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

                      A S I A   P A C I F I C

            Tuesday, May 22, 2018, Vol. 21, No. 100

                            Headlines


A U S T R A L I A

BABY BOUNCE: Second Creditors' Meeting Set for May 29
DFO LEDS: Second Creditors' Meeting Scheduled for May 29
FREENET PTY: Director Charged With Fraud
GLENORCHY CITY: On the Brink of Insolvency, Mayor Says
LAYTON CORP: First Creditors' Meeting Set for May 29

MOORE BASEBALL: Second Creditors' Meeting Set for May 29
NUFARM AUSTRALIA: Moody's Rates USD475MM Sr. Unsec. Notes 'B1'
QUEENSLAND NICKEL: Owner Moves to Freeze Liquidator Sale
VIRGIN AUSTRALIA: Moody's Gives (P)B3 Rating on Term Note Program


C H I N A

KINGTEC STEEL: Facing Bankruptcy Amid Debt Pressures


H O N G  K O N G

HSIN CHONG: Set to Default on U.S. Dollar Bonds


I N D I A

ASSOCIATED ENG'NG: Ind-Ra Moves B+ LT Rating to Non-Cooperating
AXEL POLYMERS: CRISIL Reaffirms B Rating on INR5MM Cash Loan
CHIRAG RICE: CRISIL Lowers Rating on INR5MM Cash Loan to B
CHRISTY FABRIC: CRISIL Withdraws B Rating on INR1.7MM Term Loan
DARON ENGINEERING: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating

DENTCARE DENTAL: CRISIL Withdraws B Rating on INR11MM Cash Loan
DIAMOND ENGINEERING: CRISIL Migrates D Rating to Not Cooperating
ESSAR STEEL: Numetal Offers INR37,000cr in Second Round of Bids
EVER GREEN: CRISIL Withdraws 'B' Rating on INR1.5MM Cash Loan
FOODS AND FEEDS: ICRA Moves D Rating to Not Cooperating Category

GS COTTON: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
HYDERABAD HANDLOOM: CRISIL Moves C Rating to Not Cooperating
INDIA STEEL: Ind-Ra Maintains 'B-' LT Rating in Non-Cooperating
J B PUBLISHING: CRISIL Reaffirms B+ Rating on INR12.5MM Loan
JAGAN INDUSTRIES: Ind-Ra Maintains 'BB' Rating in Non-Cooperating

JOHNSON JEWELERS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
KUBER TEXLEN: ICRA Moves B+ Rating to Not Cooperating Category
MAHAVIR ECO: CRISIL Moves B+ Rating to Not Cooperating Category
MAHESH AGRI: ICRA Migrates D Rating to Not Cooperating Category
MANAS LUMBA: CRISIL Assigns B+ Rating to INR17.55MM LT Loan

MARATH ENTERPRISES: CRISIL Cuts Rating on INR12MM Loan to D
MG WELL: ICRA Withdraws C Rating on INR3.35cr Term Loan
MIR REALTORS: CRISIL Withdraws B Rating on INR10MM LT Loan
N.S. ENGINEERING: CRISIL Lowers Rating on INR39MM Loan to D
NEMLAXMI BOOKS: ICRA Withdraws B+ Rating on INR8.86cr Loan

PELICAN RUBBER: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
PMJ CONSTRUCTIONS: ICRA Reaffirms B Rating on INR2cr Loan
PRERNA BEVERAGES: CRISIL Lowers Rating on INR5.75MM Loan to B
PRIME RETAIL: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
RAJ RAYON: Ind-Ra Affirms 'D' LT Issuer Rating in Non-Cooperating

RAJARAMSEVAK MULTI: Ind-Ra Retains B+ Rating in Non-Cooperating
RELIANCE COMMUNICATIONS: Settlement With Ericsson Unlikely For Now
RIDDHI CASTING: CRISIL Moves B Rating to Not Cooperating Category
SION CERAMICS: CRISIL Reaffirms B Rating on INR6.18MM Term Loan
SPIC FASHIONS: CRISIL Hikes Rating on INR2.87MM Term Loan to B+

SRI BALACHANDRA: Ind-Ra Moves 'B+' LT Rating to Non-Cooperating
SRI VENKATA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
SURYODAYA INDUSTRIES: CRISIL Assigns B Rating to INR7.50MM Loan
SWASH NONIONICS: CRISIL Withdraws B Rating on INR9MM LT Loan
TEXTREND LIFESTYLE: ICRA Withdraws B Rating on INR6cr Cash Loan

TOP GEAR: CRISIL Raises Rating on INR2MM Cash Loan to B-
UNITED CHLORO: Ind-Ra Affirms 'D' Long-Term Issuer Rating
VISTA PHARMACEUTICALS: Ind-Ra Lowers LT Issuer Rating to 'D'
WELTIME FOOTWEAR: CRISIL Assigns B- Rating to INR8.4MM Loan


J A P A N

TOSHIBA CORP: Moody's Reviews Caa1 Ratings for Upgrade


X X X X X X X X

* BOND PRICING: For the Week May 14 to May 18, 2018


                            - - - - -


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A U S T R A L I A
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BABY BOUNCE: Second Creditors' Meeting Set for May 29
-----------------------------------------------------
A second meeting of creditors in the proceedings of Baby Bounce
Pty Ltd has been set for May 29, 2018, at 10:00 a.m. at King Room
2, Hyatt Regency Hotel, 161 Sussex Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 28, 2018, at 4:00 p.m.

Alan Walker and Andre Lakomy of Cor Cordis were appointed as
administrators of Baby Bounce on April 10, 2018.


DFO LEDS: Second Creditors' Meeting Scheduled for May 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of DFO Leds Pty
Ltd has been set for May 29, 2018, at 2:30 p.m. at Level 5, 97
Pirie Street, in Adelaide, SA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 28, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of DFO Leds on April 24, 2018.


FREENET PTY: Director Charged With Fraud
----------------------------------------
Jonathan William Parker, a director of Freenet Pty Ltd, has been
charged with two counts of fraud under the Criminal Code
(Queensland).

Mr. Parker appeared before the Beenleigh Magistrates Court on
May 4, 2018.

ASIC alleges that between September 30, 2011 and April 18, 2012
Mr. Parker dishonestly created false invoices to conceal taking
AUD809,208.30 belonging to Freenet. ASIC also alleges that on or
around March 23, 2012, Mr. Parker dishonestly used AUD140,000
belonging to an investor of Freenet.

The charges were brought against Mr. Parker following an ASIC
investigation into his conduct as the director of Freenet.  ASIC
was assisted in its investigation by Nick Combis of Vincents
Chartered Accountants who was appointed the liquidator of Freenet
on December 19, 2014.

Mr. Parker did not enter a plea.

Mr. Parker was granted bail and the matter was adjourned for
further mention at the Beenleigh Magistrates Court on 6 July 2018.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.

Mr. Parker has been charged with two counts of fraud under
sections 408C(1)(a)(i) and 408C(1)(d) of the Criminal Code
(Queensland) 1899.


GLENORCHY CITY: On the Brink of Insolvency, Mayor Says
------------------------------------------------------
ABC Radio Hobart reports that a council in greater Hobart is
"perilously close" to insolvency and is considering a rate
increase of up to 19 per cent to survive, the Mayor said.

Glenorchy City Council, in Hobart's north, has had a turbulent
past, with all aldermen sacked in October by the Tasmanian
Government following years of dysfunction and in-fighting, with an
election held in January for council positions, ABC says.

ABC Hobart relates that a scathing report released by a board of
inquiry late in 2017 found a culture of animosity, defiance and
distrust among aldermen, with Lord Mayor Kristie Johnston being
undermined by her colleagues.

Alderman Johnston, who was re-elected in January with a large
personal vote, told ABC Hobart she blamed her predecessors for the
poor state of the council's finances.

"It is that serious, that with a series of deficits that have
occurred over a number of years, major project failures, the cost
of the board of inquiry and significantly reduced cash reserves,
we are perilously close to insolvency," she said.

"That could be, depending on the decisions we make, as soon as 12
months, so it's quite a serious concern to us."

According to ABC Hobart, Alderman Johnston said council would be
"leaving no stone unturned" to identify where saving can be made,
saying "asset sales, lowering employee costs, core and non-core
services", were on the table, admitting a double-digit rate
increase percentage would need to be considered at the June budget
meeting.

"We haven't yet set a figure . . . but we are looking at something
in the high teens," ABC Hobart quotes Ms. Johnston as saying.

ABC Hobart says the news of the steep hike was not well received
by some Glenorchy constituents.

Resident Michelle Austen said the rate increase would greatly
affect homeowners.

"A lot of families that are struggling to survive will now have
another bill that's gone up again," the report quotes Ms. Austen
as saying.  "It'll affect families and the elderly folk, and
having a hike on the rates will make matters worse."

ABC Hobart adds that Ms. Austen said it was unfair current
residents would pay for the mistakes of previous councils.

"It will put a strain on the family income," she said.


LAYTON CORP: First Creditors' Meeting Set for May 29
----------------------------------------------------
A first meeting of the creditors in the proceedings of Layton
Corporation Pty Ltd will be held at the offices of PA Lucas & Co
Pty Ltd, Level 4, 232 Adelaide Street, in Brisbane, Queensland, on
May 29, 2018, at 10:00 a.m.

Peter Anthony Lucas of P A Lucas & Co was appointed as
administrator of Layton Corporation on May 17, 2018.


MOORE BASEBALL: Second Creditors' Meeting Set for May 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of Moore Baseball
Pty Limited has been set for May 29, 2018, at 11:30 a.m. at the
offices of CRS Insolvency Services, Level 5, 379 Kent Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 28, 2018, at 5:00 p.m.

Anthony John Warner of CRS Insolvency Services was appointed as
administrator of Moore Baseball on May 29, 2018.


NUFARM AUSTRALIA: Moody's Rates USD475MM Sr. Unsec. Notes 'B1'
--------------------------------------------------------------
Moody's Investors Service has assigned a definitive B1 rating to
the USD475 million of senior unsecured notes to be issued by
Nufarm Australia Limited and Nufarm Americas Inc.

The Notes are guaranteed by Nufarm Limited (Nufarm) and by certain
of its subsidiaries. The Notes will rank equally with the
Guarantors' existing and future unsecured and unsubordinated debt.
The proceeds will be applied to refinancing existing debt.

Details of the Notes issued are:

Nufarm Australia Limited: USD266 million 5.750% Senior Notes due
                          2026 (Tranche A Notes)

Nufarm Americas Inc.: USD209 million 5.750% Senior Notes due 2026
                      (Tranche B Notes)

The Notes are stapled. The outlook on the ratings is stable.

RATINGS RATIONALE

Nufarm Limited (Ba3 stable) benefits from its (1) well-established
position in the off-patent crop protection segment; (2) global
scale, with strategically located downstream plants, close to
major customers and sales areas; and (3) operational, product and
geographic diversification. At the same time, Nufarm's rating is
constrained by its exposure to weather related risks and the
threat of competition from low-cost producers in the off-patent
market.

However, this risk is offset by (1) Nufarm's expertise in creating
custom formulations for specific uses; (2) the company's good
distribution network; (3) the fast growth in the offpatent segment
globally; and (4) the degree of counter-cyclicality in off-patent
products.

Moody's preliminary estimate of the company's financial leverage
as of H1 2018 on a last-12-month basis was good at 3.6x. However,
owing to the timing of its acquisitions, Moody's expects the
company's financial leverage to increase to around 4.0x-4.5x in
the fiscal year ending July 31, 2018, before declining in fiscal
2019.

The notes are rated one notch below the rating for Nufarm Limited
as the notes rank junior to certain secured indebtedness.

The principal methodology used in these ratings was Chemical
Industry published in January 2018.


