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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 29, 2018, Vol. 21, No. 105

                            Headlines


A U S T R A L I A

ATLAS IRON: Moody's Puts B3 CFR on Review, Direction Uncertain
CIVICO CONTRACTING: Second Creditors' Meeting Set for June 5
CONSTRUCTION CLEANING: First Creditors' Meeting Set for June 5
LINDSAY YATES: First Creditors' Meeting Set for June 5
MATCH PLAY: Second Creditors' Meeting Set for June 5

QUEENSLAND NICKEL: Court Freezes AUD205M of Clive Palmer's Assets
QUINTIS LTD: Second Creditors' Meeting Set for June 8
SHOE BOX: NSW Shoe Retailer Collapses Into Liquidation


C H I N A

CHINA CYTS: Gold Exchange Unit on Brink of Default
CHINA ENERGY: Defaults on $350MM Bond Payment
GIONEE COMMUNICATION: Lines Up Government-Backed Rescuer


H O N G  K O N G

CHINA SOUTH: Fitch Gives Final B Rating to US$150MM Sr. Notes


I N D I A

ADITYA PRINTS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
AMBIENCE CONSTRUCTIONS: Ind-Ra Corrects March 30, 2017 Release
ARTEMIS AUTO: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
ASHOK BRICKS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
BHUSHAN POWER: NCLAT Asks Lenders to Proceed With Bids Selection

BINDESHWARI COLD: CRISIL Assigns B Rating to INR4MM Term Loan
CANON ENGINEERING: Ind-Ra Maintains B+ Rating in Non-Cooperating
COTS KNITS: CRISIL Reaffirms B+ Rating on INR5.84MM LT Loan
CRAVE CLOTHING: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
D AND M CABLES: Ind-Ra Maintains 'B+' Rating in Non-Cooperating

DHALAVAI PATHRA: Ind-Ra Moves BB- LT Rating to Non-Cooperating
DWARKADHEESH HAVELI: CRISIL Moves D Rating to Not Cooperating
ELCOM INNOVATIONS: CRISIL Migrates B- Rating to Not Cooperating
FAIR N FLAIR: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
FLAGMARK BUILDERS: CRISIL Cuts Rating on INR10MM Loan to D

FLAIR GARMENTS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
GEM MOTORS: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
GHAZIPUR NAGAR: Ind-Ra Withdraws BB- Long Term Issuer Rating
GOWTHAMI INFRATECH: Ind-Ra Maintains D Rating in Non-Cooperating
GURU KIRPA: CRISIL Moves B+ Rating to Not Cooperating Category

H D MOTORS: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
JOHNS PALLAZZIO: CRISIL Moves B Rating to Not Cooperating
KALYANALAKSHMI SHOPPING: Ind-Ra Moves B+ Rating to Non-Cooperating
KAMAKSHYA AGRO: Ind-Ra Maintains BB LT Rating in Non-Cooperating
KAY EM: Ind-Ra Maintains 'BB-' Issuer Rating in Non-Cooperating

KRUSHI UTPANNA: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
MAHALAKSHMI TELE: Ind-Ra Maintains 'D' Rating in Non-Cooperating
MAWANA FOODS: CRISIL Reaffirms B- Rating on INR3.5MM Cash Loan
MISHRILAL ASSOCIATES: Ind-Ra Retains B Rating in Non-Cooperating
N.K. BHOJANI: CRISIL Lowers Rating on INR19.5MM Loan to B+

ONEWORLD CREATIONS: CRISIL Cuts Rating on INR45MM Cash Loan to D
ONEWORLD INDUSTRIES: CRISIL Lowers Rating on INR140MM Loan to D
ONEWORLD RETAIL: CRISIL Lowers Rating on INR28.5MM Loan to D
ONEWORLD SOURCING: CRISIL Cuts Rating on INR66MM Cash Loan to D
P C GLOBAL: CRISIL Lowers Rating on INR6.42MM Loan to D

PARKSONS CARTAMUNDI: Ind-Ra Withdraws BB+ Long Term Issuer Rating
PRAGATHI HATCHERIES: Ind-Ra Migrates B Rating to Non-Cooperating
R.N.A. CONSTRUCTION: CRISIL Assigns B+ Rating to INR3.5MM Loan
RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR12MM Loan
ROJER MATHEW: CRISIL Lowers Rating on INR12MM Cash Loan to D

RV PLASTIC: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
RYTHU DAIRY: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
S. GANESH: CRISIL Migrates B+ Rating on INR2.5MM Loan
S. R. PRECISION: CRISIL Cuts Rating on INR3.75MM Loan to D
SHIV BUILD: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating

SHIVAM MOBILE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
SHREYAS INDIA: CRISIL Hikes Rating on INR9.2MM Loan to B+
SHYAM & COMPANY: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SIDDHI GANESH: CRISIL Reaffirms B+ Rating on INR24MM Loan
SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan

STOREEX SOLUTIONS: CRISIL Moves B Rating to Not Cooperating
ULTIMO FABRICS: CRISIL Lowers Rating on INR24.88MM Loan to D
ULTRA READY: CRISIL Lowers Rating on INR25MM Cash Loan to D
VAPI ECO: Ind-Ra Maintains B LT Issuer Rating in Non-Cooperating
ZEPHYR FABRIC: CRISIL Lowers Rating on INR18MM Cash Loan to D


I N D O N E S I A

JAPFA COMFEED: Fitch Affirms 'BB-' LT IDR, Outlook Stable


N E W  Z E A L A N D

FIRST INSURANCE: Fitch Gives 'BB+' IFS Rating, Outlook Stable
HEALTH SERVICES: A.M. Best Hikes Fin. Strength Rating to B+(Good)
MINNIE COOPER: Auckland Shoemaker Shuts Doors After 30 Years


S I N G A P O R E

GAYLIN HOLDINGS: Loss Widens to SGD44.4MM in Q4 Ended March 31


X X X X X X X X

* BOND PRICING: For the Week May 21 to May 25, 2018


                            - - - - -


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ATLAS IRON: Moody's Puts B3 CFR on Review, Direction Uncertain
--------------------------------------------------------------
Moody's Investors Service placed the B3 corporate family rating
(CFR) and senior secured rating of Atlas Iron Limited under review
with direction uncertain. The review follows the company's recent
financial update announcement, which contained increased cost
guidance and flagged potential material impairment charges. The
review also reflects the potentially credit-positive implications
of an announced acquisition of the company by Mineral Resources
Limited (MinRes, unrated) via a scheme of arrangement.

The review will focus on: 1) the progress of the potential
transaction with MinRes, including the outcome of a shareholder
vote on the scheme; 2) MinRes' plans regarding the current rated
senior secured loans of Atlas; 3) impact on Atlas' credit profile
following a successful transaction; and, 4) the deterioration of
Atlas' stand-alone credit profile and liquidity constraints should
the transaction not proceed.

RATINGS RATIONALE

The review action reflects Moody's expectation that, based on the
revised cost guidance, Moody's iron ore price sensitivities and at
the current discounts rates for the grade of iron ore Atlas
produces, the company will likely continue to report operating
cash losses, which would lead to ongoing reductions in liquidity
and increase default risk. However, as Moody's has previously
noted, the transaction with MinRes, if successful, is expected to
have positive implications for Atlas' credit profile.

On May 17, 2018, Atlas updated its guidance for the fiscal year
ended June 2018, commenting that it will likely meet the lower end
of its production guidance of 9-10 million tonnes (mt) and that
cash cost and full cash cost guidance have been increased to
AUD39-AUD40 per wet metric tonne (wmt) and AUD58-59/wmt,
respectively. The company also flagged that it may need to take an
AUD75-AUD100 million impairment under current conditions. This
increase in guidance comes at a time when iron ore prices and
discounts for the ore that Atlas produces have been pressuring
realized prices.

The lower realized prices and increased costs led to an operating
loss in the March 2018 quarter and for the month of April 2018,
with the company achieving realized prices of around AUD59/wmt
versus full cash costs of around the AUD62/wmt level. Given
Moody's expectations for Atlas' cost levels, Moody's expects that
operating losses could continue in the current iron ore price and
discount environment, which will reduce current cash balances and
pressure its liquidity profile.

In April 2018, Atlas reached agreement with MinRes to combine by
way of scheme of arrangement, under which MinRes would acquire the
entire issued capital of Atlas. The transaction with MinRes would
be effected pursuant to a Scheme Implementation Deed. Upon
implementation, Atlas would become a wholly-owned subsidiary of
MinRes. The scheme has been unanimously recommended by Atlas Board
of Directors, subject to an independent experts report and in the
absence of a superior proposal. The transaction will also be
subject to typical regulatory and government approvals as well as
a shareholder vote expected for July 2018.

If the transaction is not completed and Atlas continues to operate
as a standalone entity, Moody's expects that the rating will be
downgraded, potentially by multiple notches. However, if the
transaction is completed, any positive momentum for Atlas' ratings
will ultimately depend on Moody's assessment of MinRes' plans for
Atlas' current secured debt and MinRes' ongoing credit profile.

The principal methodology used in this rating was Mining Industry
published in April 2018.

Atlas Iron Limited, headquartered in Perth, is an iron ore
producer and developer focused on the North Pilbara region of
Western Australia. Atlas expects to produce around 9-10 million
tonnes of iron ore in fiscal 2018.


CIVICO CONTRACTING: Second Creditors' Meeting Set for June 5
------------------------------------------------------------
A second meeting of creditors in the proceedings of Civico
Contracting (NSW) Pty Ltd has been set for June 5, 2018, at
11:00 a.m. at the offices of Hall Chadwick Chartered Accountants,
Level 40, 2 Park 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 June 4, 2018, at 5:00 p.m.

Steven Arthur Gladman of Hall Chadwick was appointed as
administrator of Civico Contracting on May 2, 2018.


CONSTRUCTION CLEANING: First Creditors' Meeting Set for June 5
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Construction Cleaning Services Pty Ltd will be held at the offices
of Hamilton Murphy, 237 Swan Street, in Richmond, Victoria, on
June 5, 2018, at 10:30 a.m.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Construction Cleaning on May 24, 2018.


LINDSAY YATES: First Creditors' Meeting Set for June 5
------------------------------------------------------
A first meeting of the creditors in the proceedings of Lindsay
Yates & Partners Pty Ltd will be held at Suite 1, Level 15,
9 Castlereagh Street, in Sydney, NSW, on June 5, 2018, at
11:00 a.m.

Christopher Damien Darin of Worrells Solvency was appointed as
administrator of Lindsay Yates on May 24, 2018.


MATCH PLAY: Second Creditors' Meeting Set for June 5
----------------------------------------------------
A second meeting of creditors in the proceedings of Match Play
Management (Australia) Pty. Ltd. has been set for June 5, 2018, at
11:30 a.m. at the offices of Australian Institute of Company
Directors Melbourne, Optus Centre, Level 26, 367 Collins St, in
Melbourne, Victoria.

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

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

Domenico Alessandro Calabretta of Mackay Goodwin was appointed as
administrator of Match Play on May 15, 2018.


QUEENSLAND NICKEL: Court Freezes AUD205M of Clive Palmer's Assets
-----------------------------------------------------------------
Australian Associated Press reports that a Queensland court has
ordered the freezing of hundreds of millions of dollars of Clive
Palmer's assets.

According to the AAP, Supreme Court Justice John Bond on May 25
approved an application by Queensland Nickel liquidators to freeze
almost AUD205 million of Palmer's personal wealth, as well as
other unspecified amounts relating to his several companies.

Justice Bond said it was a temporary direction until the court
case was finalized, the report relays.   It does not stop
Mr. Palmer from using his assets as part of the ordinary course of
business.

But Mr. Palmer's lawyers immediately requested a stay of the
orders so they could appeal the decision. They were set to argue
their case on Friday afternoon [May 25], says the AAP.

The AAP adds that Justice Bond said one of the reasons he granted
the orders was because the federal government-appointed
liquidators had a "good arguable case" against Mr. Palmer and his
companies.

The justice also said there was a real risk the mining magnate and
former federal MP would "attempt to frustrate or inhibit the
prospects of enforcement of execution of any significant judgment
against him or any of his companies," the report relays.

Earlier this year, Mr. Palmer claimed he was worth AUD4 billion.
Justice Bond said in his judgment if Mr. Palmer had the wealth he
claimed he did, the making of the orders was not likely to be
"significant," the report adds.

The news agency notes that Queensland Nickel liquidators launched
legal action against Mr. Palmer in a bid to claw back some of the
money owed to creditors following the collapse of the refinery in
2016.

                      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.


QUINTIS LTD: Second Creditors' Meeting Set for June 8
-----------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Quintis Ltd;
   -- Quintis Forestry Limited;
   -- Quintis Leasing Pty Ltd;
   -- Arwon Finance Pty Ltd;
   -- Australian Sandalwood Oil Co Pty Ltd;
   -- Mt Romance Australia Pty Ltd;
   -- Mt Holdings Pty Ltd; and
   -- Sandalwood Properties Ltd

has been set for June 8, 2018, at 11:00 a.m. at The Duxton Hotel,
1 St Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 7, 2018, at 11:00 a.m.

Richard Scott Tucker, Scott David Harry Langdon and John Allan
Bumbak of Kordamentha were appointed as administrators of Quintis
Ltd and subsidiaries on Jan. 20, 2018.


