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

                      A S I A   P A C I F I C

            Tuesday, April 24, 2018, Vol. 21, No. 080

                            Headlines


A U S T R A L I A

KBL MINING: Faces Liquidation After DOCA Failed
SHOAL BAY: Second Creditors' Meeting Set for May 1
ZOO SYDNEY: In Liquidation Despite Founder's Counter Claims


I N D I A

A AND A REAL: CRISIL Assigns B+ Rating to INR16MM LT Loan
AVIGNA PROPERTIES: Ind-Ra Assigns 'BB+' Rating to INR500MM Loan
BASS MINERALS: Ind-Ra Keeps B+ LT Rating in Non-Cooperating Cat.
DUVET INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating Cat.
DWARKADHIS PROJECTS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'

EDIMANNICKAL JEWELLERY: Ind-Ra Assigns B+ Rating, Outlook Stable
ELL DEE: Ind-Ra Migrates 'B-' LT Issuer Rating to Non-Cooperating
FIRESTAR DIAMOND: Ind-Ra Migrates 'D' Rating to Non-Cooperating
FIRESTAR DIAMOND BVBA: Ind-Ra Moves D Rating to Non-Cooperating
FIRESTAR DIAMOND FZE: Ind-Ra Migrates D Rating to Non-Cooperating

FIRESTAR DIAMOND HK: Ind-Ra Migrates D Rating to Non-Cooperating
FIRESTAR INT'L: Ind-Ra Migrates D Rating to Non-Cooperating
GOLDFIELD FRAGRANCES: CRISIL Withdraws B Rating on INR9.75MM Loan
INDORE DEWAS: Ind-Ra Affirms 'D' Rating on INR5,500.7BB Loan
INTERNATIONAL COIL: Ind-Ra Migrates BB- Rating to Non-Cooperating

JOHNSON JEWELLERS: CRISIL Withdraws B Rating on INR20MM Cash Loan
K SESHAGIRI: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
K. K. TEX: CRISIL Migrates B Rating from Not Cooperating Category
MANAS AGRO: CRISIL Assigns B+ Rating to INR3.4MM Term Loan
NAM EXPRESSWAY: Ind-Ra Moves 'D' Loan Rating to Non-Cooperating

PRAKASH INDUSTRIAL: Ind-Ra Maintains B Rating in Non-Cooperating
PREMIER POULTRY: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
ROYALCARE SUPER: CRISIL Withdraws B+ Rating on INR9.75MM Loan
SANSAARA WEAVES: Ind-Ra Maintains BB- Rating in Non-Cooperating
SARASWATI MEDICAL: Ind-Ra Assigns 'BB+' Rating to INR40.0MM Loan

SAVITA CONSTRUCTION: Ind-Ra Keeps B- Rating in Non-Cooperating
SEA STAR: CRISIL Assigns B+ Rating to INR4.92MM Term Loan
SHERANWALI STEELS: CRISIL Assigns 'B' Rating to INR9MM Cash Loan
SHOR SHOT: CRISIL Reaffirms B Rating on INR4.3MM LT Loan
SHUBH ALUMINIUM: CRISIL Assigns B+ Rating to INR14MM Loan

SRI SATYA: CRISIL Migrates B+ Rating to Not Cooperating Category
STAR EXPORT: CRISIL Migrates B Rating to Not Cooperating Category
STREAM CERAMIC: CRISIL Moves B+ Rating to Not Cooperating
TEXACO SYNTHETICS: Ind-Ra Migrates BB Rating to Non-Cooperating
THEIVA EXIM: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating

UNITECH MERCANTILE: CRISIL Assigns B Rating to INR12MM LT Loan
VASAVI ESTATES: CRISIL Withdraws B+ Rating on INR10MM Cash Loan
Y ACHAMMA: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating


M O N G O L I A

MONGOLIA: S&P Affirms B- Sovereign Credit Rating, Outlook Stable


N E W  Z E A L A N D

FORESTLANDS: FMA Applies to Court to Liquidate Companies


X X X X X X X X

* BOND PRICING: For the Week April 16 to April 20, 2018


                            - - - - -


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


KBL MINING: Faces Liquidation After DOCA Failed
-----------------------------------------------
MiningNews reports that KBL Mining and its assets will probably
be liquidated after administrator KPMG said all hopes of a deed
of company arrangement process that could offer a certain return
to creditors were dead after an 18-month search.

According to the report, KPMG believed they had found an
acceptable recapitalisation option with Everblu Capital last May,
but ultimately the DOCA was not signed.

MiningNews relates that KPMG put KBL back into the churn to see
if anyone else would bite, and receivers and managers Matthew
Woods and Stephen Vaughan have spent the past year negotiating
with a handful of companies interested in trying to resurrect
something from the failed gold-silver miner and its assets, but
on April 19 they raised the white flag.

One party had come close to signing a DOCA in recent months,
weeks of last minute negotiation they had been unable to come to
final terms, and after several extensions KPMG "no longer
consider it to be commercial to persist with negotiations," the
report relays.

Matthew Woods and Stephen Vaughan of KPMG were appointed as
administrators of KBL Mining on Sept. 8, 2016.


SHOAL BAY: Second Creditors' Meeting Set for May 1
--------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Shoal Bay Beach No.1 Pty. Ltd.
   -- Veritas Property Group Pty Ltd
   -- West Ryde Developments Residential Pty Ltd
   -- WR Residential Constructions Pty Ltd

has been set for May 1, 2018, at 11:00 a.m. at the offices of
Hurst Recovery, Level 3, 65 York Street, in Sydney, New South
Wales.

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 April 30, 2018, at 4:00 p.m.

David Anthony Hurst of Hurst Recovery was appointed as
administrator of Shoal Bay on March 19, 2018.


ZOO SYDNEY: In Liquidation Despite Founder's Counter Claims
-----------------------------------------------------------
Lindsay Bennett at AdNews reports that independent agency Zoo
Group formally closed its Canberra office last week and now it's
been revealed its Sydney office entered into liquidation in
February.

News of the liquidation, which was shared to AdNews via various
anonymous sources, counteracts claims from Zoo Group founder Pawl
Cubbin, who only a week ago told AdNews he was turning his focus
to the "successful" Singapore and Sydney offices.

The Melbourne office also entered into liquidation in November
2017, which again went against what Cubbin told AdNews last year.

When asked about the potential closure of the Melbourne office in
August 2017, he said it was "firing" and Zoo had a "huge
opportunity there," AdNews recalls.

He explained he did have big plans for the Melbourne office and
BWM former managing director Mark Watkin had agreed to lead the
team following the departure of managing director Matt Rose, the
report relays.

When Mr. Watkin fell through and joined a bike sharing startup,
Cubbin says he decided to cut his losses and "immediately"
liquidate the business.

Likewise, the Sydney office was left without leadership following
a mass exodus that saw managing director Will Reynolds exit in
August, according to the report.



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


A AND A REAL: CRISIL Assigns B+ Rating to INR16MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of A and A Real Estate Pvt Ltd (AARE).

                     Amount
   Facilities       (INR Mln)       Ratings
   ----------       ---------       -------
   Long Term Loan        16         CRISIL B+/Stable

The rating reflects the company's exposure to risks inherent in
the real estate industry, project and geographical concentration
in revenue profile, and high implementation risk due to initial
stage of construction. These weaknesses are partially the
experience of its promoters.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to inherent cyclicality: Real estate projects
have long gestation period. Any time or cost overrun or delay in
obtaining necessary approvals could affect realisation and
profitability. Also, demand for commercial projects is affected
by the level of interest rates and overall economic activity.
Lower-than-expected customer interest in ongoing projects or any
delay in project implementation could constrain credit risk
profile.

* High geographical and project concentration: The company
currently has only one ongoing project in Bhopal, which exposes
it demand in that region.

* High implementation risk: Project is in the start-up phase,
with only 20% of overall construction having been completed till
date. Also, bookings are yet to begin.

Strength

* Promoters' longstanding presence: The company's promoters have
been in the construction business for more than two decades
through group concern and have constructed many projects in
Bhopal.

Outlook: Stable

CRISIL believes AARE will continue to benefit over the medium
term from its advantageous location of project. The outlook may
be revised to 'Positive' if the firm generates substantial cash
flow from operations resulting from speedy execution of project
and improved customer advances. The outlook may be revised to
'Negative' if cash flow from operations is significantly low
because of subdued response to project or low customer advances;
or if delay in completion of ongoing projects further weakens
financial risk profile, particularly liquidity.

Incorporated in fiscal 2005 and promoted by Mr Mohammed Shameen
Khan and Mr Mohammed Atique, AARE is engaged in the real estate
segment and is currently constructing a residential complex,
Regalia Palace, in Bhopal. The company has successfully developed
around five residential and commercial projects through
associated companies SP Developers and Navin Nayak Housing
Society.


AVIGNA PROPERTIES: Ind-Ra Assigns 'BB+' Rating to INR500MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated M/s Avigna
Properties Private Limited's (APPL) additional bank facility as
follows:

-- INR500 mil. Term loans due on March 2021 assigned with IND
     BB+/Stable rating.

RATING SENSITIVITIES

Negative: Delays or weak sales in the project leading to less-
than-expected cash inflow and cost overruns in the project
leading to a shortfall in cash flows required for debt servicing
could be negative for the ratings.

Positive: Successful completion of the project and sale of units
as planned, leading to strong visibility of cash flows could lead
to a positive rating action.

COMPANY PROFILE

Incorporated in 2013, APPL undertakes real estate projects. Its
current project comprises 182 apartments and 367 villas across
more than 986,388 square feet.


BASS MINERALS: Ind-Ra Keeps B+ LT Rating in Non-Cooperating Cat.
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B.A.S.S.
Minerals India Private Limited's (B.A.S.S. Minerals) Long-Term
Issuer Rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

Established in 1998, B.A.S.S. Minerals is an Andhra Pradesh-based
company engaged in the processing of barite ores. The company
receives barite lumps from Andhra Pradesh Mineral Development
Corporation through tenders valid for two years and processes
these lumps into powder before selling it to end users, mainly
oil drilling, chemical and paint manufacturing companies.


DUVET INDUSTRIES: CRISIL Moves B+ Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Duvet Industries
(Duvet) for obtaining information through letters and emails
dated January 15, 2018, March 5, 2018, March 7, 2018 and March
12, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      0.20       CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Cash Credit         3.00       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Term Loan           2.80       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 Duvet Industries. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Duvet 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 ratings on bank
facilities of Duvet Industries to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Set up in January, 2016, as a partnership concern, Duvet
manufactures mink blankets. The firm started commercial
operations in September, 2016.


DWARKADHIS PROJECTS: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Dwarkadhis
Projects Private Limited's (DPPL) Long-Term Issuer Rating to 'IND
D' from 'IND BBB-'. The Outlook was Stable. The instrument-wise
rating actions are:

-- INR725 mil. (reduced from INR800 mil.) Term loan (Long-term)
     due on December 2019 downgraded with IND D rating; and

-- INR424 mil. Non-fund-based working capital (Long-term/Short-
     term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects the instances of delays in debt servicing
for term loan during the four months ended March 2018 due to
tight liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
would be positive for the ratings.

COMPANY PROFILE

DPPL is a real estate developer and construction company founded
in 2006. It has constructed and delivered a residential project,
namely Aravali Heights, in Dharuhera. The group is constructing
another residential project, namely Casa Romana (erstwhile
Aravali Greenvile), in Dharuhera.


EDIMANNICKAL JEWELLERY: Ind-Ra Assigns B+ Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Edimannickal
Jewellery (EJ) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR165 mil. Fund-based limits assigned with IND B+/Stable/IND
     A4 rating; and

-- INR25 mil. Non-fund based limits assigned with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect EJ's low revenue because of a small scale of
operations. Revenue grew to INR369.56 million (FY16: INR291.41
million), on account of higher sales, because of an increase in
end-product demand. The agency expects revenue to have improved
in FY18, in view of revenue of INR712.5 million in 11MFY18.

The ratings also reflect EJ's modest margin, as the firm being a
jeweler, is vulnerable to volatility in raw material prices. The
margins declined marginally in FY17 to 9.77% (FY16: 10.32%) on
account of higher operating expenses. With increase in the scale
of operations, the margins are likely to decline further in the
near term. Moreover, the credit metrics of the firm are moderate
with interest coverage at 2.37x in FY17 (FY16: 1.70x) and net
leverage at 3.84x (4.51x). The improvement in metrics is
attributed to an improvement in its absolute EBITDA.

The ratings are constrained by EJ's long net working capital
cycle of 240 days in FY17 (FY16: 259 days) on account of its
large inventory requirements.

The ratings, however, are supported by EJ's comfortable liquidity
with its average utilization of the fund-based limit being 79%
for the 12 months ended February 2018.

The ratings are also supported by the company's partners'
experience of more than two decades in the jewelry business.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and operating
profitability leading to a further improvement in the credit
metrics on a sustained basis could be positive for the ratings.

Negative: A decline in the revenue and operating profitability
further leading to deterioration in the credit metrics on a
sustained basis could be negative for the ratings.

COMPANY PROFILE

EJ was incorporated in 2009 in Changanacherry by partners Joseph
Thomas, E M Thomas, Ambily Joseph and Tony Joseph. The firm
manufactures and sells gold jewelry.


ELL DEE: Ind-Ra Migrates 'B-' LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ell Dee Foods'
(EDF) Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND B-
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital migrated to Non-
     Cooperating Category with IND B- (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) ratings.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 9, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2016, EDF is engaged in the rice trading business.
Based in Khanna, Punjab, the firm procures rice from local
millers and sells it in domestic and overseas markets.


FIRESTAR DIAMOND: Ind-Ra Migrates 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond International Private Limited's (FDIPL) bank facilities
to 'IND D' from 'IND C (SO)' and 'IND A4 (SO)' and migrated the
ratings to the non-cooperating category. The issuer did not
participate in the surveillance exercise, despite continuous
requests and follow-ups by the agency. Thus, the ratings are
based on the best available information. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.

Detailed rating actions are:

-- INR3,824 bil. Fund-based working capital facilities (Long-
     term/Short-term) downgraded and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR1,059 bil. Non-fund-based working capital facilities
     (Short-term) downgraded and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDIPL's
parent company, Firestar International Private Limited (FIPL;
'IND D'), which has extended an unconditional, absolute and
irrevocable guarantee towards the rated bank facilities. FIPL's
ratings are based on a consolidated view of its businesses and
financials.

FIPL's ratings have been downgraded following a confirmation from
one of FIPL's lenders that the company has become a non-
performing asset. Also, FDIPL seems to have delayed debt
servicing, the details of which are not available.

The agency has been seeking monthly no default statements from
the companies; however, Ind-Ra has not received the same post
December 2017.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
confirmed by FIPL and FDIPL and their bankers could result in a
rating upgrade.

COMPANY PROFILE

FDIPL was incorporated in 2006 as a jewelry manufacturing company
for exports. FIPL, founded by Nirav Modi, is a global diamond and
jewelry company. FDIPL operates FIPL's domestic retail business,
which functions under the Nirav Modi brand.


FIRESTAR DIAMOND BVBA: Ind-Ra Moves D Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond BVBA's (FDBVBA) bank facilities to 'IND D (SO)' from 'IND
C (SO)'/'IND A4 (SO)' and migrated the rating to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. The rating will now appear as 'IND D (SO)(ISSUER NOT
COOPERATING)' on the agency's website. A detailed rating action
is:

-- USD48 mil. Fund-based working capital facilities (Long
     term/Short term) downgraded and migrated to non-cooperating
     category with IND D (SO)(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

The rating is as per the national credit rating symbols and
definitions prescribed by Securities and Exchange Board of India.
Furthermore, please refer to the Reserve Bank of India's latest
master circular on Prudential Guideline on Capital Adequacy for
the risk weights of claims on non-resident corporates.

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDBVBA's
ultimate parent company, Firestar International Private Limited
(FIPL; 'IND D'), which has extended an unconditional, absolute
and irrevocable guarantee towards the rated bank facilities.
FIPL's ratings are based on a consolidated view of its businesses
and financials.

FIPL's ratings have been downgraded following a confirmation from
one of FIPL's lenders that the company has become a non-
performing asset.

RATING SENSITIVITIES

Positive: FDBVBA's ratings will move in tandem with that of FIPL.
Timely debt servicing for three consecutive months confirmed by
FIPL and its bankers could result in a rating upgrade.

COMPANY PROFILE

FDBVBA is a step-down subsidiary of FIPL, which is a global
diamond and jewelry company founded by Nirav Modi.


FIRESTAR DIAMOND FZE: Ind-Ra Migrates D Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond FZE's (FDFZE) bank facilities to 'IND D (SO)' from 'IND C
(SO)'/'IND A4 (SO)' and migrated the rating to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. The rating will now appear as 'IND D (SO)(ISSUER NOT
COOPERATING)' on the agency's website. A detailed rating action
is:

-- USD111 mil. Fund-based working capital facilities (Long
    Term/Short Term) downgraded and migrated to non-cooperating
    category with IND D (SO)(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

The rating is as per the national credit rating symbols and
definitions prescribed by Securities and Exchange Board of India.
Furthermore, please refer to the Reserve Bank of India's latest
master circular on Prudential Guideline on Capital Adequacy for
the risk weights of claims on non-resident corporates.

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDFZE's
ultimate parent company, Firestar International Private Limited
(FIPL; 'IND D'), which has extended an unconditional, absolute
and irrevocable guarantee towards the rated bank facilities.
FIPL's ratings are based on a consolidated view of its businesses
and financials.

FIPL's ratings have been downgraded following a confirmation from
one of FIPL's lenders that the company has become a non-
performing asset.

RATING SENSITIVITIES

Positive: FDFZE's ratings will move in tandem with that of FIPL.
Timely debt servicing for three consecutive months confirmed by
FIPL and its bankers could result in a rating upgrade.

COMPANY PROFILE

FDFZE is a step-down subsidiary of FIPL, which is a global
diamond and jewelry company founded by Nirav Modi.


FIRESTAR DIAMOND HK: Ind-Ra Migrates D Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
Diamond Limited, Hong Kong's (FDLHK) bank facilities to 'IND D
(SO)' from 'IND C (SO)'/'IND A4 (SO)' and migrated the rating to
the non-cooperating category. The issuer did not participate in
the surveillance exercise, despite continuous requests and
follow-ups by the agency. Thus, the rating actions are based on
the best available information. The rating will now appear as
'IND D (SO)(ISSUER NOT COOPERATING)' on the agency's website. A
detailed rating action is:

-- USD35 mil. Fund-based working capital facilities (Long
     term/Short term) downgraded and migrated to non-cooperating
     category with IND D (SO)(ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information

The rating is as per the national credit rating symbols and
definitions prescribed by Securities and Exchange Board of India.
Furthermore, please refer to the Reserve Bank of India's latest
master circular on Prudential Guideline on Capital Adequacy for
the risk weights of claims on non-resident corporates.

KEY RATING DRIVERS

The rating action reflects a similar rating action on FDLHK's
ultimate parent company, Firestar International Private Limited
(FIPL; 'IND D'), which has extended an unconditional, absolute
and irrevocable guarantee towards the rated bank facilities.
FIPL's ratings are based on a consolidated view of its businesses
and financials.

FIPL's ratings have been downgraded following a confirmation from
one of FIPL's lenders that the company has become a non-
performing asset.

RATING SENSITIVITIES

Positive: FDLHK's ratings will move in tandem with that of FIPL.
Timely debt servicing for three consecutive months confirmed by
FIPL and its bankers could result in a rating upgrade.

COMPANY PROFILE

FDLHK is a step-down subsidiary of FIPL, which is a global
diamond and jewelry company founded by Nirav Modi.


FIRESTAR INT'L: Ind-Ra Migrates D Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Firestar
International Private Limited's (FIPL) Long-Term Issuer Rating to
'IND D' from 'IND C' and migrated it to the non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency. Thus, the rating actions are based on the best available
information. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:

-- INR17,132 bil. Fund-based working capital facilities (Long
     term/Short term) downgraded and migrated to non-cooperating
     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR2,272 bil. Non-fund-based working capital facilities
    (Short term) downgraded and migrated to non-cooperating
    category with IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects the confirmation from one of FIPL's
lenders that the company has become a non-performing asset.

Ind-Ra has been seeking monthly no default statements from the
company; however, it has not received the same post December
2017.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
confirmed by FIPL and its bankers could result in a rating
upgrade.

COMPANY PROFILE

FIPL, founded by Nirav Modi, is a global diamond and jewelry
company.


GOLDFIELD FRAGRANCES: CRISIL Withdraws B Rating on INR9.75MM Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Goldfield
Fragrances Private Limited (GFPL) for obtaining information
through letters and emails dated May 12, 2017, and June 14, 2017,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          9.75      CRISIL B/Stable/Issuer Not
                                  Cooperating (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Letter of Credit     1.00      CRISIL A4/Issuer Not
                                  Cooperating (Issuer Not
                                  Cooperating; Rating Withdrawal)

   Proposed Long Term   0.99      CRISIL B/Stable (Issuer Not
   Bank Loan Facility             Cooperating; Rating Withdrawal)

   Standby Line of      0.76      CRISIL B/Stable (Issuer Not
   Credit                         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 they are arrived at without any
management interaction and are 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 GFPL. This restricts CRISIL's
ability to take a forward GFPL is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of GFPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of GFPL
on the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Incorporated in 1986 by Mr. B V Kamte, Mr. J R Vaidya and Mr. R R
Mullick, (GFPL) manufactures and supplies fragrance compound and
has its manufacturing facility in Goa.