QUEENSLAND NICKEL: Owner Moves to Freeze Liquidator Sale
--------------------------------------------------------
Ewen Hosie at Australian Mining reports that Clive Palmer, owner
of Queensland Nickel's liquidated Yabulu refinery, is trying to
freeze an attempt by liquidators to sell the assets to PwC.

The report says the mining magnate believes the liquidators are
attempting to avoid his claim (lodged in April) for AUD1.8 billion
in damages.

Australian Mining relates that Queensland Nickel left hundreds out
of work and AUD300 million in debt following its liquidation in
January 2016. Since then, there has been an ongoing court case to
arrange compensation for former workers and resolve what will
happen to the refinery.

According to Australian Mining, Mr. Palmer said the liquidator,
PPB Advisory, had agreed to sell the assets to merger partner PwC,
which would allow them to avoid Palmer Companies' claim for
damages.

Palmer Companies, on hearing the news, attempted to seek a
freezing order on liquidation assets at the Supreme Court of
Queensland and an injunction against PPB Advisory and PwC, the
report relates.

"This deal has been consummated very quickly and in my opinion has
been done so partners could avoid liability against my action,"
the report quotes Mr. Palmer as saying. "They can run but they
can't hide.

"Liquidators and administrators have been lying and acting
unjustly for years - it's time that Australians were defended
against this industry."

Mr. Palmer went on to compare PPB to famous illusionist Harry
Houdini, claiming, "First you see the assets, and then you don't,"
Australian Mining relays.

Kelly-Anne Trenfield, a former administrator and liquidator at
Yabulu, admitted in court last month that she had rejected an
offer from Queensland Nickel managing director Clive Mensink
(incidentally Clive Palmer's nephew) to pay all administration
costs if she were to transfer the refinery's employees and assets
to a new operator, Australian Mining notes.

                       About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


VIRGIN AUSTRALIA: Moody's Gives (P)B3 Rating on Term Note Program
-----------------------------------------------------------------
Moody's Investors Service has assigned a (P)B3 rating to the
senior unsecured debt issuance program of Virgin Australia
Holdings Limited (B2 Corporate Family Rating, B3 senior unsecured
debt, stable outlook). The outlook on the rating is stable.

RATINGS RATIONALE

The (P)B3 rating for the program is in-line with Virgin's existing
B3 senior unsecured ratings.

While Virgin's free cash flow has not improved to a level where
Moody's believes it can maintain its B2 rating without further
improvements in operating cash flow, reductions in capital
expenditure, or reliance on shareholder support, Moody's expects
debt to EBITDA for fiscal 2018 and 2019 to be between 4.9x and
5.2x, down from 5.8x in fiscal 2017. This is largely due to the
equity raising in 2017 which was used to strengthen the balance
sheet, as well as an improvement in EBITDA, driven in part by the
company's Better Business initiative which is a three year program
launched in July 2016 targeting AUD350 million of annualized cash
flow savings. This level of leverage provides Virgin with headroom
versus the 6.0x downgrade threshold for the rating.

While Virgin's EBITDA has been improving and is expected to
continue improving, operating cash flow remains insufficient to
fund capital expenditure, including for aircraft, and therefore
the company remains free cash flow negative.

The stable outlook could return to a negative outlook if debt to
EBITDA starts to trend upwards, with the catalyst being the
trajectory rather than the absolute number approaching the
threshold of 6x.

WHAT COULD CHANGE THE RATING

Moody's would consider upgrading the corporate family rating if
Virgin demonstrates that it can maintain its credit metrics at a
B1 level on a sustained basis without shareholder support, and has
reached a level where it is free cash flow positive. Specifically,
Moody's would expect to see debt/EBITDA below 5.0x for at least 12
months.

Downward rating pressure could emerge if Virgin's debt to EBITDA
starts trending upwards and exceeds 5.5x. Moody's would expect the
catalyst to be the trajectory rather than the absolute number
approaching the threshold of 6x.

Virgin Australia Holdings Limited headquartered in Brisbane, is
Australia's second largest airline following its launch in 2000
and listing on the Australian Securities Exchange in 2003. As of
June 2017 it generated revenues of AUD5 billion.



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C H I N A
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KINGTEC STEEL: Facing Bankruptcy Amid Debt Pressures
----------------------------------------------------
Reuters reports that Kingtec Steel Corporation, based in China's
far northwestern region of Xinjiang, is preparing to apply for
bankruptcy as a result of spiraling debt, the company said in a
statement on May 18.

According to Reuters, Kingtec said it would be unable to pay all
of its debts, including a CNY550 million (US$86.26 million) bond
issued in 2013.

It blamed its problems on the poor steel business environment in
Xinjiang as well as a "gradual deterioration" in its own operating
conditions. It has ceased production, the report says.

Reuters notes that three-quarters of China's steel enterprises
were struggling with heavy losses in 2015-2016 as a result of a
price-sapping capacity glut and a slowdown in demand growth. Mills
in Xinjiang suffered more than most, with its remote location
leading to higher raw material and transportation costs.

The sector has now become profitable again thanks to rising prices
and a statewide effort to shut down inefficient and polluting
plants, but historical debt has continued to plague some firms,
Reuters states.

State-owned Chongqing Iron and Steel Group was forced to undergo a
debt-to-equity swap last year in order to stay in business,
Reuters recalls.

Reuters says Xinjiang Kingtec issued a bond worth CNY550 million
in 2013 with a 6.1-percent coupon that was originally due to
mature in 2020. However, the company said that due to "serious
uncertainties" about the future operations of the company, it
would move the bond's maturity date forward by two years.

"As the firm is already facing a bankruptcy crisis, it is unable
to pay the whole of the interest on the principal of this bond,"
the firm said in a statement submitted to the website of the China
Central Depository and Clearing Co. (CCDC), China's primary bond
clearing house, Reuters relays.

CCDC quoted a yield of 37.91 percent for the bond on May 18,
Reuters discloses.

According to the report, domestic ratings agency Pengyuan Credit
Rating downgraded its ratings on the bond and on Xinjiang Kingtec
to B- from BBB+ in December.

Xinjiang Kingtec added that it is working to find a third party
source of funds to assist in the repayment of "a certain
proportion" of bond principal. It said it would aim to pay back 60
percent of its debt to institutional investors, and fully repay
individual investors, Reuters notes.

Kingtec Steel traces its history back to 1969, employs more than
2,000 people, and has a steel production capacity of around 2
million tonnes per annum.

The company has accumulated debts of CNY3.017 billion, higher than
its total assets of CNY2.432 billion, it said.

Earlier this year, the firm was also fined more than CNY2 million
by the local environmental bureau for failing to comply with
technical and pollution control standards, adds Reuters.



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


HSIN CHONG: Set to Default on U.S. Dollar Bonds
-----------------------------------------------
Bloomberg News reports that Hsin Chong Group Holdings Ltd. is set
to become the second Asian company to default on its U.S. dollar
bonds this year, the latest sign of rising borrowing costs
impacting weaker firms' ability to repay debt.

The Hong Kong-listed builder anticipates it won't pay the $300
million 2018 securities due May 18 and has engaged with
noteholders and their advisers to find a consensual solution,
according to an exchange filing on May 17, Bloomberg relays. It
has also engaged holders its bonds due 2019 as the nonpayment on
2018 notes will constitute an event of default. Commodity trader
Noble Group Ltd. was the first Asian company to default on dollar
bonds this year, according to data compiled by Bloomberg.

The imminent failure to repay debt shows refinancing avenues are
narrowing for weaker companies amid a jump in funding costs,
Bloomberg says. The cost of borrowing for Asia's junk-rated
issuers climbed about 1.5 percentage points since October to a
near a two-year high of 7.58 percent, Bloomberg discloses citing
ICE BofaML index.

"The whole refinancing environment is tough for weak borrowers in
general, whether they are from China or Hong Kong," Bloomberg
quotes Christopher Lee, managing director of corporate ratings at
S&P in Hong Kong, as saying. "The onshore and offshore markets
have turned cautious on small and weak firms as liquidity
tightens, funding cost increase against large maturities coming
due in the next 6 to 18 months."

Hsin Chong had HK$1.8 billion (US$229 million) of loans from Hong
Kong institutions and CNY8.1 billion (US$1.3 billion) from Chinese
lenders on April 30, according to the filing cited by Bloomberg.
The company is in discussions with its lenders to manage its
overdue debt and failure to repay the dollar bonds will trigger
events of default on loan agreements, it added.

The company's 2018 notes were indicated at 51.2 cents on the
dollar as of 4:05 p.m. May 17 Hong Kong time, up 1.4 cents,
according to Bloomberg-compiled prices. They have traded at about
that level for most of this year, having crashed by about 33 cents
in 2017. Its shares have been suspended from trading for over a
year, Bloomberg notes.

"We have been skeptical about the company's operations," Chuanyi
Zhou, a credit analyst in Singapore at Lucror Analytics, citing
concerns highlighted by former auditors about past related-party
transactions, Bloomberg relays.

Hsin Chong earlier hired Moelis & Co. as a financial adviser and
Kirkland & Ellis as its legal adviser in April to assess its
capital structure, according to Bloomberg. The group said it's not
aware of any insolvency proceedings against it.

Chinese developer Poly Property Group Co. has expressed an
interest in investing 10 to 30 percent equity stake in the group,
according to a May 2 filing. Poly continues to perform due
diligence on the potential investment, Hsin Chong said in its
filing, adds Bloomberg.

Hsin Chong Group Holdings Limited, together with its subsidiaries,
primarily provides building construction and civil engineering
services. It also offers electrical and mechanical installation,
property development and investment, and property and facility
management services, as well as undertakes interiors and special
projects. In addition, the company offers registered contractor;
mechanical, electrical, and building; construction management;
asset management consultancy; security; cleaning; copying; and
other miscellaneous services.



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ASSOCIATED ENG'NG: Ind-Ra Moves B+ LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Associated
Engineering Enterprises' (AEE) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating;

-- INR95 mil. Non-fund-based working capital limit migrated to
    Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR20 mil. Proposed fund-based working capital limit migrated
    to Non-Cooperating Category with Provisional IND B+ (ISSUER
    NOT COOPERATING) /Provisional IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 12, 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 1985, Hyderabad-based AEE is an engineering,
procurement and construction firm. It is registered with roads and
buildings department as a special class civil contractor in Andhra
Pradesh and Telangana.


AXEL POLYMERS: CRISIL Reaffirms B Rating on INR5MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Axel Polymers Limited (APL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             5       CRISIL B/Stable (Reaffirmed)

   Inland/Import
   Letter of Credit        4       CRISIL A4 (Reaffirmed)

The ratings continue to reflect APL's below-average financial risk
profile, large working capital requirement, and modest scale of
operations in the competitive engineering polymer compounding
industry. These weaknesses are partially offset by the experience
of the promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth was small at
INR1.6 crore as on March 31, 2017, while total outside liabilities
to tangible networth ratio was high at 10 times. Interest coverage
ratio was weak at 1.9 times in fiscal 2017. This trend should
continue over the medium term.

* Large working capital requirement: Gross current assets were 153
days as on March 31, 2017, driven by sizeable inventory of around
101 days and moderate receivables of 47 days. Working capital
requirement is likely to remain large over the medium term.

* Modest scale of operations and intense competition: Small scale
of operations, with revenue estimated at around INR26 crore in
fiscal 2018, amid intense competition limits pricing power with
suppliers and customers, thereby constraining profitability.

Strength

* Experience of promoters: The chairman, Mr. B K Bodhanwala, and
managing director, Mr. A B Bodhanwala, have 21 years of experience
in manufacturing of compounds and in the polymers industry.
Benefits from their extensive experience, their strong
understanding of the local market dynamics, and healthy relations
with customers and suppliers should continue to support the
business.

