/raid1/www/Hosts/bankrupt/TCRAP_Public/171031.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, October 31, 2017, Vol. 20, No. 216

                            Headlines


A U S T R A L I A

AMIGA MONTESSORI: First Creditors' Meeting Set for Nov. 8
AUSDRILL LTD: African Business Increasingly Drives Credit Profile
EQUIPMENT HIRE: Second Creditors' Meeting Set for Nov. 7
HAY DIRECT: Second Creditors' Meeting Set for Nov. 6
RESIMAC BASTILLE 2017-1NC: Moody's Rates AUD8.25MM Cl. F Notes B2

SAFFRON INDIAN: First Creditors' Meeting Set for Nov. 7
SLATER & GORDON: Shareholders Pay Price for Rescue Plan
TOTAL GROUP: Second Creditors' Meeting Set for Nov. 7


C H I N A

BAOXIN AUTO: Fitch Assigns B+ Rating to US$400MM Perpetual Sec.
BEIJING CAPITAL: Fitch Affirms BB+ IDR; Outlook Stable
SUQIAN ECONOMIC: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
YINGDE GASES: Fitch Affirms B+ IDR; Removes From Watch Neg.


I N D I A

ADISON GRANITO: CARE Assigns B+ Rating to INR93.50cr LT Loan
ANIL SANTHOSH: CRISIL Reaffirms B+ Rating on INR2.4MM Loan
APCO AUTOMOBILES: CRISIL Reaffirms 'B' Rating on INR15MM Loan
BHILAI ENGINEERING: CARE Assigns 'B' Rating to INR102.90cr Loan
CHAMUNDA NANDIKESHWAR: CARE Moves B+ Rating to Not Cooperating

DCR DISTILLERY: CARE Assigns 'D' Rating to INR14cr LT Loan
FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
GBKC FASHIONS: CRISIL Assigns B+ Rating to INR6MM Cash Loan
HY LINK: CRISIL Raises Rating on INR12.5MM Cash Loan to B-
JAYDEEP ENYTERPRISE: CARE Assigns B+/A4 Rating to INR25cr Loan

KONERU CONSTRUCTION: CARE Assigns BB Rating to INR6.50cr Loan
KRISHNA COTTON: CARE Reaffirms B+ Rating on INR8.55cr LT Loan
LOREM TILES: CRISIL Reaffirms B+ Rating on INR2.96MM LT Loan
M R INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5.35MM Term Loan
NAND ENTERPRISE: CARE Reaffirms B+ Rating on INR7.50cr LT Loan

NAROL TEXTILE: CRISIL Reaffirms B+ Rating on INR62.48MM Loan
R.F. EXPORTS: CRISIL Reaffirms 'B' Rating on INR5MM Term Loan
REAL VALUE: CARE Identifies B+ Rated NCDs as "Potential Defaults"
SAHA INFRATECH: CARE Lowers Rating on INR160cr Loan to 'D'
SENGUNTHAR MILLS: CRISIL Ups Rating on INR9MM Cash Loan to B+

SHREE RAM: CRISIL Hikes Rating on INR14MM Cash Loan to B+
SHRI VARDHMAN: CARE Assigns B+ Rating to INR1.75cr LT Loan
SUMIT GAS: CRISIL Raises Rating on INR3.3MM Cash Loan to B+
Z.H. INDUSTRIES: CARE Assigns 'B' to INR20cr LT Loan


I N D O N E S I A

REASURANSI INDONESIA: Fitch Assigns BB+ IFS Rating


M A L A Y S I A

TH HEAVY: Says in Talks to sell FPSO Unit to Yinson


N E W  Z E A L A N D

CRICHQ LTD: Staff Strikes Deal With Receivers Over Unpaid Wages
STRATEGIC FINANCE: Receivers Prepare Final Payout


S I N G A P O R E

EZION HOLDINGS: Offers Bondholders Refinancing Protection


S R I  L A N K A

ABANS FINANCE: Fitch Publishes BB+ National Long-Term Rating


X X X X X X X X

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


                            - - - - -


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A U S T R A L I A
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AMIGA MONTESSORI: First Creditors' Meeting Set for Nov. 8
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Amiga
Montessori Frankston North Pty. Ltd will be held at the offices
of PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on
Nov. 8, 2017, at 10:30 a.m.

Glenn Jeffrey Franklin and Jason Glenn Stone of PKF Melbourne
were appointed as administrators of Amiga Montessori on Oct. 27,
2017.


AUSDRILL LTD: African Business Increasingly Drives Credit Profile
-----------------------------------------------------------------
Moody's Investors Service says that the credit profile of
Ausdrill Limited (Ba3 stable) continues to improve on falling
leverage and earnings growth as the company increasingly reaps
the benefits of its business in Africa.

"Ausdrill's financial leverage, as measured by adjusted debt/
EBITDA, will continue to improve in the next 12-18 months after
falling materially in fiscal 2017, ended June 30, 2017," says
Shawn Xiong, a Moody's Analyst.

"Earnings growth from contract renewals and new contracts,
particularly in Africa, will drive further leverage improvements
to 2.2x-2.5x," says Xiong. "Leverage improved to around 2.8x for
fiscal 2017, versus Moody's maximum tolerance for the Ba3 rating
of 3.25x."

At the same time, Ausdrill's credit quality is constrained by the
potential for earnings volatility due to its increasing exposure
to an inherently unpredictable gold price.

Moody's conclusions are contained in its just-released FAQ on
Ausdrill, "Ausdrill Limited: FAQ - African business increasingly
driving credit profile". The report -- authored by Xiong and
Douglas Rowlings, Vice President and Senior Analyst -- follows
Moody's upgrade of Ausdrill's ratings to Ba3 from B1 on 9
October, reflecting its improving credit profile.

Ausdrill's revenue share from Africa has grown significantly. In
fiscal 2017, revenue derived from operations in Africa, mainly
West Africa, represented around 52% of total group revenue,
compared with only 32% in fiscal 2013.

Moody's expects the revenue contribution from its African
operations to grow further to 60%-65% over the next 12 to 18
months, driven by significant growth opportunities for miners in
Africa, given the availability of vast areas of untapped low-cost
mineral resources.

Although African mining frameworks have been and will likely
continue to be tested, the likelihood of simultaneous
nationalizations in multiple countries is, in the rating agency's
view, remote.

Furthermore, Ausdrill has good geographic diversity in Africa, as
it operates mines in a number of jurisdictions. Moody's sees
limited risk of issues unique to mines in one country
simultaneously spilling over to mines in other countries where
Ausdrill is active.

So far, Ausdrill's high exposure to the gold sector has been
credit positive as gold prices have been relatively stable after
their steep decline in 2013. The company has also avoided the
negative effects of a sustained fall in base-metal prices
affecting many of its peers, because of its focus on gold. The
company generated around 78% of its revenue from gold-related
activities in fiscal 2017.

Looking ahead, and notwithstanding Moody's view that the gold
price is inherently volatile and unpredictable, Ausdrill's
counterparty risk profile will continue to be supported by the
fact that its key clients are gold producers with low-cost
African mines that will remain profitable, based on Moody's mid-
point, medium-term gold-price sensitivity of $1,200/oz.

Moody's does not believe that Ausdrill's increasing share of
revenue from Africa and elevated exposure to lowly rated
sovereigns weigh on its credit quality. Ausdrill mitigates
operating risks, such as technical and labour risks, by operating
a number of mines in each country.

Moreover, the majority of its operations either benefit from
payments being made in hard currency or in CFA francs, limiting
its exposure to sovereign fiscal regime risk in Africa.

Ausdrill's proven track record in Africa creates natural barriers
to entry in its key markets. Africa is a complex region to
conduct mining operations and Ausdrill's track record, along with
its know-how as an African mine operator, cannot be easily
replicated in the short-term. It has been operating in the region
for over 27 years and has built a reputation as an efficient mine
operator.

Finally, the company's strong cash flow and liquidity provide
maneuvering room, should any of its operations come under
pressure. Ausdrill demonstrated its ability to generate positive
free cash flow in fiscal 2015 and fiscal 2016, as the company
reduced capital spending and reined in its expansion of
operations.

Ausdrill's cash balance of AUD167 million as at June 30, 2017 and
largely undrawn revolving credit facility of AUD200 million
reflect its strong liquidity. In addition, it has completed
around AUD100 million in equity raising in anticipation of growth
opportunities in Africa over the next 12-18 months.


EQUIPMENT HIRE: Second Creditors' Meeting Set for Nov. 7
--------------------------------------------------------
A second meeting of creditors in the proceedings of Equipment
Hire Pty Ltd has been set for Nov. 7, 2017, at 10:00 a.m., at the
offices of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney.

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 Nov. 6, 2017, at 4:00 p.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Equipment Hire on June 22, 2017.


HAY DIRECT: Second Creditors' Meeting Set for Nov. 6
----------------------------------------------------
A second meeting of creditors in the proceedings of Hay Direct
Australia Pty Ltd has been set for Nov. 6, 2017, at 11:00 a.m.,
at the offices of Macks Advisory, Level 8 West, 50 Grenfell
Street, in Adelaide, South Australia.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Nov. 3, 2017, at 4:00 p.m.

Ian Wayne Burford of Macks Advisory was appointed as
administrator of Hay Direct on Aug. 16, 2017.


RESIMAC BASTILLE 2017-1NC: Moody's Rates AUD8.25MM Cl. F Notes B2
-----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to notes issued by Perpetual Trustee Company Limited in
its capacity as trustee of RESIMAC Bastille Trust Series 2017-
1NC.

The transaction is a securitisation of a portfolio of Australian
non-conforming and prime housing loans originated by RESIMAC
Limited (RESIMAC).

Issuer: RESIMAC Bastille Trust Series 2017-1NC

AUD525.0 million Class A1 Notes, Assigned Aaa (sf)

AUD112.5 million Class A2 Notes, Assigned Aaa (sf)

AUD58.5 million Class B Notes, Assigned Aa2 (sf)

AUD14.25 million Class C Notes, Assigned A2 (sf)

AUD14.25 million Class D Notes, Assigned Baa2 (sf)

AUD9.0 million Class E Notes, Assigned Ba1 (sf)

AUD8.25 million Class F Notes, Assigned B2 (sf)

The AUD8.25 million Class G Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

RATINGS RATIONALE

The definitive ratings take into account, among other factors, an
evaluation of the underlying receivables and their expected
performance, an evaluation of the capital structure, the
availability of excess spread over the life of the transaction,
the liquidity facility in the amount of 1.5% of the note balance
and the experience of RESIMAC as servicer.

Moody's MILAN CE - representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario -
is 13.80%. Moody's expected loss for this transaction is 1.60%.

Key transactional features are:

* While Class A2 are subordinate to Class A1 in relation to
losses, Class A1 and Class A2 rank pari-passu in relation to
principal payments, on the basis of their stated amounts,
throughout the life of the deal. This principal paydown feature
reduces the absolute level of credit enhancement available to
Class A1 notes.

* Class B to Class F notes will start receiving their pro-rata
share of principal if step-down conditions are met. The pro-rata
allocation of principal (other than for Class A1 and A2 notes) is
effectively limited to a maximum of 2.5 years, with no principal
allocated to Class B to F in the first 18 months, and with
switchback to sequential four years after the closing date.

* A retention mechanism will be used to divert excess available
income towards the repayment of the Class F notes. In the first
year, the retention amount will be up to 0.25% of the outstanding
note balance, reducing to 0.20% and 0.15% in the second and third
year respectively, after closing. The total retention amount is
limited to AUD2 million. At the same time, the trustee will issue
additional Class G notes, equivalent to the retention amount
allocated to the Class F notes, leaving subordination to the
Class A to Class E notes unchanged.

Key pool features are:

* Compared to certain peer portfolios, this portfolio has a lower
proportion of loans with scheduled LTV over 80% (28.0%). The
proportion of loans with scheduled LTV over 90% is only 0.1%. The
weighted average LTV of 72.2% is in line with peer portfolios.

* Based on Moody's classifications, the portfolio contains 17.2%
of loans to borrowers with prior adverse credit history (default,
judgment or bankruptcy). Moody's assesses these borrowers as
having a significantly higher default probability.

* The portfolio contains 80.0% of loans granted on the basis of
alternative income documentation, with a further 0.6% granted on
the basis of low income documentation.

* Investment and interest only loans represent 41.1% and 46.0% of
the pool, respectively.

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process - here the MILAN
Aaa CE and median expected loss - differed. The analysis assumes
that the deal has not aged. Parameter Sensitivities only reflect
the ratings impact of each scenario from a quantitative/model-
indicated standpoint.

Based on the current structure, if the MILAN CE was to increase
to 15.9% from 13.8%, the ratings of the Class A1 notes would
remain at the current Aaa. If the MILAN CE was to increase to
17.9%, Class A1 notes would fall by one notch to Aa1 assuming an
increase in the Portfolio EL to 1.8% from 1.6%. The sensitivity
in the rating for the Class A1 notes is due to the pro-rata
allocation of principal among the Class A1 and Class A2 notes, on
the basis of their stated amounts, throughout the life of the
deal, thus reducing the absolute amount of credit enhancement
available to Class A1 notes.

Moody's ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed, but
may have a significant effect on yield to investors. Moody's
ratings are subject to revision, suspension or withdrawal at any
time at Moody's absolute discretion. The ratings are expressions
of opinion and not recommendations to purchase, sell or hold
securities.

Factors that would lead to an upgrade or downgrade of the
ratings:

A factor that could lead to an upgrade of the notes is better-
than-expected collateral performance and a rapid build-up of
credit enhancement.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties, lack of transactional governance and
fraud.


SAFFRON INDIAN: First Creditors' Meeting Set for Nov. 7
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Saffron
Indian Gourmet Pty Ltd will be held at the offices of Hall
Chadwick Chartered Accountants, Level 19, 144 Edward Street, in
Brisbane, Queensland, on Nov. 7, 2017, at 10:30 a.m.

Richard Albarran and Shahin Hussain of Hall Chadwick Chartered
Accountants were appointed as administrators of Indian Gourmet on
Oct. 26, 2017.


SLATER & GORDON: Shareholders Pay Price for Rescue Plan
-------------------------------------------------------
Sarah Danckert at The Sydney Morning Herald reports that Slater
and Gordon's long-suffering shareholders will be nearly wiped out
in the company's rescue plan and many will be left with parcels
of shares so small they cannot be sold on market.

SMH relates that the dire fate of Slater and Gordon's
shareholders was laid bare in more than 1,000 pages of documents
filed to the Australian Securities Exchange on Oct. 30.

But despite shareholders facing near wipe out, the deal is a
better option than placing the company in administration where
the shares will be worth zero, SMH says citing an independent
expert's report on the deal by KPMG.

The rescue plan will salvage Slater and Gordon's Australian
business, the report states.

According to SMH, the recapitalisation comes after two horror
years during which the company has teetered on the brink of
insolvency after a AUD1.3 billion deal in the UK blew up.

After the rescue, current shareholders will only hold 5% of the
company's shares, the report notes.

Slater and Gordon's senior lenders led by America's Anchorage
Capital Group will hold the other 95%, the report discloses.

The shares that were once worth $2.8 billion were trading at
6.8 cents on Oct. 30 equating to a market capitalisation of
AUD24.2 million, SMH discloses.

SMH says the rescue plan values Slater and Gordon's shares at
between 0.3 cents or 1.1 cents each, meaning the 351.4 million
shares currently on issue will be worth between AUD1.05 million
and AUD3.87 million.

This compares to the AUD15.5 million in fees Slater and Gordon's
legal and financial advisers will receive for completing the
deal, the report notes.

About 6.5 billion shares will be issued to the hedge funds
holding Slater and Gordon's AUD1 billion-plus debt pile. Shares
will then be consolidated on 1 for 100 basis, according to SMH.

In return, the hedge funds will forgive swathes of Slater and
Gordon's debts. The lighter debt load will free up the company's
balance sheet which is currently weighed down by finance
repayments, SMH adds.

Australia-based Slater & Gordon Limited (ASX:SGH) --
https://www.slatergordon.com.au/ -- is engaged in operating legal
practices in Australia and the United Kingdom. The Company
operates through segments, including Slater and Gordon Australia
(AUS), Slater and Gordon UK (UK) and Slater Gordon Solutions
(SGS). The AUS segment conducts a range of legal services within
a geographical area of Australia. The AUS segment also includes
investments, borrowing and capital rising activities. The
Company's UK segment conducts a range of legal services in in the
United Kingdom. The UK segment also includes the investments in
SGS. The SGS segment offers legal services relating to road
traffic accidents, employee liability and noise, including
hearing loss. The SGS segment also provides complementary
services in health and motor services. The Company's business and
specialized litigation services include commercial, estate and
professional negligence litigation and class actions.


TOTAL GROUP: Second Creditors' Meeting Set for Nov. 7
-----------------------------------------------------
A second meeting of creditors in the proceedings of Total Group
Pty Ltd has been set for Nov. 7, 2017, at 10:30 a.m., at the
offices of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney.

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 Nov. 6, 2017, at 4:00 p.m.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Total Group on Oct. 3, 2017.



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C H I N A
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BAOXIN AUTO: Fitch Assigns B+ Rating to US$400MM Perpetual Sec.
---------------------------------------------------------------
Fitch Ratings has assigned Baoxin Auto Finance I Limited's
(Baoxin Finance) US$400 million senior perpetual securities a
final rating of 'B+' and Recovery Rating of 'RR4'. Baoxin Finance
is wholly owned by China Grand Automotive Services Co., Ltd
(China Grand Auto, BB-/Stable). The securities are
unconditionally and irrevocably guaranteed by China Grand Auto.

The senior perpetual securities are rated one notch below China
Grand Auto's 'BB-' senior unsecured rating in accordance with
Fitch's "Treatment and Notching of Hybrids in Non-Financial
Corporate and REIT Credit Analysis" criteria. This one-notch
difference reflects the securities' coupon deferral feature.

Fitch accords no equity credit to the securities in its
evaluation of China Grand Auto's capital structure and leverage
as this instrument ranks pari passu with the company's senior
unsecured obligations. The final rating follows the receipt of
documents conforming to information already received and is in
line with the expected rating assigned on 19 October 2017.

KEY RATING DRIVERS

Large Scale, Strong Market Position: China Grand Auto's ratings
are supported by its large operating scale and strong business
profile. China Grand Auto is the largest auto dealership in
China, with more than 750 outlets in 28 provinces covering more
than 50 brands. China Grand Auto has been consolidating its
position and the recent acquisition of Baoxin Auto has expanded
the company's offerings in the luxury car segment. China Grand
Auto is now the leading dealer in China for most of the major
luxury brands including Audi, BMW, Volvo and Jaguar Land Rover.

China Grand Auto's strong brand and geographical diversification
mitigate the impact of product launch cycles and reduce earnings
volatility. In addition, the company's large operating scale
allows it to use its store network more efficiently to develop
new revenue sources, such as commission income, leasing, and used
car sales.

Robust Long-Term Demand Prospects: China became the world's
largest passenger vehicle market in 2013. Despite slower growth
prospects, the long-term growth drivers for passenger vehicles
remain intact due to low vehicle ownership penetration and
density. On a medium-term (about five years) view, Fitch expects
passenger-vehicle sales to grow at a mid-single digit percentage,
which remains healthy and higher than the developed-market
average.

Contribution from Other Segments: In addition to a solid outlook
for new car sales, Fitch expects increasing revenue contribution
from other segments, including after-sales services, commission
income, leasing and used car sales. Used car sales remain at a
nascent stage in China, but have substantial growth potential in
the next five to 10 years on the back of increasing car
ownership, changing consumer behaviour and favourable policies.
In 1H17, China Grand Auto saw a noticeable improvement in margins
in its maintenance and commission segments as commissions doubled
to CNY2.1 billion yoy.

Competitive Industry, Low Bargaining Power: China's auto
dealership industry is highly fragmented and competitive.
Although China Grand Auto is China's largest dealership, it only
has 3%-4% market share by sales volume across the country.
Industry margins are low as bargaining power with suppliers is
weak and the regulatory environment favours automakers over
dealers. Chinese auto dealers generally have mid-single digit
EBITDA margins, comparable with US peers. However, Fitch does not
expect dealer margins to substantially deteriorate from current
levels as automakers and dealers are dependent on each other and
it is not in the automakers' best interests to continuously
squeeze their dealers.

High Leverage Constrains Ratings: CGA's financial leverage is
relatively high after acquiring Baoxin, with FFO adjusted net
leverage of 6.2x and net debt to EBITDAR of 5.4x at the end of
2016. Fitch expects leverage to improve gradually with better
margins and limited capex requirements. Fitch expects FFO
adjusted net leverage to improve to 4.8x in 2017 and to stay
below 5.0x in the next few years, the level at which Fitch would
consider negative rating action.

China Grand Auto has received regulatory approval for an equity
placement plan to raise up to CNY8 billion, which has not been
completed. Fitch estimates that FFO net leverage may drop to a
healthier level of under 4.0x if the equity placement is
successful. However, if the equity proceeds are used for
acquisitions and/or growth in the leasing business, the
improvement in the leverage may not be as significant.

Leasing Subsidiary Deconsolidated: China Grand Auto carries out
auto leasing services via its leasing subsidiary, Huitong
Xincheng. We have deconsolidated Huitong Xincheng for the
purposes of our analysis in accordance with the Corporate Rating
criteria. Huitong Xincheng had a debt-to-equity ratio of about
2.0x at the end of 2016, which we see as healthy.

DERIVATION SUMMARY

China Grand Auto's ratings are supported by its leading market
position, large operating scale and strong business profile, but
constrained by its relatively high leverage and low margins.
Compared with PT Mitra Pinasthika Mustika Tbk (MPM; BB-/Stable),
a motorcycle dealership in Indonesia which holds the master
distributorship for Honda motorcycles, China Grand Auto has a
much larger scale and a more diversified brand and geographical
footprint, but higher leverage and slightly lower EBITDA margins.
Compared with Chinese car rental companies such as eHi Car
Services Limited (BB-/Negative) and CAR Inc. (BB-/Stable), China
Grand Auto has higher leverage and lower margins, but this is
mitigated by its much larger operating scale, limited capex
requirements and a more stable competitive environment for the
industry.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
(excluding leasing) include:
- Low- to mid-single digit revenue growth in 2017-2020
- EBITDA margins of 5%-6%
- Maintenance capex at 1.2% of revenue and CNY3 billion per year
   on acquisitions
- 30% dividend payout ratio

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- FFO adjusted net leverage (excluding leasing) sustained below
   3.5x
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sustained decline in market share and/or revenue
- FFO adjusted net leverage (excluding leasing) sustained above
   5x (2017 estimate: 4.8x)
- FFO fixed charge cover sustained below 2x (2017 estimate:
   2.4x)
- EBITDA margin sustained below 3.5% (2017 estimate: 5.6%)

LIQUIDITY

Sufficient Liquidity: At the end of 2016, China Grand Auto had
CNY45.6 billion of debt (excluding its leasing business), of
which CNY24.8 billion was due within 12 months. This was covered
by unused banking facilities and CNY11.6 billion in unrestricted
cash.


BEIJING CAPITAL: Fitch Affirms BB+ IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Beijing Capital Land Ltd.'s (BCL)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDR) at 'BB+' with a Stable Outlook. Fitch has also affirmed
BCL's senior unsecured rating at 'BB+'.

Fitch assesses BCL's standalone rating at 'B+', which is mainly
constrained by its high leverage. The rating is supported by its
'BB' category business profile, given its business scale and
quality land bank. BCL's rating incorporates a three-notch uplift
due to its strong linkage with its parent, Beijing Capital Group
Company Limited (BCG; BBB/Negative), in line with Fitch's Parent
and Subsidiary Rating Linkage criteria.

BCL's ratings are constrained by its aggressive financial profile
as it rapidly expanded its contracted sales by a CAGR of 36%
between 2012 and 2016. Although BCL has a 'BB' category business
profile, its high leverage, as measure by net debt/adjusted
inventory, of 65% and its low contracted sales/gross debt of 0.7x
in 2016 are more comparable with mid-to-low 'B' category Chinese
homebuilders. We expect BCL's growth pace to moderate to the
teens after it achieves its targeted sales of CNY50 billion in
2017. BCL's land replenishment pace has slowed to around 50% of
contracted sales compared with 70% in 2014 and 2015. This more
sustainable pace of land acquisition has allowed its financial
profile to stabilise, supporting its Stable Outlook.

KEY RATING DRIVERS

High Leverage Constrains Ratings: Fitch expects BCL's leverage to
stay around 65% as it continues to build up its land bank in its
core markets of Beijing, Tianjin, Shanghai, Chengdu, Chongqing
and Shenzhen. BCL's land restructuring over the past three years
has added new land of around CNY20 billion a year from 2014 to
2016, mainly in these markets. BCL's land acquisition pace, which
was 1.3x the gross floor area (GFA) sold by the company in the
first nine months of 2017, will likely exceed the past years' as
its contracted sales grow. This will limit BCL's scope to
deleverage.

Restrictive Policy Slows Growth: In January-September 2017, BCL's
contracted sales rose 8% yoy compared with 70% growth a year
earlier. BCL's sales growth is slowing as its average selling
price (ASP) was little changed from last year, a result of
government curbs to limit home price increases. BCL's GFA sold
remained in the range of 2.2 million square metres (sq m) to 2.8
million sq m between 2014 and 2016. This year will likely be no
different as its GFA sold in the first nine months totalled 1.6
million sq m. Fitch expects BCL to achieve CNY50 billion in total
contracted sales in 2017.

Quality Land Bank: Fitch believes BCL has accumulated a quality
land bank that is sufficient to support its growth. BCL had 11.2
million sq m in total gross floor area in its land bank at end-
1H17. Of its development land, over 65% was located in core
cities. These markets contributed around 80% of BCL's contracted
sales in 2016 and 1H17. The change in its land bank, with a
higher proportion in its core cities, also resulted in an
increase in its ASP to CNY22,721 per sq m in 1H17 from CNY20,099
in 2016 and CNY11,664 in 2015.

Strong Parent Support: BCL was repositioned as the only market-
driven property development platform of BCG in 2015. The group
injected CNY3 billion in capital via share subscriptions in 2015
and currently holds a 54.47% stake in BCL. BCG has continued to
provide tangible support to BCL through project cooperation and
direct asset injections. BCL is due to complete the acquisition
of CNY4.2 billion of assets from BCG, including several quality
projects in Beijing, Chongqing and Shenyang.

DERIVATION SUMMARY

BCL's business profile is comparable to 'BB' category peers but
its standalone credit assessment is constrained at 'B+' because
of its high leverage of 65%.