QFPL is a subsidiary of GFPL and is involved in a similar line of
business; with manufacturing facilities in Chennai and in United
Kingdom


INDORE DEWAS: Ind-Ra Affirms 'D' Rating on INR5,500.7BB Loan
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Indore Dewas
Tollways Limited's (IDTL) bank loans as follows:

-- INR5,500.7 bil. (reduced from INR5,861.7 bil.) Bank loans
     (Long term) affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects continued delays in serving debt
obligations by IDTL, due to tight liquidity.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the rating.

COMPANY PROFILE

IDTL is a special purpose vehicle incorporated to implement a
lane expansion (from four to six lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from National Highways Authority of India ('IND AAA';
Outlook Stable). IDTL is owned by Gayatri Group.


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

The instrument-wise rating actions are:

-- INR180 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR700 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR120 mil. Proposed fund-based working capital limit
    migrated to Non-Cooperating Category with Provisional
    IND BB- (ISSUER NOT COOPERATING) /Provisional IND A4+
    (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 3, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ICL was incorporated in 1965 as Universal Refrigeration Limited.
Over the years, the company has been consistently upgrading its
technology and products and changing its name. In 2004, the
company was renamed International Coil Limited. The company has
four business divisions: air conditioning (district energy,
cooling/heating), refrigeration (cold storages and freezing
plants), heat transfer (air cooled cooling systems) and EPC
Projects (engineering project contracts). Its registered office
is in New Delhi.


JOHNSON JEWELLERS: CRISIL Withdraws B Rating on INR20MM Cash Loan
-----------------------------------------------------------------
CRISIL has been consistently following up with Johnson Jewellers
(JJ) for obtaining information through letters and emails dated
February 23, 2018, March 15, 2018 and March 20, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           20       CRISIL B/Stable (Issuer Not
                                  Cooperating; Migrated from
                                  'CRISIL B/Stable'; 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 JJ. 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 JJ
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Information Adequacy Risk with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the rating on the bank facilities of JJ to
'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL B/Stable'.

CRISIL has withdrawn its rating on the bank facilities of JJ at
the company's request and after receiving a no-objection
certificate from Bank. The rating action is in line with CRISIL's
policy on withdrawal of its ratings on bank facilities.

JJ, set up in 1996 by Mr. Anil Soni as a proprietorship firm, is
engaged in manufacturing, wholesaling, and retailing gold,
diamond, and other precious gem-studded jewellery, and also in
silver ware and gold bullion trading. The firm has one store in
Ahmedabad.


K SESHAGIRI: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained K Seshagiri
Rao & Co.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category IND BB+ (ISSUER NOT COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING);

-- INR30 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR90 mil. Proposed fund-based working capital limit
     maintained in Non-Cooperating Category with Provisional IND
     BB+ (ISSUER NOT COOPERATING) /Provisional IND A4+ (ISSUER
     NOT COOPERATING) rating; and

-- INR40 mil. Proposed non-fund-based working capital limit
     maintained in Non-Cooperating Category with Provisional IND
     A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1982, K Seshagiri Rao & Co. executes material and
hot slag handling, scrap, skull recovery in steel industries,
hiring of heavy machinery and excavation contracts.


K. K. TEX: CRISIL Migrates B Rating from Not Cooperating Category
-----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India (SEBI) guidelines, had migrated the
rating on the bank facilities of K. K. Tex Enterprises (KKTE) to
'CRISIL B/Stable Issuer Not Cooperating'. However, the management
has now shared the information required for a comprehensive
rating review. Consequently, CRISIL is migrating the rating to
'CRISIL B/Stable'

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           6        CRISIL B/Stable (Migrated
                                  from 'CRISIL B/Stable' Issuer
                                  Not Cooperating)

   Proposed Long Term    0.57     CRISIL B/Stable (Migrated
   Bank Loan Facility             from 'CRISIL B/Stable' Issuer
                                  Not Cooperating)

   Term Loan             .43      CRISIL B/Stable (Migrated
                                  from 'CRISIL B/Stable' Issuer
                                  Not Cooperating)

The ratings reflect the temporary shutdown of operations by KKTE
on account of adverse market conditions and weak financial risk
profile. The weaknesses are partially offset by the steady rental
income, which supports liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Temporary shutdown of commercial operations: Adverse market
conditions and non-profitable operations have compelled the
management to temporarily halt operations for processing grey
fabric.

* Weak financial risk profile: Networth (estimated at INR4.2
crore as on March 31, 2018) remains constrained by modest
accretion to reserve.

Strengths

* Steady rental income supporting liquidity: The processing
facility has been leased out, and generates sufficient income to
support liquidity till operations resume.

Outlook: Stable

CRISIL believes steady rental income will help KKTE manage its
liquidity. The outlook may be revised to 'Positive' if business
operations resume without weakening the financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' if rental income is insufficient for debt servicing.

KKTE, established in 2003 by the Mumbai-based Gada family, is
engaged in the manufacturing of various types of grey fabrics.
KKTE mainly manufacturers grey fabric for suiting and shirting.
The firm's business operations are managed by Mr. Kalpesh Gada.
The promoters of KKTE have gained experience in the textile
business over the past 20 years by virtue of their association
with other entities operating in a similar line of business.


MANAS AGRO: CRISIL Assigns B+ Rating to INR3.4MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Manas Agro Industries (MAI).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          2.6       CRISIL B+/Stable
   Term Loan            3.4       CRISIL B+/Stable

The rating reflects the firm's susceptibility to volatile paddy
prices, uneven monsoon, unfavourable changes in government
policies, and modest scale of operation amidst intense
competition in the rice milling industry. This weakness is
partially offset by stable demand for rice and partners'
experience.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations: Start-up phase has led to modest
scale of operations in the intensely competitive rice milling
industry that has limited value addition. CRISIL expects the
scale of operation of the firm to remain modest over the medium
term.

* Vulnerability to volatile raw material prices, uneven monsoon,
and unfavourable changes in regulations: Cultivation of paddy
depends highly on monsoon and availability of irrigation. Hence,
the firm remains susceptible to any shortage of paddy or price
fluctuations of paddy.

Strengths:

* Stable demand for rice: India is the second-largest producer of
rice (20% of total production) after China. Demand for rice, the
country's staple diet, is directly linked to population and is
hence stable.

* Experience of partners: Partners' have been in the paddy
trading business through proprietorship firms for the past seven
years, leading to a diversified customer base.

Outlook: Stable

CRISIL believes MAI will benefit over the medium term from the
healthy prospects for the rice processing industry and
established client relationship. The outlook may be revised to
'Positive' if timely stabilisation of operations and better-than-
expected revenue improve liquidity. The outlook may be revised to
'Negative' if substantially low capacity utilisation or
significant stretch in working capital requirement further
weakens financial risk profile, particularly liquidity.

Established in 2015 as a partnership firm by Mr Amit Kumar Jain,
Ms Gunja Jain, Ms Suman Devi Churiwal, Mr Abhishek Jain, and Ms
Jyoti Jain, MAI processes non-basmati parboiled rice at its unit
in Howly, Assam, which has installed capacity of 1 lakh kg per
day.


NAM EXPRESSWAY: Ind-Ra Moves 'D' Loan Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings has migrated N.A.M. Expressway Limited's (NAMEL)
senior project bank loans to the non-cooperating category. The
issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating action is:

-- INR10.6 mil. Senior project bank loans (long-term) migrated
    to Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 19, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NAMEL is a special purpose company, incorporated to implement a
lane expansion project under a 24-year concession from the Andhra
Pradesh Road Development Corporation. The project road is a
212.5km stretch from Narketpally to Addanki and Medarametla, and
is part of the State Highway 2. The project cost of INR17.6
billion was funded by term loan of INR10.6 billion, sponsor
equity of INR2.3 billion and government grant of INR4.7 billion.


PRAKASH INDUSTRIAL: Ind-Ra Maintains B Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Prakash
Industrial Infrastructure Private Limited's (PIIPL) Long-Term
Issuer Rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using the
rating. The rating will continue to appear as 'IND B (ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise rating
actions are:

-- INR100 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR93.7 mil. Term loan limits maintained in Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 1975, PIIPL is primarily engaged in industrial
civil construction for the private sector. The company is
promoted by Mr. Dinesh Agrawal.


PREMIER POULTRY: Ind-Ra Maintains 'BB+' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Premier
Poultry Products Limited's (PPPL) Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating actions are:

-- INR26.6 mil. Long-term loan maintained in Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR74 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR5 mil. Non-fund-based limit maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Formed in 1986, PPPL is engaged in the trading of table eggs. The
company procures eggs from poultry farmers in Hyderabad and sells
them in Mumbai.


ROYALCARE SUPER: CRISIL Withdraws B+ Rating on INR9.75MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Royalcare Super Speciality Hospital Limited and subsequently
withdrawn the ratings at the company's request and on receipt of
a no-objection certificate from the bankers. The withdrawal is in
line with CRISIL's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       4.35      CRISIL A4 (Rating reaffirmed
                                  and Withdrawal)

   Cash Credit          9.75      CRISIL B+/Stable (Rating
                                  reaffirmed and Withdrawal)

Royalcare Super Specialty Hospital Limited (RSSHL) is a 250
bedded multi-specialty hospital, engaged in providing tertiary
healthcare services. The hospital is a public limited entity,
based out of Coimbatore, and promoted by Dr. K.Madeswaran.


SANSAARA WEAVES: Ind-Ra Maintains BB- Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sansaara
Weaves & Filaments Private Limited's Long-Term Issuer Rating in
the non-cooperating category. The issuer did not participate in
the rating exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised
to take appropriate caution while using these ratings. The rating
will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR46.7 mil. Long-term loan maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR20.0 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND BB- (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sansaara Weaves & Filaments was established in 2010. It
manufactures and sells grey fabric.


SARASWATI MEDICAL: Ind-Ra Assigns 'BB+' Rating to INR40.0MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has undertaken the following
rating actions on Saraswati Medical & Dental College's (SMDC)
bank facilities:

-- INR18.2 mil. Term loan due on March 31, 2018 withdrawn (paid
     in full) and the rating is withdrawn;

-- INR106.8 mil. Proposed term loan withdrawn (issuer did not
     proceed with the instrument as envisaged) and the rating is
     withdrawn; and

-- INR40.0 mil. Overdraft assigned with IND BB+/Stable rating.

KEY RATING DRIVERS

The rating is constrained by SMDC's small size of operations and
modest operating performance. Its headcount rose at a CAGR of
10.16% to 619 in FY16 from 463 in FY13. SMDC has been operating
at a full headcount of 619 students since FY16. SMDC has not
undertaken any capacity expansion since FY14 and has no plans to
add substantial capacity in the near term.

Total income stood at INR220.1 million in FY17 compared with
INR218.5 million in FY16. The reason behind low revenue growth
was due to a constant headcount and no fee revisions. Total
income largely constitutes tuition fee, which was 78.55% of the
total income on average during FY13-FY17. Tuition fee fell to
INR166.7 million in FY17 from INR171.0 million in FY16. Hospital
receipt growth (CAGR: 6.29%) remained muted over FY13-FY17. On
the expenditure side, total expenditure largely constituted staff
costs (FY13-FY17 average: 52.96%) and other operating expenses
(39.51%).

SMDC witnessed an average operating margin of 14.87% for the
period FY13-FY17; however, the margin fluctuated during the
period. Operating margin declined to 13.7% in FY17 after
improving to 15.4% in FY16 from 14.91% in FY15. The fall in
operating margin in FY17 was due to a 1.83% yoy increase in
operating expenditure and a 0.21% yoy fall in operating income
(FY17: INR218.0 million; FY16: INR218.4 million).

The rating is constrained by SMDC's tight liquidity profile,
given its available funds cover to operating expenditure ratio
was 4.36% in FY17 (FY16: 8.31%). The decline in the ratio was due
to the utilization of funds towards an ongoing capex, which is
likely to be completed by FYE19.

However, the rating is supported by comfortable capacity
utilization, a reduction in the debt burden and a comfortable
debt servicing cover. Considering the society has been operating
at a full headcount since FY16, capacity utilization has been
100.0%.

Debt/current balance before interest and depreciation declined to
1.03x in FY17 from 1.05x in FY16, primarily due to a fall in debt
and sufficient current balance before interest and depreciation.
Meanwhile, debt service coverage ratio was over 1.00x during
FY13-FY17. In FY17, debt service coverage ratio was 2.32x (FY16:
3.28x) and interest coverage ratio was 8.48x (FY16: 9.22x). The
marginal deterioration in both ratios was due to a contraction in
current balance before interest and depreciation (FY17: INR19.5
million; FY16: INR21.3 million) and an increase is debt servicing
(INR13.7 million; INR10.3 million).

RATING SENSITIVITIES

Negative: Any unexpected fall in student demand in conjunction
with an increase in debt in relation to operating income could
negatively affect the rating.

Positive: Any improvement in the liquidity, along with a
sustained rise in operating margin driven by a rise in headcount
or tuition fee, could positively affect the rating.

COMPANY PROFILE

SMDC was incorporated under the Societies Registration Act, 1860,
and was founded by Late Colonel (Dr) TS Mathur in May 1995. The
society set up Saraswati Dental College in 1998-99, Saraswati
Hospital and Research Centre in 2009-10 and Birendra Shankar
Mathur School of Nursing in 2013-14. The three entities are
spread over an area of 6.4 acres in Lucknow. The dental college
offers courses in bachelor of dental surgery and master of dental
surgery, whereas the nursing institute offers a course in general
nursing and midwifery.


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

The instrument-wise rating actions are:

-- INR3.9 mil. Term loan maintained in Non-Cooperating Category
     with IND B- (ISSUER NOT COOPERATING) rating;

-- INR60 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND B- (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based limit maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

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

COMPANY PROFILE

Incorporated in November 1995, SCPL is based in Valsad (Gujarat)
and manufactures, fabricates and erects pressure vessels, storage
tanks and duct piping. It also executes turnkey projects. Its
monthly installed capacity is 1,200 tons.


SEA STAR: CRISIL Assigns B+ Rating to INR4.92MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Sea Star Frozen Foods (SSFF).

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Term Loan              4.92       CRISIL B+/Stable
   Cash Credit            4.90       CRISIL B+/Stable
   Proposed Term Loan     0.18       CRISIL B+/Stable

The rating reflects intense competition in the industry,
susceptibility of operating margins to volatility in raw material
prices and to changes in government policies. These rating
weakness are partially offset by established market position and
the extensive experience of the promoters in the frozen seafood
manufacturing business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Intense competition in the industry: The seafood-processing
industry is highly fragmented, marked by the presence of several
small players operating in India's coastal areas and competition
from neighboring countries. CRISIL expects SSFF's business risk
profile to be constrained by its moderate scale of operations in
the fragmented seafood business.

* Susceptibility of operating margins to volatility in raw
material prices and change in government policies: SSFF deals
with marine products with shelf life of over a year, and stocks
inventory depending on the catch prices, availability, and market
conditions. High dependence on fisherman and middlemen for the
products exposes SSFF's margins to market rates, government
policies, and demand dynamics of the fish being catch. CRISIL
believes SSFF's margins will remain vulnerable to volatility in
raw material prices and be exposed to risks inherent to the
seafood industry over the medium term.

Strengths:

* Promoter' extensive experience in frozen seafood business and
established market position: The promoters of the firm have been
associated in the marine product business since last 3
generation. SSFF promoters have adequate knowledge about, and
experience in the seafood business. Over the years, the promoter
family has established healthy relation with their customers,
resulting in stable growth in business. CRISIL believes that SSFF
will continue to benefit from its promoters' extensive experience
in the industry and the company's established market position
over the medium term.

Outlook: Stable

CRISIL believes SSFF would benefit over the medium term from
promoter' extensive experience in frozen seafood business. The
outlook may be revised to 'Positive' if the firm increase its
scale of operations higher than expected. The outlook may be
revised to negative in case there is a lower than expected scale.
Further the timely servicing of term debt obligations will remain
a key sensitivity factor.

Established in 2016, SSFF processes and exports frozen seafood
products (Surimi-Minced Fish Meat). SSFF's day-to-day operations
are managed by Mr. Dharmesh J. Chudasama, Mr. Kiran J. Chudasama
and Mr. Ranjeet B. Chudasama.


SHERANWALI STEELS: CRISIL Assigns 'B' Rating to INR9MM Cash Loan
----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Sheranwali Steels Private Limited (SWSPL) and has
assigned its 'CRISIL B/Stable' rating to the bank facilities.
CRISIL had suspended the ratings on Nov  28, 2014, as the company
had not provided the information required for a rating review. It
has now shared the requisite information, enabling CRISIL to
assign a rating to the facilities.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           9        CRISIL B/Stable (Assigned:
                                  Suspension Revoked)

The rating reflects SWSPL's modest scale of operations and weak
financial risk profile and stretched liquidity, as reflected in
high bank limit utilisation. These weaknesses are partially
offset by the extensive experience of its promoters.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: With an operating income of INR27
crore for fiscal 2017, scale remains small due to intense
competition from organised and unorganised players. However,
scale is likely to ramp up over the medium term on the back of
promoters' longstanding presence.

* Weak financial risk profile: Gearing was high at 3.75 times and
net worth modest at INR2.43 crore, as on March 31, 2017. However,
gearing has improved over the years due to minimal debt
obligation and is expected to decline further in the absence of
any debt-funded capital expenditure (capex).

* High bank limit utilisation: Bank limit was utilised at 95-98%
for the past 12 months ending August 2017 and due to interest
charges towards month-end was over utilized at times. Over
utilisation is, however, regularised within 1-2 working days. In
the absence any major debt obligation over the medium term,
surplus cash accrual after meeting incremental working capital
requirement will provide comfort to liquidity.

Strengths:

* Extensive experience of promoters: Key promoter, Mr Mahesh
Kumar, has experience of more than two decades in the steel
industry. Also, Mr Jagdish Bahadur Sinha has been on the
company's board since 2005. Longstanding presence of promoters
has led to repeat orders.

Outlook: Stable

CRISIL believes SWSPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if substantial improvement in
financial risk profile due to higher-than-expected growth in
revenue leads to improved cash accrual; and if working capital
management is efficient. The outlook may be revised to 'Negative'
if lower-than-expected cash accrual or sizeable working capital
requirement or debt-funded capex puts additional pressure on
liquidity.

Incorporated in 1995 in Lucknow and promoted by Mr Mahesh Kumar
and Mr Jagdish Bahadur Sinha, SWSPL manufactures mild steel
products such as angles, channels, and bars.


SHOR SHOT: CRISIL Reaffirms B Rating on INR4.3MM LT Loan
--------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of Shor
Shot India Private Limited (SSIPL) at 'CRISIL B/Stable/CRISIL
A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1.5       CRISIL B/Stable (Reaffirmed)

   Foreign Bill
   Purchase             1.2       CRISIL B/Stable (Reaffirmed)

   Letter of Credit     1.1       CRISIL A4 (Reaffirmed)

   Packing Credit       3.0       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   4.3       CRISIL B/Stable (Reaffirmed)

   Standby Line of
   Credit               1.0       CRISIL A4 (Reaffirmed)

CRISIL has withdrawn its rating on the proposed long term bank
loan facility of SSIPL based on the company's request as the
company has not availed the facility. The withdrawal is in line
with CRISIL's policy of withdrawal of credit rating.

The rating continues to reflect modest scale of operations and
working capital-intensive operations. These weaknesses are
partially offset by the extensive experience of promoters in the
textile industry.

CRISIL had downgraded its rating on the long-term bank facilities
of SSIPL to 'CRISIL B/Stable' from 'CRISIL B+/Stable, and
reaffirmed the short-term rating at 'CRISIL A4' on dated Dec 11,
2017.

Analytical Approach

Unsecured loans from promoters (INR39 lakhs as on March 31, 2017)
has been treated as debt.

Key Rating Drivers & Detailed Description

Strengths

* Weaknesses

Modest scale of operations: With operating of INR20.2 crore in
fiscal 2017, scale is modest. Also, revenue has remained stagnant
in the three fiscals ended 2017 due to stagnant demand in export
marketsWorking capital-intensive operations: Gross current assets
were high at 306 days as on March 31, 2017, due to sizeable
inventory of 154 days and stretched receivables of 143 days.
SSIPL procures grey cloth and outsources the finishing and
processing activities.

Strength

* Extensive experience of the promoters in the textile industry:
Company's promoters have been in the textile industry since 1998.
Though it exports largely to the UK and US, it has diversified
customer base by starting to export to Russia and Spain.
Promoters' experience has helped the company to sustain top line
amid economic downturns and sustain strong relationships with
customers and suppliers.

Outlook: Stable

CRISIL believes SSIPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if sustained and significant growth
in scale of operations and profitability, along with prudent
working capital management, leads to higher-than-expected accrual
and better financial risk profile. The outlook may be revised to
'Negative' if lower-than-anticipated cash accrual or sizeable
working capital requirement weakens liquidity.

Incorporated in 1996, SSIPL manufactures and exports ready-made
garments such as skirts, blouses, and trousers for women. The
company largely sells through distributors to clients in the UK,
the US, and Russia. It has a manufacturing unit in Delhi.


SHUBH ALUMINIUM: CRISIL Assigns B+ Rating to INR14MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Shubh Aluminium Private Limited (SAPL).