SHOE BOX: NSW Shoe Retailer Collapses Into Liquidation
------------------------------------------------------
Eloise Keating at SmartCompany reports that heightened online
competition and "a retail sector verging on recession" have caused
Shoe Box, a chain of shoe stores, to collapse into liquidation, as
the sector braces for even more consolidation.

NSW-based Shoe Box operated five stores across Sydney and employed
14 staff members, who will all be paid their entitlements,
SmartCompany relates citing liquidator Paul Gidley.

The business was placed in the hands of liquidators Shaw Gidley on
May 14, according to a notice filed with the Australian Securities
and Investments Commission, SmartCompany relays. The five stores
have ceased trading, as has the retailer's online store.

According to financial records seen by Inside Retail, Shoe Box's
parent company, Hatexio Pty Ltd, owes AUD3.32 million to unsecured
creditors, SmartCompany discloses. This includes AUD2.17 million
in loans to family members associated with the company and AUD1.15
million to suppliers and landlords.

Paul Gidley told SmartCompany the liquidation was prompted by
increased competition from online operators and the tough times
facing the entire retail sector in Australia.

The company had been trading for 30 years and according to
reports, once had as many as 15 outlets, the report notes.



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CHINA CYTS: Gold Exchange Unit on Brink of Default
-------------------------------------------------
Yang Qiaoling and Han Wei at Caixin reports that several financial
institutions including Citic Trust were affected by the default of
a unit of state-owned China CYTS Tours Group, reflecting
heightened financial pressures on companies amid the central
government's deleveraging campaign.

Caixin learned from sources that Beijing Gold Trading Center Co.,
a gold exchange operator, failed to repay several trust products
and loans from banks and insurance companies. The defaulted trust
plans were issued by four trust companies including Citic Trust,
Caixin relates.

China CYTS Tours Holding Co., Ltd. operates as a tour operator in
China. The company offers inbound, domestic, and outbound travel
services; and conferences and exhibitions, as well as technical
support, travel-affiliated resources development, and online
information services. It also operates ChinaTravelDepot.com, a
travel Website that offers a range of travel services, such as
cruise, tour package, hotel, flight, and car rental services. The
company operates through a network of approximately 60 chain
stores and outlets in China, as well as 3 branch offices in Hong
Kong, Japan, and North America.


CHINA ENERGY: Defaults on $350MM Bond Payment
---------------------------------------------
Bloomberg News reports that China Energy Reserve & Chemicals Group
Co. said it hasn't paid a $350 million bond that matured earlier
this month, in the latest example of China's deleveraging campaign
choking off financing for some companies.

Bloomberg relates that the oil and gas producer, which has $1.8
billion of offshore notes outstanding, cited "tightening in credit
conditions" for the default. The company plans to suspend this
year's interest payments on bonds due in 2021 and 2022 while it
considers asset sales and seeks to restructure the notes, China
Energy said in a filing that appeared on the Hong Kong exchange on
May 27, Bloomberg relays.

According to the report, China Energy rose to prominence earlier
this year when it pulled out of a $5.2 billion deal to buy a
Hong Kong skyscraper from Li Kaishing's company, after making an
unsuccessful bid for Australian oil and gas explorer AWE Ltd.

The company's refinancing woes show China's deleveraging efforts
are taking a toll on funding for the corporate sector,
particularly via a crackdown on shadow financing, Bloomberg says.
The yield spread on three-year AA rated bonds, considered high-
yield in China, over top-rated peers has risen 28 basis points
this year to the highest since June 2017, Bloomberg notes.

"The default adds to the jitters for China dollar bonds,"
Bloomberg quotes Owen Gallimore, head of credit strategy at
Australia & New Zealand Banking Group, as saying. "Access to
funding onshore has been restricted for some time and this is now
starting to cause stress as companies need to refinance."

The Chinese government is seeking to encourage market-based
pricing for credit risk and is tolerating more bond failures. At
least 14 publicly issued bonds defaulted in China's domestic
market so far this year, compared with 13 in the year-earlier
period, according to Bloomberg-compiled data.

China Energy's payment default has triggered cross-defaults on
other bonds of the oil and natural gas producer including $400
million of 5.55 percent dollar bonds due in 2021, and HK$2 billion
($255 million) of notes maturing in 2022, Bloomberg relays citing
company's statement. Cross-default was also triggered on the
company's 2019 notes due in January and November, Lin Jianbang, an
executive president at the company, told Bloomberg News on May 28.

The issuer of the 2018 bonds, a wholly owned subsidiary, has
remitted accrued interest on those notes, the statement said.

China Energy's offshore unit had expected to receive funds to pay
the $350 million principal on the 2018 bonds from onshore parent
by noon Friday [May 25], but the money didn't arrive by then, Lin
told Bloomberg News on May 25.

Bloomberg relates that Lin also said the company was in talks with
the trustee of its November 2019 bonds regarding a coupon payment
due May 25 but said on May 28 that the payment wasn't made.

China Energy expects to continue its business operations as usual,
and plans to sell assets to resolve its current cash flow
difficulties, according to the statement cited by Bloomberg.  The
company had cash and equivalents of CNY10.3 billion as of the end
of June last year, against short-term debt of CNY3.6 billion and
long-term debt of CNY17.9 billion, according to a December 2017
bond prospectus.

                    About China Energy Reserve

China Energy Reserve and Chemicals Group Co. Ltd. provides energy
development services. The Company mainly explores, develops,
processes, stores, transports, and sells natural gas, oil, and
related chemical products.


GIONEE COMMUNICATION: Lines Up Government-Backed Rescuer
--------------------------------------------------------
Qu Hui and Denise Jia at Caixin report that Gionee Communication
Equipment Co., a private Chinese smartphone maker facing a
mounting debt crisis, said it lined up an unidentified government-
backed rescuer.

Caixin relates that Gionee Communication's finance chief told a
meeting of more than 50 suppliers and creditors on May 23 at the
company's headquarters that a company with a "state capital
background" is planning to take over Gionee and that a
restructuring is on the horizon.

The chief financial officer, He Dabing, said the company's total
liabilities amount to CNY20 billion (US$3.1 billion), Caixin
reports.

Based in Shenzhen, China, Gionee Communication Equipment Company
Ltd. manufactures cellular telephones.



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CHINA SOUTH: Fitch Gives Final B Rating to US$150MM Sr. Notes
-------------------------------------------------------------
Fitch Ratings has assigned China South City Holdings Limited's
(CSC; B/Stable) USD150 million 10.875% senior notes due 2020 a
final rating of 'B' and Recovery Rating of 'RR4'.

The notes are rated at the same level as CSC's senior unsecured
rating because they constitute its direct and senior unsecured
obligations. The assignment of the final rating follows the
receipt of final documentation conforming to information already
received. The final rating is in line with the expected rating
assigned on May 16, 2018. CSC intends to use the net proceeds from
the notes primarily to refinance its existing debt related to the
construction and development of its projects, and for general
corporate purposes.

CSC's ratings are supported by well-located property projects,
growing non-development income, close collaboration with local
governments, a long record in integrated trade centre development
and sufficient liquidity. The ratings are constrained by CSC's
rising leverage and weak industry outlook.

KEY RATING DRIVERS

Rising Non-Development Income: Income from CSC's non-development
business increased by 15% yoy in the last 12 months to September
2017 to HKD1.8 billion, driven mainly by growth in its outlet,
property management service, and logistics and warehousing
businesses. Fitch believes CSC's diversification will enhance
internal cash flow and smooth out sales volatility. Fitch expects
non-development income/interest coverage, which was almost at 1.0x
in the 12 months to September 2017, to exceed 1.0x in the next 12
months.

Higher Leverage: CSC's leverage, measured by net debt/adjusted
inventory, rose to 52.4% at end-September 2017 from 48.1% a year
earlier, which was in line with its estimate. The increase in
leverage was mainly due to faster acquisitions during the year to
replenish the company's residential land bank, with land premium
making up around 80% of sales value during first half of the
financial year to March 31, 2018 (1HFY18).

Fitch expects leverage to remain between 50% and 60% for the next
two to three years if CSC continues with its estimated capex of
HKD8.5 billion-10 billion a year, which will be used to build up
saleable residential resources, replenish its residential land
bank in Tier 2 cities, and invest in its non-development segment.
Fitch believes the developer's rising leverage is mitigated by its
growing recurring income. However, CSC's ratings will come under
pressure if the non-development segment fails to expand despite
continued investment.

Residential Sales Support Performance: Contracted sales rose 37%
yoy to HKD9.8 billion in the 12 months to September 2017, buoyed
by strong sales in four Tier 2 cities: Hefei, Zhengzhou, Nanchang
and Chongqing. The increase in contracted sales was mainly driven
by a 30% rise in gross floor area sold and a recovery of 5% in
average selling prices to HKD8,130 per sq m during the period.
Residential sales accounted for around 90% of total contracted
value during 1HFY18, of which residential sales in Hefei alone
made up 37% of total sales.

Fitch expects contracted sales to reach HKD10 billion-11 billion
in FY18 as residential markets in the Tier 2 cities where the
company operates remain strong.

Weak Demand for Trade Centres: Demand in the trade and logistics-
centre sector has been weak since late 2014 as small and medium-
sized enterprises have withheld investment amid weaker economic
growth, slower relocation demand, delays in completion of
transportation networks by local governments, and weaker investor
appetite. Fitch does not see any signs of recovery in demand for
trade centre space in the next 12-18 months.

Sustained EBITDA Margin: CSC's EBITDA margin narrowed to 29.0% in
the 12 months to September 2017 from above 30% in past years,
mainly due to shift towards lower-margin residential properties.
However, this is mitigated by the company's low weighted-average
land cost of CNY404 (HKD493) per sq m in 1HFY18, and a cut in
selling and general expenses (12 months to September 2017: -17%
yoy), and larger recurring EBITDA from the non-development
segment. Fitch expects CSC's EBITDA margin to remain at around 30%
in the next year or two, providing a buffer to absorb average
selling price volatility.

DERIVATION SUMMARY

CSC's projects are located in Tier 1 and 2 cities in China, which
are better located than two other Fitch-rated trade centre
developers - Hydoo International Holding Limited (B-/Stable) and
Wuzhou International Holdings Limited (CCC), whose projects are
mainly in Tier 3 and 4 cities. This translates into larger scale
and better EBITDA margins for CSC compared with its peers in the
same industry. CSC's leverage is higher than that of Hydoo and
Wuzhou as part of its cash is tied up in the construction of
investment properties. Fitch expects its diversification into the
non-development segment to generate stable operational cash flow
for the company.

KEY ASSUMPTIONS

Fitch's key assumptions within the rating case for CSC include:

  - Contracted sales at HKD10 billion-11 billion in FY18.

  - Non-development income to increase to HKD1.8 billion-
    HKD2 billion in FY18.

  - Capital expenditure at HKD8.5 billion-10 billion in FY18.

RATING SENSITIVITIES

Developments that may, individually or collectively, lead to
negative rating action include:

  - EBITDA margin sustained below 20%

  - Net debt/adjusted inventory sustained above 50% if non-
    development income/interest is below 1.0x (FYE17: 0.9x) and

  - Net debt/adjusted inventory sustained above 60% if non-
    development income/interest is above 1.0x.

No positive rating action is expected in the next 12-18 months
given persistent weak demand for trade and logistic centres.

LIQUIDITY

Adequate Liquidity: CSC had cash and cash equivalents, including
restricted cash, of around HKD9.3 billion and unutilised banking
facilities of HKD5.6 billion at end-September 2017, covering
short-term debt of HKD12.4 billion. CSC's successful issuance in
the offshore bond market has also alleviated refinancing pressure
and lowered its average borrowing cost to 6.2% at end-September
2017, from 6.3% at FYE16 and 6.8% at FYE15.



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

The instrument-wise rating actions are:

-- INR162.5 mil. Fund-based working capital limits (long term)
    maintained in Non-Cooperating Category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR6.4 mil. Non-fund-based working capital limits (short
    term) maintained in Non-Cooperating Category with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR273.4 mil. Term loan (long term) maintained in Non-
    Cooperating Category with IND D (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

Aditya Prints provides value addition services in textiles such as
embroidery, stitching, designing, painting and dyeing on a job
work basis.


AMBIENCE CONSTRUCTIONS: Ind-Ra Corrects March 30, 2017 Release
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects a ratings release on
Ambience Constructions India Limited (ACIL) published on March 30,
2017 that incorrectly mentioned the issuer name as Ambience
Construction India Limited.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has assigned Ambience
Constructions India Limited (ACIL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital facilities assigned
    with IND BB/Stable rating; and

-- INR120 mil. Non-fund-based facilities assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect ACIL's moderate credit profile. Revenue
increased to INR932 million in FY16 (FY15: INR861 million) on
account of an increase in work orders. The company has INR1,615
million worth orders in hand as on February 2017.

Net financial leverage (total adjusted net debt/operating EBITDAR)
improved to 1.1x in FY16 (FY15:1.5x) due to continued term debt
servicing by ACIL despite a decline in EBITDA margins. Interest
coverage (operating EBITDA/gross interest expense) was 4.7x in
FY16 (FY15:4.9x). The deterioration in the interest coverage was
primarily on account of deterioration in operating EBITDA margins;
margins declined yoy over FY14-FY16 (FY14:6.2%, FY15: 5.7% and
FY16: 5.4%) on account of an increase in the labor cost and raw
material price fluctuation.

