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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, June 19, 2018, Vol. 21, No. 120

                            Headlines


A U S T R A L I A

ATLAS IRON: Moody's Cuts CFR to Caa2 on Acquisition Uncertainty
INTERNATIONAL PIPING: First Creditors' Meeting Set for June 26
JETGO AUSTRALIA: NSW Government Called to Intervene Over Woes
L & G HOLDINGS: First Creditors' Meeting Slated for June 26
METRO BUILDERS: In Liquidation; Buyers Left with Half-Built Homes

METRO FINANCE 2018-1: Moody's Assigns Ba2 Rating to Class E Notes
NATURAL REMEDIES: First Creditors' Meeting Set for June 26
PRESTIGE STEEL: First Creditors' Meeting Set for June 27
UWE GRIFFITH: First Creditors' Meeting Set for June 25
WYZA LIMITED: First Creditors' Meeting Slated for June 26


C H I N A

JIAMENER: Restaurant Goes Bankrupt After Month-Long Buffet Promo
KWG PROPERTY: Fitch Affirms 'BB-' LT IDR, Outlook Stable
SHARING ECONOMY: Unit Signs US$1MM Software License Agreement
YANCHENG ORIENTAL: Fitch Cuts LT IDRs to BB & Removes from RWN
XUZHOU ECONOMIC: Fitch Cuts LT IDRs to 'BB', Outlook Stable


H O N G  K O N G

NOBLE GROUP: Halts Shares Trading as Debt Deal Hits Delays


I N D I A

ADHUNIK METALIKS: NCLT Allows 20 More Days to Complete Insolvency
AKS MEDICAL: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
ALAKNANDA FUEL: CARE Assigns B+ Rating to INR18cr LT Loan
ALEPH ENTERPRISES: CARE Migrates B+ Rating to Not Cooperating
ALPHA PACIFIC: CARE Assigns B+ Rating to INR6cr LT Bank Loan

ANMOL ASSOCIATES: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
C. RAMAKRISHNA: CRISIL Assigns B+ Rating to INR5.15MM Loan
CHEMIETRON CLEAN: CARE Cuts Rating on INR5.46cr LT Loan to D
CHOUDHARI CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
CRAFTS INDIA: CRISIL Moves B Rating to Not Cooperating Category

DIPAK J: CRISIL Migrates D Rating to Not Cooperating Category
EMPEE DISTILLERIES: CARE Lowers Rating on INR47.50cr Loan to D
EMCEE ENGINEERING: CARE Moves B Rating to Not Cooperating
GAJANAN GANGAMAI: CRISIL Lowers Rating on INR124.4MM Loan to D
GARV UDYOG: CRISIL Migrates D Rating to Not Cooperating Category

GEO CONNECT: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
GEORGE MAIJO: CRISIL Lowers Rating on INR25MM Cash Loan to D
GREENLEAF TOBACCO: CRISIL Lowers Rating on INR15MM Loan to D
GROVER ZAMPA: CRISIL Reaffirms B Rating on INR15.5MM Cash Loan
HALDIA STEELS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'

HCO INFRASTRUCTURE: CRISIL Moves D Rating to Not Cooperating
HEMA CONSTRUCTION: CARE Lowers Rating on INR4.50cr LT Loan to D
KALP DIAMONDS: CRISIL Lowers Rating on INR11MM Loan to D
KRIPTON GRANITO: CRISIL Reaffirms B+ Rating on INR20MM Term Loan
KRISHNA STONE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'

M R REAL: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
MAHESWARI FERTILIZERS: CRISIL Moves B Rating to Not Cooperating
NEW LAXMI: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
P.K. & COMPANY: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
P&M AND HI: CRISIL Migrates D Rating to Not Cooperating Category

RAMAKRISHNA ELECTRONICS: CARE Lowers Rating on INR6cr Loan to D
REAL GROW: CARE Lowers Rating on INR29.80cr LT Loan to D
RSG DEVELOPERS: CARE Assigns B+ Rating to INR7cr LT Bank Loan
RUPESH KUMAR: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
S.R. UDAYASHANKAR: CRISIL Lowers Rating on INR2.8MM Loan to B+

SABARIS EDUCATIONAL: CRISIL Reaffirms D Rating on INR11.2MM Loan
SBT SPINTEX: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
SHIV SHANKER: CRISIL Migrates B+ Rating to Not Cooperating
SHREE HANUMAN: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
SHREEJI AGRO: CARE Moves B+ Rating to Not Cooperating Category

SILPA PROJECTS: CRISIL Reaffirms B+ Rating on INR33MM Cash Loan
SK. CHAN: CRISIL Lowers Rating on INR8.25MM Loan to D
SKANDASHREE JEWEL: CRISIL Migrates D Rating to Not Cooperating
SONIC THERMAL: Ind-Ra Affirms 'BB+' LT Issuer Rating
SUBH SANKET: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating

TECHNO DRUGS: CARE Assigns B+ Rating to INR8cr LT Bank Loan
U.K. TEXTILES: CRISIL Lowers Rating on INR15.64MM LT Loan to D
YAZDANI STEEL: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
ZAACI DIAMONDS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating


X X X X X X X X

* BOND PRICING: For the Week June 11 to June 15, 2018


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A U S T R A L I A
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ATLAS IRON: Moody's Cuts CFR to Caa2 on Acquisition Uncertainty
---------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating (CFR) and senior secured rating of Atlas Iron Limited to
Caa2 from B3. The downgrade reflects the increased uncertainty
around the potential that Atlas will be acquired by Mineral
Resources Limited (MinRes, unrated) or another party. The ratings
remain on review -- direction uncertain.

On May 24, 2018, Moody's had previously flagged that the rating
could be downgraded by multiple notches if Atlas was to continue
to operate as standalone entity and if the previously announced
acquisition by MinRes was not completed. Since that time, both
Fortescue Metals Group Ltd (Ba1 stable) and the Hancock
Prospecting Pty Ltd (unrated) group of companies have each
acquired beneficial and economic interests in Atlas of around
19.9%. Fortescue has commented that it does not currently support
the MinRes transaction. In addition, Atlas announced yesterday
that its North West Infrastructure joint venture (NWI) received
notice from the office of the Minister for Transport, Planning
and Lands that NWI does not have a priority right in developing
port infrastructure at Port Hedland.

Moody's believes these developments significantly increase the
uncertainty and timeline surrounding any potential acquisition of
Atlas. The downgrade of Atlas' ratings to Caa2 now more closely
reflects (i) the company's underlying credit profile and
liquidity, which are both weakening, and (ii) the increased
uncertainty as to whether an acquisition will occur that would be
credit-positive for Atlas' creditors.

The continued review will focus on: 1) any developments
surrounding the potential acquisition by MinRes' or a competing
bider for Atlas; 2) any potential acquirer's plans regarding the
current rated senior secured loans of Atlas; 3) the impact on
Atlas' credit profile following the completion of a potential
transaction; and, 4) the ongoing deterioration of Atlas' stand-
alone credit profile and liquidity constraints, should the
transaction not proceed.

RATINGS RATIONALE

The Caa2 ratings reflect Moody's expectation that, based on
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 a ongoing weakening in liquidity
and a material increase in default risk over the next twelve
months.

Atlas recently 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 AUD39-40
per wet metric tonne (wmt) and AUD58-59/wmt, respectively. The
company also flagged that it may need to take an AUD75-100
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, it expects that
operating losses will continue in the current iron ore price and
discount environment, which will reduce current cash balances and
pressure its liquidity profile. If Atlas is not acquired and/or
is unable to find alternate sources of liquidity and cash flow,
Moody's believes that the company could default on its
obligations or breach its covenanted minimum cash levels over the
next twelve months.

However, as Moody's has previously noted, the transaction with
MinRes, if successful, is expected to have positive implications
for Atlas' credit profile. Moody's would assess any positive
implications for any competing bids or future potential
acquisition of the company, if and when, these arise.

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.

If the transaction is not completed and Atlas continues to
operate as a standalone entity, Moody's believes that in the
current environment Atlas would need to secure additional funding
or would likely default over the next 12 months. However, if the
transaction is completed, any positive momentum for Atlas'
ratings will ultimately depend on Moody's assessment of an
acquirer's ongoing credit profile and plans for Atlas' current
senior secured debt.

The principal methodology used in these ratings 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.


INTERNATIONAL PIPING: First Creditors' Meeting Set for June 26
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of
International Piping Products (Australia) Pty Ltd, trading as
International Piping Products, will be held at the offices of Cor
Cordis, Mezzanine Level, 28 The Esplanade, in Perth, WA, on
June 26, 2018, at 10:00 a.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of International Piping on June 14,
2018.


JETGO AUSTRALIA: NSW Government Called to Intervene Over Woes
-------------------------------------------------------------
ABC News reports that there are calls for the New South Wales
Government to subsidise regional airline services, with the
voluntary administration of carrier JetGo Australia this month
leaving regional communities without direct flights to some
capital cities.

In late May, Dubbo Regional Council lodged legal action against
JetGo Australia in the Supreme Court over more than AUD270,000
owed by the airline in unpaid fees, ABC discloses.

All flights were then cancelled on June 1, leaving more than
10,000 customers pursuing AUD4 million in refunds, the report
says.

The full extent of the regional airline's debt was revealed at a
creditors' meeting last week to be a confirmed AUD17 million, but
is potentially higher, ABC relates.

According to the report, the Regional Aviation Association of
Australia (RAAA) said there needed to be more support from the
NSW Government for regional airlines.

ABC relates that chief executive Mike Higgins said it was very
hard for regional airlines to make a profit.

"A number of our operators are operating on very slim margins due
to the long, thin routes that the aircraft fly and the small size
of the aircraft," the report quotes Mr. Higgins as saying.

Mr. Higgins said it was difficult for regional flights to be
profitable for smaller airlines.

"If you are operating a 737 that Virgin or Qantas operate,
passenger numbers plus or minus 15 or 20 really doesn't make much
difference," Mr. Higgins, as cited by ABC, said.

"But on our operators' sized aircraft, one or two passengers can
make a difference of operating at a loss or making ends meet. To
survive, we need high load factors; that is, the aircraft need to
be almost full, if not full, on every flight. In terms of
financial support I think the Queensland Government sets the
benchmark [by] providing subsidies to routes through remote
communities.

"I would encourage other state governments to engage with the
Queensland Government to see the kind of benefits that sort of
investment can provide."

ABC notes that Qantas has offered special fares for customers who
are JetGo ticketholders and were booked to travel in the month of
June.

A spokesperson for the airline says hundreds of people have
already used their special fare to book replacement tickets, ABC
relays.