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Line of Credit        14        CRISIL B+/Stable

The rating reflects the modest margins in an intensely
competitive trading industry and below-average financial risk
profile. This weaknesses are partially offset by extensive
experience of the promoter in the trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest margins in an intensely competitive industry: Due to low
value addition in the trading business and intense competition,
operating margin remained modest at 2.5 percent for March 2017.
Operating margin will remain under pressure because of intense
competition, low value addition, and exposure to raw material
price volatility, which might impact its operating profitability
over the medium term.

* Below-average financial risk profile: Small networth of INR3.75
crore, total outside liabilities to tangible networth (TOLTNW) of
7 times and debt protection metrics marked by interest coverage
and net cash accrual to total debt ratios of 1.3-1.4 times and
0.03 time, respectively, in fiscal 2018.

Strengths:

* Extensive experience of the promoter: SAPL benefits from its
promoter' industry experience of over decade, which has resulted
in longstanding relationships with suppliers and customers. The
promoters have interest in other diversified business such as
mining and processing of marbles, trading as well as real estate
industry.

Outlook: Stable

CRISIL believes SAPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if substantial increase in revenue and margin leading
to high cash accrual or substantial capital infusion leading to
improvement its financial risk profile. The outlook may be
revised to 'Negative' if decline in cash accrual, large working
capital requirement, or sizeable, debt-funded capital expenditure
constrains liquidity.

Incorporated in 2012, SAPL is promoted by Motawat Family. The
company is engaged into trading of aluminum scrap, iron and steel
products and polyester and fiber. The company is based out in
Udaipur.


SRI SATYA: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Sri Satya Sai
Constructions (SSSC) for obtaining information through letters
and emails dated December 18, 2017 and January 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Bank Guarantee       7.5        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit          4.0        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term   0.5        CRISIL B+/Stable (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 Sri Satya Sai Constructions,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Sri Satya Sai Constructionsis 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 ratings on bank
facilities of Sri Satya Sai Constructions to CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 1999 and promoted by Mr Krishnam Raju,
Visakhapatnam-based SSSC undertakes construction projects such as
government buildings and houses in Andhra Pradesh.


STAR EXPORT: CRISIL Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Star Export (SE)
for obtaining information through letters and emails dated
December 18, 2017 and January 17, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Foreign Bill          1        CRISIL B/Stable (Issuer Not
   Discounting                    Cooperating; Rating Migrated)

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

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

   Warehouse Receipts    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 Star Export, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Star
Export 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 ratings on bank
facilities of Star Export to CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Established in 2007, Star Exports is engaged in exporting of
various vegetables and agricultural commodities to Sri Lanka,
predominantly chilies. The firm is based out of Chennai and is
promoted by Mr. Kaja Peer Mohammed.


STREAM CERAMIC: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Stream Ceramic
Private Limited (SCPL) for obtaining information through letters
and emails dated December 18, 2017 and January 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Bank Guarantee         1        CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit            3        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan              6        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 Stream Ceramic Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Stream Ceramic Private Limitedis
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 ratings on bank
facilities of Stream Ceramic Private Limitedto CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

Incorporated in 2013, SCPL manufactures ceramic wall tiles in
many sizes at its facility in Shapar in Morbi, Gujarat; it sells
under the Stream brand. Commercial production began from June
2015.


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

The instrument-wise rating actions are:

-- INR93 mil. Fund-based limit migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) /IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR72.96 mil. Term loans due on November 2021-May 2023
     migrated to Non-Cooperating Category with IND BB (ISSUER NOT
     COOPERATING) rating; and

-- INR15.5 mil. Non-fund-based limit migrated to Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Ahmedabad-based Texaco was formed in 1988 by Mr. Krishan Agarwal
and Mr. Pradeep Agarwal. It is a leading manufacturer and
exporter of polyester viscose, polycotton, cotton fabrics,
synthetic-blended fabrics, suiting and shirting fabrics. The
company caters to both domestic and international markets. It
primarily exports to Dubai. In addition, it exports to Sri Lanka
and Iran.


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

-- INR90 mil. Fund-based working capital limits migrated to Non-
     Cooperating Category with IND B (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 20, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2009 as a proprietorship firm, TE is engaged in
the trading of agro-products, mainly pulses. TE imports 80% of
its product requirements and purchases the remaining from local
suppliers.


UNITECH MERCANTILE: CRISIL Assigns B Rating to INR12MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Unitech Mercantile Private Limited (UMPL).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan        12       CRISIL B/Stable
   Proposed Long Term
   Bank Loan Facility     3       CRISIL B/Stable

The rating reflects risk related to nascent stage of the
company's operations, exposure to intense competition and
geographical concentration, and weak financial risk profile
because of small networth, high gearing, and muted debt
protection metrics. These weaknesses are partially offset by tie-
up with Lemon Tree Hotels Ltd (LTH; rated 'CRISIL A-/Stable').

Key Rating Drivers & Detailed Description

Weaknesses:

* Risk related to nascent stage of business: Since operations
were fully commercialised only in the last month of fiscal 2018,
scale is expected to remain small. Revenue generated in fiscals
2017 and 2018 was majorly from sale of the company's commercial
shops. With ramp up in the hotel business, operating margin will
also improve.

* Exposure to intense competition and geographical concentration
in revenue: The Company operates only one hotel in a single
location, which constrains growth and exposes it to intense
competition.

* Weak financial risk profile: Networth was small at INR5.24
crore as on March 31, 2017, while gearing was high at 1.84 times
on account of debt-funded capital expenditure (capex). Debt
protection metrics were also subdued, with interest coverage and
net cash accrual to adjusted debt ratios of 2.6 times and 0.04
time, respectively, in fiscal 2017. Metrics are likely to
deteriorate in fiscal 2018 due to full disbursement of term loan.

Strengths:

* Tie-up with LTH for its Lemon Tree brand provides strong brand
recognition: UMPL has tied up with LTH for 10 years, wherein its
hotel will be completely managed by the staff of LTH. A portion
of the revenue will be paid to LTH according to occupancy level,
and all costs will be borne by UMPL. The Lemon Tree brand is
highly recognised and will aid UMPL's hotel.

Outlook: Stable

CRISIL believes UMPL's credit risk profile will remain sensitive
to timely fund infusion by promoters to service debt, given
expected low cash accrual on account of early stage of
operations. The outlook may be revised to 'Positive' if the
company successfully stabilises operations by achieving higher-
than expected average room rent and occupancy rates, thereby
improving cash accrual and financial risk profile. The outlook
may be revised to 'Negative' in case of lower-than-expected cash
accrual due to low occupancy levels or room tariffs, or if
sizeable debt-funded capex affects financial risk profile.

Incorporated in December 1996 and promoted by Mr. Binod Kumar
Gupta, Sunil Kumar Agarwal and their family, UMPL operates a
three-star hotel-cum-commercial project on a 0.98 acre land at
Sevoke Road in Siliguri, West Bengal. The hotel, which is managed
by LTH, has 52 rooms, a cafe, restaurant, bar, health club, and
conference hall. It began operations from March 5, 2018.

The company's commercial space spreads 26,000 square feet and is
divided into 30 shops, of which 24 have been sold and the
remaining 6 have been retained by UMPL for future requirement.


VASAVI ESTATES: CRISIL Withdraws B+ Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Vasavi Estates
(VE) for obtaining information through letters and emails dated
November 26, 2016, 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 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 they are arrived at without any
management interaction and are 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 VE. This restricts CRISIL's
ability to take a forward VE is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of VE
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of VE on
the request of the company and receipt of a no objection / due
certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Set up in 2012 by Mr. Yarram Vijay Kumar, Mr. Harish Linga, Mr.
Kanday Ramesh, and Mr. Kanday Srinivasalu, VE is engaged in real
estate development. It is developing a residential project in
Hyderabad.


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

-- INR50 mil. Fund-based working capital limits migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING) /IND
    A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Andhra Pradesh-based Y. Achamma commenced commercial operations
from 2014. It is a civil engineer contractor that provides
services to private bodies. It undertakes contracts for the
construction of canals, veterinary clinics and others.



===============
M O N G O L I A
===============


MONGOLIA: S&P Affirms B- Sovereign Credit Rating, Outlook Stable
----------------------------------------------------------------
On April 20, 2018, S&P Global Ratings affirmed its 'B-' long-term
sovereign credit rating on Mongolia. The outlook on the long-term
rating is stable. At the same time, S&P affirmed its 'B' short-
term credit rating on Mongolia. The transfer and convertibility
assessment remains unchanged at 'B'.

OUTLOOK

S&P said, "The stable outlook balances our expectation that
Mongolia limits its government deficit against the risks
associated with the country's elevated current account deficit,
and its associated gross external financing needs.

"The rating's upside potential could build if the economy
outperforms our current projections over the next 12 months,
likely on the basis of stronger external demand dynamics, more
favorable commodity prices, and faster-than-anticipated
development of the Oyu Tolgoi Phase 2 and Tavan Tolgoi
megaprojects.

Downward pressure could emerge if Mongolia's macroeconomic
settings weaken materially, such that we assess external and
fiscal pressures to have dramatically deteriorated. This could
lead to renewed repayment pressures on the sovereign's
obligations. S&P considers this scenario as highly unlikely over
the next 12 months.

RATIONALE

The rating reflects Mongolia's high fiscal debt burden, nascent
political institutions, and the volatile nature of its economy
due to its dependence on commodity exports. Mongolia also has
high external debt levels and limited monetary flexibility.

Institutional and Economic Profile: Institutions, policy
environment remain credit weaknesses despite recent improvements

-- Economic growth in Mongolia accelerated in 2017, and S&P
    expects solid real GDP growth over the coming years as
    investment and mining activity accelerate.

-- Nevertheless, Mongolia's nascent policy institutions and
    relatively low income continue to constrain the rating.

-- The volatile nature of Mongolia's economy creates significant
    challenges for policymaking.

Mongolia's economy bounced back strongly in 2017, with real GDP
growth of 5.1%, due to a sharp rise in prices and volumes of coal
and copper exports. This performance was significantly stronger
than S&P's expectations, underscoring the dependence of
Mongolia's economy on commodities.

S&P forecasts the Mongolian economy to achieve average real GDP
growth of 5.5% from 2018-2021, based on the continued expansion
of production from large resource projects and robust investment
and consumption growth.

In view of its 10-year weighted average real GDP per capita
growth of 3.4% per year, S&P assesses Mongolia's economic
performance to be roughly similar to that of other countries with
similar GDP per capita.

S&P said, "We expect the supportive mining policies under the
Mongolian People's Party (MPP) government to continue, given the
important role played by the mining sector in Mongolia's economic
development. The country's two megaprojects are making progress.
The first is the second phase of the Oyu Tolgoi gold and copper
mine located in the South Gobi region of Mongolia. The US$5.4
billion project will be one of the world's largest new copper-
gold mines. The government of Mongolia owns approximately one-
third of the project, which is operated by Rio Tinto PLC. The
second project is Tavan Tolgoi, which the Mongolia government
proposes to be a US$4 billion coal mine located in the same
region and will be operated by the Mongolian Mining Corp., China
Shenhua Energy Co. Ltd., and Sumitomo Corp. Although these two
projects could significantly boost Mongolia's income level, our
ratings also reflect the risks associated with these projects
while they are still in the development phase."

Mongolia's fiscal outturns improved considerably in 2017, but
continued volatility in the government's accounts reflects high
revenue dependence on the resource sector.

Pressing infrastructure needs represent risks to fiscal accounts.
That said, an estimated general government fiscal deficit of only
1.9% of GDP in 2017 has alleviated Mongolia's rapid growth of
public debt obligations relative to GDP.

S&P acknowledges the constructive impact of the wide-ranging
creditor support program, which was approved for Mongolia in mid-
2017. The IMF-led program will provide approximately US$5.5
billion in creditor support. This program has mitigated acute
external and budgetary pressures, and has provided a degree of
confidence to foreign investors.

In March 2017, the Mongolian government assumed a US$580 million
obligation on behalf of the Development Bank of Mongolia via a
debt exchange program. The government also conducted a successful
liability-management exercise in the fourth quarter of 2017,
mainly raising funds to retire U.S. dollar bonds due in January
2018. These instances suggest that Mongolia retains strong market
access despite the difficulties it has faced over recent years.
Nevertheless, key rating weaknesses will take time to address,
from both a structural reform and credit metrics perspective.

The MPP, which convincingly won the June 2016 general elections,
lost a key presidential election in 2017, and in October 2017 the
Prime Minister and key ministers of his cabinet were removed
following a no-confidence motion. No Mongolian prime minister has
completed a four-year term since 2004. This track record presents
risks to policy continuity and predictability.

The current administration's openness to working with donors to
improve public finances, however, is generally consistent with
the position of the previous MPP administration. The previous
administration had already consolidated into the budget heavy
spending on the price stabilization program (a concessional
lending facility of the Bank of Mongolia to subsidize prices for
food, fuel, and consumption goods), and capital spending through
the Development Bank of Mongolia (DBM). The new DBM Law, passed
by the government in 2017, has effectively curtailed non-
commercial spending by the bank.

Flexibility and Performance Profile: Fiscal position has
improved, but vulnerabilities remain

-- Mongolia's fiscal performance improved substantially in 2017.

-- Nevertheless, the government's fiscal position remains
    vulnerable to a high reliance on commodity revenues and
    pressing infrastructure needs.

-- High public and external indebtedness are additional
    constraints on the ratings.

Despite the aforementioned improvements over the past year,
Mongolia's public finances remain a key risk factor for the
sovereign. Mongolia's net general government indebtedness remains
very high, at 85% of GDP in 2017. The high share of foreign
currency debt, along with risks associated with the quality of
banking sector assets, represent additional risks to the
government's debt position. Although S&P forecasts fiscal
deficits and the associated creation of new government debt to
remain contained over the coming years, these risks are unlikely
to recede meaningfully.

Mongolia's external position remains weak. S&P projects the
country's current account deficit will return to double digits as
a percentage of GDP from 2018-2020. The high import content of
the mining projects, combined with rising income payments to
foreign investors, will more than offset rapid growth in current
account receipts. As a result of historical and projected current
account deficits, plus the financing for the second stage of the
Oyu Tolgoi megaproject, Mongolia's external debt net of public
and financial sector external assets will hit 194% of current
account receipts (CARs) this year. With strong export growth,
this metric should improve somewhat and S&P forecasts it to
decline gradually to 139% by 2021. Mongolia also faces elevated
risks to its external position stemming from its volatile terms
of trade.

S&P said, "Meanwhile, we project the ratio of gross external
financing needs to CARs plus usable reserves at 126% this year.
Although this marks an improvement from the estimated ratio of
161% previously, it nevertheless reflects considerable liquidity
pressures. We forecast liquidity needs to gradually decline to
102% by 2021 as liquidity pressures ease with stability in
commodity prices and big projects near completion."

Central bank reserves have risen considerably over the past year,
reflecting a recovery in external demand, more favorable terms of
trade, as well as fund inflows from the multilateral donor
program. S&P believes the central bank, the Bank of Mongolia,
will continue to focus on boosting its reserves over the coming
years, in accordance with the IMF program.

Although the risks to Mongolia's external position are partly
attenuated by a floating currency regime, the togrog is not an
actively traded currency, and the central bank occasionally
intervenes in the market to reduce volatility. Well over half of
government debt and a third of banking system loans are in
foreign currency, suggesting balance sheet vulnerabilities.

Mongolia's central bank has in recent years executed quasi-fiscal
spending programs on behalf of the government, and therefore its
independence is deemed to be limited. Although the central bank
has reshuffled its leadership since mid-2016 and it is making an
effort to reform its operations, its track record of operational
independence remains limited.

S&P Global Ratings considers the DBM as part of the general
government, given its past quasi-fiscal activity and the
government's provision of extraordinary support to meet the DBM's
debt repayments in 2017. The adoption and ongoing implementation
of more robust laws for DBM and the Deposit Insurance Corp. of
Mongolia should curtail fiscal risks in the future. S&P expects
the revised DBM law to have successfully addressed the quasi-
fiscal nature of the DBM's operations, but the track record on
this front remains limited due to the recent adoption of these
reforms.

S&P said, "We view the rest of the financial and public
enterprise sectors as posing moderate contingent liabilities to
the government, largely due to the size of Mongolia's financial
sector. Mongolia's banks remain exposed to vulnerabilities
associated with the undeveloped, primarily commodity-based, low-
income economy. The recently completed Asset Quality Review has
helped to quantify the banking sector's capital needs, and we
view this as a positive development. Nevertheless, we also
observe continued weaknesses in Mongolia's regulatory framework,
transparency, and disclosures. Our Bank Industry Credit Risk
Assessment for Mongolia is '10' (with '1' being the highest
assessment and '10' being the lowest)."

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable.

At the onset of the committee, the chair confirmed that the
information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was
sufficient for Committee members to make an informed decision.

After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity
to articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.

  RATINGS LIST
  Ratings Affirmed

  Mongolia
   Sovereign Credit Rating                B-/Stable/B
  Transfer & Convertibility Assessment
    Local Currency                        B
  Mongolia
   Senior Unsecured                       B-
  Trade and Development Bank of Mongolia LLC
   Senior Unsecured                       B-



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


FORESTLANDS: FMA Applies to Court to Liquidate Companies
--------------------------------------------------------
The Financial Markets Authority (FMA) has applied to the High
Court to place the Forestlands companies numbered 2-20 into
liquidation.

The application for liquidation has been filed at the Nelson
Registry of the High Court. An initial hearing will take place on
April 26 at 11:00 a.m. As required in liquidation proceedings,
advertisements have been placed in the Gazette and will also
appear in the local newspaper, the Nelson Mail.

The application does not cover Forestlands NZ Limited and
Forestlands Marketing who are also in the Forestlands group of
companies. These companies are not financial markets
participants.

Shareholders and Creditors are entitled to a copy of the
affidavit setting out the FMA's case in seeking the liquidation
of these companies. This can be obtained in the following manner:

Shareholders: Contact the FMA via e-mail at
forestlands@fma.govt.nz. The FMA will ask the individual to
verify that they are a shareholder with a document that has been
generated by the Forestlands companies. Shareholders could either
scan a document or take a photo using a smartphone.

If a shareholder does not have any documents, the FMA will check
Companies Office records and will ask the individual to verify in
writing that they are the same person as on the Companies Office
record.

Creditors: Any creditors should contact Meredith Connell using
the details below.

Members of the public who are not shareholders and other
interested media can seek a copy of the affidavit from the
registry of the Nelson High Court under the Senior Courts (Access
to Court Documents) rules 2017.

The FMA is bringing this application because at this point it has
no confidence in the director to manage the relevant interests
appropriately between the director, the entities associated with
him, 'B' shareholders and creditors of the Forestlands companies.

The application to appoint a liquidator will bring independence
and certainty to the process and enable the liquidator to
determine the appropriate way forward for releasing Forestlands
funds to investors.

                        Court order

On April 20, the High Court heard an application by 10 of the
Forestlands companies in relation to money owed to the Inland
Revenue Department. This application was filed on the April 19.

The total owed and due to Inland Revenue was NZ$1,529,203 and
interest of NZ$112,586. The judgment notes that if this sum is
not paid by midday 23rd April, penalties of NZ$157,316 will
accrue.

The Forestlands companies sought the FMA's consent to access the
net proceeds of sale of NZ$18 million which have been held in the
trust account of the Forestlands companies' solicitors, Anthony
Harper to pay the outstanding tax.

The FMA declined this consent as liquidation proceedings were
before the courts.

The High Court granted orders for the Forestlands Companies to
pay the income tax liabilities from the NZ$18 million held in the
trust account.

                      Ongoing investigations

The FMA and Serious Fraud Office maintain separate ongoing
investigations into Forestlands.



