELOPME      7.35   12/12/19    CNY      61.16
LIAOYANG CITY ASSETS OPE      7.10   11/13/19    CNY      61.58
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.50
LIAOYANG CITY ASSETS OPE      6.88   06/13/18    CNY      65.95
LIAOYUAN STATE-OWNED ASS      8.17   03/13/19    CNY      61.88
LIJIANG GUCHENG MANAGEME      6.68   07/26/19    CNY      61.38
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.45
LINAN CITY CONSTRUCTION       8.15   03/09/18    CNY      50.82
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.74
LINYI CITY ASSET MANAGEM      6.68   12/12/19    CNY      61.93
LINYI ECONOMIC DEVELOPME      8.26   09/24/19    CNY      63.04
LINYI INVESTMENT DEVELOP      8.10   03/27/18    CNY      50.65
LIUPANSHUI DEVELOPMENT I      6.97   12/03/19    CNY      61.67
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      60.80
LIUZHOU DONGCHENG INVEST      8.30   02/15/19    CNY      61.80
LIUZHOU INVESTMENT HOLDI      6.98   08/15/19    CNY      61.33
LIYANG CITY CONSTRUCTION      8.20   11/08/18    CNY      68.98
LONGHAI STATE-OWNED ASSE      8.25   12/02/17    CNY      41.21
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.02
LOUDI CITY CONSTRUCTION       7.28   10/19/18    CNY      51.31
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      29.76
LUOHE CITY CONSTRUCTION       6.81   03/30/17    CNY      30.06
LUOHE CITY CONSTRUCTION       6.99   10/30/19    CNY      61.21
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      61.69
LUOYANG CITY DEVELOPMENT      6.89   12/31/19    CNY      62.64
MAANSHAN ECONOMIC TECHNO      7.10   12/20/19    CNY      62.15
MIANYANG SCIENCE TECHNOL      6.30   07/22/18    CNY      53.03
MIANYANG SCIENCE TECHNOL      7.16   05/15/19    CNY      61.04
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.14
MUDANJIANG STATE-OWNED A      7.08   08/30/19    CNY      61.29
NANAN CITY TRADE INDUSTR      8.50   04/25/19    CNY      63.31
NANCHANG ECONOMY TECHNOL      6.88   01/09/20    CNY      62.00
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      61.96
NANCHONG DEVELOPMENT INV      6.69   01/28/20    CNY      82.34
NANCHONG ECONOMIC DEVELO      8.16   04/26/19    CNY      61.95
NANJING JIANGNING SCIENC      7.29   04/28/19    CNY      61.48
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.49
NANJING NEW&HIGH TECHNOL      6.94   09/07/19    CNY      61.98
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      50.96
NANJING URBAN CONSTRUCTI      5.68   11/26/18    CNY      51.08
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.00
NANJING XINGANG DEVELOPM      6.80   01/08/20    CNY      62.23
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.22
NANTONG CITY GANGZHA DIS      7.15   01/09/20    CNY      62.53
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.00
NANTONG CITY TONGZHOU DI      6.80   05/28/19    CNY      61.37
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      50.84
NEIJIANG INVESTMENT HOLD      7.00   07/19/18    CNY      51.32
NEIMENGGU XINLINGOL XING      7.62   02/25/18    CNY      70.84
NINGBO CITY ZHENHAI INVE      6.48   04/12/17    CNY      40.10
NINGBO EASTERN NEW TOWN       6.45   01/21/20    CNY      61.28
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.50
NINGBO URBAN CONSTRUCTIO      7.39   03/01/18    CNY      50.73
NINGBO ZHENHAI HAIJIANG       6.65   11/28/18    CNY      51.24
NINGDE CITY STATE-OWNED       6.25   10/21/17    CNY       9.75
NONGGONGSHANG REAL ESTAT      6.29   10/11/17    CNY      40.44
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      60.30
PANJIN CONSTRUCTION INVE      7.50   05/17/19    CNY      61.34
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      61.79
PANJIN PETROLEUM HIGH TE      6.95   01/10/20    CNY      62.00
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.37
PEIXIAN STATE-OWNED ASSE      7.20   12/06/19    CNY      62.86
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      71.69
PENGLAI CITY PENGLAIGE T      6.80   01/30/21    CNY      72.83
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.90
PINGDINGSHAN CITY DEVELO      7.86   05/08/19    CNY      61.93
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.71
PINGHU CITY DEVELOPMENT       7.20   09/18/19    CNY      61.95
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      61.72
PINGXIANG URBAN CONSTRUC      6.89   12/10/19    CNY      84.05