"The fares are available up to June 30 because that is how long
JetGo said they would be in administration for," the spokesman
said, ABC relays. "If it continues, obviously we'd look at what
we can do."

                      About JetGo Australia

JetGo Australia operated flights from regional locations
including Dubbo, Wollongong and Albury in NSW; Townsville and
Rockhampton in Queensland; and Karratha in Western Australia.
It is the only airline which connects these regional destinations
with Brisbane, the Gold Coast and Melbourne.

Jonathan Paul McLeod and Bill Karageozis of McLeod & Partners
were appointed as administrators of Jetgo Australia on June 1,
2018.


L & G HOLDINGS: First Creditors' Meeting Slated for June 26
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of L & G
Holdings Pty Ltd, formerly trading as Subway Goolwa, will be held
at the offices of Heard Phillips, Level 12, 50 Pirie Street, in
Adelaide, SA, on June 26, 2018, at 2:00 p.m.

Mark Lieberenz of Heard Phillips was appointed as administrator
of L & G Holdings on June 14, 2018.


METRO BUILDERS: In Liquidation; Buyers Left with Half-Built Homes
-----------------------------------------------------------------
ABC News reports that a central Queensland man impacted by the
collapse of a local building company said he did not know his
family's half-built "dream home" would not be finished -- until
he read a note in the company's window.

ABC relates that Metro Builders put the note in its Yeppoon
office window over the weekend, informing people that its
business had "become unsustainable".

"Despite injecting personal funds and working closely with a
financial advisor, we faced many challenges that were hard to
overcome," the note read, reports ABC News.  "Our customers have
always been the heart of our business."

Master Builders' regional manager, Dennis Bryant, estimated at
least 24 homes had been left in various stages of building.

He said now the company had formally gone into liquidation, those
affected could start assistance claims through the Queensland
Building and Construction Commission (QBCC) to have their houses
finished, according to ABC.

However, Mr. Bryant said this process could take months, and if
people decided to pay other companies to finish or even protect
their half-built homes in the interim, they would not be
compensated, the report relays.

"People are paying rent while they're waiting for [QBCC to act];
they're paying interest on their loans," ABC quotes Mr. Bryant as
saying.  "And their structure is subject to the elements and to
vandalism. I know that occasionally happens."

ABC adds that Mr. Bryant said everybody from tiling companies
through to electricians had been impacted by the company's
collapse.

Metro's liquidators Jirsch Sutherland last week urged people
owned money by the company to make contact, before a first report
to creditors this week, ABC says.

However, Mr. Bryant said he did not expect sub-contractors to
recoup much of their losses, adds ABC.


METRO FINANCE 2018-1: Moody's Assigns Ba2 Rating to Class E Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to
notes issued by Perpetual Corporate Trust Limited, as trustee of
Metro Finance 2018-1 Trust.

Issuer: Metro Finance 2018-1 Trust

AUD237.00 million Class A Notes, Assigned Aaa (sf)

AUD22.80 million Class B Notes, Assigned Aa2 (sf)

AUD10.50 million Class C Notes, Assigned A2 (sf)

AUD6.60 million Class D Notes, Assigned Baa2 (sf)

AUD11.10 million Class E Notes, Assigned Ba2 (sf)

The AUD12.00 million Class F Notes are not rated by Moody's.

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

The transaction is a cash securitisation of a portfolio of
Australian prime commercial auto and equipment loans and leases
originated by Metro Finance Pty Limited (Metro Finance). This is
Metro Finance's first auto and equipment asset backed securities
(ABS) transaction.

Metro Finance was established in 2011 as a commercial
auto/equipment lender. It targets prime borrowers, for small-
ticket auto and equipment assets in low volatility industries.
Metro Finance originates its lending through the commercial auto
and equipment broker and aggregator industry nationally.
Significant origination growth began in 2014.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

  - The limited amount of historical loss data. The static loss
data used for Moody's extrapolation analysis reflects Metro
Finance's short origination history, was limited to the
origination vintages between Q3 2014 and Q3 2016, and does not
cover the full life cycle for any one vintage;

  - The evaluation of the underlying receivables and their
expected performance;

  - The fact that 51.7% of the receivables were extended to
obligors on a no-income verification basis, referred to as
"streamlined";

  - The 45.1% exposure to loans with a balloon payment at the end
of the receivable term. The aggregate balloon exposure as a
percentage of current portfolio balance is 15.6%. Loans with a
balloon payment are subject to higher refinancing and,
consequently, default risk;

  - The evaluation of the capital structure;

  - The availability of excess spread over the life of the
transaction;

  - The liquidity facility in the amount of 2.00% of the note
balance subject to a floor of AUD600,000;

  - The interest rate swap provided by National Australia Bank
Limited (Aa3/P-1/Aa2(cr)/P-1(cr)). The notional balance of the
swap will follow a schedule based on the amortisation of the
portfolio, assuming no prepayments. Any prepayments or defaults
will result in the swap becoming over-hedged. The prepayment risk
is mitigated by the fact that break costs are charged to the
obligors and these funds will flow through to the trust as
collections; and

  - The fact that the servicer, AMAL Asset Management Limited, is
an experienced third-party servicer and the backup servicing
arrangement with Metro Finance.

Initially, the Class A, Class B, Class C, Class D and Class E
Notes benefit from 21.0%, 13.4%, 9.9%, 7.7% and 4.0% of note
subordination, respectively. The notes will initially be repaid
on a sequential basis until the credit enhancement of the Class A
Notes is at least 30%.

The notes will also be repaid on a sequential basis if there are
any unreimbursed charge-offs on the notes or if the first call
option date has occurred. At all other times, the structure will
follow a pro-rata repayment profile (assuming pro-rata conditions
are satisfied).

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a default rate of 4.0%,
coefficient of variation (CoV) of 61.9%, a recovery rate of 35.0%
and a portfolio credit enhancement of 23.5%. After accounting for
the seasoning of the initial portfolio (12.4 months), Moody's
mean default rate assumption was adjusted to 4.4%. Moody's
assumed default rate, CoV and recovery rate are stressed compared
to the historical levels of 2.4%, 47.9% and 59.1% respectively.

The difference between the actual and assumed default rate, CoV
and recovery rate is in part explained by the addition of several
stressed curves (for example, average default rate multiplied by
three) to address the lack of a stressed economic environment in
recent years and exposure to balloon loans (45.1%) in the
portfolio.

To address the limited historical loss data on Metro Finance's
portfolio, Moody's has benchmarked the short historical data for
Metro Finance to data from comparable Australian commercial auto
and equipment ABS originators. Moody's has also overlaid
additional stresses into its default and CoV assumptions.

The streamlined product offering has been around for almost 10
years in the auto and equipment loan space. However, through-the-
cycle historical data on the performance of this product is
limited. To address this risk and the fact that the portfolio has
a very high proportion of streamlined (51.7%), Moody's has
applied further qualitative stresses in its analysis.

The fact that no-income verification is performed on these
streamlined obligors is offset by the stringent requirements to
access this product. These requirements include property
ownership with confirmed equity greater than the loan amount or a
30% deposit for non-property owners, a satisfactory credit
reference from a reputable finance company running at least 12
months, no adverse credit history, and the business being GST
registered for at least 2 years continuously.

Given these requirements, Moody's expects these borrowers to have
a lower risk profile and better performance than the full-income
verification loans in Metro Finance's portfolio.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's
Global Approach to Rating Auto Loan- and Lease-Backed ABS"
published in October 2016.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian job market is a primary driver of performance.

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

Moody's Parameter Sensitivities

If the default rate rises to 6.6% (1.5 times Moody's assumption
of 4.4%) and the recovery rates fall to 25.0% (from Moody's
assumption of 35.0%), then the model-indicated rating for the
Class A Notes drops one notch to Aa1. Similarly, the model-
indicated rating for the Class B Notes, Class C Notes, Class D
Notes and E Notes drop two, three, three and five notches to A1,
Baa2, Ba2 and Caa1 respectively under this scenario.


NATURAL REMEDIES: First Creditors' Meeting Set for June 26
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Natural
Remedies Group QLD Pty Ltd will be held at the offices of Gervase
Consulting, Level 6, 82 Eagle Street, in Brisbane, Queensland, on
June 26, 2018, at 1:00 p.m.

John Shanahan and Clare Birnie of Gervase Consulting were
appointed as administrators of Natural Remedies on June 14, 2018.


PRESTIGE STEEL: First Creditors' Meeting Set for June 27
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Prestige
Steel Craft Pty Ltd will be held at the offices of Hall Chadwick
Level 14, 440 Collins Street, in Melbourne, Victoria, on June 27,
2018, at 9:00 a.m.

David Anthony Ross of Hall Chadwick was appointed as
administrator of Prestige Steel on June 15, 2018.


UWE GRIFFITH: First Creditors' Meeting Set for June 25
------------------------------------------------------
A first meeting of the creditors in the proceedings of UWE
Griffith Property Pty Ltd and UWE Hay Pty Ltd will be held at the
offices of PKF, Level 8, 1 O'Connell Street, in Sydney, NSW, on
June 25, 2018, at 12:00 p.m.

Bradley John Tonks of PKF was appointed as administrator of UWE
Griffith on June 13, 2018.


WYZA LIMITED: First Creditors' Meeting Slated for June 26
---------------------------------------------------------
A first meeting of the creditors in the proceedings of WYZA
Limited will be held at the offices of Helm Advisory, Suite 2,
Level 16, 60 Carrington Street, in Sydney, NSW, on June 26, 2018,
at 11:00 a.m.

Stephen Wesley Hathway of Helm Advisory was appointed as
administrator of WYZA Limited on June 14, 2018.



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C H I N A
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JIAMENER: Restaurant Goes Bankrupt After Month-Long Buffet Promo
----------------------------------------------------------------
South China Morning Post reports that a hotpot restaurant in
southwest China went out of business in less than two weeks after
customers took advantage of a promotion that allowed them to pay
CNY120 (US$19) for all they could eat for an entire month, it was
reported.

Jiamener, a restaurant in Chengdu, Sichuan province, was forced
to close on June 12, after experiencing a surge in popularity
from June 1 when customers began to use the discount offered by a
membership card, the Post reports citing Chengdu Economic Daily.

The Post relates that Chengdu stated that the restaurant's
outgoings and its payments to other restaurants and shops to help
divert the customer flow left it CNY500,000 (US$78,000) in debt.

"We knew we would be losing money [by launching the discount
promotion]," one of the owners was quoted as saying. "We wanted
to accumulate more loyal clients through this strategy."

It had also hoped to gain a stronger position in its dealings
with other businesses. "For instance, if I had lots of customers
and many of them have to drink beer, then I have to import lots
of beer," they said.