Outlook: Stable

CRISIL believes APL will continue to benefit over the medium term
from the experience of the promoters. The outlook may be revised
to 'Positive' if substantial increase in revenue or profitability
or sizeable equity infusion strengthens liquidity and financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if low revenue or profitability, any large, debt-funded capital
expenditure, or stretch in working capital cycle weakens liquidity
and financial risk profile.

APL, incorporated in 1992 at Vadodara (Gujarat), manufactures
compounds, blends, and alloys of engineering, specialty, and
commodity polymers. It is listed on the Bombay Stock Exchange.
Mr. B K Bodhanwala and family are the promoters.


CHIRAG RICE: CRISIL Lowers Rating on INR5MM Cash Loan to B
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Chirag Rice & Pulse Mill (CRPM) to 'CRISIL B/Stable' from 'CRISIL
B+/Stable'.

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

   Proposed Long Term
   Bank Loan Facility      .52     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Term Loan               .18     CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects pressure on the business risk profile, with
revenue estimated to decline to INR13.98 crore in fiscal 2018,
from INR17.48 crore in the previous fiscal, leading to net loss of
INR19 lakh. Increase in procurement and inventory led to a stretch
in the working capital cycle, with gross current assets estimated
at 266 days as on March 31, 2018.

The rating continues to reflect the modest scale of operations,
large working capital requirement and exposure to risks related to
volatile raw material prices and vulnerability to monsoon and
government regulation.  These weaknesses are partially offset by
extensive experience of partners in the rice milling industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations remains modest
with installed capacity of 40 metric tonnes per day and estimated
operating income of INR13.98 crore in fiscal 2018, thus precluding
benefits from economies of scale.

* Large working capital requirement: Operations are working
capital intensive as reflected in estimated GCAs of 266 days as on
March 31, 2018, led by inventory of 250 days, (vis-Ö-vis 162 days
in the year before). Larger inventory was procured in anticipation
of higher sales for fiscal 2018. GCAs are projected to be in the
range of 220-235 days in the medium term.

* Exposure to risks related to volatile raw material prices and
vulnerability to monsoon and government regulations: Operating
margin has fluctuated between 1.8% and 4.2% in the three fiscals
through March 2017, and net loss of around INR19 lakh is estimated
for fiscal 2018, due to fluctuation in raw material prices, as
availability of paddy is dependent on monsoons and irrigation
facilities. Intense competition also limits the bargaining power
of small players like CRPM, and restricts their ability to
completely pass on the rise in raw material prices. Further, non-
basmati rice exports are controlled by the government to ensure
adequate stock to meet domestic demand.

Strength

* Extensive experience of the partners: The three-decade-long
experience of the partners in the rice milling industry and their
established relationships with suppliers and customers will
continue to support business risk profile.
Outlook: Stable

CRISIL believes CRPM will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if significant growth in revenue and profitability
leads to large cash accrual, or if any large capital infusion
strengthens the capital structure. The outlook may be revised to
'Negative' if a decline in profitability, stretched working
capital cycle, or large debt-funded capital expenditure, weakens
liquidity.

CRPM, which was set up as a partnership firm in 1991, mills non-
basmati rice at its facility in Anand, Gujarat, which has capacity
of 3.5 tonnes per hour. Operations are managed by Mr. Hira M
Patel, Mr. Dashrathsinh V Gohil, and Mr. Nikulkumar D Chapaneri.
The firm sells rice under the Anupam brand.


CHRISTY FABRIC: CRISIL Withdraws B Rating on INR1.7MM Term Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Christy Fabric Pvt
Ltd (CFPL; part of the Christy Textile group) for obtaining
information through letters and emails dated May 12, 2017, and
July 12, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             1       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Letter of Credit        1.6     CRISIL A4 (Issuer Not
                                   Cooperating; Rating Withdrawn)

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


   Term Loan               1.7     CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

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 CFPL. This restricts CRISIL's
ability to take a forward CFPL 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 CFPL
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of CFPL 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.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of CTPL and its group entities, Christy
Fabric Pvt Ltd (CFPL) and Evergreen Fabric Process Pvt Ltd (EFPL).
This is because all the entities are in similar lines of business,
have common management, and share significant business synergies.

CTPL, set up in 2004, manufactures terry towels. CFPL, set up in
2013, manufactures bed linen, pillow covers, and duvets. EFPL, set
up in 2014, processes fabric and yarn. The group is based in
Tiruchengodu and its operations are managed by Mr. N
Mohanasundaram and Mr. T S Kumarasamy.


DARON ENGINEERING: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Daron
Engineering Private Limited's (DEPL) Long-Term Issuer Rating of
'IND B-'. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND B- rating on the INR42.5 mil. Term loan due on
    March 2023 are withdrawn; and

-- The IND B- rating on the INR20.0 mil. Fund-based facilities
    are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings for the above
facilities, as the agency has received no dues certificates from
the lenders. Ind-Ra will no longer provide analytical and rating
coverage for DEPL.

COMPANY PROFILE

Incorporated in 2011, DEPL offers complete turnkey solutions from
conceptualization to designing and building structures for
industrial usage with top to bottom erection processes. The
company began commercial operations in September 2015.


DENTCARE DENTAL: CRISIL Withdraws B Rating on INR11MM Cash Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Dentcare Dental Lab
Private Limited (DDL; part of the Dentcare group) for obtaining
information through letters and emails dated October 17, 2017,
and November 8, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit             11      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Proposed Long Term       0.1    CRISIL B/Stable (Issuer Not
   Bank Loan Facility              Cooperating; Rating Withdrawn)

   Term Loan                0.4    CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

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 DDL. This restricts CRISIL's
ability to take a forward DDL 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 DDL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of DDL 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.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of DLPL and Dentcare Dental Lab (DDL).
This is because these entities, together referred to as the
Dentcare group, have common promoters, are in the same line of
business, have operational linkages, and have fungible cash flows.

DDL was set up in 1988, and DLPL was set up in 2007 by Mr. John
Kuriakose and his family members. Both these entities manufacture
dental prostheses. Their manufacturing units are based in
Ernakulam (Kerala).


DIAMOND ENGINEERING: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Diamond Engineering
(Chennai) Private Limited (DECPL) for obtaining information
through letters and emails dated March 16, 2018 and April 6, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           40.79     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit           20        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Funded Interest
   Term Loan             15.71     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of credit
   & Bank Guarantee      15        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Long Term Loan        15        CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan             18.83     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)
   Working Capital
   Term Loan            126.44     CRISIL D (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DECPL to 'CRISIL D/CRISIL D Issuer Not Cooperating'.

DECPL, established in 1987, is one of the larger players operating
in the light engineering and steel structural fabrication
business. The company fabricates steel components based on the
engineering designs and requirements of its customers in the
construction, cement, power, sugar, and automotive components
industries. Products include structural steel, bulk material
handling equipment, and industrial process equipment for domestic
and overseas projects of international original equipment
manufacturers and engineering, procurement, and construction
companies. Services offered include heavy machining, surface
finishing, packing, and forwarding.


ESSAR STEEL: Numetal Offers INR37,000cr in Second Round of Bids
---------------------------------------------------------------
BloombergQuint reports that Russia's VTB Capital-led Numetal
Mauritius Pvt Ltd. on May 17 told the company law appellate
tribunal that it has offered over INR37,000 crore for Essar Steel
Ltd. in the second round of bidding.

BloombergQuint relates that the second round should be opened and
the highest bidder selected from it, Numetal told the National
Company Law Appellate Tribunal. ArcelorMittal, the only other
bidder to have put in a bid for Essar Steel in the first round in
February, however, opposed the opening of the second round of bids
and sought only the first round of bids to be considered.

At a hearing of counter petitions filed in the NCLAT, Senior
Advocate Mukul Rohatgi, appearing for Numetal, said that the
second round would help to maximise value for lenders,
BloombergQuint relays.

Essar Steel is being auctioned after the company defaulted on
payment of about INR49,000 crore loan to lenders, according to the
report.

BloombergQuint says Rohatgi submitted that the resolution
professional, who is conducting the auction of Essar Steel, should
open the second round of bids as it would help realise the maximum
value for the assets. "Our bid in the second round is much higher
at INR37,000 crore. Let there be competition," he said.

According to BloombergQuint, both Numetal and ArcelorMittal put in
a second round of bids after the first bids were opined to be
invalid - Numetal because of it being 25 percent owned by Aurora
Trust of Ruia family, the promoters of Essar Steel; and
ArcelorMittal because it held shares in loan defaulting companies
Uttam Galva Steel and KSS Petron.

The Insolvency and Bankruptcy Code bars participation by promoters
of delinquent companies in bidding for assets being auctioned,
BloombergQuint notes. For the second round of bid, VTB Bank sought
to sever ties with Ruia family by buying out Aurora Trust's stake
in Numetal, says BloombergQuint.

Appearing for ArcelorMittal, Senior Advocate Abhishek Manu Singhvi
opposed Numetal's plea saying the second round of bid had become
"infructuous" after the world's largest steelmaker paid INR7,000
crore to cure its ineligibility, according to BloombergQuint.

ArcelorMittal transferred INR7,000 crore to an escrow account of
SBI to clear outstanding loans of Uttam Galva and KKS Petron.

A two-member bench of NCLAT, headed by Justice SJ Mukhopadhaya,
which was hearing the matter, directed the case to be list on
May 22 for next hearing, BloombergQuint discloses. It also said
that NCLT Ahmedabad could also extend the period of the corporate
insolvency resolution process.

Under the present law, the insolvency proceedings are to be
completed within 270 days. This period is slated to end on
May 28, BloombergQuint states. In the second round of bidding,
mining baron Anil Agarwal's Vedanta Resources joined the race. JSW
Steel joined Numetal for the bid.

BloombergQuint notes that Russia's VTB Capital-backed Numetal Ltd.
has challenged a lower court order allowing rival ArcelorMittal to
clear bank dues of associate companies so that it can become
eligible to acquire Essar Steel. ArcelorMittal, on the other hand,
has challenged its disqualification from bidding.

                         About Essar Steel

Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.

The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.

Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).

Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB) in
debt.


EVER GREEN: CRISIL Withdraws 'B' Rating on INR1.5MM Cash Loan
-------------------------------------------------------------
CRISIL has been consistently following up with Ever Green Fabric
Process Private Limited (EFPL) for obtaining information through
letters and emails dated May 12, 2017, and July 12, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            1.5      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

   Proposed Long Term
   Bank Loan Facility      .35     CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)


   Term Loan             3.15      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

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 EFPL. This restricts CRISIL's
ability to take a forward EFPL 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 EFPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of EFPL 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.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of CTPL and its group entities, Christy
Fabric Pvt Ltd (CFPL) and Evergreen Fabric Process Pvt Ltd (EFPL).
This is because all the entities are in similar lines of business,
have common management, and share significant business synergies.

CTPL, set up in 2004, manufactures terry towels. CFPL, set up in
2013, manufactures bed linen, pillow covers, and duvets. EFPL, set
up in 2014, processes fabric and yarn. The group is based in
Tiruchengodu and its operations are managed by Mr. N
Mohanasundaram and Mr. T S Kumarasamy.


FOODS AND FEEDS: ICRA Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings said the ratings of INR13.00 crore bank facilities of
'Foods and Feeds' has been moved to 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]D ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-Cash     13.00      [ICRA]D ISSUER NOT COOPERATING;
   Credit                         Rating Moved to Issuer Not
                                  Cooperating Category

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

Incorporated in January 2014, Foods and Feeds (F&F) is a
partnership concern engaged in trading of wheat flour and soya-
based products like liquid lecithin, DOC (D Oil Cake) and Acid
Oil. Until FY14, the business was carried out through the
proprietorship firm in the name of Mr. Sandeep Maniyar since 2007.
In April 2014, the assets and liabilities of the proprietorship
concern was taken over by F&F. The ownership of the firm continues
to be with the Maniyar family with Raj Maniyar and Brij Maniyar
being the other two partners, apart from the erstwhile proprietor.