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.17
PIZHOU RUNCHENG ASSET OP      7.55   09/25/19    CNY      62.70
PUER CITY STATE OWNED AS      7.38   06/20/19    CNY      61.53
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      61.75
PUTIAN STATE-OWNED ASSET      8.10   03/21/19    CNY      62.03
PUYANG INVESTMENT GROUP       6.98   10/29/19    CNY      61.63
QIANAN XINGYUAN WATER IN      6.45   07/11/18    CNY      50.31
QIANDONG NANZHOU DEVELOP      8.80   04/27/19    CNY      62.55
QIANDONGNANZHOU KAIHONG       7.80   10/30/19    CNY      61.65
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.36
QIANXI NANZHOU HONGSHENG      6.99   11/22/19    CNY      61.99
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.19   02/16/17    CNY      40.00
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.27
QINGDAO CITY CONSTRUCTIO      6.89   02/16/19    CNY      61.44
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      61.45
QINGDAO HUATONG STATE-OW      7.30   04/18/19    CNY      62.05
QINGDAO JIAOZHOU CITY DE      6.59   01/25/20    CNY      62.01
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.00
QINGZHOU HONGYUAN PUBLIC      6.50   05/22/19    CNY      30.02
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.13
QINGZHOU HONGYUAN PUBLIC      7.25   10/19/18    CNY      51.33
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      61.94
QINGZHOU HONGYUAN PUBLIC      7.35   10/19/19    CNY      62.23
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.00
QINHUANGDAO DEVELOPMENT       7.46   10/17/19    CNY      62.15
QINZHOU CITY DEVELOPMENT      6.72   04/30/17    CNY      50.22
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.36
QITAIHE CITY CONSTRUCTIO      7.30   10/18/19    CNY      61.58
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.23
QUANZHOU QUANGANG PETROC      8.40   04/16/19    CNY      62.37
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.17
QUANZHOU TAISHANG INVEST      7.08   12/10/19    CNY      62.18
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.19
QUANZHOU URBAN CONSTRUCT      6.48   01/11/20    CNY      62.60
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.55
QUJING DEVELOPMENT INVES      7.25   09/06/19    CNY      62.89
RUDONG COUNTY DONGTAI SO      7.10   01/31/18    CNY      51.04
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      61.76
RUDONG COUNTY DONGTAI SO      7.45   09/24/19    CNY      62.00
RUGAO COMMUNICATIONS CON      8.51   01/26/19    CNY      52.53
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      61.64
RUGAO COMMUNICATIONS CON      6.70   02/01/20    CNY      63.00
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      62.66
RUIAN STATE OWNED ASSET       6.93   11/26/19    CNY      62.06
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.49
SANMENXIA CITY FINANCIAL      6.68   01/29/20    CNY      61.84
SANMING STATE-OWNED ASSE      6.92   12/05/19    CNY      62.26
SANMING STATE-OWNED ASSE      6.99   06/14/18    CNY      71.26
SHANGHAI CHENGTOU CORP        4.63   07/30/19    CNY      59.93
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.85
SHANGHAI JIADING INDUSTR      6.71   10/10/18    CNY      50.86
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.38
SHANGHAI JINSHAN URBAN C      6.60   12/21/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      61.65
SHANGHAI MINHANG URBAN C      6.48   10/23/19    CNY      62.10
SHANGHAI REAL ESTATE GRO      6.12   05/17/17    CNY      39.88
SHANGHAI SONGJIANG TOWN       6.28   08/15/18    CNY      50.80
SHANGHAI URBAN CONSTRUCT      5.25   11/30/19    CNY      61.14
SHANGQIU DEVELOPMENT INV      6.60   01/15/20    CNY      61.72
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      61.81
SHANGRAO CITY CONSTRUCTI      7.30   09/10/19    CNY      62.48
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      61.94
SHANGYU COMMUNICATIONS I      6.70   09/11/19    CNY      62.50
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.10
SHAOGUAN JINYE DEVELOPME      7.30   10/18/19    CNY      62.13
SHAOXING CHENGBEI XINCHE      6.21   06/11/18    CNY      50.59
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      61.61
SHAOXING CHENGZHONGCUN R      6.50   01/24/20    CNY      82.30
SHAOXING HI-TECH INDUSTR      6.75   12/05/18    CNY      51.20
SHAOXING PAOJIANG INDUST      6.90   10/31/19    CNY      61.82
SHAOXING URBAN CONSTRUCT      6.40   11/09/19    CNY      61.83