ACIL's liquidity remained tight with full utilization of the fund-
based working capital limits over the 12 months ended February
2017.

The ratings, however, are supported by over a decade of experience
of BGPL's promoter in the Polypropylene woven sack manufacturing
business.

RATING SENSITIVITIES

Positive: Substantial growth in the top line, and improvement in
profitability and liquidity leading to sustained improvement in
the credit metrics will be positive for the ratings.

Negative: A decline in the revenue and operating profitability
resulting in significant deterioration in the credit metrics will
be negative for the ratings.

COMPANY PROFILE

Incorporated in 1996, ACIL undertakes civil construction works
related to hospital, university, military campus, schools etc. It
is headquartered in Hyderabad (Telangana) and is a Class 'A'
Contractor registered with Public Works Department, Telangana
State and Central Public Works Department, Government of India. It
only undertakes government projects in Andhra Pradesh and
Telangana.


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

The instrument-wise rating actions are:

-- INR112.5 mil. Fund-based working capital limits migrated to
    Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

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

Note: ISSUER NOT COOPERATING: The ratings were last assigned on
May 22, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010, Artemis Auto India is an authorized dealer
of Volvo Auto India.


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

The instrument-wise rating actions are:

-- INR140 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Term loan maintained in Non-Cooperating Category
     with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Non fund-based limit maintained in Non-Cooperating
     Category with IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Ashok Bricks Industries, established in 1992 as a partnership
firm, is engaged in the construction industry.


BHUSHAN POWER: NCLAT Asks Lenders to Proceed With Bids Selection
----------------------------------------------------------------
BloombergQuint reports that the National Company Law Appellate
Tribunal on May 24 asked the committee of creditors of debt-ridden
Bhushan Power and Steel Ltd. to proceed with the bids submitted by
Tata Steel Ltd. and U.K.-based Liberty House.

BloombergQuint relates that the appellate tribunal also directed
the CoC to keep its decision over the bids in a sealed cover and
said it would be subject to its final order.

"Approval of one or the other would be kept in a sealed cover,"
the report quotes the NCLAT bench headed by Chairman Justice SJ
Mukhopadhaya as saying. The appellate tribunal also declined the
request of lenders to direct both parties to submit fresh bids.
NCLAT has listed the matter for further hearing on July 12,
BloombergQuint discloses.

According to the report, the appellate tribunal's order came over
an application filed by CoC seeking clarification over the
process.

On April 23, the National Company Law Tribunal had directed the
lenders of Bhushan Power and Steel, led by Punjab National Bank,
to consider the bid submitted by U.K.-based Liberty House for the
debt-ridden company, BloombergQuint recalls. Allowing the plea of
Liberty House, the tribunal directed the CoC to complete its
resolution proceedings by June 23.

Tata Steel has already challenged the order of the principal bench
of NCLT, BloombergQuint says.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and
cold rolled products; and long products, including iron making
and sponge iron products. The company also provides steel pipes,
hollow steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com notes.


BINDESHWARI COLD: CRISIL Assigns B Rating to INR4MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Bindeshwari Cold Chain Private Limited.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             4        CRISIL B/Stable (Assigned)

The rating reflects the company's exposure to risks relating to
timely project execution and ramp-up of operations of its cold
storage unit, and the highly regulated and competitive nature of
the cold storage industry. These weaknesses are partially offset
by the extensive entrepreneurial experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to risk related to project execution and demand: BCPPL
is setting up a cold storage facility at Lucknow. Project cost of
INR6.66 crore is being funded via debt (INR4.0 crore), promoters'
equity (INR2.25 crore) and unsecured loans (INR41 lakh). Nearly
80% of civil construction has been completed, and the cold storage
unit should be commercialised by October 2018. Stabilisation of
operations and utilisation of the unit, as envisaged, will remain
key rating sensitivity factors.

* Highly regulated and fragmented nature of cold storage industry:
The cold storage industry is highly regulated by the state.
Rentals are fixed by Department of Agricultural Marketing, which
limits the players' ability to leverage their strengths and
geographical advantages. The industry is also highly fragmented,
with the largest player having market share of less than 0.5%.
This limits the bargaining power of players and forces them to
offer discounts to ensure healthy capacity utilisation.

Strength:

* Extensive entrepreneurial experience of the promoters: The
promoters, Mr Santosh Kumar Pandey and Mr Manoj Kumar Pandey have
entrepreneurial experience of around a decade. They had set-up
Santosh Service Station (engaged in dealership of vehicles
manufactured by Tafe Motors and Tractors Ltd [rated at 'CRISIL
A1+'] and Tata Motors Ltd [rated at 'CRISIL AA/Positive/CRISIL
A1+'], and operation of a petrol pump). Their extensive
entrepreneurial experience, and understanding of local market
dynamics helps them anticipate price trends, and calibrate
purchasing and stocking decisions.

Outlook: Stable

CRISIL believes that BCCPL will continue to benefit over the
medium term from its promoter's extensive entrepreneurial
experience. The outlook may be revised to 'Positive' if operations
stabilize timely and there is significant growth in revenue and
profitability. The outlook may be revised to 'Negative' if delay
in stabilization of operations or any debt-funded capital
expenditure weakens financial risk profile.

BCCPL was set up by the promoter, Mr Santosh Kumar Pandey and his
family at Lucknow in 2017. The company is setting up a
multipurpose cold storage unit at Bakshi Ka Talab, with 4764.64 MT
for storage of potatoes, vegetables, fruits and jaggery. The unit
is expected to start commercial operations from October 2018
onwards.


CANON ENGINEERING: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Canon
Engineering Constructions' (Canon Engineering) 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:

-- INR20 mil. Fund-based working capital limits maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limits maintained
    in Non-Cooperating Category with IND A4 (ISSUER NOT
    COOPERATING) rating;

-- INR10 mil. Proposed fund-based working capital limits
    maintained in Non-Cooperating Category with Provisional B+
    (ISSUER NOT COOPERATING) /Provisional IND A4 (ISSUER NOT
    COOPERATING) rating; and

-- INR50 mil. Proposed non-fund-based working capital limits
    maintained in Non-Cooperating Category with Provisional
    IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Established in 1985, Canon Engineering is a Maharashtra-based
engineering, procurement and construction company mainly engaged
in civil construction and foundation engineering, among others. It
mainly executes government work orders and procures contracts
through e-tendering.


COTS KNITS: CRISIL Reaffirms B+ Rating on INR5.84MM LT Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of The Cots Knits (TCK).

                       Amount
   Facilities         (INR Mln)    Ratings
   ----------         ---------    -------
   Bill Discounting      .5        CRISIL B+/Stable (Reaffirmed)

   Cash Credit           .75       CRISIL B+/Stable (Reaffirmed)

   Packing Credit       3.50       CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   5.84       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's small scale of
operations, exposure to intense competition in the readymade
garment (RMG) industry, and large working capital requirement.
These weaknesses are partially offset by the extensive experience
of the promoter and established customer relationships, and
moderate financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and exposure to intense competition
Revenue is estimated at INR20 crore for fiscal 2018, indicating
the firm's modest scale of operations in the highly fragmented RMG
industry, which has low entry barriers and capital requirement.
TCK's business risk profile will remain constrained by its modest
scale in the highly fragmented and intensely competitive RMG
industry.

* Large working capital requirement: Operations are working
capital intensive, as reflected in estimated gross current assets
of 190 days as on March 31, 2018, primarily on account of
inventory of 90-120 days because of seasonal availability of raw
material and long working capital cycle.

Strengths

* Extensive experience of the promoter in the garment industry,
and established customer relationships: Benefits from the two
decade-long experience of the promoter, Mr T Sharan Chinnu, and
established relationships with key customers and suppliers, will
continue to support the firm.

* Moderate financial risk profile: The financial risk profile is
supported by comfortable debt protection metrics, with net cash
accrual to total debt and interest coverage ratios estimated at
11% and 2.15 times, respectively, in fiscal 2018. However,
networth is small estimated at INR3.2 crore and gearing moderate
at 1.69 times, respectively, as on March 31, 2018.

Outlook: Stable

CRISIL believes TCK will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if the there is a significant increase in revenue and
profitability and improvement in working capital management,
resulting in a better financial risk profile. The outlook may be
revised to 'Negative' if revenue and profitability decline, or if
the firm undertakes aggressive, debt-funded capital expenditure,
or if its working capital cycle lengthens, weakening the financial
risk profile.

TCK, established in 2008 by Mr T Sharan Chinnu at Tiruppur (Tamil
Nadu), knits and manufactures readymade garments.


CRAVE CLOTHING: Ind-Ra Maintains 'B+' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Crave Clothing
Company Private Limited's (CCCPL) 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:

-- INR160 mil. Fund-based working capital limits Maintained in
    Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR19 mil. Term loan maintained in Non-Cooperating Category
    with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 11, 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 2003, CCCPL is a Mumbai-based garments
manufacturer. The company has two units based in Daman with a
total installed capacity of 12,70,000 units.


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

The instrument-wise rating actions are:

-- INR60 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 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

D and M Cables manufactures aluminum cable wires at its 12,000mtpa
plant in Sonepat, Haryana.


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

The instrument-wise rating actions are:

-- INR9.33 mil. Long term loan due on July 2021 migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR40.00 mil. Fund-based facilities migrated to 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
May 23, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Dhalavai Pathra kaliamman Modern Rice Mill, incorporated in 2005,
is a Virudhunagar based company, engaged in rice milling.


DWARKADHEESH HAVELI: CRISIL Moves D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with
Dwarkadheesh Haveli Builders (DHB) for obtaining information
through letters and emails dated April 23, 2018, May 10, 2018 and
May 15, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             8.5      CRISIL D (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dwarkadheesh Haveli Builders,
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Dwarkadheesh Haveli Builders 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
facility of Dwarkadheesh Haveli Builders to CRISIL D Issuer not
cooperating'.

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

Established in 2010 as a partnership firm by Mr. Vijay Singh, Mr.
Rakesh Kumar Rai, Mr.Kishan L Sharma, Mr.Ajab Singh, Mr.Gulab
Singh, and Mr. D K Rai, DHB develops residential real estate in
Bhopal.


ELCOM INNOVATIONS: CRISIL Migrates B- Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Elcom Innovations
Private Limited (EIPL) for obtaining information through letters
and emails dated March 28, 2018, April 19, 2018, May 10, 2018 and
May 15, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          7.5       CRISIL B-/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Letter of Credit     4         CRISIL A4 (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Fund-       0.5       CRISIL B-/Stable (Issuer Not
   Based Bank Limits              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 Elcom Innovations Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Elcom Innovations Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2002 as SRM Engineering Services India Pvt Ltd,
EIPL got its current name in December 2012. The company,
manufactures and trades in telecommunication systems such as EPABX
and ruggedize field phones for the defence, aerospace,
electronics, and communication segments. Facility is in Mohali,
Punjab, and office in Noida. Parent company, Elcom Systems Pvt
Ltd, holds 70% stake in EIPL is promoted by SUN Group Enterprises
Private Limited, a private equity investor in India and emerging
markets.


FAIR N FLAIR: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Fair N Flair
Garments' 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:

-- INR430 mil. Fund-based working capital limits migrated to
    non-cooperating category with IND B+ (ISSUER NOT COOPERATING)
    rating; and

-- INR20.1 mil. Term loan due on December 2023 migrated to non-
    cooperating category with IND B+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 22, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

The company is engaged in the manufacture and export of garments
to European countries.


FLAGMARK BUILDERS: CRISIL Cuts Rating on INR10MM Loan to D
----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Flagmark Builders Private Limited (Flagmark) to 'CRISIL D' from
'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Term Loan             10       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The downgrade reflects instances of delay by Flagmark in servicing
its debt, on account of weak liquidity owing to working capital
intensive operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest financial risk profile: Flagmark's financial risk profile
is modest, marked by weak net worth, modest debt protection
metrics and working capital intensive operations.

Strength:

* Promoter's extensive experience: Partners have close to 2
decades of experience across various verticals including real
estate, construction and hospitality. The company shall benefit
from the extensive industry experience of the promoters over the
medium term.

Incorporated in 2013, Flagmark is engaged in real estate
development. The company is based out of Thiruvananthapuram
(Kerala). The company started its commercial operations in fiscal
2017.


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

The instrument-wise rating actions are:

-- INR20 mil. Fund-based limits migrated to non-cooperating
    category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR37.4 mil. Long-term loan due on March 2020 migrated to
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 22, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Flair Garments is engaged in the dyeing and printing of garments
and fabric processing.


GEM MOTORS: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gem Motors
(India) Private Limited's (GEM) 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:

-- INR150 mil. Fund-based limit maintained in Non-Cooperating
     Category with IND B (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Non-fund-based limit maintained in Non-Cooperating
     Category with IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR150 mil. Proposed fund-based limits maintained in Non-
     Cooperating Category with Provisional IND B (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Incorporate in 2007, GEM is a Hyderabad-based authorized dealer of
cars manufactured by Maruti Suzuki India Limited. The company is
engaged in the sales and service of both new and old cars. The
firm is owned and promoted by the Yadav family.