GS COTTON: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained G.S. Cotton
Company'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 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 limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating;

-- INR20 mil. Proposed fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional IND
    B+ (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
February 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, G.S. Cotton Company trades cotton to various
spin millers in Punjab and Haryana.


HYDERABAD HANDLOOM: CRISIL Moves C Rating to Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the long term rating of Hyderabad
Handloom Centre (HHC) to 'CRISIL B-/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the long term bank facilities of HHC from
'CRISIL B-/Stable Issuer Not Cooperating to 'CRISIL C'.

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

The rating downgrade reflects deterioration in liquidity and
financial risk profile. Firm's liquidity risk profile is weak with
high bank limit utilization and inadequate net cash accrual
against the repayment obligation during the same period. Financial
risk profile is also weak with estimated modest networth of INR8.7
and high gearing of 6.51 times in fiscal 2018. At the same time
revenue has declined for HHC recording operating income of
INR25.96 crore in 2017-18 as compare to INR27.17 crore in 2016-17.

The ratings continue to reflect modest scale of operations in an
intensely competitive textile retail industry and weak financial
risk profile. These weakness are partially offset by extensive
experience in the textile retail segment.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in an intensely competitive textile
retail industry: The operations of HHC was modest with revenues
provisionally at around INR25.92crore for fiscal 2018. The textile
retailing industry is very competitive as there are numerous
unorganised players in the segment. The modest scale of operations
restricts the derivation of economies of scale. While large
players in the segment have a command over the pricing and better
efficiencies due to their large scale of operations, smaller
players are deprived of these benefits. Also, the textile industry
is largely unorganised, marked by the presence of several players
with small capacities. The entry barriers to the industry are low
because of low capital and technology requirements and limited
differentiation in end products of different players.

* Weak financial risk profile: HHC has weak financial risk profile
marked by modest net worth of INR 8.74 cr., high gearing of 6.51
times as on March 31, 2018. The company has weak debt protection
metrics with net cash accrual to total debt (NCATD) and interest
coverage ratios of over 0.02 and 0.43 time, respectively, for
2017-18. Financial risk profile may remain weak over the medium
term.

Strength

* Extensive experience of the promoters in the textile and retail
industry and established regional presence: The business risk
profile of HHC benefits from the extensive experience of promoters
in the textile retail industry. The promoters' family has been in
the apparel retailing for over three decades with a silk sarees
showroom in Bengaluru. Later over the years they have set up a
total of 6 showrooms under the brand name 'Prasiddhi'. Over the
years, the promoters have developed strong relationship with their
suppliers, which has helped the firm to procure good quality
products at lower prices.

Set up in 1984 as a partnership firm HHC runs five retail textile
show rooms in Bengaluru. The firm is promoted by Ms. Jamunabhai
and family.


INDIA STEEL: Ind-Ra Maintains 'B-' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained India Steel
Continental Private Limited's (ISCPL) 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 ratings The rating will
continue to appear as 'IND B- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR194.7 mil. Long-term loan due on October 2020 maintained
    in Non-Cooperating Category with IND B- (ISSUER NOT
    COOPERATING) rating;

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

-- INR15 mil. Non-fund-based working capital limit maintained in
    Non-Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 16, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

ISCPL manufactures mild steel billets and angles, channels, flats
and bars at its facility in Sirmour (Himachal Pradesh).


J B PUBLISHING: CRISIL Reaffirms B+ Rating on INR12.5MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of J B Publishing House Private Limited
(JBPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            12.5      CRISIL B+/Stable (Reaffirmed)
   Long Term Loan          3.5      CRISIL B+/Stable (Reaffirmed)
   Proposed Term Loan      1.5      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's modest scale in the
intensely competitive publishing industry, its large working
capital requirement, and weak financial risk profile. These
weaknesses are partially offset by established brand and the
promoters' extensive experience in the educational books segment,
and comfortable operating margin.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale in intensely competitive industry: JBPL has a small
market share in the publishing industry, with revenue of INR48.37
crore in fiscal 2017, which is estimated to have declined to INR40
crore in fiscal 2018. Its scale is small compared to other players
in the industry such as Navneet Publications (India) Ltd and
McGraw Hill Education India.

* Large working capital requirement: Operations are working
capital intensive, reflected in estimated gross current assets of
551 days as on March 31, 2018on account of substantial receivables
(480 days) and inventory (42 days) due to seasonal nature of
business.

* Weak financial risk profile: Estimated gearing, at 3.33 times as
on March 31, 2018, was high, and debt protection metrics were
weak, with interest coverage ratio at 1.36 times and NCATD ratio
at 0.03 time for fiscal 2018.

Strengths

* Established brand and the promoters' extensive experience in the
publication industry: Experience of over two decades in the
publishing business has given the promoters a deep understanding
of the industry. JBPL has been publishing Central Board of
Secondary Education syllabus books and constantly revamping its
standards. It has also started video recording of books for better
visuals and understanding.

* Comfortable operating margin: JBPL enjoys margin protection in
case of any raw material price volatility due to its prudent
pricing policy with suppliers. The company fixes the prices of its
major raw material, plain paper, with the suppliers at the start
of the season in September or October each year, and is protected
from any price increase.

Outlook: Stable

CRISIL believes JBPL will continue to benefit from its established
market position and the promoters' extensive experience. The
outlook may be revised to 'Positive' if the company ramps up
operations and improves working capital management, capital
structure, and debt protection metrics. The outlook may be revised
to 'Negative' if decline in profitability or revenue or low cash
accrual weakens the financial risk profile, particularly
liquidity.

JBPL was incorporated in 1997, and is promoted by the Agrawal
family of Mathura, Uttar Pradesh. The company publishes
educational books for pre-school to standard VIII. Mr. Gopal
Prasad Agrawal and Mr. Rakesh Kumar Agrawal are its key promoters,
and manage operations.


JAGAN INDUSTRIES: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jagan
Industries Private Limited's (erstwhile Jagan Industries Limited)
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 continue to appear
as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR60 mil. Fund-based facilities 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
March 27, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Jagan Industries produces black and galvanized electric resistance
welding steel pipes and tubes, hollow sections and structural
steel.


JOHNSON JEWELERS: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Johnson Jewelers'
(JJ) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR150 mil. Fund-based limits affirmed with IND B+/Stable
    rating.

KEY RATING DRIVERS

The affirmation reflects JJ's continued weak credit metrics on
account of an increase in total debt and a decline in absolute
EBITDA. As per FY18 provisional financials, gross interest
coverage (operating EBITDA/gross interest expense was almost
stable at 1.2x (FY17: 1.1x), while net financial leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 6.8x (4.4x).
Operating margins declined to 1.05% in FY18P (FY17: 2%) due to
high competition and an increase in price of gold, silver,
diamonds and precious stones, which the firm was unable to pass on
to its end customers.

The ratings continue to factor in JJ's modest scale of operations
as indicated by revenue of INR2,025 million in FY18P (FY17:
INR1,394 million). The increase in revenue was driven by a shift
in the company's focus towards diamonds from gold, leading to an
increase in diamond sales.

However, the ratings are supported by JJ's comfortable liquidity
position as reflected by 79.53% average utilization of its fund-
based limits during the 12 months ended April 2018. Net cash cycle
improved to 25 days in FY18P (FY17: 34 days) attributed to a
reduction in inventory holding period to 25 days (34 days).

The ratings continue to benefit from JJ's founders' over 10 years
of experience in the jewelry trading business.

RATING SENSITIVITIES

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

Positive: A substantial improvement in the EBITDA margins leading
to an improvement in the credit metrics could be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1996 as a proprietorship firm, JJ is engaged in
retail and wholesale trading of gold, diamond, silver and other
precious gem-studded jewelry. The firm has its own showroom in
Ahmedabad, which is run by Mr. Anil Soni.


KUBER TEXLEN: ICRA Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
ICRA Ratings said the ratings of INR10.75 crore bank facilities of
Kuber Texlen Pvt. Ltd. has been moved to 'Issuer Not Cooperating'
category. The rating is now denoted as "[ICRA]B+ (Stable)/
[ICRA]A4; ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Term Loan           1.50      [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating Moved to
                                 Issuer Not Cooperating Category

   Cash Credit         6.25      [ICRA]B+ (Stable) ISSUER NOT
                                 COOPERATING; Rating Moved to
                                 Issuer Not Cooperating Category

   Bank Guarantee      0.25      [ICRA]A4 ISSUER NOT
                                 COOPERATING; Rating Moved to
                                 Issuer Not Cooperating Category

   Unallocated         2.75      [ICRA]B+ (Stable)/[ICRA]A4
   Limits                        ISSUER NOT COOPERATING; Ratings
                                 Moved to Issuer Not Cooperating
                                 Category

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

Incorporated in 2010, Kuber Texlen Pvt. Ltd. promoted by Mr.
Niranjan Agarwal and Mr. Nikhil Agarwal, commenced operations in
2013 as a manufacturer of Drawn Texturised Yarn (DTY). This
included crimp yarn and Kota yarn from POY. The company has a
factory unit near Surat, Gujarat. It has two sister concerns -
Shruti Filatex Private Limited and Chokshi Texlen Private Limited
- that operate in the same industry.


MAHAVIR ECO: CRISIL Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its rating on bank facilities of Mahavir
Eco Projects Private Limited (MEPPL) to 'CRISIL B/Stable Issuer
Not Cooperating', citing inadequate information. However, the
company's management has started sharing information necessary for
a comprehensive review of the rating. Consequently, CRISIL is
migrating the rating from 'CRISIL B/Stable Issuer Not Cooperating'
to 'CRISIL B+/Stable'.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Drop Line Overdraft     7.55     CRISIL B+/Stable (Migrated
   Facility                         from 'CRISIL B/Stable' Issuer
                                    Not Cooperating)

   Proposed Long Term      7.20     CRISIL B+/Stable (Migrated
   Bank Loan Facility               from 'CRISIL B/Stable' Issuer
                                    Not Cooperating)

The rating continues to reflect the nascent stage of operations,
and exposure to risks related to timely stabilisation and ramp up
in revenue, and performance of member units. These rating
weaknesses are partially offset by the technical expertise and
financial assistance provided by the promoters, strategic location
of the plant and moderate capital structure, backed by government
grants and funding support from members.

Key Rating Drivers & Detailed Description

Weakness:

* Nascent stage of operations, and exposure to risks related to
stabilisation, and commensurate ramp-up in revenue:
The common effluent treatment plant (CETP), which has a daily
capacity of 550 tonnes, commenced operations partly in fiscal 2017
and fiscal 2018. Timely stabilisation of operations, and
commensurate ramp-up in revenue and operating profitability,
during the initial stage of operations, remain critical.

* Low demand offtake risk, however, marked by dependence on
members' performance: While exclusive tie-ups with member units
for use of common effluent collection, conveyance, treatment, and
disposal facilities will keep demand risk low, the company remains
highly dependent on performance of these units, and timely
realisations, for successfully operating its facilities and
booking the expected revenue.

Strengths:

* Technical expertise of the promoters, and their need-based
funding support: Extensive experience of the key promoter, Mr.
Vatsal Naik and his family members in the chemical manufacturing
business, their strong technical expertise, and need-based funding
support offered by them, will continue to support the business and
financial risk profiles.

* Strategic location resulting into healthy offtake: The CETP,
located in the Gujarat Industrial Development Corporation (GIDC),
Sachin, near Surat, offers proximity to chemical manufacturers and
ensures healthy offtake, with over 35 members, having booked
around 90% of effluent treatment capacity.

* Moderate capital structure, backed by government grants and
funding support from members: Financial risk profile is expected
to be moderate, as reflected in estimated networth and gearing of
INR8.36 crore and 0.91 time, respectively, as on March 31, 2018.
The company received government grant and members' deposits worth
INR8.82 crore and INR8.27 crore, respectively.