"By relying on a huge sum of money and bargaining with the [beer]
merchants, I could lower the price of the imported goods."

In the past two weeks, the restaurant has had more than 500
customers a day, with some lining up from 8:00 a.m., a queue
often stretching around the corner and the last customers not
leaving until midnight, according to the Post.

One of the owners, Su Jie, said that in these "crazy" two weeks,
he had slept for only two to three hours a night and every member
of staff had worked more than 10 hours a day, the report said.

Su, who opened the restaurant in December with his college friend
Wang Mengfan, admitted, however: "The uncivilised behavior of the
diners was secondary -- the main problem was our poor
management," the Post relays.


KWG PROPERTY: Fitch Affirms 'BB-' LT IDR, Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed China-based KWG Property Holding
Limited's Long-Term Issuer Default Rating at 'BB-'. The Outlook
is Stable. Fitch has also affirmed KWG's senior unsecured rating
at 'BB-'.

KWG's ratings are supported by its established homebuilding
operations in Guangzhou - the capital of China's southern
Guangdong province - strong brand recognition in higher-tier
cities across the country, consistently high margin, strong
liquidity and healthy maturity profile. The ratings are
constrained by the small scale of KWG's development and
investment property business, as well as the higher leverage from
its land purchases in 2016.

KEY RATING DRIVERS

Diverse Land Bank Coverage: KWG's land bank is diversified across
China's Greater Bay Area - which includes Guangzhou, Foshan and
Hong Kong - as well as eastern and northern China. In 2017, the
company ranked among the top-10 homebuilders by sales in
Guangzhou and had 13.5 million square metres (sq m) of
attributable land that was spread across 18 cities in mainland
China and Hong Kong.

The land bank had an average cost of CNY4,310/sq m at end-2017
and is sufficient for five to six years of development. KWG takes
a prudent approach when entering new cities - it conducts due
diligence for around three years before entering, usually with
one or two projects in partnership with reputable local
developers.

Strong Brand Name: KWG has established strong brand recognition
in its core cities by focusing on first-time buyers and
upgraders. The company appeals to these segments by engaging
international architects and designers and setting high building
standards. KWG's 2017 pre-sales rose by 29% yoy to CNY28.7
billion after an 11% yoy increase in 2016. Guangzhou, Beijing and
Shanghai accounted for 45% of KWG's pre-sales in both 2016 and
2017.

High Margin through Cycle: KWG's EBITDA margin has remained at
30%-35% through different business cycles and is one of the
highest among Chinese homebuilders. Protecting the margin one of
KWG's key business objectives and is achieved by maintaining
higher-than-average selling prices through consistently high-
quality products. The company's experienced project teams also
ensure strong execution capability and strict cost controls.

Moreover, KWG has a low unit land cost of 20%-25% of its average
selling price due to its strong foothold in Guangzhou, where land
prices have not increased as much as in other tier 1 cities.
KWG's EBITDA margin was at 34% in 2017 and we expect the margin
to remain above 35% in the next two years as the product mix
improves.

Worsening Leverage: KWG's leverage on an attributable basis, as
measured by net debt/adjusted net inventories, was around 34% in
2017 (2016: 39%), which is slightly below the 35% level where
Fitch would consider taking positive rating action. However,
Fitch expects the company's leverage to increase gradually, as
KWG's leverage is correlated with its contracted sales growth
rate and land bank replenishment strategy.

Joint Ventures with Leading Peers: KWG's prudent expansion
strategy has resulted in a long record of partnerships with
leading industry peers, including Sun Hung Kai Properties Limited
(A/Stable), Hongkong Land Holdings Limited (A/Stable), Shimao
Property Holdings Limited (BBB-/Stable), China Vanke Co., Ltd.
(BBB+/Stable), China Resources Land Ltd (BBB+/Stable) and
Guangzhou R&F Properties Co. Ltd. (BB-/Negative). These
partnerships helped KWG achieve lower project financing costs,
reduce competition in land bidding and improve operational
efficiency. Joint venture presales made up 53% and 49% of KWG's
total attributable presales in 2017 and 2016, respectively.

Joint venture cash flow is well managed and investments in new
joint venture projects are mainly funded by excess cash from
mature projects. Leverage is also lower at the joint venture
level because land premiums are usually funded at the holding
company level and KWG pays construction costs only after cash is
collected from presales.

DERIVATION SUMMARY

KWG's ratings are supported by its established homebuilding
operations in Guangzhou and strong higher-tier cities across
China, consistently high margin, strong liquidity and healthy
maturity profile. KWG has maintained one of the highest margins
among Chinese homebuilders throughout the cycle. Its 30%-35%
EBITDA margin is comparable with that of Yuzhou Properties
Company Limited (BB-/Stable) and Logan Property Holdings Company
Limited (BB-/Stable) and some investment-grade peers, such as
Poly Real Estate Group Company Limited (BBB+/Stable) and China
Jinmao Holdings Group Limited (BBB-/Stable), and is higher than
some 'BB' peers - Future Land Holdings Co., Ltd. (BB/Stable) and
CIFI Holdings (Group) Co. Ltd. (BB/Stable).

KWG's ratings are constrained by the small scale of its
development and investment property business as well as higher
leverage following its high-cost land purchase in 2016. Fitch
expects KWG's leverage, measured by net debt/adjusted inventory,
to increase to 36% by end-2018 (2017: 34%) due to high land
premiums as the company expands.

KEY ASSUMPTIONS

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

  - Contracted sales gross floor area to rise by 25% in 2018

  - Average selling price to increase by 5% in 2018 due to better
    sales mix in higher-tier cities and then remain flat

  - EBITDA margin, excluding capitalised interest, to rise to
    33%-34% in 2018-2020

  - Land replenishment rate of 1.5x contracted sales gross floor
    area (attributable) in 2018-2021

  - Leverage to deteriorate to remain at about 36%-38% for 2018-
    2019

RATING SENSITIVITIES

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

  - EBITDA margin sustained above 30%

  - Net debt/adjusted inventory sustained below 35%

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

  - EBITDA margin below 25% for a sustained period

  - Net debt/adjusted inventory at above 45% for a sustained
    Period


SHARING ECONOMY: Unit Signs US$1MM Software License Agreement
-------------------------------------------------------------
Sharing Economy International, Inc.'s wholly-owned subsidiary,
Sharing Economy Investment Limited has entered into a license
agreement with Ecrent Capital Holdings Limited, regarding the
grant of an exclusive and sub-licensable license from ECRENT to
SEII to utilize certain software and trademarks in order to
develop, launch, operate, commercialize, and maintain an online
website platform in North Korea. The Agreement is valid until
Dec. 31, 2023. In return, SEII will pay ECRENT a maximum amount
of US$1,000,000 upon satisfying the condition precedent that the
gross profit generated from the corresponding business
arrangement in North Korea exceeds the license fee payment, which
will be determined at expiration of the Agreement on Dec. 31,
2023.

A full-text copy of the Agreement is available for free at:

                       https://is.gd/Xk2lgB

Ecrent Capital can be reached at:

         Ecrent Capital Holdings Limited
         Cornwall Centre, 85 Castle Peak Road, Coffee Bay,
         Tuen Mun, N.T., Hong Kong

                       About Sharing Economy

Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- designs,
manufactures and distributes a line of proprietary high and low
temperature dyeing and finishing machinery to the textile
industry. The Company's latest business initiatives are focused
on targeting the technology and global sharing economy markets,
by developing online platforms and rental business partnerships
that will drive the global development of sharing through
economical rental business models. Moreover, the Company will
actively pursue blockchain technology in its existing and to-be-
acquired business, enabling the general public to realize the
beauty of resource sharing.

RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of March 31, 2018, the
company had $76.73 million in total assets, $9.05 million in
total liabilities and $67.67 million in total stockholders'
equity.


YANCHENG ORIENTAL: Fitch Cuts LT IDRs to BB & Removes from RWN
--------------------------------------------------------------
Fitch Ratings has downgraded China-based Yancheng Oriental
Investment & Development Group Co., Ltd's (Yancheng Oriental)
Long-Term Foreign- and Local-Currency Issuer Default Ratings to
'BB' from 'BB+' and removed them from Rating Watch Negative
(RWN). The Outlook is Stable.

The ratings on the USD300 million 5.15% senior unsecured notes
issued by Yancheng Oriental's wholly owned subsidiary, Oriental
Capital Company Limited (OCC), have also been downgraded to 'BB'
from 'BB+' and removed from RWN.

Fitch placed the Long-Term Foreign- and Local-Currency Issuer
Default Ratings of Yancheng Oriental, together with a number of
Chinese government-related entities (GREs), on Rating Watches on
December 20, 2017 following the publication of Fitch's Exposure
Draft: Government-Related Entities Rating Criteria in November
2017.

Fitch's rating actions follow its re-assessment of government
support for Yancheng Oriental following the publication of its
Government-Related Entities Rating Criteria dated February 7,
2018.

Yancheng Oriental is a state-owned enterprise and urban developer
within Yancheng Economic-Technological Development Zone (ETDZ),
home to one of three Sino-Korean industrial parks in China. The
company's key businesses include resettlement-housing
construction, infrastructure construction, property leasing and
management within the zone.

The company's ratings are assessed under the GRE criteria,
reflecting the government's ownership and control as well as its
strategic importance and the importance of the Yancheng ETDZ to
Yancheng municipality. Hence, Fitch believes the municipality has
strong incentive to provide extraordinary support to Yancheng
Oriental, if needed.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: Yancheng Oriental is
wholly owned by the Yancheng municipality via the Yancheng ETDZ
Management Committee. Hence, the municipality has ultimate
control and oversight of the company through the appointment of
the company's board of directors and the Yancheng ETDZ's
management committee. The attribute was assessed at only
'Strong', primarily to reflect the local government's indirect
ownership and control.

'Strong' Support Record, Expectations: Fitch views the
government's recurring financial support as evidence of its
commitment towards Yancheng Oriental's expansion. Yancheng
Oriental's capital has been seeded by the government as it is a
wholly owned GRE, including a CNY500 million capital injection in
2017. Yancheng Oriental also received CNY312 million in subsidies
as part of the ongoing support, more than its net profit of
CNY247 million.

'Moderate' Socio-Political Impact of Default: Yancheng Oriental
plays an important role in urban development within the Yancheng
ETDZ. Hence, a default could have a negative impact on the
economic development of the ETDZ, which accounted for about 7% of
the city's gross regional product in 1Q18. The attribute strength
acknowledges that there is more than one urban developer within
Yancheng that can serve as a substitute, if needed.

