/raid1/www/Hosts/bankrupt/TCRAP_Public/180206.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, February 6, 2018, Vol. 21, No. 026


                            Headlines


A U S T R A L I A

BRIERTY LTD: May Have Traded While Insolvent, Administrators Says
COULSON TILES: First Creditors' Meeting Set for Feb. 13
GOLDUS PTY: Second Creditors' Meeting Slated for Feb. 12
LIVE CLOTHING: Second Creditors' Meeting Set for Feb. 13
MINTECH RESOURCES: Second Creditors' Meeting Set for Feb. 12

PALADIN ENERGY: Deed of Company Arrangement Now Effective
PRAKRITI HOLDINGS: First Creditors' Meeting Set for Feb. 12


C H I N A

CHINA GRAND: Expected Improved Profit Supports Moody's B1 CFR
DALIAN WANDA: Asset Sales, Deals No Impact on Moody's Ba1 CFR
FUJIAN ZHANGLONG: Fitch Rates Proposed USD Sr. Unsec. Bonds BB+
GUORUI PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'B'
LESHI INTERNET: Sees CNY5.62 Billion in Debts to Mature End 2018

SUNAC CHINA: Planned Wanda Shares Buy No Impact on Moody's B2 CFR


H O N G  K O N G

NOBLE GROUP: Denies Goldilocks' "Enriching" Claims


I N D I A

AADIK MINES: CRISIL Assigns B+ Rating to INR3MM Cash Loan
AXWELL GRANITO: CRISIL Moves B+ Rating to Not Cooperating
BHARAT COTTAGE: ICRA Moves B- Rating to Not Cooperating Category
BHARATH AGRO: ICRA Moves B+ Rating to Not Cooperating Category
BHUSHAN STEEL: JSW Steel-Piramal to Bid, JFE Steel Opts Out

DEEPAK FOODS: ICRA Moves D Rating to Not Cooperating Category
DERBY PLANTATIONS: CRISIL Reaffirms C Rating on INR5.2MM Loan
DEV RAJ: CRISIL Moves D Rating to Not Cooperating Category
DNH PROJECTS: ICRA Removes C Rating From Not Cooperating Cat.
ESVEEAAR DISTILLERIES: CRISIL Moves B- Rating to Not Cooperating

EVAN MULTISPECIALTY: ICRA Cuts Rating on INR20cr Loan to D
HARIOM PULSES: ICRA Reaffirms B Rating on INR9cr Cash Loan
J.M.D. CORPORATION: CRISIL Moves D Rating to Not Cooperating
JAYALAXMI ENTERPRISES: ICRA Moves B+ Rating to Not Cooperating
JAYAMUKHI EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR1.2M Loan

JMD LAXMI: CRISIL Moves D Rating to Not Cooperating Category
KAMESHWAR INDUSTRIES: CRISIL Moves B Rating to Not Cooperating
KANAK AUTOMOBILES: CRISIL Moves B- Rating to Not Cooperating
MAGNUM PIGMENTS: CRISIL Moves B+ Rating to Not Cooperating
MJR CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating

MSPL LIMITED: CRISIL Withdraws B Rating on INR465MM Term Loan
NARMADA SPUN: CRISIL Raises Rating on INR25.95MM Loan to B+
NIMIT STEELS: CRISIL Moves D Rating to Not Cooperating Category
NIRMALA OFFSET: CRISIL Moves B Rating to Not Cooperating Category
P.S. INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating Cat.

PADIGELA GINNING: ICRA Moves B+ Rating to Not Cooperating
PILANIA STEELS: CRISIL Assigns 'C' Rating to INR7.5MM Cash Loan
PLY COM: CRISIL Lowers Rating on INR5MM Cash Loan to B-
POOSHYA EXPORTS: ICRA Withdraws B Rating on INR2cr Loan
SHAMSHREE LIFESCIENCES: CRISIL Cuts Rating on INR11.21M Loan to D

SRI SRI: CRISIL Lowers Rating on INR18MM Loan to B
UNION ENTERPRISES: ICRA Moves D Rating to Not Cooperating Cat.


N E W  Z E A L A N D

BIZDOJO: IWG Acquires Co-Working Firm


X X X X X X X X

* BOND PRICING: For the Week Jan. 29, 2018 to Feb. 2, 2018


                            - - - - -


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


BRIERTY LTD: May Have Traded While Insolvent, Administrators Says
-----------------------------------------------------------------
Sean Smith at The West Australian reports that Brierty may have
been insolvent nearly four months before it went under in early
September, according to a disputed assessment by administrators.

The West Australian relates that administrators from KPMG said in
their report to creditors that the civil contractor "may have
become insolvent on May 16 . . . but more likely by July 1."

However, KPMG noted that its assessment had still to be confirmed
and was disputed by Brierty's directors - Dalton Gooding, Richard
O'Shannassy and Ray Bushnell, the West Australian relays.

In an extract from a letter included in the creditors' report,
the directors said they "exercised care and diligence, in
conjunction with the executive management, in monitoring the
financial status of the company, including cashflow forecasts".

According to the West Australian, KPMG's view on the date of
Brierty's insolvency is based on factors including the company's
"endemic" working capital deficiency in the 18 months before the
firm's appointment.

The administrators noted the stress put on cashflows from
February 2016 by Brierty's loss-making North West Coastal Highway
contract, "a large number" of repayment plans struck with
creditors from August 2016 and delays in paying bills.

The West Australian notes that KPMG will recommend to a meeting
of creditors this week that Brierty be wound up, saying it offers
a better return to creditors than a sale via a deed of company
arrangement.

A liquidation would see employees owed AUD7 million receive
60 cents in the dollar on their claims, with the rest able to be
recovered from the Federal Government's Federal Employment
Guarantee Scheme, the report says.

However, the return to secured creditors owed AUD31.5 million
cannot yet be quantified as it is contingent on the sale of
Brierty's land development subsidiary, Bellamack, while unsecured
creditors claiming AUD27 million may not recover a cent, the West
Australian adds.

Brierty lost AUD27 million on the highway contract over two
years, forcing it to increase debt - it also borrowed from
directors - and unsuccessfully seek to raise fresh equity
capital, the West Australian notes.

A AUD6 million debt deal with Bankwest in July bought it some
time but its cashflow continued to suffer from bad contracts and
Bellamack's falling sales, the West Australian adds.

Matthew David Woods, Hayden Leigh White and Clint Peter Joseph of
KPMG were appointed as administrators of Brierty Limited on
Sept.
6, 2017.


COULSON TILES: First Creditors' Meeting Set for Feb. 13
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Coulson
Tiles Pty Ltd will be held at the offices of Chartered
Accountants Australia and New Zealand, Level 18, 600 Bourke
Street, in Melbourne, Victoria, on Feb. 13, 2018, at 2:00 p.m.

Ross Blakeley and Paul Allen of FTI Consulting were appointed as
administrators of Coulson Tiles on Feb. 1, 2018.


GOLDUS PTY: Second Creditors' Meeting Slated for Feb. 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of Goldus Pty
Ltd has been set for Feb. 12, 2018, at 11:00 a.m. at the offices
of DuncanPowell, Level 4, 70 Pirie 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 Feb. 9, 2018 at 4:00 p.m.

Christopher Powell and Stephen Duncan of DuncanPowell were
appointed as administrators of Goldus Pty on Oct. 9, 2017.


LIVE CLOTHING: Second Creditors' Meeting Set for Feb. 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Live Clothing
Pty Ltd has been set for Feb. 13, 2018, at 11:00 a.m. at the
offices of Ferrier Hodgson, Level 28, 108 St Georges Terrace, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 12, 2018, at 4:00 p.m.

Wayne Rushton, Martin Jones and James Stewart of Ferrier Hodgson
were appointed as administrators of Live Clothing on Nov. 22,
2017.


MINTECH RESOURCES: Second Creditors' Meeting Set for Feb. 12
------------------------------------------------------------
A second meeting of creditors in the proceedings of Mintech
Resources Pty Ltd has been set for Feb. 12, 2018, at 9:30 a.m. at
the offices of DuncanPowell, Level 4, 70 Pirie 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 Feb. 9, 2018 at 4:00 p.m.

Christopher Powell and Stephen Duncan of DuncanPowell were
appointed as administrators of Mintech Resources on Oct. 9, 2017.


PALADIN ENERGY: Deed of Company Arrangement Now Effective
---------------------------------------------------------
Paladin Energy Ltd refers to its previous announcements regarding
its proposed restructure.

Paladin Energy Ltd on Feb. 2 announced the effectuation of the
deed of company arrangement dated December 8, 2017 (DOCA) and the
completion of the restructure. As a result, the Deed
Administrators have retired, the DOCA has terminated in
accordance with its terms, and the day-to-day management and
control of Paladin has reverted to the Company's directors.

In connection with implementation of the DOCA, two new directors
have been appointed to the board of Paladin: Mr. David Riekie and
Mr. Daniel Harris.

In accordance with the DOCA, 98% of the outstanding Paladin
shares have been transferred to creditors and other investors and
2% of the outstanding Paladin shares have been retained by
shareholders. The share register of Paladin has been updated to
reflect this transfer and shareholders will be sent new holding
statements reflecting their updated shareholding. For example, if
a shareholder held 10,000 Paladin shares prior to the restructure
they would now hold 200 shares (being 2%). Fractional
entitlements will be rounded down to the nearest whole number.

Paladin now intends to apply for its securities to be reinstated
to official quotation on the Australian Securities Exchange.

Also, in connection with the implementation of the DOCA, Paladin
completed the issue (the "Notes Offering") of US$115,000,000
principal amount of new secured notes (the "Notes") which have
been listed and quoted on the Singapore Stock Exchange.

In order to permit the participation of certain Ontario creditors
of Paladin in the DOCA transactions (including the Notes
Offering), the Company obtained on January 25, 2017 from the
Ontario Securities Commission ("OSC") a partial revocation order
of a failure-to-file cease trade order issued by the OSC on
October 4, 2017 (the "FFCTO"). Paladin's securities, including
its common shares and the Notes, will remain subject to the OSC's
FFCTO until such time as the FFCTO is fully revoked.

Headquartered in Subiaco, Australia, Paladin Energy Ltd --
http://www.paladinresources.com.au-- formerly Paladin
Resources, Ltd., operates in the resource industry, with a
principal business of evaluation and development of uranium
projects in Africa and Australia.

Matthew David Woods, Hayden Leigh White and Gayle Dickerson of
KPMG were appointed as administrators of on July 3, 2017.


PRAKRITI HOLDINGS: First Creditors' Meeting Set for Feb. 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Prakriti
Holdings Pty Limited will be held at the offices of Vincents,
Level 7, AMP Tower, 1 Hobart Place, in Canberra, ACT, on Feb. 12,
2018, at 3:00 p.m.

Anthony Lane and Steven Staatz of Vincents were appointed as
administrators of Prakriti Holdings on Jan. 31, 2018.



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


CHINA GRAND: Expected Improved Profit Supports Moody's B1 CFR
-------------------------------------------------------------
Moody's Investors Service says that China Grand Automotive
Services Co., Ltd.'s announcement of an expected improvement in
its consolidated net profit in 2017 supports its B1 corporate
family rating.

The rating outlook remains stable.

"China Grand Auto's announcement of an improvement in profits for
2017 versus 2016 is consistent with Moody's expectations," says
Gerwin Ho, a Moody's Vice President and Senior Analyst.

On January 29, 2018, China Grand Auto announced that it expects
its consolidated net profit for 2017 to rise 35%-45% year-on-year
from RMB2.8 billion in 2016.

The expected rise in profit will be mainly attributable to 1) an
improvement in operating scale and a rapid growth in high-end
brands, 2) an expansion in gross profit resulting from greater
contributions from the higher margin auto maintenance, commission
and auto leasing businesses, 3) China Grand Autos' improved
operational management, and 4) the expansion in scale resulting
from acquisitions.

China Grand Auto had grown its number of 4S dealership stores to
691 as of the end of June 2017 from 405 at the end of 2013.

In particular, the company has expanded its exposure to high-end
brands by increasing its number of high-end brand 4S dealership
stores to 187 at the end of June 2017 from 51 at the end of 2013.

Moody's expects China Grand Auto's revenue to rise around 8-10%
year-on-year in 2018, supported by growth in new vehicle sales
and service-related revenues, including for auto maintenance,
commissions and auto leasing.

China Grand Auto's debt leverage -- as measured by adjusted
debt/EBITDA -- was 6.2x as of the last 12 months to June 30,
2017, and Moody's expects that it will moderate to about 5.8x
over the next 12-18 months, with EBITDA/interest at about 3.7x.
These metrics position the company at the single-B rating level.

The principal methodology used in this rating was Retail Industry
published in October 2015.

China Grand Automotive Services Co., Ltd. was the largest auto
dealer in China in terms of revenue and unit sales in 2016. It
had 754 locations in China at the end of June 2016, including 691
4S dealership stores.

Established in 2006, China Grand Auto is listed on the Shanghai
Stock Exchange and was 37.3% owned by the unlisted Xinjiang
Guanghui Industry Investment (Group) Co., Ltd. (B2 stable) at the
end of June 2017.


DALIAN WANDA: Asset Sales, Deals No Impact on Moody's Ba1 CFR
-------------------------------------------------------------
Moody's Investors Service says that Dalian Wanda Commercial
Properties Co., Ltd.'s (DWCP, Ba1 negative) recent sales of
overseas assets and proposed agreements with a consortium of
investors who would take 14% ownership in DWCP are credit
positive for its rating.

However, these transactions will not immediately affect DWCP's
Ba1 Corporate Family Rating or its negative rating outlook.

"DWCP has a clear business strategy which includes retreating
from its development and hotel businesses. If the disposals of
its discontinued businesses are successful, the company's
offshore debt could be substantially repaid with the related
proceeds," says Kaven Tsang, a Moody's Vice President and Senior
Credit Officer.

Moody's estimates that DWCP will secure about $1.3 billion from
its offshore disposals over the next 12 months, enough to cover
around 60% of the debt due within the next 12 months.

As the company executes its business plan, its offshore debt will
be retired as it comes due.

Moody's believes that DWCP's offshore companies will continue to
produce proceeds from further asset disposals over the next 12-18
months to cover a substantial amount of its offshore debt.

Furthermore, DWCP's financial position will remain sound and will
stay supported by strong rentals and management income from its
investment properties.

Moody's estimates that the company's cash/total gross debt and
gross debt/total assets were about 60-65% and 30% -35%
respectively as of December 2017. It low level of net debt
supports its Ba1 corporate family rating.

The negative outlook on DWCP's corporate family rating reflects
the execution risk related to its ability to raise funds
according to its business plan to pay off its offshore debt.

"If the strategic investment by the new investors completes,
DWCP's business sustainability will strengthen against the
backdrop of the strong competition from online retailers," says
Tsang who is also the Lead Analyst for DWCP.

DWCP has targeted the development of its capability in online
retailing. If the new investors become shareholders, they can
expedite the development of a sizeable and nationwide offline and
online integrated business model in China (A1 stable) with
competitive strengths, benefitting from the growing Chinese
consumer market.

On January 29, Wanda Hotel Development Company Limited, a 65%
subsidiary of DWCP, announced that it and Wanda Commercial
Properties (HK) Co. Limited (Ba3 negative), a wholly-owned
subsidiary of DWCP, had conditionally agreed to sell two
Australian projects to a third party for a total amount of
AUD1.13 billion (USD883 million).

Earlier in mid-January, Wanda HK and Wanda Hotel had also agreed
to sell their London project for a total amount of GBP325 million
(USD438 million).

On the same day, DWCP announced that a consortium led by Tencent
Holdings Limited (A2 positive) had entered into the Strategic
Cooperation Agreement with Dalian Wanda Group Co. Ltd., the
parent of DWCP, and DWCP to acquire an around 14% equity interest
in DWCP held by the "Delisting Investors" for a total
consideration of around RMB34 billion.

The latter were introduced when the H shares in DWCP were
delisted from HKEx in September 2016.

The consortium comprises Tencent, JD.com, Inc. (Baa3 positive),
Sunac China Holdings Limited (B2 stable) and Suning Commerce
Group Co., Ltd.

The equity investment of the consortium is subject to the
fulfillment of certain conditions, including that Dalian Wanda
Group Co. Ltd. completing the necessary internal approval
procedures, there is no material adverse event happening to DWCP,
and the ultimate controller remains unchanged.

Dalian Wanda Group Co. Ltd. and DWCP shall also use their best
efforts to complete filings with the commerce authorities and go
through registration formalities with branches of the State
Administration for Industry & Commerce (SAIC) of China.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.

Dalian Wanda Commercial Properties Co., Ltd. develops, operates
and sells integrated properties in China, including shopping
malls, offices, residential properties and hotels.


FUJIAN ZHANGLONG: Fitch Rates Proposed USD Sr. Unsec. Bonds BB+
---------------------------------------------------------------
Fitch Ratings has assigned Fujian Zhanglong Group Co., Ltd.'s
(BB+/Stable) proposed US dollar senior unsecured bonds an
expected rating of 'BB+(EXP)'.

The proposed bonds will be issued by Full Dragon (Hong Kong)
International Development Limited, a wholly owned subsidiary of
Zhanglong. Zhanglong will provide an irrevocable and
unconditional guarantee for the proposed bonds. Proceeds will be
used for refinancing and working capital replenishment.

The final rating on the proposed bonds is contingent upon the
receipt of final documents conforming to information already
received.

KEY RATING DRIVERS
Linked to Zhangzhou Municipality: The ratings of Zhanglong are
credit-linked to, but not equalised with, Fitch's internal
assessment of the creditworthiness of Zhangzhou municipality in
China's Fujian province. The link reflects strong government
control and oversight of the entity, mid-range assessment of the
entity's strategic importance to the municipality, integration
with the government budget and mid-range legal status. These
factors result in a high likelihood of extraordinary support, if
needed, from the municipality. Therefore, Zhanglong is classified
as a credit-linked public-sector entity under Fitch's criteria.

Zhangzhou's Creditworthiness: Zhangzhou's gross regional product
(GRP) has been expanding above the provincial and national rate.
Its per capita GRP for 2016 was CNY62,196, higher than the
national average of CNY53,980. Fiscal strength was partly offset
by a high debt burden relative to its economic size and fiscal
performance.

Strategic Importance - Mid-Range: Zhanglong continues to play an
important role in the city's daily operations and development. It
is the city's sewage treatment service provider, the major water
supplier to urban areas in the city, and a designated agency for
sourcing building materials for certain local-government-owned
housing and infrastructure projects. It also engages in
infrastructure construction and has participated in bridge and
expressway projects linking to Zhangzhou municipality.

Integration - Mid-Range: Zhanglong's profitability relies heavily
on subsidies from the Zhangzhou municipal government. However,
these subsidies are modest compared with overall turnover.
Zhanglong received on average over CNY500 million per annum in
the past three years (around 5% of Zhanglong's revenue).

Legal Status - Mid-Range: As a limited liability company,
Zhanglong's legal status does not indicate automatic absorption
of all of its liabilities by Zhangzhou municipality.

Control and Supervision - Stronger: Zhanglong's board of
directors is appointed by the government. Major projects and
investments require the government's approval. Zhanglong's
financing plan and debt levels are monitored by the government,
and the company is required to report its operational and
financial results to the government.

Standalone Profile - Weak: Zhanglong has a weak credit profile,
with increasing debt and profitability dependent on government
subsidies. Fitch believes the standalone credit profile will
continue to be weak in the medium term, driven by ongoing
infrastructure investments in Zhangzhou, and the thin
profitability of its trading business.

RATING SENSITIVITIES

Link with Municipality: A stronger or more explicit support
commitment from Zhangzhou municipality, or an increased focus on
public-service provision and infrastructure construction may
trigger a positive action on Zhanglong's ratings. Significant
weakening of Zhanglong's strategic importance to the
municipality, dilution of 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 Zhangzhou municipality may trigger a positive
rating action. Negative rating action could derive from
deterioration in Zhangzhou municipality's credit profile.

Fitch will monitor both the application of existing and any new
central government laws, regulations and directives that will
effectively prohibit or restrict support by local and regional
governments to government-related entities (GREs) such as
Zhanglong, which may have a practical impact on the entities'
ability to service their debts. Fitch interprets such initiatives
as the central government's efforts to disentangle GREs from
public-sector balance sheets, address indiscriminate GRE debt
growth and encourage greater market discipline.

Depending on the degree of certainty and the extent of the
prohibitions, the agency will take rating action that could
result in a widening of the notching or the adoption of a bottom-
up ratings approach, possibly even to the extent of the removal
of all support expectations.

Fitch published an exposure draft on new rating criteria for GREs
on Nov. 27, 2017, which would apply to Zhanglong if adopted as
criteria.

Any rating action on Zhanglong will result in a similar rating
action on its US dollar bonds.


GUORUI PROPERTIES: Fitch Rates Proposed USD Sr. Notes 'B'
---------------------------------------------------------
Fitch Ratings has assigned Guorui Properties Limited's (Guorui;
B/Stable) proposed US dollar senior notes a 'B(EXP)' expected
rating and a Recovery Rating of 'RR4'.

The proposed notes, to be issued by Guorui, are rated at the same
level as Guorui's senior unsecured rating because they represent
direct and senior unsecured obligations of the company. The final
rating is subject to the receipt of final documentation
conforming to information already received. Guorui intends to use
the net proceeds from the note issue for refinancing.

Guorui's rating is supported by a strong EBITDA margin, stable
investment-property rental income and a quality land bank that is
large enough to support sustained improvement in its contracted
sales. However, the rating is constrained by its high leverage,
as measured by net debt/adjusted inventory, of 60% at end-June
2017. Fitch estimates leverage will hover around 60% in the next
six months and start to decrease as contracted sales start to
accelerate in 2018. Furthermore, Guorui is still concentrated
geographically, with four cities -- Langfang, Shenyang, Beijing
and Haikou - accounting for about 54% of its total land reserves
at end- 2017, although this improved from 69% at end-2014.

KEY RATING DRIVERS

Small to Mid-Sized Developer: Fitch expects Guorui's contracted
sales to increase to more than CNY20 billion in 2018. The company
had CNY14.9 billion in contracted sales in 2017 from projects in
10 cities compared with CNY6.2 billion in 2014 from seven cities.
It has a land bank of 8.7 million sq m, of which 3.3 million sq m
was under construction at end- 2017. Guorui is gradually
diversifying away from its four key cities, Langfang, Shenyang,
Beijing and Haikou. The company's concentration in these cities
continues to constrain the rating.

Land Banking Drives High Leverage: Guorui acquired new sites
aggressively from 2015. The land premium paid amounted to 79% and
69% of total contracted sales in 2015 and 2016, respectively. The
debt-funded expansion drove total debt to over CNY25 billion at
end-June 2017 from CNY10.8 bilion at end-2014, pushing its
leverage up to 60% from 44%. Fitch expects Guorui's aggressive
land banking to keep operating cash flow negative, and leverage
at around 60% in the next six months. Leverage should start to
decline in the second half of 2018 due to acceleration of
contracted sales.

Guorui has the capacity to deleverage as it has accumulated a
sufficiently large land bank and has an aggressive growth target
for 2018 in terms of contracted sales. Based on roughly 1.1
million sq m of GFA sold a year, Guorui has roughly 8 years of
land reserve life.

Healthy Margin: Fitch expects Guorui to be able to maintain
EBITDA margin of above 30% (1H17: 33%), which is higher than that
of most of peers in the same rating category. Guorui's margins
are likely to be sustainable because of its low land cost - the
average unit cost of its land bank was CNY4,055 per sq m at end-
2017. Guorui has been able to keep land cost low at between 20%-
30% of its average selling prices (ASP) because it establishes
good relationships with local governments and acquires land at
lower cost through participation in primary land development.