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      50.00
SHAOYANG CITY CONSTRUCTI      7.40   09/11/18    CNY      51.08
SHENYANG HEPING DISTRICT      6.85   11/13/19    CNY      61.70
SHENYANG MACHINE TOOL CO      6.50   04/09/20    CNY      69.51
SHISHI STATE OWNED INVES      7.40   09/13/19    CNY      61.66
SHIYAN CITY INFRASTRUCTU      7.98   04/20/19    CNY      62.28
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.61
SHOUGUANG JINCAI STATE-O      6.70   10/23/19    CNY      61.85
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      61.18
SHUANGYASHAN DADI CITY C      6.55   12/25/19    CNY      81.49
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.27
SHUYANG JINGYUAN ASSET O      6.50   12/03/19    CNY      61.38
SICHUAN DEVELOPMENT HOLD      5.40   11/10/17    CNY      30.22
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      60.68
SONGYUAN URBAN DEVELOPME      7.30   08/29/19    CNY      61.69
SUIZHOU DEVELOPMENT INVE      7.50   08/22/19    CNY      62.12
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.49
SUQIAN ECONOMIC DEVELOPM      7.50   03/26/19    CNY      61.55
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      61.90
SUQIAN WATER GROUP CO         6.55   12/04/19    CNY      62.07
SUZHOU CITY CONSTRUCTION      7.45   03/12/19    CNY      61.54
SUZHOU FENHU INVESTMENT       7.00   10/22/17    CNY      50.52
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      60.80
SUZHOU INDUSTRIAL PARK T      5.79   05/30/19    CNY      61.50
SUZHOU TECH CITY DEVELOP      7.32   11/01/18    CNY      51.36
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.43
SUZHOU URBAN CONSTRUCTIO      5.79   10/25/19    CNY      61.45
SUZHOU WUJIANG COMMUNICA      6.80   10/31/20    CNY      73.40
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      72.87
SUZHOU WUJIANG EASTERN S      8.05   12/05/18    CNY      73.38
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      61.49
SUZHOU XIANGCHENG URBAN       6.95   09/03/19    CNY      62.10
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      61.84
TAIAN CITY TAISHAN INVES      6.76   01/25/20    CNY      62.38
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.11
TAICANG ASSET MANAGEMENT      8.25   12/31/18    CNY      73.13
TAICANG HENGTONG INVESTM      7.45   10/30/19    CNY      62.38
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      61.79
TAICANG URBAN CONSTRUCTI      6.75   01/11/20    CNY      62.19
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.05
TAIXING ZHONGXING STATE-      8.29   03/27/18    CNY      51.07
TAIYUAN HIGH-SPEED RAILW      6.50   10/30/20    CNY      72.72
TAIYUAN LONGCHENG DEVELO      6.50   09/25/19    CNY      61.44
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.61
TAIZHOU CITY HUANGYAN DI      6.85   12/17/18    CNY      50.96
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      61.66
TAIZHOU HAILING ASSETS M      8.52   03/21/19    CNY      62.10
TAIZHOU JIAOJIANG STATE       7.46   09/13/20    CNY      74.16
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      50.81
TAIZHOU XINTAI GROUP CO       6.85   08/14/18    CNY      51.10
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      61.83
TANGSHAN NANHU ECO CITY       7.08   10/16/19    CNY      80.51
TENGZHOU CITY STATE-OWNE      6.45   05/24/18    CNY      60.00
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.41
TIANJIN BINHAI NEW AREA       5.00   03/13/18    CNY      70.89
TIANJIN DONGFANG CAIXIN       7.99   11/23/18    CNY      73.13
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      60.95
TIANJIN ECO-CITY INVESTM      6.76   08/14/19    CNY      61.19
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.45
TIANJIN ECONOMIC TECHNOL      6.20   12/03/19    CNY      61.59
TIANJIN HANBIN INVESTMEN      8.39   03/22/19    CNY      62.01
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      61.96
TIANJIN HI-TECH INDUSTRY      7.80   03/27/19    CNY      62.90
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      61.07
TIANJIN JINNAN CITY CONS      6.95   06/18/19    CNY      63.00
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.83
TIELING PUBLIC ASSETS IN      7.34   05/29/18    CNY      50.92
TIGER FOREST & PAPER GRO      5.38   06/14/17    CNY      59.14
TONGCHUAN DEVELOPMENT IN      7.50   07/17/19    CNY      60.75