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


* BOND PRICING: For the Week April 16 to April 20, 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
BOART LONGYEAR MANAGEME      1.50    12/31/22    USD      50.00
DBCT FINANCE PTY LTD         2.28    06/09/26    AUD      74.17
KEYBRIDGE CAPITAL LTD        7.00    07/31/20    AUD       0.94
LAKES OIL NL                10.00    05/31/18    AUD       7.25
MIDWEST VANADIUM PTY LT     11.50    02/15/18    USD       0.34
MIDWEST VANADIUM PTY LT     11.50    02/15/18    USD       0.34
QUINTIS LTD                  8.75    08/01/23    USD      70.13
QUINTIS LTD                  8.75    08/01/23    USD      70.13
QUINTIS LTD                  8.75    08/01/23    USD      70.13
TREASURY CORP OF VICTOR      0.50    11/12/30    AUD      72.31


  CHINA
  -----

AKESU XINCHENG ASSET IN      7.50    10/10/18    CNY      25.14
ALXA LEAGUE INFRASTRUCT      6.40    03/14/20    CNY      40.43
ANHUI CHIZHOU CITY TIAN      7.40    10/23/20    CNY      60.51
ANHUI SHENGYUN ENVIRONM      6.98    03/23/20    CNY      41.00
ANKANG DEVELOPMENT & IN      6.35    03/06/20    CNY      40.11
ANQING ECONOMIC&TECHNOL      6.00    06/18/20    CNY      60.22
ANQING ECONOMIC&TECHNOL      6.00    06/18/20    CNY      60.36
ANQING URBAN CONSTRUCTI      6.76    12/31/19    CNY      40.52
ANQING URBAN CONSTRUCTI      6.76    12/31/19    CNY      40.65
ANSHAN HI-TECH INDUSTRY      8.50    12/20/20    CNY      62.75
ANSHUN STATE-RUN ASSETS      6.98    01/10/20    CNY      39.97
ANSHUN STATE-RUN ASSETS      6.98    01/10/20    CNY      39.98
ANYANG INVESTMENT GROUP      8.00    04/17/19    CNY      40.48
BAICHENG ZHONGXING URBA      7.00    12/18/19    CNY      40.52
BAISHAN URBAN CONSTRUCT      7.00    07/31/19    CNY      40.07
BAIYIN CITY DEVELOPMENT      6.78    07/19/20    CNY      59.75
BAIYIN CITY DEVELOPMENT      6.78    07/19/20    CNY      60.07
BAODING NATIONAL HI-TEC      7.33    12/24/19    CNY      40.35
BAOJI INVESTMENT GROUP       7.14    12/26/18    CNY      25.22
BAOJI INVESTMENT GROUP       7.14    12/26/18    CNY      25.30
BAOSHAN STATE-OWNED ASS      7.30    12/10/19    CNY      40.20
BAOTOU STATE OWNED ASSE      7.03    09/17/19    CNY      40.49
BAYAN ZHUOER HETAO WATE      8.54    03/31/22    CNY      62.58
BAYANNUR LINHE DISTRICT      7.90    11/13/20    CNY      61.42
BAYANNUR URBAN DEVELOPM      6.40    03/15/20    CNY      40.38
BAYANNUR URBAN DEVELOPM      6.40    03/15/20    CNY      40.51
BEIJING BIOMEDICINE IND      6.35    07/23/20    CNY      60.27
BEIJING CAPITAL DEVELOP      5.95    05/29/19    CNY      40.23
BEIJING CAPITAL DEVELOP      6.50    02/27/21    CNY      60.97
BEIJING CAPITAL DEVELOP      6.50    02/27/21    CNY      61.14
BEIJING CAPITAL DEVELOP      7.19    01/15/21    CNY      61.48
BEIJING CAPITAL DEVELOP      7.19    01/15/21    CNY      61.72
BEIJING CHAOYANG STATE-      5.25    03/27/20    CNY      39.79
BEIJING CHAOYANG STATE-      5.25    03/27/20    CNY      39.96
BEIJING CONSTRUCTION EN      5.95    07/05/19    CNY      40.12
BEIJING CONSTRUCTION EN      5.95    07/05/19    CNY      40.15
BEIJING FUTURE SCIENCE       6.28    09/22/19    CNY      50.37
BEIJING GUCAI GROUP CO       8.28    12/15/18    CNY      40.73
BEIJING GUCAI GROUP CO       6.60    09/06/20    CNY      60.60
BEIJING GUCAI GROUP CO       6.60    09/06/20    CNY      60.78
BEIJING HAIDIAN STATE-O      5.50    08/07/20    CNY      59.70
BEIJING HAIDIAN STATE-O      5.50    08/07/20    CNY      59.90
BEIJING JINGMEI GROUP C      6.14    09/09/20    CNY      60.00
BEIJING JINGMEI GROUP C      6.14    09/09/20    CNY      60.32
BEIJING JINLIYUAN STATE      7.00    10/28/20    CNY      61.26
BEIJING XINGZHAN STATE       6.48    08/31/19    CNY      40.54
BENGBU URBAN INVESTMENT      6.30    09/11/20    CNY      60.67
BENGBU URBAN INVESTMENT      6.30    09/11/20    CNY      60.80
BIJIE KAIYUAN CONSTRUCT      7.78    02/25/21    CNY      49.23
BIJIE KAIYUAN CONSTRUCT      7.78    02/25/21    CNY      61.84
BIJIE XINTAI INVESTMENT      7.15    08/20/19    CNY      40.53
BIJIE XINTAI INVESTMENT      7.15    08/20/19    CNY      40.60
BINZHOU HI-TECH DEVELOP      8.60    01/10/21    CNY      62.49
BINZHOU HI-TECH DEVELOP      8.60    01/10/21    CNY      62.50
BORALA MONGOL AUTONOMOU      7.18    08/09/20    CNY      60.28
BORALA MONGOL AUTONOMOU      7.18    08/09/20    CNY      60.81
C&D REAL ESTATE CO LTD       6.15    04/03/20    CNY      40.40
CANGZHOU CONSTRUCTION &      6.72    01/23/20    CNY      40.15
CANGZHOU CONSTRUCTION &      6.72    01/23/20    CNY      40.92
CHANGDE ECONOMIC DEVELO      7.19    09/12/19    CNY      40.65
CHANGDE ECONOMIC DEVELO      7.19    09/12/19    CNY      40.76
CHANGDE ECONOMIC DEVELO      7.00    03/24/21    CNY      61.32
CHANGDE ECONOMIC DEVELO      7.00    03/24/21    CNY      61.46
CHANGDE URBAN CONSTRUCT      6.50    02/25/20    CNY      40.35
CHANGDE URBAN CONSTRUCT      6.50    02/25/20    CNY      40.71
CHANGJIZHOU STATE OWNED      6.00    06/03/19    CNY      50.22
CHANGRUN INVESTMENT HOL      6.88    09/16/20    CNY      60.60
CHANGRUN INVESTMENT HOL      6.88    09/16/20    CNY      60.70
CHANGSHA CITY CONSTRUCT      6.95    04/24/19    CNY      40.34
CHANGSHA CITY CONSTRUCT      6.95    04/24/19    CNY      40.40
CHANGSHA COUNTY XINGCHE      8.35    04/06/19    CNY      40.00
CHANGSHA COUNTY XINGCHE      8.35    04/06/19    CNY      40.58
CHANGSHA COUNTY XINGCHE      7.90    03/25/22    CNY      73.09
CHANGSHA COUNTY XINGCHE      7.90    03/25/22    CNY      73.82
CHANGSHA ECONOMIC & TEC      8.45    04/13/22    CNY      73.04
CHANGSHA LUSHAN URBAN C      7.70    02/27/21    CNY      61.33
CHANGSHA LUSHAN URBAN C      7.70    02/27/21    CNY      61.83
CHANGSHA PILOT INVESTME      6.70    12/10/19    CNY      40.50
CHANGSHA PILOT INVESTME      6.70    12/10/19    CNY      40.69
CHANGSHU BINJIANG URBAN      6.85    04/27/19    CNY      39.92
CHANGSHU BINJIANG URBAN      6.85    04/27/19    CNY      40.16
CHANGSHU CITY OPERATION      8.00    01/16/19    CNY      20.42
CHANGSHU DEVELOPMENT IN      5.80    04/19/20    CNY      60.10
CHANGSHU DEVELOPMENT IN      5.80    04/19/20    CNY      60.29
CHANGXING URBAN CONSTRU      6.80    11/30/19    CNY      40.19
CHANGXING URBAN CONSTRU      6.80    11/30/19    CNY      40.34
CHANGYI ECONOMIC AND DE      7.35    10/30/20    CNY      55.37
CHANGYI ECONOMIC AND DE      7.35    10/30/20    CNY      55.85
CHANGZHI CITY CONSTRUCT      6.46    02/26/20    CNY      40.35
CHANGZHOU BINHU CONSTRU      8.04    12/12/20    CNY      62.36
CHANGZHOU BINHU CONSTRU      8.04    12/12/20    CNY      63.75
CHANGZHOU HI-TECH GROUP      6.18    03/21/20    CNY      40.41
CHANGZHOU HI-TECH GROUP      6.18    03/21/20    CNY      40.46
CHANGZHOU JINTAN DISTRI      8.30    03/14/19    CNY      20.46
CHANGZHOU JINTAN DISTRI      6.38    04/26/20    CNY      60.28
CHANGZHOU WUJIN CITY CO      6.22    06/08/18    CNY      25.05
CHAOHU URBAN TOWN CONST      7.00    12/24/19    CNY      40.12
CHAOHU URBAN TOWN CONST      7.00    12/24/19    CNY      40.39
CHAOYANG CONSTRUCTION I      7.30    05/25/19    CNY      40.18
CHAOYANG CONSTRUCTION I      7.30    05/25/19    CNY      40.62
CHEN ZHOU GAO KE ASSET       7.25    10/21/20    CNY      61.11
CHENGDU CITY DEVELOPMEN      6.18    01/14/20    CNY      40.46
CHENGDU CITY DEVELOPMEN      6.18    01/14/20    CNY      40.51
CHENGDU ECONOMIC&TECHNO      6.50    07/17/18    CNY      25.07
CHENGDU ECONOMIC&TECHNO      6.50    07/17/18    CNY      26.00
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19    CNY      40.20
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19    CNY      40.30
CHENGDU HI-TECH INVESTM      6.28    11/20/19    CNY      40.42
CHENGDU PIDU DISTRICT S      7.25    10/15/20    CNY      60.95
CHENGDU PIDU DISTRICT S      7.25    10/15/20    CNY      61.26
CHENGDU XINCHENG XICHEN      8.35    03/19/19    CNY      20.41
CHENGDU XINDU XIANGCHEN      8.60    12/13/18    CNY      40.80
CHENGDU XINGCHENG INVES      6.17    01/28/20    CNY      40.28
CHENGDU XINGCHENG INVES      6.17    01/28/20    CNY      40.35
CHENGDU XINGJIN URBAN C      7.30    11/27/19    CNY      40.66
CHENGDU XINGJIN URBAN C      7.30    11/27/19    CNY      40.76
CHENZHOU DEVELOPMENT IN      7.34    09/13/19    CNY      40.20
CHENZHOU DEVELOPMENT IN      7.34    09/13/19    CNY      40.69
CHENZHOU XINTIAN INVEST      6.30    07/17/20    CNY      60.10
CHIFENG CITY HONGSHAN I      7.20    07/25/19    CNY      40.22
CHINA GOVERNMENT BOND        1.64    12/15/33    CNY      73.17
CHINA RAILWAY CORP           3.40    10/27/46    CNY      74.11
CHINA SECURITY & FIRE C      4.45    11/11/19    CNY      67.22
CHINA YIXING ENVIRONMEN      7.10    10/18/20    CNY      60.81
CHIZHOU CITY MANAGEMENT      7.17    10/17/19    CNY      40.46
CHIZHOU CITY MANAGEMENT      7.17    10/17/19    CNY      40.60
CHONGQING BEICHENG CONS      7.30    10/16/20    CNY      60.73
CHONGQING BEIFEI INDUST      7.13    12/25/19    CNY      40.63
CHONGQING CHANGSHOU DEV      7.45    09/25/19    CNY      40.24
CHONGQING CHANGSHOU DEV      7.45    09/25/19    CNY      40.67
CHONGQING CITY CONSTRUC      5.12    05/21/20    CNY      59.79
CHONGQING CITY CONSTRUC      5.12    05/21/20    CNY      59.80
CHONGQING DASUN ASSET D      6.98    09/10/20    CNY      60.59
CHONGQING DAZU DISTRICT      6.75    04/26/20    CNY      60.55
CHONGQING DAZU DISTRICT      6.75    04/26/20    CNY      60.65
CHONGQING FULING DISTRI      8.40    03/23/19    CNY      40.52
CHONGQING FULING DISTRI      8.40    03/23/19    CNY      40.92
CHONGQING FULING DISTRI      7.89    03/20/21    CNY      61.58
CHONGQING FULING DISTRI      7.89    03/20/21    CNY      62.25
CHONGQING FULING STATE-      6.39    01/21/20    CNY      40.17
CHONGQING FULING STATE-      6.39    01/21/20    CNY      40.40
CHONGQING HAOJIANG CONS      7.99    11/22/20    CNY      61.47
CHONGQING HAOJIANG CONS      7.99    11/22/20    CNY      61.47
CHONGQING HAOJIANG CONS      8.05    03/06/21    CNY      61.57
CHONGQING HAOJIANG CONS      8.05    03/06/21    CNY      61.70
CHONGQING HECHUAN INDUS      6.19    06/17/20    CNY      60.26
CHONGQING HECHUAN INDUS      6.19    06/17/20    CNY      60.32
CHONGQING HECHUAN RURAL      8.28    04/10/18    CNY      24.99
CHONGQING HONGRONG CAPI      7.20    10/16/19    CNY      40.63
CHONGQING HONGYE INDUST      6.30    06/03/20    CNY      60.27
CHONGQING HONGYE INDUST      6.30    06/03/20    CNY      60.77
CHONGQING JIANGJIN HUAX      7.46    09/21/19    CNY      40.63
CHONGQING JIANGJIN HUAX      7.46    09/21/19    CNY      40.66
CHONGQING JINYUN ASSET       6.75    06/18/19    CNY      40.09
CHONGQING LAND PROPERTI      7.35    04/25/19    CNY      40.10
CHONGQING LAND PROPERTI      7.35    04/25/19    CNY      40.56
CHONGQING LAND PROPERTI      6.30    08/22/20    CNY      60.70
CHONGQING LAND PROPERTI      6.30    08/22/20    CNY      61.05
CHONGQING MAIRUI CITY I      6.82    08/17/19    CNY      40.41
CHONGQING NAN'AN URBAN       8.20    04/09/19    CNY      40.47
CHONGQING NANCHUAN DIST      7.35    09/06/19    CNY      40.44
CHONGQING NANCHUAN DIST      7.35    09/06/19    CNY      40.45
CHONGQING NANFA URBAN C      6.43    04/27/20    CNY      60.20
CHONGQING NANFA URBAN C      6.43    04/27/20    CNY      60.23
CHONGQING QIANJIANG CIT      8.40    03/23/19    CNY      40.86
CHONGQING QIANJIANG CIT      8.40    03/23/19    CNY      41.00
CHONGQING QIANJIANG CIT      8.00    03/21/21    CNY      61.71
CHONGQING QIANJIANG CIT      8.00    03/21/21    CNY      82.45
CHONGQING QIJIANG EAST       6.75    01/29/20    CNY      40.41
CHONGQING SHUANGFU CONS      7.49    10/23/20    CNY      60.99
CHONGQING SHUANGFU CONS      7.49    10/23/20    CNY      61.33
CHONGQING SHUANGQIAO EC      6.75    04/26/20    CNY      60.22
CHONGQING SHUANGQIAO EC      6.75    04/26/20    CNY      60.30
CHONGQING THREE GORGES       6.40    01/23/19    CNY      24.80
CHONGQING THREE GORGES       6.40    01/23/19    CNY      25.15
CHONGQING WANSHENG ECO       6.39    04/17/20    CNY      60.28
CHONGQING WANSHENG ECO       6.39    04/17/20    CNY      60.39
CHONGQING WESTERN MODER      7.08    10/18/20    CNY      60.75
CHONGQING WESTERN MODER      7.08    10/18/20    CNY      61.06
CHONGQING XINGRONG HOLD      8.35    04/19/19    CNY      40.54
CHONGQING XIYONG MICRO-      6.76    07/25/19    CNY      40.42
CHONGQING YONGCHUAN HUI      7.33    10/16/19    CNY      40.54
CHONGQING YONGCHUAN HUI      7.33    10/16/19    CNY      41.00
CHONGQING YUFU ASSET MA      6.50    09/04/19    CNY      40.00
CHONGQING YUFU HOLDING       6.50    09/04/19    CNY      40.39
CHONGQING YULONG ASSET       6.87    05/31/19    CNY      40.44
CHONGQING YUXING CONSTR      7.30    12/10/19    CNY      39.52
CHONGQING YUXING CONSTR      7.30    12/10/19    CNY      40.62
CHONGQING YUZHONG STATE      7.25    02/26/21    CNY      61.16
CHUXIONG AUTONOMOUS DEV      6.60    03/29/20    CNY      39.51
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19    CNY      40.48
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19    CNY      40.55
CHUZHOU TONGCHUANG CONS      7.05    01/09/20    CNY      40.86
CHUZHOU TONGCHUANG CONS      7.05    01/09/20    CNY      60.00
CIXI STATE OWNED ASSET       6.60    09/20/19    CNY      40.36
CIXI STATE OWNED ASSET       6.60    09/20/19    CNY      40.41
DALI ECONOMIC DEVELOPME      8.80    04/24/19    CNY      40.59
DALI ECONOMIC DEVELOPME      7.90    03/04/21    CNY      61.95
DALI ECONOMIC DEVELOPME      7.90    03/04/21    CNY      62.04
DALI ECONOMIC DEVELOPME      8.30    12/11/20    CNY      62.13
DALI ECONOMIC DEVELOPME      8.30    12/11/20    CNY      62.49
DALIAN CHANGXING ISLAND      6.60    01/25/20    CNY      41.00
DALIAN CHANGXING ISLAND      6.60    01/25/20    CNY      41.60
DALIAN DETA INVESTMENT       6.50    11/15/19    CNY      40.56
DALIAN LVSHUN CONSTRUCT      6.78    07/02/19    CNY      40.16
DALIAN LVTAI INVESTMENT      7.00    08/08/21    CNY      66.04
DALIAN PUWAN ENGINEERIN      7.09    02/20/21    CNY      59.97
DALIAN PUWAN ENGINEERIN      7.09    02/20/21    CNY      89.00
DALIAN RONGQIANG INVEST      8.60    03/30/19    CNY      41.05
DALIAN RONGQIANG INVEST      8.60    01/20/21    CNY      62.00
DALIAN RONGQIANG INVEST      8.60    01/20/21    CNY      62.36
DALIAN SHUNXING INVESTM      6.97    10/18/20    CNY      61.10
DALIAN SHUNXING INVESTM      6.97    10/18/20    CNY      61.81
DANDONG CITY DEVELOPMEN      8.00    12/21/18    CNY      40.56
DANYANG INVESTMENT GROU      8.10    03/06/19    CNY      20.45
DANYANG INVESTMENT GROU      8.10    03/06/19    CNY      20.45
DANYANG INVESTMENT GROU      6.81    10/23/19    CNY      50.15
DANYANG INVESTMENT GROU      6.81    10/23/19    CNY      50.70
DANYANG INVESTMENT GROU      6.90    10/23/20    CNY      60.93
DAQING GAOXIN STATE-OWN      6.88    12/05/19    CNY      39.99
DAQING GAOXIN STATE-OWN      6.88    12/05/19    CNY      40.37
DAQING URBAN CONSTRUCTI      6.55    10/23/19    CNY      40.00
DAQING URBAN CONSTRUCTI      6.55    10/23/19    CNY      40.26
DAQING URBAN CONSTRUCTI      7.10    03/05/21    CNY      60.50
DAQING URBAN CONSTRUCTI      7.10    03/05/21    CNY      60.88
DASHIQIAO URBAN CONSTRU      6.58    02/21/20    CNY      40.18
DASHIQIAO URBAN CONSTRU      6.58    02/21/20    CNY      60.33
DAYE CITY CONSTRUCTION       7.30    03/03/21    CNY      61.18
DAYE CITY CONSTRUCTION       7.30    03/03/21    CNY      61.26
DAYE CITY CONSTRUCTION       7.95    11/27/20    CNY      61.88
DAZHOU INVESTMENT CO LT      6.99    12/25/19    CNY      40.64
DAZHOU INVESTMENT CO LT      6.99    12/25/19    CNY      40.64
DEYANG CITY CONSTRUCTIO      6.99    12/26/19    CNY      40.45
DEYANG CITY CONSTRUCTIO      6.99    12/26/19    CNY      40.51
DEZHOU DEDA URBAN CONST      7.14    10/18/19    CNY      40.82
DONGTAI COMMUNICATION I      7.39    07/05/18    CNY      25.00
DONGTAI COMMUNICATION I      7.39    07/05/18    CNY      25.08
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19    CNY      40.66
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19    CNY      60.00
DONGTAI UBAN CONSTRUCTI      8.65    01/13/21    CNY      62.90
DONGYING CITY URBAN ASS      6.75    04/20/18    CNY      34.90
ENSHI URBAN CONSTRUCTIO      7.55    10/22/19    CNY      40.77
EZHOU CITY CONSTRUCTION      7.08    06/19/19    CNY      40.37
FEICHENG CITY ASSETS MA      7.10    08/14/18    CNY      25.08
FENGCHENG CITY CONSTRUC      7.50    02/28/21    CNY      61.74
FENGCHENG CITY CONSTRUC      7.50    02/28/21    CNY      61.95
FENGCHENG CITY CONSTRUC      8.65    01/14/21    CNY      62.09
FENGCHENG CITY CONSTRUC      8.65    01/14/21    CNY      81.50
FENGHUA CITY INVESTMENT      7.45    09/24/19    CNY      40.57
FUGU COUNTY STATE-OWNED      8.69    12/16/20    CNY      62.02
FUGU COUNTY STATE-OWNED      8.69    12/16/20    CNY      68.00
FUJIAN JINJIANG URBAN C      6.35    04/26/20    CNY      60.57
FUJIAN LONGYAN CITY CON      7.45    08/14/19    CNY      40.70
FUJIAN LONGYAN CITY CON      7.45    03/04/21    CNY      61.62
FUJIAN NANPING HIGHWAY       6.69    01/28/20    CNY      40.46
FUJIAN NANPING HIGHWAY       7.90    10/26/18    CNY      40.48
FUQING CITY STATE-OWNED      6.66    03/01/21    CNY      55.22
FUSHUN URBAN INVESTMENT      5.95    05/11/18    CNY      40.00
FUSHUN URBAN INVESTMENT      8.53    03/22/22    CNY      63.17
FUSHUN URBAN INVESTMENT      8.53    03/22/22    CNY      63.75
FUXIN INFRASTRUCTURE CO      7.55    10/10/19    CNY      40.55
FUXIN INFRASTRUCTURE CO      7.55    10/10/19    CNY      41.00
FUYANG CONSTRUCTION INV      7.60    03/13/21    CNY      61.68
FUYANG CONSTRUCTION INV      7.65    03/21/21    CNY      61.82
FUYANG CONSTRUCTION INV      7.65    03/21/21    CNY      62.06
FUYANG CONSTRUCTION INV      7.60    03/13/21    CNY      62.07
FUZHOU INVESTMENT DEVEL      6.78    01/16/20    CNY      40.58
FUZHOU JIANGONG GROUP C      6.80    12/10/19    CNY      70.90
FUZHOU URBAN AND RURAL       6.35    09/25/18    CNY      25.13
GANSU PROVINCIAL HIGHWA      6.75    11/16/18    CNY      20.22
GANSU PROVINCIAL HIGHWA      7.20    09/19/18    CNY      40.38
GANSU PROVINCIAL STATE-      5.40    03/06/20    CNY      69.78
GANSU PROVINCIAL STATE-      5.40    03/06/20    CNY      70.17
GANZHOU CITY DEVELOPMEN      6.40    07/10/18    CNY      25.07
GANZHOU DEVELOPMENT ZON      6.70    12/26/18    CNY      25.16
GANZHOU DEVELOPMENT ZON      6.70    12/26/18    CNY      25.26
GANZHOU DEVELOPMENT ZON      7.40    02/19/20    CNY      51.04
GANZHOU DEVELOPMENT ZON      7.40    02/19/20    CNY      51.15
GANZHOU DEVELOPMENT ZON      8.15    12/31/19    CNY      51.49
GANZHOU DEVELOPMENT ZON      8.15    12/31/19    CNY      51.65
GANZHOU DEVELOPMENT ZON      7.43    02/19/21    CNY      61.63
GANZHOU DEVELOPMENT ZON      7.43    02/19/21    CNY      61.81
GAOMI STATE-OWNED ASSET      6.75    11/15/18    CNY      25.15
GAOMI STATE-OWNED ASSET      6.75    11/15/18    CNY      25.15
GAOMI STATE-OWNED ASSET      6.70    11/15/19    CNY      40.42
GAOMI STATE-OWNED ASSET      6.70    11/15/19    CNY      40.47
GOLMUD INVESTMENT HOLDI      8.70    12/30/20    CNY      61.35