BCL has a larger business scale than Ronshine China Holdings
Limited (B+/Stable) and Yango Group Co., Ltd. (B/Positive). It
also has other business segments in outlet malls and primary land
development. BCL's land bank is mostly in Tier-1 cities, giving
it a comparatively stronger business profile. BCL's leverage is
much higher than Ronshine's 50% and is slightly lower than Yango
Group's, which is closer to 70%.

BCL's ratings include a three-notch uplift from its standalone
profile because of its moderate linkage with its parent, BCG. BCL
is BCG's only market-driven property developer and BCG has been
providing keepwell arrangements to some of BCL's offshore debts.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
- Replenish land at 1.3x of GFA that was sold
- ASP increases by 3% in 2017 and 10% in 2018
- GFA sold grows at average 5% per annum
- Average capex of CNY1.5 billion per annum

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Leverage, as measured by net debt/adjusted inventory,
   sustained above 70%
- Contracted sales/gross debt sustained below 0.7x (0.7x in
   2016)
- EBITDA margin falling below 15% on a sustained basis (15.5% in
   2016)
- Any signs of weakening linkage with its parent BCG

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Leverage sustained below 60%
- Contracted sales/gross debt sustained above 1x
- EBITDA margin rising above 20% on a sustained basis

LIQUIDITY

Sufficient Liquidity: BCL had CNY16.9 billion in cash (of which
CNY98 million was restricted cash) as of end-1H17, sufficient to
cover its short-term debt of CNY17.2 billion. It has obtained
approval for the issuance of CNY10 billion in onshore corporate
bonds that can add to its liquidity. Rising sales and a moderate
pace of land acquisition this year will also allow BCL to
generate positive cash flow from operation and improve its
liquidity position.

FULL LIST OF RATING ACTIONS

Beijing Capital Land Ltd.
- Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook
   Stable
- Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook Stable
- Senior unsecured rating affirmed at 'BB+'.

Issued by Central Plaza Development Ltd and guaranteed by BCL
- 6.875% CNY250 million senior notes due 2019 affirmed at 'BB+'
- USD1 billion medium-term note programme affirmed at 'BB+'.


SUQIAN ECONOMIC: Fitch Affirms 'BB' Long-Term IDR; Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Suqian Economic Development
Corporation's (SEDC) Long-Term Foreign- and Local-Currency Issuer
Default Ratings at 'BB'. The Outlook is Stable. Fitch has also
affirmed the rating on the USD150 million 5.375% senior unsecured
bonds issued by Suqian Economic Development (BVI) Co., Limited at
'BB'.

KEY RATING DRIVERS
Linked to Suqian Municipality: The ratings of SEDC remain credit-
linked to, but not equalised with, Fitch's internal assessment of
the creditworthiness of Suqian Municipality. This is based on our
assessment of SEDC's key attributes, which remains unchanged.
These include SEDC's 100% ownership by the municipality, its high
integration with the municipal budget and a mid-range assessment
of the entity's strategic importance to the municipality and
legal status. These factors result in a high likelihood of
extraordinary support, if needed, from the municipality.
Therefore, SEDC is classified as a credit-linked public-sector
entity under Fitch's criteria.

Suqian's Stable Credit Profile: Suqian Municipality's gross
regional product (GRP) grew steadily over 2016, and it remains
one of the top 100 cities among the more than 300 cities in
China, measured by GRP. Suqian's moderate GRP and per capita GRP
are mitigated by stable fiscal performance and modest direct
risk.

Government Integration Attribute Unchanged at Stronger: Most of
SEDC's revenue is generated from infrastructure construction in
the Suqian Economic and Technological Development Zone (ETDZ),
hence SEDC's profitability is dependent on the government's
schedule for the repurchase of projects and settlement of
payment. SEDC also heavily relies on government subsidies to
finance its operations and debt servicing. SEDC received
subsidies of CNY319 million in 2014, CNY372 million in 2015 and
CNY413 million in 2016. Furthermore, SEDC has swapped about
CNY3.8 billion debt as of end-2016 into government debt.

Strategic Importance Attribute Unchanged at Mid-Range: SEDC
remains the major local government financing vehicle established
for developing and managing infrastructure and social housing in
Suqian ETDZ. Suqian ETDZ is a national-level development zone
that accounted for more than 12.5% of Suqian Municipality's 2106
GRP. SEDC plays a vital role in implementing the government's
development blueprint for the zone.

Control and Supervision Attribute Assessed at Stronger: SEDC is
ultimately wholly owned by the municipal government. All of its
board members have been appointed by the government. Major
projects and investments require the government's approval.
SEDC's financing plan and debt levels are closely monitored by
the government, and the company is required to report its
operational and financial results to the government on a regular
basis.

Weak Standalone Profile: SEDC's financial profile in the past
three years was characterised by large capex, negative free cash
flow and high leverage. Fitch expects this trend to continue in
the medium term, driven by the issuer's project pipeline. Also,
any extension in settlement of project buybacks or receivables
from Suqian Municipal Government could adversely affect SEDC's
liquidity.

RATING SENSITIVITIES
Linkage With Municipality: A stronger or more explicit support
commitment from Suqian Municipality may trigger a positive rating
action on SEDC. Significant changes to SEDC's strategic
importance, dilution in the government's shareholding, and/or
reduced government support, could result in a downgrade.

Creditworthiness of Municipality: An upgrade of Fitch's internal
credit view on Suqian Municipality may trigger a positive rating
action on SEDC. Any deterioration of the credit profile of Suqian
Municipality could lead to a downgrade of SEDC's rating.


YINGDE GASES: Fitch Affirms B+ IDR; Removes From Watch Neg.
-----------------------------------------------------------
Fitch Ratings has removed the ratings of Yingde Gases Group
Company Limited (Yingde) from Rating Watch Negative (RWN) and
affirmed its Long-Term Issuer Default Rating (IDR) at 'B+'. The
Outlook is Stable. The agency has also affirmed the senior
unsecured rating of Yingde at 'B+' with a Recovery Rating of
'RR4'.

The actions follow the completion of private equity firm PAG
Asia's offer for Yingde in 1H17 and clarification from Yingde's
management on the new owner's direction for the company. Yingde's
ratings were placed on RWN on 21 March 2017 due to the
uncertainties caused by PAG Asia's general offer for the China-
based supplier of industrial gases.

KEY RATING DRIVERS

Shareholding Structure Stabilises: PAG Asia privatised Yingde in
2017 after acquiring the stakes of its major shareholders. The
current senior management team is appointed by PAG Asia while the
previous management has stepped down. According to Yingde's new
management, PAG Asia is taking an investment horizon of five to
10 years on the company. PAG Asia is helping Yingde to
deleverage, expand its customer and revenue base and is keeping
the company's core business intact. Fitch expects no short-term
refinancing issues for Yingde and is therefore removing the RWN
and affirming the company's IDR at 'B+' with a Stable Outlook.

Deleveraging on Track: Net debt dropped from CNY9.6 billion in
2016 to CNY7.4 billion in 1H17. Yingde's management expects the
company to reduce its leverage with better revenue, improving
free cash flow (FCF) and stabilising capex. We expect FFO
adjusted net leverage to drop from 4.1x in 2016 to 3.5x in 2017.
Moreover, management believes Yingde can successfully refinance
the USD391 million still outstanding on its USD425 million 8.125%
bond due April 2018 through offshore bank loans.

Improving Revenue, Margins, Cash Flow: In 1H17, Yingde's revenue
grew 15% yoy as sales volume growth accelerated to 15.2% from
12.4% in 1H16, thanks to the recovery of the steel industry and
increasing revenue contribution from the merchant gas business.
We expect Yingde's revenue to grow by 5% and operating EBITDA
margin to remain stable at 33% in 2017. The company registered a
positive FCF of CNY432 million in 2016, reversing from a negative
FCF of CNY227 million in 2015 on capex reduction. We expect FCF
to improve further to a positive CNY660 million in 2017.

Stable Cash Conversion Cycle: The company's accounts receivable
days rose to 87 days in 1H17 from 74 days in 2016, but were
offset by accounts payable days that increased to 48 days in 1H17
from 36 days in 2016, resulting in a cash conversion cycle of 44
days in 1H17 compared with 45 days in 2016. We expect Yingde's
cash conversion cycle to remain stable from 2017.

DERIVATION SUMMARY

Yingde's 'B+' rating reflects its high EBITDA margin (1H17: 33%)
and lower capex relative to other chemical companies rated 'B+',
including China XD Plastics Co Ltd (B+/Stable) and Kronos
Worldwide, Inc. (B+/Stable). We expect Yingde's FFO adjusted
leverage to be lower than XD Plastics' but higher than Kronos
Worldwide's for 2017. Fitch removed Yingde's RWN as the company
is not facing any short-term refinancing issues and has delivered
a smooth management transition after the acquisition by PAG Asia.

KEY ASSUMPTIONS

Fitch's key assumptions within our rating case for the issuer
include:
- Revenue growth of 3%-5% per annum with EBITDA margin
   Maintained at 33% in 2017-18.
- No significant increase in capex and deterioration in working
   capital. We assume a capex of RMB1 billion per annum.
- Divident payout ratio of 0% in 2017 but increasing from 2018
   until the company's FCF is close to zero.
- Business remains intact - current owner (PAG Asia) and
   Yingde's senior management are keeping Yingde's business as it
   is, i.e. no significant deviation from its current business
   trajectory.

RATING SENSITIVITIES

Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Sustainable revenue and EBITDA growth (above 8% per annum in
   2018 and 2019)
- Refinancing of debt for a more well-spread maturity
- FCF neutral post dividend from 2018 onwards
- FFO adjusted net leverage sustained below 4x

Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Higher leverage with FFO adjusted net leverage sustained above
   5x,
- Significant decline in revenue and operating EBITDA margin and
   a long-term high delinquency rate on trade receivables.

LIQUIDITY

Adequate Liquidity: Yingde had CNY2.2 billion of cash and undrawn
credit facilities of CNY2.0 billion in 1H17, compared with short-
term debt of CNY5.2 billion. As the company's shareholder issues
have been resolved and its cash generation has improved, we
believe it will be able to roll over or refinance debt maturing
in 2018, including the USD425 million offshore notes due April
2018, of which USD391 million is still outstanding.

FULL LIST OF RATING ACTIONS

Yingde Gases Group Company Limited
Long-Term Issuer Default Rating removed from Rating Watch
Negative, affirmed at 'B+'; Outlook Stable
Senior unsecured rating removed from Rating Watch Negative,
affirmed at 'B+' with Recovery Rating of 'RR4'

Yingde Gases Investment Limited (wholly owned by Yingde)
Rating on USD425 million 8.125% senior unsecured notes due 2018
removed from Rating Watch Negative, affirmed at 'B+' with
Recovery Rating of 'RR4'
Rating on USD250 million 7.25% senior unsecured notes due 2020
removed from Rating Watch Negative, affirmed at 'B+' with
Recovery Rating of 'RR4'

The notes were issued by Yingde Gases Investment Limited and
guaranteed by Yingde.



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


ADISON GRANITO: CARE Assigns B+ Rating to INR93.50cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Adison
Granito Private Limited (AGPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            93.50       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             5.90       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of AGPL is constrained
on account of risks associated with implementation and
stabilization of its green field project within envisaged time
and cost parameters, susceptibility of its profitability to
volatility in the prices of natural gas & key raw materials and
its presence in highly competitive ceramic tile industry with
sales linked to the demand from cyclical real estate sector.

The ratings, however, draws strength from the experience of
AGPL's promoters in the ceramic tile industry, strategic location
of its manufacturing facility at ceramic tile hub and access to
the established selling and distribution network of the promoter
group.

Completion of the project within envisaged time and cost
parameters, achievement of envisaged capacity utilization levels,
effective management of working capital requirement and ability
of AGPL to manage fluctuations in raw material and fuel prices
are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Risk associated with implementation and stabilization of green
field project: AGPL is setting up a green-field project for
manufacturing DCVT. The total envisaged cost of the project is
INR131.94 crore, funded through equity of INR35.00 crore,
subordinated unsecured loans of INR28.44 crore and balance by
term loan of INR68.50. By August 25, 2017 AGPL has incurred a
project cost of INR30.13 crore primarily funded out of equity and
unsecured loans. AGPL has tied-up its total debt requirement of
INR68.50 crore. AGPL has finalized the machinery, and
disbursement from the banks for the same is envisaged shortly.

The CoD for the project was previously envisaged by October 2017.
However there has been a delay in the same and AGPL envisaged
achieving CoD by April 20, 2018. However, there has been no
material increment in total envisaged cost of the project.

Susceptibility of profitability to volatility in prices of raw
material and power & fuel: Prices of raw material i.e. clay &
feldspar is market driven and is envisaged to put pressure on the
margins of AGPL. Another major cost component is the fuel
expenses i.e. natural gas, which is used to fire the furnace. The
profitability of AGPL is envisaged to remain exposed to volatile
LNG prices, mainly on account of its linkages with the
international demand-supply of natural gas. Hence, AGPL's ability
to control its cost structure would be crucial going forward
especially in light of competitive environment.

Presence in highly competitive ceramic tile industry with sales
linked to demand from cyclical real estate sector: The ceramic
tile industry in India is highly competitive. Low entry barriers,
easy availability of raw material and limited initial capital
investment requirement has attracted large influx of regional and
unorganized players. Further, AGPL shall be a new entrant
compared to other larger players operating in the organized
market. AGPL faces direct competition from the established
players having better brand visibility. Hence, AGPL's ability to
grow its scale of operations with optimum utilization of its
manufacturing capacity in the light of competitive vitrified tile
industry and subdued demand from real estate sector currently is
critical.

Key Rating Strengths

Long standing experienced of promoters in ceramic tile industry:
The promoters of AGPL have vast experience of the ceramic tile
industry. Mr. Ashok Kumar Patel, Managing Director, has an
experience of more than a decade in the ceramic tiles industry.
Mr. Bharatbhai Vadaliya has a work experience of more than 2
decades in ceramic industry. Mr. Bharatbhai Patel and Mr.
Dineshbhai Patel have a work experience of 2 decades each in
trading operations.

Location advantage of being in the ceramic tile hub with easy
access to raw material, power and fuel: AGPL's manufacturing
facility is located at Talod, Himmatnager in Gujarat, which is
one of the largest ceramic clusters in India. Primary raw
materials i.e. various types of clay and minerals are easily
available from Gujarat and parts of Rajasthan. AGPL has planned
to use natural gas as fuel for firing of kilns which is planned
to be supplied by Gujarat State Petroleum Corporation. Also coal
powder is used for the hot air dryer which shall be sourced from
local suppliers.

Accessibility to existing distribution and supplier network: The
promoters of AGPL have been associated with various ceramic tiles
manufacturing and trading companies. Hence they have an
established distribution, marketing and supplier network in the
ceramic tiles industry. Hence AGPL would benefit and will be able
to leverage this established distribution and supplier network.

Adison Granito Private Limited (AGPL) was incorporated as a
closely held private limited company on January 25, 2016 by Mr.
Ashokkumar A. Patel along with other four promoters. AGPL is
setting up a greenfield project to manufacture Double Charge
Vitrified tiles (DCVT), with an installed capacity of 1,09,646
MTPA. The project is envisaged to be completed by March 2018 and
commercial production is envisaged to commence from April 2018.
The total project cost is envisaged at INR131.94 crore which is
planned to be funded through equity capital of INR35.00 crore,
subordinated unsecured loans of INR28.44 and balance by term loan
of INR68.50 crore (sub limit INR50.32 crore of LC cum buyer's
credit). As on August 25, 2017, the project is at a mid-stage of
development with a total cost of INR30.13 crore incurred funded
by equity capital of INR12.62 crore and unsecured loan of
INR14.67 crore and balance by project creditors.


ANIL SANTHOSH: CRISIL Reaffirms B+ Rating on INR2.4MM Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Anil Santhosh & Associates (ASA).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2         CRISIL A4 (Reaffirmed)

   Overdraft             3.6       CRISIL A4 (Reaffirmed)

   Proposed Overdraft
   Facility              2.4       CRISIL B+/Stable (Reaffirmed)

The ratings reflect ASA's modest scale of operations,
geographical and customer concentration in revenue, and
susceptibility to fluctuations in raw material prices. These
weaknesses are partially offset by experience of partners in the
construction industry and moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale of operations, with an
operating income of INR15.2 crore in fiscal 2017, amid intense
competition limits pricing power with suppliers and customers,
thereby constraining profitability.

* Geographical concentration in revenue profile: Risks related to
geographic concentration may persist because the firm operates
mainly in Kerala. Any instance of civic disturbances and labour
shortages in the state could impact realization from projects,
thereby weakening liquidity and financial risk profile.

* Susceptibility to fluctuations in raw material prices: Prices
of raw materials (cement, Murom [soil], stones, bitumen) vary
according to demand and supply, thus impacting profitability.

Strengths

* Partners' experience: Benefits derived from partners'
experience of over 20 years and healthy relations with suppliers
and customers should continue to support the business.

* Moderate financial risk profile: Although net worth was modest
at INR2.42 crore as on March 31, 2017, gearing was comfortable at
1.75 times; gearing may reduce further with no future plans to
take up large debt. Also, interest coverage ratio was healthy at
2.78 times in fiscal 2017.

Outlook: Stable

CRISIL believes ASA will continue to benefit over the medium term
from experience of partners. The outlook may be revised to
'Positive' if significant increase in scale of operations and
profitability, leading to better-than-expected cash accrual, and
efficient working capital management strengthen financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
lower-than-expected cash accrual, larger-than-expected working
capital requirement, or sizeable, debt-funded capital expenditure
weakens liquidity.

Established in 1995, ASA is a Palakkad-based partnership firm
that executes turnkey contracts for civil construction in Kerala.
Mr. Anil George and Mr. Santhosh V are the partners.

On provisional basis, profit was INR0.65 crore on net sales of
INR15.2 crore in fiscal 2017, against INR0.23 crore and INR9.08
crore, respectively, in fiscal 2016.


APCO AUTOMOBILES: CRISIL Reaffirms 'B' Rating on INR15MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Apco Automobiles Private Limited (AAPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           10       CRISIL B/Stable (Reaffirmed)

   Inventory Funding
   Facility              15       CRISIL B/Stable (Reaffirmed)


The rating continues to reflect AAPL's modest scale of
operations, geographic concentration in revenue, and below-
average financial risk profile. These weaknesses are partially
offset by experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and geographic concentration in
revenue: Scale of operations has been small, with revenue of
INR106 crore in fiscal 2017. Also, risks related to geographic
concentration are likely to constrain revenue as operations are
restricted to North Kerala.

* Below-average financial risk profile: The financial risk
profile has been below average due to modest networth, high
gearing, and weak debt protection metrics.

Strength

* Experience of promoters: Benefits derived from the promoters'
experience of over 10 years and healthy relations with suppliers
and customers should continue to support the business.

Outlook: Stable

CRISIL believes AAPL will continue to benefit over the medium
term from the established market position in North Kerala, and
promoters' experience. The outlook may be revised to 'Positive'
if substantial improvement in volume and operating margin or
significant equity infusion strengthens capital structure and
debt protection metrics. Conversely, the outlook may be revised
to 'Negative' if incremental working capital borrowing, large,
debt-funded capital expenditure, or lower-than-expected cash
accrual weakens financial risk profile.


Kozhikode-based AAPL, incorporated in 2007, is an authorised
dealer for Tata Motors Ltd's small commercial vehicles in five
districts of Kerala. The company also sells light and
intermediate commercial vehicles. Mr. A P Abdul Kareem and his
family are the promoters.


BHILAI ENGINEERING: CARE Assigns 'B' Rating to INR102.90cr Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhilai
Engineering Corporation Limited (BECL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Fund-based-LT         102.90      CARE B; Stable Assigned
   Cash Credit

   Non-fund-based-       497.45      CARE B; Stable/CARE A4
   LT/ST-Bank                        Assigned
   Guarantees

   Bank Facilities-      119.65      CARE B; Stable/CARE A4
   Non-fund-based                    Assigned
   LT/ ST-Letter
   of Credit

Detailed rating rationale & key rating drivers

The rating assigned to the bank facilities of Bhilai Engineering
Corporation Limited (BECL) are constrained by stressed liquidity
position due to long receivable days, highly working capital
intensive nature of operations with full utilization of working
capital limits, volatility in profitability margins and
susceptibility to changes in government regulations and intense
competition in the engineering & fertilizer industry.

The rating considers the experienced of the promoters in
engineering and fertilizer industries and healthy order book
position.

The company's ability to improve its cash flows and hence its
liquidity position is the key rating sensitivity.

Detailed description of key rating drivers

Key Rating Strengths:

Experienced promoters: BEC's promoters are the Jain family from
Bhilai. They have been in the business of engineering,
fertilisers and food products since 1960. Over the years they
have established strong relations with established clientele
including large PSU's like SAIL and NMDC.

Key Rating Weaknesses:

Stressed liquidity position due to working capital intensive
nature of operations: Working capital cycle is around 105 days
which is on account of high collection period of ~100 days. The
company deals with government entities and PSU's in its
engineering and fertiliser divisions. The fertiliser subsidies
are cleared only after audit and other formalities are completed
by the Government authorities. Therefore liquidity of the company
remained stretched. The utilization of fund based limits for the
past twelve months ending July 2017 is high at around 95% and
provides no liquidity back-up.

Volatility in operating margins: BECL's divisions are
Engineering, fertilisers and food products which contributed to
80%, 17% and 3% respectively to its total revenues during FY17.
BECL's operating margins are susceptible to changes in prices of
raw material and intense competition in the fertiliser industry.
In the Engineering & EPC division, the company had been penalised
with liquidated damage charges by its major EPC customers and
this has adversely affected its margins. There have been
instances of delay in release of mobilisation advance by BECL's
customers as a result of which BECL could not meet its specified
delivery schedules. BECL has raised claims for LD reversal which
is still under process.

Susceptibility to changes in government regulations, volatility
in raw material prices: Changes in government policies on
licensing for production, sales, and export/import, too, have an
impact on the fertiliser companies' business and financial risk
profiles. Further the operating margins are also susceptible to
changes in prices of raw material.

Bhilai Engineering Corporation Limited (BECL) is a public limited
company which was setup in 1960 by the Jain family from Bhilai.
The company is into manufacturing of specialized equipment and
products for heavy engineering industries. It is also into
manufacturing of fertilisers and food products.


CHAMUNDA NANDIKESHWAR: CARE Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has been seeking information from Chamunda
Nandikeshwar Mining to monitor the rating(s) vide e-mail
communications/ letters dated October 3, 2017, August 23, 2017,
August 8, 2017, June 21, 2017, June 8, 2017, April 26, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the entity has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Chamunda Nandikeshwar Mining bank facilities
will now be denoted as CARE B+/A4; ISSUER NOT COOPERATING. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating.

CARE gave these ratings:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank         5.00       CARE B+; Issuer Not
   Facilities                        Cooperating

   Short-term Bank        2.00       CARE A4; Issuer Not
   Facilities                        Cooperating

Detailed description of the key rating drivers

At the time of last rating done on June 10, 2016, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Financial risk profile marked by moderate profitability,
leveraged capital structure, moderate debt coverage indicators
and moderate liquidity position: During past 2 years ended March
2016, profit margins of CNM have been in an increasing trend.
During FY16, the PBILDT margin of CNM increased to 4.38% as
against 2.83% during FY15 mainly on account of increase in scale
of operations along with lower power and fuel cost during FY16.
Consequently, PAT margin also increased to 2.93% as against 1.95%
during FY15. Both PBILDT and PAT margins stood at moderate level.
Overall gross cash accruals improved and stood low at INR1.31
crore as against INR0.11 crore during FY15.

As on March 31, 2016 (Provisional), capital structure of CNM
stood leveraged marked by an overall gearing ratio of 6.12 times.
Marginal improvement in capital structure was mainly on account
of increase in net worth level as on March 31, 2016.

Debt coverage indicators of CNM stood moderate marked by an
interest coverage ratio of 31.82 times in FY16 as against 950.26
times in FY15, mainly on account of higher PBILDT during FY15.
Total debt to GCA improved and stood moderate at 4.59 times as on
March 31, 2016, as against 9.30 times as on March 31, 2015, due
to increase in GCA level.

CNM's liquidity position stood moderate marked by current ratio
and quick ratio which stood above unity level at 1.13 times and
0.97 times, respectively, as on March 31, 2016. Working capital
cycle of CNM stood moderate at 35 days in FY16. CNM receives the
payment from SINPL and it takes longer time as SINPL receives
payment from government and so CNM has to rely on working capital
requirement for business operations. Average working capital
utilization remained full during past 5 months ended May 2016
thereby reflecting working capital intensive nature of
operations.

Customer concentration risk: CNM does the sub-contracting work
for SINPL. SINPL participates in the tender bidding process for
mining operations from BCCL and entire business prospects are
highly dependent on the government tenders and the business
volume remains high in the years when there are government
tenders and vice versa. Since, revenue of CNM comes from one
customer only leads to customer concentration risk.

Working capital intensive operations: The construction industry
is working capital intensive in nature with a majority of the
construction players witnessing extended collection period and
high inventory holding for work in progress. The firm's operating
cycle stood at negative 47 days in FY16 on account of high
creditor days. On account of higher creditors' level, current
ratio stood at 1.35 as on March 31, 2016.

Partnership nature of constitution: Being a partnership firm, CNM
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency, and firm being dissolved upon
the death/retirement/insolvency of partners.

Key Rating Strengths

Experienced promoters: Mr. Jitendrasing Rana, has an experience
of more than a decade into similar line of business through other
firm. Mr. Randipsing Jamwal is a relative of Mr. Jitendrasing
Rana and he supports Mr. Jitendrasing Rana in the day-to-day
operations of the firm. Hence, the operation of the firm is run
by family members.

Increase in the scale of operations with healthy work order book:
During the past 2 years ended FY16 (Prov.), TOI of CNM has grew
significantly to INR 44.65 crore as against INR5.50 crore during
FY15. FY15 was the first full year of operations and during FY15,
CNM achieved a TOI of INR5.50 crore; however during FY16, CNM has
achieved a TOI of INR44.65 crore, mainly on account of higher
number of orders received by the firm. CNM does sub-contracting
work for SINPL and SINPL participates in the tender bidding
process for mining operations from Bharat Coking Coal Limited
(BCCL) and entire business prospects are highly dependent on the
government tenders and the business volume remains high in the
years when there are government tenders and vice versa.

Vadodara-based (Gujarat) CNM is a partnership firm established in
2013 by Mr. Jitendrasing Rana and Mr. Randipsing Jamwal with an
objective of providing earthwork operations such as coal
overburden, loading and unloading, excavation, mining, quarrying,
drilling and blasting, foundation works, spillway works, etc, at
Dhanbad. CNM does the sub-contracting work related to earth work
for Saakar Infra Nirman Private Limited (SINPL-is service
provider for mining operations). CNM receives work orders from
SINPL for the activities like mines overburden, coal and lignite
resources, providing road logistics supply services.