Stronger Rental Income: Guorui held seven investment properties
with total GFA of just over 800,000 sq m, which generated CNY293
million in rental income in 2016. The Beijing Glory City property
accounted for more than 76% of its total rental income. The new
Hademen Center (140,000 sq m), located 1 kilometre from the
landmark Tiananmen Square in Beijing, is likely to generate
rental income from 1H18. The company expects Hademen Center to
contribute roughly CNY300 million of rental income a year in the
first two years of operation. Fitch expects the company's
recurring EBITDA / gross interest coverage to reach 0.3-0.4x in
2018-2019 due to expansion of the investment-property portfolio.

DERIVATION SUMMARY

The factors that support Guorui's 'B' rating are its high margin
(1H17 EBITDA margin 33%), low land cost, and recurring
EBITDA/interest coverage at around 0.3-0.4x due to ramp-up of its
high quality investment-property portfolio, especially in
Beijing. The recurring EBITDA interest coverage ratio is low, but
compares favourably against that of other property developers
rated at the same level.

In terms of contracted sales and profitability, the closest peer
is Oceanwide Holdings Co. Ltd. (B/Negative). Both have large land
banks to support future sales and both generate EBITDA margins of
above 30% with Oceanwide generating even higher margins of more
than 35%. However, Oceanwide has a lower churn rate. Both
companies have high leverage, but Guorui's leverage of 60% is
lower than Oceanwide's more than 70%.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for Guorui
include:
- Contracted sales of CNY20 billion-22 billion during 2018-2019
- EBITDA margins remain over 30% during 2018-2019
- Cash collection ratio remains healthy at 83%-90% during 2017-
   2019 (2016: 80%)
- Funding cost for new borrowing of around 6%

Recovery rating assumptions (using end-June 2017 estimated
values)
- Guorui would be liquidated in a bankruptcy because it is an
   asset-trading company
- 10% administrative claims

The liquidation estimate reflects Fitch's view of the value of
inventory and other assets that can be realised and distributed
to creditors.
- Fitch applied a haircut of 60% to accounts receivable
- Fitch applied a haircut of 25% on adjusted inventory, which is
   higher than that applied to its domestic peers as its EBITDA
   margin is higher than the industry norm and reflects the high
   quality and low cost of its land reserves
- Fitch applied a haircut of 20% to investment properties
- Fitch applied a haircut of 70% to property plant and equipment

Based on Fitch calculation of the Guorui's estimated liquidation
value after administrative claims of 10%, Fitch estimate the
recovery rate of the offshore senior unsecured debt to be 42%,
which corresponds to a Recovery Rating of 'RR4'.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
positive rating action include:
- Contracted sales sustained above CNY10 billion (2017: CNY14.9
   billion)
- Net debt/adjusted inventory sustained below 50% (1H17: 60%)
- EBITDA margin sustained above 30% (1H17: 33%)
- Contracted sales/gross debt sustained above 0.6x (2017:
   0.68x)

Developments that may, individually or collectively, lead to
negative rating action include:
- Net debt/adjusted inventory sustained above 60%
- EBITDA margin sustained below 25%

LIQUIDITY

Weak but Manageable: Guorui had roughly CNY1.2 billion in cash on
hand at end-June 2017, which was insufficient to cover its short-
term debt of about CNY6 billion. However, Guorui is highly
reliant on secured bank borrowings (76% of total borrowing) and
the assets pledged to secure certain borrowings amounted to
CNY29.6 billion (compared to gross debt of roughly CNY25.5
billion) at end-June 2017. Hence, Fitch do not believe Guorui
will have any difficulty refinancing its short-term credit
facilities.


LESHI INTERNET: Sees CNY5.62 Billion in Debts to Mature End 2018
----------------------------------------------------------------
Reuters reports that China's Leshi Internet said about
CNY5.62 billion ($890 million) of its debts would be due by the
end of this year, or almost two-thirds of the company's total
loans and liabilities, sending its shares down for a ninth day.

This is the first time the video-streaming firm - which is
battling the fallout from a severe cash crunch at its founder Jia
Yueting's embattled technology conglomerate LeEco - has provided
an estimate for its debt in 2018, Reuters says.

Earlier, the company had said that a part of its total loans and
financial liabilities of CNY9.29 billion ($1.5 billion) would be
due this year, without giving any further details.

Leshi shares plunged by the daily limit of 10 percent on Feb. 5,
Reuters notes. Nine days of declines, since the stock resumed
trading in January after a nine-month suspension, have knocked
CNY37.5 billion off the company's market capitalization, that is
currently at CNY23.7 billion, according to Reuters.

At its peak in 2015, Leshi was valued at CNY153 billion, the
report notes.

Leshi last week flagged that it expected a loss of CNY11.6
billion for 2017, more than five times its combined profits since
listing on the Shenzhen stock exchange in 2010, due to the
ongoing crisis at LeEco, Reuters recalls.

According to Reuters, LeEco was once China's Netflix-to-Tesla
contender but ran into a cash crunch since late 2016 after
expanding too fast. Leshi used to be the main listed unit of the
conglomerate.

But under the control of property developer Sunac China - its
second-largest shareholder, Leshi is now trying to distance
itself from the LeEco brand.

Leshi says its largest shareholder Jia and related LeEco units
owe it CNY7.5 billion ($1.19 billion). LeEco disputes the figure,
Reuters notes.

Leshi Internet Information & Technology Corp., Beijing engages in
Internet video, and film and television production and
distribution businesses in China.


SUNAC CHINA: Planned Wanda Shares Buy No Impact on Moody's B2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Sunac China Holdings
Limited's planned purchase of Dalian Wanda Commercial Properties
Co., Ltd.'s (Ba1 negative) shares has no immediate impact on
Sunac's B2 corporate family rating, B3 senior unsecured rating,
or stable ratings outlook.

"Sunac's investments in Dalian Wanda will immediately reduce
Sunac's liquidity buffer, but Moody's believe that Sunac will
generate sufficient operating cash flow to maintain its strong
liquidity profile," says Franco Leung, a Moody's Vice President
and Senior Credit Officer.

The Dalian Wanda investments will consume around 10.3% of Sunac's
cash balance of RMB92.4 billion at the end of June 2017.

But Moody's expects that the company will maintain an adequate
liquidity profile, which is supported by healthy sales growth
over the next 12-18 months from the strong 140% year-on-year
increase recorded in 2017. The company's cash balance of RMB92.4
billion covered 133% of its short-term debt at the end of June
2017.

Sunac announced on January 30, 2018 that it planned to acquire
approximately 3.91% of the shares in Dalian Wanda for a total
consideration of around RMB9.5 billion.

The purchase agreement contains restrictions on transfer, in
which the shares cannot be transferred to any third party before
31 December 2021, or the date of the initial public offering and
listing of Dalian Wanda, whichever is the earlier.

The transaction is subject to shareholders' approval.

Given its strong operating cash flow, Sunac will unlikely incur
sizable debt to fund the transaction.

Moody's expects that Sunac's debt leverage - as measured by
revenue/adjusted debt (including adjustments for its shares in
joint ventures and associates) - will trend towards 40%-50% over
the next 12-18 months from around 25% in the 12 months to June
2017.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Listed on the Hong Kong Stock Exchange on October 7, 2010, Sunac
China Holdings Limited is an integrated residential and
commercial property developer, with projects in China's main
economic regions, such as the Beijing region, North China region,
Shanghai region, Southwestern China region, Southeastern China
region, Guangzhou-Shenzhen region, Central China region and
Hainan region.

At the end of June 2017, its gross land bank totaled 99.5 million
square meters, and its attributable land bank totaled
approximately 68.4 million square meters.



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


NOBLE GROUP: Denies Goldilocks' "Enriching" Claims
--------------------------------------------------
Andrea Soh at The Strait Times reports that Noble Group rubbished
the notion that its management is enriching itself at the expense
of shareholders, calling these "unfounded" allegations.

Responding to shareholders' unhappiness that Noble Group's
management appeared to have focused more on their own interests,
the commodity trader said on Jan. 31 that its management is
essential to the company's business because its core businesses
are heavily reliant on its people.

According to the report, Noble said the group of creditors
represented at the restructuring negotiations had agreed to give
the management an initial 10% stake in the restructured entity in
order to retain them and align their interests with the future
success of the company. "Any further grants will be subject to
performance hurdles, will not vest if those hurdles are not
achieved, and will be funded by loans from creditors that will
need to be repaid before vesting."

Under the restructuring plan Noble unveiled on Jan. 29, the new
company that will hold all of its businesses, and assets will
ultimately be 70% owned by senior creditors, 20% by the
management and 10% by existing shareholders, the Strait Times
says.

The report relates that the in-principle agreement Noble reached
with 30% of its creditors proposes to halve its debts of US$3.5
billion by asking them to take on equity and new debt
instruments.

The Strait Times says the outsized equity stake that the firm's
management will have in the restructured entity raised some
eyebrows, and led to at least one major shareholder, Goldilocks
Investment Company, questioning whether the management has
breached its fiduciary duty to the company and its shareholders.

According to the report, Goldilocks, which owns 8.1% of Noble,
has sent a letter to Singapore regulators asking them to
investigate the company on this and other matters.

These include whether the firm timed its announcements of
strategic investors to boost its share price ahead of capital
raising exercises, and whether its asset disposals have been
conducted in a proper manner.

The Strait Times relates that Noble said in response that many of
its announcements were required by listing rules to address
leaks, market rumours and media articles. "The board is not aware
that any of those leaks have come from the company or its
management."

The board has also tried to maximise the value from all asset
disposals during this period, Noble said.

The Strait Times says the firm explained that the consideration
received was typically less than expected as competitors took
advantage of Noble being a distressed seller; working capital and
operating losses also led to subsequent adjustments, and these
factors had been disclosed when seeking shareholders' approval.

Goldilocks, which is based in Abu Dhabi, had purchased its shares
in Noble in the secondary market unsolicited, and without any
consultation or engagement with the company, Noble said, The
Strait Times relates. Goldilocks acquired its interest in Noble
through two market transactions in July last year.

While the initial private engagements with the fund had been
"very encouraging", Goldilocks made it a pre-condition for them
to be granted two seats at the board before any detailed talks
over potential restructuring or investment options, according to
the announcement cited by The Strait Times.

"The board's nomination committee met to consider this request
and was not comfortable acceding to this request, for corporate
governance reasons. This was carefully explained to Goldilocks."

The Strait Times adds that Noble said it nevertheless continued
to engage with Goldilocks and gave detailed briefings to the
shareholder regarding the restructuring. Goldilocks had
complained it did not receive timely information on the proposed
restructuring.

Noble added it will issue a more detailed announcement in due
course. The Singapore Exchange had said it will require the
company to respond publicly to the allegations in Goldilocks'
letter, and that it will take the appropriate regulatory action
if the allegations are substantiated.

An external spokesman for Goldilocks told BT it will respond at a
later date, The Strait Times adds.

                        About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 5, 2018, Fitch Ratings has downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR) and the ratings on all its
outstanding senior unsecured notes to 'C' from 'CC'. The Recovery
Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group Ltd.
to 'CC' from 'CCC-'. The outlook is negative. S&P also lowered
the long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.



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


AADIK MINES: CRISIL Assigns B+ Rating to INR3MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Aadik Mines Private Limited (AMPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           3         CRISIL B+/Stable

The rating reflects AMPL's exposure to risks related to early
stage of operations and weak financial risk profile. These
weaknesses are, however, partially offset by the extensive
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risks related to early stage of operations:
Operations commenced in November 2017, so the company is exposed
to demand risk, in addition to intense competition due to
excessive fragmentation in the industry.

* Weak financial risk profile: With expected net worth of INR1
crore as on March 31, 2018 and low accretion to reserves, capital
structure of the firm is expected to be leveraged with gearing of
about 3 times while debt protection metrics is expected to be
average with interest coverage in the range of 2 to 3 times.

Strength:

* Promoters' considerable experience in the granite industry:
The promoters' experience of over 15 years has helped establish
healthy relationships with customers.

Outlook: Stable

CRISIL believes AMPL will benefit from its promoters' extensive
experience over the medium term. The outlook may be revised to
'Positive' if higher-than-expected revenue and profitability, and
improvement in capital structure strengthen credit metrics. The
outlook may be revised to 'Negative' if large working capital
requirement, lower-than-expected accrual, or a large debt-funded
capital expenditure deteriorates capital structure.

Incorporated in 2017, Telangana-based AMPL trades in granite.
Operation is currently managed by Mr Narahari and his family.


AXWELL GRANITO: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated
the rating on the long-term bank facilities of Axwell Granito Pvt
Ltd (AGPL) to 'CRISIL B+/Stable' Issuer Not Cooperating'.
However, management subsequently started sharing information
necessary for carrying out a comprehensive rating review.
Consequently, CRISIL is migrating the rating on the long-term
facilities from 'CRISIL B+/Stable/Issuer Not Cooperating to
'CRISIL B+/Stable'. CRISIL has assigned its 'CRISIL A4' rating to
the short-term facility.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee         3       CRISIL A4 (Reassigned)

   Cash Credit           10       CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

   Long Term Loan        20.5     CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

The ratings reflect the nascent stage of AGPL's business,
expected modest scale of operations in the intensely competitive
ceramic tiles industry, and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of its promoters, and benefits derived from favourable location.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Intense competition will likely
continue to constrain scale of operations, reflected in expected
revenue of INR35-40 crore in fiscal 2018. Competition also
constrains operating profitability and ability to pass on
increases in raw material prices to customers.

* Average financial risk profile: Gearing was 2.10 times as on
March 31, 2017, because of long-term debt obligation, sizeable
working capital borrowing, and modest networth (Rs 10.56 crore).
Gearing may, however, improve over the medium term with gradual
repayment of term debt and absence of large capital expenditure
(capex).

* Working capital-intensive operations: Gross current assets are
expected to remain over 200 days over the medium term, backed by
stretched receivables and moderate inventory. This will lead to
higher dependence on bank limit.

Strengths

* Extensive experience of promoters: Benefits from promoters'
experience of over a decade in the ceramic tiles segment and
their healthy relationship with dealers and suppliers should
continue to support business risk profile.

* Strategic location: Presence in Morbi, the country's ceramics
hub, should facilitate easy access to clay (key input) and ensure
availability of contractors and skilled labourers, strong
customer base, and community support.

Outlook: Stable

CRISIL believes AGPL will continue to benefit over the medium
term from promoters' extensive experience and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' in case of sizeable cash accrual backed by
increase in topline or higher-than-expected operating margin. The
outlook may be revised to 'Negative' if steep decline in cash
accrual, deterioration in working capital management, or any
large capex further weakens financial risk profile particularly
liquidity.

Established in Morbi in 2016 by Mr Balkrishna Ambani, Mr
Krushnakan Ambani, Mr Rajendrakumar Manvar, and Mr Jagdish
Ambani, AGPL manufactures double charge and soluble salt
vitrified tiles and commenced operations from January 2017.


BHARAT COTTAGE: ICRA Moves B- Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings has moved the long term and short term ratings for
the bank facilities of Bharat Cottage Industries to the 'Issuer
Not Cooperating' category. The rating is now denoted as "[ICRA]B-
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Term Loan           0.70       [ICRA]B-(Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

  Cash Credit         8.50       [ICRA]B-(Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

  Packing Credit     (0.80)      [ICRA]B-(Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

  FDBP/FUDBP         (0.80)      [ICRA]B-(Stable) ISSUER NOT
                                 COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

  Letter of Credit   (0.30)      [ICRA]B-(Stable) ISSUER NOT
  (Inland)                       COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

  Letter of Credit    1.00       [ICRA]A4 ISSUER NOT COOPERATING;
  (LC)                           Rating moved to the 'Issuer Not
                                 Cooperating' category

  Letter of           0.20       ICRA]A4 ISSUER NOT COOPERATING;
  Guarantee                      Rating moved to the 'Issuer Not
                                 Cooperating' category

  Buyers Credit      (1.00)      [ICRA]A4 ISSUER NOT COOPERATING;
  (sub limit                     Rating moved to the 'Issuer Not
  within LC)                     Cooperating' category

  Unallocated         0.90       [ICRA]B-(Stable)/[ICRA]A4 ISSUER
  Limits                         NOT COOPERATING; Rating moved to
                                 the 'Issuer Not Cooperating'
                                 category

The rating is based on limited information on the entity's
performance since the time it was last rated in July 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with BCI, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has
remained non cooperative. In the absence of requisite
information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Established in 1961, by late Shri Mangilalji Danrajji Badamia,
Bharat Cottage Industries (BCI) is a partnership firm managed by
Mr. Mahendra Mangilalji Jain, Mrs. Madhubala Mahendra Jain and
Mr. Priyank Mahendra Jain. BCI manufactures household plastic
items and thermo-ware products. BCI's product range comprises
items consisting of water jugs, casseroles, water bottles, water
filter, vacuum flasks, bucket, mugs, waste bins and others. The
firm has a manufacturing unit located at Daman with an installed
capacity of 2200 MTPA and is operating at its full capacity at
present.


BHARATH AGRO: ICRA Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings has moved the long-term and short-term ratings for
the bank facilities of Bharath Agro Agencies (BAA) to the 'Issuer
Not Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund based              5.00      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Non-Fund based          1.70      [ICRA]B+ (Stable) ISSUER NOT
                                    COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

  Unallocated Limits      0.30      [ICRA]B+(Stable)/[ICRA]A4
                                    ISSUER NOT COOPERATING;
                                    Rating moved to the 'Issuer
                                    Not Cooperating' category

The rating is based on no updated information on the entity's
performance since the time it was last rated in July 2016. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating
agreement with Bharath Agro Agencies, ICRA has been trying to
seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information, and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's
Rating Committee has taken a rating view based on the best
available information.

Bharath Agro Agencies was incorporated as a partnership firm in
2005. The firm is an authorized tractor dealer, spares &
accessories distributor and service provider for Mahindra &
Mahindra Limited. The firm caters to the Kurnool market and
operates through 5 showrooms at Adoni, Dhone, Atmapur,
Nandikotkur and Kurnool and 4 dedicated service centres at all
the centres except Atmapur.


BHUSHAN STEEL: JSW Steel-Piramal to Bid, JFE Steel Opts Out
-----------------------------------------------------------
Bloombergquint reports that JSW Steel Ltd. and Piramal
Enterprises Ltd. are bidding jointly for Bhushan Steel Ltd. after
Japanese company JFE Steel Corp walked out of the alliance, a
source with knowledge of the matter said.

According to Bloombergquint, JSW Steel had roped in its Japanese
business partner JFE Steel and Piramal Enterprises to bid jointly
for Bhushan Steel, the maker of auto-grade steel in India
undergoing insolvency proceedings for non-payment of dues.

Email queries sent to JSW Steel and other two companies to seek
response remained unanswered. The bid for Bhushan Steel closed on
Feb. 3, the report notes.

Besides JSW Steel, Luxembourg-based multinational steel firm
ArcelorMittal and Tata Steel and are said to be in race for
Bhushan Steel, Bloombergquint notes.

Asked if JSW Steel could lower its bid as Japanese partner has
opted out now, the source said, "JSW is in expansion mode, no
matter one partner has gone, JSW can even increase the bid along
with Piramal. It will be a 50:50 partnership now," Bloombergquint
relays.

Bloombergquint adds that JSW Steel reportedly had plans to offer
INR30,000 crore, double of the liquidation amount, for Bhushan
Steel. Liquidation value is the minimum value set for a stressed
asset by the committee of creditors.

                        About Bhushan Steel

India-based Bhushan Steel -- http://www.bhushan-group.org/--
manufactures auto-grade steel.

Bhushan Steel is one of the 12 non-performing assets referred by
the Reserve Bank of India for National Company Law Tribunal
(NCLT) proceedings.

NCLT admitted the bankruptcy plea against the steel company filed
by State Bank of India on July 26, 2017.

Bhushan Steel's total debt stood at around INR42,355 crore as of
March 31, 2017.


DEEPAK FOODS: ICRA Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the ratings for the bank facilities of
Deepak Foods (DF) to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING".

                     Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Fund Based-Cash
  Credit                0.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

  Fund Based-Term
  Loan I                0.24      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

  Fund Based-Term
  Loan II               3.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

  Fund Based-EPC
  cum FBP/FBD           1.50      [ICRA]D ISSUER NOT COOPERATING;
                                  Rating moved to the 'Issuer Not
                                  Cooperating' category

ICRA has been seeking information from the entity to monitor its
performance and had also sent repeated reminders to the company
for payment of surveillance fee that became overdue. Despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. The current rating action has been taken by ICRA
on the basis of the best available information on the issuers'
performance. Accordingly, the lenders, investors and other market
participants are advised to exercise appropriate caution while
using this rating as it may not adequately reflect the credit
risk profile of the entity.

DF was established as a proprietorship firm in 1997. Initially a
service provider, the firm eventually became a major labour
supplier. Gradually, it commenced manufacturing and supplying
pre-processed seafood. In October 2012, the firm commenced
manufacturing fish paste, which is used as animal feed. In the
current fiscal, DF will start manufacturing surimi.


DERBY PLANTATIONS: CRISIL Reaffirms C Rating on INR5.2MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on long-term bank
facilities of Derby Plantations Private Limited (DPPL; part of
Mantri Group) at 'CRISIL C'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           5.2       CRISIL C (Reaffirmed)

The rating continues to reflect the exposure to seasonality of
tea production and high operating leverage of the group and also
weak liquidity and financial risk profile of the group. These
weaknesses are partially offset by extensive experience of
promoters in the tea industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Manipur Tea, Mantri Tea Co Pvt Ltd
(MTCPL), Ruttonpore Plantations Pvt Ltd (RPPL) and DPPL. This is
because these entities, collectively referred to as the Mantri
group, have a common management and line of business, with
operational and financial linkages.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to seasonality of tea production and high operating
leverage: Tea is a seasonal product, and its production depends
on the monsoon and weather conditions. Of a tea plantation's
fixed costs, labour alone accounts for nearly 40%. If tea
production is low, the group could incur operating losses as in
the past. Limited pricing power also constrains operating margin.

* Weak liquidity and financial risk profile: The scale of
operation for the Mantri Group has remained range bound between
36Cr to 44 Cr for the last four fiscals. Low operating
profitability along with high interest and finance charges have
led to continuous cash loss for the last four fiscals. This has
exerted pressure on the liquidity profile of the company. As a
result of weak liquidity profile, financial risk profile has also
been weak, with moderate gearing and networth (1.90 times and
INR20 crore, respectively, as of March 2017). Debt protection
metrics are below average: interest coverage was 0.14 time, while
net cash accrual to total debt ratio was (0.10) time in fiscal
2017.

Strengths

* Extensive experience of the promoters: The five-decade long
experience of the promoters in the tea plantation business has
helped the group maintain its position, despite volatility in
prices, and report stable revenue growth in the four years
through March 2017.

The Mantri group was set up in 1948 by Mr Govind Prasad Mantri.
The Manipur Tea Estate, located in Assam, was its first
acquisition in 1954. Subsequently, the group acquired three more
tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea
Estate in 2005, and Pathini Tea Estate (MTCPL) in 2006. Daily
operations are now overseen by the second and third-generations
of the promoter family, along with a professional management
team.