Outlook: Stable

CRISIL believes MEPPL will continue to benefit from technical
expertise of its promoters, exclusive arrangements with local
chemical units and strategic location of the plant. The outlook
may be revised to 'Positive' if timely stabilisation of the
project leads to anticipated revenue and cash accrual during the
early stage of operations. The outlook may be revised to
'Negative' if delay in stabilisation of the project leads to lower
revenue or cash accrual, or any stretch in working capital cycle
adversely affects the financial risk profile, especially
liquidity.

Incorporated in 2012, MEPPL has established a CETP for chemical
units located at Sachin, near Surat. The promoter, Mr. Vatsal
Naik, and his family members have extensive experience in
manufacturing chemical intermediates.


MAHESH AGRI: ICRA Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
ICRA Ratings said the ratings of INR24.05 crore bank facilities of
'Mahesh Agri Exim Private Limited' has been moved to 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]D
ISSUER NOT COOPERATING."

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-EPC      21.00      [ICRA]D ISSUER NOT COOPERATING;
   (Stocks)                       Rating Moved to Issuer Not
                                  Cooperating Category

   Fund based-          1.00      [ICRA]D ISSUER NOT COOPERATING;
   EBD/EBN/EBP+                   Rating Moved to Issuer Not
                                  Cooperating Category

   Fund based-          (9.00)    [ICRA]D ISSUER NOT COOPERATING;
   Advance against                Rating Moved to Issuer Not
   bills sent on                  Cooperating Category
   collection bases
   (within EPC)

   Non Fund Based        1.25     [ICRA]D ISSUER NOT COOPERATING;
   Limits-Bank                    Rating Moved to Issuer Not
   Guarantee                      Cooperating Category

   Non Fund Based        0.80     [ICRA]D ISSUER NOT COOPERATING;
   Limits-Forward                 Rating Moved to Issuer Not
   Contract                       Cooperating Category

Rationale

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

Mahesh Agri Exim Private limited (MAEPL) was incorporated in 1997
by Mr. Hirji Thakker and Mr. Mahesh Thakker to carry out agri
commodity trading. MAEPL is primarily engaged in the trading of
oilseeds, chick peas, pulses, beans, cereals, oilseeds, spices,
grains, animal feed and bird feed.


MANAS LUMBA: CRISIL Assigns B+ Rating to INR17.55MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Manas Lumba (ML).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan        17.55     CRISIL B+/Stable (Assigned)

The rating reflects the firm's exposure to risks inherent in the
real estate industry, to project and geographical concentration in
revenue, and to risks associated with booking for the project and
receipt of advances. These weaknesses are partially offset by the
experience of its promoter.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to inherent cyclicality in the real estate
industry: ML is susceptible to risks inherent in the real estate
sector such as long gestation period of projects. Any time or cost
overrun in project execution or delay in obtaining approvals could
affect realisations and profitability of projects. Lower-than-
expected customer interest in projects, or delays in
implementation of the projects, could constrain the firm's credit
risk profile.

* High geographic and project concentration: ML faces geographical
concentration risk as it has only one ongoing project in Dehradun
(Uttarakhand), and is yet to finalise other projects. The demand
for projects depends on the level of economic activity in
Dehradun. Furthermore, any adverse happening in the marketing or
construction of the project can significantly impede the business
risk profile.

* Exposure to risks associated with booking for project and
receipt of advances: A major portion (around 85%) of the project
work has been completed and around 60% of the flats have been
booked. However, the firm has received negligible advances from
customers (Rs 0.25 crore till March 2018). Advances are expected
to be received only after completion of the project. Hence, the
firm depends on final booking of flats without any cancellation,
and timely receipt of advances.

Strengths:

* Considerable industry experience of the promoter: The promoter
has been in the real estate business through a proprietorship firm
for more than a decade. His experience has enabled ML to
successfully execute projects and deliver them on time. The firm
has executed 7 residential projects in Dehradun with total space
of 3.75 lakh square feet.

Outlook: Stable

CRISIL believes ML will benefit from the advantageous location of
its project. The outlook may be revised to 'Positive' if the firm
generates substantial cash flow, resulting from speedy project
execution and increased customer advances. The outlook may be
revised to 'Negative' if cash flow is significantly low, either
because of subdued response to project or low customer advances,
or delay in project completion, leading to deterioration in
financial risk profile and liquidity.

Formed in fiscal 2006, ML is engaged in real estate construction
and is constructing a residential complex in Dehradun. The firm
has developed seven residential complexes in Dehradun in the past,
which have been fully sold. Its ongoing project, The Ultima, has
super built-up area of 112,890 square feet in 2 blocks, and each
block having G+7 floors.


MARATH ENTERPRISES: CRISIL Cuts Rating on INR12MM Loan to D
-----------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Marath Enterprises and
Crushers Pvt Ltd (MECPL) to 'CRISIL B-/Stable Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL has
downgraded the rating on bank facilities of MECPL from 'CRISIL B-
/Stable Issuer Not Cooperating' to 'CRISIL D'.

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Proposed Long Term         4      CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B-/Stable Issuer Not
                                     Cooperating)

   Term Loan                 12      CRISIL D (Downgraded from
                                     'CRISIL B-/Stable Issuer Not
                                     Cooperating)

The rating downgrade reflects delays in repayment of bank debt by
MECPL. These delays have been due to weak operating performance.

The ratings also reflect nascent stage of operations in the
intensely competitive industry. However the company benefits from
its promoter's extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to nascent stage of operations: MECPL commenced
operations only in second half of fiscal 2018 and there was
significant delay in the same. Company reported loss in fiscal
2018 and its business risk profile will remain exposed to nascent
stage of operations.

Strength

* Promoter's extensive entrepreneurial experience: The promoter,
Mr. MV Rajan is a non-resident Indian businessman, who manages a
logistic company, Meridian Express Logistics LLC, with operations
across the Middle East.

MECPL, incorporated in 2011, is setting up a stone crushing and
processing facility in its quarry at Palakkad in Kerala. The
company is promoted by Mr. M V Rajan.


MG WELL: ICRA Withdraws C Rating on INR3.35cr Term Loan
-------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]C and the
short-term rating of [ICRA]A4 assigned to the INR9.07 crore bank
facilities of MG Well Solutions Project International Limited in
accordance with ICRA's policy on withdrawal and suspension.

                         Amount
   Facilities          (INR crore)      Ratings
   ----------          -----------      -------
   Fund based-Term         3.35         [ICRA]C; withdrawn
   Loan/Cash Credit

   Fund based-EPC/EBN     (2.00)        [ICRA]C; withdrawn

   Non-Fund based-         4.00         [ICRA]A4; withdrawn
   Bank Guarantee/
   Letter of Credit

   Non-Fund based-         (3.95)        [ICRA]A4; withdrawn
   Letter of Credit

   Unallocated Limits      1.72         [ICRA]C/[ICRA]A4;
                                        Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company and based
on no objection certificate provided by the banker.

Outlook: Not Applicable

MG Well Solutions Project International Private Limited was
established in 2005 by Mr. Ravinder Singh Bawa. The company
commenced operations from 2009 by providing cementing services for
oil and gas rigs. MGW also provides cementing additives, resin-
coated sand, testing services and equipment services. MGW's
registered office is at Jabalpur, Madhya Pradesh, while its
portable laboratory is at Vadodara, Gujarat.


MIR REALTORS: CRISIL Withdraws B Rating on INR10MM LT Loan
----------------------------------------------------------
CRISIL has been consistently following up with Mir Realtors
Private Limited (MIRRPL; part of MIR group) for obtaining
information through letters and emails dated April 6, 2017, and
May 4, 2017, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Long Term Loan          10      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

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 MIRRPL. This restricts CRISIL's
ability to take a forward MIRRPL 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
MIRRPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its ratings on the bank facilities of MIRRPL
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.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MIRRPL with its group company MIR
Builders and Developers Pvt Ltd (MIRBDL). This is because the two
companies, together referred to as the MIR group, have business
and financial linkages and a common management.

Incorporated in the year 2006, MIRRPL is engaged primarily in
residential real estate development in Kerala. Incorporated in the
year 2008, MIRBDL is also engaged in residential real estate
development in Kerala. The group is promoted by Mr. K. Arun Kumar.


N.S. ENGINEERING: CRISIL Lowers Rating on INR39MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
N. S. Engineering Projects Private Limited (NSEPPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bank Guarantee          5.5     CRISIL D (Downgraded from
                                   'CRISIL A4')

   Cash Credit            39.0     CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Funded Interest
   Term Loan               7.67    CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Inland Guarantees       1.00    CRISIL D (Downgraded from
                                   'CRISIL A4')

   Letter of Credit        8.00    CRISIL D (Downgraded from
                                   'CRISIL A4')
   Proposed Long Term
   Bank Loan Facility     10.51    CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Term Loan              18.10    CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

   Working Capital
   Term Loan              10.36    CRISIL D (Downgraded from
                                   'CRISIL B-/Stable')

The ratings continue to reflect NSEPPL's weak liquidity. This
weakness is partially offset by the extensive experience of its
promoters in the industry.

Key Rating Drivers & Detailed Description

Weakness

* Weak liquidity: Liquidity has been weak owing to low cash
accrual against sizeable term debt repayment obligation.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' decade-long experience in the industry and established
relationships with customers and suppliers should support the
business.

Incorporated in 2007, NSEPPL, promoted by Mr. Manoj Kumar Kedia
and Mr. Anil Kumar Goel, has a steel fabrication and galvanizing
plant located at Domjur (West Bengal) with a total installed
capacity of 72000 metric tonne per annum (MTPA) for fabrication
unit and 36000 MTPA for galvanization unit.


NEMLAXMI BOOKS: ICRA Withdraws B+ Rating on INR8.86cr Loan
----------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B+ and
the short-term rating of [ICRA]A4 assigned to the INR11.62-crore
bank facilities of Nemlaxmi Books (India) Private Limited in
accordance with ICRA's policy on withdrawal and suspension.

                        Amount
   Facilities         (INR crore)    Ratings
   ----------         -----------    -------
   Fund Based Limits       8.86      [ICRA]B+ (Stable); Withdrawn

   Non-Fund Based Limits   0.72      [ICRA]A4; Withdrawn

   Unallocated Limits      2.04      [ICRA]B+ (Stable); Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, and as desired by the company and based
on the No Objection Certificate provided by the banker.

Established in 1992, Nemlaxmi Books (India) Private Limited was
promoted by Mr. Vimal Sekhani for manufacturing and trading paper
and paper-based stationery products. The registered office and
manufacturing facility of NBIPL are located in Surat, Gujarat. The
company began commercial operations in 1992 and its product
portfolio includes notebooks/ exercise books, drawing books,
spiral pads, ruled paper, filler paper, exam boards, etc. The
company sells these products under the brand names, 'Gravity' and
'Classic', and carry a trademark of 'Genius'. The promoters of the
company enjoy extensive experience of over five decades in the
paper trading and manufacturing industry.


PELICAN RUBBER: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Pelican Rubber
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 continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR230 mil. Fund-based limit (long term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR30 mil. Term loan (long term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR255 mil. Non-fund-based limits (long/short term)
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

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

COMPANY PROFILE

PRL was incorporated in 1994 and manufactures automobile tubes.


PMJ CONSTRUCTIONS: ICRA Reaffirms B Rating on INR2cr Loan
---------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B to the
INR5.00-crore fund-based facilities and INR2.00-crore unallocated
limits of PMJ Constructions Pvt. Ltd. (PMJ). ICRA also has
reaffirmed the short-term rating of [ICRA]A4 to the INR10.00-crore
non-fund based facilities of PMJ. The outlook on the long-term
rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based
   Facilities            1.50       [ICRA]B (Stable); reaffirmed

   Non-Fund based
   facilities           10.00       [ICRA]A4; reaffirmed

   Unallocated Limits    2.00       [ICRA]B (Stable); reaffirmed

Rationale

The reaffirmation of the ratings considers the extensive
experience of the promoters in the construction sector with
expertise in civil construction projects and the reputed client
base of the company which primarily consists of government
entities in Karnataka, resulting in low counterparty credit risks.