DCR DISTILLERY: CARE Assigns 'D' Rating to INR14cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of DCR
Distillery Private Limited (DDPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             14.00      CARE D Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DCR Distillery
Private Limited (DDPL) is primarily constrained on account of
delays in debt servicing owing to its stressed liquidity
position.

Detailed description of the key rating drivers

Key Rating Weakness

Delays in debt servicing due to delay in statutory sanction: The
project of the company has delayed by more than two years due to
delay in statutory permission required from the government and
started commercial operations from May 2017. However, the
repayment of term loan started from June 2014 as per original
sanction letter. Delay in implementation of the project resulted
into stressed liquidity which further led to delay in debt
servicing of term loans.

Sagar-based (Madhya Pradesh) DCR Distillery Private Limited
(DDPL) was incorporated in November, 2010 by Mr. Gajendra Singh
Rathore along with his family members with an objective to set up
a plant for manufacturing of Extra Neutral Alcohol (ENA) and
Rectified Spirit (RS). The manufacturing unit of the firm is
located at Village Mehar (Sagar) with installed capacity of 50000
liters per day (LPD) as on May, 2017. DDPL procure its raw
material from local market through brokers.


FIBRO PLAST: CRISIL Reaffirms B+ Rating on INR20MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Fibro Plast Corporation (FPC).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Buyer's Credit       19.8       CRISIL B+/Stable (Reaffirmed)

   Cash Credit          20.0       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    5.2       CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's below-average
financial risk profile because of small networth and high total
outside liabilities to tangible networth (TOLTNW) ratio, and
exposure to supplier concentration risk. The rating also factors
susceptibility of profitability to volatility in raw material
prices. These weaknesses are partially offset by the extensive
experience of its promoters in the polymer trading business, the
healthy demand for polymers in India, and efficient working
capital cycle.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: The financial risk
profile is constrained by small networth of INR2.54 crore and
high total outside liabilities to tangible networth ratio of 4.83
times as on March 31, 2017, and weak debt protection metrics with
interest coverage ratio of 1.07 times in fiscal 2017.

* Susceptibility of operating margin to volatility in product
prices and foreign exchange (forex) rates: Operating margin
fluctuated from 5 to 6% in the three fiscals through 2017 because
of volatile product prices and sizeable inventory of 50-70 days.
Though the price risk is mitigated by FPC's status as the sole
dealer for DuPont Ltd in India, profitability will remain
susceptible to changes in product prices and forex rates.

Strength

* Extensive industry experience of the promoters: The promoters
have been trading in polymers since 30 years through group
company Valia Impex LLP ('CRISIL B+/Stable/CRISIL A4'), which is
one of the largest distributors of the polymer products of
Reliance Industries Ltd ('CRISIL AAA/Stable/CRISIL A1+') in
India. Their experience enabled them to bag dealerships of DuPont
Ltd and Owens Corning Ltd.

Outlook: Stable

CRISIL believes FPC will continue to benefit from its promoters'
extensive experience in the polymers trading business. The
outlook may be revised to 'Positive' if capital structure or
profitability improves considerably, leading to better debt
protection metrics. The outlook may be revised to 'Negative' if
relationships with suppliers weaken, or if fluctuations in forex
rates lead to significant loss, or if working capital cycle
lengthens, resulting in deterioration in financial risk profile.

FPC, a partnership firm, trades in polymers and glass materials
procured from DuPont Ltd, and fibre-reinforced glass from Owen
Cornings Ltd. FPC is managed by Mr. Bhavesh Valia and his family.


GBKC FASHIONS: CRISIL Assigns B+ Rating to INR6MM Cash Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of GBKC Fashions (GBKCF).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------    -------
   Cash Credit            6       CRISIL B+/Stable
   Long Term Loan         4       CRISIL B+/Stable

The rating reflects the firm's modest scale of operations and
weak financial risk profile. The weaknesses are partially offset
by the extensive experience of the promoters in the garments
industry and the reputed and stable customer profile.

Analytical Approach

Unsecured loans from the proprietor's family and friends of Rs.
1.61 crores have been treated as debt as they are not subordinate
to bank borrowings and are interest bearing.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With operating income of INR28.45
crore in fiscal 2017, the scale of operations remains modest.

* Weak financial risk profile: As on March 31, 2017, networth was
modest at 1.92 crore, gearing was high at 6.83 times, and total
outside liabilities to adjusted networth ratio was 9.71 times.
Debt protection metrics were below average, with interest
coverage ratio of 1.66 times and net cash accrual to adjusted
debt ratio of 0.07 time for fiscal 2017.

Strength

* Extensive experience of the promoters in the apparel industry:
The promoters' extensive experience has helped build and maintain
longstanding relationships with customers, resulting in repeat
orders.

* Stable and reputed customer profile: The firm has a long term
agreement with Blackberry along with annual agreements with other
leading retail chains. The top five customers account for around
75 percent of its total revenues.

Outlook: Stable

CRISIL believes GBKCF will benefit from the extensive experience
of its promoters and its longstanding customer relationships. The
outlook may be revised to 'Positive' if revenue and profitability
increases, leading to better net cash accrual and financial risk
profile. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates on account of decline in
revenue and profitability, or larger-than-expected, debt-funded
capital expenditure, or stretch in working capital cycle.

GBKCF is a partnership concern established in 2010 by Mr. Ritesh
Sapra and his elder brother Mr. Yogesh Sapra. The firm
manufactures apparel, basically shirts, at its plant at Selaqui
in Dehradun.


HY LINK: CRISIL Raises Rating on INR12.5MM Cash Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Hy Link
Overseas Private Limited (HOPL) to 'CRISIL B-/Stable' from
'CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           8.5       CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Cash        12.5       CRISIL B-/Stable (Upgraded
   Credit Limit                    from 'CRISIL D')

   Working Capital       4.0       CRISIL B-/Stable (Upgraded
   Demand Loan                     from 'CRISIL D')

The upgrade reflects timely servicing of debt on the back of
quick realisation of receivables and fund infusion from promoters
in the form of unsecured loans of INR18.73 crore during fiscal
2018 till September 2017 (undertaken by the management). During
fiscal 2017, net cash accrual was at INR0.42 crore while it has
repaid its debt obligation of INR15.32 crore through capital
infusion of INR3.50 crore and reduced its working capital
requirements due to decline in sales and quick realisation from
customers. Going forward the net cash accruals from core business
segment are expected to remain low against maturing term debt
obligations. However, the repayments will be met through funding
support from promoters. Furthermore, liquidity is supported by
expected enhancement in working capital limits over the medium
term.

Key Rating Drivers & Detailed Description

Weaknesses

* Deteriorating business risk profile in the competitive trading
segment: Over the past two years the operating income declined to
INR370.23 crore through fiscal 2017 from INR964.81 crore in
fiscal 2015. The decline in revenue is mainly due to intense
competition in the trading business on account of considerable
imports from China in the polyester films segment and
demonetisation in fiscal 2017.

* Weak financial risk profile: Debt protection metrics are weak,
with low but stable interest coverage ratio at 1.11 times in
fiscal 2017. Total outside liabilities to tangible networth ratio
was high, at 3.64 times as on March 31, 2017, on account of
higher dependence on working capital borrowings.

Strength

* Longstanding presence in the industry and established customer
base: Established in 1998, presence of over two decades in the
steel industry has enabled the promoters to establish strong
relationships with customers and suppliers.

Outlook: Stable

CRISIL believes HOPL will continue to benefit over the medium
term from its promoters' extensive experience and established
relationships with customers and suppliers. The outlook may be
revised to 'Positive' if substantial improvement in revenue and
operating profitability, led to higher net cash accrual and
improvement in financial risk profile, while maintaining its
working capital cycle. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in revenue and
profitability, or deterioration in working capital management,
weakening liquidity.

HOPL, based in New Delhi and established in 1998 by Mr. Sidharth
Gulati and his family, trades in steel pipes and tubes, aluminium
foil, biaxially-oriented polyethylene terephthalate (BOPET)
films, refined oil, and clarified butter.


JAYDEEP ENYTERPRISE: CARE Assigns B+/A4 Rating to INR25cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jaydeep Enterprise LLP (JEL), as:

                          Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   Long-term/Short           25         CARE B+; Stable/CARE A4
   term Bank Facilities                 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Jaydeep Enterprise
LLP (JEL) are primarily constrained on account of its
constitution as limited liability partnership, nascent stage of
operations, low profitability, weak solvency position and
moderate debt coverage indicators along with presence in highly
competitive coal processing and screening industry having
fortunes linked to demand from the ceramic industry.

However, the ratings derive strength from experience of promoters
in ceramic & salt industry and location advantage having presence
into ceramic cluster where its product has its application.
JEL's ability to achieve envisaged level of sales and
profitability would also remain crucial. Further, managing
working capital requirements with maintaining debt and solvency
position would also remain key rating sensitivity.

Detailed description of the key rating drivers

Key rating weaknesses

Nascent stage of operations, low profitability, weak solvency
position and moderate debt coverage indicators: JEL started its
commercial productions from October 2016; and during 6MFY17
(Provisional), the entity has registered Total Operating Income
(TOI) of INR17.76 crore. JEL reported thin profit margins along
with low Gross Cash Accruals (GCA) during FY17. The capital
structure of JEL also remained leveraged due to high level of
total debt as against low networth base as on March 31, 2017. The
debt coverage indicators and liquidity position also stood
moderate in FY17.

Constitution as Limited liability partnership: JEL being a
limited liability partnership is exposed to inherent risk of
partners' capital being withdrawn at time of personal
contingency. Moreover, limited liability partnership has
restricted access to external borrowings as credit worthiness of
partners would be key factors affecting credit decision for
lenders.

Presence in a highly competitive coal processing and screening
industry and fortunes linked to demand from ceramic industry
JEL operates in a highly competitive segment, coal processing and
screening industry marked by low entry barriers, presence of
large number of organized and unorganized players with capex
planned by existing players in the industry as well as new
entrants. Most of the demand for the Indonesian coal comes from
the ceramic industry, thus any negative impact on ceramic
industry will adversely affect the prospects of the entity.

Key rating strengths

Experienced promoters in ceramic and salt industry: JEL is
promoted by eight partners' viz. Mr. Ashwinsinh Jadeja, Mr.
Vishwarajsinh Jadeja, Mr. Ashwin Patel, Mr. Divyesh Bhalodiya,
Mr.Anirudhsinh Jadeja, Mr. Vinayrajsinh Jadeja, Mr. Maheshkumar
Patel and Mr. Vishal Bhalodiya. All the partners are holding
experience in manufacturing of common salt, trading of ceramic
tiles, trading of hardware materials, manufacturing of iodized
salt and stevedoring, clearing, forwarding activities through
other entities.

Location Advantage: The unit of JEL is located at Morbi in
Gujarat which is one of the largest ceramic clusters in India.
Majority of the total ceramic tiles production in India comes
from the Morbi cluster that houses more than 600 units engaged in
manufacturing of wall tiles, vitrified tiles, floor tiles,
sanitary wares, roofing tiles and others such products.
Therefore, target market of JEL would be ceramic industry in
Morbi only as demand for its products will be met from domestic
market only.

Incorporated in the year 2016, JEL has completed its green field
project for processing, grinding, screening and packaging of coal
at Morbi (Gujarat). JEL is promoted by eight promoters and key
promoters are Mr. Ashwinsinh Jadeja, Mr. Vishwarajsinh Jadeja,
Mr. Ashwin Patel and Mr. Divyesh Bhalodiya while other partners
assist in day to day operations. JEL has undertaken project for
processing, grinding, screening and packaging of coal with
installed capacity of 1000 Metric tons per day at its facilities
located at Morbi-Gujarat. The coal processed by the entity will
find its application as a fuel in ceramic industries. JEL has
many group companies viz. M/s Jaydeep & co., M/s Hemalaya Sales
corporation, M/s Jaydeep salt works, M/s Chamdan Hardwares, M/s
Jaydeep Chem Foods Private Limited, M/s Jaydeep Associates
Private Limited etc. engaged in manufacturing of common salt,
trading of ceramic tiles, trading of hardware materials,
manufacturing of iodized salt and stevedoring, clearing,
forwarding activities. JEL completed its project and commenced
operations from October 2016.


KONERU CONSTRUCTION: CARE Assigns BB Rating to INR6.50cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Koneru
Construction Private Limited (KCPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             6.50       CARE BB; Stable Assigned

   Short term bank
   Facilities             8.50       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KCPL are tempered
by small scale of operations with fluctuating total operating
income, working capital intensive nature of operations due to
elongated operating cycle, tender based nature of operation and
highly fragmented industry with intense competition from other
players and short-term revenue visibility from order book
position with geographic concentration risk. The ratings are,
however, underpinned by the reasonable track record and
experience of the promoters, increasing profitability margins,
financial risk profile marked by comfortable capital structure
and debt coverage indicators and stable outlook in of civil
construction industry.

Going forward, the ability of the company to increase its scale
of operations and improve the profitability margins in
competitive environment, bag new orders and execute the project
in timely manner and maintain its capital structure while
managing its working capital requirement efficiently would be the
key rating sensitivities.

Detailed Description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: KCPL was established in the year 2006.
Further, the scale of operations of the entity marked by total
operating income (TOI), remained small at INR27.03 crore in FY17
(Prov.) coupled with moderate net worth base of INR9.90 crore as
on March 31, 2017 as compared to other peers in the industry.
Fluctuation total operating income during the review period
The total operating income (TOI) of the entity declined from
INR20.51 crore in FY15 to INR18.20 crore in FY16 due to lower
orders received from Indian Railways. However, the TOI grew by
50% from INR18.20 crore in FY16 to INR27.30 crore in FY17 (Prov.)
due to increase in execution of existing orders and addition of
new orders.

Elongated operating cycle resulting in working capital intensive
nature of operations: The operating cycle of the company
elongated and remained high at 117 days in FY17 (Prov.) on
account of moderate collection and high average inventory days.
The company receives the payment from its customers within 60-90
days from the date of bill raised. However, the payment gets
delayed on some occasions depending on the nature of work
undertaken by the company as the customer might request for
modification in the designs and technical clearances from the
customers end. The company makes the payment to its suppliers
within 40-50 days and sometimes depending on the realization of
payment from its debtors. The company maintains the average
inventory of 60-120 days in order to mitigate the price
fluctuation and execute the orders in time. To meet the above
working capital gap, the company has to depend on working capital
facility. The average utilization of fund based working capital
limits of the company was 95% during the last 12 months period
ended August 31, 2017.

Tender based nature of operations: The company receives 100% work
orders from Govt. of Andhra Pradesh and Tamil Nadu. All these are
tender-based and the revenues are dependent on the company's
ability to bid successfully for these tenders. Profitability
margins come under pressure because of competitive nature of the
industry. However, the promoter's satisfactory industry
experience of two decades mitigates this risk to some extent.
Nevertheless, there are numerous fragmented & unorganized players
operating in the segment which makes the civil construction space
highly competitive.

Highly fragmented industry with intense competition from other
players: The company is engaged in construction of civil works,
which is fragmented industry due to presence of large number of
organized and unorganized players in the industry resulting in
huge competition.

Key Rating Strengths

Established track record and experience of the promoter for two
decade in construction industry: The company is managed by Mr.
K.V. Prasad (Managing Director). He is qualified diploma in
Mechanical Engineering and has two decades of experience in the
civil construction industry. Due to long experience of the
promoter, he was able to establish long term relationship with
Indian Railways department, which has helped in developing his
business and bag new orders.

Increasing profitability margins during review period: The PBILDT
margin of the company has been increasing y-o-y during review
period. The PBILDT margin of the company increased from 9.95% in
FY15 to 12.09% in FY17 (Prov.) due to decrease in material cost
and construction expenses coupled with presence of price
variation clause in the orders which protects the profit margins.
Furthermore, the PAT margin increased year on year from 4.29% in
FY15 to 5.13% in FY17 (Prov.) due to increase in PBILDT in
absolute terms resulting in absorption of financial expenses and
depreciation provisions.

Financial risk profile marked by comfortable capital structure
and debt coverage indicators: The capital structure of the firm
remained comfortable during review period. The debt equity ratio
of the firm remained below unity for the last three balance sheet
date ended March 31, 2017, due to repayment of term loan coupled
with increase in tangible net worth. The overall gearing ratio
deteriorated from 1.06x as on March 31, 2015 to 1.17x as on
March 31, 2016 due to availment of machinery loan, higher closing
working capital bank borrowings and increase in unsecured loans.
However, the overall gearing improved to 0.51x as on March 31,
2017 due to increase in tangible net worth on account of
unsecured loans to the tune of INR 2.65 crore are subordinated to
bank facility.

The total debt/GCA deteriorated from 5.35x in FY15 to 6.91x in
FY16 due to increase in debt levels. However, it improved to
2.62x in FY17 (Prov.) due to increase in gross cash accrual
coupled with decrease in debt levels. Despite increase in
interest cost, the PBILDT interest coverage ratio improved from
3.11x in FY15 to 4.16x in FY17 due to increase in PBILDT in
absolute terms. Stable outlook of civil construction industry.

The construction industry contributes around 8% to India's Gross
domestic product (GDP). Growth in infrastructure is critical for
the development of the economy and hence, the construction sector
assumes an important role. During the last few years (mainly
FY13-FY15), there was a reduction in flow of orders along with
slow movement of the existing order book. However, the focus of
the government on infrastructure development is expected to
translate into huge business potential for the construction
industry in the long-run. In the short to medium term (1-3
years), projects from infrastructure sector are expected to
dominate the overall business for construction companies.

Andhra Pradesh based, Koneru Constructions Private Limited (KCPL)
was incorporated in the year 2006 by Mr. K.V. Prasad (Managing
Director), Mrs. K. Bhagyalakshmi (Director) (Spouse of Mr. K.V.
Prasad) and Mr. K. Subha Charan (Director). KCPL is engaged in
providing Civil and Mechanical works. The civil works includes
construction of housing, buildings, roads, drainage system and
other infrastructure work. In Mechanical services, the company
provides services to structural industrial building, Railway
projects, pre engineering buildings, besides others. The company
receives orders by participating in tenders of government
projects.


KRISHNA COTTON: CARE Reaffirms B+ Rating on INR8.55cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Krishna Cotton (KC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             8.55       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Krishna Cotton (KC)
is constrained on account of modest scale of operations, low
profit margins owing to limited value addition nature of business
with susceptibility to fluctuation in the raw material prices
owing to change in government policies and seasonality associated
with raw material availability. The rating is further constrained
due to working capital intensive nature of operations, leveraged
capital structure, weak debt coverage indicators, presence in
fragmented and competitive cotton industry and partnership nature
of constitution.

The above weaknesses are off-set by the experience of promoters
in the cotton ginning and pressing business along with long track
record of operations of firm of more than one decade and location
advantage emanating from proximity to raw material suppliers and
customers.

The ability of the firm to increase its scale of operations,
improve its profitability and solvency position while efficiently
managing its working capital requirements is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with low profitability: The scale of
operations of the entity remained modest with TOI of INR40.71
crore during FY17 (Prov.), although, the same has been increasing
at a CAGR of ~5% during last three years ending FY17. Despite,
being operational for twelve years the net worth base remained
low at INR1.83 crore as on March 31, 2017(Prov.), limiting
financial flexibility of the entity. Furthermore, owing to
limited value addition nature of business and high competition
operating profit margins of the entity remained low at 1.70% in
FY17(Prov.).

Weak capital structure and debt coverage indicators: The capital
structure of the entity remained weak owing to increased reliance
on external borrowings. Furthermore, high debt profile against
low networth, debt protection indicators also remained weak.

Working capital intensive nature of operations: The liquidity
position of KC was low marked by low current ratio of 1.16x,
owing to moderate inventory holding period. KC procures raw
cotton from local farmers who provide a negligible credit period.
Furthermore, as the raw material is seasonal in nature, the
entity has to maintain higher inventory. The working capital
requirements of the entity are met by the cash credit facility,
the average utilization of the CC limit was on a higher side in
the in peak season (October-April).

Susceptibility of margins to raw material price fluctuation: The
price of raw cotton in India is regulated through function of MSP
by the government. Furthermore, the price of raw cotton is highly
volatile in nature and depends upon factors like area under
production, yield for the year, international demand-supply
scenario, export quota decided by government and inventory
carried forward from previous year. Hence, any adverse change in
government policy that is higher quota for any particular year,
ban on the cotton or cotton yarn export may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for KC.

Presence in seasonal and fragmented industry: Operation of cotton
business is highly seasonal in nature, as the sowing season is
from March to July and the harvesting season is spread from
November to February. Furthermore, the cotton industry is highly
fragmented with large number (approx 80%) of players operating in
the unorganized sector. Hence, KC faces stiff competition from
other players operating in the same industry, which further
result in its low bargaining power against its customers.

Partnership nature of constitution: Being a partnership firm, KC
is exposed to the risk of withdrawal of capital by partners due
to personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to
limited growth potential. This also limits the firm's ability to
meet any financial exigencies.

Key Rating Strengths

Satisfactory experience of partners along with long track record
of the firm: KC was established in May, 2005 and is promoted by
Mr. Rajendra K. Mali, Mrs. Shital R. Parekh, Mrs. Rajani C. Patil
and Mr. Dinesh Singh R. Patil. The partners have an average
experience of one decade in cotton ginning & pressing business.
Furthermore, over the years, KC has established longstanding
relations with its key customers and suppliers.

Location advantage emanating from proximity to raw material: The
manufacturing facility of KC is located at Jalgaon, Maharashtra
which contributes to 3% of cotton production in Maharashtra (2nd
largest cotton producer in India). The presence of KC in cotton
producing region fetches a location advantage owing to lower
logistics expenditure and easy availability of customers and
suppliers. Moreover, there is robust demand of cotton bales and
cotton seeds in region due to presence of spinning and oil mills.

Krishna Cotton (KC) was established as a partnership firm in
June-2005 and is engaged in the business of cotton ginning &
pressing at its manufacturing facility based in Dharangaon
(Maharashtra). The entity procures raw cotton from local farmers
and Agriculture Produce Market Committee (APMC) and the purchase
decision is dependent upon the MSP and market price of cotton.
The major proportion of revenue is derived from ginning process
(~99%) and rest from trading of cotton seed and cotton cake.


LOREM TILES: CRISIL Reaffirms B+ Rating on INR2.96MM LT Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Lorem Tiles Private Limited (LTPL).

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       1.5       CRISIL A4 (Reaffirmed)

   Cash Credit          2.9       CRISIL B+/Stable (Reaffirmed)

   Long Term Loan       2.96      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    .14      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's small scale of
operations in the highly competitive ceramics industry, and large
working capital requirement. These weaknesses are partially
offset by the promoters' extensive industry experience, and
proximity of manufacturing facility to raw material and labour
sources.

Analytical Approach

CRISIL has treated unsecured loans extended to the company by its
promoters as neither debt nor equity, as the interest on the
loans is lower than the market rate, and as they will remain in
business.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations in a competitive segment: LTPL's
small scale is indicated by operating income of INR8.67 crore in
fiscal 2017. The scale is likely to remain modest given the
company's small production capacity and exposure to intense
competition.

* Large working capital requirement: Gross current assets were at
366 days as on March 31, 2017, due to sizeable inventory and
receivables.

Strengths

* Extensive experience of the promoters in the ceramic tiles
industry: With presence of over 15 years in the ceramic tiles
industry, the promoters have established healthy relationships
with suppliers and customers, which will help maintain revenue
growth over the medium term.

* Strategic location, ensuring availability of raw materials and
labour: Manufacturing facility is in Morbi, Gujarat, which
accounts for about 70% of the ceramic production in India. The
company has easy access to clay (main raw material), contractors,
and skilled labour, and to other critical infrastructure such as
gas and power.

Outlook: Stable

CRISIL believes LTPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a significant increase in revenue and
profitability, leading to larger-than-expected cash accrual. The
outlook may be revised to 'Negative' if revenue or profitability
is lower than anticipated, or if financial risk profile weakens
because of stretched working capital cycle or substantial debt-
funded capital expenditure.

LTPL, based in Morbi, was incorporated in 2014 and promoted by
Mr. Mahesh Panchotiya, Mr. Kirit Parecha, and Mr. Satish Detroja.
The company manufactures multi-coloured, digitally printed
ceramic wall tiles.


M R INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5.35MM Term Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of M R Industries - Jaipur (MRI).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          3.00       CRISIL B+/Stable (Reaffirmed)
   Term Loan            5.35       CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's below-average financial risk
profile and modest scale of operations, with low profitability in
the competitive secondary steel industry. These weaknesses are
partially offset by the proprietor's extensive experience and
their funding support.

Analytical Approach

Unsecured loans are treated as neither debt nor equity, as the
loans are from the proprietor, bear low interest rate, and are
likely to be retained in the firm.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial profile: With modest networth of INR2.8
crore and high gearing of 2.1 times as on March 31, 2017,
financial risk profile remains weak. Debt protection metrics are
modest, too, with interest coverage and net cash accrual to total
debt ratios of about 1.7 and 0.1 times, respectively, in fiscal
2017.

* Modest scale of operations and profitability: Scale of
operations is modest, with sales of around INR32 crore in fiscal
2017, and billet manufacturing capacity of around 8500 tonne per
annum utilised at 75-80%. Modest capacities and intense
competition restrict scalability. Operating margin has been low
at 3-4% in the three years through fiscal 2017.

Strengths

* Extensive experience of the proprietor: Mr. R K Gupta, spouse
of proprietor, has extensive experience of more than 2 decades,
and has developed healthy relationships with suppliers and
customers in India and abroad, which helps maintain timeliness in
collection of receivables, and obtain repeat orders.

* Funding support: Unsecured loans of INR4.1 crore received from
the proprietor as on March 31, 2017, support liquidity and debt
servicing.

Outlook: Stable

CRISIL believes MRI will continue to benefit over the medium term
from the extensive experience and funding support of the
proprietor. The outlook may be revised to 'Positive' if increase
in revenue and profitability leads to higher-than-expected cash
accrual or if the proprietor infuses sizeable fresh capital. The
outlook may be revised to 'Negative' if low cash accrual, stretch
in working capital cycle, or any large capital expenditure
further weakens financial risk profile, especially liquidity.

Set up in 1992 as a proprietorship firm by Ms Manju Gupta, MRI
manufactures mild steel billets and ingots at its facilities in
Jaipur. It also trades in machine parts, consumables, and
components related to the iron and steel industry.