DEV RAJ: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Dev Raj
Institute of Management and Technology Society (DRIMT) for
obtaining information through letters and emails dated
October 23, 2017 and January 12, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
  Term Loan              9.75      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dev Raj Institute of
Management and Technology Society, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Dev Raj
Institute of Management and Technology Society is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Dev Raj Institute of Management and Technology
Society to CRISIL D Issuer not cooperating'. Furthermore, the
company has not paid the fee for conducting rating surveillance
as agreed to in the rating agreement.

DRIMT was set up in 2010 by promoter and chairman, Mr Danish
Gupta and his family, based in Ferozepur (Punjab). The society
offers academic programmes through its institute, Dev Raj Group's
Technical Campus. DRIMT is affiliated with the Punjab Technical
University (PTU), Jalandhar, and approved by All India Council
for Technical Education (AICTE), Ministry of Human Resource
Development.


DNH PROJECTS: ICRA Removes C Rating From Not Cooperating Cat.
-------------------------------------------------------------
ICRA Ratings has removed DNH Projects Limited's (DNHPL) rating of
[ICRA]C from the 'ISSUER NOT COOPERATING' category as the company
has now submitted its 'no default statement' ("NDS"), which
validates that the company is regular in meeting its debt
servicing obligations. The company's ratings were moved to the
'ISSUER NOT COOPERATING' category in November 2017.

                      Amount
  Facilities        (INR crore)     Ratings
  ----------        -----------     -------
  Fund-based Cash       12.00       [ICRA]C; Reaffirmed/removed
  Credit                            from 'Issuer not cooperating'
                                     category

  Non-fund based         6.00       [ICRA]A4; Reaffirmed/removed
  Bank Guarantee                    from 'Issuer not cooperating'
                                    category

  Unallocated Limit     10.00       [ICRA]C/[ICRA]A4;
                                    Reaffirmed/removed from
                                    'Issuer not cooperating'
                                    Category

ICRA has also reaffirmed the long-term rating at [ICRA]C to the
INR12.00-crore cash credit facility of DNHPL. ICRA has also
reaffirmed the short-term rating at [ICRA]A4 to the INR6.00-crore
non-fund based facility of DNHPL.2The unallocated amount of
INR10.00 crore has been rated by ICRA on both the scale at
[ICRA]C and [ICRA]A4.

Rationale

The ratings re-affirmation factors in DNHPL's weak financial
profile characterised by its modest scale of operations, highly
leveraged capital structure and weak debt coverage indicators.
The ratings are further constrained by the company's stretched
liquidity position arising from delayed collections from
customers, which has necessitated high reliance on external
borrowings. It has been utilising the cash credit facility over
its drawing power. DNHPL's has witnessed delays in executing its
projects for certain government entities since the past few years
and has also been penalised for the same. Moreover, DNHPL has not
been awarded any new contracts in the recent past and its current
orders primarily consist of projects to be executed for Group
companies. Furthermore, the ratings continue to factor in the
intense competition in the construction space resulting in
pressure on profitability margins. ICRA notes the geographical
concentration risks due to the concentration of most ongoing and
future projects in Silvassa and the vulnerability of profits to
raw material price variations in the absence of price variation
clauses in most orders.

The ratings, however, continue to favorably factor in the
established experience of the directors in the construction
industry. DNHPL is registered as an 'AA' class contractor with
the roads and buildings division of the Government of Gujarat.
However, at present, the company is not executing any government
project.

Outlook: Not applicable

Key rating drivers

Credit strengths

Extensive experience of the promoters in the construction and
real estate sector: DNHPL's operations are overseen by Mr. Vijay
Desai and Mr. Ajay Desai who have an extensive experience of 20
years in the construction industry. Mr. Vijay Desai is the
Chairman and Managing Director of the company and has executed
over 250 land development and industrial estate unit construction
projects in various parts of the country. Mr. Ramkrishan Desai, a
post graduate in science (construction engineering and
management), is a director in the company and looks after the
overall operations.

Registered as an 'AA' class contractor with the roads and
buildings division of the Government of Gujarat: The company is
registered as a 'AA' class contractor (valid till December 31,
2018) with the roads and buildings division of the Government of
Gujarat and undertakes the construction of industrial units,
factories, corporate and institutional buildings.

Credit challenges

Modest scale of operations; decline in turnover in the past two
fiscals: The company's operating income (OI) continued to remain
modest and declined from INR17.79 crore in FY2016 from INR15.29
crore in FY2017, following the delays in commencement of orders
in hand and no fresh orders received during the past two years.

Financial profile characterised by highly leveraged capital
structure and weak debt coverage indicators: The total debt of
INR16.83 crore as on March 31, 2017 comprised cash credit (61%),
vehicle loan (1%) and unsecured loans from directors (38%). Owing
to DNHPL's reliance on external borrowings for funding its
working capital requirements, its capital structure remains
highly leveraged as depicted by a gearing of 2.00 times as on
March 31, 2017. Due to the high debt levels and low
profitability, the company's coverage indicators as depicted by
the Total Debt/OPBDITA and OPBDITA/Interest expense remained weak
at 7.54 times and 1.35 times, respectively in FY2017.

No new orders won during the past two fiscals; ongoing orders
sub-contracted by Group concerns: The order execution by DNHPL
has remained slow over the years owing to labour problems coupled
with delays in getting the necessary sanctions from the
customers. Although it was not awarded any projects through the
bidding process during the past two years, its closing order book
as on March 31, 2017 stood at INR40.81 crore, on the back of
orders from its Group concerns.

Stretched liquidity position due to sluggish receivables: Despite
significant decline in inventory levels, the working capital
intensity of the company continued to remain high in FY2017 owing
to sluggish receivables. The debtor days increased from 354 days
in FY2016 to 496 days in FY2017. The increase in debtor days was
also attributable to high retention money deducted by the
customers, which is released post contract completion or defect
liability period completion. The net working capital intensity
stood at 145% in FY2017.

High geographical concentration risk as DNHPL undertakes projects
primarily in Silvassa: The projects executed by the company are
geographically concentrated in the western part of India. Gujarat
and Dadra and Nagar Haveli have remained the major revenue
contributors in FY2017 due to the on-going projects for Omnibus
Industrial Development Corporation of Daman and Diu and Group
companies.

Intense competition and a tender-based contract award system
restrict profitability: The company faces stiff competition from
many players in the organised and unorganised sector. The
awarding of contracts to the lowest bidder (L1), further
restrains the profitability margins of players like DNHPL.

DNHPL was initially incorporated as a private limited company:
Nagar Haveli Real Estate Private Limited in 1996. It was
subsequently renamed and converted to a closely-held public
limited company in 2009. Its operations are collectively managed
by Mr. Vijay and Mr. Ajay Desai who have an experience of over
two decades in the construction industry. The company is
registered as an 'AA' class contractor (valid till December 31,
2018) with the roads and buildings division of the Government of
Gujarat and undertakes the construction of industrial units,
factories, corporate and institutional buildings.

DNHPL has two Group companies - Morai Infrastructure Pvt. Ltd.
and Drexel Pharma Pvt. Ltd. Mr. Vijay and Mr. Ajay Desai are the
common directors for all the three firms. At present, Morai
Infrastructure is developing an industrial park in Gujarat, while
Drexel Pharma is developing industrial galas for sale. Both these
projects have been awarded to DNHPL by the Group companies.
In FY2017, the company reported a net profit of INR0.14 crore on
an OI of INR15.29 crore, as compared to a net profit of INR0.01
crore on an OI of INR17.79 crore in the previous year.


ESVEEAAR DISTILLERIES: CRISIL Moves B- Rating to Not Cooperating
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Esveeaar
Distilleries Private Limited (EDPL) for obtaining information
through letters and emails dated October 23, 2017 and
January 9, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            10       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit        1       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Esveeaar Distilleries Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Esveeaar Distilleries Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Esveeaar Distilleries Private Limited to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.

EDPL was incorporated in 1970 as a proprietorship firm and was
later converted into a private limited company in 2007. The
company is engaged in distilling and blending of IFML.


EVAN MULTISPECIALTY: ICRA Cuts Rating on INR20cr Loan to D
----------------------------------------------------------
ICRA Ratings has downgraded the long-term rating to [ICRA]D from
[ICRA]B on the INR20.00-crore fund-based facilities of Evan
Multispecialty Hospital and Research Centre Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund         20.00      [ICRA]D; Downgraded from
  Based-Term Loans                  [ICRA]B(Stable)

Rationale

The rating revision factors in the delay in debt servicing by
Evan owing to weak operational performance and high repayment
obligations. The company suffered cash loss of INR3.57 crore in
FY2017 in its first full year of operations. The actual revenues
are lower than what was envisaged at the project stage, thus
impacting the profitability and liquidity. Going forward, the
ability to demonstrate a track record of timely debt servicing
will be the key rating sensitivity.

Key rating drivers

Credit strengths

Experienced promoters with established track record in different
medical fields - Evan has been promoted by eight doctors
specializing in different medical fields

Credit weaknesses

Delay in debt servicing: Irregularities in debt servicing with
delay in the principal repayment owing to weak operational
performance and high repayment obligations.

Low number of operational beds despite two years of operations:
Evan operates a 140-bedded multi-specialty hospital and started
operations in September 2015. However out of total beds, only 65
beds have been pressed into service as of now depicting slow pick
up in occupancy.

Single asset concentration risk: Evan operates one single
hospital in Muzaffarnagar and entire revenues of the company are
dependent on this single asset.

Incorporated in December 2012, Evan is a closely-held company
that operates a 65-bedded multi-specialty hospital in
Muzaffarnagar (Uttar Pradesh). Amongst ten promoters of the
company, eight are qualified doctors having relevant experience
across different medical fields. The hospital commenced its OPD
operations in July 2015 and the IPD operations initiated in
September 2015.

The hospital has been set up in Kiran City - an upcoming
residential project - located on state-highway 12/ Bhopa Road in
Muzaffarnagar. Although situated in the outskirts of the city,
the project enjoys good connectivity with the rest of the city
being located on Bhopa Road.


HARIOM PULSES: ICRA Reaffirms B Rating on INR9cr Cash Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating on the INR9.32-
crore fund-based limits of Hariom Pulses at [ICRA]B and has also
reaffirmed the short-term rating on the INR3.00-crore fund-based
limits of the firm at [ICRA]A4. The outlook on the long-term
rating is Stable.

                      Amount
  Facilities        (INR crore)      Ratings
  ----------        -----------      -------
  Cash Credit           9.00         [ICRA]B (Stable); reaffirmed
  Term Loan             0.32         [ICRA]B (Stable); reaffirmed
  Demand Loan           3.00         [ICRA]A4; reaffirmed

Rationale:

The ratings reaffirmation continue to draw comfort from the
extensive experience of the promoters in the industry along with
the management's continued support to the business through
infusion of unsecured loans to support business growth. The
ratings draw further comfort from the consistent increase in the
firm's operating income (OI) in the past three years. ICRA notes
the positive demand prospects of foodgrains, which are essential
constituents of the Indian diet. The ratings also factor in the
favourable location of the firm's processing unit (in proximity
to major cultivation areas for pulses), which results in easy
availability of raw material. However, the ratings are
constrained by the firm's average risk profile as characterised
by low profitability, leveraged capital structure and weak
coverage indicators.

The ratings are further constrained by the vulnerability of the
company to agro-climatic conditions and Government regulations on
pricing, availability and distribution of agricultural
commodities. The ratings also take note of the highly competitive
nature of the pulse-processing industry and limited value-
additive nature of the business, which is likely to exert
pressure on the firm's profitability. ICRA further notes the
risks inherent in the partnership form of the business, wherein
any significant withdrawals from the capital account may
adversely impact the firm's net worth and capital structure.

Outlook: Stable

The Stable outlook on the long-term rating reflects ICRA's
expectations that HOP will continue to benefit from its partners'
extensive experience in the industry. Further, the outlook may be
revised to Positive if the firm witnesses substantial improvement
in revenues and profitability, and strengthens its capital
structure through better-than-anticipated net cash accruals or
promoter fund infusion. The outlook may be revised to Negative if
cash accrual is lower than expected, or if any major capital
expenditure, or stretch in the working capital cycle weakens
liquidity.

Key rating drivers:

Credit strengths

Long experience of promoters in the pulse-processing sector: HOP
was established in 2002 as a partnership concern of Mr. Omprakash
Multani and Mr. Harish Kumar Multani. The promoters have an
established and proven track record in the sector. Financial
support from partners: The promoters have been supporting the
company financially by way of unsecured loans and capital as and
when necessary. The unsecured loans increased to INR4.29 crore as
on March 2017 from INR2.10 crore as of March 2015. Proximity to
the pulse mandis of Katni: The ratings also factor in the
favourable location of the firm's processing unit (in proximity
to major cultivation areas for pulses), which results in easy
availability of raw material and enables better quality control.

Credit challenges

Moderate scale of operations: Despite its long operational track
record, the firm's scale of operations remains moderate, as
reflected by revenues of INR102.49 crore in FY2017. Further, the
H1 FY2018 revenues were 15% lower than the corresponding period
last year. Average financial risk profile: The firm's capital
structure remained leveraged with gearing of 4.29 times as on
March 2017 owing to small net worth base of INR3.46 crore as on
the same date and increased dependence on working-capital
borrowings. Its debt-protection metrics remained weak with Total
Debt/OPBIDTA at 7.3 times and Net Cash Accrual/Total Debt ratio
of 6% in FY2017. The financial risk profile is expected to remain
average in the medium term due to modest profitability with
moderate accretion to reserves.

Low and fluctuating profitability: The company's operating
profitability remained low on account of lower realisations on
pulses coupled with raw material price fluctuations and limited
value addition in the pulse-processing business. Moreover, the
operating margins have been fluctuating over the past four years.
Further, high interest expenses have kept net margins low.

Vulnerability of profitability to adverse fluctuation in
prevailing market prices of pulses, raw material prices and agro-
climatic conditions: The firm's margins are largely affected by
the prevailing market prices of pulses, which are in turn
impacted by numerous factors, including agro-climatic conditions,
demand-supply scenario etc. There has been a downward trend in
the prices of major pulses in the recent past, which has
restricted growth of such firms. These may also affect the
availability of raw material, further impacting its quality and
pricing mechanism given HOP's limited ability to pass on the
price hike owing to intense competition. The price fluctuations
also impact the realisations of the firm.

Intense competition due to low entry barriers and less capital
expenditure: The firm faces stiff competition from other
established as well as unorganised players in the pulse-
processing sector due to the fragmented industry structure and
low entry barriers. This limits its pricing flexibility and
bargaining power with customers, putting pressure on its revenues
and margins. Risks inherent in partnership firm constitution: The
firm remains exposed to risks arising due to the partnership
nature of the firm and its limited ability to raise capital.
Also, any substantial capital withdrawal may impact the firm's
net worth and gearing levels.

HOP was established in 2002 as a partnership concern with Mr.
Omprakash Multani and Mr. Harish Kumar Multani as partners in
equal ratio. It is involved in processing grains, of which Rahar
dal has significant share in its revenues. In FY2016, the firm
diversified into rice-milling operations and set up its rice-
milling unit for sale of non-Basmati rice under its own brand.
The firm's factory is located at the Industrial Estate, Katni,
Madhya Pradesh with a pulse-processing capacity of 18,250 MT per
annum and rice milling capacity of 4 tonne per hour.

In FY2017, the company made a net profit of INR0.40 crore on an
OI of INR102.49 crore compared with a net profit of INR0.38 crore
on an OI of INR75.01 crore in FY2016.


J.M.D. CORPORATION: CRISIL Moves D Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with J.M.D.
Corporation of India Limited (JMD) for obtaining information
through letters and emails dated October 23, 2017 and January 12,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           18.5      CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    11.5      CRISIL D (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of J.M.D. Corporation of India
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on J.M.D. Corporation of India Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of J.M.D. Corporation of India Limited to CRISIL D
Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams,
steel plates, thermo-mechanically treated bars, ingots, and
billets. With over a decade's experience, Mr. Agarwal oversees
the firm's operations.


JAYALAXMI ENTERPRISES: ICRA Moves B+ Rating to Not Cooperating
--------------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Jayalaxmi Enterprises (JE) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable)/A4; ISSUER NOT COOPERATING".

                    Amount
  Facilities     (INR crore)    Ratings
  ----------     -----------    -------
  Long Term-Fund
  Based (CC)          1.25      [ICRA]B+(Stable); ISSUER NOT
                                COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

  Short Term-Fund
  Based               6.25      [ICRA]A4; ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

  Short Term-
  Interchangeable    (2.00)     [ICRA]A4; ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

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

Established in 1998, Jayalaxmi Enterprises (JE) is a partnership
firm promoted by Mr.Vittalaraya Hegde and family. JE is engaged
in processing of raw cashew nuts (RCNs) to plain cashew kernels
and trading of RCNs and processed kernels. JE has its processing
unit in Hosmar in Udupi District, Karnataka with an installed
capacity of 1300 MT per annum. The firm sources about 50-60% of
its RCN requirements through imports from East and West African
countries and the rest from the traders and resellers in Kerala
and Karnataka. During 2015-16, the firm derived about 60% of its
revenues from exports to the Middle Eastern countries. Trading of
RCNs and processed kernels contributed to about 75% of the
revenuesduring 2015-16. Besides Jayalaxmi Enterprises, the
promoters also own two other firms named Laxmidevi Cashews and
Manglagowri Exports, also engaged in the cashew processing, with
an installed processing capacity of 250 MT and 225 MT per annum
respectively. JE uses the facilities of its associates for cashew
processing. With its associates, JE has an aggregate
manufacturing capacity of 1775 MT per annum.


JAYAMUKHI EDUCATIONAL: CRISIL Reaffirms B+ Rating on INR1.2M Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank loan facilities of Jayamukhi Educational
Society (JES).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        0.8       CRISIL B+/Stable (Reaffirmed)

   Overdraft             5.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.2       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the society's modest scale,
working capital-intensive operations due to stretched
receivables, exposure to intense competition, and susceptibility
to changes in regulations in the education sector. These
weaknesses are partially offset by the experience of its
promoters and its established track record in the education
sector, and its above-average financial risk profile because of
low gearing, and comfortable debt protection metrics and
networth.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale and working capital-intensive operations due to
stretched receivables: JES has healthy student intake driven by
regular addition of courses and adequate occupancy. Around 80% of
the seats are under the government quota, and the rest under
management quota. The society charges the same fee for seats
under the government and management quota, as per recent changes
in the Telangana government's policy. The state government
provides fee support for economically and socially backward
sections of the society. Receivables for seats under the
government quota, especially seats for under privileged students,
have been stretched, leading to sizeable receivables of 375 days
as on March, 2017. Consequently, bank limit was utilised at an
average of 91%, limiting access to short-term funds. CRISIL
believes JES's business risk profile will remain constrained by
large working capital requirement.

* Intense competition and high degree of regulation by
governmental agencies: The establishment and management of higher
educational institutions are governed by governmental and quasi-
government agencies such as University Grants Commission (UGC),
All India Council of Technical Education (AICTE) universities,
and the state government. Each body has detailed procedures for
granting permission to set up new institutions and approval has
to be renewed every three or five years. Even enhancing the
number of seats requires prior approval. The agencies conduct
detailed studies on the institution's facilities, technology,
faculty, and track record before granting approval.

Furthermore, courses offered have to comply with operational and
infrastructure norms laid down by regulatory bodies such as AICTE
and affiliated universities such as Anna University. Thus, the
trust needs to regularly invest in workforce and infrastructure.
Also, course fees and any increase in the fee are decided by
affiliated universities. Any non-compliance will result in
cancellation of affiliation, leading to loss of reputation,
besides affecting revenue. The society will continue to face
regulatory risk.

Strengths:

* Experience of the promoters and established track record in the
education sector: The society is promoted by Mr C Narsimha Reddy
and Mr C Ratnakar Reddy, who are its president and vice
president, respectively. Mr C Janga Reddy is the chairman. They
have experience of two decades in the education sector. The
society has other group societies offering education services in
different streams. The promoters' extensive experience and its
established regional presence has helped JES grow over the years,
and will support its business risk profile over the medium term.

* Above-average financial risk profile: The society has a
conservative gearing policy, indicated by gearing of 0.17 time as
on March 31, 2017, driven by large networth. Networth was
INR34.11 crore as on March 31, 2017, and is expected to increase
over the medium term with higher accretion to reserves. Moderate
operating margin, stable accrual, and low interest cost led to
comfortable debt protection metrics, reflected in interest
coverage and net cash accrual to total debt ratios of 4.46 times
and 39%, respectively, in fiscal 2017. The ratios are expected to
remain at similar levels over the medium term. CRISIL believes
JES's financial risk profile will remain comfortable backed by
its healthy capital structure over the medium term.

Outlook: Stable

CRISIL believes JES will continue to benefit from its trustees'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in revenue, driven
by increase in the number of courses offered or in intake
capacity, while profitability remains stable, resulting in a
better financial risk profile. The outlook may be revised to
'Negative' if liquidity and financial risk profile are hit by
sizeable debt-funded capital expenditure, or regulatory change,
or deterioration in cash flow management.

Established in 2001, JES runs six colleges offering courses in
various streams in Warangal, Telangana. Its daily operations are
managed by joint secretary Mr T V R N Reddy.


JMD LAXMI: CRISIL Moves D Rating to Not Cooperating Category
------------------------------------------------------------
CRISIL Ratings has been consistently following up with J.M.D.
Laxmi Enterprises (JMD) for obtaining information through letters
and emails dated October 23, 2017 and January 12, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

CRISIL gave these ratings:

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            10       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility      5       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of J.M.D. Laxmi Enterprises,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on J.M.D. Laxmi Enterprises is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of J.M.D. Laxmi Enterprises to CRISIL D Issuer not
cooperating'.

Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

JMD, set up in 2012, is a proprietorship concern of Mr. Ashwini
Agarwal. The firm trades in iron and steel products including
cold-rolled and hot-rolled coils, steel sheets, steel beams,
steel plates, thermo-mechanically treated bars, ingots, and
billets. With over a decade's experience, Mr. Agarwal oversees
JMD's operations.



KAMESHWAR INDUSTRIES: CRISIL Moves B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kameshwar
Industries (KI) for obtaining information through letters and
emails dated October 16, 2017 and January 5, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            8        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     3.78     CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              1.22     CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kameshwar Industries which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Kameshwar Industries is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Kameshwar Industries to 'CRISIL B/Stable Issuer not
cooperating'.

Established in 2013, KI is a partnership firm promoted by seven
partners. Operations are managed by Mr Parshottambhai Shantilal
Patel who has about 10 years of experience in the cotton ginning
industry. The firm has set up the project to carry out cotton
ginning and pressing; it also sells cotton seeds.


KANAK AUTOMOBILES: CRISIL Moves B- Rating to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Kanak
Automobiles Private Limited (KAPL) for obtaining information
through letters and emails dated October 16, 2017 and January 5,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          3.06       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Electronic Dealer    7.00       CRISIL B-/Stable (Issuer Not
   Financing Scheme                Cooperating; Rating Migrated)
   (e-DFS)

   Term Loan            7.02       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Kanak Automobiles Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Kanak Automobiles Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'. Therefore, on account of inadequate
information and lack of management cooperation, CRISIL has
migrated the rating on bank facilities of Kanak Automobiles
Private Limited to 'CRISIL B-/Stable Issuer not cooperating'.

Incorporated in 2014, KAPL is the authorised dealer of HMIL for
sales and services of Hyundai cars. The company has its showroom
in Patna, Bihar. The operations are managed by Mr Vinit Kumar and
Mr Abhijit Kumar.