TONGLIAO TIANCHENG URBAN      7.75   09/24/19    CNY      62.07
TONGLIAO URBAN INVESTMEN      5.98   09/01/17    CNY      39.93
TONGREN FANJINGSHAN INVE      6.89   08/02/19    CNY      61.79
URUMQI CITY CONSTRUCTION      6.35   07/09/19    CNY      61.55
URUMQI ECO&TECH DEVELOPM      8.58   01/10/19    CNY      52.22
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      50.76
URUMQI STATE-OWNED ASSET      6.48   04/28/18    CNY      51.60
WAFANGDIAN STATE-OWNED A      8.55   04/19/19    CNY      62.19
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.78
WEIFANG DONGXIN CONSTRUC      6.88   11/20/19    CNY      61.84
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      60.76
WEINAN CITY INVESTMENT G      6.69   01/15/20    CNY      61.52
WENLING CITY STATE OWNED      7.18   09/18/19    CNY      61.72
WENZHOU ANJUFANG CITY DE      7.65   04/24/19    CNY      61.68
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      60.53
WENZHOU ECONOMIC-TECHNOL      6.49   01/15/20    CNY      61.89
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.05
WUHAI CITY CONSTRUCTION       8.20   03/31/19    CNY      61.61
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.50
WUHAN METRO GROUP CO LTD      5.70   02/04/20    CNY      61.68
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.10
WUHU ECONOMIC TECHNOLOGY      6.70   06/08/18    CNY      51.10
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUHU XINMA INVESTMENT CO      7.18   11/14/19    CNY      61.82
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      61.73
WUJIANG ECONOMIC TECHNOL      6.88   12/27/19    CNY      62.06
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.66
WUXI MUNICIPAL CONSTRUCT      6.60   09/17/19    CNY      61.70
WUXI TAIHU INTERNATIONAL      7.60   09/17/19    CNY      62.20
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.45
WUXI XIDONG NEW TOWN CON      6.65   01/28/20    CNY      61.55
WUXI XIDONG TECHNOLOGY I      5.98   10/26/18    CNY      71.77
WUZHOU DONGTAI STATE-OWN      7.40   09/03/19    CNY      62.21
XI'AN AEROSPACE BASE INV      6.96   11/08/19    CNY      62.01
XIAN CHANBAHE DEVELOPMEN      6.89   08/03/19    CNY      61.54
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      61.58
XIANGTAN CITY CONSTRUCTI      8.00   03/16/19    CNY      63.00
XIANGTAN HI-TECH GROUP C      6.90   01/15/20    CNY      61.89
XIANGTAN JIUHUA ECONOMIC      7.43   08/29/19    CNY      62.09
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.65
XIANGYANG CITY CONSTRUCT      8.12   01/12/19    CNY      41.91
XIANNING CITY CONSTRUCTI      7.50   08/31/18    CNY      51.30
XIANYANG MUNICIPAL CONST      7.90   12/09/17    CNY      41.09
XIAOGAN URBAN CONSTRUCTI      8.12   03/26/19    CNY      62.08
XINGHUA URBAN CONSTRUCTI      7.25   10/23/18    CNY      51.78
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      61.94
XINING CITY INVESTMENT &      7.70   04/27/19    CNY      62.00
XINJIANG SHIHEZI DEVELOP      7.50   08/29/18    CNY      49.33
XINJIANG UYGUR AR HAMI Z      6.25   07/17/18    CNY      51.70
XINXIANG INVESTMENT GROU      6.80   01/18/18    CNY      40.66
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.38
XINYANG HUAXIN INVESTMEN      6.95   06/14/19    CNY      61.40
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      61.69
XINYU CITY CONSTRUCTION       7.08   12/13/19    CNY      82.00
XINZHOU CITY ASSET MANAG      7.39   08/08/18    CNY      50.86
XUCHANG GENERAL INVESTME      7.78   04/27/19    CNY      61.93
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      60.35
XUZHOU ECONOMIC TECHNOLO      8.20   03/07/19    CNY      62.66
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      50.78
XUZHOU XINSHENG CONSTRUC      7.48   05/08/18    CNY      51.35
YAAN STATE-OWNED ASSET O      7.39   07/04/19    CNY      62.62
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      61.91
YANCHENG CITY DAFENG DIS      7.08   12/13/19    CNY      63.00
YANCHENG ORIENTAL INVEST      5.75   06/08/17    CNY      49.89
YANCHENG ORIENTAL INVEST      6.99   10/26/19    CNY      62.01
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.10
YANCHENG SOUTH DISTRICT       6.93   10/26/19    CNY      62.50
YANGZHONG URBAN CONSTRUC      7.10   03/26/18    CNY      70.91
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.15
YANGZHOU URBAN CONSTRUCT      6.30   07/26/19    CNY      61.60