'Strong' Financial Implications of Default: Yancheng Oriental
ranked second in terms of total assets among the city's GREs and
is the flagship GRE within the ETDZ. The company may not
necessarily be viewed as the government's proxy considering its
limited geographical scope within the HTDZ. Nevertheless, Fitch
believes a default of Yancheng Oriental could have implications
for the city's reputation and hence financing for other GREs in
Yancheng.

Weak Standalone Profile: Fitch believes Yancheng Oriental's
indicative standalone profile is at best 'B' category. The
company has a weak financial profile characterised by large
capex, negative free cash flow and high leverage. Moreover,
Yancheng Oriental faces inherent risks from its contract work
with the government as its liquidity relies on the timely
repayment of substantial account receivables due from the
Yancheng government.

RATING SENSITIVITIES

A change in Fitch's perception of Yancheng municipality's ability
to provide subsidies, grants or other legitimate resources
allowed under China's policies and regulations could result in a
change in Yancheng Oriental's ratings.

Stronger socio-political implications and record of support,
enhancing Yancheng municipality's incentive to provide legitimate
support, may trigger positive rating action on Yancheng Oriental.
A significant weakening of Yancheng Oriental's socio-political
implications and support record by the municipality, or a
dilution of the government's shareholding, may result in a
downgrade.

An improvement or deterioration of the standalone credit profile
or liquidity position of Yancheng Oriental could also result in a
rating change.

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

Fitch's criteria acknowledge that under the current applicable
policy directives and regulations, the creditors of Yancheng
Oriental will only have recourse to Yancheng Oriental's assets
and not those of its shareholders. The debts incurred by Yancheng
Oriental are not Yancheng Oriental's shareholders' debts or
guaranteed by its shareholders and shall be repaid by Yancheng
Oriental as an independent legal person. Yancheng municipal
government, as Yancheng Oriental's shareholder, only has limited
liability in the form of its equity contribution in Yancheng
Oriental.

Following the issuance of a new directive by the Chinese
authorities aiming at tightening the access of local government
funding vehicles and state-owned entities to offshore bond
markets, Fitch is reviewing the directive for evidence of any
change in practical support as measured by Fitch's criteria. The
directive may potentially limit or restrict the channels through
which local governments can provide support to GREs that raised
borrowings in order to finance public policy investments. Fitch
is seeking to clarify this important point with the authorities,
as well as the broader question of where the cumulative policy
directives on this topic place Chinese local and regional
governments and GREs on its support spectrum. In the meantime,
Fitch will continue to apply its global criteria.


XUZHOU ECONOMIC: Fitch Cuts LT IDRs to 'BB', Outlook Stable
-----------------------------------------------------------
Fitch Ratings has downgraded Xuzhou Economic and Technology
Development Zone State-Owned Assets Management Co., Ltd.'s (XETZ)
Long-Term Foreign- and Local-Currency Issuer Default Ratings
(IDRs) to 'BB' from 'BB+'. The Outlook is Stable.

Fitch has also downgraded to 'BB' from 'BB+' the USD300 million
4.50% notes due 2019 issued by XETZ's wholly owned subsidiary,
Xuzhou Economic and Technology Development Zone International
Investment Co., Ltd., and the USD400 million 6.75% notes due 2021
issued by XETZ's wholly owned subsidiary, Jinshine International
Co., Ltd.

All ratings have been removed from Rating Watch Negative.

The downgrade was based on Fitch's assessment of XETZ following
the publication of its Government-Related Entities Rating
Criteria (GRE criteria) on February 7, 2018. The bond ratings
were also downgraded as they constitute XETZ's direct, general,
unsubordinated, unconditional and unsecured obligations. The IDRs
and bond ratings were put on Rating Watch Negative on December
20, 2017 after the release of the GRE criteria exposure draft.

KEY RATING DRIVERS

Government Ownership: XETZ's ratings are assessed under Fitch's
GRE criteria, reflecting Xuzhou municipality's ownership of XETZ
via the Xuzhou Economic and Technology Zone (ETZ) management
committee and the municipality's control and strong support
record. Fitch has also factored in the strategic importance of
XETZ and Xuzhou ETZ to Xuzhou municipality.

'Strong' Legal Status and Control: XETZ is registered as a wholly
state-owned limited liability company under China's company law;
under this legal status, XETZ's major decisions, including M&A,
spin-offs, bankruptcy and liquidation, require government
verification and approval. Xuzhou State-owned Assets Supervision
and Administration Commission indicated in May 2017 that the
government does not plan to dilute its shareholding in XETZ.

'Strong' Support Record: The government has provided significant
capital injections, subsidies and repurchased government services
to monetarily support XETZ's business, which consists of
providing city services on the government's behalf. Xuzhou ETZ
government injected further capital of CNY300 million into XETZ
in 2017.

'Moderate' Social-Political Implications of Default: XETZ is an
integrated body of Xuzhou's flagship economic development zone -
Xuzhou ETZ. It is the sole entity involved in the zone's large-
scale urban infrastructure projects, providing ancillary services
and inviting investment. XETZ also helps implement the blueprint
of the Xuzhou municipal government and Xuzhou ETZ management
committee.

'Strong' Financial Consequences of Default: Xuzhou ETZ is a major
driver of Xuzhou city's economic development. XETZ is the zone's
sole developer, for which it also raises funding on behalf of the
government. As one of the government financing platform, failure
of timely government support for XETZ and hence its default could
cause some government financial difficulty and limit the
government's financing options.

Maximum 'B Category' Financial Profile: XETZ has a weak financial
profile in light of its role as a local government financing
vehicle. Capex, leverage and negative net cash flow from
operation continued to increase in 2017, although there was some
improvement in operating revenue and net profit. Fitch expects
XETZ's financial profile to remain weak as long as its public-
sector duties continue.

RATING SENSITIVITIES

XETZ's ratings could change if Fitch revises its perception of
Xuzhou municipality's ability to provide subsidies, grants or
other legitimate resources allowed under the policies and
regulations.

An increased incentive for Xuzhou municipality to provide support
to XETZ, including greater socio-political and financial
implications of a default by XETZ and a stronger record of
support, may trigger positive rating action on XETZ. In contrast,
the rating may be downgraded if there is a significant weakening
in the socio-political and financial implications of a default by
XETZ, a diminished municipal support record or a dilution of the
government's shareholding.

An improvement or deterioration of XETZ's standalone credit
profile or liquidity position would also affect the ratings.

Any change in XETZ's IDR will result in a similar change in the
rating of the notes.

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

Fitch's criteria acknowledge that under the current applicable
policy directives and regulations, the creditors of XETZ will
only have recourse to XETZ's assets and not those of XETZ's
shareholders. The debts incurred by XETZ are not XETZ's
shareholder's debts or guaranteed by its shareholders and shall
be repaid by XETZ as an independent legal person. Xuzhou
municipal government, as XETZ's shareholder, only has limited
liability in the form of its equity contribution in XETZ.

Following the issuance of a new directive by the Chinese
authorities aimed at tightening the access of local government
financing vehicles and state-owned enterprises (collectively,
GREs) to offshore bond markets, Fitch is reviewing the directive
for evidence of any change in practical support as measured by
its criteria. The directive may limit or restrict the channels
through which the local governments can provide support to the
GREs that raised borrowing in order to finance public policy
investments. Fitch is seeking to clarify this important point
with the authorities, as well as the broader question of where
the cumulative policy directives on this topic place Chinese
local and regional governments and GREs on its support spectrum.
In the meantime, Fitch will continue to apply its global
criteria.



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


NOBLE GROUP: Halts Shares Trading as Debt Deal Hits Delays
----------------------------------------------------------
Bloomberg News reports that Noble Group Ltd. suspended its shares
in Singapore on June 18 pending an announcement, as efforts to
get shareholder agreement on its controversial $3.5 billion debt
restructuring plan drag on longer than expected.

The stock fell to a record low of 5 Singapore cents last week
before closing at 5.4 cents on June 14 prior to a public holiday,
notes the report. Once Asia's largest commodity trader, the
company has seen its market value shrink to about $50 million
from more than $10 billion in 2010, Bloomberg notes.

Bloomberg relates that after three years of decline featuring
billions of dollars in losses, a debt default, law suits and,
more recently, a spate of public sparring with shareholder
Goldilocks Investment Co., the trader is struggling to pass a
rescue deal that will swap half the debt for equity and hand
control to creditors. The company's original plan was to complete
the restructuring by July.

While the plan has been backed by some 85 percent of senior
creditors, as well as founder and largest shareholder Richard
Elman, it's run into fierce opposition from Goldilocks, Bloomberg
says. The Abu Dhabi-based investment fund has sued the trader, as
well as the banks and hedge funds supporting the proposal, to
halt the restructuring.

To get the deal over the line, Chairman Paul Brough needs
approvals from shareholders as well as creditors, the report
recalls. The company is working on a circular to send to stock
holders, before a special general meeting yet to be scheduled.

According to Bloomberg, Mr. Brough has said that if shareholders
don't approve the plan, the company would opt for a pre-packaged
administration in the U.K. to implement the restructuring.

The trader has hired Provenance Capital Pte as an independent
adviser to assess whether the proposed restructuring is fair,
complying with a request from the Singapore regulator after the
deal ran into opposition, Bloomberg says. Provenance's view needs
to be included in the circular on the deal that's sent to
holders.

Mr. Brough told analysts during the first quarter earnings call
that he would be "quite happy" if the company could issue the
circular by the end of May, Bloomberg relays.

In another development, Pinpoint Asset Management Ltd. and Value
Partners Ltd. have filed a claim against Noble Group in a U.K.
court, Bloomberg reports citing an online search of cases there,
which gave no further details. Pinpoint Asset Management is part
of a group of perpetual bondholders, which was said in May to be
close to a debt workout agreement with the trader, Bloomberg
discloses.

Noble Group's perpetual bonds fell 2.3 cents to 7.3 cents on the
dollar by 1:12 p.m. in Singapore on June 18, and headed for the
biggest one-day decline since January, Bloomberg relays. The
trader's defaulted 2018 notes climbed 0.9 cent to 40.1 cents on
the dollar, recouping part of the 2.7 cent drop on June 15.

"Looking at the market reaction on the perps, there might have
been disruptions to the discussions between Noble and its
perpetual bondholders," Bloomberg quotes Ang Chung Yuh, senior
fixed-income analyst at iFast Corp, as saying. "Until the parties
explain the situation, it is too speculative to trade this
credit."

The company's trading operations have been racking up losses as
the restructuring talks continue, Bloomberg states. It lost $71.5
million in the three months through March as revenue sank almost
40 percent from a year earlier to $1.2 billion. That follows a
full-year shortfall of almost $5 billion in 2017, the report
adds.