MAGNUM PIGMENTS: CRISIL Moves B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Magnum
Pigments and Polymers Private Limited (MPPPL) for obtaining
information through letters and emails dated September 19, 2017
and December 1, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit       0.5      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Packing Credit         2.0      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)


   Proposed Long Term
   Bank Loan Facility    1.48      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)


   Term Loan             3.02      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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


Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Magnum Pigments and Polymers
Private Limited which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Magnum Pigments and Polymers
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Magnum Pigments and Polymers Private Limited to
'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

MPPPL was set up as a proprietorship firm named Magnum Chemicals
in 1991, and was reconstituted as a private limited company with
the current name in 2003. It manufactures and exports polymer
emulsions and pigment dispersions, used in the construction,
textile, and paints industries. MPPPL is promoted by Mr. B
Sampatkumar Rai and has its registered office at Mumbai.


MJR CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with MJR
Constructions Private Limited (MJRC) for obtaining information
through letters and emails dated October 23, 2017 and January 9,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        8.5       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           3.0       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    2         CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Proposed Short Term   6.5       CRISIL A4 (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MJR Constructions Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on MJR Constructions Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MJR Constructions Private Limited to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

MJRC (formerly, M J R Infrastructures Pvt Ltd) was incorporated
in 2007 by the Hyderabad-based Reddy family. The company
commenced operations in 2010, and undertakes civil construction
works.


MSPL LIMITED: CRISIL Withdraws B Rating on INR465MM Term Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with MSPL
Limited (MSPL; a part of the MSPL group) for obtaining
information through letters and emails dated October 18, 2016,
and November 21, 2016, apart from telephonic communication.
However, the issuer has remained non cooperative.

CRISIL gave these ratings:

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          275       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

  Rupee Term Loan       465       CRISIL B/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MSPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
MSPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B rating
category or lower.' Based on the last available information, the
rating on the long-term bank facilities of MSPL continues to be
'CRISIL B/Stable/Issuer Not Cooperating'

CRISIL has withdrawn its rating on the long-term bank facilities
of MSPL at the entity's request and receipt of no objection
certificate from State Bank of India. The rating action is in
line with CRISIL's policy on withdrawal of its bank loan ratings.

MSPL, the flagship company of the Karnataka-based Baldota group,
was founded by the late Mr A H Baldota in 1962. The company is
currently managed by Mr Narendrakumar Baldota and his two sons.

The Baldota group began operations with iron ore mining and
subsequently entered the wind-energy and industrial-gases
businesses. In fiscal 2006, MSPL divested its industrial gas
business to MSPL Gases Ltd and acquired an export-oriented unit,
MSPL Exports Ltd.


NARMADA SPUN: CRISIL Raises Rating on INR25.95MM Loan to B+
-----------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the long term bank
facilities of Narmada Spun Private Limited (NSPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' while reaffirming the short
term rating at 'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee        1.3      CRISIL A4 (Reaffirmed)

   Cash Credit           2.75     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

  Term Loan             25.95     CRISIL B+/Stable (Upgraded from
                                  'CRISIL B/Stable')

The upgrade reflects improvement in NSPL's business and financial
risk profiles, indicated by timely stabilization of operations
and healthy ramp up of sales.

The ratings also factor in a modest scale of operations amid
intense competition, and the exposure to volatility in raw
material prices. These weaknesses are partially offset by the
experience of the promoters and a moderate financial risk
profile.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amid intense competition: Scale of
operations remain moderate at INR55-60 Cr. Though scale remains
moderate, is expected to improve in the medium term as it is in
initial stages of operations. Intense competition may continue to
restrict the scalability of operations and limit the pricing
power with suppliers and customers, thereby constraining
profitability.

* Exposure to volatility in raw material prices: As cotton (raw
material) prices account for 75-80% of the operating income, even
a slight fluctuation in its price may drastically impact the
profitability. This trend is likely to continue over the medium
term.

Strengths

* Experience of promoters: Benefits derived from the promoters'
experience of over a decade and healthy relations with customers
and suppliers led to a well-established distribution network and
timely stabilisation of operations. Revenue growth has been
healthy at INR46 crore till December 2017; it is projected to
reach INR60 crore by end of fiscal 2018.

* Moderate financial risk profile: Financial risk profile of the
company remains moderate backed by moderate networth and adequate
debt protection metrics. Networth remains moderate at INR10.14 Cr
when compared to the scale of operations. Networth is expected to
remain at INR14-15 Cr in the medium term. Debt protection metrics
remain adequate marked by YTD interest cover of above 2 times and
is expected to be comfortable at above 2 times in the medium
term.

Outlook: Stable

CRISIL believes NSPL will continue to benefit over the medium
term from the experience of the promoters. The outlook may be
revised to 'Positive' if a substantial increase in scale of
operations, profitability, and cash accrual strengthens the
liquidity. Conversely, the outlook may be revised to 'Negative'
if a lower-than-expected profitability and cash accrual weakens
the liquidity.

Incorporated in 2016, NSPL is promoted by Rajkot based Pareshbhai
Dhamsaniya, Pankajbhai Dhamsaniya and Jerambhai Bhalodia. NSPL is
into spinning of cotton yarn of 6-20 counts.

Operations commenced from April 2017.


NIMIT STEELS: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nimit
Steels and Alloys Private Limited (NSAPL) for obtaining
information through letters and emails dated October 23, 2017 and
January 9, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            40       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit      110       CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nimit Steels and Alloys
Private Limited which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Nimit Steels and Alloys Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Nimit Steels and Alloys Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.

NSAPL was incorporated in April 2003 by Mr Haresh Bhansali and
his son, Mr Akshay Bhansali. It is engaged in trading of special
alloy steels wire rods, round bars and billets. The company is
based out of Mumbai (Maharashtra).


NIRMALA OFFSET: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Nirmala
Offset Printers (NOP) for obtaining information through letters
and emails dated October 23, 2017 and January 5, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term     7        CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              2        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Nirmala Offset Printers which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Nirmala Offset Printers is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Nirmala Offset Printers to 'CRISIL B/Stable Issuer
not cooperating'.

NOP was set up in 1984 as a proprietary firm by Mr Rajan
Verghese. The firm undertakes commercial printing on files,
calendars, and pamphlets, at its printing unit in Kerala.


P.S. INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating Cat.
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with P.S.
Industries (Regd) (PSI) for obtaining information through letters
and emails dated September 14, 2017 and October 26, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.75      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit      2.00      CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term    2.43      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Migrated)

   Term Loan              .82      CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of P.S. Industries (Regd), which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
P.S. Industries (Regd) is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of P.S. Industries (Regd) to 'CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

Set-up in 1987 as a proprietorship firm by Mr Parminder Singh,
PSI manufactures nuts, bolts, and fasteners used in the
automobile industry. Its plant is located in Ludhiana (Punjab).


PADIGELA GINNING: ICRA Moves B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA Ratings has moved the long-term ratings for the bank
facilities of Padigela Ginning Industries (PGI) to the 'Issuer
Not Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                   Amount
  Facilities     (INR crore)    Ratings
  ----------     -----------    -------
  Fund based-Cash
  Credit              7.50      [ICRA]B+(Stable); ISSUER NOT
                                COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

  Fund based-Term
  loan                0.10      [ICRA]B+(Stable); ISSUER NOT
                                COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

  Unallocated limits  4.40      [ICRA]B+(Stable); ISSUER NOT
                                COOPERATING; Rating moved to
                                the 'Issuer Not Cooperating'
                                category

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

Padigela Ginning Industries was founded in 2009 as a partnership
firm. PGI is in Bhainsa, Adilabad District, Telangana and is
involved in the ginning & pressing of raw cotton to produce
cotton lint & seeds and processing of cotton seeds to produce
cotton seed oil & cakes. The firm has 36 gins and one pressing
unit. The current capacity of the plant is 300 bales of lint per
day. The operations are currently managed by its managing
partner, Mr. P. Srinivas and his family members who has more than
6 years of experience in Ginning Industry.


PILANIA STEELS: CRISIL Assigns 'C' Rating to INR7.5MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
long-term bank facility of Pilania Steels Private Limited (PSPL)
and assigned 'CRISIL C' rating. CRISIL had suspended the ratings
on October 4, 2016, as the company had not provided the necessary
information required for a rating review. PSPL has now shared the
requisite information, enabling CRISIL to assign its ratings. .

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           7.5       CRISIL C (Assigned, Suspension
                                   revoked)

The rating reflects a weak financial risk profile, subdued
business risk profile driven by continuous losses and sharp
decline in revenue and exposure to risks related to the highly
competitive and fragmented steel industry. These rating
weaknesses are partially offset by the extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Weak financial risk profile: Financial risk profile is weak
marked by a negative networth and high gearing and weal debt
protection metrics. The company had incurred losses in last two
fiscals which led to erosion of networth and weakening of
financial risk profile.

* Sharp decline in business and exposure to risks related to the
highly competitive and fragmented steel industry: The revenue
declined sharply to less than INR4 crore in fiscal 2017 from
Rs.55 crore in previous year due to shut down of facility for
major part of the year. Although the facility restarted the
operations, the revival in performance remains critical. Further
steel industry in India is dominated by a large number of
unorganised players catering to local demand. Due to the highly
fragmented nature of the industry and limited differentiation in
products, the operations will remain susceptible to competitive
and fragmented nature of industry.

Strength:

* Industry experience of the promoters: The promoters have around
two decades of experience in the secondary steel industry. This
has resulted in a strong relationship with suppliers and
customers and will help the company to revive its business
operations.

PSPL was incorporated on August 28, 1995, in Bhilai,
Chhattisgarh, promoted by Mr Kailash Agarwal and Mr Ram Bhagat
Agarwal. The company is engaged in steel wire drawing.


PLY COM: CRISIL Lowers Rating on INR5MM Cash Loan to B-
-------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Ply Com Private Limited (PCPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'; short-term rating has been reaffirmed at
'CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B-/Stable (Downgraded
                                   from 'CRISIL B/Stable')

   Letter of Credit       5        CRISIL A4 (Reaffirmed)

The downgrade reflects weak financial risk profile because of
muted debt protection metrics, modest networth, and tight
liquidity. The ratings continue to reflect PCPL's modest scale of
operations, large working capital requirement, and exposure to
intense competition in the iron and steel trading business. These
weaknesses are partially offset by promoters' extensive
experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Networth was small at INR5.22
crore as on March 31, 2017, and total outside liabilities to
adjusted networth ratio moderate at 2.7 times. Both are expected
to remain at similar levels over the medium term. Debt protection
metrics were average, with interest coverage and net cash accrual
to total debt ratios of 1.19 times and 0.04 time, respectively,
in fiscal 2017. Metrics are likely to remain subdued over the
medium term. However, gearing was healthy at 0.95 time as on
March 31, 2017, and will remain steady over the medium term in
the absence of any further debt-funded capital expenditure
(capex).

* Modest scale of operations amid intense competition
Though revenue increased 23% in fiscal 2017, it remains small at
INR51.5 crore, which limits bargaining power with customers and
suppliers. Also, the iron and steel trading business is intensely
competitive due to low entry barrier. This, along with non-
exclusivity of contracts and commoditised products, limits scope
to increase scale. Trading nature of business with limited value
addition led to low operating profitability of 1.7% for fiscal
2017. Profitability will remain weak over the medium term

* Large working capital requirement: Gross current assets were
128 days (remained higher in the past) as on March 31, 2017, due
to stretched receivables of 59 days and inventory of 25 days.
Also, the company provides credit of around 40 days on sale of
thermo-mechanically treated bars, and of 40-60 days on sale of
timber and plywood. Bank limit utilisation averaged 99% over the
12 months ended December 2017. Working capital requirement will
remain large over the medium term.

Strengths

* Extensive experience of promoters: Presence of more than a
decade in the iron and steel trading industry has enabled the
promoters to establish strong relationship with suppliers and
customers. Products are sold in Vishakhapatnam, Vijayanagram, and
Srikakulam districts of Andhra Pradesh through a strong
dealership network. Promoters also have over 25 years of
experience in the plywood and timber industry.

Outlook: Stable

CRISIL believes PCPL will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability margins
improve substantially, or networth increases considerably with
sizeable equity infusion from promoters. The outlook may be
revised to 'Negative' if profitability margins decline, or
capital structure weakens further because of large, debt-funded
capex or stretched working capital cycle.

Incorporated in 2004 and promoted by Ms Buji Devi Agarwal and
family, PCPL trades in iron and steel products, and timber. Head
office is in Visakhapatnam and branch office in Bengaluru.

Profit after tax was INR0.17 crore on revenue of INR51.52 crore
in fiscal 2017, against INR0.17 crore on revenue of INR41.83
crore in fiscal 2016.


POOSHYA EXPORTS: ICRA Withdraws B Rating on INR2cr Loan
-------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B
(Stable) ISSUER NOT-COOPERATING and the short-term rating of
[ICRA]A4 ISSUER NOT-COOPERATING for the INR20.00-crore fund and
non-fund-based facilities of Pooshya Exports Private Limited.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long Term: Fund-        2.00      [ICRA]B(Stable) ISSUER NOT
  based Facilities                  COOPERATING withdrawn

  Short Term: Fund-      17.00      [ICRA]A4 ISSUER NOT
  based Facilities                  COOPERATING withdrawn

  Short Term: Non-        1.00      [ICRA]A4 ISSUER NOT
  fund based                        COOPERATING withdrawn
  Facilities

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension based on the written communication from
the banker of the company.

Incorporated in 1982, Pooshya Exports Private Limited (Pooshya)
is involved in the quarrying, processing and exporting of granite
products that find application primarily in the international
markets catering to construction and graveyard tombs. The company
operates from 13 leased quarries located at various parts of
Tamil Nadu and Andhra Pradesh and has its 100% export-oriented
unit (EOU) manufacturing facility spread across four acres at
Chembarambakkam near Chennai on National Highway 4. The company
primarily focuses on exports of granite slabs and granite tiles
which are processed in the factory. While Pooshya primarily
sources granite from its own quarries, it also sources from
external entities and group companies on certain occasions where
different coloured granites are in demand. Apart from export
sales, Pooshya also sells dimensional blocks procured from the
group and third-party quarries in the local market.


SHAMSHREE LIFESCIENCES: CRISIL Cuts Rating on INR11.21M Loan to D
-----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Shamshree Lifesciences Limited (SLL) to 'CRISIL D/CRISIL D'
from 'CRISIL BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           10        CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Corporate Loan         1.12     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

   Letter of Credit       5        CRISIL D (Downgraded from
                                   'CRISIL A4+')

   Proposed Long Term     1.3      CRISIL D (Downgraded from
   Bank Loan Facility              'CRISIL BB-/Stable')

   Term Loan             11.21     CRISIL D (Downgraded from
                                   'CRISIL BB-/Stable')

The downgrade reflects instances of delay by SLL in servicing its
debt due to weak liquidity.

The ratings reflect SIL modest scale of operations and large
working capital requirement. These rating weaknesses are
partially offset by experience of the promoter in the
pharmaceutical industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in meeting term debt obligation: There have been
instances of delay in debt servicing because of stretched
liquidity. That's primarily due to working capital intensive
operations which is reflected in estimated high gross current
days (GCA) of 201 days as on March 2017. Liquidity is likely to
remain under pressure over the medium term because of working
capital intensive operations.

* Modest scale of operations and large working capital
requirement: Scale of operations has been small, with revenue of
INR42.3 crore in fiscal 2017. Also, gross current assets were
sizeable at around 201 days as on March 31, 2017, driven by large
inventory and debtors of 119 days and 74 days, respectively.

Strength:

* Experience of promoter: The management has been trading active
pharmaceutical ingredients via another company, Shamshree
International Pvt Ltd, since two decades. In 2010, they started
manufacturing antibiotic injectables. Established relationships
with suppliers based in domestic and international markets has
led to timely supply of raw materials and favourable trade terms.

SLL was established in 2006 at Baddi (Himachal Pradesh) by Mr
Jatinder Kumar Jain as a closely held public limited company;
however, operations commenced in December 2010. The company
manufactures dry powder injectables, mainly antibiotics.


SRI SRI: CRISIL Lowers Rating on INR18MM Loan to B
--------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Sri Sri Sri Auto Cars
India Private Limited (SIPL) to CRISIL B+/Stable/Issuer not
cooperating. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of SIPL from 'CRISIL
B+/Stable/Issuer Not Cooperating' to 'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Drop Line              2        CRISIL B/Stable (Migrated from
   Overdraft Facility              'CRISIL B+/Stable' Issuer Not
                                   Cooperating)

   Inventory Funding     18        CRISIL B/Stable (Migrated from
   Facility                        'CRISIL B+/Stable' Issuer Not
                                   Cooperating)

The downgrade reflects deterioration in the credit risk profile
because of a decline in the operating margin and unanticipated
fund support extended to affiliates. Operating income increased
by over 20% fiscal-on-fiscal to INR153 crore in 2017 supported by
higher sales of Kwid and Duster car models of the principal,
Renault India Pvt Ltd (RIPL). However, the operating margin
declined to 1.1% from 2.69% on account of higher selling
expenses. This has resulted in a cash loss and hence subdued debt
protection metrics in fiscal 2017. Moreover, the company had
extended loans and advances of INR6.46 crore to its affiliates as
of March 31, 2017, resulting in pressure on liquidity. Revival in
the operating margin and recovery of the loans and advances to
affiliates will be key rating sensitivity factors.

The rating reflects a weak financial risk profile, a modest scale
of operations, and exposure to intense competition in the
automobile dealership industry. These weaknesses are partially
offset by the extensive industry experience of the promoters, an
established relationship with the principal, and moderate working
capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: The networth remained modest while
the total outside liabilities to tangible networth (TOLTNW) ratio
was high at INR2.96 crore and 13.82 times, respectively, on
March 31, 2017. Debt protection metrics also remained subdued:
the interest coverage and net cash accrual to total debt ratios
were 0.54 time and a negative 0.05 time, respectively, in fiscal
2017.

* Modest scale of operations and exposure to intense competition:
Operating income was modest at INR153 crore in fiscal 2017. The
company remains exposed to intense competition from other dealers
of Renault cars as well as those of other automobile
manufacturers.

Strengths

* Extensive experience of the promoters and established
relationship with the principal: The promoters have an experience
of over a decade in the automobile dealership business and have
also been running a few other dealerships in Warangal, Telangana
Also the company has an established relationship with RIPL and is
associated with it for more than 6 years.

* Moderate working capital management: Gross current assets,
inventory, and debtors remained moderate at 85, 44, and 20 days,
respectively, on March 31, 2017.

Outlook: Stable

CRISIL believes SIPL will continue to benefit from the extensive
industry experience of the promoters and established relationship
with the principal. The outlook may be revised to 'Positive' if
the financial risk profile improves, most likely driven by an
increase in scale of operations, and improvement in
profitability, capital structure, and debt protection metrics.
The outlook may be revised to 'Negative' in case of larger-than-
expected, debt-funded capital expenditure, weakening of working
capital management, or a decline in operating profitability,
leading to deterioration in the financial risk profile,
especially liquidity.

Incorporated in 2010 and promoted by Mr Membe Srinivas, SIPL is
an authorised dealer for RIPL in Hyderabad and Warangal.


UNION ENTERPRISES: ICRA Moves D Rating to Not Cooperating Cat.
-------------------------------------------------------------
ICRA Ratings has moved the long term ratings for the bank
facilities of Union Enterprises (Sachdev Steel Works Private
Limited) (UE) to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]D/[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
  Facilities      (INR crore)    Ratings
  ----------      -----------    -------
  Fund based-Term
  Loans                9.57      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

  Fund based-Cash
  Credit               6.40      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

  Unallocated          6.92      [ICRA]D ISSUER NOT COOPERATING;
                                 Rating moved to the 'Issuer Not
                                 Cooperating' category

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

Union Enterprises (UE) has been in the business of manufacturing
TMT bar and rod since 1975. The production facility is located in
the Adityapur Industrial Area in Jamshedpur, Jharkhand. UE
manufactures TMT bars wherein billets/pencil ingots are used as
the major raw material.



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


BIZDOJO: IWG Acquires Co-Working Firm
-------------------------------------
Madison Reidy at Stuff.co.nz reports that Global flexible
workspace provider IWG has bought New Zealand co-working firm
BizDojo.

IWG is the owner of workspace companies including Regus, Spaces,
No18 and Basepoint. It already has a presence in New Zealand with
14 Regus locations in Auckland, Wellington and Christchurch.

According to Stuff, New Zealand country manager Pierre Ferrandon
said IWG was pleased to have the opportunity to support an
entrepreneurial New Zealand company that had grown something
original from the ground up.

"IWG is very pleased to support this fantastic Kiwi concept with
our global network, resources and experience," the report quotes
Mr. Ferrandon as saying. "BizDojo has gained a significant
following over the years. Bringing it into our network offers New
Zealand businesses greater variety, with more, character-filled
locations. Our growing network in New Zealand enables our
customers to work however and wherever they want, with more
workspaces on the way."

Stuff relates that BizDojo co-founder Jonah Merchant said the
team was looking forward to working with IWG and benefitting from
its global reach and expertise.

"Digitalisation and new technologies are transforming how people
work. As a result, people are waking up to the personal
productivity benefits of being able to live and work how they
want," Mr. Ferrandon, as cited by Stuff, said.  "Businesses are
also increasingly understanding the financial and strategic
benefits to be gained from using flexible workspace to ensure
they always have the right space at the right time in the right
locations for their employees. These trends are increasing demand
for collaborative and inspiring workspaces and communities
globally, and here locally in New Zealand also."

BizDojo Group shareholder Tim Norton earlier paid NZD100,000 to
Auckland Tourism, Events & Economic Development (Ateed) in a
failed bid to buy time to complete the sale of the business and
avoid liquidation, Stuff says.

Stuff relates that Mr. Norton said the co-working space company's
ambitious decision to open four new Auckland sites last year
"pushed too far" and it was now paying the price.

Mr. Norton's personal payment to Ateed bought BizDojo an extra
three weeks to complete the company's sale, he said.

BizDojo Auckland, a separate entity set up by Bizdojo Group to
hold the sublease and operating contract for Ateed's GridAkl site
in central Auckland CBD, is in liquidation, Stuff discloses.

Ateed would not comment on the payment, referring all questions
to KordaMentha liquidators Brendon Gibson and Neale Jackson,
Stuff notes.

According to Stuff, Ateed spokeswoman Amy Robens said the
organisation wanted the liquidation process to run its course
without interference.

BizDojo Auckland owes NZD341,000 to Ateed in unpaid rent, the
first liquidators report said, Stuff relays.

It was placed into voluntary administration on December 6 and
Ateed took over BizDojo's contracts.  Ateed voted to have BizDojo
Auckland liquidated on January 19. Bizdojo changed its name to
BDG Group that same day, Stuff discloses.

Stuff relates that Mr. Norton said he and BizDojo's three main
shareholders Jonah Merchant, Nicholas Shewring and Lachlan Sloan,
worked with its creditors, including Wellington City Council, as
it sealed the sale deal.

Mr. Norton put another NZD220,000 into BizDojo to fund it through
the sale process.

He said every creditor, except Ateed, accepted the sale of
BizDojo to keep its co-working spaces operating in Auckland,
Wellington and Christchurch, Stuff adds.