GOLMUD INVESTMENT HOLDI      8.70    12/30/20    CNY      61.70
GUANG ZHOU PANYU COMMUN      6.30    04/12/19    CNY      50.06
GUANG ZHOU PANYU COMMUN      6.30    04/12/19    CNY      50.10
GUANGAN INVESTMENT HOLD      8.18    04/25/19    CNY      40.30
GUANGAN INVESTMENT HOLD      8.18    04/25/19    CNY      40.56
GUANGXI BAISE DEVELOPME      6.50    07/04/19    CNY      40.27
GUANGXI BAISE DEVELOPME      6.50    07/04/19    CNY      40.27
GUANGXI LAIBIN URBAN CO      8.36    03/14/19    CNY      40.90
GUANGXI LAIBIN URBAN CO      8.36    03/14/19    CNY      41.08
GUANGXI QINZHOU LINHAI       7.68    02/20/21    CNY      61.98
GUANGXI QINZHOU LINHAI       7.68    02/20/21    CNY      62.13
GUANGYUAN INVESTMENT HO      7.25    11/26/19    CNY      40.53
GUANGZHOU DEVELOPMENT Z      6.70    08/14/22    CNY      71.96
GUILIN ECONOMIC CONSTRU      6.90    05/09/18    CNY      25.04
GUILIN ECONOMIC CONSTRU      6.90    05/09/18    CNY      25.05
GUIYANG HI-TECH HOLDING      6.01    12/01/19    CNY      50.05
GUIYANG JINYANG CONSTRU      6.70    10/24/18    CNY      25.16
GUIYANG JINYANG CONSTRU      6.70    10/24/18    CNY      25.19
GUIYANG PUBLIC HOUSING       6.70    11/06/19    CNY      40.41
GUIYANG PUBLIC HOUSING       6.70    11/06/19    CNY      40.61
GUIYANG URBAN DEVELOPME      6.20    02/28/20    CNY      40.17
GUIZHOU KAILI CITY CONS      7.80    02/21/21    CNY      61.60
GUIZHOU KAILI CITY CONS      8.30    12/12/20    CNY      62.20
GUIZHOU KAILI CITY CONS      8.30    12/12/20    CNY      62.62
GUOAO INVESTMENT DEVELO      6.89    10/29/18    CNY      25.21
GUOAO INVESTMENT DEVELO      6.89    10/29/18    CNY      25.21
HAIAN COUNTY CITY CONST      7.45    03/04/21    CNY      61.23
HAIAN COUNTY CITY CONST      7.45    03/04/21    CNY      61.83
HAIAN COUNTY DEVELOPMEN      7.40    02/21/20    CNY      50.68
HAIAN COUNTY DEVELOPMEN      7.40    02/21/20    CNY      51.04
HAIAN COUNTY DEVELOPMEN      7.49    02/21/21    CNY      61.12
HAIAN COUNTY DEVELOPMEN      7.49    02/21/21    CNY      61.80
HAICHENG URBAN INVESTME      8.39    11/07/18    CNY      40.59
HAICHENG URBAN JINCAI L      8.56    12/19/20    CNY      61.09
HAILAR DISTRICT URBAN I      6.20    05/14/20    CNY      60.11
HAIMEN CITY DEVELOPMENT      8.35    03/20/19    CNY      20.83
HAIMEN COMMUNICATION IN      8.00    03/18/21    CNY      62.84
HAINAN HARBOR & SHIPPIN      6.80    10/18/19    CNY      70.58
HAINAN HARBOR & SHIPPIN      6.80    10/18/19    CNY      70.60
HAINING CITY JIANSHAN D      6.90    11/04/20    CNY      61.30
HAINING CITY JIANSHAN D      6.90    11/04/20    CNY      61.42
HAINING STATE-OWNED ASS      6.08    03/06/20    CNY      39.60
HAINING STATE-OWNED ASS      6.08    03/06/20    CNY      40.00
HAINING STATE-OWNED ASS      7.80    09/20/18    CNY      40.46
HAINING STATE-OWNED ASS      7.80    09/20/18    CNY      40.46
HAIXI STATE DEVELOPMENT      8.60    01/02/21    CNY      62.14
HAIXI STATE DEVELOPMENT      8.60    01/02/21    CNY      62.85
HAIYAN COUNTY STATE-OWN      7.00    09/04/20    CNY      61.08
HAIYAN COUNTY STATE-OWN      7.00    09/04/20    CNY      61.16
HANDAN CITY DEVELOPMENT      7.05    12/24/19    CNY      40.79
HANDAN CITY DEVELOPMENT      7.05    12/24/19    CNY      42.00
HANDAN CITY DEVELOPMENT      7.60    11/25/20    CNY      62.02
HANGZHOU CANAL COMPREHE      6.00    04/02/20    CNY      39.80
HANGZHOU CANAL COMPREHE      6.00    04/02/20    CNY      40.33
HANGZHOU FUYANG CITY CO      7.10    02/26/21    CNY      61.45
HANGZHOU FUYANG CITY CO      7.10    02/26/21    CNY      61.58
HANGZHOU FUYANG CITY CO      7.20    03/19/21    CNY      61.72
HANGZHOU FUYANG CITY CO      7.20    03/19/21    CNY      61.79
HANGZHOU HIGH-TECH INDU      6.45    01/28/20    CNY      40.48
HANGZHOU HIGH-TECH INDU      6.45    01/28/20    CNY      40.52
HANGZHOU MUNICIPAL CONS      5.90    04/25/18    CNY      24.90
HANGZHOU MUNICIPAL CONS      5.90    04/25/18    CNY      24.96
HANGZHOU XIAOSHAN ECO&T      6.70    12/26/18    CNY      25.22
HANGZHOU YUHANG CITY CO      7.55    03/29/19    CNY      20.41
HANGZHOU YUHANG CITY CO      7.55    03/29/19    CNY      20.44
HANGZHOU YUHANG CITY CO      7.00    03/03/21    CNY      61.72
HANGZHOU YUHANG ECONOMI      7.45    03/03/21    CNY      61.09
HANGZHOU YUHANG ECONOMI      7.45    03/03/21    CNY      63.49
HANGZHOU YUHANG INNOVAT      6.50    03/18/20    CNY      40.38
HANGZHOU YUHANG INNOVAT      6.50    03/18/20    CNY      40.58
HANJIANG STATE-OWNED-AS      8.12    01/12/19    CNY      20.42
HANJIANG STATE-OWNED-AS      8.12    01/12/19    CNY      40.50
HANJIANG STATE-OWNED-AS      7.30    11/11/20    CNY      61.42
HANJIANG STATE-OWNED-AS      7.30    11/11/20    CNY      61.85
HARBIN HELI INVESTMENT       7.48    09/26/18    CNY      40.25
HARBIN HELI INVESTMENT       7.48    09/26/18    CNY      40.37
HARBIN HIGH-TECH INDUST      7.00    09/16/20    CNY      61.67
HARBIN HIGH-TECH INDUST      7.00    09/16/20    CNY      61.84
HARBIN WATER INVESTMENT      5.70    05/06/20    CNY      60.50
HARBIN WATER INVESTMENT      5.70    05/06/20    CNY      60.65
HEBEI SHUNDE INVESTMENT      6.98    12/05/19    CNY      40.61
HEBEI SHUNDE INVESTMENT      6.98    12/05/19    CNY      41.94
HECHI CITY CONSTRUCTION      8.50    12/18/20    CNY      62.16
HECHI CITY CONSTRUCTION      8.50    12/18/20    CNY      62.22
HEFEI BINHU NEW ZONE CO      6.35    06/13/19    CNY      70.52
HEFEI CONSTRUCTION INVE      6.60    08/28/18    CNY      40.00
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19    CNY      40.86
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19    CNY      40.97
HEFEI HAIHENG INVESTMEN      7.30    06/12/19    CNY      40.50
HEFEI INDUSTRIAL INVEST      6.30    03/20/20    CNY      40.42
HEFEI NEW & HIGH TECHNO      6.90    03/12/20    CNY      71.26
HEFEI TAOHUA INDUSTRIAL      8.79    03/27/19    CNY      20.54
HEFEI XINCHENG STATE-OW      7.88    04/23/19    CNY      40.45
HEGANG KAIYUAN CITY INV      6.50    07/19/19    CNY      40.17
HEIHE CITY CONSTRUCTION      8.48    03/23/19    CNY      41.03
HEILONGJIANG HECHENG CO      7.05    06/21/22    CNY      70.00
HEILONGJIANG POST-DISAS      7.06    11/20/20    CNY      74.75
HENAN JIYUAN CITY CONST      7.50    09/25/19    CNY      40.65
HENGYANG CITY CONSTRUCT      7.06    08/13/19    CNY      40.47
HENGYANG CITY CONSTRUCT      7.06    08/13/19    CNY      40.50
HENGYANG HONGXIANG STAT      6.20    06/19/20    CNY      60.36
HENGYANG HONGXIANG STAT      6.20    06/19/20    CNY      60.55
HEYUAN CITY URBAN DEVEL      6.55    03/19/20    CNY      40.31
HEYUAN CITY URBAN DEVEL      6.55    03/19/20    CNY      40.60
HEZE INVESTMENT DEVELOP      7.14    03/24/21    CNY      61.57
HONGHEZHOU ROAD DEVELOP      6.27    05/06/20    CNY      60.25
HUAIAN CITY URBAN ASSET      6.87    12/26/19    CNY      40.64
HUAIAN CITY URBAN ASSET      6.87    12/26/19    CNY      40.75
HUAIAN CITY WATER HOLDI      8.25    03/08/19    CNY      20.55
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19    CNY      40.36
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19    CNY      41.06
HUAI'AN DEVELOPMENT HOL      7.30    03/10/21    CNY      61.30
HUAI'AN DEVELOPMENT HOL      7.30    03/10/21    CNY      61.44
HUAIAN NEW CITY INVESTM      7.45    03/04/21    CNY      61.42
HUAIAN NEW CITY INVESTM      7.45    03/04/21    CNY      61.91
HUAIAN QINGHE NEW AREA       6.68    01/24/20    CNY      40.18
HUAIAN QINGHE NEW AREA       6.68    01/24/20    CNY      40.34
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18    CNY      25.08
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18    CNY      25.40
HUAIHUA CITY INDUSTRIAL      7.70    10/29/20    CNY      61.00
HUANGGANG CITY CONSTRUC      7.10    10/19/19    CNY      40.54
HUANGGANG CITY CONSTRUC      7.45    03/04/21    CNY      61.65
HUANGGANG CITY CONSTRUC      7.45    03/04/21    CNY      61.80
HUANGGANG CITY CONSTRUC      8.60    12/25/20    CNY      62.84
HUANGGANG CITY CONSTRUC      8.60    12/25/20    CNY      63.50
HUANGSHI CIHU HIGH-TECH      8.70    12/05/20    CNY      62.12
HUANGSHI CIHU HIGH-TECH      9.30    01/21/21    CNY      63.08
HUANGSHI URBAN CONSTRUC      6.96    10/25/19    CNY      40.58
HUBEI QUANZHOU YANGTZE       6.50    04/02/20    CNY      70.11
HUIAN STATE ASSETS INVE      7.50    10/15/19    CNY      40.52
HUIAN STATE ASSETS INVE      7.50    10/15/19    CNY      40.61
HULUDAO INVESTMENT GROU      7.05    10/18/20    CNY      60.52
HULUDAO INVESTMENT GROU      7.05    10/18/20    CNY      60.58
HUNAN CHANGDE DEYUAN IN      7.18    10/18/18    CNY      25.17
HUNAN CHENGLINGJI HARBO      7.70    10/15/18    CNY      25.21
HUNAN CHENGLINGJI HARBO      7.70    10/15/18    CNY      25.23
HUNAN TIER GROUP CO LTD      7.10    03/03/21    CNY      61.49
HUNAN TIER GROUP CO LTD      8.00    12/23/20    CNY      62.42
HUNAN TIER GROUP CO LTD      7.10    03/03/21    CNY      80.00
HUNAN TIER GROUP CO LTD      8.00    12/23/20    CNY      85.00
HUNAN XIANGJIANG NEW AR      7.36    03/17/21    CNY      61.74
HUNAN XIANGJIANG NEW AR      7.36    03/17/21    CNY      62.12
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18    CNY      25.15
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18    CNY      25.19
HUZHOU CITY INVESTMENT       6.70    12/14/19    CNY      40.63
HUZHOU NANXUN STATE-OWN      8.15    03/31/19    CNY      20.45
HUZHOU WUXING NANTAIHU       8.79    01/16/21    CNY      62.27
INNER MONGLIA SHENG MU       4.48    12/28/20    CNY      55.00
INNER MONGOLIA HIGH-TEC      7.20    09/25/19    CNY      40.43
INNER MONGOLIA HIGH-TEC      7.20    09/25/19    CNY      40.50
INNER MONGOLIA KE'ERQIN      7.75    09/24/19    CNY      40.55
INNER MONGOLIA ZHUNGEER      6.94    05/10/18    CNY      50.02
JIAMUSI NEW ERA INFRAST      8.25    03/22/19    CNY      20.27
JIAMUSI NEW ERA INFRAST      7.90    02/26/21    CNY      61.37
JIAMUSI NEW ERA INFRAST      7.90    02/26/21    CNY      61.79
JIAN CITY CONSTRUCTION       7.80    04/20/19    CNY      40.40
JIAN CITY CONSTRUCTION       7.80    04/20/19    CNY      40.46
JIANAN INVESTMENT HOLDI      7.68    09/04/19    CNY      40.70
JIANAN INVESTMENT HOLDI      7.68    09/04/19    CNY      40.71
JIANGDONG HOLDING GROUP      6.90    03/27/19    CNY      20.28
JIANGMEN CITY BINJIANG       6.60    02/28/20    CNY      38.06
JIANGMEN CITY BINJIANG       6.60    02/28/20    CNY      40.31
JIANGMEN NEW HI-TECH IN      7.39    11/04/20    CNY      61.36
JIANGSU FURUDONGHAI DEV      7.09    09/13/20    CNY      60.87
JIANGSU FURUDONGHAI DEV      7.09    09/13/20    CNY      60.88
JIANGSU HANRUI INVESTME      8.16    03/01/19    CNY      20.32
JIANGSU HUAJING ASSETS       6.00    05/16/20    CNY      59.91
JIANGSU JINGUAN INVESTM      6.40    01/28/19    CNY      25.03
JIANGSU JURONG FUDI BIO      8.70    04/26/19    CNY      70.84
JIANGSU LIANYUN DEVELOP      6.10    06/19/19    CNY      39.69
JIANGSU LIANYUN DEVELOP      6.10    06/19/19    CNY      40.04
JIANGSU NEWHEADLINE DEV      7.00    08/27/20    CNY      55.66
JIANGSU NEWHEADLINE DEV      7.00    08/27/20    CNY      55.72
JIANGSU SUHAI INVESTMEN      7.20    11/07/19    CNY      40.40
JIANGSU SUHAI INVESTMEN      7.20    11/07/19    CNY      40.40
JIANGSU TAICANG PORT DE      7.66    05/16/19    CNY      40.47
JIANGSU WUZHONG ECONOMI      8.05    12/16/18    CNY      40.71
JIANGSU WUZHONG ECONOMI      8.05    12/16/18    CNY      40.71
JIANGSU XISHAN ECONOMIC      6.99    11/01/19    CNY      40.48
JIANGSU XISHAN ECONOMIC      6.99    11/01/19    CNY      40.56
JIANGSU ZHANGJIAGANG EC      6.98    11/16/19    CNY      40.48
JIANGXI HEJI INVESTMENT      8.00    09/04/19    CNY      40.60
JIANGXI HEJI INVESTMENT      8.00    09/04/19    CNY      40.66
JIANGYIN CITY CONSTRUCT      7.20    06/11/19    CNY      40.39
JIANGYIN CITY CONSTRUCT      7.20    06/11/19    CNY      40.40
JIANGYIN GAOXIN DISTRIC      6.60    02/27/20    CNY      40.51
JIANGYIN GAOXIN DISTRIC      7.31    04/25/18    CNY      50.01
JIANGYIN LINGANG NEW CI      7.10    11/07/20    CNY      60.65
JIANGYIN LINGANG NEW CI      7.10    11/07/20    CNY      61.62
JIANHU URBAN CONSTRUCTI      6.50    02/22/20    CNY      39.93
JIANHU URBAN CONSTRUCTI      6.50    02/22/20    CNY      40.90
JIASHAN STATE-OWNED ASS      6.80    06/06/19    CNY      40.36
JIAXING CITY CULTURE MI      8.16    03/08/19    CNY      20.52
JIAXING CITY NANHU NEW       7.45    02/26/21    CNY      61.37
JIAXING ECONOMIC&TECHNO      6.78    06/14/19    CNY      40.18
JIAXING ECONOMIC&TECHNO      6.78    06/14/19    CNY      40.20
JIAXING ECONOMIC&TECHNO      7.89    03/05/21    CNY      61.56
JIAXING ECONOMIC&TECHNO      7.89    03/05/21    CNY      61.96
JILIN CITY CONSTRUCTION      6.34    02/26/20    CNY      40.01
JILIN CITY CONSTRUCTION      6.34    02/26/20    CNY      40.12
JILIN RAILWAY INVESTMEN      7.18    03/04/21    CNY      60.35
JILIN RAILWAY INVESTMEN      7.18    03/04/21    CNY      61.55
JILIN RAILWAY INVESTMEN      6.63    06/26/19    CNY      70.24
JIMO CITY URBAN DEVELOP      8.10    12/17/19    CNY      50.50
JIMO CITY URBAN DEVELOP      8.10    12/17/19    CNY      51.06
JINAN CITY CONSTRUCTION      6.80    03/20/21    CNY      61.58
JINAN XIAOQINGHE DEVELO      7.15    09/05/19    CNY      39.80
JINAN XIAOQINGHE DEVELO      7.15    09/05/19    CNY      40.62
JINGDEZHEN STATE-OWNED       6.59    06/25/20    CNY      59.89
JINGDEZHEN STATE-OWNED       6.59    06/25/20    CNY      60.42
JINGJIANG BINJIANG XINC      6.80    10/23/18    CNY      25.00
JINGJIANG BINJIANG XINC      6.80    10/23/18    CNY      25.07
JINGMEN CITY CONSTRUCTI      7.00    10/17/20    CNY      60.73
JINGMEN CITY CONSTRUCTI      7.00    10/17/20    CNY      60.77
JINGMEN CITY CONSTRUCTI      6.85    07/09/22    CNY      70.80
JINGMEN CITY CONSTRUCTI      6.85    07/09/22    CNY      71.06
JINGZHOU ECONOMIC TECHN      8.20    12/09/20    CNY      61.76
JINGZHOU URBAN CONSTRUC      7.98    04/24/19    CNY      40.49
JINING CITY CONSTRUCTIO      8.30    12/31/18    CNY      20.41
JINING CITY YANZHOU DIS      5.90    05/28/21    CNY      70.50
JINING HI-TECH TOWN CON      6.60    01/28/20    CNY      40.45
JINING HI-TECH TOWN CON      6.60    01/28/20    CNY      40.45
JINING WATER SUPPLY GRO      7.18    01/22/20    CNY      40.74
JINSHAN STATE-OWNED ASS      6.65    11/27/19    CNY      40.54
JINZHONG CITY PUBLIC IN      6.50    03/18/20    CNY      40.18
JINZHOU CITY INVESTMENT      7.08    06/13/19    CNY      40.22
JINZHOU CITY INVESTMENT      7.08    06/13/19    CNY      40.25
JINZHOU CITY INVESTMENT      8.50    12/27/20    CNY      62.35
JINZHOU CITY INVESTMENT      8.50    12/27/20    CNY      62.59
JINZHOU HUAXING INVESTM      8.38    02/25/21    CNY      61.49
JINZHOU HUAXING INVESTM      9.10    01/21/21    CNY      62.12
JINZHOU HUAXING INVESTM      8.38    02/25/21    CNY      85.00
JISHOU HUATAI STATE OWN      7.37    12/12/19    CNY      40.19
JIUJIANG CITY CONSTRUCT      8.49    02/23/19    CNY      20.51
JIUJIANG CITY CONSTRUCT      8.49    02/23/19    CNY      20.52
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19    CNY      50.29
JIUJIANG STATE-OWNED AS      6.68    03/07/20    CNY      40.72
JIUQUAN ECONOMIC DEVELO      7.40    02/26/21    CNY      61.33
JIXI STATE OWN ASSET MA      7.18    11/08/19    CNY      40.21
KAIFENG DEVELOPMENT INV      6.47    07/11/19    CNY      40.29
KAIYUAN CITY TOWN CONST      7.88    02/24/21    CNY      59.55
KAIYUAN CITY TOWN CONST      7.88    02/24/21    CNY      61.69
KARAMAY URBAN CONSTRUCT      7.15    09/04/19    CNY      40.92
KARAMAY URBAN CONSTRUCT      7.15    09/04/19    CNY      41.16
KASHI URBAN CONSTRUCTIO      7.18    11/27/19    CNY      40.00
KASHI URBAN CONSTRUCTIO      7.18    11/27/19    CNY      40.63
KIZILSU KIRGHIZ AUTONOM      7.15    09/16/20    CNY      60.89
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20    CNY      61.70
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20    CNY      80.00
KUERLE CITY CONSTRUCTIO      7.48    09/10/18    CNY      25.21
KUERLE CITY CONSTRUCTIO      7.48    09/10/18    CNY      25.25
KUNMING CITY CONSTRUCTI      7.60    04/13/18    CNY      25.00
KUNMING CITY CONSTRUCTI      7.60    04/13/18    CNY      25.02
KUNMING DIANCHI INVESTM      6.50    02/01/20    CNY      40.39
KUNMING DIANCHI INVESTM      6.50    02/01/20    CNY      40.44
KUNMING INDUSTRIAL DEVE      6.46    10/23/19    CNY      40.25
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19    CNY      40.00
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19    CNY      40.48
KUNSHAN HITECH INDUSTRI      7.10    03/26/21    CNY      61.93
KUNSHAN HITECH INDUSTRI      7.10    03/26/21    CNY      62.17
KUNSHAN HUAQIAO INTERNA      7.98    12/30/18    CNY      20.35
LAIWU CITY ECONOMIC DEV      7.08    02/28/21    CNY      61.45
LAIWU CITY ECONOMIC DEV      7.08    02/28/21    CNY      61.58
LANZHOU CITY DEVELOPMEN      8.20    12/15/18    CNY      40.76
LEQING CITY STATE OWNED      6.50    06/29/19    CNY      39.90
LIAONING COASTAL ECONOM      8.90    04/01/21    CNY      45.44
LIAONING COASTAL ECONOM      8.90    04/01/21    CNY      46.91
LIAONING YAODU DEVELOPM      7.35    12/12/19    CNY      40.53
LIAOYANG CITY ASSETS OP      6.88    06/13/18    CNY      35.00
LIAOYANG CITY ASSETS OP      7.10    11/13/19    CNY      40.47
LIAOYUAN STATE-OWNED AS      8.17    03/13/19    CNY      20.12
LIAOYUAN STATE-OWNED AS      8.17    03/13/19    CNY      40.50
LIJIANG GUCHENG MANAGEM      6.68    07/26/19    CNY      40.27
LINCANG STATE-OWNED ASS      6.58    04/11/20    CNY      60.36
LINCANG STATE-OWNED ASS      6.58    04/11/20    CNY      62.00
LINFEN CITY INVESTMENT       7.23    02/22/19    CNY      50.40
LINFEN CITY INVESTMENT       7.23    02/22/19    CNY      50.73
LINFEN CITY INVESTMENT       6.20    05/23/20    CNY      59.80
LINFEN CITY INVESTMENT       6.20    05/23/20    CNY      60.25
LINFEN YAODU DISTRICT I      6.99    09/27/20    CNY      59.99
LINHAI CITY INFRASTRUCT      6.30    03/21/20    CNY      40.04
LINHAI CITY INFRASTRUCT      6.30    03/21/20    CNY      40.41
LINYI CITY ASSET MANAGE      6.68    12/12/19    CNY      40.65
LINYI ECONOMIC DEVELOPM      8.26    09/24/19    CNY      40.89
LISHUI CITY CONSTRUCTIO      6.00    05/23/20    CNY      60.40
LISHUI URBAN CONSTRUCTI      5.80    05/29/20    CNY      59.88
LIUPANSHUI DEVELOPMENT       6.97    12/03/19    CNY      41.30
LIUPANSHUI DEVELOPMENT       7.50    02/19/21    CNY      61.57
LIUZHOU CITY INVESTMENT      7.18    12/31/22    CNY      71.14
LIUZHOU DONGCHENG INVES      8.30    02/15/19    CNY      20.45
LIUZHOU DONGCHENG INVES      7.40    10/29/20    CNY      61.28
LIUZHOU DONGCHENG INVES      7.40    10/29/20    CNY      61.31
LIUZHOU INVESTMENT HOLD      6.98    08/15/19    CNY      40.37
LIYANG CITY CONSTRUCTIO      8.20    11/08/18    CNY      33.75
LIYANG CITY CONSTRUCTIO      6.20    03/08/20    CNY      40.38
LIYANG CITY CONSTRUCTIO      6.20    03/08/20    CNY      40.45
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20    CNY      61.19
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20    CNY      61.37
LOUDI CITY CONSTRUCTION      7.28    10/19/18    CNY      25.15