GHAZIPUR NAGAR: Ind-Ra Withdraws BB- Long Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ghazipur Nagar
Palika Parishad's (GhNPP) Long-Term Issuer Rating of 'IND BB-'.
The Outlook was Stable.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the rating, as the issuer
rating was assigned under the Atal Mission for Rejuvenation and
Urban Transformation (AMRUT) programme and no specific debt was
issued against the rating.

COMPANY PROFILE

The city of Ghazipur is located in the eastern part of Uttar
Pradesh. It is the headquarters of the Ghazipur district. The city
nearly stretches parallel to the river Ganges. It is spread over
an area of around 18 sq. km and is divided into four zones, which
are further divided into 28 wards.


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

The instrument-wise rating actions are:

-- INR62 mil. Fund-based working capital limits (long term and
     short-term ) maintained in non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating;

-- INR455.4 mil. Non-fund-based working capital limits (short
     term) maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Term loan (long term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 24, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gowthami Infratech provides project management and engineering,
procurement and construction services under the Rajiv Gandhi
Grameen Vidyutikaran Yojna Scheme in Madhya Pradesh and Odisha.


GURU KIRPA: CRISIL Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has been consistently following up with Guru Kirpa Agro
Foods (GKAF) for obtaining information through letters and emails
dated April 24, 2018, May 10, 2018 and May 15, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          8.85      CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Fund-        .84      CRISIL B+/Stable (Issuer Not
   Based Bank Limits              Cooperating; Rating Migrated)

   Proposed Non Fund     .06      CRISIL A4 (Issuer Not
   based limits                   Cooperating; Rating Migrated)

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

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Guru Kirpa Agro Foods to CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

GKAF was set up in 1997 by Mr. Dhalu Ram. Mr. Lokesh Kumar, Mr.
Kailash Chandra, Mr. Rohit Kumar and Mr. Sahil Sardana are the
current partners. The firm processes, trades in, and supplies
basmati and other varieties of rice to both its local and foreign
customer base. Domestic sales and exports contribute 70% and 30%,
respectively, to revenue.


H D MOTORS: Ind-Ra Migrates B- Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated H D Motors' (HDM)
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:

-- INR30 mil. Long term loan due on May 2021 migrated to non-
    cooperating category with IND B- (ISSUER NOT COOPERATING)
    rating; and

-- INR50 mil. Fund-based facilities migrated to non-cooperating
    category with IND B- (ISSUER NOT COOPERATING) /IND A4 (ISSUER
    NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2015, HDM is an authorized Mahindra and Mahindra
Limited's ('IND AAA'/Stable) car dealer in Tumkur, Karnataka. The
firm is engaged in sales and also service of both new and old
cars.


JOHNS PALLAZZIO: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Johns Pallazzio
(JP) for obtaining information through letters and emails dated
April 5, 2018, May 8, 2018, and May 14, 2018 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Proposed Long Term       8       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Johns Pallazzio, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Johns Pallazzio 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
facility of Johns Pallazzio to CRISIL B/Stable Issuer not
cooperating'.

JP, incorporated in 2015, is a propritor firm setting up a 30
room's capacity hotel named 'Hotel Ashok' in Thanjavur (Tamil
Nadu). The hotel is currently under construction and is expected
to be operational from April 2017. The company is promoted by Mr.
S. Noel Anthuvan.


KALYANALAKSHMI SHOPPING: Ind-Ra Moves B+ Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kalyanalakshmi
Shopping Mall's (KLSM) 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:

-- INR85 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR35 mil. Proposed fund-based working capital limits
    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 25, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Established as a partnership firm in 2011, KLSM is engaged in the
trading of readymade garments. It has an outlet in Warangal,
Telangana.


KAMAKSHYA AGRO: Ind-Ra Maintains BB LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kamakshya Agro
Products Pvt Ltd.'s (KAPPL) Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit maintained in
    Non-Cooperating Category IND BB (ISSUER NOT COOPERATING)
    rating;

-- INR20.87 mil. Long-term loans maintained in Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR1.20 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
May 4, 2016. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

KAPPL is primarily engaged in the processing and milling of rice.
The company's 14,400mtpa paddy milling facility is located in
Burdwan, West Bengal.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based cash credit facility maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     /IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Non-fund-based bank guarantee maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR90 mil. Non-fund-based letter of credit Maintained in non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR2 mil. FC/CEL maintained in non-cooperating category with
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 5, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kay Em Copper is involved in the trading of non-ferrous metals,
majorly copper wire rods and ingots.


KRUSHI UTPANNA: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Krushi Utpanna Bazar
Samitee's (KUBS) proposed bank loan as follows:

-- INR700 mil. Proposed bank loan assigned with Provisional
    IND BB-/Stable rating.

The rating is provisional and shall be confirmed upon the sanction
and execution of loan/transaction documents for the above
instrument to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect KUBS' small scale of operations as indicated
by a total income of INR216.69 million as per FY18 provisional
financials (FY17: INR146.42 million). The rise in the total income
was on account of improved market fees collection.

The ratings are also constrained by KUBS' low current balance and
weak operational effectiveness due to the trading nature of
business. As an agriculture produce market committee (APMC), it
provides market and infrastructure support to the farmers and acts
as the single market for permitted agricultural products. Thus,
KUBS' business is determined by a combination of governing state
policies, weather conditions and crops cultivated by the farmers.
In FY18P, current balance improved to INR130.75 million (FY17:
INR69.85 million) because of the increase in the total income.

The ratings also factor in KUBS' plan of setting up a separate
infrastructure facility for the grain market until FY20. The
proposed capex of INR1,000 million is to be funded through a mix
of equity and debt. This is likely to exert pressure on KUBS' debt
metrics. At FYE18, the APMC did not have any outstanding debt.

However, the ratings are supported by KUBS' comfortable liquidity
position with available funds coverage for operating expenditure
increasing to 120.6% in FY18P (FY17: 78.2%), attributed to
comfortable cash balances.

RATING SENSITIVITIES

Positive: A positive rating action could result from a sustained
improvement in revenue and maintenance of strong credit metrics
once the planned capex is underway.

Negative: A negative rating action could result from weakening of
liquidity position or a sustained decline in revenue or higher-
than-expected debt-funded capex.

COMPANY PROFILE

Established in 1931, KUBS is a Latur-based APMC mainly involved in
the trading of husked wheat, jowar, gram, green gram, pigeon pea,
soybean and jaggery. It has five godowns with a total storage
capacity of 9,300 metric tons.


MAHALAKSHMI TELE: Ind-Ra Maintains 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mahalakshmi
Teleservices' 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:

-- INR20 mil. Fund-based working capital limits (long term and
     short term ) maintained in non-cooperating category with IND
     D (ISSUER NOT COOPERATING) rating;

-- INR50 mil. Term loan (long term) maintained in non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR25 mil. Non-fund-based working capital limits (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 4, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mahalakshmi Teleservices offers design, supply, installation and
maintenance services for telecom infrastructure.


MAWANA FOODS: CRISIL Reaffirms B- Rating on INR3.5MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has removed its ratings on bank facilities of
Mawana Foods Private Limited (MFPL) from 'Rating Watch with
Developing Implications' and assigned a 'Stable' outlook; the
ratings has been reaffirmed at 'CRISIL B+/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          3.5       CRISIL B-/Stable (Removed from
                                  'Rating Watch with Developing
                                  Implications'; Rating
                                  reaffirmed)

   Letter of credit     3.5       CRISIL A4 (Removed from
   & Bank Guarantee               'Rating Watch with Developing
                                  Implications'; Rating
                                  reaffirmed)

The ratings were placed on Watch with developing implications on
February 21, 2018, after Mawana Sugars Ltd (MSL; rated 'CRISIL
B+/Stable') announced its plans acquire the entire shareholding of
MFPL, from Usha International Ltd (UIL; sole shareholder), and
there was limited clarity on the impact on the overall business
and financial risk profile of the company. However, as UIL
withdrew its consent to sell its stake in MFPL to MSL, leading to
no plans of acquisition of stake on the anvil, the ratings are
being removed from watch.

The ratings reflect the below-average financial risk profile and
moderate scale of operations. These weaknesses are partially
offset by the group's established clientele and efficient working
capital management.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Financial risk profile is
marked by weak debt protection metrics, which are constrained by
high debt levels and low operating margin; interest coverage and
net cash accrual to total debt ratios were 1.1 times and 0.1 time,
respectively, in fiscal 2017.

* Moderate scale of operations and low profitability: Scale of
operations remained moderate with operating income of INR123.78
crore as on March 31, 2017. Owing to trading nature of operations,
operating margin has also remained low at 1.7%.

Strengths

* Established clientele: Benefits from the wide network,
comprising 16 carrying and forwarding agents and 100 distributors,
catering to 1,000 retail outlets across India, and established
relationships with customers and suppliers, will continue.

* Efficient working capital management: Working capital is managed
well, as reflected in minimal inventory and receivables of 13-21
days and 11-17 days for the three years ended March 31, 2017.
Timely estimates of demand from distribution channels helps the
company procure goods accordingly. The company offers limited
credit of 10-15 days to organised retail chains like CafÇ Coffee
Day and no credit to retail distributors.

Outlook: Stable

CRISIL believes MFPL will continue to benefit by its established
distribution network. The outlook may be revised to 'Positive' if
scale of operations and profitability improve substantially or if
equity infusion strengthens capital structure. The outlook may be
revised to 'Negative' if decline in scale of operations and
profitability lead to low cash accrual or if increase in working
capital requirement weakens financial risk profile.

MFPL, which is part of the Shriram group, is a wholly-owned
subsidiary of UIL. The company was named Siel Food and
Fertilisers, and renamed as Siel Edible Oils Ltd in 2006. It was
renamed as MFPL in fiscal 2013. The New Delhi-based company
supplies edible oil products through its retail distribution
network, under brands such as Cornola (corn oil), Ruby (groundnut
oil) and Panghat (vanaspati ghee).


MISHRILAL ASSOCIATES: Ind-Ra Retains B Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mishrilal
Associates Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using 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:

-- INR15 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND B (ISSUER NOT COOPERATING)
    /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR50.25 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
February 19, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2011, Mishrilal Associates is engaged in the
erection and commissioning of electrical installations.


N.K. BHOJANI: CRISIL Lowers Rating on INR19.5MM Loan to B+
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of N.K. Bhojani Private Limited (NKBPL) to 'CRISIL
B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        7        CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Cash Credit          19.5      CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Letter of Credit       .75     CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Proposed Long Term
   Bank Loan Facility    4.89     CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

   Term Loan            17.86     CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB-/Stable')

The downgrade reflects deterioration in the company's liquidity in
fiscal 2018, reflected in high bank limit utilisation of 98% on an
average over the 12 months through February 2018 on account of
stretch in working capital cycle. Gross current assets (GCA) are
estimated at 237 days as on March 31, 2018, driven by delay in
realisation of receivables, which stood at 135 days as on that
date. Furthermore, cash accrual is estimated at INR2.5 crore in
fiscal 2018 and was tightly matched with debt obligation.
Efficient management of working capital will remain a key
monitorable.

The ratings reflect the company's large working capital
requirement and stressed liquidity. These weaknesses are partially
offset by the extensive experience of the promoter in the steel
industry, the company's diversified business profile, and moderate
financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: GCAs are estimated at 237
days as on March 31, 2018, driven by stretched receivables
(estimated at 135 days). While coal is procured from large
suppliers against advance payment, local raw material suppliers
extend limited credit of 15-20 days. The working capital
requirement is expected to reduce gradually with higher revenue
from the mining division and collection of receivables from the
related entity.

* Stressed liquidity: Liquidity is constrained by high bank limit
utilisation of 98% over the 12 months through February 2018. Also,
cash accrual, expected at INR2.5-3.5 crore over the medium term,
will be tightly matched with debt obligation.

Strengths

* Extensive industry experience of the promoter: The promoter's
experience of two decades in the steel industry and healthy
relationships with customers have helped the company increase
revenue (estimated at INR78-82 crore in fiscal 2018), and will
continue to support its business risk profile.

* Moderate financial risk profile: Networth is estimated at a
healthy INR25 crore and gearing at an adequate 1.15 times as on
March 31, 2018. The gearing is expected to reduce over the medium
term on account of improvement in profitability leading to
sizeable accretion to reserves and gradual repayment of term debt.
Debt coverage metrics are also likely to improve driven by better
profitability.

Outlook: Stable

CRISIL believes NKBPL will continue to benefit from the extensive
industry experience of its promoter and will maintain comfortable
capital structure. The outlook may be revised to 'Positive' if
substantial growth in revenue and profitability, or better working
capital management, improves liquidity. The outlook may be revised
to 'Negative' if lower-than-expected cash accrual, stretched
working capital cycle, or large, debt-funded capital expenditure
weakens the financial risk profile and liquidity.

NKBPL, incorporated in 1996, is promoted and managed by Mr N K
Bhojani. The company manufactures sponge iron, mines iron ore, and
has a dealership contract with Larsen & Toubro Ltd for sale of
spares and for service. Its manufacturing facilities are at
Rugudi, Odisha.


ONEWORLD CREATIONS: CRISIL Cuts Rating on INR45MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its long term ratings on Oneworld Creations
Private Limited (OCPL; part of Oneworld group) to 'CRISIL D' from
'CRISIL BBB/Stable.'