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


* BOND PRICING: For the Week Jan. 29, 2018 to Feb. 2, 2018
----------------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50    04/01/19      USD     0.06
ARTSONIG PTY LTD            11.50    04/01/19      USD     0.06
KEYBRIDGE CAPITAL LTD        7.00    07/31/20      AUD     0.93
LAKES OIL NL                10.00    05/31/18      AUD     8.01
MIDWEST VANADIUM PTY LT     11.50    02/15/18      USD     0.19
MIDWEST VANADIUM PTY LT     11.50    02/15/18      USD     0.20
PALADIN ENERGY LTD           6.00    09/30/17      USD    40.00
PALADIN ENERGY LTD           7.00    03/31/20      USD    45.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
TREASURY CORP OF VICTOR      0.50    11/12/30      AUD    71.36


CHINA
-----

AKESU XINCHENG ASSET IN      7.50    10/10/18      CNY    25.17
ALXA LEAGUE INFRASTRUCT      6.40    03/14/20      CNY    60.37
ALXA LEAGUE INFRASTRUCT      6.40    03/14/20      CNY    60.40
ANHUI CHIZHOU CITY TIAN      7.40    10/23/20      CNY    60.68
ANKANG DEVELOPMENT & IN      6.35    03/06/20      CNY    59.91
ANQING ECONOMIC&TECHNOL      6.00    06/18/20      CNY    59.84
ANQING ECONOMIC&TECHNOL      6.00    06/18/20      CNY    59.99
ANQING URBAN CONSTRUCTI      6.76    12/31/19      CNY    40.39
ANQING URBAN CONSTRUCTI      6.76    12/31/19      CNY    40.73
ANSHAN HI-TECH INDUSTRY      8.50    12/20/20      CNY    62.85
ANSHUN STATE-RUN ASSETS      6.98    01/10/20      CNY    59.88
ANSHUN STATE-RUN ASSETS      6.98    01/10/20      CNY    61.00
ANYANG INVESTMENT GROUP      8.00    04/17/19      CNY    40.60
BAICHENG ZHONGXING URBA      7.00    12/18/19      CNY    40.10
BAISHAN URBAN CONSTRUCT      7.00    07/31/19      CNY    40.00
BAIYIN CITY DEVELOPMENT      6.78    07/19/20      CNY    60.13
BAIYIN CITY DEVELOPMENT      6.78    07/19/20      CNY    60.27
BAODING NATIONAL HI-TEC      7.33    12/24/19      CNY    40.76
BAOJI INVESTMENT GROUP       7.14    12/26/18      CNY    25.19
BAOJI INVESTMENT GROUP       7.14    12/26/18      CNY    25.28
BAOSHAN STATE-OWNED ASS      7.30    12/10/19      CNY    40.00
BAOSHAN STATE-OWNED ASS      7.30    12/10/19      CNY    40.29
BAOTOU STATE OWNED ASSE      7.03    09/17/19      CNY    40.46
BAYAN ZHUOER HETAO WATE      8.54    03/31/22      CNY    73.23
BAYANNUR LINHE DISTRICT      7.90    11/13/20      CNY    61.49
BAYANNUR URBAN DEVELOPM      6.40    03/15/20      CNY    59.98
BAYINGUOLENG INNER MONG      7.48    09/10/18      CNY    25.27
BEIJING BIOMEDICINE IND      6.35    07/23/20      CNY    59.90
BEIJING BIOMEDICINE IND      6.35    07/23/20      CNY    60.51
BEIJING CAPITAL DEVELOP      5.95    05/29/19      CNY    40.20
BEIJING CHAOYANG STATE-      5.25    03/27/20      CNY    59.62
BEIJING CHAOYANG STATE-      5.25    03/27/20      CNY    60.43
BEIJING CONSTRUCTION EN      5.95    07/05/19      CNY    40.08
BEIJING ECONOMIC TECHNO      5.29    03/06/18      CNY    39.92
BEIJING FUTURE SCIENCE       6.28    09/22/19      CNY    50.34
BEIJING FUTURE SCIENCE       6.28    09/22/19      CNY    50.50
BEIJING GUCAI GROUP CO       8.28    12/15/18      CNY    41.00
BEIJING GUCAI GROUP CO       6.60    09/06/20      CNY    60.57
BEIJING GUCAI GROUP CO       6.60    09/06/20      CNY    60.61
BEIJING HAIDIAN STATE-O      5.50    08/07/20      CNY    59.41
BEIJING JINGMEI GROUP C      6.14    09/09/20      CNY    59.97
BEIJING JINGMEI GROUP C      6.14    09/09/20      CNY    60.50
BEIJING JINLIYUAN STATE      7.00    10/28/20      CNY    60.00
BEIJING JINLIYUAN STATE      7.00    10/28/20      CNY    61.28
BEIJING XINGZHAN STATE       6.48    08/31/19      CNY    40.20
BEIJING XINGZHAN STATE       6.48    08/31/19      CNY    40.39
BENGBU URBAN INVESTMENT      6.30    09/11/20      CNY    60.61
BIJIE XINTAI INVESTMENT      7.15    08/20/19      CNY    40.54
BORALA MONGOL AUTONOMOU      7.18    08/09/20      CNY    60.60
BORALA MONGOL AUTONOMOU      7.18    08/09/20      CNY    60.82
C&D REAL ESTATE CO LTD       6.15    04/03/20      CNY    60.63
CANGZHOU CONSTRUCTION &      6.72    01/23/20      CNY    60.09
CANGZHOU CONSTRUCTION &      6.72    01/23/20      CNY    60.46
CHANGDE ECONOMIC DEVELO      7.19    09/12/19      CNY    40.65
CHANGDE ECONOMIC DEVELO      7.19    09/12/19      CNY    40.81
CHANGDE URBAN CONSTRUCT      6.50    02/25/20      CNY    60.01
CHANGDE URBAN CONSTRUCT      6.50    02/25/20      CNY    60.59
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.17
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.20
CHANGRUN INVESTMENT HOL      6.88    09/16/20      CNY    60.74
CHANGRUN INVESTMENT HOL      6.88    09/16/20      CNY    60.75
CHANGSHA CITY CONSTRUCT      6.95    04/24/19      CNY    40.37
CHANGSHA CITY CONSTRUCT      6.95    04/24/19      CNY    40.40
CHANGSHA COUNTY XINGCHE      8.35    04/06/19      CNY    40.75
CHANGSHA COUNTY XINGCHE      8.35    04/06/19      CNY    40.80
CHANGSHA ECONOMIC & TEC      8.45    04/13/22      CNY    72.89
CHANGSHA PILOT INVESTME      6.70    12/10/19      CNY    40.48
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    39.92
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    40.20
CHANGSHU CITY OPERATION      8.00    01/16/19      CNY    40.57
CHANGSHU DEVELOPMENT IN      5.80    04/19/20      CNY    60.15
CHANGXING URBAN CONSTRU      6.80    11/30/19      CNY    40.20
CHANGXING URBAN CONSTRU      6.80    11/30/19      CNY    40.47
CHANGYI ECONOMIC AND DE      7.35    10/30/20      CNY    55.82
CHANGYI ECONOMIC AND DE      7.35    10/30/20      CNY    55.85
CHANGZHI CITY CONSTRUCT      6.46    02/26/20      CNY    60.15
CHANGZHI CITY CONSTRUCT      6.46    02/26/20      CNY    60.32
CHANGZHOU BINHU CONSTRU      8.04    12/12/20      CNY    62.60
CHANGZHOU BINHU CONSTRU      8.04    12/12/20      CNY    63.75
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    59.98
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    60.24
CHANGZHOU JINTAN DISTRI      8.30    03/14/19      CNY    40.73
CHANGZHOU JINTAN DISTRI      6.38    04/26/20      CNY    60.19
CHANGZHOU WUJIN CITY CO      6.22    06/08/18      CNY    25.00
CHANGZHOU WUJIN CITY CO      6.22    06/08/18      CNY    25.03
CHAOHU URBAN TOWN CONST      7.00    12/24/19      CNY    40.48
CHAOHU URBAN TOWN CONST      7.00    12/24/19      CNY    40.56
CHAOYANG CONSTRUCTION I      7.30    05/25/19      CNY    40.25
CHEN ZHOU GAO KE ASSET       7.25    10/21/20      CNY    61.39
CHEN ZHOU GAO KE ASSET       7.25    10/21/20      CNY    61.88
CHENGDU CITY DEVELOPMEN      6.18    01/14/20      CNY    60.43
CHENGDU CITY DEVELOPMEN      6.18    01/14/20      CNY    60.95
CHENGDU ECONOMIC&TECHNO      6.50    07/17/18      CNY    25.10
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19      CNY    40.20
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19      CNY    40.35
CHENGDU HI-TECH INVESTM      6.28    11/20/19      CNY    40.18
CHENGDU PIDU DISTRICT S      7.25    10/15/20      CNY    60.74
CHENGDU PIDU DISTRICT S      7.25    10/15/20      CNY    61.23
CHENGDU XINCHENG XICHEN      8.35    03/19/19      CNY    40.59
CHENGDU XINDU XIANGCHEN      8.60    12/13/18      CNY    40.97
CHENGDU XINGCHENG INVES      6.17    01/28/20      CNY    60.46
CHENGDU XINGJIN URBAN C      7.30    11/27/19      CNY    40.77
CHENGDU XINGJIN URBAN C      7.30    11/27/19      CNY    40.77
CHENZHOU URBAN CONSTRUC      7.34    09/13/19      CNY    40.65
CHENZHOU URBAN CONSTRUC      7.34    09/13/19      CNY    40.73
CHENZHOU XINTIAN INVEST      6.30    07/17/20      CNY    60.38
CHIFENG CITY HONGSHAN I      7.20    07/25/19      CNY    40.19
CHINA CITY CONSTRUCTION      5.55    12/17/17      CNY    10.00
CHINA CITY CONSTRUCTION      4.93    07/14/20      CNY    10.00
CHINA GOVERNMENT BOND        3.70    05/23/66      CNY    68.41
CHINA GOVERNMENT BOND        1.64    12/15/33      CNY    70.20
CHINA RAILWAY CORP           3.40    10/27/46      CNY    74.22
CHINA SECURITY & FIRE C      4.45    11/11/19      CNY    68.00
CHINA YIXING ENVIRONMEN      7.10    10/18/20      CNY    60.46
CHINA YIXING ENVIRONMEN      7.10    10/18/20      CNY    60.50
CHIZHOU CITY MANAGEMENT      7.17    10/17/19      CNY    40.46
CHONGQING BEICHENG CONS      7.30    10/16/20      CNY    60.46
CHONGQING BEIFEI INDUST      7.13    12/25/19      CNY    40.03
CHONGQING CHANGSHOU DEV      7.45    09/25/19      CNY    40.01
CHONGQING CHANGSHOU DEV      7.45    09/25/19      CNY    40.62
CHONGQING CITY CONSTRUC      5.12    05/21/20      CNY    59.64
CHONGQING CITY CONSTRUC      5.12    05/21/20      CNY    59.65
CHONGQING DASUN ASSET D      6.98    09/10/20      CNY    60.62
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    60.31
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    60.44
CHONGQING FULING DISTRI      8.40    03/23/19      CNY    70.58
CHONGQING FULING DISTRI      8.40    03/23/19      CNY    71.17
CHONGQING FULING STATE-      6.39    01/21/20      CNY    60.17
CHONGQING FULING STATE-      6.39    01/21/20      CNY    60.18
CHONGQING HAOJIANG CONS      7.99    11/22/20      CNY    61.74
CHONGQING HAOJIANG CONS      7.99    11/22/20      CNY    61.75
CHONGQING HECHUAN INDUS      6.19    06/17/20      CNY    60.18
CHONGQING HECHUAN INDUS      6.19    06/17/20      CNY    60.32
CHONGQING HECHUAN RURAL      8.28    04/10/18      CNY    25.12
CHONGQING HONGRONG CAPI      7.20    10/16/19      CNY    40.30
CHONGQING HONGRONG CAPI      7.20    10/16/19      CNY    40.67
CHONGQING HONGYE INDUST      6.30    06/03/20      CNY    60.18
CHONGQING HONGYE INDUST      6.30    06/03/20      CNY    60.61
CHONGQING JIANGJIN HUAX      7.46    09/21/19      CNY    40.62
CHONGQING JIANGJIN HUAX      7.46    09/21/19      CNY    40.71
CHONGQING JINYUN ASSET       6.75    06/18/19      CNY    39.88
CHONGQING JINYUN ASSET       6.75    06/18/19      CNY    41.00
CHONGQING LAND PROPERTI      7.35    04/25/19      CNY    40.64
CHONGQING LAND PROPERTI      6.30    08/22/20      CNY    60.99
CHONGQING MAIRUI CITY I      6.82    08/17/19      CNY    40.42
CHONGQING NAN'AN URBAN       8.20    04/09/19      CNY    40.68
CHONGQING NANCHUAN DIST      7.35    09/06/19      CNY    40.30
CHONGQING NANCHUAN DIST      7.35    09/06/19      CNY    40.53
CHONGQING NANFA URBAN C      6.43    04/27/20      CNY    60.18
CHONGQING NANFA URBAN C      6.43    04/27/20      CNY    60.22
CHONGQING QIANJIANG CIT      8.40    03/23/19      CNY    70.00
CHONGQING QIANJIANG CIT      8.40    03/23/19      CNY    71.14
CHONGQING QIJIANG EAST       6.75    01/29/20      CNY    60.23
CHONGQING SHUANGFU CONS      7.49    10/23/20      CNY    60.87
CHONGQING SHUANGFU CONS      7.49    10/23/20      CNY    61.25
CHONGQING SHUANGQIAO EC      6.75    04/26/20      CNY    60.00
CHONGQING SHUANGQIAO EC      6.75    04/26/20      CNY    61.31
CHONGQING THREE GORGES       6.40    01/23/19      CNY    49.70
CHONGQING THREE GORGES       6.40    01/23/19      CNY    50.05
CHONGQING WANSHENG ECO       6.39    04/17/20      CNY    60.30
CHONGQING WANSHENG ECO       6.39    04/17/20      CNY    60.40
CHONGQING WESTERN MODER      7.08    10/18/20      CNY    61.19
CHONGQING WESTERN MODER      7.08    10/18/20      CNY    75.60
CHONGQING XINGRONG HOLD      8.35    04/19/19      CNY    40.84
CHONGQING XINGRONG HOLD      8.35    04/19/19      CNY    40.95
CHONGQING XIYONG MICRO-      6.76    07/25/19      CNY    40.20
CHONGQING XIYONG MICRO-      6.76    07/25/19      CNY    40.24
CHONGQING YONGCHUAN HUI      7.49    03/14/18      CNY    40.10
CHONGQING YONGCHUAN HUI      7.49    03/14/18      CNY    40.10
CHONGQING YONGCHUAN HUI      7.33    10/16/19      CNY    40.59
CHONGQING YONGCHUAN HUI      7.33    10/16/19      CNY    40.86
CHONGQING YUFU ASSET MA      6.50    09/04/19      CNY    40.00
CHONGQING YUFU HOLDING       6.50    09/04/19      CNY    40.38
CHONGQING YULONG ASSET       6.87    05/31/19      CNY    40.00
CHONGQING YUXING CONSTR      7.30    12/10/19      CNY    40.64
CHUXIONG AUTONOMOUS DEV      6.60    03/29/20      CNY    59.25
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19      CNY    40.51
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19      CNY    40.51
CHUZHOU TONGCHUANG CONS      7.05    01/09/20      CNY    40.37
CHUZHOU TONGCHUANG CONS      7.05    01/09/20      CNY    60.00
CIXI STATE OWNED ASSET       6.60    09/20/19      CNY    40.33
CIXI STATE OWNED ASSET       6.60    09/20/19      CNY    40.40
DALI ECONOMIC DEVELOPME      8.80    04/24/19      CNY    40.20
DALI ECONOMIC DEVELOPME      8.30    12/11/20      CNY    61.65
DALI ECONOMIC DEVELOPME      8.30    12/11/20      CNY    61.81
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    60.81
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    61.48
DALIAN DETA INVESTMENT       6.50    11/15/19      CNY    40.45
DALIAN LVSHUN CONSTRUCT      6.78    07/02/19      CNY    40.19
DALIAN LVSHUN CONSTRUCT      6.78    07/02/19      CNY    40.22
DALIAN RONGQIANG INVEST      8.60    03/30/19      CNY    70.30
DALIAN SHUNXING INVESTM      6.97    10/18/20      CNY    61.00
DALIAN SHUNXING INVESTM      6.97    10/18/20      CNY    61.08
DANYANG INVESTMENT GROU      8.10    03/06/19      CNY    40.55
DANYANG INVESTMENT GROU      8.10    03/06/19      CNY    40.61
DANYANG INVESTMENT GROU      6.81    10/23/19      CNY    50.25
DANYANG INVESTMENT GROU      6.81    10/23/19      CNY    50.64
DANYANG INVESTMENT GROU      6.90    10/23/20      CNY    60.94
DAQING GAOXIN STATE-OWN      6.88    12/05/19      CNY    40.40
DAQING URBAN CONSTRUCTI      6.55    10/23/19      CNY    40.17
DASHIQIAO URBAN CONSTRU      6.58    02/21/20      CNY    60.05
DASHIQIAO URBAN CONSTRU      6.58    02/21/20      CNY    60.27
DAYE CITY CONSTRUCTION       7.95    11/27/20      CNY    61.72
DAZHOU INVESTMENT CO LT      6.99    12/25/19      CNY    40.55
DAZHOU INVESTMENT CO LT      6.99    12/25/19      CNY    40.79
DEYANG CITY CONSTRUCTIO      6.99    12/26/19      CNY    40.30
DEYANG CITY CONSTRUCTIO      6.99    12/26/19      CNY    40.57
DEZHOU DEDA URBAN CONST      7.14    10/18/19      CNY    40.86
DONGTAI COMMUNICATION I      7.39    07/05/18      CNY    25.00
DONGTAI COMMUNICATION I      7.39    07/05/18      CNY    25.10
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19      CNY    40.55
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19      CNY    60.00
ENSHI URBAN CONSTRUCTIO      7.55    10/22/19      CNY    40.70
ERDOS DONGSHENG CITY DE      8.40    02/28/18      CNY    24.97
EZHOU CITY CONSTRUCTION      7.08    06/19/19      CNY    40.37
FEICHENG CITY ASSETS MA      7.10    08/14/18      CNY    25.19
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    40.45
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    40.53
FORESEA LIFE INSURANCE       6.25    09/30/25      CNY    68.22
FUGU COUNTY STATE-OWNED      8.69    12/16/20      CNY    60.77
FUJIAN JINJIANG URBAN C      6.35    04/26/20      CNY    60.51
FUJIAN LONGYAN CITY CON      7.45    08/14/19      CNY    40.44
FUJIAN NANPING HIGHWAY       7.90    10/26/18      CNY    40.79
FUJIAN NANPING HIGHWAY       6.69    01/28/20      CNY    60.27
FUJIAN NANPING HIGHWAY       6.69    01/28/20      CNY    60.30
FUQING CITY STATE-OWNED      6.66    03/01/21      CNY    70.71
FUSHUN URBAN INVESTMENT      5.95    05/11/18      CNY    40.01
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    73.06
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    73.80
FUXIN INFRASTRUCTURE CO      7.55    10/10/19      CNY    40.57
FUZHOU INVESTMENT DEVEL      6.78    01/16/20      CNY    60.00
FUZHOU INVESTMENT DEVEL      6.78    01/16/20      CNY    60.67
FUZHOU JIANGONG GROUP C      6.80    12/10/19      CNY    70.98
FUZHOU URBAN AND RURAL       6.35    09/25/18      CNY    25.01
GANSU PROVINCIAL HIGHWA      6.75    11/16/18      CNY    20.28
GANSU PROVINCIAL HIGHWA      7.20    09/19/18      CNY    40.50
GANZHOU CITY DEVELOPMEN      6.40    07/10/18      CNY    25.09
GANZHOU DEVELOPMENT ZON      6.70    12/26/18      CNY    24.00
GANZHOU DEVELOPMENT ZON      6.70    12/26/18      CNY    25.17
GANZHOU DEVELOPMENT ZON      8.15    12/31/19      CNY    50.15
GANZHOU DEVELOPMENT ZON      8.15    12/31/19      CNY    50.73
GAOMI STATE-OWNED ASSET      6.75    11/15/18      CNY    25.10
GAOMI STATE-OWNED ASSET      6.75    11/15/18      CNY    25.26
GAOMI STATE-OWNED ASSET      6.70    11/15/19      CNY    40.64
GAOMI STATE-OWNED ASSET      6.70    11/15/19      CNY    40.65
GOLMUD INVESTMENT HOLDI      8.70    12/30/20      CNY    61.75
GREENLAND HOLDING GROUP      6.24    05/23/20      CNY    73.40
GREENLAND HOLDING GROUP      6.24    05/23/20      CNY    73.87
GUANG ZHOU PANYU COMMUN      6.30    04/12/19      CNY    50.00
GUANG ZHOU PANYU COMMUN      6.30    04/12/19      CNY    50.08
GUANGAN INVESTMENT HOLD      8.18    04/25/19      CNY    40.56
GUANGXI BAISE DEVELOPME      6.50    07/04/19      CNY    40.14
GUANGXI BAISE DEVELOPME      6.50    07/04/19      CNY    40.16
GUANGXI LAIBIN URBAN CO      8.36    03/14/19      CNY    71.06
GUANGYUAN INVESTMENT HO      7.25    11/26/19      CNY    40.83
GUANGZHOU DEVELOPMENT Z      6.70    08/14/22      CNY    71.81
GUILIN ECONOMIC CONSTRU      6.90    05/09/18      CNY    25.07
GUIYANG ECO&TECH DEVELO      8.42    03/27/19      CNY    40.27
GUIYANG HI-TECH HOLDING      6.01    12/01/19      CNY    49.98
GUIYANG JINYANG CONSTRU      6.70    10/24/18      CNY    25.12
GUIYANG JINYANG CONSTRU      6.70    10/24/18      CNY    25.24
GUIYANG PUBLIC RESIDENT      6.70    11/06/19      CNY    41.18
GUIYANG PUBLIC RESIDENT      6.70    11/06/19      CNY    60.93
GUIYANG URBAN DEVELOPME      6.20    02/28/20      CNY    59.84
GUIZHOU KAILI CITY CONS      8.30    12/12/20      CNY    62.12
GUIZHOU KAILI CITY CONS      8.30    12/12/20      CNY    63.00
GUOAO INVESTMENT DEVELO      6.89    10/29/18      CNY    25.12
GUOAO INVESTMENT DEVELO      6.89    10/29/18      CNY    25.12
HAIAN COUNTY CITY CONST      8.35    03/28/18      CNY    25.14
HAICHENG URBAN INVESTME      8.39    11/07/18      CNY    40.66
HAICHENG URBAN JINCAI L      8.56    12/19/20      CNY    61.68
HAICHENG URBAN JINCAI L      8.56    12/19/20      CNY    65.98
HAILAR URBAN INFRASTRUC      6.20    05/14/20      CNY    59.61
HAILAR URBAN INFRASTRUC      6.20    05/14/20      CNY    60.65
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    40.48
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    40.52
HAINAN HARBOR & SHIPPIN      6.80    10/18/19      CNY    70.62
HAINAN HARBOR & SHIPPIN      6.80    10/18/19      CNY    70.70
HAINING CITY JIANSHAN D      6.90    11/04/20      CNY    61.42
HAINING CITY JIANSHAN D      6.90    11/04/20      CNY    62.00
HAINING STATE-OWNED ASS      7.80    09/20/18      CNY    40.56
HAINING STATE-OWNED ASS      7.80    09/20/18      CNY    40.57
HAINING STATE-OWNED ASS      6.08    03/06/20      CNY    59.30
HAINING STATE-OWNED ASS      6.08    03/06/20      CNY    60.29
HAIXI STATE DEVELOPMENT      8.60    01/02/21      CNY    63.39
HAIYAN COUNTY STATE-OWN      7.00    09/04/20      CNY    60.53
HAIYAN COUNTY STATE-OWN      7.00    09/04/20      CNY    61.24
HANDAN CITY CONSTRUCTIO      7.05    12/24/19      CNY    40.61
HANDAN CITY CONSTRUCTIO      7.05    12/24/19      CNY    40.85
HANDAN CITY CONSTRUCTIO      7.60    11/25/20      CNY    60.00
HANGZHOU CANAL COMPREHE      6.00    04/02/20      CNY    59.70
HANGZHOU CANAL COMPREHE      6.00    04/02/20      CNY    59.84
HANGZHOU HIGH-TECH INDU      6.45    01/28/20      CNY    60.42
HANGZHOU HIGH-TECH INDU      6.45    01/28/20      CNY    60.59
HANGZHOU MUNICIPAL CONS      5.90    04/25/18      CNY    25.01
HANGZHOU MUNICIPAL CONS      5.90    04/25/18      CNY    25.05
HANGZHOU XIAOSHAN ECO&T      6.70    12/26/18      CNY    25.16
HANGZHOU YUHANG CITY CO      7.55    03/29/19      CNY    40.47
HANGZHOU YUHANG CITY CO      7.55    03/29/19      CNY    40.61
HANGZHOU YUHANG INNOVAT      6.50    03/18/20      CNY    60.38
HANGZHOU YUHANG INNOVAT      6.50    03/18/20      CNY    60.62
HANJIANG STATE-OWNED-AS      8.12    01/12/19      CNY    40.49
HANJIANG STATE-OWNED-AS      8.12    01/12/19      CNY    40.50
HANJIANG STATE-OWNED-AS      7.30    11/11/20      CNY    61.25
HANJIANG STATE-OWNED-AS      7.30    11/11/20      CNY    61.81
HANZHONG CITY CONSTRUCT      7.48    03/14/18      CNY    40.00
HANZHONG CITY CONSTRUCT      7.48    03/14/18      CNY    40.05
HARBIN HELI INVESTMENT       7.48    09/26/18      CNY    40.25
HARBIN HELI INVESTMENT       7.48    09/26/18      CNY    40.41
HARBIN HIGH-TECH INDUST      7.00    09/16/20      CNY    61.02
HARBIN HIGH-TECH INDUST      7.00    09/16/20      CNY    61.83
HARBIN WATER INVESTMENT      5.70    05/06/20      CNY    60.05
HARBIN WATER INVESTMENT      5.70    05/06/20      CNY    60.40
HEBEI SHUNDE INVESTMENT      6.98    12/05/19      CNY    40.53
HEBEI SHUNDE INVESTMENT      6.98    12/05/19      CNY    40.59
HECHI CITY CONSTRUCTION      8.50    12/18/20      CNY    62.15
HECHI CITY CONSTRUCTION      8.50    12/18/20      CNY    62.25
HEFEI BINHU NEW ZONE CO      6.35    06/13/19      CNY    70.41
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19      CNY    70.99
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19      CNY    71.10
HEFEI HAIHENG INVESTMEN      7.30    06/12/19      CNY    40.43
HEFEI INDUSTRIAL INVEST      6.30    03/20/20      CNY    60.90
HEFEI TAOHUA INDUSTRIAL      8.79    03/27/19      CNY    41.06
HEFEI XINCHENG STATE-OW      7.88    04/23/19      CNY    40.59
HEGANG KAIYUAN CITY INV      6.50    07/19/19      CNY    40.23
HEIHE CITY CONSTRUCTION      8.48    03/23/19      CNY    71.29
HEILONGJIANG HECHENG CO      7.05    06/21/22      CNY    69.57
HEILONGJIANG POST-DISAS      7.06    11/20/20      CNY    74.43
HENAN JIYUAN CITY CONST      7.50    09/25/19      CNY    40.76
HENGYANG CITY CONSTRUCT      7.06    08/13/19      CNY    40.67
HENGYANG HONGXIANG STAT      6.20    06/19/20      CNY    60.09
HENGYANG HONGXIANG STAT      6.20    06/19/20      CNY    60.35
HEYUAN CITY URBAN DEVEL      6.55    03/19/20      CNY    60.09
HEYUAN CITY URBAN DEVEL      6.55    03/19/20      CNY    60.54
HONGHEZHOU ROAD DEVELOP      6.27    05/06/20      CNY    60.09
HUAIAN CITY URBAN ASSET      6.87    12/26/19      CNY    40.64
HUAIAN CITY WATER HOLDI      8.25    03/08/19      CNY    40.69
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19      CNY    40.48
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19      CNY    40.94
HUAIAN QINGHE NEW AREA       6.68    01/24/20      CNY    60.22
HUAIAN QINGHE NEW AREA       6.68    01/24/20      CNY    60.56