LOUDI CITY CONSTRUCTION      7.28    10/19/18    CNY      25.20
LU'AN CITY CONSTRUCTION      8.00    12/02/20    CNY      61.83
LUOHE CITY CONSTRUCTION      6.99    10/30/19    CNY      40.52
MAANSHAN ECONOMIC TECHN      7.10    12/20/19    CNY      40.78
MEISHAN CITY ASSET OPER      7.84    02/26/21    CNY      62.08
MEISHAN HONGDA CONSTRUC      6.56    06/19/20    CNY      60.21
MEISHAN HONGDA CONSTRUC      6.56    06/19/20    CNY      60.59
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20    CNY      60.61
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20    CNY      60.68
MIANYANG INVESTMENT HOL      7.70    03/26/19    CNY      40.49
MIANYANG INVESTMENT HOL      7.70    03/26/19    CNY      40.59
MIANYANG SCIENCE TECHNO      6.30    07/22/18    CNY      27.43
MIANYANG SCIENCE TECHNO      7.16    05/15/19    CNY      40.14
MINXIXINGHANG STATE-OWN      6.20    03/26/19    CNY      25.22
MINXIXINGHANG STATE-OWN      6.20    03/26/19    CNY      50.00
MUDANJIANG STATE-OWNED       7.08    08/30/19    CNY      40.01
MUDANJIANG STATE-OWNED       7.08    08/30/19    CNY      40.43
NANAN CITY TRADE INDUST      8.50    04/25/19    CNY      40.61
NANCHANG CITY CONSTRUCT      6.19    02/20/20    CNY      40.53
NANCHANG COUNTY URBAN C      6.50    07/17/19    CNY      50.34
NANCHANG COUNTY URBAN C      6.50    07/17/19    CNY      50.34
NANCHANG ECONOMY TECHNO      6.88    01/09/20    CNY      40.44
NANCHANG MUNICIPAL PUBL      5.88    02/25/20    CNY      40.35
NANCHANG MUNICIPAL PUBL      5.88    02/25/20    CNY      40.46
NANCHANG WATER CONSERVA      6.28    06/21/20    CNY      60.52
NANCHANG WATER CONSERVA      6.28    06/21/20    CNY      60.59
NANCHONG DEVELOPMENT IN      6.69    01/28/20    CNY      40.59
NANCHONG ECONOMIC DEVEL      8.16    04/26/19    CNY      40.42
NANJING JIANGBEI NEW AR      6.94    09/07/19    CNY      40.50
NANJING JIANGBEI NEW AR      6.94    09/07/19    CNY      40.55
NANJING JIANGNING SCIEN      7.29    04/28/19    CNY      40.40
NANJING PUKOU ECONOMIC       7.10    10/08/19    CNY      40.00
NANJING PUKOU ECONOMIC       7.10    10/08/19    CNY      40.42
NANJING STATE OWNED ASS      5.40    03/06/20    CNY      39.80
NANJING STATE OWNED ASS      5.40    03/06/20    CNY      39.88
NANJING STATE OWNED ASS      5.60    03/06/23    CNY      69.51
NANJING STATE OWNED ASS      5.60    03/06/23    CNY      69.70
NANJING URBAN CONSTRUCT      5.68    11/26/18    CNY      24.98
NANJING URBAN CONSTRUCT      5.68    11/26/18    CNY      25.12
NANJING XINGANG DEVELOP      6.80    01/08/20    CNY      40.21
NANNING URBAN CONSTRUCT      8.20    12/26/20    CNY      61.05
NANNING URBAN CONSTRUCT      8.20    12/26/20    CNY      61.52
NANPING CITY WUYI NEW D      6.70    08/06/20    CNY      60.73
NANPING CITY WUYI NEW D      6.70    08/06/20    CNY      61.07
NANTONG CITY GANGZHA DI      7.15    01/09/20    CNY      40.74
NANTONG CITY GANGZHA DI      7.15    01/09/20    CNY      40.78
NANTONG CITY TONGZHOU D      6.80    05/28/19    CNY      40.26
NANTONG CITY TONGZHOU D      6.80    05/28/19    CNY      40.31
NANTONG ECONOMIC & TECH      5.80    05/17/20    CNY      60.08
NANTONG ECONOMIC & TECH      5.80    05/17/20    CNY      60.09
NANYANG INVESTMENT GROU      7.05    10/24/20    CNY      61.11
NEIJIANG INVESTMENT HOL      7.00    07/19/18    CNY      25.05
NEIJIANG INVESTMENT HOL      7.00    07/19/18    CNY      25.06
NEOGLORY HOLDING GROUP       8.10    11/23/18    CNY      70.10
NINGBO CITY HAISHU GUAN      7.75    03/06/21    CNY      61.37
NINGBO CITY HAISHU GUAN      7.75    03/06/21    CNY      61.38
NINGBO CITY YINZHOU CIT      6.50    03/18/20    CNY      40.00
NINGBO CITY YINZHOU CIT      6.50    03/18/20    CNY      40.00
NINGBO EASTERN NEW TOWN      6.45    01/21/20    CNY      40.06
NINGBO ZHENHAI HAIJIANG      6.65    11/28/18    CNY      25.12
NINGDE CITY STATE-OWNED      7.99    12/05/20    CNY      62.04
NINGDE CITY STATE-OWNED      7.99    12/05/20    CNY      62.21
NINGHAI COUNTY URBAN IN      8.00    01/02/21    CNY      61.60
NINGHAI COUNTY URBAN IN      8.00    01/02/21    CNY      62.06
PANJIN CONSTRUCTION INV      7.50    05/17/19    CNY      40.69
PANJIN PETROLEUM HIGH T      6.95    01/10/20    CNY      40.31
PANJIN PETROLEUM HIGH T      6.95    01/10/20    CNY      40.32
PANZHIHUA STATE OWNED A      7.60    03/05/21    CNY      61.55
PANZHIHUA STATE OWNED A      7.60    03/05/21    CNY      61.96
PEIXIAN STATE-OWNED ASS      7.20    12/06/19    CNY      40.29
PINGDINGSHAN CITY DEVEL      7.86    05/08/19    CNY      40.41
PINGDINGSHAN CITY DEVEL      7.86    05/08/19    CNY      40.47
PINGDU CITY STATE OWNED      7.25    11/05/20    CNY      60.85
PINGDU CITY STATE OWNED      7.25    11/05/20    CNY      61.09
PINGHU CITY INVESTMENT       7.20    09/18/19    CNY      40.60
PINGLIANG CHENGXIANG CO      7.10    09/17/20    CNY      60.93
PINGTAN COMPOSITE EXPER      6.58    03/15/20    CNY      40.49
PINGTAN COMPOSITE EXPER      6.58    03/15/20    CNY      60.40
PINGXIANG HUIFENG INVES      7.06    10/11/20    CNY      61.21
PINGXIANG URBAN CONSTRU      6.89    12/10/19    CNY      39.80
PIZHOU RUNCHENG ASSET O      7.55    09/25/19    CNY      40.68
PIZHOU RUNCHENG ASSET O      7.55    09/25/19    CNY      40.70
PUER CITY STATE OWNED A      7.38    06/20/19    CNY      40.29
PULANDIAN CITY CONSTRUC      8.48    12/12/18    CNY      56.17
PULANDIAN CITY CONSTRUC      7.60    11/19/20    CNY      61.60
PULANDIAN CITY CONSTRUC      7.60    11/19/20    CNY      61.70
PULANDIAN CITY CONSTRUC      7.74    04/21/21    CNY      82.40
PUTIAN STATE-OWNED ASSE      8.10    03/21/19    CNY      20.52
PUTIAN STATE-OWNED ASSE      8.10    03/21/19    CNY      40.50
PUTIAN URBAN CONSTRUCTI      7.59    02/26/21    CNY      61.98
PUYANG INVESTMENT GROUP      8.00    12/11/20    CNY      61.88
PUYANG INVESTMENT GROUP      8.00    12/11/20    CNY      62.14
QIANAN URBAN CONSTRUCTI      8.88    01/23/21    CNY      61.76
QIANAN URBAN CONSTRUCTI      8.88    01/23/21    CNY      62.42
QIANAN XINGYUAN WATER I      6.45    07/11/18    CNY      25.01
QIANAN XINGYUAN WATER I      6.45    07/11/18    CNY      25.01
QIANDONG NANZHOU DEVELO      8.80    04/27/19    CNY      40.40
QIANDONGNANZHOU KAIHONG      7.80    10/30/19    CNY      40.60
QIANNAN AUTONOMOUS PREF      6.90    09/04/20    CNY      60.92
QIANXI NANZHOU HONGSHEN      6.99    11/22/19    CNY      40.24
QIDONG STATE-OWNED ASSE      7.30    11/20/22    CNY      70.50
QIDONG STATE-OWNED ASSE      7.30    11/20/22    CNY      71.60
QINGDAO CHENGYANG DEVEL      7.09    03/10/21    CNY      61.20
QINGDAO CHENGYANG DEVEL      7.09    03/10/21    CNY      61.97
QINGDAO CHINA PROSPERIT      7.30    04/18/19    CNY      40.32
QINGDAO CHINA PROSPERIT      7.30    04/18/19    CNY      40.55
QINGDAO CITY CONSTRUCTI      6.89    02/16/19    CNY      20.20
QINGDAO CITY CONSTRUCTI      6.89    02/16/19    CNY      20.27
QINGDAO CONSON DEVELOPM      6.40    12/12/22    CNY      71.66
QINGDAO CONSON DEVELOPM      6.40    12/12/22    CNY      76.00
QINGDAO JIAOZHOU CITY D      6.59    01/25/20    CNY      40.59
QINGDAO LAIXI CITY ASSE      7.50    03/06/21    CNY      61.06
QINGDAO LAIXI CITY ASSE      7.50    03/06/21    CNY      61.53
QINGYUAN TRANSPORTATION      8.20    12/19/20    CNY      61.93
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19    CNY      19.90
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19    CNY      20.03
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18    CNY      25.01
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18    CNY      25.26
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19    CNY      40.52
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19    CNY      40.73
QINHUANGDAO DEVELOPMENT      7.46    10/17/19    CNY      40.14
QINHUANGDAO DEVELOPMENT      8.00    12/17/20    CNY      61.40
QINHUANGDAO DEVELOPMENT      8.00    12/17/20    CNY      61.51
QINZHOU BINHAI NEW CITY      7.00    08/27/20    CNY      60.46
QINZHOU BINHAI NEW CITY      7.00    08/27/20    CNY      60.78
QINZHOU CITY DEVELOPMEN      7.10    10/16/19    CNY      70.98
QITAIHE CITY CONSTRUCTI      7.30    10/18/19    CNY      40.50
QUANZHOU TAISHANG INVES      7.08    12/10/19    CNY      40.62
QUANZHOU TAISHANG INVES      7.08    12/10/19    CNY      40.72
QUANZHOU TAISHANG INVES      7.22    02/25/21    CNY      61.65
QUANZHOU TAISHANG INVES      7.22    02/25/21    CNY      62.49
QUANZHOU URBAN CONSTRUC      6.48    01/11/20    CNY      40.50
QUANZHOU URBAN CONSTRUC      6.48    01/11/20    CNY      40.97
QUJING DEVELOPMENT INVE      7.25    09/06/19    CNY      40.39
QUJING DEVELOPMENT INVE      7.25    09/06/19    CNY      40.48
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20    CNY      60.00
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20    CNY      60.26
RONGCHENG ECONOMIC DEVE      6.45    03/18/20    CNY      40.63
RUDONG COUNTY DONGTAI S      7.45    09/24/19    CNY      40.48
RUDONG COUNTY JINXIN TR      8.08    03/03/21    CNY      61.75
RUDONG COUNTY JINXIN TR      8.08    03/03/21    CNY      61.76
RUGAO CITY ECONOMIC TRA      8.30    01/22/21    CNY      61.00
RUGAO CITY ECONOMIC TRA      8.30    01/22/21    CNY      62.69
RUGAO COMMUNICATIONS CO      8.51    01/26/19    CNY      25.51
RUGAO COMMUNICATIONS CO      6.70    02/01/20    CNY      40.55
RUGAO COMMUNICATIONS CO      6.70    02/01/20    CNY      60.81
RUGAO YANJIANG DEVELOPM      8.60    01/24/21    CNY      61.00
RUGAO YANJIANG DEVELOPM      8.60    01/24/21    CNY      62.83
RUIAN STATE OWNED ASSET      6.93    11/26/19    CNY      39.94
RUIAN STATE OWNED ASSET      6.93    11/26/19    CNY      40.57
RUSHAN CITY STATE-OWNED      6.90    09/11/20    CNY      61.10
RUSHAN CITY STATE-OWNED      6.90    09/11/20    CNY      61.34
SANMING CITY CONSTRUCTI      6.40    03/05/20    CNY      40.40
SANMING CITY CONSTRUCTI      6.40    03/05/20    CNY      40.47
SANMING STATE-OWNED ASS      6.99    06/14/18    CNY      40.15
SANMING STATE-OWNED ASS      6.92    12/05/19    CNY      40.79
SHAANXI WEINAN HIGH-TEC      8.28    02/28/21    CNY      60.91
SHAANXI WEINAN HIGH-TEC      8.28    02/28/21    CNY      62.00
SHANDONG JINMAO TEXTILE      9.00    02/21/19    CNY      69.83
SHANDONG RENCHENG RONGX      7.30    10/18/20    CNY      60.91
SHANDONG RENCHENG RONGX      7.30    10/18/20    CNY      61.27
SHANDONG TAIFENG HOLDIN      5.80    03/12/20    CNY      39.38
SHANDONG WEISHANHU MINI      6.15    03/13/20    CNY      66.18
SHANGHAI BUND GROUP DEV      6.35    04/24/20    CNY      60.43
SHANGHAI BUND GROUP DEV      6.35    04/24/20    CNY      60.53
SHANGHAI CHENGTOU CORP       4.63    07/30/19    CNY      39.80
SHANGHAI CHENJIAZHEN CO      7.18    11/06/19    CNY      50.89
SHANGHAI CHENJIAZHEN CO      7.18    11/06/19    CNY      50.90
SHANGHAI FENGXIAN NANQI      6.25    03/05/20    CNY      40.38
SHANGHAI JIADING INDUST      6.71    10/10/18    CNY      25.11
SHANGHAI JIADING INDUST      6.71    10/10/18    CNY      25.17
SHANGHAI JINSHAN URBAN       6.60    12/21/19    CNY      40.51
SHANGHAI LAKE DIANSHAN       5.95    01/30/21    CNY      74.96
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19    CNY      40.24
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19    CNY      40.26
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19    CNY      40.32
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19    CNY      70.18
SHANGHAI MINHANG URBAN       6.48    10/23/19    CNY      40.44
SHANGHAI MINHANG URBAN       6.48    10/23/19    CNY      40.56
SHANGHAI NANFANG GROUP       6.70    09/09/19    CNY      50.21
SHANGHAI NANFANG GROUP       6.70    09/09/19    CNY      50.46
SHANGHAI SONGJIANG TOWN      6.28    08/15/18    CNY      24.80
SHANGHAI SONGJIANG TOWN      6.28    08/15/18    CNY      25.11
SHANGHAI URBAN CONSTRUC      5.25    11/30/19    CNY      40.03
SHANGLUO CITY CONSTRUCT      6.75    09/09/19    CNY      50.48
SHANGLUO CITY CONSTRUCT      6.75    09/09/19    CNY      50.54
SHANGLUO CITY CONSTRUCT      7.05    09/09/20    CNY      60.83
SHANGLUO CITY CONSTRUCT      7.05    09/09/20    CNY      60.88
SHANGQIU DEVELOPMENT IN      6.60    01/15/20    CNY      40.42
SHANGRAO CITY CONSTRUCT      7.30    09/10/19    CNY      40.67
SHANGYU HANGZHOU BAY DI      6.95    10/11/20    CNY      58.99
SHANGYU HANGZHOU BAY DI      6.95    10/11/20    CNY      60.80
SHANTOU CITY CONSTRUCTI      8.57    03/23/22    CNY      62.10
SHANTOU CITY CONSTRUCTI      8.57    03/23/22    CNY      63.23
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19    CNY      40.30
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19    CNY      40.60
SHAOXING CHENGBEI XINCH      6.21    06/11/18    CNY      24.98
SHAOXING CHENGBEI XINCH      6.21    06/11/18    CNY      25.00
SHAOXING CHENGZHONGCUN       6.50    01/24/20    CNY      40.16
SHAOXING CHENGZHONGCUN       6.50    01/24/20    CNY      40.43
SHAOXING HI-TECH INDUST      6.75    12/05/18    CNY      25.06
SHAOXING KEQIAO DISTRIC      6.30    02/26/19    CNY      25.24
SHAOXING PAOJIANG INDUS      6.90    10/31/19    CNY      40.50
SHAOXING SHANGYU COMMUN      6.70    09/11/19    CNY      40.30
SHAOXING SHANGYU COMMUN      6.70    09/11/19    CNY      40.38
SHAOXING URBAN CONSTRUC      6.40    11/09/19    CNY      40.46
SHAOYANG CITY CONSTRUCT      7.40    09/11/18    CNY      25.22
SHAOYANG CITY CONSTRUCT      8.58    01/17/21    CNY      62.30
SHAOYANG CITY CONSTRUCT      8.58    01/17/21    CNY      62.69
SHENYANG SUJIATUN DISTR      6.40    06/20/20    CNY      60.38
SHENZHEN METRO GROUP CO      5.40    03/25/23    CNY      70.14
SHENZHEN METRO GROUP CO      5.40    03/25/23    CNY      70.18
SHIJIAZHUANG REAL ESTAT      5.65    05/15/20    CNY      60.07
SHIYAN CITY INFRASTRUCT      7.98    04/20/19    CNY      40.51
SHIYAN CITY INFRASTRUCT      6.88    10/11/20    CNY      60.64
SHOUGUANG CITY CONSTRUC      7.10    10/18/20    CNY      60.63
SHOUGUANG CITY CONSTRUC      7.10    10/18/20    CNY      61.12
SHOUGUANG JINCAI STATE-      6.70    10/23/19    CNY      40.35
SHOUGUANG JINCAI STATE-      6.70    10/23/19    CNY      40.58
SHUANGLIU COUNTY WATER       7.40    02/26/20    CNY      50.94
SHUANGLIU SHINE CHINE C      8.40    03/16/19    CNY      40.63
SHUANGLIU SHINE CHINE C      8.48    03/16/19    CNY      40.97
SHUANGLIU SHINE CHINE C      8.40    03/16/19    CNY      41.12
SHUANGLIU SHINE CHINE C      8.48    03/16/19    CNY      71.13
SHUANGYASHAN DADI CITY       6.55    12/25/19    CNY      40.08
SHUANGYASHAN DADI CITY       6.55    12/25/19    CNY      40.20
SHUYANG JINGYUAN ASSET       6.50    12/03/19    CNY      40.21
SHUYANG JINGYUAN ASSET       6.50    12/03/19    CNY      40.24
SICHUAN CHENGDU ABA DEV      7.18    09/12/20    CNY      60.36
SICHUAN COAL INDUSTRY G      7.70    01/09/18    CNY      45.00
SONGYUAN URBAN DEVELOPM      7.30    08/29/19    CNY      31.41
SUIFENHE HAIRONG URBAN       6.60    04/28/20    CNY      59.41
SUINING DEVELOPMENT INV      6.62    04/25/20    CNY      60.32
SUINING DEVELOPMENT INV      6.62    04/25/20    CNY      60.37
SUINING KAIDA INVESTMEN      8.69    04/21/21    CNY      82.33
SUIZHOU DEVELOPMENT INV      7.50    08/22/19    CNY      40.31
SUIZHOU DEVELOPMENT INV      7.50    08/22/19    CNY      40.40
SUIZHOU DEVELOPMENT INV      8.50    12/20/20    CNY      61.83
SUIZHOU DEVELOPMENT INV      8.50    12/20/20    CNY      62.53
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20    CNY      61.38
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19    CNY      20.30
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19    CNY      20.52
SUQIAN WATER GROUP CO        6.55    12/04/19    CNY      40.39
SUZHOU CITY CONSTRUCTIO      7.45    03/12/19    CNY      20.39
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20    CNY      60.41
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20    CNY      60.45
SUZHOU FENHU INVESTMENT      7.49    02/28/21    CNY      61.56
SUZHOU INDUSTRIAL PARK       5.79    05/30/19    CNY      40.08
SUZHOU TECH CITY DEVELO      7.32    11/01/18    CNY      25.28
SUZHOU URBAN CONSTRUCTI      5.79    10/25/19    CNY      40.21
SUZHOU URBAN CONSTRUCTI      5.79    10/25/19    CNY      40.29
SUZHOU WUJIANG COMMUNIC      6.80    10/31/20    CNY      56.04
SUZHOU WUJIANG EASTERN       8.05    12/05/18    CNY      40.67
SUZHOU WUJIANG EASTERN       8.05    12/05/18    CNY      40.73
SUZHOU XIANGCHENG URBAN      6.95    09/03/19    CNY      40.45
SUZHOU XIANGCHENG URBAN      6.95    09/03/19    CNY      40.58
SUZHOU XIANGCHENG URBAN      6.95    03/19/21    CNY      61.57
SUZHOU XIANGCHENG URBAN      6.95    03/19/21    CNY      61.74
TACHENG DISTRICT STATE-      7.49    10/16/19    CNY      50.65
TACHENG DISTRICT STATE-      7.49    10/16/19    CNY      50.70
TAIAN TAISHAN INVESTMEN      6.76    01/25/20    CNY      40.71
TAICANG ASSET MANAGEMEN      8.25    12/31/18    CNY      40.78
TAICANG ASSET MANAGEMEN      8.25    12/31/18    CNY      40.94
TAICANG ASSET MANAGEMEN      7.00    02/27/21    CNY      61.12
TAICANG ASSET MANAGEMEN      7.00    02/27/21    CNY      61.70
TAICANG HENGTONG INVEST      7.45    10/30/19    CNY      40.63
TAICANG URBAN CONSTRUCT      6.75    01/11/20    CNY      40.73
TAIXING CITY CHENGXING       8.30    12/12/20    CNY      62.14
TAIXING CITY CHENGXING       8.30    12/12/20    CNY      62.50
TAIYUAN HIGH-SPEED RAIL      6.50    10/30/20    CNY      56.04
TAIYUAN LONGCHENG DEVEL      6.50    09/25/19    CNY      40.25
TAIYUAN STATE-OWNED INV      7.20    03/19/21    CNY      61.54
TAIYUAN STATE-OWNED INV      7.20    03/19/21    CNY      62.11
TAIZHOU CITY HUANGYAN D      6.85    12/17/18    CNY      25.19
TAIZHOU CITY JIANGYAN U      7.10    09/03/20    CNY      61.64
TAIZHOU CITY NEW BINJIA      7.60    03/05/21    CNY      61.07
TAIZHOU HAILING ASSETS       8.52    03/21/19    CNY      20.50
TAIZHOU JIANGYAN STATE       6.85    12/03/19    CNY      39.96
TAIZHOU JIANGYAN STATE       6.85    12/03/19    CNY      40.25
TAIZHOU JIAOJIANG STATE      7.46    09/13/20    CNY      56.39
TAIZHOU JIAOJIANG STATE      7.46    09/13/20    CNY      56.88
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20    CNY      40.10
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20    CNY      40.38
TAIZHOU XINTAI GROUP CO      6.85    08/14/18    CNY      25.05
TAIZHOU XINTAI GROUP CO      6.85    08/14/18    CNY      25.06
TANGSHAN CAOFEIDIAN DEV      7.50    10/15/20    CNY      59.82
TANGSHAN URBAN CONSTRUC      7.10    02/26/21    CNY      61.21
TANGSHAN URBAN CONSTRUC      7.10    02/26/21    CNY      61.96
TIANJIN BAOXING INDUSTR      7.10    10/17/20    CNY      60.89
TIANJIN BAOXING INDUSTR      7.10    10/17/20    CNY      61.60
TIANJIN BINHAI NEW AREA      5.19    03/13/20    CNY      39.80
TIANJIN CITY JINGHAI UR      7.90    11/26/20    CNY      61.67
TIANJIN DONGFANG CAIXIN      7.99    11/23/18    CNY      40.66
TIANJIN DONGLI CITY INF      6.05    06/19/20    CNY      60.14
TIANJIN ECO-CITY INVEST      6.76    08/14/19    CNY      40.27
TIANJIN ECO-CITY INVEST      6.76    08/14/19    CNY      40.29
TIANJIN ECONOMIC TECHNO      6.20    12/03/19    CNY      40.32