                         About Noble Group

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

As reported in the Troubled Company Reporter-Asia Pacific on
March 23, 2018, S&P Global Ratings lowered its long-term issuer
credit rating on Noble Group to 'D' from 'CC'.

S&P said, "We lowered the ratings because Noble has missed the
principal and coupon payment for its 2018 notes due March 20,
2018. Noble also missed the coupon payment on its 2022 notes due
March 9, 2018.  In addition, the company said it would not make
the payments despite being given 30-day grace periods to meet
both obligations.  The failure to make these payments will
trigger cross-defaults on the company's other obligations.  We do
not expect Noble to meet any outstanding obligations as the
company preserves its assets during the restructuring process."

Noble is undergoing a debt restructuring, which management
expects to be completed by the end of July.  S&P will conduct
another review the company's credit profile after the
restructuring is complete.



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


ADHUNIK METALIKS: NCLT Allows 20 More Days to Complete Insolvency
-----------------------------------------------------------------
The Financial Express reports that Adhunik Metaliks has received
an additional 20 days to complete the ongoing insolvency
resolution process.  The report says the Kolkata bench of the
National Company Law Tribunal (NCLT) on June 15 ordered exclusion
of 20 days from the mandated 270-day deadline under the corporate
insolvency resolution process (CIRP) for the company, the
flagship of the Adhunik Group.

According to the report, the resolution professional (RP) of the
insolvent company, Sumit Binani, had urged the tribunal to
exclude around 20 days from the stipulated 270-day deadline so
that in this additional time the revised resolution plan of UK-
based Liberty House could be considered. Earlier, the committee
of creditors (CoC) had identified Liberty House as the highest
bidder (H1), the report notes.

Notably, for the debt-laden steel maker, the stipulated deadline
under the CIRP had expired on April 29, and during this period no
resolution plan for the company was approved by its CoC, notes
the Financial Express. There are only two resolution applicants -
Liberty House and Maharashtra Seamless of the DP Jindal Group.
Liberty House's offer currently stands at around INR600 crore,
sources said, the report discloses.

"This application is allowed by excluding 20 days out of 270 days
for completion of CIRP process of the corporate debtor with
effect from the date of this order i.e. from 15.06.2018 till
06.07.2018," said a division bench of the tribunal, comprising
Justices Jinan KR and Madan B Gosavi, FE relays.

"The Committee of Creditors is hereby directed to consider the
plan submitted by the Liberty House as well as the Maharashtra
Seamless Limited's resolution plan and approve any one of the
plans as per the provision of the Code and submit before the
bench on or before July 2," the order stated.

The report relates that in his submission before the division
bench of the tribunal, advocate Sidhartha Sharma, appearing on
behalf of the RP on May 11, had said, "A lot of time has been
lost while negotiating with Liberty House. The company has taken
time to clarify its stand as an eligible resolution applicant
under Section 29A of IBC."

As per the Insolvency and Bankruptcy Code (IBC) norms, an
insolvent company is to be liquidated if during the moratorium of
nine months no successful resolution plan is in place, the report
states.

For Zion Steel also the tribunal on June 15 ordered exclusion of
20 days from the mandated 270-day deadline under the CIRP for the
company. Liberty House is also the highest bidder in this case.
This matter is also listed on July 2 for filing the progress
report, FE discloses.

Notably, bankruptcy proceedings against Adhunik Metaliks (AML),
its subsidiary Orissa Manganese & Minerals (OMML), and Adhunik
Group company Zion Steel were admitted by the Kolkata bench of
NCLT in August last year, the report discloses. The insolvency
petitions had been filed by the State Bank of India (SBI).

SBI, which leads the consortium of lenders to the companies, had
in July last year filed insolvency petitions over non-payment of
loans worth INR812 crore by AML and INR940 crore by OMML, FE
discloses.

FE adds that the bank had also claimed dues from Zion Steel, as
it was a co-obligator to the loans disbursed to AML and OMML
under the provisions of the master restructuring agreement and
the common loan agreement signed in March, 2014.

Adhunik Metaliks Limited is an alloy, special and construction
steel manufacturing company. The Company is engaged in the
manufacture and sale of steel, both alloy and non-alloy.


AKS MEDICAL: Ind-Ra Assigns BB- Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned AKS Medical &
Research Centre Private Limited (AKS) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR500 mil. Term loans due on March 2027 assigned with
    IND BB-/Stable rating.

KEY RATING DRIVERS

The ratings reflect the cost and time overrun risk stemming from
the construction stage of AKS's multi-speciality hospital. It is
the company's first project and is likely to be completed and
commercialized in April 2019. The total cost of the project is
INR758.9 million, which is being funded by the promoter's
contribution (share capital and unsecured loan) of INR258.9
million and term loan of INR500 million.

However, the ratings are supported by the strong linkages between
AKS and its parent Yatharth Hospital and Trauma Care Services
Private Limited ('IND BB+'/Stable). Further, the upcoming
hospital is strategically located in proximity to many
residential societies. Moreover, the company's management has an
experience of more than a decade in the healthcare industry.

RATING SENSITIVITIES

Negative:  Weakening of the linkages between the parent and
subsidiary or inability to timely complete the project and ramp-
up the capacity and/or any additional debt-led capex impacting
the debt servicing capability of the firm would be negative for
the ratings.

Positive: Timely project completion and ramp-up of the capacity
along with achieving stable business operations will be positive
for the ratings.

COMPANY PROFILE

AKS is setting up a 150-bed multi-specialty hospital in Greater
Noida. The company is managed by Dr. Kapil Tyagi and Dr. Ajay
Tyagi.


ALAKNANDA FUEL: CARE Assigns B+ Rating to INR18cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Alaknanda Fuel Private Limited (AFPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            18.00      CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.40      CARE A4; Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of AFPL are
constrained by project implementation risk, susceptible to
volatility in raw material prices, working capital intensive
nature of operations and fragmented and highly competitive
industry. The ratings, however, derive comfort from experienced
promoters, assured off take arrangement and diversified use and
favorable end user industry. The ability of the company to
complete the ongoing project without any major cost & time
overrun and derive benefit out of it as envisaged will be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Project implementation risk: AFPL is currently setting up a
manufacturing plant of PP woven bags at Raniganj, Burdwan in West
Bengal with estimated project cost of INR19.00 crore, which is to
be funded at debt equity of 1.00x. The financial closure for the
debt portion of the project has already been tied. Thus the risk
of project funding is eliminated. Moreover, AFPL has spent around
INR6.00 crore (31.57% of total project cost) till May 11, 2018.
As the project is into initial stage, the project implementation
risk is exits. Moreover, the project is expected to be
operational by October, 2018.

Susceptible to volatility in raw material prices: The primary raw
materials required for manufacturing of woven bags are HDPE and
PP granules, the prices of which are dependent on crude oil
prices which are highly volatile in nature. Hence, the
profitability margins of the company could get adversely affected
with any sudden spurt in the raw material prices.

Working capital intensive nature of operations: The operation of
the company is expected to be working capital intensive in nature
as the company will hold adequate inventory of raw materials for
smooth running of its production process. Further, it is
estimated to hold inventory of finished goods for timely supply
to its customers. Furthermore the company being new in the woven
sacks industry will extend credit to its customers to penetrate
its market share.

Fragmented and highly competitive industry: The plastic woven
sack industry is dominated by various small and medium players
operating in the small and medium-scale sector, resulting in high
fragmentation and intense competition. Also, due to few suppliers
of HDPE and PP granules, suppliers enjoy high bargaining power.
Local players enjoy the benefits of lower cost in terms of
proximity to customers and raw material suppliers. Furthermore,
due to low product differentiation and value addition, the
industry is highly competitive with price being the key
differentiating factor.

Key Rating Strengths

Experienced promoters and assured off-take arrangement: AFPL
belongs to ALAKNANDA GROUP having a combined turnover of
INR270.88 crore during financial year 2016-17, is a well-known
name in the iron & steel and cement industry, with a considerable
presence in Eastern India. The group has been manufacturing high
quality TMT bars and cements under its brand name of "Kamdhenu"
&"Prime Gold", a popular brand in the state of West Bengal and
its neighboring states. The off take risk for the company's
products is considerably reduced with major portion of the
produce being required by the group companies for meeting its
packaging requirement. AFPL is currently managed by Mr. Anand
Kumar Saraogi who has more than two decades of experience in iron
& steel and cements industry, will look after the day to day
operations of the company supported by the other directors Mr.
Mukesh Kumar Bharuka, Mr. Vishal Sarda and Mr. Anurag Singhania.

Diversified use and favorable demand in end user industries:
Polypropylene (PP) has high tensile strength and plastic woven
sacks are much cleaner both in use and production and resist
fungal attack. Air permeable sacks made from PP are suitable for
the packaging of diversified products like cement, fertiliser,
other chemical products, food grains, oil seeds, sugar, salt etc.
Due to numerous advantages of PP woven sacks over jute sacks,
these are finding more and more applications in packaging of a
wide range of products of various industries.

Incorporated in March 2014, Alaknanda Fuel Private Limited (AFPL)
was promoted by Mr. Anand Kumar Saraogi, Mr. Mukesh Kumar
Bharuka, Mr. Vishal Sarda and Mr. Anurag Singhania based out of
West Bengal to set up a manufacturing unit of PP woven bags in
the state of West Bengal with an aggregate installed capacity of
4320 metric tons per annum (MTPA). The company belongs to
ALAKNANDA GROUP. The group is engaged in manufacturing of iron
and steel and cements. The group has been manufacturing high
quality TMT bars and cements under its brand name of "Kamdhenu"
&"Prime Gold", a popular brand in the state of West Bengal and
its neighboring states.


ALEPH ENTERPRISES: CARE Migrates B+ Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Aleph
Enterprises to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      1.00      CARE B+; Issuer Not Cooperating;
   Facilities                    based on best available
                                 information

   Long Term/Short-    7.00      CARE B+/CARE A4; Issuer Not
   term Bank                     Cooperating best available
   Facilities                    Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Aleph Enterprises to
monitor the rating vide e-mail communications April 27,
2018, May 10, 2018 and May 15, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. The
rating on Aleph Enterprises's bank facilities will now be denoted
as CARE B+; Issuer not Cooperating ; CARE B+/CARE A4;Issuer not
cooperating; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on March 8, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Thin profitability margins, modest capital structure and debt
protection metrics: The PBILDT margins are fluctuating and are
thin during the period FY10 to FY15. The PBILDT margin declined
by 40 bps to 2.90% in FY15 despite growth in total operating
income by 25%. With low PBILDT and increase in the interest cost
by 15% in FY15, the interest coverage stood moderately weak at
1.21 times as of March 31, 2015(1.27 times as of March 31, 2014).
The total debt as of March 31, 2015 comprised the majority part
of working capital borrowings and balance of vehicle loans &
unsecured loans from the promoter. The overall gearing of the
firm has deteriorated from 3.27 times as of March 31, 2014 to
4.17 times as of March 31, 2015 due to enhancement in working
capital borrowings and unsecured loans. The total debt/GCA was
also very high at 57.72 years in FY15 due to low cash accruals
and enhancement in working capital limits.