The ratings also take into consideration the significant
improvement in gearing levels and coverage indicators of the
company due to conversion of a major portion of unsecured loans to
equity in FY2017. The ratings are, however, constrained by the
weak order book position of INR15.36 crore as on March 31, 2018
(0.87 times of the operating income in FY2018), which limits the
revenue visibility in the near term. Moreover, the deferment of
the M-sand project due to delays in clearances from different
government departments has also restricted revenue visibility.

The ratings are also constrained by the high customer-
concentration risk as BBMP accounts for the entire outstanding
order book at present. PMJ is also exposed to geographical-
concentration risks as all its projects are based in Karnataka,
exposing it to economic and political risks pertaining to a single
region. The ratings factor in the high working capital intensity
of operations primarily due to elongated receivables cycle, delay
in execution and delay in approval of bills by the government
departments.

The ratings also factor in the intensely competitive business
environment, characterised by the presence of many players along
with a tender-based contract-awarding system, which keeps
operating margins under check. The firm's margins are also
vulnerable to adverse variation in raw materials, labour and other
input costs with price-escalation clauses generally limited to
cement and steel.

Going forward, PMJ's ability to achieve revenue growth by securing
new orders and executing them in a timely manner while effectively
managing its working capital requirements will be the key rating
sensitivities.

Outlook: Stable

ICRA believes that PMJ will continue to benefit from the extensive
experience of the promoters, however, the company's weak order
book remains a concern. The outlook may be revised to 'Positive'
if the company is able to demonstrate substantial growth in
revenues while improving its profitability and working capital
cycle, resulting in strong cash accruals and strengthening of the
overall financial risk profile. Conversely, the outlook may be
revised to 'Negative' if any slowdown in order execution, or cost
escalation results in lower-than-expected cash accruals or any
stretch in the working capital requirements, weakens liquidity.

Key rating drivers

Credit strengths

* Established track record of the promoters in the civil-
construction industry: PMJ's promoters have extensive experience
in the field of civil construction and is a 'Class 1A PWD
Contractor'. It has established relationships with government
organisations such as BDA, BBMP and Bangalore University among
others.

* Improvement in capital structure and coverage indicators: With
a significant portion of unsecured loans getting converted into
equity, the capital structure and coverage indicators improved
significantly, as reflected by a gearing of 0.8 times and interest
coverage of 2.5 times as on March 31, 2017.

Credit challenges

* Small scale of operations: PMJ's scale of operations remain
modest with revenues of Rs.17.67 crore in FY2018 which limits its
operational and financial flexibility. Additionally, PMJ's ability
to win more projects may be constrained by its low net worth base
and limited track record.

* High working capital intensity of operations: PMJ's working
capital intensity of operations remains high as reflected by
NWC/OI of 46% in FY2017 primarily due to elongated receivables
cycle and high work-in-progress inventory with delay in execution
and approval of bills from the government departments.

* High client and geographical concentration risks: PMJ has high
client concentration with BBMP accounting for more than 95% of the
revenues in FY2018 and the entire outstanding order book position.
Hence, any delay in execution or payments can affect the revenues
and liquidity position of the company. Additionally, PMJ's
operations are restricted to Karnataka which exposes it to various
risks pertaining to a single region.

* Intense competition in the construction industry: PMJ is
exposed to cyclicality inherent in the construction industry and
intense competition in the tender-based contract awarding system,
resulting in volatility in revenue and pressure on margins.

PMJ Constructions Pvt. Ltd., established in 2002, is promoted by
M. Jagannath and is mainly involved in the field of civil
construction work in and around Karnataka for various clients. The
company is registered as a 'Class 1A category contractor' with the
Karnataka PWD. The clientele of the company mainly includes
government entities like Bangalore Development Authority (BDA),
Bruhat Bengaluru Mahanagara Palike (BBMP), Bangalore University,
Visvesvaraya Technological University, among others.

In FY2017, the company reported a net profit of INR0.4 crore on an
operating income of INR18.8 crore compared to a net profit of
INR0.01 crore on an operating income of INR8.7 crore in the
previous year.


PRERNA BEVERAGES: CRISIL Lowers Rating on INR5.75MM Loan to B
-------------------------------------------------------------
CRISIL has downgraded the its rating on the long-term bank
facilities of Prerna Beverages Private Limited (PBPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           0.4       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Cash
   Credit Limit          1.5       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Proposed Term Loan    5.75      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

   Term Loan             2.35      CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects CRISIL's belief that liquidity will remain
stretched due to insufficient cash accrual to meet repayment
obligation. Cash accrual was negative in fiscal 2018 on account of
modest revenue, however liquidity is supported by unsecured loans
from promoters. Also, over the medium term, cash accrual is
expected at INR90 lakh, against repayment obligation of INR76
lakh, per fiscal.

The rating continues to reflect a weak financial risk profile and
a modest scale of operations. These weaknesses are partially
offset by the extensive experience of the promoters in the
beverage industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: PBPL's weak financial risk profile
is marked by weak capital structure as indicated by negative net
worth. The debt protection metrics remained weak marked by weak
interest coverage ratio.

* Modest scale of operations: Revenue is modest, estimated at
INR1.1 crore for fiscal 2018. Timely ramp up in scale of
operations will remain a key rating sensitivity factor over the
medium term.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of over two decades in beverage industry. They
have thus been able to establish a longstanding relationship with
customers and suppliers.

Outlook: Stable

CRISIL believes PBPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if a substantial increase in revenue and operating
profitability results in a better financial risk profile. The
outlook may be revised to 'Negative' in case of a decline in
revenue or profitability, leading to deterioration in the
financial risk profile, especially liquidity.

PBPL, based in Nashik, Maharashtra, was established in 2015,
promoted by Dr Sanjay Sanghale and Ms Sunita Sanghale is engaged
in manufacturing of mineral water and bottling for Pernod Ricard.


PRIME RETAIL: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Prime Retail
(India) Ltd.'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:

-- INR310 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND BB+ (ISSUER NOT
    COOPERATING) rating;

-- INR80 mil. Proposed fund-based working capital limit
    maintained in Non-Cooperating Category with Provisional
    IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR7.5 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating category with IND A4+ (ISSUER NOT
    COOPERATING) rating; and

-- INR12.5 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
April 4, 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 1989, Prime Retail (India) is engaged in the
retail sale of luxury watches, mobiles, pens and other lifestyle
items. The company has showrooms in Kolkata, Jaipur, Raipur and
Mumbai.


RAJ RAYON: Ind-Ra Affirms 'D' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Raj Rayon
Industries Limited's (RRIL) Long- Term Issuer Rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise, despite requests and follow-ups by the agency.
Thus, the ratings are on the basis of best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument wise rating actions are:

-- INR2,538.5 bil. Term loan (Long term) affirmed with IND D
    (ISSUER NOT COOPERATING) rating;

-- INR2,571.8 bil. Working capital term loans (Long term)
    affirmed with IND D (ISSUER NOT COOPERATING) rating;

-- INR1,023.8 bil. Fund-based working capital limits (Long
    term/Short term) affirmed with IND D (ISSUER NOT COOPERATING)
    rating;

-- INR42.5 mil. Non-fund based limits (Short term) affirmed with
    IND D (ISSUER NOT COOPERATING) rating; and

-- INR1,063.4 bil. Funded interest term loans (Long term)
    affirmed 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 affirmation reflects the continued decline in RRIL's revenue
to INR2,220.46 million in 9MFY18 (9MFY17: INR2,466 million) and
EBITDA losses. This is attributed to the slowdown in demand for
RRIL's products as well as closure of its Silvasssa plant in
December 2016.

The ratings also reflect the auditors' comments in 9MFY18 results,
published on the Bombay Stock Exchange, which stated that RRIL has
been classified as a non-performing asset by the bankers under the
consortium.

RATING SENSITIVITIES

Positive: Recovery from the strategic debt restructuring scheme
and sustainable profitability, along with timely debt servicing,
would lead to a positive rating action.

COMPANY PROFILE

RRIL is a public limited company and has a polyester yarn
manufacturing plant in Silvassa. Its products include polyester
texturized yarn, partially oriented yarn, fully drawn yarn,
twisted yarn and polyester chips.


RAJARAMSEVAK MULTI: Ind-Ra Retains B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajaramsevak
Multipurpose Cold Storage Private Limited's (RMCSPL) 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 B+ (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are as follows:

-- INR50.5 mil. Term loan maintained in Non-Cooperating Category
    with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR87.5 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR2.0 mil. Non-fund-based working capital limit maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RMCSPL provides cold storage facility to potato farmers and
traders on a rental basis. The facility is located in Medinipur,
West Bengal.


RELIANCE COMMUNICATIONS: Settlement With Ericsson Unlikely For Now
------------------------------------------------------------------
Reuters reports that Reliance Communications is in talks with
Ericsson to reach a settlement outside of bankruptcy court over
unpaid service dues, but a deal with the Swedish gearmaker looks
unlikely for now, two sources said.

India's bankruptcy court earlier last week admitted an insolvency
plea filed by Ericsson against debt-laden RCom, as the company is
widely known, potentially derailing the Indian telecoms firm's
plans to sell assets to larger rival Reliance Jio to cut debt,
Reuters recalls.

Reuters relates that RCom has approached Ericsson, but with a lack
of clarity around payment of dues "a settlement currently looks
uncertain," one of the sources familiar with the matter said.

Both sources, who asked not to be named as the discussions are
private, said a settlement could be reached if RCom agrees to
deposit outstanding dues before Ericsson withdraws its plea, the
report relays.

According to Reuters, Ericsson, which signed a seven-year deal in
2014 to operate and manage RCom's nationwide telecoms network, is
seeking INR11.55 billion ($170 million) from the company and two
of its subsidiaries.

RCom, controlled by businessman Anil Ambani, late last year
announced plans to sell most of its wireless assets to mobile
carrier Reliance Jio in a deal sources said was worth about $3.8
billion. Jio, the telecoms venture of Reliance Industries, is
controlled by India's richest man and Anil's elder brother, Mukesh
Ambani.

With debt totalling INR457.33 billion ($6.73 billion) at end-March
2017, RCom is the most-leveraged of all listed telecoms carriers
in India.

The order from India's National Company Law Tribunal (NCLT)
allowing Ericsson's insolvency plea against RCOM means RCom's
sale, or liquidation in case a deal does not work out within a
maximum of nine months, will be overseen by a court appointed
administrator, Reuters notes.

A lawyer for RCom previously told Reuters that the company would
appeal the NCLT's decision at an appellate tribunal.

Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.


RIDDHI CASTING: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
Due to inadequate information and in line with Securities and
Exchange Board of India guidelines, CRISIL had migrated the rating
on the long-term bank facilities of Riddhi Casting Private Limited
(RCPL) to 'CRISIL B/Negative Issuer Not Cooperating' on
November 1, 2017. However, management subsequently shared
information necessary for a comprehensive review of the rating.
Consequently, CRISIL is migrating the rating from 'CRISIL
B/Negative Issuer Not Cooperating' to 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting        9       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Negative' Issuer Not
                                   Cooperating)

   Cash Credit             1       CRISIL B/Stable (Migrated from
                                   'CRISIL B/Negative' Issuer Not
                                   Cooperating)

   Term Loan               0.8     CRISIL B/Stable (Migrated from
                                   'CRISIL B/Negative' Issuer Not
                                   Cooperating)

   Proposed Long Term
   Bank Loan Facility      5.7     CRISIL B/Stable (Migrated from
                                   'CRISIL B/Negative' Issuer Not
                                   Cooperating)

The outlook revision reflects improvement in liquidity supported
by estimated healthy growth in revenues in Fiscal 2018, backed by
stabilisation of operations leading to improvement in the accruals
estimated at INR 2.33 crore in Fiscal 2018 (INR0.57 crore in
Fiscal 2017). The liquidity is also supported by promoters'
funding via unsecured loans from promoters and associate companies
estimated at INR14.9 crore as on March 31, 2018 (INR5.23 crore as
on March 31, 2017) supporting debt repayment.