TIANJIN ECONOMIC TECHNO      6.20    12/03/19    CNY      40.41
TIANJIN ECONOMIC TECHNO      6.50    12/03/22    CNY      71.07
TIANJIN ECONOMIC TECHNO      6.50    12/03/22    CNY      71.08
TIANJIN GUANGCHENG INVE      6.97    02/22/23    CNY      69.04
TIANJIN HANBIN INVESTME      8.39    03/22/19    CNY      20.46
TIANJIN HI-TECH INDUSTR      7.80    03/27/19    CNY      20.29
TIANJIN HI-TECH INDUSTR      7.80    03/27/19    CNY      20.35
TIANJIN HUANCHENG URBAN      7.20    03/21/21    CNY      61.47
TIANJIN INFRASTRUCTURE       5.70    02/26/23    CNY      71.26
TIANJIN INFRASTRUCTURE       5.70    02/26/23    CNY      81.14
TIANJIN JINNAN CITY CON      6.95    06/18/19    CNY      40.31
TIANJIN LINGANG INVESTM      7.75    02/26/21    CNY      61.79
TIANJIN LINGANG INVESTM      7.75    02/26/21    CNY      81.00
TIANJIN REAL ESTATE TRU      8.59    03/13/21    CNY      60.86
TIANJIN REAL ESTATE TRU      8.59    03/13/21    CNY      63.16
TIANJIN RESIDENTIAL CON      8.00    12/19/20    CNY      61.36
TIANJIN TEDA CONSTRUCTI      6.89    04/27/20    CNY      60.91
TIANJIN WUQING STATE-OW      7.18    03/19/21    CNY      61.67
TIANJIN WUQING STATE-OW      7.18    03/19/21    CNY      61.75
TIANJIN WUQING STATE-OW      8.00    12/17/20    CNY      62.20
TIANJIN WUQING STATE-OW      8.00    12/17/20    CNY      62.40
TIELING PUBLIC ASSETS I      7.34    05/29/18    CNY      24.90
TIELING PUBLIC ASSETS I      7.34    05/29/18    CNY      25.05
TONGCHUAN DEVELOPMENT I      7.50    07/17/19    CNY      40.10
TONGLIAO URBAN INVESTME      6.64    04/09/20    CNY      60.31
TONGLING CONSTRUCTION I      6.98    08/26/20    CNY      60.64
TONGLING CONSTRUCTION I      6.98    08/26/20    CNY      60.92
TONGLING CONSTRUCTION I      8.20    04/28/22    CNY      73.24
TONGLING CONSTRUCTION I      8.20    04/28/22    CNY      81.00
TONGREN FANJINGSHAN INV      6.89    08/02/19    CNY      40.33
TONGREN TOURISM INVESTM      8.00    02/20/21    CNY      61.51
TONGREN TOURISM INVESTM      8.00    02/20/21    CNY      62.58
TONGXIANG CITY CONSTRUC      6.10    05/16/20    CNY      59.50
TONGXIANG CITY CONSTRUC      6.10    05/16/20    CNY      60.29
TULUFAN DISTRICT STATE-      7.20    08/09/19    CNY      50.54
TULUFAN DISTRICT STATE-      7.20    08/09/19    CNY      50.87
ULANQAB CITY JI NING DI      6.88    03/19/20    CNY      39.72
URUMQI CITY CONSTRUCTIO      6.35    07/09/19    CNY      39.00
URUMQI CITY CONSTRUCTIO      6.35    07/09/19    CNY      40.25
URUMQI CITY CONSTRUCTIO      7.20    11/06/18    CNY      50.44
URUMQI ECO&TECH DEVELOP      8.58    01/10/19    CNY      25.60
URUMQI GAOXIN INVESTMEN      6.18    03/05/20    CNY      39.93
URUMQI GAOXIN INVESTMEN      6.18    03/05/20    CNY      40.10
URUMQI STATE-OWN ASSET       6.17    03/16/21    CNY      75.14
URUMQI STATE-OWNED ASSE      6.48    04/28/18    CNY      24.98
VANZIP INVESTMENT GROUP      7.92    02/04/19    CNY      22.34
WAFANGDIAN STATE-OWNED       8.55    04/19/19    CNY      40.52
WAFANGDIAN STATE-OWNED       6.20    06/20/20    CNY      59.90
WAFANGDIAN STATE-OWNED       6.20    06/20/20    CNY      60.18
WEIFANG BINCHENG INVEST      8.59    02/14/21    CNY      62.51
WEIFANG BINCHENG INVEST      8.59    02/14/21    CNY      62.88
WEIFANG BINHAI INVESTME      6.16    04/16/21    CNY      70.11
WEIFANG DONGFANG STATE-      7.78    03/24/21    CNY      61.00
WEIFANG DONGFANG STATE-      7.78    03/24/21    CNY      62.05
WEIFANG DONGXIN CONSTRU      6.88    11/20/19    CNY      40.37
WEIFANG DONGXIN CONSTRU      6.88    11/20/19    CNY      40.46
WEIHAI WENDENG URBAN PR      6.38    03/06/20    CNY      40.42
WEINAN CITY INVESTMENT       6.69    01/15/20    CNY      40.33
WEINAN CITY INVESTMENT       6.69    01/15/20    CNY      40.46
WENLING CITY STATE OWNE      7.18    09/18/19    CNY      40.39
WENLING CITY STATE OWNE      7.18    09/18/19    CNY      40.64
WENSHAN URBAN CONSTRUCT      8.10    02/27/21    CNY      62.19
WENSHAN URBAN CONSTRUCT      8.10    02/27/21    CNY      82.00
WENZHOU ANJUFANG CITY D      7.65    04/24/19    CNY      40.35
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20    CNY      40.46
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20    CNY      40.54
WENZHOU HIGH-TECH INDUS      7.95    03/21/21    CNY      61.82
WUHAI CITY CONSTRUCTION      8.20    03/31/19    CNY      20.37
WUHAN CAIDIAN URBAN CON      7.24    05/28/21    CNY      36.06
WUHAN CHEDU GROUP CO LT      7.18    02/27/21    CNY      61.34
WUHAN CHEDU GROUP CO LT      7.18    02/27/21    CNY      61.81
WUHAN JIANGXIA URBAN CO      8.99    01/20/21    CNY      62.58
WUHAN METRO GROUP CO LT      5.70    02/04/20    CNY      40.36
WUHAN METRO GROUP CO LT      5.70    02/04/20    CNY      60.20
WUHAN REAL ESTATE DEVEL      5.90    03/22/19    CNY      25.09
WUHAN REAL ESTATE DEVEL      5.90    03/22/19    CNY      50.00
WUHAN URBAN CONSTRUCTIO      5.60    03/08/20    CNY      40.01
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18    CNY      25.05
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18    CNY      25.07
WUHU ECONOMIC TECHNOLOG      6.90    06/08/22    CNY      70.69
WUHU ECONOMIC TECHNOLOG      6.90    06/08/22    CNY      71.21
WUHU JINGHU CONSTRUCTIO      6.68    05/16/20    CNY      60.75
WUHU XINMA INVESTMENT C      7.18    11/14/19    CNY      40.23
WUHU XINMA INVESTMENT C      7.18    11/14/19    CNY      40.68
WUJIANG ECONOMIC TECHNO      6.88    12/27/19    CNY      40.63
WUWEI CITY ECONOMY DEVE      8.20    12/09/20    CNY      61.58
WUWEI CITY ECONOMY DEVE      8.20    12/09/20    CNY      62.53
WUXI CONSTRUCTION AND D      6.60    09/17/19    CNY      40.42
WUXI CONSTRUCTION AND D      6.60    09/17/19    CNY      40.50
WUXI HUISHAN ECONOMIC D      6.03    04/22/19    CNY      50.21
WUXI MUNICIPAL DEVELOPM      6.10    10/11/20    CNY      59.55
WUXI MUNICIPAL DEVELOPM      6.10    10/11/20    CNY      60.85
WUXI TAIHU INTERNATIONA      7.60    09/17/19    CNY      40.68
WUXI TAIHU INTERNATIONA      7.60    09/17/19    CNY      40.68
WUXI XIDONG NEW TOWN CO      6.65    01/28/20    CNY      40.21
WUXI XIDONG NEW TOWN CO      6.65    01/28/20    CNY      40.28
WUXI XIDONG TECHNOLOGY       5.98    10/26/18    CNY      40.21
WUXI XIDONG TECHNOLOGY       5.98    10/26/18    CNY      40.45
WUZHONG URBAN RURAL CON      7.18    10/12/20    CNY      61.02
WUZHONG URBAN RURAL CON      7.18    10/12/20    CNY      61.04
WUZHOU DONGTAI STATE-OW      7.40    09/03/19    CNY      40.50
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20    CNY      40.28
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20    CNY      40.29
XI'AN AEROSPACE BASE IN      6.96    11/08/19    CNY      40.54
XIAN CHANBAHE DEVELOPME      6.89    08/03/19    CNY      40.41
XI'AN HI-TECH HOLDING C      5.70    02/26/19    CNY      25.18
XI'AN HI-TECH HOLDING C      5.70    02/26/19    CNY      51.03
XI'AN URBAN INDEMNIFICA      7.31    03/18/19    CNY      40.55
XI'AN URBAN INDEMNIFICA      7.31    03/18/19    CNY      40.76
XI'AN URBAN INDEMNIFICA      7.31    04/18/19    CNY      70.50
XI'AN URBAN INDEMNIFICA      7.31    04/18/19    CNY      70.87
XIANGTAN CITY CONSTRUCT      8.00    03/16/19    CNY      20.45
XIANGTAN CITY CONSTRUCT      8.00    03/16/19    CNY      20.48
XIANGTAN HI-TECH GROUP       6.90    01/15/20    CNY      40.43
XIANGTAN HI-TECH GROUP       8.16    02/25/21    CNY      61.43
XIANGTAN HI-TECH GROUP       8.16    02/25/21    CNY      61.83
XIANGTAN JIUHUA ECONOMI      7.43    08/29/19    CNY      40.52
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20    CNY      60.69
XIANGTAN ZHENXIANG STAT      6.60    08/07/20    CNY      60.81
XIANGTAN ZHENXIANG STAT      6.60    08/07/20    CNY      60.86
XIANNING CITY CONSTRUCT      7.50    08/31/18    CNY      25.12
XIANNING CITY CONSTRUCT      7.50    08/31/18    CNY      25.20
XIANNING HIGH-TECH INVE      5.80    06/05/20    CNY      59.68
XIANNING HIGH-TECH INVE      5.80    06/05/20    CNY      59.69
XIANTAO CITY CONSTRUCTI      8.15    02/24/21    CNY      61.77
XIANTAO CITY CONSTRUCTI      8.15    02/24/21    CNY      62.52
XIAOGAN URBAN CONSTRUCT      8.12    03/26/19    CNY      20.52
XINGAN LEAGUE URBAN DEV      8.20    03/06/21    CNY      61.36
XINGAN LEAGUE URBAN DEV      8.20    03/06/21    CNY      95.00
XINGHUA URBAN CONSTRUCT      7.25    10/23/18    CNY      25.11
XINING CITY INVESTMENT       7.70    04/27/19    CNY      40.51
XINING ECONOMIC DEVELOP      5.90    06/04/20    CNY      59.95
XINJIANG FUYUN COUNTY S      8.67    03/05/20    CNY      51.35
XINJIANG SHIHEZI DEVELO      7.50    08/29/18    CNY      24.98
XINJIANG UYGUR AR HAMI       6.25    07/17/18    CNY      25.04
XINJIANG WUJIAQU URBAN       6.10    05/23/20    CNY      60.30
XINJIANG WUJIAQU URBAN       6.10    05/23/20    CNY      60.44
XINXIANG INVESTMENT GRO      5.85    04/15/20    CNY      59.70
XINXIANG INVESTMENT GRO      5.85    04/15/20    CNY      60.24
XINYANG HUAXIN INVESTME      6.95    06/14/19    CNY      40.31
XINYI CITY INVESTMENT &      7.39    10/15/20    CNY      61.16
XINYI CITY INVESTMENT &      7.39    10/15/20    CNY      61.23
XINYU CITY CONSTRUCTION      7.08    12/13/19    CNY      40.61
XINZHENG NEW DISTRICT D      6.52    06/28/19    CNY      50.08
XINZHENG NEW DISTRICT D      6.52    06/28/19    CNY      50.32
XINZHENG NEW DISTRICT D      6.40    01/29/21    CNY      74.50
XINZHENG NEW DISTRICT D      6.40    01/29/21    CNY      74.87
XINZHOU ASSET MANAGEMEN      7.39    08/08/18    CNY      25.03
XINZHOU ASSET MANAGEMEN      7.90    02/21/21    CNY      61.55
XINZHOU ASSET MANAGEMEN      8.50    12/18/20    CNY      61.91
XINZHOU ASSET MANAGEMEN      8.50    12/18/20    CNY      61.97
XINZHOU ASSET MANAGEMEN      7.90    02/21/21    CNY      62.01
XUANCHENG STATE-OWNED A      7.95    03/27/21    CNY      61.96
XUANCHENG STATE-OWNED A      7.95    03/27/21    CNY      62.24
XUCHANG GENERAL INVESTM      7.78    04/27/19    CNY      40.53
XUZHOU CITY TONGSHAN DI      6.60    08/08/20    CNY      60.66
XUZHOU CITY TONGSHAN DI      6.60    08/08/20    CNY      60.71
XUZHOU ECONOMIC TECHNOL      8.20    03/07/19    CNY      20.53
XUZHOU XINSHENG CONSTRU      7.48    05/08/18    CNY      25.06
XUZHOU XINSHENG CONSTRU      7.48    05/08/18    CNY      25.13
YAAN DEVELOPMENT INVEST      7.00    09/13/20    CNY      60.00
YAAN DEVELOPMENT INVEST      7.00    09/13/20    CNY      60.90
YAAN STATE-OWNED ASSET       7.39    07/04/19    CNY      40.20
YANCHENG CITY DAFENG DI      7.08    12/13/19    CNY      40.62
YANCHENG CITY DAFENG DI      7.08    12/13/19    CNY      60.59
YANCHENG CITY DAFENG DI      8.70    01/24/21    CNY      62.03
YANCHENG CITY DAFENG DI      8.50    12/30/20    CNY      62.82
YANCHENG CITY DAFENG DI      8.70    01/24/21    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      61.17
YANCHENG CITY TINGHU DI      7.95    11/15/20    CNY      61.27
YANCHENG ORIENTAL INVES      6.99    10/26/19    CNY      40.44
YANCHENG SOUTH DISTRICT      6.93    10/26/19    CNY      40.40
YANCHENG SOUTH DISTRICT      6.93    10/26/19    CNY      40.58
YANCHENG SOUTH DISTRICT      8.19    12/16/18    CNY      40.68
YANGJIANG HENGCAI CITY       6.85    09/09/20    CNY      60.89
YANGJIANG HENGCAI CITY       6.85    09/09/20    CNY      61.16
YANGZHOU CHEMICAL INDUS      8.58    01/24/21    CNY      61.66
YANGZHOU CHEMICAL INDUS      8.58    01/24/21    CNY      62.57
YANGZHOU HANJIANG URBAN      6.20    03/12/20    CNY      40.28
YANGZHOU HANJIANG URBAN      6.20    03/12/20    CNY      60.10
YANGZHOU LONGCHUAN HOLD      8.10    03/23/19    CNY      20.27
YANGZHOU LONGCHUAN HOLD      8.10    03/23/19    CNY      20.42
YANGZHOU URBAN CONSTRUC      6.30    07/26/19    CNY      40.27
YIBIN STATE-OWNED ASSET      5.80    05/23/18    CNY      40.05
YICHANG MUNICIPAL FINAN      7.12    10/16/19    CNY      40.60
YICHANG MUNICIPAL FINAN      7.12    10/16/19    CNY      40.65
YICHANG URBAN CONSTRUCT      6.85    11/08/19    CNY      40.50
YICHANG URBAN CONSTRUCT      6.85    11/08/19    CNY      40.60
YICHANG URBAN CONSTRUCT      8.13    11/17/19    CNY      53.71
YICHUN CITY CONSTRUCTIO      7.35    07/24/19    CNY      39.50
YICHUN CITY CONSTRUCTIO      7.35    07/24/19    CNY      39.80
YILI KAZAKH AUTONOMOUS       7.68    02/28/21    CNY      61.16
YILI KAZAKH AUTONOMOUS       7.68    02/28/21    CNY      61.45
YILI STATE-OWNED ASSET       6.70    11/19/18    CNY      25.06
YILI STATE-OWNED ASSET       6.70    11/19/18    CNY      25.15
YINGTAN INVESTMENT CO        7.50    12/12/22    CNY      72.40
YINING CITY STATE OWNED      8.90    01/23/21    CNY      63.28
YINING CITY STATE OWNED      8.90    01/23/21    CNY      90.00
YIXING CITY DEVELOPMENT      6.90    10/10/19    CNY      40.32
YIXING CITY DEVELOPMENT      6.90    10/10/19    CNY      40.36
YIYANG CITY CONSTRUCTIO      7.36    08/24/19    CNY      40.51
YIYANG CITY CONSTRUCTIO      7.36    08/24/19    CNY      40.52
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20    CNY      40.20
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20    CNY      40.27
YIZHENG CITY CONSTRUCTI      7.78    06/14/19    CNY      40.46
YIZHENG CITY CONSTRUCTI      8.60    01/09/21    CNY      61.61
YIZHENG CITY CONSTRUCTI      8.60    01/09/21    CNY      62.16
YONGZHOU CITY CONSTRUCT      7.30    10/23/20    CNY      61.38
YONGZHOU CITY CONSTRUCT      7.30    10/23/20    CNY      61.43
YONGZHOU CITY LINGLING       7.80    04/02/21    CNY      61.82
YUEYANG CITY CONSTRUCTI      6.05    07/12/20    CNY      59.50
YUEYANG CITY CONSTRUCTI      6.05    07/12/20    CNY      60.53
YUHUAN CITY COMMUNICATI      7.15    10/12/19    CNY      39.98
YUHUAN CITY COMMUNICATI      7.15    10/12/19    CNY      40.61
YULIN CITY INVESTMENT O      6.81    12/04/18    CNY      25.08
YULIN CITY INVESTMENT O      6.81    12/04/18    CNY      25.22
YULIN URBAN CONSTRUCTIO      6.88    11/26/19    CNY      40.20
YULIN URBAN CONSTRUCTIO      6.88    11/26/19    CNY      40.50
YUNCHENG URBAN CONSTRUC      7.48    10/15/19    CNY      40.82
YUSHEN ENERGY DEVELOPME      8.50    02/21/21    CNY      62.15
YUSHEN ENERGY DEVELOPME      8.50    02/21/21    CNY      62.17
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20    CNY      40.36
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20    CNY      40.51
YUYAO WATER RESOURCE IN      7.20    10/16/19    CNY      40.58
ZHANGJIAGANG FREE TRADE      7.10    08/23/20    CNY      60.96
ZHANGJIAGANG FREE TRADE      7.10    08/23/20    CNY      61.04
ZHANGJIAGANG MUNICIPAL       6.43    11/27/19    CNY      40.48
ZHANGJIAJIE ECONOMIC DE      7.40    10/18/19    CNY      40.70
ZHANGJIAKOU CONSTRUCTIO      7.00    10/26/19    CNY      40.40
ZHANGJIAKOU TONGTAI HOL      6.90    07/05/18    CNY      40.08
ZHANGZHOU CITY CONSTRUC      6.60    03/26/20    CNY      40.58
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20    CNY      61.27
ZHAOYUAN STATE-OWNED AS      6.64    12/31/19    CNY      40.70
ZHEJIANG CHANGXING VIA       7.99    03/03/21    CNY      61.60
ZHEJIANG CHANGXING VIA       7.99    03/03/21    CNY      61.79
ZHEJIANG HUZHOU HUANTAI      6.70    11/28/19    CNY      40.42
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19    CNY      40.41
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19    CNY      40.65
ZHEJIANG PROVINCE DEQIN      6.90    04/12/18    CNY      40.00
ZHEJIANG PROVINCE DEQIN      6.40    02/22/20    CNY      40.22
ZHEJIANG PROVINCE XINCH      6.60    04/24/20    CNY      60.34
ZHEJIANG PROVINCE XINCH      6.60    04/24/20    CNY      60.34
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20    CNY      60.24
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20    CNY      60.44
ZHENJIANG CITY CONSTRUC      7.90    12/18/20    CNY      60.93
ZHENJIANG CITY CONSTRUC      8.20    01/13/21    CNY      62.06
ZHENJIANG CITY CONSTRUC      7.90    12/18/20    CNY      67.00
ZHENJIANG CITY CONSTRUC      8.20    01/13/21    CNY      71.00
ZHENJIANG CULTURE AND T      6.60    01/30/20    CNY      40.16
ZHENJIANG NEW AREA URBA      8.35    02/26/21    CNY      61.01
ZHENJIANG NEW AREA URBA      8.99    01/16/21    CNY      62.40
ZHENJIANG TRANSPORTATIO      7.29    05/08/19    CNY      40.01
ZHONGSHAN TRANSPORTATIO      6.65    08/28/18    CNY      25.00
ZHONGSHAN TRANSPORTATIO      6.65    08/28/18    CNY      25.10
ZHONGWEI CITY CONSTRUCT      8.20    03/26/21    CNY      62.19
ZHONGWEI CITY CONSTRUCT      8.20    03/26/21    CNY      82.11
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20    CNY      55.67
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20    CNY      56.22
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18    CNY      20.00
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18    CNY      20.02
ZHUCHENG ECONOMIC DEVEL      7.50    08/25/18    CNY      21.35
ZHUCHENG ECONOMIC DEVEL      6.80    11/29/19    CNY      40.42
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19    CNY      50.03
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19    CNY      50.12
ZHUHAI HUIHUA INFRASTRU      7.15    09/17/20    CNY      60.93
ZHUJI CITY CONSTRUCTION      6.92    07/05/18    CNY      40.15
ZHUJI CITY CONSTRUCTION      6.92    12/19/19    CNY      40.62
ZHUJI CITY YUEDU INVEST      8.20    12/12/20    CNY      61.86
ZHUJI CITY YUEDU INVEST      8.20    12/12/20    CNY      61.99
ZHUMADIAN INVESTMENT CO      6.95    11/26/19    CNY      40.66
ZHUMADIAN INVESTMENT CO      6.95    11/26/19    CNY      40.66
ZHUZHOU CITY CONSTRUCTI      6.95    10/16/20    CNY      61.31
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18    CNY      40.30
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18    CNY      40.31
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19    CNY      40.57
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19    CNY      40.69
ZHUZHOU YUNLONG DEVELOP      6.78    11/19/19    CNY      40.31
ZHUZHOU YUNLONG DEVELOP      6.78    11/19/19    CNY      40.50
ZIBO CITY PROPERTY CO L      5.45    04/27/19    CNY      24.03
ZIBO CITY PROPERTY CO L      6.83    08/22/19    CNY      40.10
ZIBO CITY PROPERTY CO L      6.83    08/22/19    CNY      40.61
ZIGONG GAOXIN INVESTMEN      6.30    03/13/20    CNY      40.32
ZIGONG STATE-OWNED ASSE      6.86    06/17/18    CNY      39.97
ZIYANG CITY CONSTRUCTIO      7.58    01/09/19    CNY      25.16
ZIYANG WATER INVESTMENT      7.40    10/21/20    CNY      61.10
ZIYANG WATER INVESTMENT      7.40    10/21/20    CNY      61.33
ZOUCHENG CITY ASSET OPE      6.18    03/12/19    CNY      24.99
ZOUCHENG CITY ASSET OPE      6.18    03/12/19    CNY      25.02
ZOUPING COUNTY STATE-OW      6.98    04/27/18    CNY      40.00
ZOUPING COUNTY STATE-OW      7.30    02/24/21    CNY      61.73
ZOUPING COUNTY STATE-OW      7.30    02/24/21    CNY      62.05
ZUNYI CITY HUICHUAN DIS      6.75    04/24/19    CNY      50.03
ZUNYI INVESTMENT GROUP       8.53    03/13/19    CNY      20.90
ZUNYI INVESTMENT GROUP       8.53    03/13/19    CNY      20.92
ZUNYI ROAD & BRIDGE ENG      7.15    08/17/20    CNY      55.60
ZUNYI STATE-OWNED ASSET      6.98    12/26/19    CNY      40.00
ZUNYI STATE-OWNED ASSET      6.98    12/26/19    CNY      41.00