Exposure to fluctuations in the forex exchange rates: The firm's
profit margins are exposed fluctuations in the forex exchange
rates. The currency of import purchase and export sales is US
dollars. Since, the forex risk is partially offset due to the
natural hedge. The firm does not hedge its forex exposure.

Highly fragmented and competitive industry: The cashew processing
business is highly fragmented with presence of large number of
organized and unorganized players in India. There is high
competition within the industry due to low entry barriers and low
product differentiation, thus limiting the pricing flexibility.
Raw cashew being an agro commodity, the availability of RCN is
subject to climatic risk.

Key Rating Strengths

Long experience of promoter's family in cashew processing: Mr.
John M. George has three decades of experience in the cashew
market derived from the experience of his family business. After
completing his post-graduation in mechanical engineering he
worked as a faculty in TKM College of Engineering, Kollam, Kerala
and retired as Head of Department of mechanical engineering in
April 2014 and simultaneously managed the operation of APE. APE's
operations are supported by 1500 labourers of which 1100
labourers are directly employed and remaining 400 are employed on
contract basis depending on the requirement for production.
Presently, the other entity in which the promoter family is
involved in cashew business is 'JL Cashews Private Limited'
(JLCPL)wherein Mr. and Mrs. John M. George are Directors. JLCPL
was established in 2011.

Established relationship with customers and suppliers: The firm
has established a good relationship with its customers and
suppliers backed by Mr.John's experience and the long operation
track record of firm. About 80% of raw materials for processing
are purchased through an agent, Delta Star Trading, Gulf who in
turn imports raw materials from Ivory Coast, Ghana, Benin and
Guinea Bissau, Tanzania to India. RCN are imported during season
Le. Feb-June and October-November. APE also purchase raw
materials through high-sea sales and from domestic markets such
as Kerala, Tamil Nadu and Andhra Pradesh during off-season
depending upon the price and demand for the product. APE also
purchases cashew kernel from other processing units of Kerala
when the particular variety ordered by customers is not available
with APE. Despite the long relationship, the price negotiation
capability with suppliers is low as RCN is an agro commodity and
also given high demand for RCN in India. The price also varies
depending upon the demand-supply scenario, geographical
conditions in the exporting country, logistics cost, import duty
in domestic market etc. which directly impact the profit margin
of cashew processors. APE exports its products to United States,
Europe, United Kingdom, Malaysia, Saudi Arabia etc. through
agents and also directly to wholesalers. The wholesalers in-turn
sell it through supermarket while some customers process it
further by roasting and resell it. In the domestic market, the
firm supplies the processed cashews to wholesalers in Delhi,
Jaipur, Ahmedabad and Mumbai who in-turn supply to
confectionaries and retailers. The price negotiation capability
with customers is low due to intense competition from other
cashew processing entities. APE has nine customers in export
market and five wholesalers in domestic market. During high
demand, the firm also outsources processing of RCN to other
processing units for which processing charge in paid. The export
customers of APE include CATZ International, L.B. Nuts (Germany),
AIMS International (USA), Toim Fag (Malaysia). Teom Logo
(Malaysia), SLD Commodities (USA), Global Commodities (UK) etc.
while some domestic customers include Om Prakash Deepak (Delhi).
S B Enterprises (Ahmedabad), Kanchan Enterprises (Delhi), Ramji
deal Traders (Kolkata) etc. APE purchases cashew kernel from
Angel Cashews, Mount Moriya, Mount Carmel, Mangalaph Enterprises,
Mannai Cashews etc.

Improvement in operating cycle: The collection period of the firm
is almost nil unlike other market players as the firm seeks the
opening of sight LCs from its customers while it collects
advances from domestic customers. This aids the firm in managing
the working capital borrowing and to leverage on the same for
holding raw cashew nut stock required for the off-season as well
as to meet high demand during festival season in domestic market.
The availability of raw cashew is also subject to the climatic
conditions, thus necessitating maintenance of high inventory
levels. There has been a substantial improvement in the operating
cycle from 111 days to 86 days due to decline in the inventory
days from 119 days in FY14 to 86 days in FY15.

Aleph Enterprises (APE) was established in 1996 as a
proprietorship concern for processing and exports of cashew. Mrs.
Leelama John is the proprietor. The operations are also supported
by her husband Mr. John. M. George. The firm owns three
processing units located in Mampuzha, Puthensagatm and Villur in
Kerala with a combined installed capacity of 2000 MT (80 kg per
bag). All the three processing units are semi-automated. APE also
purchases and sells cashew kernel from other processing units in
Kerala when the particular variety ordered by customers is not
available with APE and to fulfill the demand of customers in a
timely manner.

Some of the cashew varieties processed is white wholes (W180,
W210, W240, W280, W320, and W450), butts, splits, pieces, small
pieces, baby bits etc. The products are packed in 25 and 50
pounds packs and then into cartons and exported depending upon
the requirement of customers.


ALPHA PACIFIC: CARE Assigns B+ Rating to INR6cr LT Bank Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Alpha
Pacific Systems Private Limited (APS), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.00       CARE B+; Stable Assigned
   Facilities

   Long-term/Short-     4.00       CARE B+; Stable/CARE A4
   Term Bank                       Assigned
   Facilities

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of APS are primarily
constrained by small scale of operations with low net worth base,
concentrated customer base and highly leveraged capital
structure. The ratings are further constrained by APS's presence
in competitive nature of industry coupled with business risk
associated with tender-based orders. The ratings, however, draws
comfort from experienced management and moderate profitability
margins.

Going forward; ability of APS to profitably increase the scale of
operations while registering improvement in capital structure
shall be the key rating sensitivity. Further, ability of the
company to complete the projects in the contacted timeline shall
be another key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low net worth base: APS is a small
regional player involved in executing EPC contracts. The scale of
operations of APS stood small marked by total operating income
(TOI) and GCA of INR 18.71 crore and INR0.78 crores for FY17
(refers to the period October 01 to March 31) {Consolidated TOI
of APC and APS of INR36.58 crore for FY17 (refers to the period
April 1 to March 31)}. Further, the net worth base stood low at
INR1.09 crore as on March 31, 2017. The small scale limits the
company's financial flexibility in times of stress and deprives
it from scale benefits. Further, the company has achieved a total
operating Income of INR32crore for 11MFY18 (refers to April 1 to
February 28; based on provisional results).

Concentrated customer base though moderate orderbook: The
unexecuted order book of the company as on February 28, 2018
stood at INR43.34 crore which is equivalent to ~1.75x of the
total operating income achieved in FY17, thereby giving short to
medium term revenue visibility. However, the entire unexecuted
order book is concentrated towards contracts from Public Works
Department (PWD), National Hydroelectric Power Corporation
(NHPC), Uttarakhand Jalvidyut Nigam Limited (UJVN), Tehri Hydro
Development Corporation Limited (THDC). Hence, any unfavorable
changes in their contracts awardation policies would have a
direct bearing on the company's revenue growth and profitability.

Leveraged capital structure: The company has debt mainly to
manage its working capital requirement. Also, considerable
proportion of debt is in form of unsecured loans. Owing to high
debt levels to meet working capital requirements coupled with low
net worth base, the capital structure stood leveraged as on past
three balance sheet dates. The average utilization in the net
working capital borrowings stood at 95% for the 12 months ending
on February 2018.

Competitive nature of industry coupled with business risk
associated with tender-based orders: APS faces direct competition
from various organized and unorganized players in the market.
There are number of small and regional players catering to the
same market which has limited the bargaining power of the company
and has exerted pressure on its margins. Further, the company
majorly undertakes projects which are awarded through the tender-
based system. The growth of the business depends on its ability
to successfully bid for the tenders and emerge as the lowest
bidder. Moreover, going forward, due to increasing level of
competition and aggressive bidding, the profits margins are
likely to be under pressure in the medium term.

Key Rating Strengths

Experienced management: The company is being managed by Mr.
Neeraj Kumar and Mr. Subhash Singh Soam. Both the directors are
engineers by qualification and have around more than a decade of
experience in the industry through their association with this
entity.

Moderate profitability margins: The profitability margins of the
company are directly associated with nature of contract executed.
PBILDT margin and PAT margin stood moderate for the last three
financial years (FY15-FY17) and PBILDT and PAT margin stood at
8.76% and 6.03% respectively in FY17.

Moderate operating cycle: The operating cycle of the company
stood moderate at 69days for FY17. The company maintains
inventory in the form of raw materials at different sites for
smooth execution of contracts. Also, the company accounts for
work in progress inventory in the books of accounts for under
progress work, resulting in average inventory days of 68 in FY17.
APS receives a high payable period of around 2-3 months from its
suppliers; while on the other hand, realization of receivables
owing to lengthy clearance processes with the government
departments result in a similar collection period. The average
creditor's period and average collection period for FY17 stood
high at 76 days and 77 days respectively. Further the average
utilization remained around 95% of the sanctioned working capital
limits for the 12 months period ending February 28, 2018.

Delhi-based APS (CIN: U74999DL2016PTC303271) was incorporated in
July 2016. The company has succeeded an erstwhile proprietorship
firm i.e. M/s Alpha Pacific Systems (APC) established in 2000.
APS is currently being managed by Mr. Neeraj Kumar and Mr.
Subhash Singh Soam. It is engaged in civil construction works.
Also, the company is engaged in providing EPC (Engineering,
Procurement and Construction) services in the field of Hydro-
Power Projects, Solar Projects, and Structural Fabrication etc.


ANMOL ASSOCIATES: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anmol Associates
a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital facility assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR100 mil. Non-fund-based working capital facility assigned
    with IND A4+ rating.


KEY RATING DRIVERS

The ratings reflect Anmol Associates' small scale of operations
as indicated by revenue of INR210.53 million in FY18 (FY17:
INR469.21 million; FY16: INR110.31 million). The decline in
revenue was driven by delay in debtor realizations. Despite the
decline in revenue, EBITDA margin was strong and expanded to
14.40% in FY18 (FY17: 7.75%, FY16: 7.40%) due to a decrease in
construction cost and an increase in execution of high-margin
earth work projects. FY18 numbers are provisional in nature.