YIBIN STATE-OWNED ASSET       5.80   05/23/18    CNY      70.86
YICHANG MUNICIPAL FINANC      7.12   10/16/19    CNY      62.17
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      61.54
YICHANG URBAN CONSTRUCTI      6.85   11/08/19    CNY      62.07
YICHUN CITY CONSTRUCTION      7.35   07/24/19    CNY      60.73
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      59.22
YIJINHUOLUOQI HONGTAI CI      8.35   03/19/19    CNY      60.06
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      51.16
YILI STATE-OWNED ASSET I      6.70   11/19/18    CNY      52.09
YINCHUAN URBAN CONSTRUCT      6.28   03/09/17    CNY      25.03
YINGKOU CITY CONSTRUCTIO      7.98   04/18/20    CNY      73.37
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.16
YINGKOU COASTAL DEVELOPM      7.08   11/16/19    CNY      61.48
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.71
YIXING CITY DEVELOPMENT       6.90   10/10/19    CNY      61.73
YIYANG CITY CONSTRUCTION      7.36   08/24/19    CNY      61.84
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.01
YIZHENG CITY CONSTRUCTIO      7.78   06/14/19    CNY      62.40
YUHUAN COUNTY COMMUNICAT      7.15   10/12/19    CNY      61.83
YULIN CITY INVESTMENT OP      6.81   12/04/18    CNY      51.01
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.78
YULIN URBAN CONSTRUCTION      6.88   11/26/19    CNY      61.94
YUNCHENG URBAN CONSTRUCT      7.48   10/15/19    CNY      62.18
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.20
YUNNAN PROVINCIAL INVEST      5.25   08/24/17    CNY      40.21
YUYAO WATER RESOURCE INV      7.20   10/16/19    CNY      62.31
ZHANGJIAGANG JINCHENG IN      6.23   01/06/18    CNY      30.32
ZHANGJIAGANG MUNICIPAL P      6.43   11/27/19    CNY      61.69
ZHANGJIAJIE ECONOMIC DEV      7.40   10/18/19    CNY      62.23
ZHANGJIAKOU CONSTRUCTION      7.00   10/26/19    CNY      62.02
ZHANGJIAKOU TONGTAI HOLD      6.90   07/05/18    CNY      71.37
ZHAOYUAN STATE-OWNED ASS      6.64   12/31/19    CNY      62.04
ZHEJIANG HUZHOU HUANTAIH      6.70   11/28/19    CNY      62.70
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      62.08
ZHEJIANG JIASHAN ECONOMI      7.05   12/03/19    CNY      84.43
ZHEJIANG PROVINCE DEQING      6.90   04/12/18    CNY      70.94
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.00
ZHENGZHOU CITY CONSTRUCT      6.37   12/03/19    CNY      62.20
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.00
ZHENJIANG CULTURE AND TO      5.86   05/06/17    CNY      50.38
ZHENJIANG CULTURE AND TO      6.60   01/30/20    CNY      61.06
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.09
ZHENJIANG TRANSPORTATION      7.29   05/08/19    CNY      61.45
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      50.80
ZHONGSHAN TRANSPORTATION      6.65   08/28/18    CNY      51.20
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.11
ZHOUSHAN DINGHAI STATE-O      7.25   08/31/20    CNY      73.23
ZHUCHENG ECONOMIC DEVELO      7.50   08/25/18    CNY      30.62
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.46
ZHUCHENG ECONOMIC DEVELO      6.40   04/26/18    CNY      40.52
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      61.73
ZHUCHENG ECONOMIC DEVELO      6.80   11/29/19    CNY      62.08
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.79
ZHUHAI HUAFA GROUP CO LT      8.43   02/16/18    CNY      50.84
ZHUJI CITY CONSTRUCTION       6.92   12/19/19    CNY      62.06
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.46
ZHUJI CITY CONSTRUCTION       6.92   07/05/18    CNY      71.75
ZHUMADIAN INVESTMENT CO       6.95   11/26/19    CNY      62.03
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.22
ZHUZHOU GECKOR GROUP CO       7.50   09/10/19    CNY      62.72
ZHUZHOU GECKOR GROUP CO       7.82   08/18/18    CNY      71.91
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      61.87
ZHUZHOU YUNLONG DEVELOPM      6.78   11/19/19    CNY      82.00
ZIBO CITY PROPERTY CO LT      5.45   04/27/19    CNY      36.06
ZIBO CITY PROPERTY CO LT      6.83   08/22/19    CNY      61.49
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      70.68
ZUNYI INVESTMENT GROUP L      8.53   03/13/19    CNY      62.50
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      62.80
ZUNYI ROAD & BRIDGE ENGI      7.15   08/17/20    CNY      74.00
ZUNYI STATE-OWNED ASSET       6.98   12/26/19    CNY      62.10