NAND ENTERPRISE: CARE Reaffirms B+ Rating on INR7.50cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nand Enterprise (NE), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Nand Enterprise
(NE) is primarily constrained by its small scale of operations
with low net worth base, low profitability, leveraged capital
structure and weak coverage indicators. The rating is further
constrained by working capital intensive nature of operations,
presence of the firm in highly competitive nature of industry and
along with NE's constitution being partnership. The rating,
however, draws comfort from experienced partners with long track
record of operations in the industry.

Going forward, the ability of the company to increase its scale
of operations, improve the profitability margins and capital
structure with effective working capital management shall be the
key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: The scale of
operations of the firm has remained small marked by total
operating income of INR31.95 crore during FY16 (FY refers to
April 1 to March 31) with gross cash accruals of INR0.08 crore.
Further, the net worth of the firm stood small at INR1.59 crore
as on March 31, 2016. The small scale limits the firm's
flexibility in times of stress and deprives it of scale benefits.
Further, In FY17 the firm has achieved a total operating income
of INR 36.00 crore (Based on Provisional Results).

Low profitability, leverage capital structure and weak coverage
indicators: The profitability margins of the firm have remained
on the lower side owing to the trading nature of the business and
intense market competition given the highly fragmented nature of
the industry. Interest cost further restricted the net
profitability of the firm. PBILDT and PAT margins of the firm
stood at 2.95% and 0.15% in FY16. PBILDT margin of the firm has
increased marginally owing to sale of product having higher
profit margins. Further, PAT margin stood below 0.10% for the
last three years i.e. FY14-FY16 mainly on account of high
interest cost.
The capital structure stood leveraged on the balance sheet date
of past three financial years i.e. FY14-FY16 on account of high
dependence on external borrowings to meet the working capital
requirement against low net worth base. Overall gearing stood at
4.00x as on March 31, 2016 as against 4.31x as on March 31, 2015
mainly on account of higher net worth base owing to infusion of
funds by partners'.

The debt service coverage indicators as marked by interest
coverage and total debt to GCA stood weak for past three
financial years FY14-FY16 mainly on account of low profitability
with high debt levels. Interest coverage and total debt to GCA at
below 1. 2x and above 60x for FY15 and FY16.

Elongated operating cycle: The firm offers an average credit
period of 30-45 days to retailers (in distributorship) and a
week's time to customer (in retail trade) resulting in average
collection period of 36 days for FY16. The firm procures the
electronic goods i.e. television, washing machine, refrigerator
etc. from LG mainly on cash and also receives a credit period of
around a week on few products. Further, the firm maintains an
adequate level of inventory to meet the immediate demand of the
customers resulting in an average inventory holding 49 days in
FY16. Entailing all lead to NE's high dependence on external
borrowings which resulted in almost full utilization of its
average working capital limits for the past twelve months ending
May 2017.

Constitution of the entity being a proprietorship firm: NE's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partner. Moreover, Partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

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

Key Rating Strengths

Experienced partners and long track record of operations: The
operations of NE are currently managed by Mr. Basant Jain, Mr.
Anil Kumar Jain and Mr. Anuj Kumar Jain and Mr. Vipul Jain. The
firm is being managed by Mr. Basant and Mr. Anil; they have an
experience of more than 3 decades in trading of electronic
devices through his association with this entity and in
individual capacity. They are further assisted by Mr. Vipul Jain,
son of Mr. Basant, who has an experience of around 2 decade in
trading industry.

Kanpur (Uttar Pradesh) based Nand Enterprise (NE) was established
in 1984. Kanpur (Uttar Pradesh) based Nand Enterprise (NE) was
registered in 1984 as a partnership firm with Mr. Basant Jain,
Mr. Vipul Jain, Mr. Nail Kumar jain, Mr. Anuj Kumar and Mrs.
Shakuntala Jain as partners sharing profit and losses in the
ratio 20% each. The firm is currently being managed by Mr. Basant
Jain, Mr. Anil Kumar Jain and Mr. Anuj Kumar Jain and Mr. Vipul
Jain. NE is an authorized dealer of electronics consumer products
i.e. Refrigerators and Washing Machines of LG brand since 2004.
NE operates though a retail outlet named "Nand Enterprise"
located in Kanpur.


NAROL TEXTILE: CRISIL Reaffirms B+ Rating on INR62.48MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Narol
Textile Infrastructure & Enviro Management (NTIEM) at 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       5.00       CRISIL A4 (Reaffirmed)
   Term Loan           62.48       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect exposure to risks related to
timely stabilisation of operations and commensurate ramp-up in
revenue during its early stage of operations. These weaknesses
are partly offset by NTIEM's exclusivity and tie-up with many
textile processors and other units in Narol cluster, near
Ahmedabad (Gujarat) for operating common effluent collection,
conveyance, treatment and disposal facilities, and funding
support it receives from members' contribution and government
grants.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to stabilisation, and commensurate
ramp-up in revenue: NTIEM's 100 million litre per day (MLD)
capacity of common effluent treatment plant (CETP) commenced
trial run from July 2017, and is expected to commence stabilised
commercial operations from November 2017. Timely stabilisation of
operations, and commensurate ramp-up in revenue and operating
profitability, during the early stage of operations, remain
critical.

* Low demand offtake risk but dependence on performance of
members in industrial cluster: Although demand risk is likely to
remain low due to exclusive tie-ups done with member units for
use of common effluent collection, conveyance, treatment, and
disposal facilities, performance of these units remains critical
for NTIEM to successfully operate its facilities and book
expected revenue.

Strengths

* Established track record of operations of member units:
Promoted by Ahmedabad Textile Processors' Association (ATPA) and
its members for development of CETP, NTIEM does not have any
share capital and is a company limited by guarantee. Its members
are established textile processing and chemical units in Narol,
Ahmedabad.

* Comfortable capital structure backed by government grants and
fund support from members: Financial risk profile is expected to
be comfortable, backed by funding support received from
government grant and from members. Government grant received by
September 2017, was of INR104.07 crore and members contribution
received is of INR52.97 crore. The networth is estimated to have
remained moderate at INR152.14 crore as on March 31, 2017,
leading to healthy gearing estimated at 0.4 time.

* Strategic location ensuring availability of raw materials and
labour: The CETP is located near the industrial area of Ahmedabad
and hence benefits of hiring operational labour and procuring raw
materials such as chemicals and solvents required for processing
effluents, are expected. Furthermore, disposal of treated water
will be flowed to mixing chamber at Pirana (Gujarat), which is
also located nearby.

Outlook: Stable

CRISIL believes NTIEM will benefit over the medium term from its
exclusive arrangement with processing units in its area and
strategic location of plant. The outlook may be revised to
'Positive' if timely stabilisation of the project leads to
anticipated revenue and cash accrual during the early stage of
operations. The outlook may be revised to 'Negative' if delay in
stabilisation of the project leads to lower revenue or cash
accrual, or stretch in working capital cycle adversely impacting
financial risk profile, especially liquidity.

NTIEM, was established in 2010, promoted by various textile units
in the Narol textile cluster of Ahmedabad, for establishing CETP
for chemical water waste collection, conveyance, treatment and
disposal facilities for the benefit of members with an objective
of attaining a clean and green environment. The CETP plant, with
an installed capacity of 100 mld has begun trial run from July
2017, and is expected to start stabilised commercial operations
from November 2017.


R.F. EXPORTS: CRISIL Reaffirms 'B' Rating on INR5MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
R.F. Exports (RFE) at 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Foreign Discounting
   Bill Purchase           15       CRISIL A4 (Reaffirmed)

   Packing Credit          15       CRISIL A4 (Reaffirmed)

   Rupee Term Loan          5       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's weak financial risk
profile because of a highly leveraged capital structure, and
exposure to inherent risks in the seafood industry. These
weaknesses are partially offset by proprietor's extensive
experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Networth was small at INR4.8 crore
as on March 31, 2017, due to low accretion to reserves. This,
along with large working capital debt, led to a high gearing of
4.9 times. However moderate operating profitability has resulted
in above average debt protection metrics, with interest coverage
and net cash accrual to total debt ratios of 2.72 times and 8%,
respectively, in fiscal 2017.

* Exposure to risks inherent in the seafood industry: Players in
the seafood industry face risks arising from regulatory changes
in client countries, such as levy of anti-dumping duties, which
can have an adverse impact on the profitability of the entire
industry. Furthermore, food product imports are subject to high
quality standards in developed countries and any instance of
rejection of a shipment will have impacting of future sales in
the region.

Strength

* Extensive experience of proprietor: The proprietor has
entrepreneurial experience of over 20 years in the seafood,
dairy, and auto dealership segments. The firm has strong
procurement capabilities with a dedicated farmer network, and has
established healthy relationship with customers.

Outlook: Stable

CRISIL believes RFE will continue to benefit over the medium term
from the extensive experience of its proprietor. The outlook may
be revised to 'Positive' if sustained increase in scale of
operations and profitability leads to higher accretion; or if
capital structure improves on account of equity infusion. The
outlook may be revised to 'Negative' if large, debt-funded
capital expenditure or significant capital withdrawal further
weakens capital structure, or if revenue or margin declines
steeply.

Established in 1995 as a proprietorship firm by Mr. F M Farook,
RFE processes and exports marine products such as shrimps,
squids, cuttlefish, octopus, and fish to Japan, the USA, and
European countries.

On a provisional basis, net profit was INR1.7 crore on sales of
INR84.6 crore for fiscal 2017; net profit was INR0.6 crore on
sales of INR97.3 crore for fiscal 2016.


REAL VALUE: CARE Identifies B+ Rated NCDs as "Potential Defaults"
-----------------------------------------------------------------
CARE Ratings has sought confirmation from Real Value Ventures
Private Limited on repayment and no confirmation on the same has
been received till date.

In line with SEBI circular No.SEBI/HO/MIRSD/MIRSD4/CIR/2017/71
dated June 30, 2017 regarding monitoring and review of ratings by
CRAs, following is the list of debt instruments where no
confirmation has been received from the issuer or debenture
trustee on the payment status:

                                  Amount
ISIN           Instrument       (INR crore)   Ratings
----           ----------       ----------    -------
INE511T07015   Non-Convertible      140       CARE B+; Stable
               Debenture

INE511T07023   Non-Convertible       29       CARE B+; Stable
               debenture

The above instruments have been identified as "potential
defaults" in line with the above mentioned SEBI guidelines and
CARE shall review the ratings as and when any information on the
said instrument is available.


SAHA INFRATECH: CARE Lowers Rating on INR160cr Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saha Infratech Private Limited (SIPL, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Non-Convertible       160.00      CARE D Revised from
   Debenture issue                   CARE BB; Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the NCD of Saha Infratech
Private Limited (SIPL) takes into consideration the default in
debt servicing of the interest payments by the company.

Detailed description of the key rating drivers

Ongoing Delays in Debt Servicing: The company has defaulted in
debt servicing of the interest payments due on Sep 29, 2017.

Subdued Industry Scenario: The real estate sector is moving
towards a more rational regime where developers, having learnt
from their mistakes, now focus on project execution and delivery.
2017 is expected to gradually move towards better home sales and
see a spurt in launches in some locations. With the introduction
of the RERA Act, the sector will move ahead to transparent and
credible measures with sustenance for organized players.
Moreover, the expected renewed interest by the banks in funding
the developers is likely to result in the timely completion of
the projects. As per market sentiments the India Real Estate
Market may not witness a sharp reversal in FY18 but its long term
the growth prospects remain strong as the sector continues to
remain troubled with issues of high unsold inventory, delayed
delivery of projects and financial stress on developers.

SIPL was incorporated in 2012 and was promoted by Mr. Aniel
Kummar Saha (Chairman & Managing Director) who is a professional
architect and holds a degree of Master of Architecture and has
over 25 years of experience in real estate development. Mr. Ashok
Kumar Sirohi (Joint Managing Director) has experience of over a
decade in real estate sector and is responsible for making
strategic decisions for the company. SIPL along with its group
companies is engaged in real estate development and is currently
developing three residential housing projects involving
development of 21.90 lakh sq. ft. of saleable area with a
projected cost of INR894 crore. All of these projects (Amadeus,
Eminence and Encore) are located in Noida; Uttar Pradesh.


SENGUNTHAR MILLS: CRISIL Ups Rating on INR9MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Sengunthar Mills Private Limited (SMPL) to 'CRISIL B+/Stable'
from 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            9        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B-/Stable')

   Proposed Long Term     2.47     CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B-/Stable')

The upgrade reflects CRISIL's belief that the company's operating
performance will improve over the medium term backed by healthy
revenue growth and operating profitability. Operating margin
improved to 12.5% in fiscal 2017 from a negative 3.1% in fiscal
2016 because of better operating efficiency. Increase in accrual
will support financial risk profile. Networth is expected to rise
to INR1.8 crore over the medium term. Cash accrual is expected at
INR1.5 crore against nil debt obligation in fiscal 2018.

The rating reflects the company's modest scale of operations,
susceptibility to volatility in raw material prices, and below-
average financial risk profile. These weaknesses are partially
offset by its promoters' extensive experience in the textile
industry.

Analytical Approach

Unsecured loan of INR5.8 crore (as on March 31, 2017) from the
promoters has been treated as neither debt nor equity as it is
expected to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in competitive industry, and susceptibility to
volatility in raw material prices: The cotton yarn industry is
highly fragmented and commoditized, and hence, no single player
can influence prices. SMPL is a relatively small player, with
revenue of INR22.5 crore for fiscal 2017. Hence, bargaining power
with customers is limited. Also, operating margin is susceptible
to volatility in prices of cotton (raw material), which accounts
for over 72% of operating income.

* Below average financial risk profile: Networth eroded due to
losses and high depreciation on wind mill. Capital structure is
supported by unsecured loan of INR5.8 crore. However, debt
protection are comfortable because of healthy operating
profitability.

Strength

* Experience of the promoters in the textile industry: Presence
of over 20 years in the textile industry has enabled the
promoters to establish healthy relationship with dealers in
Namakkal, Tamil Nadu, and with suppliers.

Outlook: Stable

CRISIL believes SMPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if increase in revenue and
profitability leads to better liquidity. The outlook may be
revised to 'Negative' if SMPL undertakes large, debt-funded
capital expenditure, or registers operating loss, or if its
working capital cycle lengthens, weakening liquidity.

SMPL was set up in 1980 and manufactures cotton yarn at its
facility in Tiruchengode (Tamil Nadu). The company has wind power
generators with combined capacity of 2.95 megawatts. The day to
day operations are managed by Mr. T.T Gunasekaran.


SHREE RAM: CRISIL Hikes Rating on INR14MM Cash Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Shree Ram Sponge and Steels Private Limited (SRSSPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable'; the rating on the
short-term bank facility has been reaffirmed at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            14       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit        3       CRISIL A4 (Reaffirmed)

   Proposed Cash           8       CRISIL B+/Stable (Upgraded
   Credit Limit                    from 'CRISIL B/Stable')

The upgrade reflects improvement in SRSSPL's business risk
profile because of healthy revenue growth in fiscal 2017 (in line
with previous fiscal). Operating margin increased to 3.7% in
fiscal 2017 from 1.1% in fiscal 2016 due to better realisations
and improvement in fixed overhead absorptions. These are expected
to be sustained going forward.

The ratings continue to reflect exposure to risks related to
availability, and volatility in prices, of raw materials, and to
intense competition in the steel long products industry. These
weaknesses are partially offset by experience of the promoter and
moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to risks related to availability, and volatility in
prices, of raw material, along with intense competition: Modest
scale of operations, with revenue of INR102.98 crore in fiscal
2017, amid intense competition constrains revenue and
profitability. Weak performance is aggravated by geographical
concentration as the company mostly caters to local players and
sources raw material (sponge iron, scrap, and ingots) from
suppliers across Odisha. Also, the price of steel remained highly
volatile over the three years through 2017. Hence, SRSSPL may
remain constrained by risks related to availability, and
volatility in prices, of steel.

Strengths

* Experience of promoter: Benefits from the promoter's experience
of two decades, established dealer network and integrated nature
of operations, aided by an automated thermo-mechanically treated
plant set up in fiscal 2007, would continue over the medium term.
Further, timely funding support received from promoters, via
equity or unsecured loans, has enhanced capital structure.

* Moderate financial risk profile: Networth was moderate at
INR15.47 crore as on March 31, 2017, with low gearing of 0.86
time. Interest coverage and net cash accrual total debt ratios
were comfortable at 1.68 times and 0.11 time, respectively, in
fiscal 2017.

Outlook: Stable

CRISIL believes SRSSPL will continue to benefit over the medium
term from experience of promoters. The outlook may be revised to
'Positive' if substantial increase in revenue and operating
profitability, or efficient working capital management
strengthens debt protection metrics. Conversely, the outlook may
be revised to 'Negative' if stretch in working capital cycle, or
any large capital expenditure weakens capital structure.

SRSSPL was originally set up as Shree Ram Dairy Farm in 1998 by
Mr. Umesh Kumar Sharma. The firm was in the dairy farming
business until 2000, when it was reconstituted as a private-
limited company with the current name. Currently, the company
manufactures ingots and TMT bars at its unit in Rourkela, Odisha.


SHRI VARDHMAN: CARE Assigns B+ Rating to INR1.75cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Vardhman Industries (SVI), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             1.75       CARE B+; Stable Assigned

   Short-term Bank
   Facilities             4.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SVI are
constrained by the small scale of operations with low
capitalization, weak solvency position and working capital-
intensive operations due to seasonal availability of paddy. The
ratings are further constrained by the fragmented and competitive
nature of industry, high level of government regulations and
constitution of the entity as a proprietorship firm.

The rating derives strength from the wide experience of the
proprietor in rice milling business and locational advantage
emanating from proximity to paddy growing area and moderate
profitability.

The ability of firm to increase its scale of operations along
with overall improvement in the financial risk profile is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operation of SVI remained
small with a total operating income (TOI) of INR7.75 crore net
worth base of INR1.11 crore in FY17. The small size restricts the
financial flexibility of the entity in times of stress and
deprives it from scale benefits.

Leveraged capital structure with weak debt service coverage
indicators: The capital structure of the firm thereby remained
leveraged marked by overall gearing ratio of more than 2x as on
March 31, 2017 (Prov.) on account of higher reliance on external
borrowings. Moreover, higher reliance on debt with lower accruals
led by low cash accruals resulted in weak debt coverage
indicators.

Working capital intensive nature of operations: Rice is mainly a
'kharif' crop and is cultivated from June-July to September-
October. During other months, availability of paddy is relatively
low. Owing to the seasonality of rice harvest, the millers are
required to carry high level of raw material inventory to ensure
uninterrupted production till the next season. The average
inventory period was more than 90 days during FY17 (prov.). The
firm receives payment from customers in around 15 days while
similar credit period is received from its suppliers. Thus, the
working capital intensity remains high leading to higher
dependence on working capital limits.

Adverse impact of government regulations: The Government of India
(GOI), every year decides a minimum support price (MSP-to be paid
to paddy growers) for paddy which limits the bargaining power of
rice millers over the farmers. The sale of rice in open market is
also regulated by the GOI through the levy of quota, depending on
the target laid by the central government for the central pool.
Given the market determined prices for the finished product
vis-a-vis fixed acquisition cost for raw material, the
profitability margins are highly vulnerable. Such a situation
does not augur well for the entity, especially in times of high
paddy cultivation.

Presence in highly fragmented and competitive industry: The
entity operates in an industry characterized by high competition
with presence of few established players and a large number of
unorganized players in view of low investment and technological
requirements. Intense competition which is also fuelled by low
entry barriers has a negative impact on margins of the rice
mills. Further, it lowers the bargaining power of the firm
against its suppliers and customers.

Susceptibility to vagaries of nature: Paddy production can be
adversely affected by failure of monsoons, natural calamities,
prevalence of pests, etc. This may lead to short supply and
consequential price increase. Failure to procure paddy or
inability to pass on price increase to its customers would
adversely affect SVI's financial risk profile.

Key Rating Strengths

Experienced proprietor with established track record of
operations of the firm: SVI was established in the year 2006 and
has an operational track record of 11 years in the rice
processing sector. Mr. Neeraj Bakliwal manages the day-to-day
operations of SVI in the strength of proprietor with adequate
support from a team of experienced personnel. He has an
experience of 11 years in the rice processing sector through SVI.
Being in the industry for such a long period has helped him in
gaining adequate acumen about the industry. Further, the
longstanding experience of Mr. Neeraj Bakliwal has led to strong
relationships with the suppliers and customers.

Locational advantage emanating from proximity to paddy growing
areas: Rice is among the most important crops in Chhattisgarh
grown in an area of more than 37 Lakh Hectares and contributes
more than 5% of the total rice production in India. SVI's plant
is located at Durg, Chattisgarh which is in proximity to the
paddy growing areas. Hence, SVI's presence in the paddy growing
region results in benefits derived from a lower logistic
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices.

Moderate profitability: Players in the rice milling sector
generally operate at low profit margins due to lower value
addition and high competition in the operating spectrum with
limited product differentiation along with control of government
over paddy and rice. However, the profit margin of SVI remained
at moderate level in the range of 6.88%-7.54% during last three
years ending FY17 owing to low overheads.

Shri Vardhaman Industries (SVI), based out of Durg (Chattisgarh),
is a proprietorship entity promoted by Mr.Neeraj Bakliwal,
commenced operation in 2006. The entity is engaged in processing
& milling of rice, broken rice and sale of its by-products like
husk, rice bran etc.The processing facility is located at Durg,
Chattisgarh spread over an area of 15000 sq. feet with an
installed capacity to process 1.44 lakh quintals of paddy per
annum while the warehouse with area of about 16000 sq. feet
having storage capacity of 20,000 quintals.

The entity's customer profile is primarily based in Chattisgarh
and the entity sells its products to the wholesalers through
brokers and procures the raw materials i.e. paddy from farmers
and local agents situated in Durg, Chattisgarh. In FY17
(Provisional), the firm generated total revenue of INR 7.75 crore
with PBILDT of INR 0.53 crore and APAT of INR 0.11 crore.


SUMIT GAS: CRISIL Raises Rating on INR3.3MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Sumit Gas Agencies Private Limited (SGA) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable, while reaffirming the rating on the short-
term facility has been reaffirmed at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         4        CRISIL A4 (Reaffirmed)

   Cash Credit            3.3      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade in rating factors in the expectation of improved
operating performance with revenue growth, consistent
profitability and improving working capital requirement. The
revenue grew at 120% in fiscal 2017, while operating margin was
maintained at 10% with gross current assets reducing to 374 days
as on March 31, 2017 against 727 days a year earlier. The order
book stands at INR25 crore as on 31st August 2017. CRISIL expects
SGA to sustain its strong revenue growth in medium term backed by
healthy order book.

The ratings reflect the company's small scale of operations in
intensely competitive tender based industry and weak financial
risk profile because of modest networth, moderate total outside
liabilities to tangible networth ratio, and weak interest
coverage ratio. These weaknesses are partially offset by its
promoters' extensive experience in the gas pipeline segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The financial risk profile remains
below average, with small networth, of 3.06 crores, high total
outside liabilities to tangible networth (TOL/TNW) ratio of 2.66
times, and weak debt protection metrics with interest coverage of
1.7 times for fiscal 2017.

* Exposure to intense competition and tender-based business: The
EPC contracts segment has large organized players as well as
small, unorganized players, attracted by the strong growth
prospects, leading to intense competition. As most orders are
tender-based, revenue depends on the company's ability to win
tenders.

Strength

* Extensive experience of promoters in gas pipeline segment:
SAG's key promoters, Mr. Puneet Sehgal has experience of over
three decades in the gas pipelining industry. Established
relationships with major suppliers and customers further
strengthen the market position.

Outlook: Stable

CRISIL believes that SGA will continue to benefit over the medium
term from its promoters' extensive experience in the gas pipeline
segment. The outlook may be revised to 'Positive' if SGA
significantly increases its operating revenues leading to higher-
than-expected cash accrual while improving its working capital
cycle, and maintaining the capital structure. Conversely, the
outlook may be revised to 'Negative' in case of slowdown in
revenues resulting in lower-than-expected cash accruals, a
stretched working capital cycle, or sizeable debt-funded capital
expenditure (capex).

SGA undertakes projects for laying of gas pipelines in cities
such as Delhi ' NCR, Gujarat, Haryana, Uttar Pradesh. It was
earlier established as a proprietorship firm in 1990s, but was
later converted into a private limited company in 2006. Key
promoter and director - Mr. Puneet Sehgal looks after the day-to-
day operations.


Z.H. INDUSTRIES: CARE Assigns 'B' to INR20cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Z.H.
Industries Private Limited, as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities             20.00      CARE B; Stable Assigned

Detailed Rational and key rating drivers

The ratings assigned to the bank facilities of Z.H. Industries
Private Limited are primarily constrained by its small scale of
operations, leverage capital structure, working capital intensive
nature of operations and stressed liquidity position,
susceptibility of margins to fluctuation in raw material prices
and highly competitive nature of industry. The ratings, however,
draws comfort from experienced promoters and moderate
profitability margins. Going forward, the ability of the company
to profitably increase its scale of operations and improve its
capital structure shall be the key rating sensitivities.

Detailed description of Key rating drivers

Key rating weaknesses

Small scale of operations: The scale of operations of the company
stood small marked by TOI and GCA of INR23.29 crore and INR1.26
crore respectively for FY17 (FY refers to the April 1 to March
31). Further, the company's net worth base was small at INR3.41
crore as on March 31, 2017. The small scale limits the company's
financial flexibility in times of stress and deprives it from
scale benefits.

Leveraged capital structure: The capital structure marked by
overall gearing ratio stood leveraged on the balance sheet date
of last 3 financial years (FY15-FY17) due to low net worth base
of the company. The overall gearing ratio stood at 2.06x as on
March 31, 2017 as against 2.60x as on March 31, 2016. The
improvement was on account of repayment of term loan and lower
working capital utilization as on Balance Sheet date coupled with
accretion of profits in to the reserves.

Working capital intensive nature of operations & stressed
liquidity positions: The company maintains adequate inventory of
raw material of around 1-2 months for smooth execution of the
projects resulting into an average inventory period of 46 days
for FY17. The company extends credit period of around 2 months to
its customers due to competitive industry. However it receives
the payment with delays due to procedural delays in clearance of
payments from PSUs and other government entities which resulted
into average collection period of 85 days for FY17. However, the
company receives an average payable period of around a month from
its suppliers. All this led to high rely on external borrowings
to meet its working capital requirement. The same results into
almost fully utilization of the average working capital limits
for the past 12 months ended August 31, 2017. Elongated working
capital and delays from the debtors also resulted into
delinquency in working capital borrowings.

Susceptibility of margins to fluctuation in raw material prices:
ZIPL is exposed to volatility in input prices in the absence of
any long-term contract with suppliers. Time lag between the
procurement of raw material and bagging up of order exposes ZIPL
to volatility associated with raw material prices. Further ZIPL
is not able to pass on the rise in raw material prices to its end
consumer due to stiff competition.