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18      CNY    25.18
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18      CNY    25.68
HUAIHUA CITY CONSTRUCTI      8.00    03/22/18      CNY    25.09
HUAIHUA CITY INDUSTRIAL      7.70    10/29/20      CNY    60.20
HUAIHUA CITY INDUSTRIAL      7.70    10/29/20      CNY    61.16
HUANGGANG CITY CONSTRUC      7.10    10/19/19      CNY    40.18
HUANGGANG CITY CONSTRUC      7.10    10/19/19      CNY    41.05
HUANGGANG CITY CONSTRUC      8.60    12/25/20      CNY    62.69
HUANGGANG CITY CONSTRUC      8.60    12/25/20      CNY    83.50
HUANGSHI CIHU HIGH-TECH      8.70    12/05/20      CNY    63.53
HUANGSHI URBAN CONSTRUC      6.96    10/25/19      CNY    40.52
HUIAN STATE ASSETS INVE      7.50    10/15/19      CNY    40.50
HUIAN STATE ASSETS INVE      7.50    10/15/19      CNY    40.56
HULUDAO INVESTMENT GROU      7.05    10/18/20      CNY    60.47
HULUDAO INVESTMENT GROU      7.05    10/18/20      CNY    60.52
HUNAN CHANGDE DEYUAN IN      7.18    10/18/18      CNY    25.07
HUNAN CHENGLINGJI HARBO      7.70    10/15/18      CNY    25.25
HUNAN CHENGLINGJI HARBO      7.70    10/15/18      CNY    25.32
HUNAN TIER GROUP CO LTD      8.00    12/23/20      CNY    62.32
HUNAN TIER GROUP CO LTD      8.00    12/23/20      CNY    85.00
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    24.86
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    24.90
HUZHOU CITY INVESTMENT       6.70    12/14/19      CNY    40.57
HUZHOU NANXUN STATE-OWN      8.15    03/31/19      CNY    40.61
HUZHOU WUXING NANTAIHU       7.71    02/17/18      CNY    40.06
INNER MONGOLIA HIGH-TEC      7.20    09/25/19      CNY    40.30
INNER MONGOLIA ZHUNGEER      6.94    05/10/18      CNY    50.10
JIAMUSI NEW ERA INFRAST      8.25    03/22/19      CNY    40.43
JIAN CITY CONSTRUCTION       7.80    04/20/19      CNY    40.20
JIAN CITY CONSTRUCTION       7.80    04/20/19      CNY    40.52
JIANAN INVESTMENT HOLDI      7.68    09/04/19      CNY    40.00
JIANAN INVESTMENT HOLDI      7.68    09/04/19      CNY    40.77
JIANGDONG HOLDING GROUP      6.90    03/27/19      CNY    40.35
JIANGMEN CITY BINJIANG       6.60    02/28/20      CNY    60.00
JIANGMEN CITY BINJIANG       6.60    02/28/20      CNY    60.07
JIANGMEN NEW HI-TECH IN      7.39    11/04/20      CNY    60.00
JIANGMEN NEW HI-TECH IN      7.39    11/04/20      CNY    61.43
JIANGSU FURUDONGHAI DEV      7.09    09/13/20      CNY    60.74
JIANGSU FURUDONGHAI DEV      7.09    09/13/20      CNY    60.81
JIANGSU HANRUI INVESTME      8.16    03/01/19      CNY    40.75
JIANGSU HUAJING ASSETS       6.00    05/16/20      CNY    59.93
JIANGSU JINGUAN INVESTM      6.40    01/28/19      CNY    49.42
JIANGSU JURONG FUDI BIO      8.70    04/26/19      CNY    71.07
JIANGSU LIANYUN DEVELOP      6.10    06/19/19      CNY    39.69
JIANGSU LIANYUN DEVELOP      6.10    06/19/19      CNY    40.07
JIANGSU NANJING PUKOU E      7.10    10/08/19      CNY    40.00
JIANGSU NANJING PUKOU E      7.10    10/08/19      CNY    40.40
JIANGSU NEWHEADLINE DEV      7.00    08/27/20      CNY    55.39
JIANGSU NEWHEADLINE DEV      7.00    08/27/20      CNY    55.73
JIANGSU SUHAI INVESTMEN      7.20    11/07/19      CNY    40.35
JIANGSU SUHAI INVESTMEN      7.20    11/07/19      CNY    40.48
JIANGSU TAICANG PORT DE      7.66    05/16/19      CNY    40.59
JIANGSU WUZHONG ECONOMI      8.05    12/16/18      CNY    40.67
JIANGSU WUZHONG ECONOMI      8.05    12/16/18      CNY    71.03
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    40.48
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    40.50
JIANGSU ZHANGJIAGANG EC      6.98    11/16/19      CNY    40.35
JIANGSU ZHANGJIAGANG EC      6.98    11/16/19      CNY    40.70
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    40.72
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    40.75
JIANGYAN STATE OWNED AS      6.85    12/03/19      CNY    40.34
JIANGYAN STATE OWNED AS      6.85    12/03/19      CNY    40.58
JIANGYIN CITY CONSTRUCT      7.20    06/11/19      CNY    40.49
JIANGYIN GAOXIN DISTRIC      7.31    04/25/18      CNY    50.12
JIANGYIN GAOXIN DISTRIC      6.60    02/27/20      CNY    60.56
JIANGYIN LINGANG NEW CI      7.10    11/07/20      CNY    60.80
JIANGYIN LINGANG NEW CI      7.10    11/07/20      CNY    61.62
JIANHU URBAN CONSTRUCTI      6.50    02/22/20      CNY    60.09
JIANHU URBAN CONSTRUCTI      6.50    02/22/20      CNY    60.31
JIASHAN STATE-OWNED ASS      6.80    06/06/19      CNY    40.90
JIAXING CITY CULTURE MI      8.16    03/08/19      CNY    40.57
JIAXING ECONOMIC&TECHNO      6.78    06/14/19      CNY    40.27
JIAXING ECONOMIC&TECHNO      6.78    06/14/19      CNY    40.33
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    59.92
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    60.11
JILIN RAILWAY INVESTMEN      6.63    06/26/19      CNY    69.89
JIMO CITY URBAN DEVELOP      8.10    12/17/19      CNY    50.80
JIMO CITY URBAN DEVELOP      8.10    12/17/19      CNY    51.27
JINAN CITY CONSTRUCTION      6.98    03/26/18      CNY    24.50
JINAN CITY CONSTRUCTION      6.98    03/26/18      CNY    25.09
JINAN XIAOQINGHE DEVELO      7.15    09/05/19      CNY    39.80
JINAN XIAOQINGHE DEVELO      7.15    09/05/19      CNY    40.66
JINGDEZHEN STATE-OWNED       7.48    03/23/18      CNY    50.00
JINGDEZHEN STATE-OWNED       7.48    03/23/18      CNY    50.13
JINGDEZHEN STATE-OWNED       6.59    06/25/20      CNY    60.34
JINGDEZHEN STATE-OWNED       6.59    06/25/20      CNY    60.46
JINGJIANG BINJIANG XINC      6.80    10/23/18      CNY    25.00
JINGJIANG BINJIANG XINC      6.80    10/23/18      CNY    25.11
JINGMEN CITY CONSTRUCTI      7.00    10/17/20      CNY    60.90
JINGMEN CITY CONSTRUCTI      6.85    07/09/22      CNY    71.01
JINGMEN CITY CONSTRUCTI      7.00    10/17/20      CNY    81.92
JINGZHOU ECONOMIC TECHN      8.20    12/09/20      CNY    62.10
JINGZHOU URBAN CONSTRUC      7.98    04/24/19      CNY    40.71
JINING CITY CONSTRUCTIO      8.30    12/31/18      CNY    20.53
JINING CITY YANZHOU DIS      5.90    05/28/21      CNY    69.00
JINING HI-TECH TOWN CON      6.60    01/28/20      CNY    60.49
JINING HI-TECH TOWN CON      6.60    01/28/20      CNY    60.56
JINING WATER SUPPLY GRO      7.18    01/22/20      CNY    60.63
JINSHAN STATE-OWNED ASS      6.65    11/27/19      CNY    40.37
JINZHONG CITY PUBLIC IN      6.50    03/18/20      CNY    59.50
JINZHONG CITY PUBLIC IN      6.50    03/18/20      CNY    60.28
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    39.99
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    40.26
JINZHOU CITY INVESTMENT      8.50    12/27/20      CNY    61.70
JINZHOU CITY INVESTMENT      8.50    12/27/20      CNY    62.65
JISHOU HUATAI STATE OWN      7.37    12/12/19      CNY    40.63
JIUJIANG CITY CONSTRUCT      8.49    02/23/19      CNY    40.42
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19      CNY    49.83
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19      CNY    50.29
JIUJIANG STATE-OWNED AS      6.68    03/07/20      CNY    59.90
JIUJIANG STATE-OWNED AS      6.68    03/07/20      CNY    60.48
JIXI STATE OWN ASSET MA      7.18    11/08/19      CNY    40.39
KAIFENG DEVELOPMENT INV      6.47    07/11/19      CNY    40.31
KARAMAY URBAN CONSTRUCT      7.15    09/04/19      CNY    40.57
KARAMAY URBAN CONSTRUCT      7.15    09/04/19      CNY    40.58
KASHI URBAN CONSTRUCTIO      7.18    11/27/19      CNY    40.56
KIZILSU KIRGHIZ AUTONOM      7.15    09/16/20      CNY    61.06
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20      CNY    61.60
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20      CNY    80.00
KUNMING CITY CONSTRUCTI      7.60    04/13/18      CNY    25.10
KUNMING CITY CONSTRUCTI      7.60    04/13/18      CNY    25.11
KUNMING DIANCHI INVESTM      6.50    02/01/20      CNY    60.33
KUNMING DIANCHI INVESTM      6.50    02/01/20      CNY    60.50
KUNMING INDUSTRIAL DEVE      6.46    10/23/19      CNY    40.26
KUNMING INDUSTRIAL DEVE      6.46    10/23/19      CNY    40.54
KUNMING WUHUA DISTRICT       8.60    03/15/18      CNY    25.08
KUNMING WUHUA DISTRICT       8.60    03/15/18      CNY    25.20
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19      CNY    40.12
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19      CNY    40.38
KUNSHAN HUAQIAO INTERNA      7.98    12/30/18      CNY    20.50
LAIWU CITY ECONOMIC DEV      6.50    03/01/18      CNY    29.99
LANZHOU CITY DEVELOPMEN      8.20    12/15/18      CNY    40.91
LANZHOU CITY DEVELOPMEN      8.20    12/15/18      CNY    68.05
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.10
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.27
LESHAN STATE-OWNED ASSE      6.99    03/18/18      CNY    40.04
LESHAN STATE-OWNED ASSE      6.99    03/18/18      CNY    40.09
LIAONING COASTAL ECONOM      8.90    04/01/21      CNY    45.60
LIAONING COASTAL ECONOM      8.90    04/01/21      CNY    47.22
LIAONING YAODU DEVELOPM      7.35    12/12/19      CNY    40.19
LIAOYANG CITY ASSETS OP      6.88    06/13/18      CNY    34.99
LIAOYANG CITY ASSETS OP      7.10    11/13/19      CNY    40.19
LIAOYUAN STATE-OWNED AS      8.17    03/13/19      CNY    40.08
LIAOYUAN STATE-OWNED AS      8.17    03/13/19      CNY    41.50
LIJIANG GUCHENG MANAGEM      6.68    07/26/19      CNY    40.26
LINCANG STATE-OWNED ASS      6.58    04/11/20      CNY    60.27
LINFEN CITY INVESTMENT       6.20    05/23/20      CNY    59.00
LINFEN CITY INVESTMENT       6.20    05/23/20      CNY    60.27
LINFEN CITY INVESTMENT       7.23    02/22/19      CNY    74.99
LINFEN YAODU DISTRICT I      6.99    09/27/20      CNY    59.54
LINHAI CITY INFRASTRUCT      6.30    03/21/20      CNY    60.20
LINHAI CITY INFRASTRUCT      6.30    03/21/20      CNY    60.31
LINYI CITY ASSET MANAGE      6.68    12/12/19      CNY    40.56
LINYI ECONOMIC DEVELOPM      8.26    09/24/19      CNY    41.07
LINYI INVESTMENT DEVELO      8.10    03/27/18      CNY    25.13
LISHUI CITY CONSTRUCTIO      6.00    05/23/20      CNY    59.93
LISHUI CITY CONSTRUCTIO      6.00    05/23/20      CNY    60.85
LISHUI URBAN CONSTRUCTI      5.80    05/29/20      CNY    59.86
LISHUI URBAN CONSTRUCTI      5.80    05/29/20      CNY    59.91
LIUPANSHUI DEVELOPMENT       6.97    12/03/19      CNY    40.52
LIUPANSHUI DEVELOPMENT       6.97    12/03/19      CNY    61.00
LIUZHOU CITY INVESTMENT      7.18    12/31/22      CNY    71.19
LIUZHOU DONGCHENG INVES      8.30    02/15/19      CNY    40.63
LIUZHOU DONGCHENG INVES      7.40    10/29/20      CNY    61.49
LIUZHOU DONGCHENG INVES      7.40    10/29/20      CNY    61.57
LIUZHOU INVESTMENT HOLD      6.98    08/15/19      CNY    40.24
LIYANG CITY CONSTRUCTIO      8.20    11/08/18      CNY    33.94
LIYANG CITY CONSTRUCTIO      6.20    03/08/20      CNY    60.43
LIYANG CITY CONSTRUCTIO      6.20    03/08/20      CNY    60.52
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20      CNY    60.57
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20      CNY    61.08
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    25.18
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    25.21
LU'AN CITY CONSTRUCTION      8.00    12/02/20      CNY    62.18
LUOHE CITY CONSTRUCTION      6.99    10/30/19      CNY    40.45
LUOHE CITY CONSTRUCTION      6.99    10/30/19      CNY    40.54
MAANSHAN ECONOMIC TECHN      7.10    12/20/19      CNY    40.76
MEISHAN HONGDA CONSTRUC      6.56    06/19/20      CNY    59.85
MEISHAN HONGDA CONSTRUC      6.56    06/19/20      CNY    60.67
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20      CNY    60.69
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20      CNY    60.76
MIANYANG INVESTMENT HOL      7.70    03/26/19      CNY    70.43
MIANYANG INVESTMENT HOL      7.70    03/26/19      CNY    70.72
MIANYANG SCIENCE TECHNO      6.30    07/22/18      CNY    27.51
MIANYANG SCIENCE TECHNO      7.16    05/15/19      CNY    40.37
MINXIXINGHANG STATE-OWN      6.20    03/26/19      CNY    50.18
MINXIXINGHANG STATE-OWN      6.20    03/26/19      CNY    50.21
MUDANJIANG STATE-OWNED       7.08    08/30/19      CNY    40.32
MUDANJIANG STATE-OWNED       7.08    08/30/19      CNY    40.33
NANAN CITY TRADE INDUST      8.50    04/25/19      CNY    40.78
NANCHANG CITY CONSTRUCT      6.19    02/20/20      CNY    60.39
NANCHANG COUNTY URBAN C      6.50    07/17/19      CNY    50.16
NANCHANG COUNTY URBAN C      6.50    07/17/19      CNY    50.23
NANCHANG ECONOMY TECHNO      6.88    01/09/20      CNY    40.01
NANCHANG MUNICIPAL PUBL      5.88    02/25/20      CNY    60.32
NANCHANG WATER CONSERVA      6.28    06/21/20      CNY    60.35
NANCHANG WATER CONSERVA      6.28    06/21/20      CNY    60.62
NANCHONG DEVELOPMENT IN      6.69    01/28/20      CNY    60.46
NANCHONG DEVELOPMENT IN      6.69    01/28/20      CNY    60.75
NANCHONG ECONOMIC DEVEL      8.16    04/26/19      CNY    40.67
NANJING JIANGNING SCIEN      7.29    04/28/19      CNY    40.32
NANJING NEW&HIGH TECHNO      6.94    09/07/19      CNY    39.95
NANJING NEW&HIGH TECHNO      6.94    09/07/19      CNY    40.47
NANJING STATE OWNED ASS      5.40    03/06/20      CNY    59.73
NANJING STATE OWNED ASS      5.40    03/06/20      CNY    60.50
NANJING URBAN CONSTRUCT      5.68    11/26/18      CNY    24.94
NANJING URBAN CONSTRUCT      5.68    11/26/18      CNY    50.50
NANJING XINGANG DEVELOP      6.80    01/08/20      CNY    40.01
NANNING URBAN CONSTRUCT      8.20    12/26/20      CNY    61.44
NANNING URBAN CONSTRUCT      8.20    12/26/20      CNY    83.54
NANPING CITY WUYI NEW D      6.70    08/06/20      CNY    60.51
NANPING CITY WUYI NEW D      6.70    08/06/20      CNY    61.07
NANTONG CITY GANGZHA DI      7.15    01/09/20      CNY    60.73
NANTONG CITY GANGZHA DI      7.15    01/09/20      CNY    60.76
NANTONG CITY TONGZHOU D      6.80    05/28/19      CNY    40.25
NANTONG ECONOMIC & TECH      5.80    05/17/20      CNY    60.03
NANTONG ECONOMIC & TECH      5.80    05/17/20      CNY    60.04
NANYANG INVESTMENT GROU      7.05    10/24/20      CNY    60.40
NANYANG INVESTMENT GROU      7.05    10/24/20      CNY    61.37
NEIJIANG INVESTMENT HOL      7.00    07/19/18      CNY    25.07
NEIJIANG INVESTMENT HOL      7.00    07/19/18      CNY    25.09
NEIMENGGU XINLINGOL XIN      7.62    02/25/18      CNY    40.08
NEOGLORY HOLDING GROUP       8.10    11/23/18      CNY    63.02
NEOGLORY HOLDING GROUP       6.50    09/25/20      CNY    65.00
NINGBO CITY YINZHOU CIT      6.50    03/18/20      CNY    59.30
NINGBO CITY YINZHOU CIT      6.50    03/18/20      CNY    60.67
NINGBO EASTERN NEW TOWN      6.45    01/21/20      CNY    59.81
NINGBO URBAN CONSTRUCTI      7.39    03/01/18      CNY    25.00
NINGBO URBAN CONSTRUCTI      7.39    03/01/18      CNY    25.07
NINGBO ZHENHAI HAIJIANG      6.65    11/28/18      CNY    25.26
NINGDE CITY STATE-OWNED      7.99    12/05/20      CNY    61.97
NINGDE CITY STATE-OWNED      7.99    12/05/20      CNY    62.23
NINGHAI COUNTY URBAN IN      8.00    01/02/21      CNY    61.90
NINGHAI COUNTY URBAN IN      8.00    01/02/21      CNY    62.20
PANJIN CONSTRUCTION INV      7.50    05/17/19      CNY    40.58
PANJIN CONSTRUCTION INV      7.50    05/17/19      CNY    40.74
PANJIN CONSTRUCTION INV      7.42    03/01/18      CNY    60.04
PANJIN PETROLEUM HIGH T      6.95    01/10/20      CNY    60.39
PANJIN PETROLEUM HIGH T      6.95    01/10/20      CNY    60.41
PEIXIAN STATE-OWNED ASS      7.20    12/06/19      CNY    40.00
PEIXIAN STATE-OWNED ASS      7.20    12/06/19      CNY    40.69
PENGLAI CITY PENGLAIGE       6.80    01/30/21      CNY    69.85
PENGLAI CITY PENGLAIGE       6.80    01/30/21      CNY    70.50
PINGDINGSHAN CITY DEVEL      7.86    05/08/19      CNY    40.54
PINGDINGSHAN CITY DEVEL      7.86    05/08/19      CNY    40.54
PINGDU CITY STATE OWNED      7.25    11/05/20      CNY    61.01
PINGDU CITY STATE OWNED      7.25    11/05/20      CNY    61.10
PINGHU CITY DEVELOPMENT      7.20    09/18/19      CNY    40.10
PINGHU CITY DEVELOPMENT      7.20    09/18/19      CNY    40.56
PINGLIANG CHENGXIANG CO      7.10    09/17/20      CNY    60.90
PINGTAN COMPOSITE EXPER      6.58    03/15/20      CNY    60.33
PINGTAN COMPOSITE EXPER      6.58    03/15/20      CNY    60.47
PINGXIANG HUIFENG INVES      7.06    10/11/20      CNY    61.32
PINGXIANG HUIFENG INVES      7.06    10/11/20      CNY    63.15
PINGXIANG URBAN CONSTRU      6.89    12/10/19      CNY    40.05
PINGXIANG URBAN CONSTRU      6.89    12/10/19      CNY    40.06
PIZHOU RUNCHENG ASSET O      7.55    09/25/19      CNY    40.82
PUER CITY STATE OWNED A      7.38    06/20/19      CNY    40.33
PULANDIAN CITY CONSTRUC      8.48    12/12/18      CNY    56.23
PULANDIAN CITY CONSTRUC      7.60    11/19/20      CNY    61.20
PULANDIAN CITY CONSTRUC      7.60    11/19/20      CNY    61.95
PUTIAN STATE-OWNED ASSE      8.10    03/21/19      CNY    40.60
PUTIAN STATE-OWNED ASSE      8.10    03/21/19      CNY    40.61
PUYANG INVESTMENT GROUP      8.00    12/11/20      CNY    62.17
PUYANG INVESTMENT GROUP      8.00    12/11/20      CNY    62.81
QIANAN XINGYUAN WATER I      6.45    07/11/18      CNY    25.00
QIANAN XINGYUAN WATER I      6.45    07/11/18      CNY    25.01
QIANDONG NANZHOU DEVELO      8.80    04/27/19      CNY    40.60
QIANDONGNANZHOU KAIHONG      7.80    10/30/19      CNY    41.25
QIANNAN AUTONOMOUS PREF      6.90    09/04/20      CNY    60.00
QIANNAN AUTONOMOUS PREF      6.90    09/04/20      CNY    60.41
QIANXI NANZHOU HONGSHEN      6.99    11/22/19      CNY    40.39
QIANXI NANZHOU HONGSHEN      6.99    11/22/19      CNY    40.45
QIDONG STATE-OWNED ASSE      7.30    11/20/22      CNY    69.95
QIDONG STATE-OWNED ASSE      7.30    11/20/22      CNY    71.71
QINGDAO CITY CONSTRUCTI      6.89    02/16/19      CNY    40.32
QINGDAO CITY CONSTRUCTI      6.89    02/16/19      CNY    40.37
QINGDAO CONSON DEVELOPM      6.40    12/12/22      CNY    71.87
QINGDAO HUATONG STATE-O      7.30    04/18/19      CNY    40.51
QINGDAO JIAOZHOU CITY D      6.59    01/25/20      CNY    60.52
QINGYUAN TRANSPORTATION      8.20    12/19/20      CNY    61.70
QINGYUAN TRANSPORTATION      8.20    12/19/20      CNY    61.76
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19      CNY    19.95
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19      CNY    20.10
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18      CNY    25.00
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18      CNY    25.22
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19      CNY    40.71
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19      CNY    40.73
QINHUANGDAO DEVELOPMENT      7.46    10/17/19      CNY    40.49
QINHUANGDAO DEVELOPMENT      8.00    12/17/20      CNY    61.50
QINHUANGDAO DEVELOPMENT      8.00    12/17/20      CNY    61.80
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    60.63
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    60.88
QINZHOU CITY DEVELOPMEN      7.10    10/16/19      CNY    70.80
QINZHOU CITY DEVELOPMEN      7.10    10/16/19      CNY    70.89
QITAIHE CITY CONSTRUCTI      7.30    10/18/19      CNY    40.39
QUANZHOU QUANGANG PETRO      8.40    04/16/19      CNY    40.57
QUANZHOU QUANGANG PETRO      8.40    04/16/19      CNY    40.57
QUANZHOU TAISHANG INVES      7.08    12/10/19      CNY    40.67
QUANZHOU URBAN CONSTRUC      6.48    01/11/20      CNY    60.46
QUANZHOU URBAN CONSTRUC      6.48    01/11/20      CNY    60.55
QUJING DEVELOPMENT INVE      7.25    09/06/19      CNY    40.47
QUJING DEVELOPMENT INVE      7.25    09/06/19      CNY    40.60
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20      CNY    59.30
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20      CNY    60.12
RONGCHENG ECONOMIC DEVE      6.45    03/18/20      CNY    60.43
RUDONG COUNTY DONGTAI S      7.45    09/24/19      CNY    40.72
RUDONG COUNTY DONGTAI S      7.10    01/31/18      CNY    50.00
RUGAO COMMUNICATIONS CO      8.51    01/26/19      CNY    50.69
RUGAO COMMUNICATIONS CO      6.70    02/01/20      CNY    60.44
RUGAO COMMUNICATIONS CO      6.70    02/01/20      CNY    60.81
RUIAN STATE OWNED ASSET      6.93    11/26/19      CNY    40.38
RUIAN STATE OWNED ASSET      6.93    11/26/19      CNY    60.10
RUSHAN CITY STATE-OWNED      6.90    09/11/20      CNY    60.41
SANMING CITY CONSTRUCTI      6.40    03/05/20      CNY    59.79
SANMING CITY CONSTRUCTI      6.40    03/05/20      CNY    60.29
SANMING STATE-OWNED ASS      6.99    06/14/18      CNY    40.21
SANMING STATE-OWNED ASS      6.92    12/05/19      CNY    40.62
SHANDONG JINMAO TEXTILE      6.50    09/25/20      CNY    60.06
SHANDONG RENCHENG RONGX      7.30    10/18/20      CNY    61.09
SHANDONG RENCHENG RONGX      7.30    10/18/20      CNY    61.27
SHANDONG TAIFENG HOLDIN      5.80    03/12/20      CNY    59.12
SHANGHAI BUND GROUP DEV      6.35    04/24/20      CNY    60.28
SHANGHAI BUND GROUP DEV      6.35    04/24/20      CNY    60.38
SHANGHAI CHENGTOU CORP       4.63    07/30/19      CNY    39.64
SHANGHAI CHENJIAZHEN CO      7.18    11/06/19      CNY    50.93
SHANGHAI FENGXIAN NANQI      6.25    03/05/20      CNY    59.96
SHANGHAI FENGXIAN NANQI      6.25    03/05/20      CNY    60.37
SHANGHAI JIADING INDUST      6.71    10/10/18      CNY    25.10
SHANGHAI JIADING INDUST      6.71    10/10/18      CNY    25.32
SHANGHAI JINSHAN URBAN       6.60    12/21/19      CNY    40.30
SHANGHAI JINSHAN URBAN       6.60    12/21/19      CNY    40.48
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19      CNY    64.31
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19      CNY    70.21
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19      CNY    70.27
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19      CNY    70.82
SHANGHAI MINHANG URBAN       6.48    10/23/19      CNY    40.07
SHANGHAI MINHANG URBAN       6.48    10/23/19      CNY    40.41
SHANGHAI NANFANG GROUP       6.70    09/09/19      CNY    50.45
SHANGHAI NANFANG GROUP       6.70    09/09/19      CNY    50.60
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.00
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.16
SHANGHAI URBAN CONSTRUC      5.25    11/30/19      CNY    39.93
SHANGHAI YONGYE ENTERPR      6.84    05/21/20      CNY    75.00
SHANGLUO CITY CONSTRUCT      6.75    09/09/19      CNY    49.52
SHANGLUO CITY CONSTRUCT      6.75    09/09/19      CNY    49.55
SHANGLUO CITY CONSTRUCT      7.05    09/09/20      CNY    60.60
SHANGLUO CITY CONSTRUCT      7.05    09/09/20      CNY    60.76
SHANGQIU DEVELOPMENT IN      6.60    01/15/20      CNY    60.46
SHANGYU COMMUNICATIONS       6.70    09/11/19      CNY    40.25
SHANGYU COMMUNICATIONS       6.70    09/11/19      CNY    40.46