HONG KONG
---------

CHINA CITY CONSTRUCTION       5.35   07/03/17    CNY      65.15


INDONESIA
---------

BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      35.50
BERAU COAL ENERGY TBK PT      7.25   03/13/17    USD      36.05
DAVOMAS INTERNATIONAL FI     11.00   05/09/11    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   12/08/14    USD       1.24


INDIA
-----

3I INFOTECH LTD               2.50   03/31/25    USD      14.38
BLUE DART EXPRESS LTD         9.30   11/20/17    INR     10.15
BLUE DART EXPRESS LTD         9.40   11/20/18    INR     10.28
BLUE DART EXPRESS LTD         9.50   11/20/19    INR     10.39
CAPRI GLOBAL CAPITAL          9.50   02/17/20    INR      0.75
GTL INFRASTRUCTURE LTD        5.03   11/09/17    USD      29.00
JAIPRAKASH ASSOCIATES LT      5.75   09/08/17    USD      44.38
JAIPRAKASH POWER VENTURE      7.00   02/13/49    USD      21.00
JCT LTD                       2.50   04/08/11    USD      27.00
PRAKASH INDUSTRIES LTD        5.25   04/30/15    USD      20.75
PYRAMID SAIMIRA THEATRE       1.75   07/04/12    USD       1.00
REI AGRO LTD                  5.50   11/13/14    USD       1.52
REI AGRO LTD                  5.50   11/13/14    USD       1.52
SVOGL OIL GAS & ENERGY L      5.00   08/17/15    USD       1.58


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      72.38
MICRON MEMORY JAPAN INC       2.03   03/22/12    JPY       5.38
MICRON MEMORY JAPAN INC       2.10   11/29/12    JPY       5.38
MICRON MEMORY JAPAN INC       2.29   12/07/12    JPY       5.38
TAKATA CORP                   0.58   03/26/21    JPY      42.50
TAKATA CORP                   0.85   03/06/19    JPY      44.00
TAKATA CORP                   1.02   12/15/17    JPY      48.00