Highly competitive nature of industry: ZIPL operates in a highly
fragmented industry marked by the presence of a large number of
players in the unorganized sector. Further, with presence of
various players, the same limits bargaining power which exerts
pressure on its margins.

Key Rating Strengths

Experienced Promoters: ZIPL is currently being managed by Mr.
Zakir Hussain and Mrs. Mehrun Nisa. Mr. Zakir Hussain a graduate
by qualification has an experience of around two and half decades
in manufacturing of steel products through his association with
the entity. Mrs. Mehrun Nisa, a graduate by qualification has an
experience of around one and half decade in this business through
her association with the entity.

Moderate profitability margins: The profitability margins of the
company stood moderate for the past three financial year i.e.
FY15-FY17. The profitability margins marked by PBILDT and PAT
margins stood moderate at above 10.00% and 2.10% respectively for
last two financial years (i.e. FY16-FY17).

Ghaziabad, Uttar Pradesh based ZH Industries Private Limited
(ZIPL) was incorporated in 2014. ZIPL succeeded an erstwhile
proprietorship firm named M/s ZH Industries established in 2004
by Mr. Zakir Hussain. The company is currently being managed by
Mr. Zakir Hussain and Mrs. Mehrun Nisa. ZIPL is engaged in
manufacturing of steel products such as steel stair cases, Steel
Girder, Steel Shuttering, etc. Further the company is engaged in
providing Bridge Fabrication Services, foot bridge fabrication
services, etc. The company procures raw material such as hot
rolled coils, galvanized steel coils, steel structures, pipes,
angles, channels, round bar, paints, etc. from large
manufacturers like Jindal Steels Limited, Steel Authority of
India Limited (SAIL), etc. Zum Zum Cold Storage Private Limited
is an associate concern of Z.H. Industries Private Limited
engaged in providing cold storage services.



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


REASURANSI INDONESIA: Fitch Assigns BB+ IFS Rating
--------------------------------------------------
Fitch Ratings has assigned PT Reasuransi Indonesia Utama
(Persero), known as Indonesia Re, an International Insurer
Financial Strength (IFS) Rating of 'BB+' with a Stable Outlook.

KEY RATING DRIVERS
Indonesia Re's ratings reflect strong ties with the Indonesian
government (BBB-/Positive), as it is fully state owned. Indonesia
Re was merged with PT Reasuransi Internasional Indonesia in 2015
and had a solid domestic market profile as the largest domestic
reinsurer by total asset size in 2016. It captured an overall
domestic market share of 37% by gross reinsurance premiums in
2016. However, its scale is small compared with regional
reinsurance peers, as the majority of reinsurance premiums in
Indonesia are ceded to offshore reinsurers.

The ratings also factor in strong capital buffers to support
ongoing business growth and benefits from regulatory support of
local reinsurance capacity optimisation, good financial
performance, and high business concentration risk in the
catastrophe-prone Indonesian market.

Fitch views Indonesia Re's capitalisation as strong. The
company's regulatory risk-based capital (RBC) ratio was 315% at
end-2016 (end-2015: 1,065%); exceeding the minimum 120%
regulatory requirement and commensurate with its rating profile.
The decrease in the company's RBC was caused by its business
expansion. Fitch will continue to monitor the sustainability of
the company's capitalisation to support ongoing business growth
in view of regulatory changes to encourage greater optimisation
of domestic reinsurance capacity.

The company adopts a liquid and prudent investment mix, with more
than 80% of its invested assets placed in cash and equivalents
and fixed-income securities at end-2016. Indonesia Re's exposure
to risky assets, such as stocks and below-investment-grade bonds,
is minimal relative to its capitalisation.

Indonesia Re demonstrates good financial performance with its
combined ratio (aggregate of non-life loss ratio and expense
ratio) below 100% over the last two years. This is underpinned by
its selective underwriting, steady premium growth and manageable
claims. Stable investment returns have also contributed
favourably to bottom-line profitability.

RATING SENSITIVITIES
Upgrade rating triggers include:
- Sustainable improvement in capitalisation, with the RBC ratio
   consistently above 325%,
- Consolidated financial leverage below 40%, and
- Improved market position while maintaining profitability, with
   a combined ratio consistently below 90%.

Downgrade rating triggers include:
- Significant deterioration in the company's credit profile in
   terms of market franchise, operating performance, and
   capitalisation relative to its business profile, with a
   combined ratio persistently above 105%, RBC ratio below 200%,
   or
- Weakening of the company's importance to the state.



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


TH HEAVY: Says in Talks to sell FPSO Unit to Yinson
---------------------------------------------------
The Sun Daily reports that TH Heavy Engineering Bhd (THHE) said
it is in talks to dispose of its floating, production, storage
and offloading (FPSO) unit to Yinson Holdings Bhd.

However, THHE noted that at the current juncture, the proposal
remains in discussion stage, the Sun Daily says.

"The company has long been exploring various ways to partly
crystallise its investment in the FPSO Layang project and as part
of this initiative, the company is currently still in discussion
with JX Nippon Oil & Gas Exploration (Malaysia) Ltd and Yinson
relating to Yinson taking over the company's FPSO vessel charter
from JX Nippon," the report quotes THHE said as saying in a
filing with the stock exchange in response to news report on the
potential disposal deal.

                         About TH Heavy

TH Heavy Engineering Berhad is an investment holding company. The
Company is engaged in the provision of management services. The
Company is engaged in the fabrication of offshore steel
structures and the provision of other related offshore oil and
gas engineering services in Malaysia. The Company operates
through three segments: Construction services, Offshore crane
works and Others. The Construction services segment includes
engineering, procurement, construction, installation and
commissioning (EPCIC) capabilities. Its EPCIC activities include
fabrication, construction and maintenance of offshore structures;
construction and maintenance of onshore plants; offshore and
onshore crane manufacturing and servicing; marine operations and
support services; hook-up and commissioning (HUC), and engineered
packages. The Others segment includes management services and
transportation services. Its subsidiary, O&G Works Sdn. Bhd.,
produces a range of marine and offshore pedestal cranes.

TH Heavy slipped into Practice Note 17 (PN17) status in April
2017 after the company's independent auditors expressed a
disclaimer opinion on its accounts for the financial year ended
Dec. 31, 2016.



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


CRICHQ LTD: Staff Strikes Deal With Receivers Over Unpaid Wages
---------------------------------------------------------------
Hamish Rutherford at Stuff.co.nz reports that a three day outage
for cricket technology company CricHQ's platforms only ended
after technology staff struck a deal with receivers over unpaid
wages for them and their colleagues.

On Friday night [Oct. 27], hours before cricket clubs up and down
the country were due to commence play, possibility on paper
scoring sheets, CricHQ's platforms were brought online, the
report relates.

New Zealand Cricket had taken steps to warn clubs to prepare to
score games without the widely-used technology, according to
Stuff.

Employees that receivers KordaMentha wanted to continue to pay to
get the technology running brokered a deal which would see their
colleagues receive at least some of the money they are owed.
Staff had not been paid since the start of September.

Based in Kelburn in Wellington, CricHQ claims to record one in
every 10 balls bowled in competitive cricket around the world,
and counts some of cricket's greats among its shareholders, Stuff
notes.

Stuff relates that at the time receivers were called in the
company was said to have raised more than NZ$20 million in
investment, including up to US$10 million from Singaporean
venture capital firm Tembusu in 2015.

But despite lofty ambitions the company was placed into
receivership on October 17, after failing to secure new
investment.

In the days following KordaMentha's appointment the company's
website went offline, according to Stuff.

Multiple sources have said that while KordaMentha attempted to
get a core group of staff to continue to work to keep the website
and apps operating, they refused to do so unless both they and
their colleagues were given unpaid wages, Stuff relates.

Initially the staff demanded full repayment of all backpay for
all employees, but on Friday morning an [Oct. 27] agreement was
reached which would see some payments made to all former
employees, in return for around six staff to return to work,
notes the report.

Within hours the platform was back online. The company previously
had more than 20 Wellington-based staff, the report discloses.

KordaMentha partner Brendon Gibson confirmed the outline of the
deal, the report adds.

"We as the receivers, with the support of the funders, have
agreed to make some payments to some people to allow an
opportunity to see if this business can be sold with the site
operating," the report quotes Mr. Gibson as saying.

According to Stuff, Mr. Gibson said it was not unusual for
receivers to be in a situation where employees were left out of
pocket, although the difficulty with CricHQ was there was little
that could be done to generate cash to continue to operate.

"We haven't got stock or debtors in this business, so we required
funding for anything we were going to do, so we worked as quickly
as possible with a range of stakeholders we had to manage to see
if we could see if we could come to an arrangement with a range
of people who were involved in this," Mr. Gibson, as cited by
Stuff, said.

Based in Wellington, New Zealand, CricHQ Limited develops and
provides a digital platform for cricket.

Brendan Gibson and Neale Jackson from Korda Mentha were
appointed receivers to CricHQ Limited on Oct. 17.


STRATEGIC FINANCE: Receivers Prepare Final Payout
-------------------------------------------------
BusinessDesk reports that the receivers of Strategic Finance say
they'll make one final payment to investors, lifting the total
payout to 21%, before calling time on the seven-year saga.

To date, distributions in the receivership have been 20 cents in
the dollar, or NZ$73.5 million, for the 10,000 secured debenture
investors who had invested NZ$367.8 million in the failed
company, the report discloses. According to BusinessDesk,
receivers John Fisk and David Bridgman of PwC said in their 15th
report on Strategic and associated entities that their revised
estimate for the final distribution is up from a previous range
of 20-to-20.7 per cent. No distribution was made in the latest
six-month period, BusinessDesk says.

"The receivers intend to shortly make one further distribution to
secured debenture holders, following which the receivership will
be brought to an end," the receivers, as cited by BusinessDesk,
said. At the time of their appointment in March 2010, Strategic's
major remaining asset was its portfolio of property loans.

In the receivers' previous report in May this year they advised
that there was one material remaining loan where the underlying
property wasn't under contract or subject to any arrangement for
sale. The loan is a second mortgage on a property "and there are
substantial amounts owing to the first mortgagee," BusinessDesk
notes. The receivers said no funds were expected to be available
and they had assigned Strategic's interest in the loan to the
receiver of the borrower.

While that won't result in further realisations for Strategic, it
"allows the receivership of Strategic to be brought to an end,"
they said. A final payment of NZ$100,000 plus interest was
received from a guarantor of a loan, they said, BusinessDesk
relays.

Given the estimated return to secured debenture investors, there
was unlikely to be anything for unsecured creditors, including
unsecured depositors and subordinated noteholders, they said.

                      About Strategic Finance

Between August 1999 and August 2008 Strategic Finance Limited
carried on the business of providing finance and other financial
services, primarily to the property sector.  Strategic's
principal business involved lending money to property
developers and investors in commercial, industrial and
residential property in New Zealand, Australia and the Pacific
Islands. Loans were made through term loans, bridging loans and
development and construction loans, in a mixture of first, second
and third-ranking facilities.

On Aug. 7, 2008, Strategic placed a trading halt on all its
securities. Trading of Strategic's securities did not resume
after the trading halt.

In December 2008 Strategic went into Moratorium. In March 2010
Strategic went into receivership. Strategic's failure affected
approximately 11,000 investors with a loss of NZ$383 million. The
receivers have distributed to secured debenture investors
10 cents in the dollar during the receivership to date.

From April 2010 FMA (and before May 1, 2011), the Securities
Commission has investigated the conduct of the directors of
Strategic and its subsidiary Strategic Nominees Limited with
respect to Strategic's compliance with disclosure obligations
under the Securities Act.




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


EZION HOLDINGS: Offers Bondholders Refinancing Protection
---------------------------------------------------------
Kenneth Lim at The Business Times reports that Ezion Holdings is
offering bondholders protection if a planned refinancing does not
take place as planned, hoping that the sweetened terms will win
enough support for the plan.

Under a proposed amendment to the original plan, the coupon,
interest payment dates and form of payment for SGD425 million of
notes due between 2018 and 2020 will revert to their original
terms if conditions for Ezion's proposed refinancing are not met
by March 31, 2018, the report says.

The Business Times relates that Ezion will also be required to
redeem those bonds within 30 days of the refinancing winning
approval from bondholders. For holders of SGD150 million of 7%
perpetuals, a new amendment will oblige Ezion to redeem the
securities once the refinancing conditions have been met.

According to the report, Ezion is offering conversion options and
bonus warrants for holders of the notes and perpetuals that will
swap out the liabilities for equity at about 27.63 Singapore
cents per common share. Holders who convert early will enjoy a
further discounted conversion price of 24.87 Singapore cents per
share.

                       About Ezion Holdings

Singapore-based Ezion Holdings Limited engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.



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


ABANS FINANCE: Fitch Publishes BB+ National Long-Term Rating
------------------------------------------------------------
Fitch Ratings has published Abans Finance PLC's National Long-
Term Rating at 'BB+(lka)' with a Stable Outlook.

KEY RATING DRIVERS

Abans Finance's rating reflects Fitch's view that support would
be forthcoming from its parent, Abans PLC (BBB+(lka)/Stable).
This is based on Abans being the single largest shareholder in
Abans Finance, Abans' involvement in the strategic direction of
its subsidiary through board representation, a common brand name
and demonstrated support via equity injections.

Abans Finance is rated three notches below its parent because of
its limited contribution to the group's core businesses. Abans
Finance financed less than 1% of Abans' consumer durables revenue
in the financial year ending March 2017 (FY17), made a low 5%
contribution to group revenue (FY16: 4%) and only accounted for
14% of operating profit (FY16: 6%). We believe the disposal of
Abans Finance would not significantly alter the group's
operations or earnings, although that is not currently in Abans'
plans.

Abans Finance mainly provides vehicle financing. Around 33% of
its FY17 advances were for vehicle-finance facilities provided to
customers of Abans Auto (Pvt) Limited - the sole agent for Hero
motorbikes in Sri Lanka owned by Abans' shareholders but
positioned outside the Abans group.

Abans Finance's intrinsic financial strength is significantly
weaker than its support-driven rating. Our assessment captures
its small franchise, limited operating history and high-risk
appetite, which is reflected in large asset concentration in two-
wheeler financing. Its asset-quality metrics are weak relative to
Fitch-rated domestic peers. Abans Finance's reported regulatory
gross non-performing loan ratio over six months stood at 11.2% at
FYE17, significantly above the industry average of 4.9%

Abans Finance's capitalisation improved following multiple equity
infusions, strengthening the company's buffers against its weak
asset quality. Fitch believes earnings retention alone is
insufficient to achieve the regulatory minimum capital
requirement, necessitating further shareholder capital support.

RATING SENSITIVITIES
A weakening of links with the parent or a downgrade of the
parent's National Long-Term Rating could lead to a downgrade of
Abans Finance's rating.

Fitch believes the possibility for a rating upgrade would most
likely result from an upgrade of Abans or a significant increase
in Abans Finance's strategic importance to its parent.



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


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

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50    04/01/19       USD     0.18
ARTSONIG PTY LTD           11.50    04/01/19       USD     0.18
HILLGROVE RESOURCES LTD     6.00    12/20/19       AUD     2.51
KEYBRIDGE CAPITAL LTD       7.00    07/31/20       AUD     0.76
LAKES OIL NL               10.00    05/31/18       AUD     4.01
MIDWEST VANADIUM PTY LT    11.50    02/15/18       USD     0.96
MIDWEST VANADIUM PTY LT    11.50    02/15/18       USD     1.05
PALADIN ENERGY LTD          6.00    09/30/17       USD    45.00
PALADIN ENERGY LTD          7.00    03/31/20       USD    45.00
TREASURY CORP OF VICTOR     0.50    11/12/30       AUD    68.92