SHANGYU HANGZHOU BAY DI      6.95    10/11/20      CNY    60.83
SHANTOU CITY CONSTRUCTI      8.57    03/23/22      CNY    73.03
SHANTOU CITY CONSTRUCTI      8.57    03/23/22      CNY    73.36
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19      CNY    40.50
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19      CNY    40.75
SHAOXING CHENGBEI XINCH      6.21    06/11/18      CNY    24.98
SHAOXING CHENGBEI XINCH      6.21    06/11/18      CNY    25.10
SHAOXING CHENGZHONGCUN       6.50    01/24/20      CNY    60.00
SHAOXING CHENGZHONGCUN       6.50    01/24/20      CNY    60.35
SHAOXING HI-TECH INDUST      6.75    12/05/18      CNY    24.79
SHAOXING HI-TECH INDUST      6.75    12/05/18      CNY    25.12
SHAOXING KEQIAO DISTRIC      6.30    02/26/19      CNY    50.05
SHAOXING KEQIAO DISTRIC      6.30    02/26/19      CNY    50.24
SHAOXING PAOJIANG INDUS      6.90    10/31/19      CNY    40.49
SHAOXING URBAN CONSTRUC      6.40    11/09/19      CNY    40.20
SHAOXING URBAN CONSTRUC      6.40    11/09/19      CNY    40.44
SHAOYANG CITY CONSTRUCT      7.40    09/11/18      CNY    25.10
SHAOYANG CITY CONSTRUCT      7.40    09/11/18      CNY    25.27
SHENYANG MACHINE TOOL C      6.50    03/27/18      CNY    70.00
SHENYANG SUJIATUN DISTR      6.40    06/20/20      CNY    60.21
SHENZHEN LONGGANG DISTR      6.18    03/27/19      CNY    50.12
SHENZHEN LONGGANG DISTR      6.18    03/27/19      CNY    50.23
SHIJIAZHUANG REAL ESTAT      5.65    05/15/20      CNY    59.88
SHIJIAZHUANG REAL ESTAT      5.65    05/15/20      CNY    60.08
SHISHI STATE OWNED INVE      7.40    09/13/19      CNY    40.54
SHISHI STATE OWNED INVE      7.40    09/13/19      CNY    40.70
SHIYAN CITY INFRASTRUCT      7.98    04/20/19      CNY    40.61
SHIYAN CITY INFRASTRUCT      6.88    10/11/20      CNY    60.89
SHOUGUANG CITY CONSTRUC      7.10    10/18/20      CNY    60.78
SHOUGUANG CITY CONSTRUC      7.10    10/18/20      CNY    61.06
SHOUGUANG JINCAI STATE-      6.70    10/23/19      CNY    40.53
SHOUGUANG JINCAI STATE-      6.70    10/23/19      CNY    61.00
SHUANGLIU COUNTY WATER       6.92    07/30/20      CNY    74.50
SHUANGLIU SHINE CHINE C      8.48    03/16/19      CNY    70.00
SHUANGLIU SHINE CHINE C      8.40    03/16/19      CNY    71.34
SHUANGLIU SHINE CHINE C      8.48    03/16/19      CNY    71.34
SHUANGLIU SHINE CHINE C      8.40    03/16/19      CNY    71.50
SHUANGYASHAN DADI CITY       6.55    12/25/19      CNY    40.29
SHUANGYASHAN DADI CITY       6.55    12/25/19      CNY    40.46
SHUYANG JINGYUAN ASSET       6.50    12/03/19      CNY    40.23
SHUYANG JINGYUAN ASSET       6.50    12/03/19      CNY    40.29
SICHUAN CHENGDU ABA DEV      7.18    09/12/20      CNY    60.29
SICHUAN COAL INDUSTRY G      7.70    01/09/18      CNY    45.00
SONGYUAN URBAN DEVELOPM      7.30    08/29/19      CNY    40.41
SUIFENHE HAIRONG URBAN       6.60    04/28/20      CNY    59.49
SUINING DEVELOPMENT INV      6.62    04/25/20      CNY    60.29
SUINING DEVELOPMENT INV      6.62    04/25/20      CNY    60.47
SUIZHOU DEVELOPMENT INV      7.50    08/22/19      CNY    40.31
SUIZHOU DEVELOPMENT INV      7.50    08/22/19      CNY    40.56
SUIZHOU DEVELOPMENT INV      8.50    12/20/20      CNY    60.74
SUIZHOU DEVELOPMENT INV      8.50    12/20/20      CNY    61.08
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20      CNY    60.60
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20      CNY    60.92
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19      CNY    40.42
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19      CNY    40.78
SUQIAN WATER GROUP CO        6.55    12/04/19      CNY    40.48
SUZHOU CITY CONSTRUCTIO      7.45    03/12/19      CNY    40.46
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20      CNY    60.27
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20      CNY    60.41
SUZHOU INDUSTRIAL PARK       5.79    05/30/19      CNY    40.00
SUZHOU INDUSTRIAL PARK       5.79    05/30/19      CNY    40.05
SUZHOU TECH CITY DEVELO      7.32    11/01/18      CNY    25.25
SUZHOU URBAN CONSTRUCTI      5.79    10/25/19      CNY    40.18
SUZHOU WUJIANG COMMUNIC      6.80    10/31/20      CNY    56.18
SUZHOU WUJIANG EASTERN       8.05    12/05/18      CNY    40.83
SUZHOU WUJIANG EASTERN       8.05    12/05/18      CNY    40.91
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    40.25
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    40.63
TACHENG DISTRICT STATE-      7.49    10/16/19      CNY    50.94
TACHENG DISTRICT STATE-      7.49    10/16/19      CNY    51.01
TAIAN TAISHAN INVESTMEN      6.76    01/25/20      CNY    60.30
TAIAN TAISHAN INVESTMEN      6.76    01/25/20      CNY    60.71
TAICANG ASSET MANAGEMEN      8.25    12/31/18      CNY    40.88
TAICANG ASSET MANAGEMEN      8.25    12/31/18      CNY    41.05
TAICANG HENGTONG INVEST      7.45    10/30/19      CNY    40.66
TAICANG URBAN CONSTRUCT      6.75    01/11/20      CNY    60.35
TAICANG URBAN CONSTRUCT      6.75    01/11/20      CNY    60.65
TAIXING CITY CHENGXING       8.30    12/12/20      CNY    62.31
TAIXING CITY CHENGXING       8.30    12/12/20      CNY    83.14
TAIXING ZHONGXING STATE      8.29    03/27/18      CNY    25.17
TAIYUAN HIGH-SPEED RAIL      6.50    10/30/20      CNY    56.41
TAIYUAN LONGCHENG DEVEL      6.50    09/25/19      CNY    40.30
TAIZHOU CITY HUANGYAN D      6.85    12/17/18      CNY    25.12
TAIZHOU CITY HUANGYAN D      6.85    12/17/18      CNY    25.23
TAIZHOU CITY JIANGYAN U      7.10    09/03/20      CNY    61.06
TAIZHOU HAILING ASSETS       8.52    03/21/19      CNY    40.64
TAIZHOU JIAOJIANG STATE      7.46    09/13/20      CNY    56.27
TAIZHOU JIAOJIANG STATE      7.46    09/13/20      CNY    56.88
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20      CNY    60.20
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20      CNY    60.28
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.01
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.14
TANGSHAN CAOFEIDIAN DEV      7.50    10/15/20      CNY    60.38
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    39.90
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    40.51
TANGSHAN TONGSHUN TRANS      4.00    08/23/21      CNY    72.84
TIANJIN BAOXING INDUSTR      7.10    10/17/20      CNY    60.82
TIANJIN BAOXING INDUSTR      7.10    10/17/20      CNY    61.55
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    39.83
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    39.97
TIANJIN BINHAI NEW AREA      5.19    03/13/20      CNY    59.60
TIANJIN CITY JINGHAI UR      7.90    11/26/20      CNY    61.55
TIANJIN CITY JINGHAI UR      7.90    11/26/20      CNY    61.76
TIANJIN DONGFANG CAIXIN      7.99    11/23/18      CNY    40.78
TIANJIN DONGLI CITY INF      6.05    06/19/20      CNY    59.78
TIANJIN ECO-CITY INVEST      6.76    08/14/19      CNY    40.25
TIANJIN ECO-CITY INVEST      6.76    08/14/19      CNY    40.30
TIANJIN ECONOMIC TECHNO      6.20    12/03/19      CNY    40.18
TIANJIN ECONOMIC TECHNO      6.20    12/03/19      CNY    40.27
TIANJIN ECONOMIC TECHNO      6.50    12/03/22      CNY    70.93
TIANJIN ECONOMIC TECHNO      6.50    12/03/22      CNY    70.94
TIANJIN HANBIN INVESTME      8.39    03/22/19      CNY    40.73
TIANJIN HI-TECH INDUSTR      7.80    03/27/19      CNY    40.44
TIANJIN HI-TECH INDUSTR      7.80    03/27/19      CNY    40.46
TIANJIN JINNAN CITY CON      6.95    06/18/19      CNY    40.20
TIANJIN JINNAN CITY CON      6.95    06/18/19      CNY    40.25
TIANJIN RESIDENTIAL CON      8.00    12/19/20      CNY    61.70
TIANJIN TEDA CONSTRUCTI      6.89    04/27/20      CNY    60.77
TIANJIN WUQING STATE-OW      8.00    12/17/20      CNY    62.51
TIANJIN WUQING STATE-OW      8.00    12/17/20      CNY    62.57
TIELING PUBLIC ASSETS I      7.34    05/29/18      CNY    24.96
TIELING PUBLIC ASSETS I      7.34    05/29/18      CNY    25.21
TONGCHUAN DEVELOPMENT I      7.50    07/17/19      CNY    40.09
TONGLIAO TIANCHENG URBA      7.75    09/24/19      CNY    40.61
TONGLIAO URBAN INVESTME      6.64    04/09/20      CNY    60.20
TONGLIAO URBAN INVESTME      6.64    04/09/20      CNY    60.25
TONGLING CONSTRUCTION I      6.98    08/26/20      CNY    61.00
TONGLING CONSTRUCTION I      6.98    08/26/20      CNY    61.39
TONGLING CONSTRUCTION I      8.20    04/28/22      CNY    73.30
TONGREN FANJINGSHAN INV      6.89    08/02/19      CNY    40.58
TONGXIANG CITY CONSTRUC      6.10    05/16/20      CNY    59.50
TONGXIANG CITY CONSTRUC      6.10    05/16/20      CNY    59.71
TULUFAN DISTRICT STATE-      7.20    08/09/19      CNY    50.42
TULUFAN DISTRICT STATE-      7.20    08/09/19      CNY    51.70
ULANQAB CITY JI NING DI      6.88    03/19/20      CNY    59.22
URUMQI CITY CONSTRUCTIO      6.35    07/09/19      CNY    40.29
URUMQI CITY CONSTRUCTIO      7.20    11/06/18      CNY    50.54
URUMQI ECO&TECH DEVELOP      8.58    01/10/19      CNY    50.75
URUMQI GAOXIN INVESTMEN      6.18    03/05/20      CNY    59.96
URUMQI GAOXIN INVESTMEN      6.18    03/05/20      CNY    61.00
URUMQI STATE-OWNED ASSE      6.48    04/28/18      CNY    25.01
URUMQI STATE-OWNED ASSE      6.48    04/28/18      CNY    25.05
VANZIP INVESTMENT GROUP      7.92    02/04/19      CNY    46.00
WAFANGDIAN STATE-OWNED       8.55    04/19/19      CNY    40.72
WAFANGDIAN STATE-OWNED       6.20    06/20/20      CNY    59.85
WAFANGDIAN STATE-OWNED       6.20    06/20/20      CNY    60.18
WEIFANG BINHAI INVESTME      6.16    04/16/21      CNY    71.00
WEIFANG DONGXIN CONSTRU      6.88    11/20/19      CNY    40.41
WEIFANG DONGXIN CONSTRU      6.88    11/20/19      CNY    40.57
WEIHAI WENDENG URBAN PR      6.38    03/06/20      CNY    60.31
WEINAN CITY INVESTMENT       6.69    01/15/20      CNY    60.38
WEINAN CITY INVESTMENT       6.69    01/15/20      CNY    60.58
WENLING CITY STATE OWNE      7.18    09/18/19      CNY    40.54
WENLING CITY STATE OWNE      7.18    09/18/19      CNY    40.69
WENZHOU ANJUFANG CITY D      7.65    04/24/19      CNY    40.41
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20      CNY    60.30
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20      CNY    60.54
WUHAI CITY CONSTRUCTION      8.20    03/31/19      CNY    40.50
WUHAN METRO GROUP CO LT      5.70    02/04/20      CNY    60.20
WUHAN METRO GROUP CO LT      5.70    02/04/20      CNY    60.73
WUHAN REAL ESTATE DEVEL      5.90    03/22/19      CNY    49.90
WUHAN REAL ESTATE DEVEL      5.90    03/22/19      CNY    50.05
WUHAN URBAN CONSTRUCTIO      5.60    03/08/20      CNY    59.84
WUHU CONSTRUCTION INVES      6.89    03/26/19      CNY    70.32
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18      CNY    25.00
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18      CNY    25.21
WUHU ECONOMIC TECHNOLOG      6.90    06/08/22      CNY    71.64
WUHU JINGHU CONSTRUCTIO      6.68    05/16/20      CNY    59.72
WUHU XINMA INVESTMENT C      7.18    11/14/19      CNY    40.66
WUHU XINMA INVESTMENT C      7.18    11/14/19      CNY    41.01
WUJIANG ECONOMIC TECHNO      6.88    12/27/19      CNY    40.68
WUWEI CITY ECONOMY DEVE      8.20    12/09/20      CNY    61.63
WUWEI CITY ECONOMY DEVE      8.20    12/09/20      CNY    61.93
WUXI CONSTRUCTION AND D      6.60    09/17/19      CNY    40.47
WUXI CONSTRUCTION AND D      6.60    09/17/19      CNY    40.52
WUXI HUISHAN ECONOMIC D      6.03    04/22/19      CNY    50.10
WUXI MUNICIPAL DEVELOPM      6.10    10/11/20      CNY    60.64
WUXI TAIHU INTERNATIONA      7.60    09/17/19      CNY    40.81
WUXI TAIHU INTERNATIONA      7.60    09/17/19      CNY    61.40
WUXI XIDONG NEW TOWN CO      6.65    01/28/20      CNY    60.20
WUXI XIDONG NEW TOWN CO      6.65    01/28/20      CNY    60.50
WUXI XIDONG TECHNOLOGY       5.98    10/26/18      CNY    40.16
WUXI XIDONG TECHNOLOGY       5.98    10/26/18      CNY    40.58
WUZHONG URBAN RURAL CON      7.18    10/12/20      CNY    61.26
WUZHONG URBAN RURAL CON      7.18    10/12/20      CNY    61.30
WUZHOU DONGTAI STATE-OW      7.40    09/03/19      CNY    40.49
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20      CNY    60.58
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20      CNY    60.60
XI'AN AEROSPACE BASE IN      6.96    11/08/19      CNY    40.56
XIAN CHANBAHE DEVELOPME      6.89    08/03/19      CNY    40.28
XI'AN HI-TECH HOLDING C      5.70    02/26/19      CNY    50.11
XI'AN URBAN INDEMNIFICA      7.31    03/18/19      CNY    70.62
XI'AN URBAN INDEMNIFICA      7.31    03/18/19      CNY    70.97
XI'AN URBAN INDEMNIFICA      7.31    04/18/19      CNY    71.05
XI'AN URBAN INDEMNIFICA      7.31    04/18/19      CNY    71.05
XIANGTAN CITY CONSTRUCT      8.00    03/16/19      CNY    40.49
XIANGTAN CITY CONSTRUCT      8.00    03/16/19      CNY    40.54
XIANGTAN HI-TECH GROUP       6.90    01/15/20      CNY    60.72
XIANGTAN JIUHUA ECONOMI      7.43    08/29/19      CNY    40.41
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20      CNY    61.54
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20      CNY    62.24
XIANGTAN ZHENXIANG STAT      6.60    08/07/20      CNY    59.38
XIANGTAN ZHENXIANG STAT      6.60    08/07/20      CNY    60.99
XIANNING CITY CONSTRUCT      7.50    08/31/18      CNY    25.11
XIANNING HIGH-TECH INVE      5.80    06/05/20      CNY    58.24
XIANNING HIGH-TECH INVE      5.80    06/05/20      CNY    58.64
XIAOGAN URBAN CONSTRUCT      8.12    03/26/19      CNY    40.67
XINGHUA URBAN CONSTRUCT      7.25    10/23/18      CNY    25.26
XINING CITY INVESTMENT       7.70    04/27/19      CNY    40.40
XINING CITY INVESTMENT       7.70    04/27/19      CNY    40.80
XINING ECONOMIC DEVELOP      5.90    06/04/20      CNY    59.94
XINING ECONOMIC DEVELOP      5.90    06/04/20      CNY    61.25
XINJIANG SHIHEZI DEVELO      7.50    08/29/18      CNY    24.83
XINJIANG UYGUR AR HAMI       6.25    07/17/18      CNY    25.02
XINJIANG WUJIAQU URBAN       6.10    05/23/20      CNY    60.20
XINJIANG WUJIAQU URBAN       6.10    05/23/20      CNY    60.29
XINXIANG INVESTMENT GRO      6.80    01/18/18      CNY    40.01
XINXIANG INVESTMENT GRO      5.85    04/15/20      CNY    59.50
XINXIANG INVESTMENT GRO      5.85    04/15/20      CNY    60.04
XINYANG HUAXIN INVESTME      6.95    06/14/19      CNY    40.22
XINYANG HUAXIN INVESTME      6.95    06/14/19      CNY    40.40
XINYI CITY INVESTMENT &      7.39    10/15/20      CNY    61.16
XINYI CITY INVESTMENT &      7.39    10/15/20      CNY    61.31
XINYU CITY CONSTRUCTION      7.08    12/13/19      CNY    40.55
XINZHENG NEW DISTRICT D      6.52    06/28/19      CNY    49.94
XINZHENG NEW DISTRICT D      6.52    06/28/19      CNY    50.55
XINZHOU CITY ASSET MANA      7.39    08/08/18      CNY    25.29
XINZHOU CITY ASSET MANA      8.50    12/18/20      CNY    62.21
XINZHOU CITY ASSET MANA      8.50    12/18/20      CNY    62.31
XUANCHENG STATE-OWNED A      7.99    03/20/19      CNY    62.15
XUCHANG GENERAL INVESTM      7.78    04/27/19      CNY    40.52
XUZHOU CITY TONGSHAN DI      6.60    08/08/20      CNY    60.66
XUZHOU CITY TONGSHAN DI      6.60    08/08/20      CNY    60.68
XUZHOU ECONOMIC TECHNOL      8.20    03/07/19      CNY    40.45
XUZHOU ECONOMIC TECHNOL      8.20    03/07/19      CNY    40.66
XUZHOU XINSHENG CONSTRU      7.48    05/08/18      CNY    25.13
XUZHOU XINSHENG CONSTRU      7.48    05/08/18      CNY    25.14
YAAN DEVELOPMENT INVEST      7.00    09/13/20      CNY    60.00
YAAN DEVELOPMENT INVEST      7.00    09/13/20      CNY    60.34
YAAN STATE-OWNED ASSET       7.39    07/04/19      CNY    40.16
YANCHENG CITY DAFENG DI      7.08    12/13/19      CNY    40.52
YANCHENG CITY DAFENG DI      7.08    12/13/19      CNY    60.59
YANCHENG CITY DAFENG DI      8.50    12/30/20      CNY    62.92
YANCHENG CITY DAFENG DI      8.50    12/30/20      CNY    80.60
YANCHENG CITY TINGHU DI      7.95    11/15/20      CNY    61.55
YANCHENG CITY TINGHU DI      7.95    11/15/20      CNY    80.90
YANCHENG ORIENTAL INVES      6.99    10/26/19      CNY    40.40
YANCHENG SOUTH DISTRICT      6.93    10/26/19      CNY    39.99
YANGJIANG HENGCAI CITY       6.85    09/09/20      CNY    60.65
YANGJIANG HENGCAI CITY       6.85    09/09/20      CNY    60.88
YANGZHONG URBAN CONSTRU      7.10    03/26/18      CNY    50.02
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    59.89
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    59.99
YANGZHOU LONGCHUAN HOLD      8.10    03/23/19      CNY    40.52
YANGZHOU URBAN CONSTRUC      6.30    07/26/19      CNY    40.15
YIBIN STATE-OWNED ASSET      5.80    05/23/18      CNY    40.02
YICHANG MUNICIPAL FINAN      7.12    10/16/19      CNY    40.64
YICHANG URBAN CONSTRUCT      6.85    11/08/19      CNY    40.55
YICHANG URBAN CONSTRUCT      6.85    11/08/19      CNY    40.60
YICHANG URBAN CONSTRUCT      8.13    11/17/19      CNY    53.70
YICHUN CITY CONSTRUCTIO      7.35    07/24/19      CNY    39.97
YIJINHUOLUOQI HONGTAI C      8.35    03/19/19      CNY    61.45
YIJINHUOLUOQI HONGTAI C      8.35    03/19/19      CNY    61.46
YILI STATE-OWNED ASSET       6.70    11/19/18      CNY    25.00
YILI STATE-OWNED ASSET       6.70    11/19/18      CNY    25.13
YINGTAN INVESTMENT FINA      7.50    12/12/22      CNY    69.90
YINGTAN INVESTMENT FINA      7.50    12/12/22      CNY    71.97
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    40.36
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    40.37
YIYANG CITY CONSTRUCTIO      7.36    08/24/19      CNY    40.58
YIYANG CITY CONSTRUCTIO      7.36    08/24/19      CNY    40.62
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20      CNY    60.28
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20      CNY    60.37
YIZHENG CITY CONSTRUCTI      7.78    06/14/19      CNY    40.81
YONGZHOU CITY CONSTRUCT      7.30    10/23/20      CNY    61.22
YONGZHOU CITY CONSTRUCT      7.30    10/23/20      CNY    61.39
YUEYANG CITY CONSTRUCTI      6.05    07/12/20      CNY    59.50
YUEYANG CITY CONSTRUCTI      6.05    07/12/20      CNY    60.37
YUHUAN CITY COMMUNICATI      7.15    10/12/19      CNY    40.51
YULIN CITY INVESTMENT O      6.81    12/04/18      CNY    25.23
YULIN URBAN CONSTRUCTIO      6.88    11/26/19      CNY    40.09
YULIN URBAN CONSTRUCTIO      6.88    11/26/19      CNY    40.66
YUNCHENG URBAN CONSTRUC      7.48    10/15/19      CNY    40.98
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20      CNY    60.08
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20      CNY    60.39
YUYAO WATER RESOURCE IN      7.20    10/16/19      CNY    40.71
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    60.84
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    61.01
ZHANGJIAGANG MUNICIPAL       6.43    11/27/19      CNY    40.32
ZHANGJIAGANG MUNICIPAL       6.43    11/27/19      CNY    40.41
ZHANGJIAJIE ECONOMIC DE      7.40    10/18/19      CNY    40.99
ZHANGJIAKOU CONSTRUCTIO      7.00    10/26/19      CNY    40.50
ZHANGJIAKOU TONGTAI HOL      6.90    07/05/18      CNY    40.09
ZHANGZHOU CITY CONSTRUC      6.60    03/26/20      CNY    60.50
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20      CNY    60.40
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20      CNY    61.20
ZHAOYUAN STATE-OWNED AS      6.64    12/31/19      CNY    40.40
ZHEJIANG GUOXING INVEST      8.15    03/09/18      CNY    25.07
ZHEJIANG GUOXING INVEST      8.15    03/09/18      CNY    25.09
ZHEJIANG HUZHOU HUANTAI      6.70    11/28/19      CNY    40.21
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19      CNY    40.50
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19      CNY    40.88
ZHEJIANG PROVINCE DEQIN      6.90    04/12/18      CNY    40.06
ZHEJIANG PROVINCE DEQIN      6.40    02/22/20      CNY    59.97
ZHEJIANG PROVINCE XINCH      6.60    04/24/20      CNY    60.35
ZHEJIANG PROVINCE XINCH      6.60    04/24/20      CNY    60.46
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20      CNY    60.03
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20      CNY    60.31
ZHENJIANG CITY CONSTRUC      7.90    12/18/20      CNY    60.65
ZHENJIANG CITY CONSTRUC      7.90    12/18/20      CNY    67.00
ZHENJIANG CULTURE AND T      6.60    01/30/20      CNY    59.88
ZHENJIANG TRANSPORTATIO      7.29    05/08/19      CNY    40.15
ZHENJIANG TRANSPORTATIO      7.29    05/08/19      CNY    40.23
ZHONGSHAN TRANSPORTATIO      6.65    08/28/18      CNY    25.13
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20      CNY    56.06
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20      CNY    56.12
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18      CNY    19.97
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18      CNY    20.06
ZHUCHENG ECONOMIC DEVEL      7.50    08/25/18      CNY    21.38
ZHUCHENG ECONOMIC DEVEL      6.80    11/29/19      CNY    40.47
ZHUHAI HUAFA GROUP CO L      8.43    02/16/18      CNY    25.05
ZHUHAI HUAFA GROUP CO L      8.43    02/16/18      CNY    25.05
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19      CNY    49.95
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19      CNY    49.98
ZHUHAI HUIHUA INFRASTRU      7.15    09/17/20      CNY    61.13
ZHUJI CITY CONSTRUCTION      6.92    07/05/18      CNY    40.33
ZHUJI CITY CONSTRUCTION      6.92    12/19/19      CNY    40.55
ZHUJI CITY YUEDU INVEST      8.20    12/12/20      CNY    61.64
ZHUJI CITY YUEDU INVEST      8.20    12/12/20      CNY    62.05
ZHUMADIAN INVESTMENT CO      6.95    11/26/19      CNY    40.59
ZHUZHOU CITY CONSTRUCTI      6.95    10/16/20      CNY    61.36
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18      CNY    40.48
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    40.56
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    40.63
ZHUZHOU YUNLONG DEVELOP      6.78    11/19/19      CNY    40.39
ZIBO CITY PROPERTY CO L      5.45    04/27/19      CNY    23.88
ZIBO CITY PROPERTY CO L      6.83    08/22/19      CNY    40.59
ZIGONG GAOXIN INVESTMEN      6.30    03/13/20      CNY    60.25
ZIGONG STATE-OWNED ASSE      6.86    06/17/18      CNY    40.19
ZIYANG CITY CONSTRUCTIO      7.58    01/09/19      CNY    25.17
ZIYANG WATER INVESTMENT      7.40    10/21/20      CNY    60.95
ZOUCHENG CITY ASSET OPE      7.02    01/12/18      CNY    19.99
ZOUCHENG CITY ASSET OPE      6.18    03/12/19      CNY    49.99
ZOUCHENG CITY ASSET OPE      6.18    03/12/19      CNY    50.08
ZOUPING COUNTY STATE-OW      6.98    04/27/18      CNY    40.08
ZUNYI CITY HUICHUAN DIS      6.75    04/24/19      CNY    50.33
ZUNYI INVESTMENT GROUP       8.53    03/13/19      CNY    40.74
ZUNYI ROAD & BRIDGE ENG      7.15    08/17/20      CNY    55.86
ZUNYI STATE-OWNED ASSET      6.98    12/26/19      CNY    40.64