KOREA
-----

2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      35.10
2014 KODIT CREATIVE THE       5.00   12/25/17    KRW      35.10
2016 KIBO 1ST SECURITIZA      5.00   09/13/18    KRW      30.63
DONGBU METAL CO LTD           5.75   04/16/20    KRW      69.18
DOOSAN CAPITAL SECURITIZ     20.00   04/22/19    KRW      50.37
EXPORT-IMPORT BANK OF KO      1.70   09/22/30    KRW      73.94
HANJIN SHIPPING CO LTD        2.00   05/23/17    KRW       3.30
HANJIN SHIPPING CO LTD        5.90   06/07/17    KRW       4.13
HYUNDAI MERCHANT MARINE       1.00   07/07/21    KRW      50.88
HYUNDAI MERCHANT MARINE       1.00   04/07/21    KRW      53.00
KIBO ABS SPECIALTY CO LT     10.00   08/22/17    KRW      24.58
KIBO ABS SPECIALTY CO LT      5.00   02/25/19    KRW      29.17
KIBO ABS SPECIALTY CO LT      5.00   12/25/17    KRW      33.19
KIBO ABS SPECIALTY CO LT      5.00   03/29/18    KRW      33.67
KOREA SOUTH-EAST POWER C      4.38   12/07/42    KRW      53.68
KOREA SOUTH-EAST POWER C      4.44   12/07/42    KRW      54.04
LSMTRON DONGBANGSEONGJAN      4.53   11/22/17    KRW      34.18
MERITZ CAPITAL CO LTD         5.44   09/29/46    KRW      35.24
OKC SECURITIZATION SPECI     10.00   01/03/20    KRW      28.86
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SHINHAN BANK                  3.83   12/08/31    KRW      71.17
SINBO SECURITIZATION SPE      5.00   10/30/19    KRW      18.48
SINBO SECURITIZATION SPE      5.00   02/25/20    KRW      26.97
SINBO SECURITIZATION SPE      5.00   01/28/20    KRW      27.06
SINBO SECURITIZATION SPE      5.00   12/30/19    KRW      27.23
SINBO SECURITIZATION SPE      5.00   09/30/19    KRW      28.14
SINBO SECURITIZATION SPE      5.00   08/27/19    KRW      28.57
SINBO SECURITIZATION SPE      5.00   07/29/19    KRW      28.85
SINBO SECURITIZATION SPE      5.00   03/13/19    KRW      28.95
SINBO SECURITIZATION SPE      5.00   06/25/19    KRW      29.21
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   03/18/19    KRW      30.26
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   02/27/19    KRW      30.49
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   01/30/19    KRW      30.72
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   12/23/18    KRW      31.09
SINBO SECURITIZATION SPE      5.00   07/29/18    KRW      31.11
SINBO SECURITIZATION SPE      5.00   06/25/18    KRW      31.45
SINBO SECURITIZATION SPE      5.00   05/26/18    KRW      31.72
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   09/26/18    KRW      32.05
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   08/29/18    KRW      32.30
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   06/07/17    KRW      32.43
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   07/24/18    KRW      32.86
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   06/27/18    KRW      33.10
SINBO SECURITIZATION SPE      5.00   12/23/17    KRW      33.21
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   03/12/18    KRW      33.83
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   02/11/18    KRW      34.09
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   01/15/18    KRW      34.63
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   10/01/17    KRW      35.37
SINBO SECURITIZATION SPE      5.00   07/24/17    KRW      35.79
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   08/16/17    KRW      35.85
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   07/08/17    KRW      38.73
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   03/13/17    KRW      62.32
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
SINBO SECURITIZATION SPE      5.00   02/21/17    KRW      73.07
TONGYANG CEMENT & ENERGY      7.50   09/10/14    KRW      71.00
TONGYANG CEMENT & ENERGY      7.50   04/20/14    KRW      71.00
TONGYANG CEMENT & ENERGY      7.30   06/26/15    KRW      71.00
TONGYANG CEMENT & ENERGY      7.30   04/12/15    KRW      71.00
TONGYANG CEMENT & ENERGY      7.50   07/20/14    KRW      71.00
U-BEST SECURITIZATION SP      5.50   11/16/17    KRW      35.78
WOONGJIN ENERGY CO LTD        3.00   12/19/19    KRW      59.61
WOORI BANK                    5.21   12/12/44    KRW     352.69


SRI LANKA
---------

SRI LANKA GOVERNMENT BON      5.35   03/01/26    LKR      60.84
SRI LANKA GOVERNMENT BON      6.00   12/01/24    LKR      66.87
SRI LANKA GOVERNMENT BON      8.00   01/01/32    LKR      67.56
SRI LANKA GOVERNMENT BON      9.00   06/01/43    LKR      71.87
SRI LANKA GOVERNMENT BON      9.00   11/01/33    LKR      73.80
SRI LANKA GOVERNMENT BON      9.00   06/01/33    LKR      74.21
SRI LANKA GOVERNMENT BON      9.00   10/01/32    LKR      74.65