CHINA
-----

AKESU XINCHENG ASSET IN     7.50    10/10/18       CNY    25.44
ALXA LEAGUE INFRASTRUCT     6.40    03/14/20       CNY    61.00
ANKANG DEVELOPMENT & IN     6.35    03/06/20       CNY    60.98
ANQING ECONOMIC&TECHNOL     6.00    06/18/20       CNY    60.23
ANQING ECONOMIC&TECHNOL     6.00    06/18/20       CNY    60.68
ANQING URBAN CONSTRUCTI     6.76    12/31/19       CNY    61.25
ANQING URBAN CONSTRUCTI     6.76    12/31/19       CNY    61.60
ANSHAN CITY CONSTRUCTIO     8.25    03/05/19       CNY    41.08
ANSHAN CITY CONSTRUCTIO     6.39    04/25/20       CNY    60.71
ANSHAN CITY CONSTRUCTIO     6.39    04/25/20       CNY    60.91
ANSHUN STATE-RUN ASSETS     6.98    01/10/20       CNY    61.00
ANSHUN STATE-RUN ASSETS     6.98    01/10/20       CNY    61.05
ANYANG INVESTMENT GROUP     8.00    04/17/19       CNY    41.03
BAICHENG ZHONGXING URBA     7.00    12/18/19       CNY    60.49
BAISHAN URBAN CONSTRUCT     7.00    07/31/19       CNY    40.26
BAIYIN CITY DEVELOPMENT     6.78    07/19/20       CNY    60.72
BAIYIN CITY DEVELOPMENT     6.78    07/19/20       CNY    80.00
BAODING NATIONAL HI-TEC     7.33    12/24/19       CNY    61.11
BAOJI INVESTMENT GROUP      7.14    12/26/18       CNY    50.59
BAOJI INVESTMENT GROUP      7.14    12/26/18       CNY    50.61
BAOSHAN STATE-OWNED ASS     7.30    12/10/19       CNY    60.63
BAOSHAN STATE-OWNED ASS     7.30    12/10/19       CNY    61.07
BAOTOU STATE OWNED ASSE     7.03    09/17/19       CNY    41.07
BAYANNUR URBAN DEVELOPM     6.40    03/15/20       CNY    61.29
BAYINGUOLENG INNER MONG     7.48    09/10/18       CNY    25.52
BEIJING BIOMEDICINE IND     6.35    07/23/20       CNY    60.68
BEIJING BIOMEDICINE IND     6.35    07/23/20       CNY    61.42
BEIJING CAPITAL DEVELOP     5.95    05/29/19       CNY    40.47
BEIJING CHAOYANG STATE-     5.25    03/27/20       CNY    60.09
BEIJING CHAOYANG STATE-     5.25    03/27/20       CNY    60.43
BEIJING CONSTRUCTION EN     5.95    07/05/19       CNY    40.40
BEIJING CONSTRUCTION EN     5.95    07/05/19       CNY    40.44
BEIJING ECONOMIC TECHNO     5.29    03/06/18       CNY    39.95
BEIJING FUTURE SCIENCE      6.28    09/22/19       CNY    51.11
BEIJING FUTURE SCIENCE      6.28    09/22/19       CNY    78.00
BEIJING GUCAI GROUP CO      6.60    09/06/20       CNY    61.21
BEIJING GUCAI GROUP CO      6.60    09/06/20       CNY    61.31
BEIJING GUCAI GROUP CO      8.28    12/15/18       CNY    71.67
BEIJING HAIDIAN STATE-O     5.50    08/07/20       CNY    59.91
BEIJING JINGMEI GROUP C     6.14    09/09/20       CNY    60.50
BEIJING JINGMEI GROUP C     6.14    09/09/20       CNY    60.83
BEIJING TIANLUTONG TECH     8.50    10/23/17       CNY    #####
BEIJING XINGZHAN STATE      6.48    08/31/19       CNY    40.61
BEIJING XINGZHAN STATE      6.48    08/31/19       CNY    40.67
BENGBU URBAN INVESTMENT     6.30    09/11/20       CNY    61.25
BENGBU URBAN INVESTMENT     6.30    09/11/20       CNY    61.30
BIJIE XINTAI INVESTMENT     7.15    08/20/19       CNY    40.85
BINZHOU BINCHENG DISTRI     6.50    07/05/19       CNY    39.95
BINZHOU BINCHENG DISTRI     6.50    07/05/19       CNY    40.58
BINZHOU URBAN CONSTRUCT     6.15    07/12/20       CNY    60.92
BORALA MONGOL AUTONOMOU     7.18    08/09/20       CNY    61.71
BORALA MONGOL AUTONOMOU     7.18    08/09/20       CNY    62.11
C&D REAL ESTATE CO LTD      6.15    04/03/20       CNY    60.99
CANGZHOU CONSTRUCTION &     6.72    01/23/20       CNY    61.18
CHANGDE CITY CONSTRUCTI     6.50    02/25/20       CNY    61.43
CHANGDE CITY CONSTRUCTI     6.50    02/25/20       CNY    61.61
CHANGDE ECONOMIC DEVELO     7.19    09/12/19       CNY    41.08
CHANGDE ECONOMIC DEVELO     7.19    09/12/19       CNY    41.08
CHANGJIZHOU STATE OWNED     6.00    06/03/19       CNY    50.34
CHANGJIZHOU STATE OWNED     6.00    06/03/19       CNY    50.47
CHANGRUN INVESTMENT HOL     6.88    09/16/20       CNY    61.51
CHANGRUN INVESTMENT HOL     6.88    09/16/20       CNY    61.99
CHANGSHA CITY CONSTRUCT     6.95    04/24/19       CNY    40.89
CHANGSHA CITY CONSTRUCT     6.95    04/24/19       CNY    40.90
CHANGSHA COUNTY XINGCHE     8.35    04/06/19       CNY    41.32
CHANGSHA HIGH TECHNOLOG     7.30    11/22/17       CNY    40.05
CHANGSHA PILOT INVESTME     6.70    12/10/19       CNY    61.17
CHANGSHA PILOT INVESTME     6.70    12/10/19       CNY    61.31
CHANGSHU BINJIANG URBAN     6.85    04/27/19       CNY    40.60
CHANGSHU BINJIANG URBAN     6.85    04/27/19       CNY    40.68
CHANGSHU CITY OPERATION     8.00    01/16/19       CNY    40.98
CHANGSHU DEVELOPMENT IN     5.80    04/19/20       CNY    60.63
CHANGXING URBAN CONSTRU     6.80    11/30/19       CNY    60.64
CHANGXING URBAN CONSTRU     6.80    11/30/19       CNY    60.98
CHANGYI ECONOMIC AND DE     7.35    10/30/20       CNY    72.25
CHANGYI ECONOMIC AND DE     7.35    10/30/20       CNY    72.50
CHANGZHI CITY CONSTRUCT     6.46    02/26/20       CNY    60.60
CHANGZHI CITY CONSTRUCT     6.46    02/26/20       CNY    60.68
CHANGZHOU HI-TECH GROUP     6.18    03/21/20       CNY    60.84
CHANGZHOU HI-TECH GROUP     6.18    03/21/20       CNY    61.25
CHANGZHOU JINTAN DISTRI     8.30    03/14/19       CNY    41.08
CHANGZHOU JINTAN DISTRI     6.38    04/26/20       CNY    60.47
CHANGZHOU JINTAN DISTRI     6.38    04/26/20       CNY    61.10
CHANGZHOU WUJIN CITY CO     6.22    06/08/18       CNY    25.00
CHANGZHOU WUJIN CITY CO     6.22    06/08/18       CNY    25.15
CHAOHU URBAN TOWN CONST     7.00    12/24/19       CNY    61.03
CHAOHU URBAN TOWN CONST     7.00    12/24/19       CNY    61.04
CHAOYANG CONSTRUCTION I     7.30    05/25/19       CNY    40.96
CHENGDU CITY DEVELOPMEN     6.18    01/14/20       CNY    60.95
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18       CNY    25.20
CHENGDU ECONOMIC&TECHNO     6.50    07/17/18       CNY    25.22
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19       CNY    40.69
CHENGDU ECONOMIC&TECHNO     6.55    07/17/19       CNY    40.77
CHENGDU HI-TECH INVESTM     6.28    11/20/19       CNY    60.69
CHENGDU XINCHENG XICHEN     8.35    03/19/19       CNY    40.94
CHENGDU XINDU XIANGCHEN     8.60    12/13/18       CNY    71.59
CHENGDU XINGCHENG INVES     6.17    01/28/20       CNY    59.51
CHENGDU XINGCHENG INVES     6.17    01/28/20       CNY    60.96
CHENGDU XINGJIN URBAN C     7.30    11/27/19       CNY    61.00
CHENGDU XINGJIN URBAN C     7.30    11/27/19       CNY    61.37
CHENZHOU URBAN CONSTRUC     7.34    09/13/19       CNY    41.16
CHENZHOU URBAN CONSTRUC     7.34    09/13/19       CNY    41.27
CHENZHOU XINTIAN INVEST     6.30    07/17/20       CNY    60.78
CHENZHOU XINTIAN INVEST     6.30    07/17/20       CNY    80.60
CHIFENG CITY HONGSHAN I     7.20    07/25/19       CNY    40.73
CHINA CITY CONSTRUCTION     4.93    07/14/20       CNY    45.50
CHINA CITY CONSTRUCTION     5.55    12/17/17       CNY    45.50
CHINA GOVERNMENT BOND       3.70    05/23/66       CNY    69.61
CHINA GOVERNMENT BOND       1.64    12/15/33       CNY    71.05
CHINA SECURITY & FIRE C     4.45    11/11/19       CNY    77.51
CHIZHOU CITY MANAGEMENT     7.17    10/17/19       CNY    61.10
CHIZHOU CITY MANAGEMENT     7.17    10/17/19       CNY    61.90
CHONGQING BEIFEI INDUST     7.13    12/25/19       CNY    61.22
CHONGQING CHANGSHOU DEV     7.45    09/25/19       CNY    40.99
CHONGQING CHANGSHOU DEV     7.45    09/25/19       CNY    41.23
CHONGQING CITY CONSTRUC     5.12    05/21/20       CNY    59.93
CHONGQING CITY CONSTRUC     5.12    05/21/20       CNY    59.94
CHONGQING DASUN ASSET D     6.98    09/10/20       CNY    61.15
CHONGQING DAZU DISTRICT     6.75    04/26/20       CNY    60.94
CHONGQING DAZU DISTRICT     6.75    04/26/20       CNY    60.97
CHONGQING FULING DISTRI     8.40    03/23/19       CNY    71.84
CHONGQING FULING DISTRI     8.40    03/23/19       CNY    71.85
CHONGQING FULING STATE-     6.39    01/21/20       CNY    60.52
CHONGQING FULING STATE-     6.39    01/21/20       CNY    61.56
CHONGQING HECHUAN INDUS     6.19    06/17/20       CNY    60.67
CHONGQING HECHUAN INDUS     6.19    06/17/20       CNY    60.74
CHONGQING HECHUAN RURAL     8.28    04/10/18       CNY    25.30
CHONGQING HECHUAN URBAN     6.95    01/06/18       CNY    40.18
CHONGQING HONGRONG CAPI     7.20    10/16/19       CNY    60.85
CHONGQING HONGRONG CAPI     7.20    10/16/19       CNY    61.18
CHONGQING HONGYE INDUST     6.30    06/03/20       CNY    60.83
CHONGQING HONGYE INDUST     6.30    06/03/20       CNY    60.99
CHONGQING JIANGJIN HUAX     6.95    01/06/18       CNY    40.12
CHONGQING JIANGJIN HUAX     7.46    09/21/19       CNY    41.02
CHONGQING JIANGJIN HUAX     7.46    09/21/19       CNY    41.18
CHONGQING JINYUN ASSET      6.75    06/18/19       CNY    40.00
CHONGQING JINYUN ASSET      6.75    06/18/19       CNY    40.53
CHONGQING LAND PROPERTI     7.35    04/25/19       CNY    40.82
CHONGQING LAND PROPERTI     7.35    04/25/19       CNY    40.91
CHONGQING LAND PROPERTI     6.30    08/22/20       CNY    61.44
CHONGQING MAIRUI CITY I     6.82    08/17/19       CNY    40.78
CHONGQING NAN'AN URBAN      6.29    12/24/17       CNY    40.03
CHONGQING NAN'AN URBAN      8.20    04/09/19       CNY    40.94
CHONGQING NANCHUAN DIST     7.35    09/06/19       CNY    40.86
CHONGQING NANCHUAN DIST     7.35    09/06/19       CNY    41.05
CHONGQING NANFA URBAN C     6.43    04/27/20       CNY    60.27
CHONGQING NANFA URBAN C     6.43    04/27/20       CNY    61.11
CHONGQING QIANJIANG CIT     8.40    03/23/19       CNY    71.85
CHONGQING QIANJIANG CIT     8.40    03/23/19       CNY    72.02
CHONGQING QIJIANG EAST      6.75    01/29/20       CNY    60.27
CHONGQING SHUANGQIAO EC     6.75    04/26/20       CNY    60.85
CHONGQING SHUANGQIAO EC     6.75    04/26/20       CNY    61.16
CHONGQING THREE GORGES      6.40    01/23/19       CNY    49.80
CHONGQING THREE GORGES      6.40    01/23/19       CNY    50.33
CHONGQING WANSHENG ECO      6.39    04/17/20       CNY    61.10
CHONGQING XINGRONG HOLD     8.35    04/19/19       CNY    41.14
CHONGQING XINGRONG HOLD     8.35    04/19/19       CNY    41.35
CHONGQING XIYONG MICRO-     6.76    07/25/19       CNY    40.72
CHONGQING YONGCHUAN HUI     7.49    03/14/18       CNY    40.38
CHONGQING YONGCHUAN HUI     7.33    10/16/19       CNY    61.00
CHONGQING YONGCHUAN HUI     7.33    10/16/19       CNY    61.28
CHONGQING YUFU ASSET MA     6.50    09/04/19       CNY    40.01
CHONGQING YUFU HOLDING      6.50    09/04/19       CNY    40.84
CHONGQING YULONG ASSET      6.87    05/31/19       CNY    40.81
CHONGQING YUXING CONSTR     7.29    12/08/17       CNY    40.13
CHONGQING YUXING CONSTR     7.30    12/10/19       CNY    61.23
CHONGQING YUXING CONSTR     7.30    12/10/19       CNY    61.25
CHUXIONG AUTONOMOUS DEV     6.08    10/18/17       CNY    50.00
CHUXIONG AUTONOMOUS DEV     6.60    03/29/20       CNY    59.81
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19       CNY    60.98
CHUZHOU CITY CONSTRUCTI     6.81    11/23/19       CNY    61.08
CHUZHOU TONGCHUANG CONS     7.05    01/09/20       CNY    61.27
CIXI STATE OWNED ASSET      6.60    09/20/19       CNY    40.76
CIXI STATE OWNED ASSET      6.60    09/20/19       CNY    40.93
DALI ECONOMIC DEVELOPME     8.80    04/24/19       CNY    41.28
DALIAN CHANGXING ISLAND     6.60    01/25/20       CNY    60.20
DALIAN CHANGXING ISLAND     6.60    01/25/20       CNY    61.20
DALIAN DETA INVESTMENT      6.50    11/15/19       CNY    60.81
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19       CNY    40.00
DALIAN LVSHUN CONSTRUCT     6.78    07/02/19       CNY    40.53
DALIAN RONGQIANG INVEST     8.60    03/30/19       CNY    71.17
DANDONG CITY DEVELOPMEN     6.63    12/21/18       CNY    70.20
DANYANG INVESTMENT GROU     8.10    03/06/19       CNY    40.90
DANYANG INVESTMENT GROU     8.10    03/06/19       CNY    41.05
DAQING GAOXIN STATE-OWN     6.88    12/05/19       CNY    60.88
DAQING URBAN CONSTRUCTI     6.55    10/23/19       CNY    60.70
DASHIQIAO URBAN CONSTRU     6.58    02/21/20       CNY    60.71
DAWA COUNTY CITY CONSTR     7.25    09/17/20       CNY    61.42
DAXING ANLING FORESTRY      7.08    10/23/19       CNY    60.76
DAXING ANLING FORESTRY      7.08    10/23/19       CNY    60.76
DAZHOU INVESTMENT CO LT     6.99    12/25/19       CNY    61.09
DEYANG CITY CONSTRUCTIO     6.99    12/26/19       CNY    61.09
DEYANG CITY CONSTRUCTIO     6.99    12/26/19       CNY    61.19
DEZHOU DEDA URBAN CONST     7.14    10/18/19       CNY    61.43
DONGTAI COMMUNICATION I     7.39    07/05/18       CNY    25.26
DONGTAI UBAN CONSTRUCTI     7.10    12/26/19       CNY    61.24
DRILL RIGS HOLDINGS INC     6.50    10/01/17       USD    26.00
DRILL RIGS HOLDINGS INC     6.50    10/01/17       USD    29.75
ENSHI URBAN CONSTRUCTIO     7.55    10/22/19       CNY    61.38
ERDOS DONGSHENG CITY DE     8.40    02/28/18       CNY    25.04
EZHOU CITY CONSTRUCTION     7.08    06/19/19       CNY    40.81
FEICHENG CITY ASSETS MA     7.10    08/14/18       CNY    25.41
FENGHUA CITY INVESTMENT     7.45    09/24/19       CNY    40.95
FENGHUA CITY INVESTMENT     7.45    09/24/19       CNY    41.21
FORESEA LIFE INSURANCE      6.25    09/30/25       CNY    69.48
FUJIAN JINJIANG URBAN C     6.35    04/26/20       CNY    60.18
FUJIAN JINJIANG URBAN C     6.35    04/26/20       CNY    60.97
FUJIAN LONGYAN CITY CON     7.45    08/14/19       CNY    41.13
FUJIAN NANPING HIGHWAY      6.69    01/28/20       CNY    60.82
FUJIAN NANPING HIGHWAY      6.69    01/28/20       CNY    60.99
FUJIAN NANPING HIGHWAY      7.90    10/26/18       CNY    71.17
FUQING CITY STATE-OWNED     6.66    03/01/21       CNY    71.67
FUSHUN URBAN INVESTMENT     5.95    05/11/18       CNY    40.04
FUSHUN URBAN INVESTMENT     8.53    03/22/22       CNY    74.09
FUSHUN URBAN INVESTMENT     8.53    03/22/22       CNY    74.91
FUXIN INFRASTRUCTURE CO     7.55    10/10/19       CNY    41.28
FUXIN INFRASTRUCTURE CO     7.55    10/10/19       CNY    61.00
FUZHOU INVESTMENT DEVEL     6.78    01/16/20       CNY    60.52
FUZHOU INVESTMENT DEVEL     6.78    01/16/20       CNY    61.25
FUZHOU URBAN AND RURAL      6.35    09/25/18       CNY    25.25
FUZHOU URBAN AND RURAL      6.35    09/25/18       CNY    50.00
GANSU PROVINCIAL HIGHWA     7.20    09/19/18       CNY    40.81
GANSU PROVINCIAL HIGHWA     6.75    11/16/18       CNY    70.49
GANZHOU CITY DEVELOPMEN     6.40    07/10/18       CNY    25.22
GANZHOU CITY DEVELOPMEN     6.40    07/10/18       CNY    25.40
GANZHOU DEVELOPMENT ZON     6.70    12/26/18       CNY    50.44
GANZHOU DEVELOPMENT ZON     6.70    12/26/18       CNY    50.53
GAOMI STATE-OWNED ASSET     6.75    11/15/18       CNY    50.30
GAOMI STATE-OWNED ASSET     6.75    11/15/18       CNY    50.57
GAOMI STATE-OWNED ASSET     6.70    11/15/19       CNY    60.80
GAOMI STATE-OWNED ASSET     6.70    11/15/19       CNY    60.92
GONGYI STATE OWNED ASSE     6.70    01/18/20       CNY    60.30
GONGYI STATE OWNED ASSE     6.70    01/18/20       CNY    60.59
GUANG ZHOU PANYU COMMUN     6.30    04/12/19       CNY    49.82
GUANG ZHOU PANYU COMMUN     6.30    04/12/19       CNY    50.45
GUANGAN INVESTMENT HOLD     8.18    04/25/19       CNY    41.10
GUANGXI BAISE DEVELOPME     6.50    07/04/19       CNY    40.43
GUANGXI BAISE DEVELOPME     6.50    07/04/19       CNY    40.57
GUANGXI LAIBIN URBAN CO     8.36    03/14/19       CNY    71.89
GUANGYUAN INVESTMENT HO     7.25    11/26/19       CNY    61.15
GUANGZHOU DEVELOPMENT Z     6.70    08/14/22       CNY    73.16
GUILIN ECONOMIC CONSTRU     6.90    05/09/18       CNY    25.20
GUILIN ECONOMIC CONSTRU     6.90    05/09/18       CNY    25.31
GUIYANG ECO&TECH DEVELO     8.42    03/27/19       CNY    41.13
GUIYANG JINYANG CONSTRU     6.70    10/24/18       CNY    50.40
GUIYANG JINYANG CONSTRU     6.70    10/24/18       CNY    50.48
GUIYANG PUBLIC RESIDENT     6.70    11/06/19       CNY    60.86
GUIYANG PUBLIC RESIDENT     6.70    11/06/19       CNY    60.92
GUIYANG URBAN DEVELOPME     6.20    02/28/20       CNY    60.15
GUOAO INVESTMENT DEVELO     6.89    10/29/18       CNY    50.41
GUOAO INVESTMENT DEVELO     6.89    10/29/18       CNY    50.42
HAIAN COUNTY CITY CONST     8.35    03/28/18       CNY    25.26
HAICHENG URBAN INVESTME     8.39    11/07/18       CNY    71.33
HAILAR URBAN INFRASTRUC     6.20    05/14/20       CNY    60.00
HAILAR URBAN INFRASTRUC     6.20    05/14/20       CNY    60.71
HAIMEN CITY DEVELOPMENT     8.35    03/20/19       CNY    40.87
HAIMEN CITY DEVELOPMENT     8.35    03/20/19       CNY    41.06
HAINING STATE-OWNED ASS     7.80    09/20/18       CNY    40.97
HAINING STATE-OWNED ASS     7.80    09/20/18       CNY    41.06
HAINING STATE-OWNED ASS     6.08    03/06/20       CNY    60.07
HAINING STATE-OWNED ASS     6.08    03/06/20       CNY    60.38
HAIYAN COUNTY STATE-OWN     7.00    09/04/20       CNY    62.51
HAIYAN COUNTY STATE-OWN     7.00    09/04/20       CNY    82.42
HANDAN CITY CONSTRUCTIO     7.05    12/24/19       CNY    61.41
HANGZHOU CANAL COMPREHE     6.00    04/02/20       CNY    60.30
HANGZHOU CANAL COMPREHE     6.00    04/02/20       CNY    60.84
HANGZHOU HIGH-TECH INDU     6.45    01/28/20       CNY    60.56
HANGZHOU HIGH-TECH INDU     6.45    01/28/20       CNY    60.85
HANGZHOU MUNICIPAL CONS     5.90    04/25/18       CNY    25.05
HANGZHOU MUNICIPAL CONS     5.90    04/25/18       CNY    25.19
HANGZHOU XIAOSHAN ECO&T     6.70    12/26/18       CNY    50.30
HANGZHOU XIAOSHAN ECO&T     6.70    12/26/18       CNY    50.52
HANGZHOU YUHANG CITY CO     7.55    03/29/19       CNY    40.82
HANGZHOU YUHANG CITY CO     7.55    03/29/19       CNY    41.00
HANGZHOU YUHANG INNOVAT     6.50    03/18/20       CNY    61.22
HANGZHOU YUHANG INNOVAT     6.50    03/18/20       CNY    61.45
HANZHONG CITY CONSTRUCT     7.48    03/14/18       CNY    39.70
HANZHONG CITY CONSTRUCT     7.48    03/14/18       CNY    40.42
HARBIN HELI INVESTMENT      7.48    09/26/18       CNY    40.74
HARBIN HELI INVESTMENT      7.48    09/26/18       CNY    40.82
HARBIN HIGH-TECH INDUST     7.00    09/16/20       CNY    61.56
HARBIN HIGH-TECH INDUST     7.00    09/16/20       CNY    61.63
HARBIN WATER INVESTMENT     5.70    05/06/20       CNY    60.52
HEBEI SHUNDE INVESTMENT     6.98    12/05/19       CNY    61.18
HEFEI BINHU NEW ZONE CO     6.35    06/13/19       CNY    70.27
HEFEI BINHU NEW ZONE CO     6.35    06/13/19       CNY    70.98
HEFEI GAOXIN DEVELOPMEN     7.98    03/22/19       CNY    71.54
HEFEI GAOXIN DEVELOPMEN     7.98    03/22/19       CNY    71.98
HEFEI HAIHENG INVESTMEN     7.30    06/12/19       CNY    40.27
HEFEI HAIHENG INVESTMEN     7.30    06/12/19       CNY    40.97
HEFEI INDUSTRIAL INVEST     6.30    03/20/20       CNY    60.88
HEFEI TAOHUA INDUSTRIAL     8.79    03/27/19       CNY    41.26
HEFEI XINCHENG STATE-OW     7.88    04/23/19       CNY    40.98
HEGANG KAIYUAN CITY INV     6.50    07/19/19       CNY    40.39
HEIHE CITY CONSTRUCTION     8.48    03/23/19       CNY    71.94
HEILONGJIANG HECHENG CO     7.05    06/21/22       CNY    71.18
HENAN JIYUAN CITY CONST     7.50    09/25/19       CNY    41.68
HENGYANG CITY CONSTRUCT     7.06    08/13/19       CNY    41.08
HENGYANG HONGXIANG STAT     6.20    06/19/20       CNY    60.65
HENGYANG HONGXIANG STAT     6.20    06/19/20       CNY    60.80
HEYUAN CITY URBAN DEVEL     6.55    03/19/20       CNY    60.70
HEYUAN CITY URBAN DEVEL     6.55    03/19/20       CNY    60.92
HONGHEZHOU ROAD DEVELOP     6.27    05/06/20       CNY    59.30
HONGHEZHOU ROAD DEVELOP     6.27    05/06/20       CNY    60.79
HUAIAN CITY URBAN ASSET     6.87    12/26/19       CNY    61.22
HUAIAN CITY WATER ASSET     8.25    03/08/19       CNY    41.12
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19       CNY    40.89
HUAI'AN DEVELOPMENT HOL     7.20    09/06/19       CNY    41.14
HUAIAN QINGHE NEW AREA      6.68    01/24/20       CNY    60.71
HUAIAN QINGHE NEW AREA      6.68    01/24/20       CNY    60.94
HUAIBEI CITY CONSTRUCTI     6.68    12/17/18       CNY    50.00
HUAIBEI CITY CONSTRUCTI     6.68    12/17/18       CNY    50.34
HUAIHUA CITY CONSTRUCTI     8.00    03/22/18       CNY    25.23
HUANGGANG CITY CONSTRUC     7.10    10/19/19       CNY    61.27
HUANGSHI URBAN CONSTRUC     6.96    10/25/19       CNY    60.96
HUIAN STATE ASSETS INVE     7.50    10/15/19       CNY    61.00
HUIAN STATE ASSETS INVE     7.50    10/15/19       CNY    61.19
HUNAN CHANGDE DEYUAN IN     7.18    10/18/18       CNY    50.49
HUNAN CHANGDE DEYUAN IN     7.18    10/18/18       CNY    50.50
HUNAN CHENGLINGJI HARBO     7.70    10/15/18       CNY    50.50
HUNAN CHENGLINGJI HARBO     7.70    10/15/18       CNY    50.62
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18       CNY    50.47
HUNAN ZHAOSHAN ECONOMIC     7.00    12/12/18       CNY    50.70
HUZHOU NANXUN STATE-OWN     8.15    03/31/19       CNY    40.97
HUZHOU URBAN INVESTMENT     7.02    12/21/17       CNY    40.12
HUZHOU URBAN INVESTMENT     6.70    12/14/19       CNY    61.14
HUZHOU WUXING NANTAIHU      7.71    02/17/18       CNY    40.31
INNER MONGOLIA HIGH-TEC     7.20    09/25/19       CNY    40.91
INNER MONGOLIA ZHUNGEER     6.94    05/10/18       CNY    50.41
JIAMUSI NEW ERA INFRAST     8.25    03/22/19       CNY    40.74
JIAN CITY CONSTRUCTION      7.80    04/20/19       CNY    41.04
JIANAN INVESTMENT HOLDI     7.68    09/04/19       CNY    41.36
JIANGDONG HOLDING GROUP     6.90    03/27/19       CNY    40.62
JIANGMEN CITY BINJIANG      6.60    02/28/20       CNY    59.87
JIANGMEN CITY BINJIANG      6.60    02/28/20       CNY    60.80
JIANGSU FURUDONGHAI DEV     7.09    09/13/20       CNY    61.79
JIANGSU FURUDONGHAI DEV     7.09    09/13/20       CNY    61.87
JIANGSU HANRUI INVESTME     8.16    03/01/19       CNY    40.50
JIANGSU HUAJING ASSETS      6.00    05/16/20       CNY    60.50
JIANGSU JINGUAN INVESTM     6.40    01/28/19       CNY    50.61
JIANGSU JURONG FUDI BIO     8.70    04/26/19       CNY    71.89
JIANGSU LIANYUN DEVELOP     6.10    06/19/19       CNY    39.69
JIANGSU LIANYUN DEVELOP     6.10    06/19/19       CNY    40.42
JIANGSU NANJING PUKOU E     7.10    10/08/19       CNY    40.86
JIANGSU NEWHEADLINE DEV     7.00    08/27/20       CNY    56.01
JIANGSU NEWHEADLINE DEV     7.00    08/27/20       CNY    56.60
JIANGSU SUHAI INVESTMEN     7.20    11/07/19       CNY    61.03
JIANGSU TAICANG PORT DE     7.66    05/16/19       CNY    41.01
JIANGSU WUZHONG ECONOMI     8.05    12/16/18       CNY    71.21
JIANGSU WUZHONG ECONOMI     8.05    12/16/18       CNY    71.36
JIANGSU XISHAN ECONOMIC     6.99    11/01/19       CNY    61.02
JIANGSU XISHAN ECONOMIC     6.99    11/01/19       CNY    71.00
JIANGSU ZHANGJIAGANG EC     6.98    11/16/19       CNY    61.28
JIANGXI HEJI INVESTMENT     8.00    09/04/19       CNY    41.18
JIANGXI HEJI INVESTMENT     8.00    09/04/19       CNY    41.26
JIANGYAN STATE OWNED AS     6.85    12/03/19       CNY    60.40
JIANGYAN STATE OWNED AS     6.85    12/03/19       CNY    61.08
JIANGYIN CITY CONSTRUCT     7.20    06/11/19       CNY    40.85
JIANGYIN GAOXIN DISTRIC     7.31    04/25/18       CNY    50.65
JIANGYIN GAOXIN DISTRIC     6.60    02/27/20       CNY    61.17
JIANHU URBAN CONSTRUCTI     6.50    02/22/20       CNY    60.69
JIANHU URBAN CONSTRUCTI     6.50    02/22/20       CNY    60.87
JIASHAN STATE-OWNED ASS     6.80    06/06/19       CNY    40.93
JIAXING CULTURE FAMOUS      8.16    03/08/19       CNY    41.09
JIAXING ECONOMIC&TECHNO     6.78    06/14/19       CNY    40.56
JIAXING ECONOMIC&TECHNO     6.78    06/14/19       CNY    40.73
JILIN CITY CONSTRUCTION     6.34    02/26/20       CNY    60.78
JILIN CITY CONSTRUCTION     6.34    02/26/20       CNY    60.99
JILIN RAILWAY INVESTMEN     6.63    06/26/19       CNY    71.15
JILIN RAILWAY INVESTMEN     6.63    06/26/19       CNY    71.35
JINAN CITY CONSTRUCTION     6.98    03/26/18       CNY    24.82
JINAN CITY CONSTRUCTION     6.98    03/26/18       CNY    25.25
JINAN XIAOQINGHE DEVELO     7.15    09/05/19       CNY    41.13
JINGDEZHEN STATE-OWNED      7.48    03/23/18       CNY    50.43
JINGDEZHEN STATE-OWNED      6.59    06/25/20       CNY    61.32
JINGDEZHEN STATE-OWNED      6.59    06/25/20       CNY    61.58
JINGJIANG BINJIANG XINC     6.80    10/23/18       CNY    50.29
JINGMEN CITY CONSTRUCTI     6.85    07/09/22       CNY    72.49
JINGZHOU URBAN CONSTRUC     7.98    04/24/19       CNY    41.13
JINING CITY CONSTRUCTIO     8.30    12/31/18       CNY    40.94
JINING CITY YANZHOU DIS     8.50    12/28/17       CNY    25.14
JINING CITY YANZHOU DIS     5.90    05/28/21       CNY    70.70
JINING HI-TECH TOWN CON     6.60    01/28/20       CNY    60.88
JINING HI-TECH TOWN CON     6.60    01/28/20       CNY    60.96
JINING WATER SUPPLY GRO     7.18    01/22/20       CNY    61.28
JINSHAN STATE-OWNED ASS     6.65    11/27/19       CNY    61.11
JINZHONG CITY PUBLIC IN     6.50    03/18/20       CNY    60.97
JINZHOU CITY INVESTMENT     7.08    06/13/19       CNY    40.53
JINZHOU CITY INVESTMENT     7.08    06/13/19       CNY    40.69
JISHOU HUATAI STATE OWN     7.37    12/12/19       CNY    61.00
JIUJIANG CITY CONSTRUCT     8.49    02/23/19       CNY    40.54
JIUJIANG CITY CONSTRUCT     8.49    02/23/19       CNY    41.14
JIUJIANG FUHE CONSTRUCT     6.10    03/19/19       CNY    49.91
JIUJIANG FUHE CONSTRUCT     6.10    03/19/19       CNY    50.12
JIUJIANG STATE-OWNED AS     6.68    03/07/20       CNY    60.39
JIUJIANG STATE-OWNED AS     6.68    03/07/20       CNY    61.30
JIXI STATE OWN ASSET MA     7.18    11/08/19       CNY    60.96
JIXI STATE OWN ASSET MA     7.18    11/08/19       CNY    61.07
KAIFENG DEVELOPMENT INV     6.47    07/11/19       CNY    40.61
KARAMAY URBAN CONSTRUCT     7.15    09/04/19       CNY    40.93
KARAMAY URBAN CONSTRUCT     7.15    09/04/19       CNY    40.96
KASHI URBAN CONSTRUCTIO     7.18    11/27/19       CNY    61.18
KIZILSU KIRGHIZ AUTONOM     7.15    09/16/20       CNY    60.79
KIZILSU KIRGHIZ AUTONOM     7.15    09/16/20       CNY    60.80
KUNMING CITY CONSTRUCTI     7.60    04/13/18       CNY    25.20
KUNMING CITY CONSTRUCTI     7.60    04/13/18       CNY    25.29
KUNMING DIANCHI INVESTM     6.50    02/01/20       CNY    61.00
KUNMING INDUSTRIAL DEVE     6.46    10/23/19       CNY    60.70
KUNMING INDUSTRIAL DEVE     6.46    10/23/19       CNY    60.75
KUNMING WUHUA DISTRICT      8.60    03/15/18       CNY    25.30
KUNMING WUHUA DISTRICT      8.60    03/15/18       CNY    25.50
KUNSHAN ENTREPRENEUR HO     6.28    11/07/19       CNY    59.95
KUNSHAN ENTREPRENEUR HO     6.28    11/07/19       CNY    60.70
KUNSHAN HUAQIAO INTERNA     7.98    12/30/18       CNY    40.77
LAIWU CITY ECONOMIC DEV     6.50    03/01/18       CNY    30.10
LANZHOU CITY DEVELOPMEN     8.20    12/15/18       CNY    68.27
LEQING CITY STATE OWNED     6.50    06/29/19       CNY    40.20
LEQING CITY STATE OWNED     6.50    06/29/19       CNY    40.65
LESHAN STATE-OWNED ASSE     6.99    03/18/18       CNY    40.19
LESHAN STATE-OWNED ASSE     6.99    03/18/18       CNY    40.29
LIAONING YAODU DEVELOPM     7.35    12/12/19       CNY    60.53
LIAOYANG CITY ASSETS OP     6.88    06/13/18       CNY    35.25
LIAOYANG CITY ASSETS OP     7.10    11/13/19       CNY    60.95
LIAOYUAN STATE-OWNED AS     8.17    03/13/19       CNY    40.52
LIAOYUAN STATE-OWNED AS     8.17    03/13/19       CNY    42.00
LIJIANG GUCHENG MANAGEM     6.68    07/26/19       CNY    40.53
LINCANG STATE-OWNED ASS     6.58    04/11/20       CNY    61.05
LINFEN CITY INVESTMENT      6.20    05/23/20       CNY    60.71
LINFEN YAODU DISTRICT I     6.99    09/27/20       CNY    60.73
LINFEN YAODU DISTRICT I     6.99    09/27/20       CNY    60.82
LINHAI CITY INFRASTRUCT     6.30    03/21/20       CNY    60.80
LINHAI CITY INFRASTRUCT     6.30    03/21/20       CNY    61.44
LINYI CITY ASSET MANAGE     6.68    12/12/19       CNY    60.40
LINYI CITY ASSET MANAGE     6.68    12/12/19       CNY    61.16
LINYI ECONOMIC DEVELOPM     8.26    09/24/19       CNY    41.61
LINYI INVESTMENT DEVELO     8.10    03/27/18       CNY    25.35
LISHUI CITY CONSTRUCTIO     6.00    05/23/20       CNY    59.98
LISHUI CITY CONSTRUCTIO     6.00    05/23/20       CNY    60.42
LISHUI URBAN CONSTRUCTI     5.80    05/29/20       CNY    60.37
LIUPANSHUI DEVELOPMENT      6.97    12/03/19       CNY    61.60
LIUZHOU DONGCHENG INVES     8.30    02/15/19       CNY    40.94
LIUZHOU INVESTMENT HOLD     6.98    08/15/19       CNY    40.96
LIYANG CITY CONSTRUCTIO     6.20    03/08/20       CNY    60.44
LIYANG CITY CONSTRUCTIO     6.20    03/08/20       CNY    60.60
LIYANG CITY CONSTRUCTIO     8.20    11/08/18       CNY    67.79
LONGHAI STATE-OWNED ASS     8.25    12/02/17       CNY    40.16
LONGHAI STATE-OWNED ASS     8.25    12/02/17       CNY    40.22
LOUDI CITY CONSTRUCTION     7.28    10/19/18       CNY    50.35
LOUDI CITY CONSTRUCTION     7.28    10/19/18       CNY    50.56
LUOHE CITY CONSTRUCTION     6.99    10/30/19       CNY    61.09
LUOYANG CITY DEVELOPMEN     6.89    12/31/19       CNY    61.23
LUOYANG HIGH NEW TECH I     6.50    05/30/20       CNY    60.54
MAANSHAN ECONOMIC TECHN     7.10    12/20/19       CNY    61.37
MEISHAN HONGDA CONSTRUC     6.56    06/19/20       CNY    60.15
MEISHAN HONGDA CONSTRUC     6.56    06/19/20       CNY    61.27
MEIZHOU KANGDA HIGHWAY      6.95    09/10/20       CNY    61.32
MEIZHOU KANGDA HIGHWAY      6.95    09/10/20       CNY    61.93