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          45        CRISIL D (Downgraded from
                                  'CRISIL BBB/Stable')

   Proposed Cash
   Credit Limit          9        CRISIL D (Downgraded from
                                  'CRISIL BBB/Stable')
   Proposed Long Term
   Bank Loan Facility    35       CRISIL D (Downgraded from
                                  'CRISIL BBB/Stable')

   Term Loan             16       CRISIL D (Downgraded from
                                  'CRISIL BBB/Stable')

The rating downgrade reflects the group's stretched liquidity
position marked by on-going delays in repayments and overdrawl in
cash credit limits for more than 30 days. As per the discussion
with the management and lenders, the abrupt stretch in liquidity
is on account of rejection of the group's products by its
customers coupled with delayed realization from their customers in
April 2018. CRISIL notes that the group shared the No Default
Statement (NDS) till March 2018, undertaking that there have been
no instances of delays in servicing their debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OCPL, Oneworld Industries Private
Limited (OIPL), Oneworld Retail Private Limited (ORPL), Ultimo
Fabrics Private Limited (UFPL), Oneworld Sourcing (OS), Worldstar
Fabrics LLP (WF), Tissori India Fabrics Pvt Ltd (TIPL), Maison De
Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP (WOT),
Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This is
because all these entities, together referred to as the Oneworld
group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

Weakness

* Delay in repayments: Stretched liquidity has resulted in on-
going delay in repayment of term loans and payment of interest on
working capital facilities. Further fund based working capital
facilities have remained overdrawn continuously for more than 30
days.

* Low profitability: Operating margin has been in the 1.9-2.8 per
cent range in the three years through fiscal 2017 because of
trading nature of business.

Strength

* Established presence in the textile trading business: The
Oneworld group's promoters have around 2 decades of experience in
the textile industry. The promoters entered the textile business
in 1995, and over the years, have established their presence in
the suiting, terry-rayon fabrics and RMG space

Promoted and managed by Mr. Urvil Jani and Mr. Manoj Khushalani,
the Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

OCPL, incorporated in April 2012, trades in ready-made garments.
OIPL, ORPL, OS, UFPL, WF, TIPL, MDC, WOT, ODS, and ZF are engaged
in trading of different types of fabrics.


ONEWORLD INDUSTRIES: CRISIL Lowers Rating on INR140MM Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long term bank loan
facility of Oneworld Industries Private Limited (OIPL; part of
Oneworld group) to 'CRISIL D' from 'CRISIL BBB/Stable'

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          140      CRISIL D (Downgraded from
                                 'CRISIL BBB/Stable')

The rating downgrade reflects the group's stretched liquidity
position marked by on-going delays in repayments and overdrawl in
cash credit limits for more than 30 days. As per the discussion
with the management and lenders, the abrupt stretch in liquidity
is on account of rejection of the group's products by its
customers coupled with delayed realization from their customers in
April 2018. CRISIL notes that the group shared the No Default
Statement (NDS) till March 2018, undertaking that there have been
no instances of delays in servicing their debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OIPL, Worldstar Fabrics LLP (WF),
Oneworld Creations Private Limited (OCPL), Oneworld Retail Private
Limited (ORPL), Ultimo Fabrics Private Limited (UFPL), Oneworld
Sourcing (OS), Tissori India Fabrics Pvt Ltd (TIPL), Maison De
Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP (WOT),
Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This is
because all these entities, together referred to as the Oneworld
group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

* Delay in repayments: Stretched liquidity has resulted in on-
going delay in repayment of term loans and payment of interest on
working capital facilities. Further fund based working capital
facilities have remained overdrawn continuously for more than 30
days.

Weakness

* Low profitability: Operating margin has been in the 1.9-2.8 per
cent range in the three years through fiscal 2017 because of
trading nature of business.

Strength

* Established presence in the textile trading business: The
Oneworld group's promoters have around 2 decades of experience in
the textile industry. The promoters entered the textile business
in 1995, and over the years, have established their presence in
the suiting, terry-rayon fabrics and RMG space.

Promoted and managed by Mr. Urvil Jani and Mr. Manoj Khushalani,
the Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

OIPL, incorporated in May 2012, trades in fabric. WF, ORPL, OS,
UFPL, TIPL, MDC, WOT, ODS, and ZF are engaged in trading of
different types of fabrics while OCPL is engaged in trading of
ready-made garments.


ONEWORLD RETAIL: CRISIL Lowers Rating on INR28.5MM Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
loan facilities of Oneworld Retail Private Limited (ORPL; part of
the Oneworld group) to 'CRISIL D' from 'CRISIL BBB-/Stable'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit         28.5      CRISIL D (Downgraded from
                                 'CRISIL BBB-/Stable')

   Proposed Long       15.0      CRISIL D (Downgraded from
   Term Bank Loan                'CRISIL BBB-/Stable')
   Facility

   Term Loan            8.75     CRISIL D (Downgraded from
                                 'CRISIL BBB-/Stable')

The rating downgrade reflects the group's stretched liquidity
position marked by on-going delays in repayments and overdrawl in
cash credit limits for more than 30 days. As per the discussion
with the management and lenders, the abrupt stretch in liquidity
is on account of rejection of the group's products by its
customers coupled with delayed realization from their customers in
April 2018. CRISIL notes that the group shared the No Default
Statement (NDS) till March 2018, undertaking that there have been
no instances of delays in servicing their debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ORPL, Oneworld Sourcing (OS), Oneworld
Creations Private Limited (OCPL), Oneworld Industries Private
Limited (OIPL), Ultimo Fabrics Private Limited (UFPL), Worldstar
Fabrics LLP (WF), Tissori India Fabrics Pvt Ltd (TIPL), Maison De
Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP (WOT),
Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This is
because all these entities, together referred to as the Oneworld
group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

* Delay in repayments: Stretched liquidity has resulted in on-
going delay in repayment of term loans and payment of interest on
working capital facilities. Further fund based working capital
facilities have remained overdrawn continuously for more than 30
days.

Weakness

* Low profitability: Operating margin has been in the 1.9-2.8 per
cent range in the three years through fiscal 2017 because of
trading nature of business.

Strength

* Established presence in the textile trading business: The
Oneworld group's promoters have around 2 decades of experience in
the textile industry. The promoters entered the textile business
in 1995, and over the years, have established their presence in
the suiting, terry-rayon fabrics and RMG space.

Promoted and managed by Mr. Urvil Jani and Mr. Manoj Khushalani,
the Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

ORPL, incorporated in May 2012, trades in ladies fabric. OS, OIPL,
UFPL, WF, TIPL, MDC, WOT, ODS, and ZF are engaged in trading of
different types of fabrics while OCPL is engaged in trading of
readymade garments.


ONEWORLD SOURCING: CRISIL Cuts Rating on INR66MM Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long term bank
loan facilities of Oneworld Sourcing (OS; part of Oneworld group)
to 'CRISIL D' from 'CRISIL BBB/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           66       CRISIL D (Downgraded from
                                  'CRISIL BBB/Stable')

   Term Loan             12       CRISIL D (Downgraded from
                                  'CRISIL BBB/Stable')

The rating downgrade reflects the group's stretched liquidity
position marked by on-going delays in repayments and overdrawl in
cash credit limits for more than 30 days. As per the discussion
with the management and lenders, the abrupt stretch in liquidity
is on account of rejection of the group's products by its
customers coupled with delayed realization from their customers in
April 2018. CRISIL notes that the group shared the No Default
Statement (NDS) till March 2018, undertaking that there have been
no instances of delays in servicing their debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of OS, Oneworld Creations Private Limited
(OCPL), Oneworld Industries Private Limited (OIPL), Oneworld
Retail Private Limited (ORPL), Ultimo Fabrics Private Limited
(UFPL), Worldstar Fabrics LLP (WF), Tissori India Fabrics Pvt Ltd
(TIPL), Maison De Couture Pvt Ltd (MDC), Worsted Overseas Trading
LLP (WOT), Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF).
This is because all these entities, together referred to as the
Oneworld group, are in the same line of business and under a
common management, and have operational synergies.

Key Rating Drivers & Detailed Description

Weakness

* Delay in repayments: Stretched liquidity has resulted in on-
going delay in repayment of term loans and payment of interest on
working capital facilities. Further fund based working capital
facilities have remained overdrawn continuously for more than 30
days.

* Low profitability: Operating margin has been in the 1.9-2.8 per
cent range in the three years through fiscal 2017 because of
trading nature of business.

Strength

* Established presence in the textile trading business: The
Oneworld group's promoters have around 2 decades of experience in
the textile industry. The promoters entered the textile business
in 1995, and over the years, have established their presence in
the suiting, terry-rayon fabrics and RMG space.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells ready-
made garments, manufacturing of which is outsourced. Registered
office is in Mumbai.


P C GLOBAL: CRISIL Lowers Rating on INR6.42MM Loan to D
-------------------------------------------------------
CRISIL Ratings has been consistently following up with P C Global
Merchandising Private Limited (PCG; part of the Plaza group) for
obtaining information through letters and emails dated September
22, 2017 and October 9, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Packing Credit       6.42    CRISIL D (Issuer Not Cooperating:
                                Downgraded from 'CRISIL A4+
                                Issuer Not Cooperating)

   Proposed Long Term   2.58    CRISIL D (Issuer Not Cooperating:
   Bank Loan Facility           Downgraded from 'CRISIL BB-/
                                Stable Issuer Not Cooperating)

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

Detailed Rationale

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

CRISIL has downgraded its ratings on the bank facilities of PCG to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB-
/Stable/CRISIL A4+ Issuer Not Cooperating'

The downgrade reflects delays by the company in servicing of
interest, devolvement of letter of credit and delays in servicing
debt.

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of PCG and Plaza Computers (PC). This is
because the two entities, together referred to as the Plaza group,
are in the same business, and have a common management team and
marketing network.

PC, set up in 1994-95 as a proprietorship firm by Mr. Sudeep Goel,
manufactures and exports women's readymade garments and its
facility is at Devli in New Delhi. Mr. Goel set up PCG in 2003.
Its manufacturing facility is in Noida, Uttar Pradesh.


PARKSONS CARTAMUNDI: Ind-Ra Withdraws BB+ Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Parksons
Cartamundi Private Limited's (PCPL) Long-Term Issuer Rating of
'IND BB+. The Outlook was Stable.

The instrument-wise rating actions are:

-- The IND BB+ rating on the INR45.3 mil. Term loans due on
     August 2018 is withdrawn; and

-- The IND BB+ rating on the INR147.5 mil. Fund-based facilities
     is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings for the above
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 31 March 2017 for credit
rating agencies. Ind-Ra will no longer provide analytical and
rating coverage for PCPL.

COMPANY PROFILE

PCPL manufactures playing cards and collectable cards. In 2010,
Belgium-based Cartamundi NV, the world leader in playing cards and
games, entered into a 50-50 joint venture with PCPL. The company's
head office is located in Mumbai, Maharashtra and the
manufacturing factory is at Pardi, Gujarat.


PRAGATHI HATCHERIES: Ind-Ra Migrates B Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Pragathi
Hatcheries' (PH) 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:

-- INR46.08 mil. Term loans due on April 2022 migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating; and

-- INR75.00 mil. Fund-based facilities migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 22, 2017. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

PH operates a poultry farm and manufactures poultry feed for own
consumption.


R.N.A. CONSTRUCTION: CRISIL Assigns B+ Rating to INR3.5MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of R. N. A. Construction (RNAC).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       4.0       CRISIL A4 (Assigned)
   Cash Credit          3.5       CRISIL B+/Stable (Assigned)

The ratings reflect the modest scale of operations, high
geographical concentration in revenue, and tender-based operation.
These weaknesses are partially offset by the extensive experience
of the partners in the civil construction business, revenue
visibility due to moderate order book.

Key Rating Drivers & Detailed Description

Weakness

* High geographical concentration in revenue: The firm mainly
executes orders for Public Works Department (PWD). Also,
operations are concentrated in West Bengal and Bihar, which
exposes the firm's growth to the number of tenders floated in that
particular region.

* Tender-based operations: Since operations are tender-based,
turnover depends on the ability to win tenders and timely
completion of projects.

* Modest scale of operations: With operating income of INR8.96
crore in fiscal 2018, scale remains small because of intense
competition.

* Modest financial risk profile: The firm's financial risk profile
is constrained by modest networth of INR2.47 crore as on March
2017 and high gearing of 2.02 times as on March 2017 coupled with
average debt protection metrics for fiscal 2017 with interest
coverage ratio of 1.47 times and net cash accrual to debt ratio of
(0.08) times.

Strengths

* Extensive experience of partners in the civil construction
segment: Presence of more than two decade in the civil
construction segment has enabled the partners to execute many
projects for the government in West Bengal and Bihar, with no
instances of invocation of performance guarantee.

* Moderate order book: The firm has an order book of INR98 crore,
to be executed over the two fiscals providing adequate revenue
visibility.

Outlook: Stable

CRISIL believes RNAC will continue to benefit from its partners'
extensive experience in the civil construction industry and
moderate order book. The outlook may be revised to 'Positive' if
higher-than-expected revenue and profitability, leads to
generation of high cash accrual. The outlook may be revised to
'Negative' if delay in execution of projects leads to lower-than-
expected sales or if inefficient working capital management
affects the overall financial risk profile.