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35    07/03/17    CNY      69.88


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25    03/13/17    USD      49.74
BERAU COAL ENERGY TBK P      7.25    03/13/17    USD      51.97
DAVOMAS INTERNATIONAL F     11.00    12/08/14    USD       0.55
DAVOMAS INTERNATIONAL F     11.00    12/08/14    USD       0.55
DAVOMAS INTERNATIONAL F     11.00    05/09/11    USD       0.55
DAVOMAS INTERNATIONAL F     11.00    05/09/11    USD       0.55


INDIA
-----

3I INFOTECH LTD              2.50    03/31/25    USD      12.88
CORE EDUCATION & TECHNO      7.00    05/07/49    USD       0.59
GTL INFRASTRUCTURE LTD       6.73    10/26/22    USD      74.48
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      26.03
PRAKASH INDUSTRIES LTD       5.25    04/30/15    USD      21.00
PYRAMID SAIMIRA THEATRE      1.75    07/04/12    USD       1.00
RELIANCE COMMUNICATIONS      6.50    11/06/20    USD      61.41
SVOGL OIL GAS & ENERGY       5.00    08/17/15    USD       1.55
VIDEOCON INDUSTRIES LTD      2.80    12/31/20    USD      60.00


JAPAN
-----

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      73.98
DOOSAN CAPITAL SECURITI     20.00    04/22/19    KRW      62.03
HEUNGKUK FIRE & MARINE       5.70    12/29/46    KRW      50.15
KIBO ABS SPECIALTY CO L      5.00    12/25/19    KRW      70.32
KIBO ABS SPECIALTY CO L      5.00    08/29/19    KRW      71.28
KIBO ABS SPECIALTY CO L      5.00    02/26/19    KRW      72.42
KIBO ABS SPECIALTY CO L      5.00    02/25/19    KRW      72.69
KOREA TREASURY BOND          1.50    09/10/66    KRW      69.79
OKC SECURITIZATION SPEC     10.00    01/03/20    KRW      36.38
SAMPYO CEMENT CO LTD         7.30    04/12/15    KRW      70.00
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         7.50    07/20/14    KRW      70.00
SAMPYO CEMENT CO LTD         7.30    06/26/15    KRW      70.00
SINBO SECURITIZATION SP      5.00    10/30/19    KRW      66.41
SINBO SECURITIZATION SP      5.00    06/23/20    KRW      68.92
SINBO SECURITIZATION SP      5.00    03/15/20    KRW      69.67
SINBO SECURITIZATION SP      5.00    02/28/21    KRW      70.01
SINBO SECURITIZATION SP      5.00    01/27/21    KRW      70.27
SINBO SECURITIZATION SP      5.00    12/22/20    KRW      70.55
SINBO SECURITIZATION SP      5.00    09/23/20    KRW      71.29
SINBO SECURITIZATION SP      5.00    08/26/20    KRW      71.51
SINBO SECURITIZATION SP      5.00    07/28/20    KRW      71.73
SINBO SECURITIZATION SP      5.00    06/24/19    KRW      71.79
SINBO SECURITIZATION SP      5.00    03/13/19    KRW      72.55
SINBO SECURITIZATION SP      5.00    02/25/20    KRW      72.97
SINBO SECURITIZATION SP      5.00    01/28/20    KRW      73.20
SINBO SECURITIZATION SP      5.00    12/30/19    KRW      73.44
SINBO SECURITIZATION SP      5.00    09/30/19    KRW      74.22
SINBO SECURITIZATION SP      5.00    07/29/18    KRW      74.34
SINBO SECURITIZATION SP      5.00    08/27/19    KRW      74.49
SINBO SECURITIZATION SP      5.00    06/25/18    KRW      74.64
SINBO SECURITIZATION SP      5.00    07/29/19    KRW      74.72
SINBO SECURITIZATION SP      5.00    05/26/18    KRW      74.95
SINBO SECURITIZATION SP      5.00    06/25/19    KRW      75.00
WISE MOBILE SECURITIZAT     20.00    09/17/18    KRW      74.04


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35    03/01/26    LKR      73.42


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50    09/15/20    MYR       1.11
ASIAN PAC HOLDINGS BHD       3.00    05/25/22    MYR       0.76
BERJAYA CORP BHD             2.00    05/29/26    MYR       0.32
BERJAYA CORP BHD             5.00    04/22/22    MYR       0.43
BRIGHT FOCUS BHD             2.50    01/22/31    MYR      73.62
ELK-DESA RESOURCES BHD       3.25    04/14/22    MYR       0.95
HIAP TECK VENTURE BHD        5.00    06/27/21    MYR       0.42
I-BHD                        3.00    10/09/19    MYR       0.36
IRE-TEX CORP BHD             1.00    06/10/19    MYR       0.02
LAND & GENERAL BHD           1.00    09/24/18    MYR       0.11
PERODUA GLOBAL MANUFACT      0.50    12/17/25    MYR      67.45
PUC BHD                      4.00    02/15/19    MYR       0.20
REDTONE INTERNATIONAL B      2.75    03/04/20    MYR       0.10
SENAI-DESARU EXPRESSWAY      1.35    06/30/31    MYR      55.80
SENAI-DESARU EXPRESSWAY      1.35    12/31/30    MYR      57.15
SENAI-DESARU EXPRESSWAY      1.35    06/28/30    MYR      58.52
SENAI-DESARU EXPRESSWAY      1.35    12/31/29    MYR      59.85
SENAI-DESARU EXPRESSWAY      1.35    12/29/28    MYR      62.57
SENAI-DESARU EXPRESSWAY      1.35    06/30/28    MYR      63.96
SENAI-DESARU EXPRESSWAY      1.35    12/31/27    MYR      65.36
SENAI-DESARU EXPRESSWAY      1.35    06/30/27    MYR      66.78
SENAI-DESARU EXPRESSWAY      1.35    06/30/26    MYR      69.68
SENAI-DESARU EXPRESSWAY      1.15    06/30/25    MYR      71.54
SENAI-DESARU EXPRESSWAY      1.15    12/31/24    MYR      73.17
SENAI-DESARU EXPRESSWAY      0.50    12/31/38    MYR      74.44
SENAI-DESARU EXPRESSWAY      1.15    06/28/24    MYR      74.89
SOUTHERN STEEL BHD           5.00    01/24/20    MYR       1.68
THONG GUAN INDUSTRIES B      5.00    10/10/19    MYR       2.55
UNIMECH GROUP BHD            5.00    09/18/18    MYR       0.95
VIZIONE HOLDINGS BHD         3.00    08/08/21    MYR       0.07


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

PRECINCT PROPERTIES NEW      4.80    09/27/21    NZD       1.01


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      6.00    03/28/20    SGD      46.88
ASL MARINE HOLDINGS LTD      6.35    10/01/21    SGD      46.88
AUSGROUP LTD                 8.45    10/20/18    SGD      60.00
BAKRIE TELECOM PTE LTD      11.50    05/07/15    USD       1.00
BAKRIE TELECOM PTE LTD      11.50    05/07/15    USD       1.00
BERAU CAPITAL RESOURCES     12.50    07/08/15    USD      49.72
BERAU CAPITAL RESOURCES     12.50    07/08/15    USD      50.36
BLD INVESTMENTS PTE LTD      8.63    03/23/15    USD       4.80
BLUE OCEAN RESOURCES PT      4.00    12/31/20    USD      25.89
ENERCOAL RESOURCES PTE       9.25    08/05/14    USD      38.11
EZION HOLDINGS LTD           4.88    06/11/21    SGD      14.84
EZION HOLDINGS LTD           4.70    05/22/19    SGD      14.88
EZION HOLDINGS LTD           4.60    08/20/18    SGD      14.88
EZION HOLDINGS LTD           5.10    03/13/20    SGD      14.88
EZION HOLDINGS LTD           4.85    01/23/19    SGD      14.88
EZRA HOLDINGS LTD            4.88    04/24/18    SGD       6.05
INDO INFRASTRUCTURE GRO      2.00    07/30/10    USD       1.00
INNOVATE CAPITAL PTE LT      6.00    12/11/24    USD      69.13
MICLYN EXPRESS OFFSHORE      8.75    11/25/18    USD      36.70
ORO NEGRO DRILLING PTE       7.50    01/24/19    USD      42.96
OSA GOLIATH PTE LTD         12.00    10/09/18    USD       2.56
PACIFIC RADIANCE LTD         4.30    08/29/18    SGD      11.13
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       0.53
MDX PCL                      4.75    09/17/03    USD      30.00


VIETNAM
-------

DEBT AND ASSET TRADING       1.00    10/10/25    USD      69.62
DEBT AND ASSET TRADING       1.00    10/10/25    USD      71.75




                             *********

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 ***