MIANYANG INVESTMENT HOL     7.70    03/26/19       CNY    71.46
MIANYANG INVESTMENT HOL     7.70    03/26/19       CNY    71.85
MIANYANG SCIENCE TECHNO     6.30    07/22/18       CNY    35.62
MIANYANG SCIENCE TECHNO     7.16    05/15/19       CNY    40.93
MINXIXINGHANG STATE-OWN     6.20    03/26/19       CNY    50.42
MINXIXINGHANG STATE-OWN     6.20    03/26/19       CNY    50.53
MUDANJIANG STATE-OWNED      7.08    08/30/19       CNY    40.64
MUDANJIANG STATE-OWNED      7.08    08/30/19       CNY    40.66
NANAN CITY TRADE INDUST     8.50    04/25/19       CNY    41.23
NANCHANG CITY CONSTRUCT     6.19    02/20/20       CNY    61.00
NANCHANG CITY CONSTRUCT     6.19    02/20/20       CNY    61.04
NANCHANG COUNTY URBAN C     6.50    07/17/19       CNY    50.66
NANCHANG COUNTY URBAN C     6.50    07/17/19       CNY    50.85
NANCHANG ECONOMY TECHNO     6.88    01/09/20       CNY    60.98
NANCHANG MUNICIPAL PUBL     5.88    02/25/20       CNY    60.50
NANCHANG MUNICIPAL PUBL     5.88    02/25/20       CNY    60.82
NANCHANG WATER CONSERVA     6.28    06/21/20       CNY    61.30
NANCHONG DEVELOPMENT IN     6.69    01/28/20       CNY    61.13
NANCHONG ECONOMIC DEVEL     8.16    04/26/19       CNY    41.08
NANJING JIANGNING SCIEN     7.29    04/28/19       CNY    40.50
NANJING JIANGNING SCIEN     7.29    04/28/19       CNY    40.90
NANJING NEW&HIGH TECHNO     6.94    09/07/19       CNY    40.88
NANJING NEW&HIGH TECHNO     6.94    09/07/19       CNY    41.04
NANJING STATE OWNED ASS     5.40    03/06/20       CNY    60.20
NANJING STATE OWNED ASS     5.40    03/06/20       CNY    60.50
NANJING URBAN CONSTRUCT     5.68    11/26/18       CNY    50.24
NANJING URBAN CONSTRUCT     5.68    11/26/18       CNY    50.50
NANJING XINGANG DEVELOP     6.80    01/08/20       CNY    60.70
NANJING XINGANG DEVELOP     6.80    01/08/20       CNY    61.45
NANPING CITY WUYI NEW D     6.70    08/06/20       CNY    61.00
NANPING CITY WUYI NEW D     6.70    08/06/20       CNY    61.47
NANTONG CITY GANGZHA DI     7.15    01/09/20       CNY    61.30
NANTONG CITY GANGZHA DI     7.15    01/09/20       CNY    62.40
NANTONG CITY TONGZHOU D     6.80    05/28/19       CNY    40.61
NANTONG CITY TONGZHOU D     6.80    05/28/19       CNY    40.66
NANTONG ECONOMIC & TECH     5.80    05/17/20       CNY    60.18
NANTONG ECONOMIC & TECH     5.80    05/17/20       CNY    60.65
NEIJIANG INVESTMENT HOL     7.00    07/19/18       CNY    25.21
NEIJIANG INVESTMENT HOL     7.00    07/19/18       CNY    25.38
NEIMENGGU XINLINGOL XIN     7.62    02/25/18       CNY    40.34
NINGBO CITY YINZHOU CIT     6.50    03/18/20       CNY    61.19
NINGBO EASTERN NEW TOWN     6.45    01/21/20       CNY    60.00
NINGBO URBAN CONSTRUCTI     7.39    03/01/18       CNY    25.26
NINGBO URBAN CONSTRUCTI     7.39    03/01/18       CNY    25.46
NINGBO ZHENHAI HAIJIANG     6.65    11/28/18       CNY    50.45
NINGDE CITY STATE-OWNED     6.25    10/21/17       CNY     9.98
NONGGONGSHANG REAL ESTA     6.29    10/11/17       CNY    40.00
PANJIN CONSTRUCTION INV     7.50    05/17/19       CNY    40.80
PANJIN CONSTRUCTION INV     7.42    03/01/18       CNY    60.40
PANJIN PETROLEUM HIGH T     6.95    01/10/20       CNY    60.78
PANJIN PETROLEUM HIGH T     6.95    01/10/20       CNY    60.85
PEIXIAN STATE-OWNED ASS     7.20    12/06/19       CNY    61.20
PENGLAI CITY PENGLAIGE      6.80    01/30/21       CNY    70.71
PENGLAI CITY PENGLAIGE      6.80    01/30/21       CNY    72.06
PINGDINGSHAN CITY DEVEL     7.86    05/08/19       CNY    41.09
PINGDINGSHAN CITY DEVEL     7.86    05/08/19       CNY    41.14
PINGHU CITY DEVELOPMENT     7.20    09/18/19       CNY    40.22
PINGHU CITY DEVELOPMENT     7.20    09/18/19       CNY    40.96
PINGLIANG CHENGXIANG CO     7.10    09/17/20       CNY    62.38
PINGTAN COMPOSITE EXPER     6.58    03/15/20       CNY    61.10
PINGXIANG URBAN CONSTRU     6.89    12/10/19       CNY    60.37
PINGXIANG URBAN CONSTRU     6.89    12/10/19       CNY    60.37
PIZHOU RUNCHENG ASSET O     7.55    09/25/19       CNY    41.32
PUER CITY STATE OWNED A     7.38    06/20/19       CNY    40.64
PUTIAN STATE-OWNED ASSE     8.10    03/21/19       CNY    40.94
PUTIAN STATE-OWNED ASSE     8.10    03/21/19       CNY    41.09
PUYANG INVESTMENT GROUP     6.98    10/29/19       CNY    61.04
QIANAN XINGYUAN WATER I     6.45    07/11/18       CNY    25.22
QIANDONG NANZHOU DEVELO     8.80    04/27/19       CNY    41.00
QIANDONGNANZHOU KAIHONG     7.80    10/30/19       CNY    60.87
QIANNAN AUTONOMOUS PREF     6.90    09/04/20       CNY    60.05
QIANNAN AUTONOMOUS PREF     6.90    09/04/20       CNY    60.39
QIANXI NANZHOU HONGSHEN     6.99    11/22/19       CNY    60.76
QINGDAO CITY CONSTRUCTI     6.89    02/16/19       CNY    40.56
QINGDAO CITY CONSTRUCTI     6.89    02/16/19       CNY    40.67
QINGDAO HUATONG STATE-O     7.30    04/18/19       CNY    40.76
QINGDAO HUATONG STATE-O     7.30    04/18/19       CNY    40.96
QINGDAO JIAOZHOU CITY D     6.59    01/25/20       CNY    61.29
QINGZHOU HONGYUAN PUBLI     6.50    05/22/19       CNY    20.25
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18       CNY    50.52
QINGZHOU HONGYUAN PUBLI     7.25    10/19/18       CNY    51.06
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19       CNY    61.19
QINGZHOU HONGYUAN PUBLI     7.35    10/19/19       CNY    61.20
QINHUANGDAO DEVELOPMENT     7.46    10/17/19       CNY    60.93
QINHUANGDAO DEVELOPMENT     7.46    10/17/19       CNY    61.01
QINZHOU BINHAI NEW CITY     7.00    08/27/20       CNY    61.89
QINZHOU BINHAI NEW CITY     7.00    08/27/20       CNY    81.50
QITAIHE CITY CONSTRUCTI     7.30    10/18/19       CNY    59.84
QUANZHOU QUANGANG PETRO     8.40    04/16/19       CNY    40.89
QUANZHOU QUANGANG PETRO     8.40    04/16/19       CNY    40.90
QUANZHOU TAISHANG INVES     7.08    12/10/19       CNY    60.36
QUANZHOU TAISHANG INVES     7.08    12/10/19       CNY    60.55
QUANZHOU URBAN CONSTRUC     6.48    01/11/20       CNY    61.14
QUJING DEVELOPMENT INVE     7.25    09/06/19       CNY    41.00
QUJING DEVELOPMENT INVE     7.25    09/06/19       CNY    41.06
RIZHAO CITY CONSTRUCTIO     5.80    06/06/20       CNY    60.46
RONGCHENG ECONOMIC DEVE     6.45    03/18/20       CNY    60.24
RONGCHENG ECONOMIC DEVE     6.45    03/18/20       CNY    60.80
RUDONG COUNTY DONGTAI S     7.45    09/24/19       CNY    40.86
RUDONG COUNTY DONGTAI S     7.45    09/24/19       CNY    41.08
RUDONG COUNTY DONGTAI S     7.10    01/31/18       CNY    50.23
RUGAO COMMUNICATIONS CO     8.51    01/26/19       CNY    51.20
RUGAO COMMUNICATIONS CO     6.70    02/01/20       CNY    60.00
RUIAN STATE OWNED ASSET     6.93    11/26/19       CNY    60.82
RUSHAN CITY STATE-OWNED     6.90    09/11/20       CNY    61.28
SANMENXIA CITY FINANCIA     6.68    01/29/20       CNY    61.04
SANMING CITY CONSTRUCTI     6.40    03/05/20       CNY    60.51
SANMING CITY CONSTRUCTI     6.40    03/05/20       CNY    60.93
SANMING STATE-OWNED ASS     6.99    06/14/18       CNY    40.47
SANMING STATE-OWNED ASS     6.92    12/05/19       CNY    61.24
SHANDONG TAIFENG HOLDIN     5.80    03/12/20       CNY    59.07
SHANGHAI BUND GROUP DEV     6.35    04/24/20       CNY    60.90
SHANGHAI BUND GROUP DEV     6.35    04/24/20       CNY    61.03
SHANGHAI CHENGTOU CORP      4.63    07/30/19       CNY    40.01
SHANGHAI FENGXIAN NANQI     6.25    03/05/20       CNY    60.02
SHANGHAI FENGXIAN NANQI     6.25    03/05/20       CNY    61.03
SHANGHAI JIADING INDUST     6.71    10/10/18       CNY    25.24
SHANGHAI JIADING INDUST     6.71    10/10/18       CNY    50.32
SHANGHAI JINSHAN URBAN      6.60    12/21/19       CNY    60.60
SHANGHAI JINSHAN URBAN      6.60    12/21/19       CNY    61.05
SHANGHAI LUJIAZUI DEVEL     5.79    02/25/19       CNY    70.75
SHANGHAI LUJIAZUI DEVEL     5.79    02/25/19       CNY    70.75
SHANGHAI LUJIAZUI DEVEL     5.98    03/11/19       CNY    70.80
SHANGHAI LUJIAZUI DEVEL     5.98    03/11/19       CNY    71.30
SHANGHAI MINHANG URBAN      6.48    10/23/19       CNY    60.97
SHANGHAI MINHANG URBAN      6.48    10/23/19       CNY    61.20
SHANGHAI NANFANG GROUP      6.70    09/09/19       CNY    50.88
SHANGHAI NANFANG GROUP      6.70    09/09/19       CNY    51.02
SHANGHAI SONGJIANG TOWN     6.28    08/15/18       CNY    24.81
SHANGHAI SONGJIANG TOWN     6.28    08/15/18       CNY    25.31
SHANGHAI URBAN CONSTRUC     5.25    11/30/19       CNY    60.19
SHANGLUO CITY CONSTRUCT     6.75    09/09/19       CNY    50.82
SHANGLUO CITY CONSTRUCT     6.75    09/09/19       CNY    51.09
SHANGLUO CITY CONSTRUCT     7.05    09/09/20       CNY    61.16
SHANGLUO CITY CONSTRUCT     7.05    09/09/20       CNY    61.59
SHANGQIU DEVELOPMENT IN     6.60    01/15/20       CNY    60.62
SHANGRAO CITY CONSTRUCT     7.30    09/10/19       CNY    40.80
SHANGRAO CITY CONSTRUCT     7.30    09/10/19       CNY    40.86
SHANGYU COMMUNICATIONS      6.70    09/11/19       CNY    40.84
SHANTOU CITY CONSTRUCTI     8.57    03/23/22       CNY    74.54
SHANTOU CITY CONSTRUCTI     8.57    03/23/22       CNY    74.64
SHAOGUAN JINYE DEVELOPM     7.30    10/18/19       CNY    61.21
SHAOXING CHENGBEI XINCH     6.21    06/11/18       CNY    25.00
SHAOXING CHENGBEI XINCH     6.21    06/11/18       CNY    25.18
SHAOXING CHENGZHONGCUN      6.50    01/24/20       CNY    61.12
SHAOXING HI-TECH INDUST     6.75    12/05/18       CNY    50.00
SHAOXING HI-TECH INDUST     6.75    12/05/18       CNY    50.10
SHAOXING KEQIAO DISTRIC     6.30    02/26/19       CNY    50.26
SHAOXING KEQIAO DISTRIC     6.30    02/26/19       CNY    50.76
SHAOXING PAOJIANG INDUS     6.90    10/31/19       CNY    60.99
SHAOXING URBAN CONSTRUC     6.40    11/09/19       CNY    60.32
SHAOXING URBAN CONSTRUC     6.40    11/09/19       CNY    60.93
SHAOYANG CITY CONSTRUCT     7.40    09/11/18       CNY    25.47
SHENYANG HEPING DISTRIC     6.85    11/13/19       CNY    61.03
SHENYANG MACHINE TOOL C     6.50    03/27/18       CNY    62.76
SHENYANG SUJIATUN DISTR     6.40    06/20/20       CNY    60.75
SHENYANG SUJIATUN DISTR     6.40    06/20/20       CNY    61.00
SHENZHEN LONGGANG DISTR     6.18    03/27/19       CNY    50.31
SHENZHEN LONGGANG DISTR     6.18    03/27/19       CNY    50.47
SHIJIAZHUANG REAL ESTAT     5.65    05/15/20       CNY    60.48
SHISHI STATE OWNED INVE     7.40    09/13/19       CNY    41.06
SHISHI STATE OWNED INVE     7.40    09/13/19       CNY    61.00
SHIYAN CITY INFRASTRUCT     7.98    04/20/19       CNY    41.11
SHOUGUANG JINCAI STATE-     6.70    10/23/19       CNY    60.92
SHOUGUANG JINCAI STATE-     6.70    10/23/19       CNY    60.94
SHUANGLIU SHINE CHINE C     8.40    03/16/19       CNY    71.97
SHUANGLIU SHINE CHINE C     8.48    03/16/19       CNY    72.05
SHUANGLIU SHINE CHINE C     8.40    03/16/19       CNY    72.50
SHUANGLIU SHINE CHINE C     8.48    03/16/19       CNY    72.80
SHUANGYASHAN DADI CITY      6.55    12/25/19       CNY    58.50
SHUANGYASHAN DADI CITY      6.55    12/25/19       CNY    60.62
SHUYANG JINGYUAN ASSET      6.50    12/03/19       CNY    60.65
SHUYANG JINGYUAN ASSET      6.50    12/03/19       CNY    60.68
SICHUAN CHENGDU ABA DEV     7.18    09/12/20       CNY    61.43
SICHUAN COAL INDUSTRY G     7.70    01/09/18       CNY    45.00
SICHUAN DEVELOPMENT HOL     5.40    11/10/17       CNY    29.96
SONGYUAN URBAN DEVELOPM     7.30    08/29/19       CNY    40.80
SUIFENHE HAIRONG URBAN      6.60    04/28/20       CNY    60.16
SUINING DEVELOPMENT INV     6.62    04/25/20       CNY    60.93
SUINING DEVELOPMENT INV     6.62    04/25/20       CNY    61.03
SUIZHOU DEVELOPMENT INV     7.50    08/22/19       CNY    41.06
SUQIAN ECONOMIC DEVELOP     7.50    03/26/19       CNY    40.83
SUQIAN WATER GROUP CO       6.55    12/04/19       CNY    60.30
SUQIAN WATER GROUP CO       6.55    12/04/19       CNY    60.82
SUZHOU CITY CONSTRUCTIO     7.45    03/12/19       CNY    40.76
SUZHOU CITY CONSTRUCTIO     6.40    04/17/20       CNY    60.47
SUZHOU CITY CONSTRUCTIO     6.40    04/17/20       CNY    60.88
SUZHOU FENHU INVESTMENT     7.00    10/22/17       CNY    50.02
SUZHOU INDUSTRIAL PARK      5.79    05/30/19       CNY    40.03
SUZHOU INDUSTRIAL PARK      5.79    05/30/19       CNY    40.28
SUZHOU TECH CITY DEVELO     7.32    11/01/18       CNY    50.51
SUZHOU URBAN CONSTRUCTI     5.79    10/25/19       CNY    60.69
SUZHOU URBAN CONSTRUCTI     5.79    10/25/19       CNY    60.93
SUZHOU WUJIANG COMMUNIC     6.80    10/31/20       CNY    70.70
SUZHOU WUJIANG COMMUNIC     6.80    10/31/20       CNY    72.02
SUZHOU WUJIANG EASTERN      8.05    12/05/18       CNY    71.56
SUZHOU WUJIANG EASTERN      8.05    12/05/18       CNY    72.05
SUZHOU XIANGCHENG URBAN     6.95    09/03/19       CNY    40.56
SUZHOU XIANGCHENG URBAN     6.95    09/03/19       CNY    41.02
TAIAN TAISHAN INVESTMEN     6.76    01/25/20       CNY    60.52
TAIAN TAISHAN INVESTMEN     6.76    01/25/20       CNY    61.31
TAICANG ASSET MANAGEMEN     8.25    12/31/18       CNY    71.29
TAICANG ASSET MANAGEMEN     8.25    12/31/18       CNY    71.79
TAICANG HENGTONG INVEST     7.45    10/30/19       CNY    61.23
TAICANG URBAN CONSTRUCT     6.75    01/11/20       CNY    60.02
TAICANG URBAN CONSTRUCT     6.75    01/11/20       CNY    60.52
TAIXING ZHONGXING STATE     8.29    03/27/18       CNY    25.24
TAIYUAN HIGH-SPEED RAIL     6.50    10/30/20       CNY    71.48
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19       CNY    41.00
TAIYUAN LONGCHENG DEVEL     6.50    09/25/19       CNY    60.02
TAIZHOU CITY HUANGYAN D     6.85    12/17/18       CNY    50.43
TAIZHOU CITY HUANGYAN D     6.85    12/17/18       CNY    50.58
TAIZHOU CITY JIANGYAN U     7.10    09/03/20       CNY    62.18
TAIZHOU HAILING ASSETS      8.52    03/21/19       CNY    41.09
TAIZHOU JIAOJIANG STATE     7.46    09/13/20       CNY    57.44
TAIZHOU TRAFFIC INDUSTR     6.15    03/11/20       CNY    59.99
TAIZHOU TRAFFIC INDUSTR     6.15    03/11/20       CNY    60.78
TAIZHOU XINTAI GROUP CO     6.85    08/14/18       CNY    25.00
TAIZHOU XINTAI GROUP CO     6.85    08/14/18       CNY    25.25
TANGSHAN NANHU ECO CITY     7.08    10/16/19       CNY    60.11
TANGSHAN NANHU ECO CITY     7.08    10/16/19       CNY    61.03
TIANJIN BINHAI NEW AREA     5.00    03/13/18       CNY    40.03
TIANJIN BINHAI NEW AREA     5.00    03/13/18       CNY    40.04
TIANJIN BINHAI NEW AREA     5.19    03/13/20       CNY    60.01
TIANJIN DONGFANG CAIXIN     7.99    11/23/18       CNY    71.38
TIANJIN DONGLI CITY INF     6.05    06/19/20       CNY    60.70
TIANJIN ECO-CITY INVEST     6.76    08/14/19       CNY    40.56
TIANJIN ECO-CITY INVEST     6.76    08/14/19       CNY    40.78
TIANJIN ECONOMIC TECHNO     6.20    12/03/19       CNY    60.67
TIANJIN ECONOMIC TECHNO     6.20    12/03/19       CNY    60.80
TIANJIN HANBIN INVESTME     8.39    03/22/19       CNY    41.12
TIANJIN HI-TECH INDUSTR     7.80    03/27/19       CNY    40.76
TIANJIN HI-TECH INDUSTR     7.80    03/27/19       CNY    41.00
TIANJIN JINNAN CITY CON     6.95    06/18/19       CNY    40.67
TIANJIN JINNAN CITY CON     6.95    06/18/19       CNY    40.75
TIANJIN TEDA CONSTRUCTI     6.89    04/27/20       CNY    61.58
TIELING PUBLIC ASSETS I     7.34    05/29/18       CNY    25.11
TIELING PUBLIC ASSETS I     7.34    05/29/18       CNY    25.21
TONGCHUAN DEVELOPMENT I     7.50    07/17/19       CNY    40.27
TONGLIAO TIANCHENG URBA     7.75    09/24/19       CNY    40.00
TONGLIAO TIANCHENG URBA     7.75    09/24/19       CNY    41.21
TONGLIAO URBAN INVESTME     6.64    04/09/20       CNY    60.88
TONGLIAO URBAN INVESTME     6.64    04/09/20       CNY    60.97
TONGLING CONSTRUCTION I     6.98    08/26/20       CNY    61.85
TONGLING CONSTRUCTION I     6.98    08/26/20       CNY    61.89
TONGLING CONSTRUCTION I     8.20    04/28/22       CNY    74.47
TONGLING CONSTRUCTION I     8.20    04/28/22       CNY    74.57
TONGREN FANJINGSHAN INV     6.89    08/02/19       CNY    40.71
TONGXIANG CITY CONSTRUC     6.10    05/16/20       CNY    60.58
TONGXIANG CITY CONSTRUC     6.10    05/16/20       CNY    60.92
TULUFAN DISTRICT STATE-     7.20    08/09/19       CNY    50.81
TULUFAN DISTRICT STATE-     7.20    08/09/19       CNY    51.70
ULANQAB CITY JI NING DI     6.88    03/19/20       CNY    59.79
URUMQI CITY CONSTRUCTIO     6.35    07/09/19       CNY    40.84
URUMQI ECO&TECH DEVELOP     8.58    01/10/19       CNY    51.19
URUMQI HIGH-TECH INVEST     6.18    03/05/20       CNY    60.58
URUMQI HIGH-TECH INVEST     6.18    03/05/20       CNY    61.00
URUMQI STATE-OWNED ASSE     6.48    04/28/18       CNY    25.00
URUMQI STATE-OWNED ASSE     6.48    04/28/18       CNY    25.12
VANZIP INVESTMENT GROUP     7.92    02/04/19       CNY    45.67
WAFANGDIAN STATE-OWNED      8.55    04/19/19       CNY    41.28
WAFANGDIAN STATE-OWNED      6.20    06/20/20       CNY    60.44
WEIFANG BINHAI INVESTME     6.16    04/16/21       CNY    71.16
WEIFANG DONGXIN CONSTRU     6.88    11/20/19       CNY    60.94
WEIFANG DONGXIN CONSTRU     6.88    11/20/19       CNY    61.04
WEIHAI WENDENG URBAN PR     6.38    03/06/20       CNY    60.50
WEIHAI WENDENG URBAN PR     6.38    03/06/20       CNY    60.77
WEINAN CITY INVESTMENT      6.69    01/15/20       CNY    60.91
WEINAN CITY INVESTMENT      6.69    01/15/20       CNY    61.17
WENLING CITY STATE OWNE     7.18    09/18/19       CNY    41.16
WENLING CITY STATE OWNE     7.18    09/18/19       CNY    61.20
WENZHOU ANJUFANG CITY D     7.65    04/24/19       CNY    40.78
WENZHOU ECONOMIC-TECHNO     6.49    01/15/20       CNY    60.00
WENZHOU ECONOMIC-TECHNO     6.49    01/15/20       CNY    60.93
WUHAI CITY CONSTRUCTION     8.20    03/31/19       CNY    41.02
WUHAN METRO GROUP CO LT     5.70    02/04/20       CNY    60.70
WUHAN METRO GROUP CO LT     5.70    02/04/20       CNY    61.29
WUHAN REAL ESTATE DEVEL     5.90    03/22/19       CNY    50.05
WUHAN REAL ESTATE DEVEL     5.90    03/22/19       CNY    50.36
WUHAN URBAN CONSTRUCTIO     5.60    03/08/20       CNY    60.36
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18       CNY    25.00
WUHU ECONOMIC TECHNOLOG     6.70    06/08/18       CNY    25.19
WUHU ECONOMIC TECHNOLOG     6.90    06/08/22       CNY    72.73
WUHU XINMA INVESTMENT C     7.18    11/14/19       CNY    61.00
WUHU XINMA INVESTMENT C     7.18    11/14/19       CNY    61.72
WUJIANG ECONOMIC TECHNO     6.88    12/27/19       CNY    60.80
WUJIANG ECONOMIC TECHNO     6.88    12/27/19       CNY    61.48
WUXI CONSTRUCTION AND D     6.60    09/17/19       CNY    40.78
WUXI CONSTRUCTION AND D     6.60    09/17/19       CNY    40.91
WUXI HUISHAN ECONOMIC D     6.03    04/22/19       CNY    50.54
WUXI TAIHU INTERNATIONA     7.60    09/17/19       CNY    41.34
WUXI TAIHU INTERNATIONA     7.60    09/17/19       CNY    61.40
WUXI XIDONG NEW TOWN CO     6.65    01/28/20       CNY    61.34
WUXI XIDONG NEW TOWN CO     6.65    01/28/20       CNY    61.53
WUXI XIDONG TECHNOLOGY      5.98    10/26/18       CNY    70.40
WUZHOU DONGTAI STATE-OW     7.40    09/03/19       CNY    41.18
XIAMEN XINGLIN CONSTRUC     6.60    02/22/20       CNY    60.92
XIAMEN XINGLIN CONSTRUC     6.60    02/22/20       CNY    61.06
XI'AN AEROSPACE BASE IN     6.96    11/08/19       CNY    60.91
XIAN CHANBAHE DEVELOPME     6.89    08/03/19       CNY    40.86
XI'AN HI-TECH HOLDING C     5.70    02/26/19       CNY    50.21
XI'AN HI-TECH HOLDING C     5.70    02/26/19       CNY    50.60
XI'AN URBAN INDEMNIFICA     7.31    03/18/19       CNY    71.45
XI'AN URBAN INDEMNIFICA     7.31    03/18/19       CNY    71.52
XI'AN URBAN INDEMNIFICA     7.31    04/18/19       CNY    71.58
XI'AN URBAN INDEMNIFICA     7.31    04/18/19       CNY    71.62
XIANGTAN CITY CONSTRUCT     8.00    03/16/19       CNY    40.82
XIANGTAN CITY CONSTRUCT     8.00    03/16/19       CNY    40.98
XIANGTAN HI-TECH GROUP      6.90    01/15/20       CNY    61.00
XIANGTAN HI-TECH GROUP      6.90    01/15/20       CNY    61.17
XIANGTAN JIUHUA ECONOMI     7.43    08/29/19       CNY    41.03
XIANGTAN ZHENXIANG STAT     6.60    08/07/20       CNY    61.46
XIANGYANG CITY CONSTRUC     8.12    01/12/19       CNY    40.83
XIANGYANG CITY CONSTRUC     8.12    01/12/19       CNY    41.00
XIANNING CITY CONSTRUCT     7.50    08/31/18       CNY    25.15
XIANNING CITY CONSTRUCT     7.50    08/31/18       CNY    25.50
XIANNING HIGH-TECH INVE     5.80    06/05/20       CNY    60.50
XIANNING HIGH-TECH INVE     5.80    06/05/20       CNY    60.62
XIANYANG MUNICIPAL CONS     7.90    12/09/17       CNY    40.10
XIAOGAN URBAN CONSTRUCT     8.12    03/26/19       CNY    41.13
XINGHUA URBAN CONSTRUCT     7.25    10/23/18       CNY    50.74
XINING CITY INVESTMENT      7.70    04/27/19       CNY    40.99
XINING CITY INVESTMENT      7.70    04/27/19       CNY    41.10
XINING ECONOMIC DEVELOP     5.90    06/04/20       CNY    60.14
XINJIANG SHIHEZI DEVELO     7.50    08/29/18       CNY    24.79
XINJIANG UYGUR AR HAMI      6.25    07/17/18       CNY    25.19
XINJIANG WUJIAQU URBAN      6.10    05/23/20       CNY    60.16
XINJIANG WUJIAQU URBAN      6.10    05/23/20       CNY    60.73
XINXIANG INVESTMENT GRO     6.80    01/18/18       CNY    40.12
XINXIANG INVESTMENT GRO     5.85    04/15/20       CNY    60.61
XINYANG HUAXIN INVESTME     6.95    06/14/19       CNY    40.44
XINYANG HUAXIN INVESTME     6.95    06/14/19       CNY    40.77
XINYU CITY CONSTRUCTION     7.08    12/13/19       CNY    60.70
XINYU CITY CONSTRUCTION     7.08    12/13/19       CNY    61.10
XINZHENG NEW DISTRICT D     6.52    06/28/19       CNY    50.55
XINZHENG NEW DISTRICT D     6.52    06/28/19       CNY    50.67
XINZHOU CITY ASSET MANA     7.39    08/08/18       CNY    25.44
XUCHANG GENERAL INVESTM     7.78    04/27/19       CNY    40.94
XUZHOU CITY TONGSHAN DI     6.60    08/08/20       CNY    61.13
XUZHOU CITY TONGSHAN DI     6.60    08/08/20       CNY    61.44
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19       CNY    40.77
XUZHOU ECONOMIC TECHNOL     8.20    03/07/19       CNY    41.09
XUZHOU XINSHENG CONSTRU     7.48    05/08/18       CNY    25.34
YAAN DEVELOPMENT INVEST     7.00    09/13/20       CNY    61.52
YAAN DEVELOPMENT INVEST     7.00    09/13/20       CNY    61.72
YAAN STATE-OWNED ASSET      7.39    07/04/19       CNY    40.71
YANCHENG CITY DAFENG DI     7.08    12/13/19       CNY    61.24
YANCHENG ORIENTAL INVES     6.99    10/26/19       CNY    61.04
YANCHENG SOUTH DISTRICT     6.93    10/26/19       CNY    61.16
YANGJIANG HENGCAI CITY      6.85    09/09/20       CNY    61.58
YANGJIANG HENGCAI CITY      6.85    09/09/20       CNY    82.00
YANGZHONG URBAN CONSTRU     7.10    03/26/18       CNY    50.26
YANGZHOU HANJIANG URBAN     6.20    03/12/20       CNY    59.98
YANGZHOU HANJIANG URBAN     6.20    03/12/20       CNY    60.70
YANGZHOU LONGCHUAN HOLD     8.10    03/23/19       CNY    41.00
YANGZHOU URBAN CONSTRUC     6.30    07/26/19       CNY    40.71
YANTAI DEVELOPMENT ZONE     5.70    04/10/20       CNY    60.68
YANTAI URBAN CONSTRUCTI     5.99    03/14/20       CNY    60.26
YANTAI URBAN CONSTRUCTI     5.99    03/14/20       CNY    60.91
YIBIN STATE-OWNED ASSET     5.80    05/23/18       CNY    40.22
YICHANG MUNICIPAL FINAN     7.12    10/16/19       CNY    60.94
YICHANG MUNICIPAL FINAN     7.12    10/16/19       CNY    61.16
YICHANG URBAN CONSTRUCT     6.85    11/08/19       CNY    60.80
YICHANG URBAN CONSTRUCT     6.85    11/08/19       CNY    61.18
YICHUN CITY CONSTRUCTIO     7.35    07/24/19       CNY    40.49
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19       CNY    61.74
YIJINHUOLUOQI HONGTAI C     8.35    03/19/19       CNY    61.76
YILI STATE-OWNED ASSET      6.70    11/19/18       CNY    50.34
YILI STATE-OWNED ASSET      6.70    11/19/18       CNY    50.39
YINGKOU CITY CONSTRUCTI     7.98    04/18/20       CNY    57.46
YINGKOU COASTAL DEVELOP     7.08    11/16/19       CNY    60.78
YINGKOU COASTAL DEVELOP     7.08    11/16/19       CNY    60.94
YINGKOU ECO & TECH DEVE     6.17    04/08/20       CNY    59.22
YINGKOU ECO & TECH DEVE     6.17    04/08/20       CNY    59.81
YIXING CITY DEVELOPMENT     6.90    10/10/19       CNY    40.75
YIXING CITY DEVELOPMENT     6.90    10/10/19       CNY    60.69
YIYANG CITY CONSTRUCTIO     7.36    08/24/19       CNY    41.08
YIYANG GAOXIN TECHNOLOG     6.70    03/13/20       CNY    60.88
YIYANG GAOXIN TECHNOLOG     6.70    03/13/20       CNY    61.47
YIZHENG CITY CONSTRUCTI     7.78    06/14/19       CNY    41.10
YIZHENG CITY CONSTRUCTI     7.78    06/14/19       CNY    60.00
YUEYANG CITY CONSTRUCTI     6.05    07/12/20       CNY    60.15
YUHUAN COUNTY COMMUNICA     7.15    10/12/19       CNY    60.48
YUHUAN COUNTY COMMUNICA     7.15    10/12/19       CNY    61.00
YULIN CITY INVESTMENT O     6.81    12/04/18       CNY    50.53
YULIN URBAN CONSTRUCTIO     6.88    11/26/19       CNY    61.04
YUNCHENG URBAN CONSTRUC     7.48    10/15/19       CNY    61.25
YUYAO ECONOMIC DEVELOPM     6.75    03/04/20       CNY    60.85
YUYAO ECONOMIC DEVELOPM     6.75    03/04/20       CNY    60.94
YUYAO WATER RESOURCE IN     7.20    10/16/19       CNY    61.69
ZHANGJIAGANG FREE TRADE     7.10    08/23/20       CNY    61.56
ZHANGJIAGANG FREE TRADE     7.10    08/23/20       CNY    61.98
ZHANGJIAGANG JINCHENG I     6.23    01/06/18       CNY    30.00
ZHANGJIAGANG MUNICIPAL      6.43    11/27/19       CNY    60.00
ZHANGJIAJIE ECONOMIC DE     7.40    10/18/19       CNY    61.28
ZHANGJIAKOU CONSTRUCTIO     7.00    10/26/19       CNY    60.75
ZHANGJIAKOU TONGTAI HOL     6.90    07/05/18       CNY    40.45
ZHANGZHOU CITY CONSTRUC     6.60    03/26/20       CNY    61.27
ZHAOYUAN STATE-OWNED AS     6.64    12/31/19       CNY    61.10
ZHEJIANG GUOXING INVEST     8.15    03/09/18       CNY    25.24
ZHEJIANG GUOXING INVEST     8.15    03/09/18       CNY    25.30
ZHEJIANG HUZHOU HUANTAI     6.70    11/28/19       CNY    60.81
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19       CNY    61.06
ZHEJIANG JIASHAN ECONOM     7.05    12/03/19       CNY    61.14
ZHEJIANG PROVINCE DEQIN     6.90    04/12/18       CNY    40.33
ZHEJIANG PROVINCE DEQIN     6.40    02/22/20       CNY    60.68
ZHEJIANG PROVINCE XINCH     6.60    04/24/20       CNY    60.81
ZHEJIANG PROVINCE XINCH     6.60    04/24/20       CNY    62.00
ZHENGZHOU CITY CONSTRUC     6.37    12/03/19       CNY    60.61
ZHENGZHOU DEVELOPMENT I     6.45    09/24/20       CNY    61.38
ZHENGZHOU DEVELOPMENT I     6.45    09/24/20       CNY    61.61
ZHENGZHOU PUBLIC HOUSIN     5.98    07/17/20       CNY    60.57
ZHENGZHOU PUBLIC HOUSIN     5.98    07/17/20       CNY    61.08
ZHENJIANG CULTURE AND T     6.60    01/30/20       CNY    59.62
ZHENJIANG CULTURE AND T     6.60    01/30/20       CNY    60.53
ZHENJIANG TRANSPORTATIO     7.29    05/08/19       CNY    40.63
ZHENJIANG TRANSPORTATIO     7.29    05/08/19       CNY    41.91
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18       CNY    25.21
ZHONGSHAN TRANSPORTATIO     6.65    08/28/18       CNY    25.34
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20       CNY    57.20
ZHOUSHAN DINGHAI STATE-     7.25    08/31/20       CNY    71.65
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18       CNY    20.09
ZHUCHENG ECONOMIC DEVEL     6.40    04/26/18       CNY    20.16
ZHUCHENG ECONOMIC DEVEL     7.50    08/25/18       CNY    21.68
ZHUCHENG ECONOMIC DEVEL     6.80    11/29/19       CNY    61.00
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18       CNY    25.08
ZHUHAI HUAFA GROUP CO L     8.43    02/16/18       CNY    25.25
ZHUHAI HUAFA GROUP CO L     5.50    06/05/19       CNY    50.30
ZHUHAI HUAFA GROUP CO L     5.50    06/05/19       CNY    50.50
ZHUHAI HUIHUA INFRASTRU     7.15    09/17/20       CNY    61.80
ZHUHAI HUIHUA INFRASTRU     7.15    09/17/20       CNY    61.84
ZHUJI CITY CONSTRUCTION     6.92    07/05/18       CNY    40.40
ZHUJI CITY CONSTRUCTION     6.92    07/05/18       CNY    40.48
ZHUJI CITY CONSTRUCTION     6.92    12/19/19       CNY    61.19
ZHUMADIAN INVESTMENT CO     6.95    11/26/19       CNY    61.06
ZHUZHOU GECKOR GROUP CO     7.82    08/18/18       CNY    40.87
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19       CNY    41.25
ZHUZHOU GECKOR GROUP CO     7.50    09/10/19       CNY    41.35
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19       CNY    60.79
ZHUZHOU YUNLONG DEVELOP     6.78    11/19/19       CNY    60.88
ZIBO CITY PROPERTY CO L     5.45    04/27/19       CNY    24.15
ZIBO CITY PROPERTY CO L     6.83    08/22/19       CNY    41.06
ZIBO CITY PROPERTY CO L     6.83    08/22/19       CNY    61.20
ZIGONG GAOXIN INVESTMEN     6.30    03/13/20       CNY    60.82
ZIGONG STATE-OWNED ASSE     6.86    06/17/18       CNY    40.39
ZIYANG CITY CONSTRUCTIO     7.58    01/09/19       CNY    50.63
ZOUCHENG CITY ASSET OPE     7.02    01/12/18       CNY    20.07
ZOUCHENG CITY ASSET OPE     6.18    03/12/19       CNY    50.13
ZOUCHENG CITY ASSET OPE     6.18    03/12/19       CNY    50.43
ZOUPING COUNTY STATE-OW     6.98    04/27/18       CNY    40.34
ZUNYI CITY HUICHUAN DIS     6.75    04/24/19       CNY    50.55
ZUNYI INVESTMENT GROUP      8.53    03/13/19       CNY    41.11
ZUNYI ROAD & BRIDGE ENG     7.15    08/17/20       CNY    55.70
ZUNYI ROAD & BRIDGE ENG     7.15    08/17/20       CNY    56.99
ZUNYI STATE-OWNED ASSET     6.98    12/26/19       CNY    61.00
ZUNYI STATE-OWNED ASSET     6.98    12/26/19       CNY    61.23