The rating continues to reflect RCPL's small scale of operations
in the intensely competitive steel casting industry,
susceptibility to volatility in raw material prices, and below
average financial risk profile. These weaknesses are partially
offset by the extensive experience of its promoters and their
funding support, and established relationship with customers.

Analytical Approach

Unsecured loans of INR14.9 crore as on March 31, 2018, from
promoters and associate companies have been treated as neither
debt nor equity as the loans have been retained in business and
carry lower-than-market interest rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations: Despite improving to an estimated
INR54.8 crore in fiscal 2018 from INR38.6 crore in fiscal 2017,
revenue is likely to remain muted in the intensely competitive
castings industry.

* Below average financial risk profile: Networth is estimated to
be small at INR6.2 crore as on March 31, 2018, due to accumulated
losses over the years, while gearing is likely to be high at 2.26
times. Interest coverage and net cash accrual to total debt ratios
were estimated at moderate levels of 2.3 times and 0.17 time,
respectively, in fiscal 2018.

* Susceptibility to volatility in raw material prices: Operating
margin remains exposed to fluctuations in the prices of steel, key
raw material, and to changes in government regulations.

Strength

* Experience and funding support of promoters: Benefits derived
from promoters' experience of around three decades should continue
to support business. Furthermore, the company has an established
position in the castings industry, backed by healthy relationship
with key customers. Funding from promoters as and when required
also supports operations.

Outlook: Stable

CRISIL believes RCPL will benefit from its promoters' extensive
experience and established customer relationship. The outlook may
be revised to 'Positive' if significant ramp up in operations,
while improving profitability, leads to higher accrual. The
outlook may be revised to 'Negative' if stretch in working capital
cycle or large, debt-funded capital expenditure further weakens
financial risk profile, especially liquidity.

Incorporated in 2013 and promoted by Mr. Madhavan Pillai and
family, RCPL manufactures spheroidal graphite iron and cast iron
castings at its facility in Ichalkaranji in Kolhapur, Maharashtra.
Commercial production began in April 2014.


SION CERAMICS: CRISIL Reaffirms B Rating on INR6.18MM Term Loan
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating to the bank
facilities of Sion Ceramics Private Limited (SCPL).

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

   Proposed Long Term
   Bank Loan Facility      3.32    CRISIL B/Stable (Reaffirmed)

   Term Loan               6.18    CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the working capital intensive and
modest scale of operations, and below-average financial risk
profile. These weakness are partly offset by extensive experience
of SCPL's promoters and their funding support.

Analytical Approach

CRISIL has treated unsecured loans from the promoters as neither
debt nor equity as these are expected to be retained in the
business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: Despite some improvement, scale of
operation remains modest with sales of INR12 crore in fiscal 2017
and INR16 crore in fiscal 2018 on account of intense competition.

* Below-average financial profile: Modest networth of INR5.66
crore and gearing of 1.60 times as on March 31, 2018 constrain
financial risk profile. Moreover, liquidity is tight given the
fact that bank lines are fully utilised and the company has
repayment obligations of INR1.14-1.15 crore over the medium term.

* Working capital intensive operations: Extension of significant
credit to customers and modest inventory results in high working
capital requirement as reflected in estimated gross current assets
in excess of 6 months for the current fiscal.

Strengths:

* Extensive experience of the promoters and their funding support:
Benefits from the promoters' experience of 18 years in the
industry through group firm and established relationship with
customers and suppliers should support the business. Need-based
funding support from promoters is expected to continue.

* Favorable location: The manufacturing facilities are in Morbi,
Gujarat, the hub of the ceramics industry in India. Significant
benefits are expected from the location, including easy access to
clay (main raw material), and availability of contractors and
skilled labour. Other critical infrastructure such as gas and
power is also well-established in the area.

Outlook: Stable

CRISIL believes SCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenue and profitability leads to
higher-than-expected cash accrual, and if equity infusion
strengthens capital structure. The outlook may be revised to
'Negative' if decline in profitability, stretch in working capital
cycle, or any large, debt-funded capital expenditure weakens
liquidity.

Incorporated in 2013, SCPL, promoted by Mr. Pravinbhai Karshanbhai
Patel, Mr. Himalay Narbherambhai Patel, and Mr. Dilipbhai
Prabhubhai Dangroshiya, manufactures ceramic wall tiles.


SPIC FASHIONS: CRISIL Hikes Rating on INR2.87MM Term Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Spic Fashions Private Limited (SFPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short-term rating at
'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bills Discount/
   Cheque Purchase         3       CRISIL A4 (Reaffirmed)

   Packing Credit          3.5     CRISIL A4 (Reaffirmed)

   Proposed Long Term      1.13    CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan               2.87    CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects CRISIL's expectation of a stable business
risk profile, backed by established customer relationships and
steady offtake. Revenue is estimated to be moderate at INR18 crore
in fiscal 2018 and stable profitability in the range of 12.5 to 13
percent in fiscal 2018, leading to improved cash accrual.
Liquidity should also improve, with expected accrual of INR1.6-1.8
crore over the medium term sufficient to cover debt of INR0.75
crore over the same period. Financial risk profile will also
continue to remain above average with comfortable capital
structure and debt protection metrics.

The rating also reflects the extensive experience of the promoter
in the textile industry, and the above-average financial risk
profile. These strengths are partially offset by the modest scale
of operations amidst intense competition, and susceptibility to
volatile foreign exchange rates.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Estimated revenue of INR18 crore for
fiscal 2018, reflects the scale modest of operations, in the
absence of any significant capacity additions made in the past few
years. Further, the management's focus on maintaining healthy
profitability has led to the company operating at reduced capacity
in the past, thereby limiting its scale of operations.

* Susceptibility to volatile foreign exchange rates: With the
entire revenue coming from the overseas markets, the company
remains highly exposed to fluctuation in forex rates.

Strength:

* Extensive experience of promoters in the textile business: The
two decade-long experience of the promoters in the readymade
garment industry and their healthy relationships with key
customers across continents and major suppliers, will continue to
support the business risk profile.

* Above-average financial risk profile: Financial risk profile is
marked by a moderate networth and low gearing of INR8 crore and
0.87 time, respectively, estimated as on March 31, 2018, aided by
low dependence on working capital debt. Debt protection metrics
were healthy, with interest coverage and net cash accrual to total
debt ratios of 2.63 times and 0.26 time, respectively, estimated
for fiscal 2018.

Outlook: Stable

CRISIL believes SFPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of significant and sustainable growth in
revenue and profitability, or better working capital management,
resulting in improved liquidity. The outlook may be revised to
'Negative' if a considerable stretch in the working capital cycle,
decline in profitability, or any large, unanticipated debt-funded
capital expenditure, weakens the financial risk profile,
especially liquidity.

SFPL was originally established as a partnership concern of Mr. A
Senthilkumar in 2004, and later reconstituted as a private limited
company in 2014. The company manufactures and exports readymade
garments mainly to Spain, France and Mexico, and few other
countries.


SRI BALACHANDRA: Ind-Ra Moves 'B+' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Balachandra
Vinayagar Modern Rice Mill's (SBVMRM ) Long-Term Issuer Rating to
the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR49.5 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR2.6 mil. Term loan due on December 2020 migrated to Non-
    Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SBVMRM is a proprietorship concern established in 1987 by Mr. P.
L. Ganapathy. The firm is engaged in the processing and selling of
boiled rice in Tamil Nadu and is located in Pallathur, Sivagangai
District, Tamil Nadu.


SRI VENKATA: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Venkata
Lakshmi Narasimha Spinning Mills Pvt. Ltd.'s (SVLN) Long-Term
Issuer Rating of 'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The IND BB rating on the INR144 mil. Fund-based limits are
    withdrawn;

-- The IND BB rating on the INR20.8 mil. Non-fund-based limits
    are withdrawn; and

-- The IND BB rating on the INR55.37 mil. Term loan due on March
    2020 are withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings for the above
bank facilities, as the agency has received no objection
certificates from the lenders. This is consistent with the
Securities and Exchange Board of India's circular dated March 31,
2017 for credit rating agencies. Ind-Ra will no longer provide
analytical and rating coverage for SVLN.

COMPANY PROFILE

Incorporated in 2008, SVLN manufactures cotton yarn and has an
installed capacity of 20,400 spindles in Chebrolu, near Guntur,
Andhra Pradesh. The company sells its product in the domestic
market.


SURYODAYA INDUSTRIES: CRISIL Assigns B Rating to INR7.50MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Suryodaya Industries (SI).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit           1.25      CRISIL B/Stable (Assigned)
   Long Term Loan        7.50      CRISIL B/Stable (Assigned)

The rating reflects the firm's average financial risk profile,
modest scale of operations, and customer concentration in revenue.
These weaknesses are partially offset by the promoter's extensive
experience in the engineering industry and his funding support.

Analytical Approach

Unsecured loans of INR2.50 crore as on March 2018 infused by the
promoter have been treated as neither debt nor equity as the loans
will be retained in the business and carry lower interest than the
market rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Networth is small and gearing
high, estimated at INR2.15 crore and 4.06 times, respectively, as
on March 31, 2018. Large debt and moderate profitability have
resulted in average financial risk profile.

* Small scale and customer concentration in revenues: SI's modest
scale is reflected in turnover of INR4.33 crore in fiscal 2018.
Furthermore, more than 90% of revenue are from JCB India Ltd
leading to customer concentration risk.

Strength

* Promoter's extensive experience in the engineering-industry:
Presence of around 25 years in the business has enabled the
promoter to understand local market dynamics and establish strong
relationships with key customers and suppliers. The promoter's
extensive experience will help the firm build business linkages.
The firm will also benefit from his financial support.

Outlook: Stable

CRISIL believes SI will benefit from its promoter's extensive
industry experience and funding support. The outlook may be
revised to 'Positive' if the firm reports higher revenue growth
and stable profitability, leading to better cash accrual and
addition of new customers. The outlook may be revised to
'Negative' if financial risk profile, particularly capital
structure, and liquidity weaken considerably due to lower-than-
expected sales or fall in profitably leading to decline in cash
accrual, or stretch in working capital cycle.

SI was established in 2007 and is promoted by Mr. Kishor Bhegade.
The firm is engaged in fabrication and machining jobwork for JCB
India Ltd, and in labour contracting. Its manufacturing facility
is in Pune (Maharashtra).


SWASH NONIONICS: CRISIL Withdraws B Rating on INR9MM LT Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Swash Nonionics Private
Limited (SNPL) to 'CRISIL B/Stable/CRISIL A4/Issuer not
cooperating'. CRISIL has withdrawn its rating on bank facility of
SNPL following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of SNPL from 'CRISIL
B/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL's
policy on withdrawal of bank loan ratings.

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Cash Credit            3.5      CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable Issuer Not
                                   Cooperating; Rating Withdrawn)

   Proposed Letter
   of Credit              0.5      CRISIL A4 (Migrated from
                                   'CRISIL A4 Issuer Not
                                   Cooperating; Rating Withdrawn)

   Proposed Long Term
   Bank Loan Facility     9.0      CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable Issuer Not
                                   Cooperating; Rating Withdrawn)

   Proposed Packing
   Credit                 2.0      CRISIL A4 (Migrated from
                                   'CRISIL A4 Issuer Not
                                   Cooperating; Rating Withdrawn)

SNPL was established in 1990 by Mr. Nimish Munim manufactures
surfactants and other specialty chemicals since. The company has
its manufacturing facility at Chiplun. The company caters to
industries including Textiles, Metal, Pesticides and Paints. The
day to day operations of the company are overseen by Mr. Yash
Munim, son of Mr. Nimish Munim. The Munim family has been in the
business of manufacturing surfactants since 1971 through Texchem
Industries a partnership firm setup by Mr. Nimish Munim.