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       0.34
I-BHD                         2.50   10/09/19    MYR       0.46
IRE-TEX CORP BHD              1.00   06/10/19    MYR       0.04
LAND & GENERAL BHD            1.00   09/24/18    MYR       0.20
MALTON BHD                    6.00   06/30/18    MYR       1.03
PERWAJA HOLDINGS BHD          7.00   03/26/19    MYR       0.04
PUC FOUNDER MSC BHD           4.00   02/15/19    MYR       0.05
REDTONE INTERNATIONAL BH      2.75   03/04/20    MYR       0.15
SEE HUP CONSOLIDATED BHD      4.60   12/22/17    MYR       0.16
SENAI-DESARU EXPRESSWAY       1.35   06/30/31    MYR      53.47
SENAI-DESARU EXPRESSWAY       1.35   12/31/30    MYR      54.72
SENAI-DESARU EXPRESSWAY       1.35   06/28/30    MYR      56.08
SENAI-DESARU EXPRESSWAY       1.35   12/31/29    MYR      57.43
SENAI-DESARU EXPRESSWAY       1.35   06/29/29    MYR      58.85
SENAI-DESARU EXPRESSWAY       1.35   12/29/28    MYR      60.27
SENAI-DESARU EXPRESSWAY       1.35   06/30/28    MYR      61.70
SENAI-DESARU EXPRESSWAY       1.35   12/31/27    MYR      63.09
SENAI-DESARU EXPRESSWAY       1.35   06/30/27    MYR      64.42
SENAI-DESARU EXPRESSWAY       1.35   12/31/26    MYR      65.80
SENAI-DESARU EXPRESSWAY       1.35   06/30/26    MYR      67.18
SENAI-DESARU EXPRESSWAY       0.50   12/31/38    MYR      68.34
SENAI-DESARU EXPRESSWAY       1.35   12/31/25    MYR      68.59
SENAI-DESARU EXPRESSWAY       1.15   06/30/25    MYR      68.66
SENAI-DESARU EXPRESSWAY       0.50   12/30/39    MYR      69.68
SENAI-DESARU EXPRESSWAY       1.15   12/31/24    MYR      70.13
SENAI-DESARU EXPRESSWAY       0.50   12/31/40    MYR      70.64
SENAI-DESARU EXPRESSWAY       0.50   12/31/41    MYR      71.47
SENAI-DESARU EXPRESSWAY       1.15   06/28/24    MYR      71.67
SENAI-DESARU EXPRESSWAY       0.50   12/31/42    MYR      72.51
SENAI-DESARU EXPRESSWAY       1.15   12/29/23    MYR      73.22
SENAI-DESARU EXPRESSWAY       0.50   12/31/43    MYR      73.35
SENAI-DESARU EXPRESSWAY       0.50   12/30/44    MYR      74.11
SENAI-DESARU EXPRESSWAY       0.50   12/29/45    MYR      74.79
SENAI-DESARU EXPRESSWAY       1.15   06/30/23    MYR      74.80
SOUTHERN STEEL BHD            5.00   01/24/20    MYR       1.27
THONG GUAN INDUSTRIES BH      5.00   10/10/19    MYR       4.36
UNIMECH GROUP BHD             5.00   09/18/18    MYR       1.07
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       1.65
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      33.50
BERAU CAPITAL RESOURCES      12.50   07/08/15    USD      34.04
BLD INVESTMENTS PTE LTD       8.63   03/23/15    USD       4.69
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      56.76
BUMI CAPITAL PTE LTD         12.00   11/10/16    USD      57.13
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      55.52
BUMI INVESTMENT PTE LTD      10.75   10/06/17    USD      57.38
ENERCOAL RESOURCES PTE L      9.25   08/05/14    USD      46.75
EZION HOLDINGS LTD            4.88   06/11/21    SGD      53.50
EZION HOLDINGS LTD            5.10   03/13/20    SGD      62.38
EZION HOLDINGS LTD            4.70   05/22/19    SGD      71.50
EZION HOLDINGS LTD            4.85   01/23/19    SGD      74.48
EZRA HOLDINGS LTD             4.88   04/24/18    SGD      28.00
FALCON ENERGY GROUP LTD       5.50   09/19/17    SGD      70.00
INDO INFRASTRUCTURE GROU      2.00   07/30/10    USD       1.00
INTERNATIONAL HEALTHWAY       7.00   04/27/17    SGD      71.38
INTERNATIONAL HEALTHWAY       6.00   02/06/18    SGD      72.63
NEPTUNE ORIENT LINES LTD      4.40   06/22/21    SGD      69.75
NEPTUNE ORIENT LINES LTD      4.65   09/09/20    SGD      73.50
ORO NEGRO DRILLING PTE L      7.50   01/24/19    USD      65.00
OSA GOLIATH PTE LTD          12.00   10/09/18    USD      62.63
PACIFIC INTERNATIONAL LI      7.25   11/16/18    SGD      72.38
PACIFIC RADIANCE LTD          4.30   08/29/18    SGD      45.00
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
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      58.16



                             *********

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 B. Magdadaro and
Peter A. Chapman, Editors.

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

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

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000 or Joseph Cardillo at 856-381-8268.



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