HONG KONG
---------

CHINA CITY CONSTRUCTION     5.35    07/03/17       CNY    67.63


INDONESIA
---------
BERAU COAL ENERGY TBK P     7.25    03/13/17       USD    52.15
BERAU COAL ENERGY TBK P     7.25    03/13/17       USD    52.36
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD     0.58
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD     0.61
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD     0.61
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD     0.61


INDIA
-----


3I INFOTECH LTD             2.50    03/31/25       USD    14.00
BLUE DART EXPRESS LTD       9.30    11/20/17       INR    10.02
BLUE DART EXPRESS LTD       9.40    11/20/18       INR    10.20
BLUE DART EXPRESS LTD       9.50    11/20/19       INR    10.37
CORE EDUCATION & TECHNO     7.00    05/07/49       USD     0.55
GTL INFRASTRUCTURE LTD      5.53    11/09/17       USD    60.00
JAIPRAKASH POWER VENTUR     7.00    02/13/49       USD    20.63
JCT LTD                     2.50    04/08/11       USD    27.00
PRAKASH INDUSTRIES LTD      5.25    04/30/15       USD    21.00
PYRAMID SAIMIRA THEATRE     1.75    07/04/12       USD     1.00
REI AGRO LTD                5.50    11/13/14       USD     0.34
REI AGRO LTD                5.50    11/13/14       USD     0.34
RELIANCE COMMUNICATIONS     6.50    11/06/20       USD    48.50
SVOGL OIL GAS & ENERGY      5.00    08/17/15       USD     1.55
VIDEOCON INDUSTRIES LTD     2.80    12/31/20       USD    59.15


JAPAN
-----

AVANSTRATE INC              5.55    10/31/17       JPY    13.00
AVANSTRATE INC              5.55    10/31/17       JPY    18.25
EAST JAPAN RAILWAY CO       0.50    07/28/56       JPY    73.30
JAPAN EXPRESSWAY HOLDIN     0.30    06/30/56       JPY    73.99
JAPAN FINANCE ORGANIZAT     0.49    07/28/56       JPY    74.49
MICRON MEMORY JAPAN INC     2.29    12/07/12       JPY    13.75
MICRON MEMORY JAPAN INC     2.10    11/29/12       JPY    13.75
MICRON MEMORY JAPAN INC     2.03    03/22/12       JPY    13.75
TAKATA CORP                 0.58    03/26/21       JPY     7.00
TAKATA CORP                 0.85    03/06/19       JPY     7.00
TAKATA CORP                 1.02    12/15/17       JPY     8.38


KOREA
-----

2016 KIBO 1ST SECURITIZ     5.00    09/13/18       KRW    72.59
DOOSAN CAPITAL SECURITI    20.00    04/22/19       KRW    57.02
HYUNDAI CAPITAL SERVICE     2.55    09/28/22       KRW     3.49
INDUSTRIAL BANK OF KORE     3.84    03/10/45       KRW    43.60
KIBO ABS SPECIALTY CO L     5.00    12/25/19       KRW    69.00
KIBO ABS SPECIALTY CO L     5.00    08/29/19       KRW    69.92
KIBO ABS SPECIALTY CO L     5.00    02/26/19       KRW    71.08
KIBO ABS SPECIALTY CO L     5.00    02/25/19       KRW    71.35
KIBO ABS SPECIALTY CO L     5.00    12/25/17       KRW    74.39
KOREA SOUTH-EAST POWER      4.38    12/07/42       KRW    57.68
KOREA SOUTH-EAST POWER      4.44    12/07/42       KRW    58.22
MERITZ CAPITAL CO LTD       5.66    04/28/46       KRW    38.35
OKC SECURITIZATION SPEC    10.00    01/03/20       KRW    33.15
OKC SECURITIZATION SPEC     3.00    02/17/42       KRW    51.98
SAMPYO CEMENT CO LTD        7.50    07/20/14       KRW    70.00
SAMPYO CEMENT CO LTD        7.30    04/12/15       KRW    70.00
SAMPYO CEMENT CO LTD        7.50    09/10/14       KRW    70.00
SAMPYO CEMENT CO LTD        7.50    04/20/14       KRW    70.00
SAMPYO CEMENT CO LTD        7.30    06/26/15       KRW    70.00
SHINHAN BANK CO LTD         4.20    08/07/32       KRW    71.90
SHINHAN BANK CO LTD         4.00    08/29/32       KRW    72.71
SINBO SECURITIZATION SP     5.00    12/22/20       KRW    69.32
SINBO SECURITIZATION SP     5.00    10/30/19       KRW    69.43
SINBO SECURITIZATION SP     5.00    09/23/20       KRW    69.96
SINBO SECURITIZATION SP     5.00    08/26/20       KRW    70.17
SINBO SECURITIZATION SP     5.00    07/28/20       KRW    70.39
SINBO SECURITIZATION SP     5.00    06/24/19       KRW    70.44
SINBO SECURITIZATION SP     5.00    03/13/19       KRW    71.21
SINBO SECURITIZATION SP     5.00    02/25/20       KRW    71.62
SINBO SECURITIZATION SP     5.00    01/28/20       KRW    71.84
SINBO SECURITIZATION SP     5.00    12/30/19       KRW    72.06
SINBO SECURITIZATION SP     5.00    09/30/19       KRW    72.80
SINBO SECURITIZATION SP     5.00    07/29/18       KRW    72.93
SINBO SECURITIZATION SP     5.00    08/27/19       KRW    73.07
SINBO SECURITIZATION SP     5.00    06/25/18       KRW    73.19
SINBO SECURITIZATION SP     5.00    07/29/19       KRW    73.30
SINBO SECURITIZATION SP     5.00    05/26/18       KRW    73.38
SINBO SECURITIZATION SP     5.00    06/25/19       KRW    73.59
SINBO SECURITIZATION SP     5.00    03/18/19       KRW    74.38
SINBO SECURITIZATION SP     5.00    03/18/19       KRW    74.38
SINBO SECURITIZATION SP     5.00    12/23/17       KRW    74.41
SINBO SECURITIZATION SP     5.00    02/27/19       KRW    74.54
SINBO SECURITIZATION SP     5.00    02/27/19       KRW    74.54
SINBO SECURITIZATION SP     5.00    01/30/19       KRW    74.76
SINBO SECURITIZATION SP     5.00    01/30/19       KRW    74.76
WISE MOBILE SECURITIZAT    20.00    09/17/18       KRW    74.36


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35    03/01/26       LKR    72.44


MALAYSIA
--------

ADVANCE SYNERGY BHD         2.00    01/26/18       MYR     0.07
AEON CREDIT SERVICE M B     3.50    09/15/20       MYR     1.15
ASIAN PAC HOLDINGS BHD      3.00    05/25/22       MYR     0.82
BARAKAH OFFSHORE PETROL     3.50    10/24/18       MYR     0.45
BERJAYA CORP BHD            2.00    05/29/26       MYR     0.32
BERJAYA CORP BHD            5.00    04/22/22       MYR     0.46
BRIGHT FOCUS BHD            2.50    01/22/31       MYR    71.40
ELK-DESA RESOURCES BHD      3.25    04/14/22       MYR     0.97
HIAP TECK VENTURE BHD       5.00    06/27/21       MYR     0.38
I-BHD                       3.00    10/09/19       MYR     0.41
IRE-TEX CORP BHD            1.00    06/10/19       MYR     0.02
LAND & GENERAL BHD          1.00    09/24/18       MYR     0.15
PERODUA GLOBAL MANUFACT     0.50    12/17/25       MYR    65.90
PUC BHD                     4.00    02/15/19       MYR     0.09
REDTONE INTERNATIONAL B     2.75    03/04/20       MYR     0.17
SEE HUP CONSOLIDATED BH     4.60    12/22/17       MYR     0.12
SENAI-DESARU EXPRESSWAY     1.35    06/30/31       MYR    53.14
SENAI-DESARU EXPRESSWAY     1.35    12/31/30       MYR    54.40
SENAI-DESARU EXPRESSWAY     1.35    06/28/30       MYR    55.73
SENAI-DESARU EXPRESSWAY     1.35    12/31/29       MYR    57.01
SENAI-DESARU EXPRESSWAY     1.35    12/29/28       MYR    59.77
SENAI-DESARU EXPRESSWAY     1.35    06/30/28       MYR    61.16
SENAI-DESARU EXPRESSWAY     1.35    12/31/27       MYR    62.55
SENAI-DESARU EXPRESSWAY     1.35    06/30/27       MYR    64.01
SENAI-DESARU EXPRESSWAY     1.35    06/30/26       MYR    66.98
SENAI-DESARU EXPRESSWAY     1.15    06/30/25       MYR    68.81
SENAI-DESARU EXPRESSWAY     1.15    12/31/24       MYR    70.48
SENAI-DESARU EXPRESSWAY     1.15    06/28/24       MYR    72.19
SENAI-DESARU EXPRESSWAY     0.50    12/31/38       MYR    73.03
SENAI-DESARU EXPRESSWAY     1.15    12/29/23       MYR    73.96
SENAI-DESARU EXPRESSWAY     0.50    12/30/39       MYR    74.81
SOUTHERN STEEL BHD          5.00    01/24/20       MYR     2.11
THONG GUAN INDUSTRIES B     5.00    10/10/19       MYR     4.31
UNIMECH GROUP BHD           5.00    09/18/18       MYR     1.00
VIZIONE HOLDINGS BHD        3.00    08/08/21       MYR     0.07
YTL LAND & DEVELOPMENT      3.00    10/31/21       MYR     0.48


NEW ZEALAND
-----------

PRECINCT PROPERTIES NEW     4.80    09/27/21       NZD     1.00


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

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

ASL MARINE HOLDINGS LTD     5.85    10/01/21       SGD    48.88
ASL MARINE HOLDINGS LTD     5.50    03/28/20       SGD    69.38
AUSGROUP LTD                7.95    10/20/18       SGD    50.13
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD     0.73
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD     1.05
BERAU CAPITAL RESOURCES    12.50    07/08/15       USD    52.17
BERAU CAPITAL RESOURCES    12.50    07/08/15       USD    52.23
BLD INVESTMENTS PTE LTD     8.63    03/23/15       USD     4.64
BLUE OCEAN RESOURCES PT     4.00    12/31/20       USD    23.80
ENERCOAL RESOURCES PTE      9.25    08/05/14       USD    38.29
EZION HOLDINGS LTD          4.60    08/20/18       SGD    32.25
EZION HOLDINGS LTD          4.70    05/22/19       SGD    32.25
EZION HOLDINGS LTD          5.10    03/13/20       SGD    32.25
EZION HOLDINGS LTD          4.85    01/23/19       SGD    32.25
EZION HOLDINGS LTD          4.88    06/11/21       SGD    35.30
EZRA HOLDINGS LTD           4.88    04/24/18       SGD     4.97
GOLIATH OFFSHORE HOLDIN    12.00    06/11/18       USD     1.02
INDO INFRASTRUCTURE GRO     2.00    07/30/10       USD     1.00
ORO NEGRO DRILLING PTE      7.50    01/24/19       USD    55.00
OSA GOLIATH PTE LTD        12.00    10/09/18       USD     0.62
PACIFIC RADIANCE LTD        4.30    08/29/18       SGD     9.75
RICKMERS MARITIME           8.45    05/15/17       SGD     5.00
SWIBER CAPITAL PTE LTD      6.50    08/02/18       SGD     4.12
SWIBER CAPITAL PTE LTD      6.25    10/30/17       SGD     4.12
SWIBER HOLDINGS LTD         7.75    09/18/17       CNY     5.00
SWIBER HOLDINGS LTD         5.55    10/10/16       SGD    12.63
SWIBER HOLDINGS LTD         7.13    04/18/17       SGD    13.75
TRIKOMSEL PTE LTD           7.88    06/05/17       SGD    16.00
TRIKOMSEL PTE LTD           5.25    05/10/16       SGD    16.00


THAILAND
--------

G STEEL PCL                 3.00    10/04/15       USD     2.69
MDX PCL                     4.75    09/17/03       USD    37.75


VIETNAM
-------

DEBT AND ASSET TRADING      1.00    10/10/25       USD    69.02
DEBT AND ASSET TRADING      1.00    10/10/25       USD    69.63



                             *********

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

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

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


                            *********


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

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

Copyright 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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