TEXTREND LIFESTYLE: ICRA Withdraws B Rating on INR6cr Cash Loan
---------------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B
outstanding for the INR6.00 crore fund-based limits of Textrend
Lifestyle Private Limited.

                      Amount
   Facilities       (INR crore)      Ratings
   ----------       -----------      -------
   Fund based-
   Cash Credit           6.00        [ICRA]B; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
no-objection certificate provided by its lenders.

Incorporated in 2011, Textrend Lifestyle Private Limited trades
high-end men's wear fabrics, which majorly includes fabrics for
cotton suiting's and shirting's, linens, polyester rayon suiting,
cotton silk, burqua, grey fabrics and un-dyed yarn. The company
has its registered office in Surat and operates from Ahmedabad.
The company sells its products under the trademark 'Lorenzini' in
India. Mr. Rakesh Agarwal, Mr. Sumit Agarwal and Mr. Suryakant
Shah are the key directors with more than two decades of
experience in textile industry.


TOP GEAR: CRISIL Raises Rating on INR2MM Cash Loan to B-
--------------------------------------------------------
CRISIL has upgraded its ratings on bank facilities of Top Gear
Transmission Pvt Ltd (TGTPL: part of the TG group) to 'CRISIL B-
/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Bank Guarantee       0.75      CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Cash Credit          2.00      CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Letter of Credit     1.50      CRISIL A4 (Upgraded from
                                  'CRISIL D')

   Long Term Loan        .97      CRISIL B-/Stable (Upgraded from
                                  'CRISIL D')

   Proposed Long Term    4.78     CRISIL B-/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL D')

The ratings upgrade factors in the group's track record of timely
servicing of term debt, and improvement in liquidity backed by
promoters funding in the form of unsecured loans estimated at
INR4.72 crore as on March 31, 2018 (INR2.25 crore as on March 31,
2017). Also, the accruals have improved estimated at INR1.92 crore
in fiscal 2018 (INR1.67 crore in fiscal 2017)

The ratings continue to reflect the modest scale of operations,
large working capital requirement, exposure to intense competition
and the average financial risk profile. These weaknesses are
partially offset by extensive experience of the promoters in the
industrial machinery industry and the group's moderate operating
margin.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Top Gear Transmissions (TGT) and TGTPL,
together referred to as the TG group, given the significant
operational and financial linkages between the two entities.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Revenue of INR49.9 crore estimated
in fiscal 2018 (INR38.24 crore in fiscal 2017) reflects the modest
scale of operations, amidst intense competition in the industrial
machinery industry.

* Large working capital requirement: Gross current assets were
estimated at 290 days, as on March 31, 2018, led by inventory and
receivables of 155 and 116 days, respectively.

* Average financial risk profile: Financial risk profile is marked
by a modest networth of INR7.44 crore, and high gearing and total
outside liabilities to tangible networth ratios of 2.69 and 5.83
times, respectively, estimated as on March 31, 2018.

Strengths

* Extensive experience of the promoters: The decade-long
experience of the promoters, and their strong network of reputed
clients, will continue to support the business risk profile.

* Moderate operating margin: Operating margin was moderate at
12.5% estimated in fiscal 2018, aided by raw material cost and
controlled overheads.

Outlook: Stable

CRISIL believes the TG group will continue to benefit from the
extensive experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if significant growth in
revenue and profitability leads to sizeable cash accrual, and
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if financial risk profile, particularly liquidity,
weakens further due to decline in scale and profitability or any
large, debt-funded capital expenditure leading to stretched in
liquidity.

TGT was formed as a proprietorship concern of Mr. Srikanth Pawar
in 2002, at Satara (Maharashtra). The firm designs and
manufactures planetary gear boxes and custom-built gear boxes,
used in industries such as capital goods, sugar, construction
equipment, and steel.

TGTPL, which was set up by promoter, Mr. Shashikant B Pawar in
2002, manufactures heavy-built gear boxes in Satara.


UNITED CHLORO: Ind-Ra Affirms 'D' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed United Chloro
Paraffins Private Limited's (UCPPL) Long-Term Issuer Rating at
'IND D'.

The instrument-wise rating actions are:

-- INR117.5 mil. Fund-based limits (Long-term) affirmed with
    IND D rating; and

-- INR182.5 mil. Non-fund-based limits (Short-term) affirmed
    with IND D rating.

KEY RATING DRIVERS

The affirmation reflects UCPPL's classification as a non-
performing asset by the lenders.

RATING SENSITIVITIES

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

COMPANY PROFILE

Incorporated in July 2003, Kolkata-based UCPPL  manufactures
chlorinated paraffin wax, hydro chloric acid and plastic master
batches and antifab compounds. Mr. Debdip Ghosh, Mr. Gobinda
Charan Ghosh, Mr. Vijay Kumar Tiwary and Mr. Gopal Khandelwal are
the promoters.


VISTA PHARMACEUTICALS: Ind-Ra Lowers LT Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vista
Pharmaceuticals, Ltd.'s (VPL) Long-Term Issuer Rating to 'IND D'
from 'IND BB+'. The Outlook was Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital facilities (Long-
    term/Short-term) downgraded with IND D rating;

-- INR30 mil. Non-fund-based working capital facilities (Short-
    term downgraded with IND D rating; and

-- INR60 mil. Term loan (Long-term) due on December 2023 to
    March 2027 downgraded with IND D rating.

KEY RATING DRIVERS

The ratings reflect VPL's delay in the servicing of term loan
during the three months ended April 2018, due to insufficient
funds.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could be positive for the ratings.

COMPANY PROFILE

Started in 1992, VPL is promoted by Dhananjaya Alli who is also
the managing director of the company. The company manufactures
generic pharmaceutical drugs. It is a 100% export oriented unit,
headquartered in Hyderabad and has a manufacturing facility in
Andhra Pradesh.


WELTIME FOOTWEAR: CRISIL Assigns B- Rating to INR8.4MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Weltime Footwear Private Limited (WFPL).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Term Loan              8.4      CRISIL B-/Stable (Assigned)

   Open Cash Credit       4.5      CRISIL B-/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility      .05     CRISIL B-/Stable (Assigned)

The rating reflects the company's weak liquidity, modest scale of
operations in the intensely competitive footwear industry and
large working capital requirement. These weaknesses are partially
offset by the extensive industry experience of the promoters.

Analytical Approach

Unsecured loans (INR6.56 crore as on March 31, 2018) from the
promoters and their family members have been treated as neither
debt nor equity as the loans are expected to remain in the
business over the medium term and are subordinated to bank loan.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations and low operating profitability:
Modest scale of operations, reflected in revenue of INR15 crore
for fiscal 2018, in a highly competitive industry, restricts
bargaining power with customers and suppliers. The operating
profitability was low at 2-4% in the past two fiscals ending
fiscal 2017. Sustained increase in scale, along with improvement
in the margin, will remain a key monitorable.

* Large working capital requirement: Operations are working
capital intensive, reflected in gross current assets of 225 days
as on March 31, 2018, on account of large receivables and
inventory. Management of working capital will be a key
monitorable.

* Weak financial risk profile: Liquidity is constrained by tightly
matched cash accrual and debt obligation and low cash balance. The
company had undertaken large capex of about INR11-12 crore over
past 2 fiscals; funded by term loan of about INR8.4 crore and rest
through promoter funds; towards commissioning of new plant. The
capacity ramp up is expected to result in higher turnover of about
INR50 crore in fiscal 2019 from about INR15 crore in fiscal 2018;
while improving the operating profitability would be challenge.
Likely stretch in working capital along with large repayment of
the term loans as against expected cash accruals will be one of
the key monitorable. Net cash accrual is expected at INR1.10-1.50
crore over the medium term against term loan obligation of
INR1.40-1.50 crore. However, the liquidity is supported by
unsecured loan of INR6.56 crore as on March 31, 2018. The company
had low cash and bank balance of INR0.21 crore as on March 31,
2018 and bank limits of about 90-95% utilization to fund working
capital requirement.

Gearing and total outside liabilities to tangible networth
weakened to 2.27 times and 1.21 times, respectively, as on
March 31, 2018, from 1.0 and 0.8 time, respectively, a year
earlier. The ratios are expected to be in the range of about 1.2-
2.0 times and 2.6-2.7 times, respectively, over the medium term.
Interest coverage was comfortable at 2.7 times in fiscal 2018
backed by moderate profitability and low debt, and is expected at
2.0-2.9 times over the medium term.

Strengths:

* Extensive industry experience of the promoters: The promoters'
experience of around 30 years in the industry has helped them
develop strong relationships with suppliers and customers.
Outlook: Stable

CRISIL believes WFPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in revenue and profitability along with
improvement in working capital requirement leads to better
financial risk profile. The outlook may be revised to 'Negative'
if there is a delay in financial support from promoters, or
significant increase in working capital requirement.

Established in 2014 as a private limited company and promoted by
Mr. Mohd Hausildar, Mr. Mohd Havaldar, and Mr. Mohd Taiyab, WFPL
manufactures footwear including hawai chappals, sandals, and
shoes. Its manufacturing facility at Haryana has capacity of
30,000-35,000 pairs of shoes and sandals per day.



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


TOSHIBA CORP: Moody's Reviews Caa1 Ratings for Upgrade
------------------------------------------------------
Moody's Japan K.K. has placed Toshiba Corporation's Caa1 corporate
family rating and senior unsecured debt rating, as well as its Ca
subordinated debt rating on review for upgrade.

At the same time, Moody's has affirmed Toshiba's commercial paper
rating of Not Prime.

The rating review follows Toshiba's announcement that it has
received all regulatory approvals and satisfied all conditions for
the JPY2 trillion sale of Toshiba Memory Corporation (TMC).

RATINGS RATIONALE

"The sale will significantly reduce our concerns about Toshiba's
liquidity and ongoing viability," says Masako Kuwahara, a Moody's
Vice President and Senior Analyst.

"Without the sale, liquidity would have tightened from the
substantial capital expenditure requirements for its memory
business," adds Kuwahara.

Toshiba expects to close the transaction by June 1, 2018 based on
the share purchase agreement with a consortium led by Bain Capital
Private Equity, LP entered on September 28, 2017. TMC will remain
as an equity method affiliate of Toshiba.

The transaction will materially improve Toshiba's financial
profile, increasing its cash position by JPY1.45 trillion to
around JPY2 trillion, resulting in a net cash position of JPY1.3
trillion and gains of around JPY970.0 billion, which will improve
its shareholders' equity ratio to around 40% from 18% in
FYE3/2018.

However, Moody's also notes that Toshiba's remaining businesses,
which are centered around Social Infrastructure, Energy,
Electronic Devices and Digital Solutions are much less profitable,
despite being more stable and predictable compared to the volatile
memory business. Toshiba expects an operating margin of 1.9% from
these businesses in FYE3/2019, while the memory business posted an
operating margin of 40% in FYE3/2018.

Moody's anticipates concluding the review around the transaction
closing, after assessing the application of the TMC sales proceeds
and the resulting post-sale capital structure; and the sufficiency
of future earnings and cash flow from the remaining businesses.

The principal methodology used in these ratings was Global
Manufacturing Companies (Japanese) published in August 2017.

Toshiba Corporation, headquartered in Tokyo, is one of the largest
diversified electronics companies in Japan.



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


* BOND PRICING: For the Week May 14 to May 18, 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.



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