RNAC, a partnership firm based out of Siliguri, West Bengal, was
set up in 1956 as a proprietorship concern and was consequently
converted into a partnership firm. The firm is engaged in civil
construction and executes projects mainly for PWD in West Bengal
and Bihar. The scope of construction encompasses residential
complexes and commercial buildings.


RADHESHYAM INDUSTRIES: CRISIL Reaffirms B+ Rating on INR12MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Radheshyam Industries (RI).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          12        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect a modest scale of operations in
the highly fragmented and intensively competitive cotton ginning
industry, a modest financial risk profile, and susceptibility to
changes in government policies. These weaknesses are partially
offset by the extensive industry experience of the partners.

Analytical Approach

CRISIL has treated unsecured loans extended by the partners as
neither debt nor equity as these loans are interest free and are
expected to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations amid intense competition: Revenue of
INR104 crore in fiscal 2018 reflects the small scale in the
intensely competitive cotton ginning industry, thereby restricting
pricing and bargaining power.

* Modest financial risk profile: The networth was small at INR4.33
crore and the gearing high at 2.31 times, as on March 31, 2018.

* Susceptibility to changes in government policies: The Government
of India fixes minimum support price for each cotton crop every
year, and any regulatory intervention can impact market prices,
thereby affecting profitability of players.

Strength:

* Industry experience of the partners: During their decade-long
presence in the cotton ginning industry, the partners have
established a sound relationship with farmers and customers.

Outlook: Stable

CRISIL believes RI will continue to benefit from the industry
experience of its partners. The outlook may be revised to
'Positive' in case of significantly higher-than-expected cash
accrual driven by a substantial increase in revenue or operating
profitability. The outlook may be revised to 'Negative' if the
financial risk profile weakens because of an increase in working
capital requirement, sizeable debt-funded capital expenditure, or
larger-than-expected capital withdrawal.

RI was set up in 2008 as a partnership firm by Mr Barkatali
Bhimji, Mr Amarshi Aamba, Mr Samsudin Sadrudin, Mr Akbarali
Bhimji, Mr Yogesh Diru, Mr Nagji Aamba, Mr Firojali Pyarli, and Mr
Alkesh Siraj. It has a cotton ginning and pressing unit in Amreli,
Gujarat.


ROJER MATHEW: CRISIL Lowers Rating on INR12MM Cash Loan to D
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rojer
Mathew and Company (RMC) for obtaining information through letters
and emails dated December 18, 2017 and January 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                   Amount
   Facilities     (INR Mln)    Ratings
   ----------     ---------    -------
   Bank Guarantee     7        CRISIL D (Issuer Not Cooperating:
                               Downgraded from 'CRISIL A4
                               Issuer Not Cooperating)

   Cash Credit       12        CRISIL D (Issuer Not Cooperating:
                               Downgraded from 'CRISIL B-/Stable
                               Issuer Not Cooperating)

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 RMC. This restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RMC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

CRISIL has downgraded its ratings on the bank facilities of RMC to
'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL B-
/Stable/CRISIL A4 Issuer Not Cooperating'.

The downgrade reflects delays by the firm in servicing debt.
CRISIL had discussion with the bank, which has confirmed the delay
in repayment.

Set up as a partnership firm in Kochi (Kerala), RMC executes civil
contracts for Kerala Public Works Department. Operations of the
firm are managed by key partner, Mr. Rojer Mathew.


RV PLASTIC: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained R V Plastic
Limited's (RVPL) 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 now
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

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

-- INR70 mil. Non-fund-based bank guarantee maintained in Non-
    Cooperating Category with IND A4 (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 26, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

RVPL was incorporated on January 25, 1995 and is a supplier of
plastic granules. The company has its registered office in New
Delhi and head office in Faridabad (Haryana).


RYTHU DAIRY: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rythu Dairy
Products Private Limited (RDPPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR55.32 mil. Term loans due on May 2025 assigned with
    IND BB+/Stable rating;

-- INR60 mil. Fund-based working capital limits assigned with
    IND BB+/Stable/IND A4+ rating; and

-- INR20 mil. Proposed term loan* assigned with Provisional
    IND BB+/Stable rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of the loan documents for the above
facility by RDPPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The ratings reflect small scale of operations and modest EBITDA
margin, which was due to its presence in a highly competitive
dairy industry. RDPPL's revenue increased at CAGR of 45.0% over
FY15-FY17. In FY17, its revenue and EBITDA margin increased to
INR695.5 million (FY16: INR671.3 million) and 4.7% (FY16: 3.9%)
due to an increase in capacity and higher contribution from value-
added products (such as cottage cheese, curd and flavored milk),
respectively.

The ratings further reflect RDPPL's modest credit metrics. In
FY17, its interest coverage (operating EBITDA/gross interest
expense) was 2.6x (FY16: 2.6x) and net leverage (total adjusted
debt/operating EBITDAR) was 3.4x (3.7x). RDPPL expanded its raw
milk processing capacity and commenced five chilling centers
during FY16-FY17 at a cost of INR59.0 million, funded by term
loans, equity infusion and internal accruals. The debt-funded
capex, along with higher working capital borrowings to support the
increased scale of operations, led to the modest credit metrics.

The ratings, however, are supported by RDPPL's comfortable
liquidity, indicated by a working capital limit utilization of
78.0% for the 12 months ended April 2018. Its net cash conversion
cycle was around 45 days in FY17 (FY16: 26 days). The
deterioration in the cycle was due to a rise in the credit period
offered to distributors to retain distributors and strengthen the
distributor network, aimed at gaining a competitive edge.

The ratings are also supported by RDPPL's diversified product
portfolio and strong raw milk procurement network, which covers
nearly 500 villages. Moreover, the ratings derive comfort from the
promoter's experience of over two decades in the dairy industry.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or profitability leading to
deterioration in the credit metrics on a sustained basis will
result in a negative rating action.

Positive: A substantial increase in the scale of operations, along
with a rise in the operating profitability leading to an
improvement in the credit metrics, on a sustained basis will be
positive for ratings.

COMPANY PROFILE

RDPPL was initially incorporated as Farmer's Milk Products Private
Limited on June 7, 2010 and later renamed on December 12, 2012. It
is engaged in the processing of packaged milk in four variants and
other dairy products such as cottage cheese, flavored milk, curd,
butter milk and khova under the brand Rythu.

It has an installed raw milk processing capacity of 75,000 liters
per day.


S. GANESH: CRISIL Migrates B+ Rating on INR2.5MM Loan
-----------------------------------------------------
CRISIL Ratings has been consistently following up with S. Ganesh
and Nagendra Co (SGN) for obtaining information through letters
and emails dated April 5, 2018, May 8, 2018 and May 14, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Foreign Letter       5.5       CRISIL A4 (Issuer Not
   of Credit                      Cooperating; Rating Migrated)

   Overdraft            2.5       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of S. Ganesh and Nagendra Co to CRISIL B+/Stable/CRISIL
A4 Issuer not cooperating'.

Set up in 1960, SGN is a proprietorship firm engaged in wholesale
trading of chemicals (inorganic in Nagercoil (Tamil Nadu). The day
to day operations are managed by Mr. Balaganesan.


S. R. PRECISION: CRISIL Cuts Rating on INR3.75MM Loan to D
----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of S. R. Precision Components Private Limited (SRPCPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee      2.75       CRISIL D (Downgraded from
                                  'CRISIL A4')

   Cash Credit         3.75       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Rupee Term Loan     2.10       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The downgrade reflects instances of delay by the company in
servicing its term loan obligations, because of weak liquidity.

The company also has modest scale of operations. However, it
benefits from its diversified revenue mix and tie-up with strong
brands in the crank shaft business.

Key Rating Drivers & Detailed Description

* Delay in debt servicing because of weak liquidity: Weak
liquidity, indicated by almost fully utilised bank limit, and
constrained by large receivables greater than 6 months (which was
at around INR99 lakh as on March 31, 2017 and estimated at similar
level as on March 31 2018), led to instances of delay in servicing
of term loan in the past three months.

Weakness

* Modest scale of operations: The modest scale is reflected in
estimated operating income of INR20.9 crore in fiscal 2017 and
expected at similar level in fiscal 2018. The operating income is
expected to increase at a slow pace over the medium term owing to
intense competition in the industry.

Strengths

* Diversified revenue mix: The company derives 70-75% of revenue
from trading in steel scrap, 15-20% from jobwork for crank shafts,
and 10-15% through direct sale of crank shafts. It is also getting
orders from railways and defense departments, which will diversify
revenue over the medium term.

* Tie-up with strong brand: In the crank shaft segment, SRPCPL
does jobwork for Swaraj Division, Mahindra & Mahindra Ltd - Mohali
and Tafe Motors & Tractors Ltd. It also sells crank shafts
directly to Preet Tractors Pvt Ltd and Preet Agro Industries Pvt
Ltd. The tie-ups with strong brands support the company's business
risk profile.

SRPCPL was incorporated in July 2011 and started operations in
March 2012. It is managed by Mr Sukhdev Chand Gupta and Mr Tilak
Raj. The company trades in iron scrap, and manufactures and
undertakes jobwork for automobile crank shafts which are used in
commercial tractors.


SHIV BUILD: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shiv Build
India Pvt Ltd.'s (SBIPL) 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:

-- INR50 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR150 mil. Non-fund-based working capital limits maintained
     in Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SBIPL is a civil contractor engaged in the construction of road
projects since 1992.


SHIVAM MOBILE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Shivam Mobile
Services Private Limited's (SMSPL) 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 action is:

-- INR60 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 9
February 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 2010, SMSPL is a distributor of Samsung mobile
products in Surat.


SHREYAS INDIA: CRISIL Hikes Rating on INR9.2MM Loan to B+
---------------------------------------------------------
CRISIL Ratings has upgraded its ratings on the long-term bank
facilities of Shreyas India Private Limited (SIPL) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and reaffirmed the short-term
rating at 'CRISIL A4'.

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

   Cash Credit           4        CRISIL B+/Stable (Upgraded
                                  from 'CRISIL B/Stable')

   Proposed Long Term    9.2      CRISIL B+/Stable (Upgraded
   Bank Loan Facility             from 'CRISIL B/Stable')

The upgrade reflects better than expected business performance in
fiscal 2018. In fiscal 2018, company's estimated operating income
was INR18 crores, against previous expectation of INR13.6 crores,
driven by increased demand from customers. This resulted in
increased estimated net cash accruals of over INR1.3 crores in
fiscal 2018 against INR1.2 crores in previous fiscal. Over the
medium term, business is expected to year-on-year grow rate of 5%
driven by continued expected demand from customers.

The rating reflects working capital intensive operations and
modest interest coverage ratio and networth. The same is offset by
extensive experience of promoters and moderate leverage.

Analytical Approach

In order to support the business, promoters have extended
unsecured loan, outstanding at INR10.42 crores as on March 31,
2018. Out of this, INR5 crores has been treated as neither debt
nor equity as they are subordinated to bank debts and are expected
to remain in business over the medium term. Remaining INR5 crore
of unsecured loan has been treated as debt.

Key Rating Drivers & Detailed Description

Weakness

* Working capital intensive operations: Operations are working
capital intensive as reflected from gross current asset days of
192-566 days over the three fiscals ended March 31, 2017, mainly
driven by high receivables of 96-307 days. Over the medium term,
operations are expected to remain working capital-intensive with
expected gross current asset of over 350 days.

* Modest interest coverage ratio and networth: Interest coverage
ratio in fiscal 2018 was estimated at 1.9 times (2.0 times in
previous fiscal). While estimated networth, was over INR8 crores
as on March 31, 2018 (Rs 7.63 crores in previous fiscal). Both are
expected to improve gradually over the medium term.

Strengths

* Extensive experience of promoters: Over two decade long
experience of promoters in the industry has helped them in gaining
sound understanding of the plastic polymer industry and its
market, and thus establishing strong relationship with customers
and suppliers.

* Moderate leverage: Over the three fiscals ended March 31, 2017,
total outside liabilities to adjusted networth ratio was 1.2-2.09
times and is expected to remain below 1.8 times over the medium
term in the absence of debt funded capex plan.

Outlook: Stable

CRISIL believes SIPL will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may be
revised to 'Positive' if improvement in revenue, profitability, or
working capital cycle leads to a better liquidity. The outlook may
be revised to 'Negative' if any further stretch in working capital
cycle, debt-funded capital expenditure, or decline in
profitability deteriorates liquidity.

Incorporated in 1997 by Mr. Sanjay Jain and Ms. Manisha Jain, SIPL
was dormant until 1999, when Mr. K D Agarwal and his wife, Ms.
Asha Agarwal, took over its ownership. The company manufactures
master batches and woven sacks and is a consignment agent of
Indian Oil Corporation Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+')
for high density polyethylene and ploy propylene in Rajasthan.


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

The instrument-wise rating action is:

-- INR100 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 19
May 19, 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 2013, Shyam & Company trades coal and different
kinds of iron and steel products.