The ratings, however, are supported by Anmol Associates'
comfortable credit metrics on the back of lower debt levels.
Gross interest coverage (operating EBITDA/gross interest expense)
deteriorated to 3.82x in FY18 (FY17: 5.39x, FY16: 6.69x) due to a
decrease in absolute EBITDA to INR30.31 million (INR36.35
million). While, net financial leverage (total adjusted net
debt/operating EBITDAR) improved to 1.26x in FY18 (FY17: 1.63x,
FY16: 0.60x) due to lower utilization of the working capital
facilities.

The ratings also benefit from the company's comfortable liquidity
position as indicated by 77% average utilization of the working
capital limits during the 12 months ended May 2018.

The ratings are also supported by the promoters' over two decades
of experience in the civil construction industry.

RATING SENSITIVITIES

Negative: Deterioration in the margin leading to a decline in the
credit metrics on a sustained basis will be negative for the
ratings.

Positive: A significant improvement in the top line along with an
improvement in the credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Established in 2013, Anmol Associates is engaged in the
construction of roads and building, and irrigation works. It is
an approved Class A civil contractor for Uttar Pradesh Public
Works Departments and Class AA contractor for Luck now
Development Authority and Uttar Pradesh Irrigation Department.


C. RAMAKRISHNA: CRISIL Assigns B+ Rating to INR5.15MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of C. Ramakrishna Padayatchi (CRP).

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Export Packing
   Credit               5.15      CRISIL B+/Stable (Assigned)

The rating reflects CRP's modest scale of operations in the
intensely competitive cashew industry, and below-average
financial risk profile. These weaknesses are partially offset by
the experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: With
revenue of about INR18.7 crore in fiscal 2017, scale of
operations remains small. Further, intense competition may
continue to restrict scalability of operations and limit pricing
power with suppliers and customers, thereby constraining
profitability.

* Below-average financial risk profile: Financial risk profile
has been below average, with leveraged capital structure and weak
debt protection metrics.

Strengths:

* Experience of proprietor: Benefits from the proprietor's
experience of over three decades, his strong understanding of the
export market dynamics, and healthy relations with customers and
suppliers should continue to support the business.

Outlook: Stable

CRISIL believes CRP will continue to benefit from the experience
of the proprietor. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability, or significant
capital infusion strengthens financial risk profile. Conversely,
the outlook may be revised to 'Negative' if lower-than-expected
cash accrual, stretch in working capital cycle, or large, debt-
funded capital expenditure weakens liquidity.

CRP was set up at Cuddalore (Tamil Nadu) by the proprietor, Mr C
Ramakrishna Padayatchi. It processes raw cashew nuts and sells
cashew kernels.


CHEMIETRON CLEAN: CARE Cuts Rating on INR5.46cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chemietron Clean Tech Private Limited (CCPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      5.46       CARE D; ISSUER NOT COOPERATING;
   Facilities                     Revised from CARE B+; ISSUER
                                  NOT COOPERATING on the basis of
                                  best available information

   Long term Bank      1.00       CARE D/CARE D; ISSUER NOT
   Facilities/                    COOPERATING; Revised from
   Short term                     CARE B+/CARE A4; ISSUER NOT
   Bank Facilities                COOPERATING on the basis
                                  of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CCPL to monitor the
rating(s) vide email communications/letters dated April 20, 2018,
May 23, 2018, May 30, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.  The
rating of Chemietron Clean Tech Private Limited bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.  The
rating has been revised on account of the delays in debt
repayment owing to weak liquidity position.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating in March 10, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Ongoing delay in debt servicing: CCTPL has been irregular in
servicing its debt obligation due to weak liquidity position of
the company.

CCPL was incorporated in May, 2008 as a private limited company
by three promoters led by Mr Ashok Gupta (Age: 73 years). Mr
Ashok Gupta has a long industry experience of around 43 years.
CCPL is engaged in the business of manufacturing and trading of
air filters and air handling units. CCPL operates from its ISO
9001:2008 certified manufacturing facilities located at Ahmedabad
(Gujarat). CCPL is selling its clean room technology product
under the brand name of "Chemietron" and air filters under the
brand name of "Hygieno".


CHOUDHARI CONSTRUCTION: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Choudhari
Construction Co. to CRISIL D/CRISIL D Issuer not cooperating.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Bank Guarantee       2.8     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Credit          5.0     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Long Term   1.2     CRISIL D (ISSUER NOT COOPERATING;
   Bank Loan Facility           Rating Migrated)

CRISIL has been consistently following up with Choudhari
Construction Co. (CCC) for obtaining information through letters
and emails dated March 29, 2018 and April 19, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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 Choudhari Construction Co.,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Choudhari Construction 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 Choudhari Construction Co. to CRISIL D/CRISIL D
Issuer not cooperating.

CCC was set up as a partnership firm in 1983 by Mr. Hamiram
Choudhari and his wife, Mrs. Ratanben Choudhari. It undertakes
various infrastructure-related construction activities,
comprising construction and repair of roads, buildings, and
sewerage systems in Mumbai and Pune. The firm participates in
tenders floated by the Brihanmumbai Municipal Corporation, Mumbai
Metropolitan Regional Development Authority, and Public Works
Department.


CRAFTS INDIA: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Crafts India
Industries (CII) to CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          1.25      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       4.21      CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CII for obtaining
information through letters and emails dated March 29, 2018 and
April 30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

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

CII is a partnership firm set up in 2016 by Mr Nitin Jain and his
brother, Mr Anuj Jain. The firm is setting up a corrugated box
facility at SIDCO Complex, Bari Brahmana, Jammu. Commercial
operations are expected to start from April 2017.


DIPAK J: CRISIL Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of M/S. Dipak
J. Bhivare (DJB) to CRISIL D/CRISIL D Issuer not cooperating.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee       1.5     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Credit         10.5     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Long Term    .12    CRISIL D (ISSUER NOT COOPERATING;
   Bank Loan Facility           Rating Migrated)

CRISIL has been consistently following up with DJB for obtaining
information through letters and emails dated March 29, 2018 and
April 19, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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 M/S. Dipak J. Bhivare, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
M/S. Dipak J. Bhivare 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 M/S. Dipak J. Bhivare to CRISIL D/CRISIL D Issuer
not cooperating'.

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

DJB was set up in 2002 as a proprietorship firm by Mr Dipak J
Bhivare. The firm undertakes civil construction work, primarily
construction of water filters and overhead reservoirs, and laying
of pipelines, for government agencies. It is registered as a
Class 1 contractor with Maharashtra Jiwan Pradhikaran.


EMPEE DISTILLERIES: CARE Lowers Rating on INR47.50cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Empee Distilleries Limited (EDL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      47.50      CARE D Issuer not cooperating;
   Debenture issue                 Revised from CARE C; Negative
                                   ISSUER NOT COOPERATING; on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The revision in rating assigned to the NCD issue of EDL is on
account of delays in servicing of debt obligation.

This is further to CARE's press release dated April 5, 2018 on
Empee Distilleries Limited (EDL) wherein the rating on the
company's bank facilities and debt instrument were denoted as
"Issuer not cooperating", CARE had been seeking information from
the company to monitor the ratings vide various e-mail
communications and telephone calls. However, despite repeated
attempts by CARE, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.

Detailed description of the key rating drivers

Instance of delay in debt servicing: The moderation in the
performance of EDL coupled with significant exposure to group
entities and their constrained liquidity position, leading to
instances of delays in debt servicing by EDL. During FY18, the
company incurred net loss of INR77 Crore (PY:Rs.52 Crore) and
cash loss of INR38 Crore (PY: INR13 Crore) on TOI of INR513
Crore.

Promoted in 1983 by Mr M P Purushothaman, EDL is the flagship
company of the Empee group mainly engaged in the manufacturing of
Indian Made Foreign Liquor (IMFL) in the states of Tamil Nadu
(TN), Kerala and Karnataka. EDL has a licensed capacity of 7.2
million cases per annum, spread among these three states. EDL
also produces power through a bio-mass based power plant of 10 MW
capacity in TN and has a 60 Kilo Liter per Day (KLPD) grain based
alcohol plant in Andhra Pradesh (AP).


EMCEE ENGINEERING: CARE Moves B Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Emcee
Engineering Works (EEW) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      19.03       CARE B; Stable; Issuer not
   Facilities                      cooperating

   Short term Bank      6.00       CARE A4; Issuer not
   Facilities                      cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EEW to monitor the rating
vide e-mail communications/letters dated April 26, 2018, May 10,
2018, May 16, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, In line with the
extant SEBI guidelines CARE's rating on Emcee Engineering Works'
bank facilities will now be denoted as CARE B; Issuer not
Cooperating/CARE A4;Issuer not cooperating; ISSUER NOT
COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating on October 2015 the following were the
rating strengths and weaknesses.

Key Rating weakness

Weak gearing and coverage indicators: The firm's capital
structure remained weak with a gearing hovering around 2-2.4x
over the last three years. The firm availed a WCTL for INR5 crore
in FY15 which led to deterioration in the DER. The infusion of LT
funds has improved the liquidity position of the firm to some
extent. The term debt /GCA also has seen a deterioration on this
count. The firm is planning to invest in new machinery (Rs.1.88
crore) and this is to be part funded that with term loan of
INR1.41 crore and balance through internal accruals. The new
machinery will aid in the increase in its capacity utilization
for its own manufacturing as well as for the projects executed in
favor of BHEL.

Increase in operating cycle: Being in the capital goods industry
and with limited bargaining power with its customers firm's
collections period remains high. Also, the WIP inventory also
remains high as the time taken for fabrication is longer and the
goods are not lifted by the customers in time as there have been
delays in shipment of the finished goods.

Key rating strengths

Long experience of promoter in the field of boiler components
manufacturing/fabrication: Mr. G.Balakrishnan is a Mechanical
Engineer who was employed as a Development Engineer in Universal
Heat Exchangers limited since 1971. In 1977, Mr. Balakrishnan
established EEW under self-employment scheme of Small and Medium
Enterprises, for the fabrication of boiler components for BHEL on
job work terms. Mr. G. Balakrishnan has 37 years of experience in
boiler component manufacturing. In 1998, Mr. Venkatesh Kannan,
younger son of Mr. G.Balakrishnan joined the business, after
completing his Bachelor of Business Administration. He manages
the operations of Unit-I. In 2001, Mr. Thirumurugan elder son of
Mr.G.Balakrishnan joined in the business after completing his
B.E. in Aircraft maintenance. He manages the operations of Unit
II. The operations of the firm are aided by decade long
experience of Mr. Venkatesh Kannan and Mr. Thirumurugan who shall
succeed Mr. G.Balakrishnan.