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35    07/03/17      CNY    69.75


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25    03/13/17      USD    51.96
BERAU COAL ENERGY TBK P      7.25    03/13/17      USD    52.33
DAVOMAS INTERNATIONAL F     11.00    12/08/14      USD     0.42
DAVOMAS INTERNATIONAL F     11.00    12/08/14      USD     0.57
DAVOMAS INTERNATIONAL F     11.00    05/09/11      USD     0.58
DAVOMAS INTERNATIONAL F     11.00    05/09/11      USD     0.58


INDIA
-----

3I INFOTECH LTD              2.50    03/31/25      USD    12.50
BLUE DART EXPRESS LTD        9.40    11/20/18      INR    10.01
BLUE DART EXPRESS LTD        9.50    11/20/19      INR    10.44
CORE EDUCATION & TECHNO      7.00    05/07/49      USD     0.58
JAIPRAKASH ASSOCIATES L      5.75    09/08/17      USD    55.25
JAIPRAKASH POWER VENTUR      7.00    02/13/49      USD     5.00
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    35.50
SVOGL OIL GAS & ENERGY       5.00    08/17/15      USD     1.55
VIDEOCON INDUSTRIES LTD      2.80    12/31/20      USD    59.45


JAPAN
-----

MICRON MEMORY JAPAN INC      2.29    12/07/12      JPY    13.75
MICRON MEMORY JAPAN INC      2.03    03/22/12      JPY    13.75
MICRON MEMORY JAPAN INC      2.10    11/29/12      JPY    13.75
TAKATA CORP                  0.58    03/26/21      JPY     5.13
TAKATA CORP                  0.85    03/06/19      JPY     5.13
TAKATA CORP                  1.02    12/15/17      JPY     8.75


KOREA
-----

2016 KIBO 1ST SECURITIZ      5.00    09/13/18      KRW    73.33
DOOSAN CAPITAL SECURITI     20.00    04/22/19      KRW    59.57
EXPORT-IMPORT BANK OF K      4.70    11/15/32      KRW    70.22
EXPORT-IMPORT BANK OF K      4.50    10/18/32      KRW    70.65
INDUSTRIAL BANK OF KORE      3.84    03/10/45      KRW    42.16
KIBO ABS SPECIALTY CO L      5.00    12/25/19      KRW    69.67
KIBO ABS SPECIALTY CO L      5.00    08/29/19      KRW    70.62
KIBO ABS SPECIALTY CO L      5.00    02/26/19      KRW    71.80
KIBO ABS SPECIALTY CO L      5.00    02/25/19      KRW    72.07
KOREA SOUTH-EAST POWER       4.38    12/07/42      KRW    62.65
KOREA SOUTH-EAST POWER       4.44    12/07/42      KRW    63.00
KOREA TREASURY BOND          1.50    09/10/66      KRW    72.28
MERITZ CAPITAL CO LTD        5.66    04/28/46      KRW    42.61
MERITZ CAPITAL CO LTD        5.44    09/29/46      KRW    43.14
OKC SECURITIZATION SPEC     10.00    01/03/20      KRW    34.76
OKC SECURITIZATION SPEC      3.00    02/17/42      KRW    51.38
SAMPYO CEMENT CO LTD         7.50    04/20/14      KRW    70.00
SAMPYO CEMENT CO LTD         7.50    09/10/14      KRW    70.00
SAMPYO CEMENT CO LTD         7.30    06/26/15      KRW    70.00
SAMPYO CEMENT CO LTD         7.50    07/20/14      KRW    70.00
SAMPYO CEMENT CO LTD         7.30    04/12/15      KRW    70.00
SHINHAN BANK CO LTD          4.20    08/07/32      KRW    74.16
SINBO SECURITIZATION SP      5.00    10/30/19      KRW    67.70
SINBO SECURITIZATION SP      5.00    03/15/20      KRW    69.05
SINBO SECURITIZATION SP      5.00    02/28/21      KRW    69.45
SINBO SECURITIZATION SP      5.00    01/27/21      KRW    69.67
SINBO SECURITIZATION SP      5.00    12/22/20      KRW    69.92
SINBO SECURITIZATION SP      5.00    09/23/20      KRW    70.63
SINBO SECURITIZATION SP      5.00    08/26/20      KRW    70.85
SINBO SECURITIZATION SP      5.00    07/28/20      KRW    71.07
SINBO SECURITIZATION SP      5.00    06/24/19      KRW    71.15
SINBO SECURITIZATION SP      5.00    03/13/19      KRW    71.93
SINBO SECURITIZATION SP      5.00    02/25/20      KRW    72.31
SINBO SECURITIZATION SP      5.00    01/28/20      KRW    72.54
SINBO SECURITIZATION SP      5.00    12/30/19      KRW    72.76
SINBO SECURITIZATION SP      5.00    09/30/19      KRW    73.53
SINBO SECURITIZATION SP      5.00    07/29/18      KRW    73.68
SINBO SECURITIZATION SP      5.00    08/27/19      KRW    73.81
SINBO SECURITIZATION SP      5.00    06/25/18      KRW    73.94
SINBO SECURITIZATION SP      5.00    07/29/19      KRW    74.04
SINBO SECURITIZATION SP      5.00    05/26/18      KRW    74.16
SINBO SECURITIZATION SP      5.00    06/25/19      KRW    74.33
WISE MOBILE SECURITIZAT     20.00    09/17/18      KRW    74.33


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35    03/01/26      LKR    74.49


MALAYSIA
--------

ADVANCE SYNERGY BHD          2.00    01/26/18      MYR     0.07
AEON CREDIT SERVICE M B      3.50    09/15/20      MYR     1.22
ASIAN PAC HOLDINGS BHD       3.00    05/25/22      MYR     0.83
BARAKAH OFFSHORE PETROL      3.50    10/24/18      MYR     0.33
BERJAYA CORP BHD             2.00    05/29/26      MYR     0.32
BERJAYA CORP BHD             5.00    04/22/22      MYR     0.45
BRIGHT FOCUS BHD             2.50    01/22/31      MYR    73.56
ELK-DESA RESOURCES BHD       3.25    04/14/22      MYR     0.99
HIAP TECK VENTURE BHD        5.00    06/27/21      MYR     0.46
I-BHD                        3.00    10/09/19      MYR     0.39
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    66.28
PUC BHD                      4.00    02/15/19      MYR     0.27
REDTONE INTERNATIONAL B      2.75    03/04/20      MYR     0.16
SENAI-DESARU EXPRESSWAY      1.35    06/30/31      MYR    55.05
SENAI-DESARU EXPRESSWAY      1.35    12/31/30      MYR    56.41
SENAI-DESARU EXPRESSWAY      1.35    06/28/30      MYR    57.88
SENAI-DESARU EXPRESSWAY      1.35    12/31/29      MYR    59.33
SENAI-DESARU EXPRESSWAY      1.35    12/29/28      MYR    62.17
SENAI-DESARU EXPRESSWAY      1.35    06/30/28      MYR    63.51
SENAI-DESARU EXPRESSWAY      1.35    12/31/27      MYR    64.85
SENAI-DESARU EXPRESSWAY      1.35    06/30/27      MYR    66.19
SENAI-DESARU EXPRESSWAY      1.35    06/30/26      MYR    68.97
SENAI-DESARU EXPRESSWAY      1.15    06/30/25      MYR    70.72
SENAI-DESARU EXPRESSWAY      1.15    12/31/24      MYR    72.32
SENAI-DESARU EXPRESSWAY      0.50    12/31/38      MYR    73.51
SENAI-DESARU EXPRESSWAY      1.15    06/28/24      MYR    74.04
THONG GUAN INDUSTRIES B      5.00    10/10/19      MYR     4.11
UNIMECH GROUP BHD            5.00    09/18/18      MYR     0.97
VIZIONE HOLDINGS BHD         3.00    08/08/21      MYR     0.08
YTL LAND & DEVELOPMENT       3.00    10/31/21      MYR     0.47


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

PRECINCT PROPERTIES NEW      4.80    09/27/21      NZD     1.03


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      5.50    03/28/20      SGD    45.00
ASL MARINE HOLDINGS LTD      5.85    10/01/21      SGD    45.88
AUSGROUP LTD                 8.45    10/20/18      SGD    50.00
BAKRIE TELECOM PTE LTD      11.50    05/07/15      USD     0.91
BAKRIE TELECOM PTE LTD      11.50    05/07/15      USD     1.00
BERAU CAPITAL RESOURCES     12.50    07/08/15      USD    52.10
BERAU CAPITAL RESOURCES     12.50    07/08/15      USD    52.25
BLD INVESTMENTS PTE LTD      8.63    03/23/15      USD     4.12
BLUE OCEAN RESOURCES PT      4.00    12/31/20      USD    23.96
ENERCOAL RESOURCES PTE       9.25    08/05/14      USD    38.20
EZION HOLDINGS LTD           4.70    05/22/19      SGD    15.00
EZION HOLDINGS LTD           4.60    08/20/18      SGD    15.00
EZION HOLDINGS LTD           4.85    01/23/19      SGD    15.00
EZION HOLDINGS LTD           5.10    03/13/20      SGD    15.00
EZION HOLDINGS LTD           4.88    06/11/21      SGD    45.00
EZRA HOLDINGS LTD            4.88    04/24/18      SGD     5.38
GOLIATH OFFSHORE HOLDIN     12.00    06/11/18      USD     1.06
INDO INFRASTRUCTURE GRO      2.00    07/30/10      USD     1.00
INNOVATE CAPITAL PTE LT      6.00    12/11/24      USD    67.51
MICLYN EXPRESS OFFSHORE      8.75    11/25/18      USD    34.88
ORO NEGRO DRILLING PTE       7.50    01/24/19      USD    53.00
OSA GOLIATH PTE LTD         12.00    10/09/18      USD     1.50
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     4.20
SWIBER CAPITAL PTE LTD       6.25    10/30/17      SGD     4.20
SWIBER HOLDINGS LTD          7.75    09/18/17      CNY     7.75
SWIBER HOLDINGS LTD          7.13    04/18/17      SGD     7.75
SWIBER HOLDINGS LTD          5.55    10/10/16      SGD    12.25
TRIKOMSEL PTE LTD            5.25    05/10/16      SGD    16.00
TRIKOMSEL PTE LTD            7.88    06/05/17      SGD    16.00


THAILAND
--------

G STEEL PCL                  3.00    10/04/15      USD     2.52
MDX PCL                      4.75    09/17/03      USD    37.75


VIETNAM
-------

DEBT AND ASSET TRADING       1.00    10/10/25      USD    70.57
DEBT AND ASSET TRADING       1.00    10/10/25      USD    70.93




                             *********

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

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

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


                            *********


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

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

Copyright 2018.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***