SIDDHI GANESH: CRISIL Reaffirms B+ Rating on INR24MM Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of Siddhi Ganesh Metal Private Limited (SGMPL) at
'CRISIL B+/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Electronic Dealer
   Financing Scheme
   (e-DFS)                24        CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      1        CRISIL B+/Stable (Reaffirmed)

The rating reflects exposure to intense competition, resulting in
low profitability and moderate financial risk profile constrained
by small net worth and modest debt protection metrics. The
weaknesses are mitigated by the extensive experience of promoters
in the steel trading industry and their established relations with
suppliers and customers.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to intense competition, resulting in low profitability:
Profitability continues to be constrained by intense competition
among steel traders due to low value addition involved in trading.

* Moderate financial risk profile constrained by small net worth
and modest debt protection metrics: The modest profitability
levels, along with moderate debt levels, have resulted in modest
debt protection measures; the company's interest coverage is
estimated to be around 1.6 times for the Fiscal 2018.

Strengths

* Extensive experience of promoters in steel industry: The
promoters of SGMPL have been in the industry for more than a
decade. The promoters have established healthy relationships with
its suppliers and customers. SGMPL is an authorized dealer of
products manufactured by Jindal Stainless Ltd (JSL), which has
ensured steady growth in its revenues over the past few years. The
extensive experience of the promoters has helped SGMPL to grow at
a compounded annual growth rate (CAGR) of 17 percent over the last
three years through 2017-18. The company is estimated to achieve
revenues of Rs.160 crore in 2017-18 compared to Rs.120 crore in
2016-17.

Outlook: Stable

CRISIL believes SGMPL will continue to benefit over the medium
term from the extensive industry experience of promoters and their
established relations with customers. The outlook may be revised
to 'Positive' in case of a substantial and sustained improvement
in revenue and profitability margin, efficient working capital
management, or sizeable equity infusion by the promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in profitability margin, or significant
deterioration in capital structure caused most likely by a
stretched working capital cycle.

SGMPL was set up in 2003 as a partnership between Mr Sudhershan
Singh Rathore and his family members; it was reconstituted as a
private limited company in 2006. The company trades in stainless
steel products in the form of sheets, plates, and coils. It is
based in Secunderabad, Telangana.


SRI LAKSHMI: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
loan facilities of Sri Lakshmi Venkata Ramana Raw & Boiled Rice
Mill (SLVR) at 'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           12       CRISIL B+/Stable (Reaffirmed)

The ratings reflect SLVR's modest scale of operations in an
intensely competitive rice milling industry, Susceptibility to
unfavourable changes in regulations and to volatility in raw
material prices and its below-average financial risk profile,
marked by modest networth, high gearing and below average debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of promoters in the rice milling
industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: With revenue of INR36.86 crore in
fiscal 2017 and estimated revenue of INR40.18 Cr in fiscal 2018,
scale remains modest in the intensely competitive rice milling
industry, which constrains the bargaining power of the firm and
exposes it to pricing pressure.

* Susceptibility to unfavourable changes in regulations and to
volatility in raw material prices: For a rice milling company, raw
material accounts for 85-90% of the total revenue, which exposes
the firm to risk arising due to volatility in raw material prices,
moreover the domestic rice industry is highly regulated in terms
of paddy prices, export/import policies and rice release
mechanism, which affects the credit quality of players.

* Below average financial risk profile: The Company has modest
networth of around INR3.54 crores as on March 31, 2017 and
estimated networth of INR3.68 Cr as on March 2018. The gearing
stood at around 4.21 times as on March 31, 2017 and estimated
gearing of 4.08 times as on March 31, 2018.The company has below
average debt protection metrics as indicated by its NCATD and
interest coverage ratio of 0.03 and 1.29 times for fiscal 2017 and
estimated NCATD and interest coverage ratio of 1.31 and 0.03 times
for fiscal 2018.

Strengths

* Extensive experience of promoters and established relationship
with customers and suppliers: SLVR is promoted by Mr. R.Ramana Rao
and family, who had been in the rice milling business since the
1991. Promoters have over 25 years of experience in the industry.
The mill is strategically located in Nellore, which is a major
paddy-growing centre. The firm has established strong
relationships with the farmers in the region. The family is well-
reputed in the rice growing and milling communities in those
areas. The promoters sell rice in their own brand and has an
established distribution network.

Outlook: Stable

CRISIL believes that SLVR will benefit from the extensive promoter
experience over the medium term. The outlook may be revised to
'Positive' if the firm's revenues improve significantly, while
maintaining its operating profitability and working capital
management. Conversely, the outlook may be revised to 'Negative'
if revenues or profits drop, resulting in lower-than-expected cash
accruals or if there is stretch in the working capital cycle or if
the firm undertakes a large debt-funded capital expenditure
program resulting in weakening of its liquidity profile.

Incorporated in 1997 by Mr. R.Ramana Rao and family, Nellore based
SLVR is engaged in milling and processing of paddy into rice.


STOREEX SOLUTIONS: CRISIL Moves B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with StoreEx
Solutions Private Limited (SSPL) for obtaining information through
letters and emails dated April 19, 2018, May 08, 2018 and May 14,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit           5       CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

   Term Loan             5.44    CRISIL B/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

Incorporated in 2012, StoreEx Solutions Private Limited (SSPL) is
a Mehsana based company promoted by Mr. Valkesh Patel and family.
Its business activity comprises of  providing Controlled
Environment Multi Commodity Cold Storage facility as well as
buying and selling of Agricultural products like fruits and
vegetables.


ULTIMO FABRICS: CRISIL Lowers Rating on INR24.88MM Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of Ultimo Fabrics Private Limited (UFPL; part of
Oneworld group) to 'CRISIL D/CRISIL D' from 'CRISIL
BBB/Stable/CRISIL A3+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           35        CRISIL D (Downgraded from
                                   'CRISIL BBB/Stable')

   Letter of Credit      10        CRISIL D (Downgraded from
                                   'CRISIL A3+')

   Proposed Cash         24.88     CRISIL D (Downgraded from
   Credit Limit                    'CRISIL BBB/Stable')

   Term Loan              9.12     CRISIL D (Downgraded from
                                   'CRISIL BBB/Stable')

The rating downgrade reflects the group's stretched liquidity
position marked by on-going delays in repayments and overdrawl in
cash credit limits for more than 30 days. As per the discussion
with the management and lenders, the abrupt stretch in liquidity
is on account of rejection of the group's products by its
customers coupled with delayed realization from their customers in
April 2018. CRISIL notes that the group shared the No Default
Statement (NDS) till March 2018, undertaking that there have been
no instances of delays in servicing their debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of UFPL , Oneworld Creations Pvt Ltd
(OCPL), Oneworld Industries Private Limited (OIPL), Oneworld
Retail Private Limited (ORPL), Oneworld Sourcing (OS), Worldstar
Fabrics LLP (WF), Tissori India Fabrics Pvt Ltd (TIPL), Maison De
Couture Pvt Ltd (MDC), Worsted Overseas Trading LLP (WOT),
Oneworld Design Studio (ODS) and Zephyr Fabrics (ZF). This is
because all these entities, together referred to as the Oneworld
group, are in the same line of business and under a common
management, and have operational synergies.

Key Rating Drivers & Detailed Description

* Delay in repayments: Stretched liquidity has resulted in on-
going delay in repayment of term loans and payment of interest on
working capital facilities. Further fund based working capital
facilities have remained overdrawn continuously for more than 30
days.

Weakness

* Low profitability: Operating margin has been in the 1.9-2.8 per
cent range in the three years through fiscal 2017 because of
trading nature of business.

Strength

* Established presence in the textile trading business: The
Oneworld group's promoters have around 2 decades of experience in
the textile industry. The promoters entered the textile business
in 1995, and over the years, have established their presence in
the suiting, terry-rayon fabrics and RMG space.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells ready-
made garments, manufacturing of which is outsourced. Registered
office is in Mumbai.

UFPL (Formally known as Oneworld Retail division and converted
into Private Limited Company with effect to March 2016)
incorporated on October 2015.


ULTRA READY: CRISIL Lowers Rating on INR25MM Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Ultra
Ready Mix Concrete Private Limited (URMCPL) to 'CRISIL D' from
'CRISIL B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           25       CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

   Long Term Loan       19.68     CRISIL D (Downgraded from
                                  'CRISIL B+/Stable')

The rating downgrade reflects delays in repayment of bank debt.
These delays have been due to high working capital cycle.

The ratings also reflect URMCPL's working capital intensive
operations. This rating weakness is partially offset by the
benefits derived from the extensive experience of the promoters in
the ready mix concrete (RMC) industry.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital intensive operations: URMCPL's operations have
been working capital intensive with high GCA days of about 171
days as on March 31, 2017 mainly due to high raw material
inventory maintained by the firm.

Strength:

* Extensive experience of the promoters in the ready mix concrete
(RMC) industry: The promoters have been in similar lines of
business over the past 3 decades. The company is expected to
benefit from the extensive experience of promoters in the RMC
industry and established relationships with customers and
suppliers.

Started in 2005 and based in Coimbatore (Tamil Nadu), URMC
manufactures RMC. The operations are managed by Mr. S Sivasamy.


VAPI ECO: Ind-Ra Maintains B LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vapi Eco Energy
Limited's (VEEL) 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:

-- INR15.0 mil. Fund-based working capital limits maintained in
     Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
     /IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR90.6 mil. Term loan maintained in Non-Cooperating Category
     with IND B (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 26, 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 March 2015, VEEL is setting up steam boilers with
an installed capacity of 60 tons per hour for the production and
supply of steam to a large number of small and medium industrial
units in Gujarat Industrial Development Corporation - Vapi through
overhead insulated pipe lines.


ZEPHYR FABRIC: CRISIL Lowers Rating on INR18MM Cash Loan to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the long term bank
loan facilities of Zephyr Fabric Trading LLP (ZF; part of Oneworld
Group) to 'CRISIL D' from 'CRISIL BB+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           18       CRISIL D (Downgraded from
                                  'CRISIL BB+/Stable')

The rating downgrade reflects the group's stretched liquidity
position marked by on-going delays in repayments and overdrawl in
cash credit limits for more than 30 days. As per the discussion
with the management and lenders, the abrupt stretch in liquidity
is on account of rejection of the group's products by its
customers coupled with delayed realization from their customers in
April 2018. CRISIL notes that the group shared the No Default
Statement (NDS) till March 2018, undertaking that there have been
no instances of delays in servicing their debt obligations.

Analytical Approach

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ZF, Worldstar Fabrics LLP (WF),
Oneworld Creations Private Limited (OCPL), Oneworld Industries
Private Limited (OIPL), Oneworld Retail Private Limited (ORPL),
Ultimo Fabrics Private Limited (UFPL), Oneworld Sourcing (OS),
Tissori India Fabrics Pvt Ltd (TIPL), Maison De Couture Pvt Ltd
(MDC), Worsted Overseas Trading LLP (WOT), Oneworld Design Studio
(ODS) and Zephyr Fabrics (ZF). This is because all these entities,
together referred to as the Oneworld group, are in the same line
of business and under a common management, and have operational
synergies.

Key Rating Drivers & Detailed Description

* Delay in repayments: Stretched liquidity has resulted in on-
going delay in repayment of term loans and payment of interest on
working capital facilities. Further fund based working capital
facilities have remained overdrawn continuously for more than 30
days.

Weakness

* Low profitability: Operating margin has been in the 1.9-2.8 per
cent range in the three years through fiscal 2017 because of
trading nature of business.

Strength

* Established presence in the textile trading business: The
Oneworld group's promoters have around 2 decades of experience in
the textile industry. The promoters entered the textile business
in 1995, and over the years, have established their presence in
the suiting, terry-rayon fabrics and RMG space.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells ready-
made garments, manufacturing of which is outsourced. Registered
office is in Mumbai.

ZF, formed in 2015, trades in fancy wear material. WF, OIPL, ORPL,
OS, UFPL, TIPL, MDC, WOT, and ODS are engaged in trading of
different types of fabrics while OCPL is engaged in trading of
readymade garments.



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


JAPFA COMFEED: Fitch Affirms 'BB-' LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed PT Japfa Comfeed Indonesia Tbk's Long-
Term Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook.
Fitch Ratings Indonesia has also affirmed Japfa's National Long-
Term Rating at 'AA-(idn)' with a Stable Outlook.

The affirmation follows a review of Japfa's 2017 performance,
which showed the company recording strong growth with EBITDA of
IDR2.9 trillion and an EBITDA margin of 9.9%, higher than Fitch's
forecast of IDR2.2 trillion and 7.8%, respectively. Its year-end
leverage of 1.7x was also lower than Fitch's forecast of 2.3x.

AA' National Ratings denote expectations of very low default risk
relative to other issuers or obligations in the same country. The
default risk inherently differs only slightly from that of the
country's highest-rated issuers or obligations.

KEY RATING DRIVERS

Solid Market Position, Financial Profile: Japfa's ratings reflect
its strong domestic market position in the poultry-feed and
poultry-breeding industry, which is underpinned by the industry's
relatively high barriers to entry, and the company's national
distribution network, vertically integrated production and strong
supplier relationships. Japfa's scale, based on EBITDA, is smaller
than other international-rated protein players but it is the
second-largest company in Indonesia's USD8 billion poultry market,
where the top two players have about 50% market share.

The ratings also reflect the company's strong financial profile as
seen from Japfa's materially lower leverage relative to other
Fitch-rated peers. Fitch expects Japfa's leverage, measured by net
adjusted debt to adjusted EBITDAR that are proportionately
consolidated by minority stakes in a number of subsidiaries, to be
around 2.0x over the short-to-medium term, assuming largely flat
EBITDA margins. Nevertheless, any major supply or demand imbalance
in the industry and capex spending that is materially higher than
Fitch's expectations - potentially for expanding market share in
the breeding and commercial farming segments - are risks to its
forecasts.

Government Directives to Manage Supply: The Indonesian government,
in recent years, has intervened to regulate chicken supply in the
country. The industry culled around 3 million birds (parent stock)
following a government directive in October 2015, which was the
main driver of improved profitability for Japfa and other poultry
companies in 2016. Further intervention occurred in 2017 when the
government directed the poultry industry to reduce the supply of
day-old chicks. Fitch thinks further steps would be taken, when
appropriate, as low poultry prices during times of excess supply
would have an impact, especially on small-scale farmers.

Domestic Sourcing Raises Costs: The government imposed
restrictions in 2017 on the import of corn, a key raw material for
animal feed, to encourage domestic sourcing. Japfa used to import
around 30% of its needs, and it has now invested in drying and
storage facilities to enable it to source and use more domestic
corn as harvesting in Indonesia normally takes place only in the
first and third quarters of the year. Fitch believes this, and the
government's allowance for some feed wheat imports to substitute
for domestic corn needs, has allowed Japfa to maintain its overall
profit margins.

Cost Pass-Through Ability: Japfa is able to mitigate the risk from
rising raw-material costs as it can pass through cost increases to
customers in its key animal-feed segment. This is due to its
strong market position and ability to retain corn inventory and
adjust output. PT Charoen Pokphand Indonesia Tbk and Japfa
together control about 50% of Indonesia's poultry-feed market, and
react similarly to increases in raw-material costs by seeking to
raise prices. Japfa's corn dryers also allow it to store dried
corn for up to six months, providing some production flexibility

DERIVATION SUMMARY

Japfa's IDR can be compared with that of Pilgrim's Pride
Corporation (PPC, BB/Stable), Marfrig Global Foods S.A. (BB-
/Stable) and Minerva S.A. (BB-/Stable). Fitch believes that PPC,
which is one of the largest chicken producers globally with
operations spanning the US, Mexico, Puerto Rico and Europe, has a
superior credit profile relative to Japfa due to the latter's
smaller operating EBITDAR scale, thinner profit margins and weaker
financial profile. We believe PPC's profile is strong for its
rating although constrained by its acquisitive track record and
the weak corporate governance of PPC's ultimate indirect
controlling parent company, Brazil-based JBS S.A. (BB-/Stable).

Fitch thinks Japfa's smaller operating EBITDAR scale is
compensated by its stronger financial profile relative to Marfrig
and Minerva. Japfa's average leverage (net adjusted debt/adjusted
EBITDAR) and interest coverage (adjusted EBITDAR/interest expense
+ rents) through its three-year rating horizon is materially
better compared with Marfrig and Minerva. The three companies have
EBITDAR margins of around 10% and also similar negative-to-neutral
free cash flow generation, all of which indicate comparable credit
profiles, justifying the same rating level.

Japfa's National Rating is comparable with PT Sumber Alfaria
Trijaya Tbk (Alfamart; AA-(idn)/Stable), the second-largest mini-
market operator in Indonesia, and PT Mayora Indah Tbk
(AA(idn)/Stable), one of the largest packaged-food companies in
Indonesia. In Fitch's view, both Mayora and Japfa have similar
EBITDA scales with good ability to pass through costs due to their
strong market position in their respective industries. However,
Fitch believes Mayora's stronger financial profile and wider
profit margins warrant rating the company one notch higher than
Japfa. Fitch thinks Japfa's wider profit margins and stronger
coverage ratio are counterbalanced by Alfamart's larger EBITDA
scale and lower leverage. These factors, combined with both
companies' strong market positions in Indonesia, result in Japfa's
and Alfamart's similar credit profiles.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Net sales growth of 7%-10% annually in 2018-2021
  - EBITDA margin of 9.5%-10% in 2018-2021
  - Capex of around IDR2 trillion annually in 2018 and 2019

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Leverage below 1.5x on a sustained basis (2017: 1.7x)

  - No significant weakening of industry fundamentals and
    Japfa's market position

Developments that May, Individually or Collectively, Lead to
Negative Rating Action

  - Leverage above 2.5x on a sustained basis

  - Significant reduction in size of the animal-feed segment,
    which would be demonstrated by its share of total revenue
    falling below 30% (2017: 36%)

LIQUIDITY

Satisfactory Liquidity: As of end-2017, Japfa had around IDR1.6
trillion of readily available cash, IDR3.4 trillion of unused
committed debt facilities and IDR798 billion of short-term debt
maturities. The remaining bond maturities are relatively well
spread out, with IDR850 billion maturing in 2019 and the remainder
in 2021-2022. Fitch believes Japfa will not face any significant
issues in addressing its debt maturities given its ability to
defer capex and also the company's access to diverse funding
sources.

FULL LIST OF RATING ACTIONS

PT Japfa Comfeed Indonesia Tbk

  - Long-Term IDR affirmed at 'BB-'; Outlook Stable

  - Senior unsecured debt rating affirmed at 'BB-'

  - National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
    Stable

  - USD250 million senior unsecured 5.5% bond due 2022 affirmed
    at 'BB-'.

  - IDR3 trillion bond programme affirmed at 'AA-(idn)'

  - IDR850 billion senior unsecured 9.25% bond due 2019 affirmed
    at 'AA-(idn)'

  - IDR150 billion senior unsecured 9.75% bond due 2021 affirmed
    at 'AA-(idn)'

  - IDR1 trillion senior unsecured 9.6% bond due 2022 affirmed at
    'AA-(idn)'



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


FIRST INSURANCE: Fitch Gives 'BB+' IFS Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned New Zealand-based First Insurance
Limited (FIL) a first-time Insurer Financial Strength (IFS) Rating
of 'BB+' (Moderately Weak) with a Stable Outlook.

KEY RATING DRIVERS

The rating incorporates the operational benefits that FIL receives
from its parent, First Credit Union (FCU, BB/Stable), which fully
owns FIL by way of shares held by its Trustees. FIL's operations
are closely integrated with FCU. Four members of FCU's board sit
on FIL's board of directors, and FCU's general manager is also a
general manager of FIL. FIL benefits from the strength and quality
of the FCU distribution channel, and is currently covering 87% of
all FCU's loans.

FIL is a small player, with an expected market share of less than
1%. FIL will underwrite a 'loan-minder' product that provides for
both life and non-life insurance and which is classified as a
credit insurance contract under current New Zealand legislation.
FIL's life insurance policies are currently being written by
Asteron Life, as FIL's insurance licence issued by the Reserve
Bank of New Zealand limits FIL to underwrite non-life policies
only to the members of FCU

FIL's projected ROE and loss ratios are assessed by Fitch as
'Strong'. The external actuary is forecasting ROE to average 10%,
and the loss ratio to average 55%-60% in the first five years of
operation. Fitch expects FIL's capitalisation, assessed on a risk-
based approach, to be 'Strong' due to a NZD1 million buffer that
FIL is holding above a high minimum regulatory requirement (NZD3
million).

Fitch expects FIL to have a low investment risk appetite due to
FCU's commitment to mirror FIL's investments with those of the
credit union's liquidity portfolio, largely term deposits with New
Zealand-registered banks. FCU also does not intend to hold any
'risky' assets in FIL's investment portfolio.

RATING SENSITIVITIES

Upgrade triggers would include:

  - Upgrading of FCU as FIL is directly linked to FCU's rating,
    and currently has the licence to underwrite policies only to
    FCU members

Downgrade rating triggers would include:

  - Downgrading of FCU as FIL is directly linked to its parent;

  - The franchise may be affected, for example, in the unlikely
    event that FIL becomes less important to FCU - and if FIL's
    access to FCU's distribution channels were therefore
    restricted;

  - FIL also could be downgraded should its actual regulatory
    capital ratio fall close to 115% without management plans to
    rectify this, or if its financial performance is
    significantly below expectations.


HEALTH SERVICES: A.M. Best Hikes Fin. Strength Rating to B+(Good)
-----------------------------------------------------------------
A.M. Best has upgraded the Financial Strength Rating to B+ (Good)
from B (Fair) and the Long-Term Issuer Credit Rating to "bbb-"
from "bb+" of Health Services Welfare Society Limited (New
Zealand), trading as Accuro Health Insurance (Accuro). The outlook
of these Credit Ratings (ratings) has been revised to stable from
positive.

The ratings reflect Accuro's balance sheet strength, which A.M.
Best categorizes as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management.

The rating actions mainly reflect sustained improvement in
Accuro's risk-adjusted capitalization, primarily due to an
improved operating performance and capital growth over the past
five years. This turnaround in its operating performance was
driven mainly by continued pricing adjustments and a favorable
claims experience on its current product offerings. In addition,
the company's expense ratio has improved due to its operating
costs being spread across a growing premium base.

Accuro's balance sheet strength is supported by its improved risk-
adjusted capitalization, as measured by Best's Capital Adequacy
Ratio (BCAR). However, the company has relatively high
underwriting leverage and modest capital size compared with other
New Zealand health insurers. A.M. Best expects Accuro's risk-
adjusted capitalization to remain at the current level, supported
by positive operating earnings and steady premium growth.

Accuro is a non-profit organization that provides health
insurance. The company is a small-size insurer in the New Zealand
health insurance industry, with a market share of less than 2%
based on in-force premiums. Despite challenging market conditions,
its membership has grown steadily over the past five years due to
the development of new products.

Accuro has a developed risk management program based on its
current size and complexity. The company has demonstrated an
overall satisfactory ability to address most of its risks,
primarily through its ability to adjust premium rates quickly,
prudent claims management and holding liquid assets in its
investment portfolio. Therefore, A.M. Best considers Accuro's risk
management capabilities to be aligned appropriately with its risk
profile.

Accuro is well-positioned for its current rating level. Negative
rating actions may occur if its risk-adjusted capitalization
deteriorates significantly due to underwriting deficits.


MINNIE COOPER: Auckland Shoemaker Shuts Doors After 30 Years
------------------------------------------------------------
Radio New Zealand reports that after nearly 30 years, Auckland
women's shoe label Minnie Cooper has closed for good, citing fast
fashion and no GST on online purchases as the final nails in its
coffin.

Founded by Sandy Cooper in 1989, Minnie Cooper made all of its
shoes in its Avondale workshop, and had stores in Auckland,
Wellington, and Christchurch.

But Ms. Cooper said business started to slow once online shopping
took hold, and fast fashion houses like H&M and Zara began
offering clothes far cheaper than it was possible to make them in
New Zealand, Radio NZ relates.

"If I could've made NZ$20,000 a year, I'd have stuck at it, but I
couldn't [afford to] lose NZ$20,000 a year," the report quotes
Ms. Cooper as saying.  "To anyone who's grown up seeing boots at
NZ$199, suddenly people start to feel affronted at the real price
a pair of boots cost to make."

Minnie Cooper's boots sold, on average, for NZ$359, Radio NZ
discloses.

"You can't say, 'I won't pay NZ$90 for a t shirt,' and think it's
an outrage. Actually, what's an outrage is NZ$19. But because
we've had our benchmark set by third world prices for so long now,
the real price has become an outrage," Ms. Cooper, as cited by
Radio NZ, said.



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


GAYLIN HOLDINGS: Loss Widens to SGD44.4MM in Q4 Ended March 31
--------------------------------------------------------------
Kenneth Lim at The Strait Times reports that Gaylin Holdings'
fourth-quarter net loss widened to SGD44.4 million, or 6.13 cents
per share, from a year-ago SGD6.3 million after the oil and gas
contractor took a SGD35.5 million provision for slow-moving and
aged inventory.

For the full-year ended March 31, 2018, the company incurred a net
loss of SGD51.6 million, or 10.14 cents per share, a deeper loss
than the year-ago deficit of SGD11.4 million, the report relates.

Fourth-quarter revenue shrank 28.1 per cent to SGD15.5 million as
sales in the rigging and lifting segment fell SGD5.8 million to
SGD11.9 million.

The Strait Times relates that the company made a significant
provision for slow-moving and aged inventory in view of the
downturn in the oil and gas industry. The provision was based on a
review by professional valuers on the net realisable value of the
inventories based on suppliers' pricing, market demand and
obsolescence, the company said. Excluding provision for slow-
moving and aged inventory, gross profit margin for the fourth
quarter would have improved to 15.9 per cent from a year-ago 12.8
per cent, The Strait Times relays.

Despite the loss, Gaylin has strengthened its cash position over
the past year, mostly on the back of a SGD68 million equity
injection by private equity firm ShawKwei & Partners, the report
notes. Cash and cash equivalents grew to SGD57.8 million as at
end-March, from SGD6.6 million a year earlier. Cash surpassed
total debt by SGD0.7 million, compared to a deficit of SGD76.4
million a year ago. That was the first time that the company had a
positive balance since 2012, the company said.

Looking ahead, Gaylin noted increasing optimism in the global
oilfield services market amid rising oil prices, adds The Strait
Times.



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


* BOND PRICING: For the Week May 21 to May 25, 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.

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