Established relationship with customer:  EEW has more than three
decade long relationship with its sole customer BHEL. EEW does
both job work and manufacturing for BHEL. BHEL provides orders to
EEW with an average execution period of three months. Once the
order is provided, EEW takes a month to identify and procure raw
materials from authorised suppliers of BHEL and after the arrival
of raw materials, the components are manufactured in two months.
The raw materials such as plates, angles, channel, beam are
purchased from TATA Steels, Jindal Steel, Vizag Steel etc. on
cash basis. EEW's negotiation capability with suppliers is low
due to its low quantum of purchase from well-established
suppliers. However, BHEL provides price escalation clause up to
5% for the firm, once in three months depending upon the
variability of raw materials price. Upon completion of orders,
bills are raised by EEW for getting the payment from BHEL. After
inspection and certification of finished goods, the payment is
made with an average credit period of 50 days.

Emcee Engineering Works (EEW) was converted into proprietorship
concern in 1980 after the exit of Mr. K. Shanmugasundaram. In
1985, EEW forayed into fabrication of heavy box, column, beam,
auto welding etc. (on job work) which are used in boiler
manufacturing. From 2005, the firm started fabrication of
pressure parts components such as water wall panel, coils,
header, piping, loose bends etc. required for boilers. In 2008,
the firm commenced its second unit in Mandaiyur Village,
Pudukottai, Tamil Nadu for producing similar boiler components
for BHEL In FY15(Prov), EEW had a Profit after Tax (PAT) of
INR0.81crore on a total operating income of INR14.16 crore, as
against PAT and TOI of INR0.71crore and INR9.20 crore,
respectively, in FY14.


GAJANAN GANGAMAI: CRISIL Lowers Rating on INR124.4MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gajanan Gangamai Industries LLP (GGIL) to 'CRISIL D from 'CRISIL
BBB/Stable'.

                    Amount
   Facilities     (INR Mln)    Ratings
   ----------     ---------    -------
   Cash Credit       124.4     CRISIL D (ISSUER NOT COOPERATING;
                               Downgraded from 'CRISIL BBB/
                               Stable')

   Term Loan          25.6     CRISIL D (ISSUER NOT COOPERATING;
                               Downgraded from 'CRISIL BBB/
                               Stable')

CRISIL has been consistently following up with Gajanan Gangamai
Industries LLP (GGIL) for obtaining information through letters
and emails dated May 23, 2018 and June 05, 2018, among others,
apart multiple from telephonic communication. However, the issuer
has remained non cooperative.

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 GGIL. 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
GGIL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB+' rating
category or lower. Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BBB/Stable' due to the recent instance
of Cash Credit account being overdrawn for more than 30 days

Analytical Approach

CRISIL has combined the financial and business risk profiles of
Gajanan Industries Limited (GIL), Gajanan Oil Pvt Ltd (GOPL),
Gajanan Solvex Ltd (GSL), GGIL, and Nirvedh Oil and Agro Products
Pvt Ltd (NOAL) since they have a common management, are present
in same line of activity, and have operational synergies. They
are referred to as the Gajanan group.

GOPL is a part of the Gajanan group and is promoted by Mr Nitin
Jadhav and his family. The company extracts soya and wash cotton
seed oil, and refines soya, cotton and palm oils. GOPL was
incorporated in December 2015 to undertake expansion of the brown
field project acquired from Bhaskar Foods Pvt Ltd of the Dainik
Bhaskar group.

GSL is a closely held public-limited company set up in 2010. It
extracts oil from cotton seeds and soya and also sells the by-
products, husk, DOC and lint to varied industries. The company
has its plant in Buldhana.

GIL is a closely held public-limited company set up in 2007. It
refines cotton and soya oil into edible oil in its facility in
Buldhana.

NOAL is a traditional oil mill that manufactures edible oil.

GGIL is a partnership concern incorporated in 2014 that extracts
oil from soya seed and sells by-product, DOC, to varied
industries. GGIL has its plant at Hingoli.

The group is managed by Mr Nitin Jadhav and his family.


GARV UDYOG: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Garv Udyog
to CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         4.25       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit    6.50       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan           3.75       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Garv Udyog (GU)
for obtaining information through letters and emails dated
March 29, 2018 and April 19, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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 Garv Udyog, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Garv
Udyog 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 Garv Udyog to CRISIL D/CRISIL D Issuer not
cooperating.

GU is a partnership firm, manufacturing copper wires, which are
used in electrical products. The firm's manufacturing facility is
located in Shiv Ganga Industrial Estate, Haridwar. Its operations
are managed by current partners Mr Mukesh Dhawan and Mr Sumit
Magan.


GEO CONNECT: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GEO Connect
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:

-- INR96 mil. Dropline overdraft facility migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR114.5 mil. Fund-based working capital limit 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 25, 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 August 1999, GEO is a wholly-owned subsidiary of
AHCL. The company operates through three divisions - sunrise
estate management services, moonlight and real estate. It renders
maintenance and electric supply services to various projects
developed by the parent company across India.


GEORGE MAIJO: CRISIL Lowers Rating on INR25MM Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of George
Maijo Automobiles Private Limited (GMAPL) to 'CRISIL D' from
'CRISIL B/Stable'.

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

   Line of Credit         6       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

   Long Term Loan     13.51       CRISIL D (Downgraded from
                                  'CRISIL B/Stable')

The downgrade in rating reflects its delay in debt servicing due
to weak operating performance.

The rating also reflects GMAPL's below-average financial risk
profile. This rating weakness is partially offset by the
promoter's extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Financial risk profile
was below-average marked by net worth reported at INR(1.37 crore)
and high gearing levels at (9.9 times) in fiscal 2017. Debt
protection metrics are weak with net cash accruals to total debt
and interest coverage of around (0.36 times) and (4.2 times),
respectively in the said period.

Strength

* Extensive experience of promoters in the industry: GMAPL is
promoted by Mr. Maijo Joseph and his family.  The promoter family
has extensive entrepreneurial experience and have business
interest in various industries including Seafood, outboard
motors, and automobile among others.

GMAPL was incorporated in 2016 and runs a Maruti showroom in
Kalamasserry, Kerala. The company is promoted by Mr. Maijo Joseph
and his family.


GREENLEAF TOBACCO: CRISIL Lowers Rating on INR15MM Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Greenleaf Tobacco Threshers Limited (GTTL) to 'CRISIL D from
'CRISIL B-/Stable'.

                     Amount
   Facilities       (INR Mln)   Ratings
   ----------       ---------   -------
   Export Packing      15       CRISIL D (ISSUER NOT COOPERATING:
   Credit                       Downgraded from 'CRISIL B-/
                                Stable')

CRISIL has been consistently following up withGTTL for obtaining
information through letters and emails dated March 22, 2018 and
April 19, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'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.

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 GTTL. 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
SCBC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B-' rating
category or lower. Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable' as the account has
classified as NPA.

GTTL was set up in 1985 as a private limited company by Mr
Shyamsundara Rao and his family, and was reconstituted as a
closely held public limited company in 1990. The company
processes tobacco leaves and is based in Guntur (Andhra Pradesh).


GROVER ZAMPA: CRISIL Reaffirms B Rating on INR15.5MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratingS on
the bank facilities of Grover Zampa Vineyards Limited (GZVL). The
ratings continue to reflect GZVL's exposure to intense
competition and government regulation in the wine-making
industry. The rating also factors in high working capital
intensity on account of large debtor cycle and inventory
requirements. These weaknesses are partially offset by the
extensive experience and track record of the promoters in the
industry.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee       3        CRISIL A4 (Reaffirmed)
   Cash Credit         15.5      CRISIL B/Stable (Reaffirmed)
   Short Term Loan      1.5      CRISIL A4 (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to high government regulation in
wine-making industry and intense competition: The wine industry's
profitability is sensitive to changes in climate and government
policies. The structure of duties and taxes levied on the wine
industry in India are complex and differ from state to state.
Further, GZVL faces intense competition from various indigenous
and foreign players, which restricts its pricing power. GZVL's
business will remain susceptible to government regulation and
intense competition over the medium term.

* Working capital-intensive operations: Working capital
requirements are high as reflected in estimated gross current
assets of 429 days as on March 31, 2018, mainly on account of
large inventory and high credit allowed to customers. However,
working capital requirement was partly funded by large funding
support from creditors.

Strength

* Promoters' extensive experience and track record in the
industry and established brand image: GVZL has been formed with
merger of Grover Vineyard Limited (GVL) and Vallee de Vin (VDV)
and its promoters have vast experience in manufacturing of wine.
GZVL owns reputed brands Grover and Zampa, both are well-
recognized and premium wines in India. This helped the company to
be the second largest indigenous wine maker in India.

Outlook: Stable

CRISIL believes GZVL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' if sales and margins improve
significantly leading to better cash generation, along with
better working capital management. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile, particularly
liquidity, weakens because of stretch in working capital cycle,
low cash generation or any unanticipated large debt-funded
capital expenditure.

GZVL was formed by the merger of Vallee de Vin (VDV) with Grover
Vineyards Ltd (GVL) in April 2013. The company manufactures wines
and its vineyards are located in Nandi hills near Bengaluru and
Nashik (Maharashtra).

GVL was established in 1988 by Mr. Kanwal Grover and sells its
wines under the Grover brand.

VDV was set up in 2006 by Mr. Ravi Jain and sells its wines under
the Zampa brand.


HALDIA STEELS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Haldia Steels
Private Limited's (HSPL) Long-Term Issuer Rating to 'IND BB' from
'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based limits downgraded with IND BB/Stable
     rating;

-- INR50 mil. Term loan due on March 2021 downgraded with IND
     BB/Stable rating; and

-- INR400 mil. Non-fund-based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in the credit metrics to a
weak level from the modest level. In FY17, HSPL's interest
coverage (operating EBITDA/gross interest expense) was 1.1x
(FY16: 3.68x) and net financial leverage (total adjusted net
debt/operating EBITDAR) was 4.9x (3.68x). The deterioration in
the credit metrics was primarily due to a proportionately higher
decline in EBITDA than that in interest cost and debt. The
proportionate decline in interest cost and debt was lower than
that in EBITDA. HSPL's EBITDA margin declined to 6.72% in FY17
from 10.15% in FY16 owing to an increase in manufacturing costs.

The ratings continue to reflect a tight liquidity, indicated by
an average fund-based limit utilization of 98% for the 12 months
ended May 2018, owing to an elongated working capital cycle
(FY17: 135 days; FY16: 222 days days).

The ratings, however, are supported by an increase in HSPL's
scale of operations to medium-to-large from modest. Its revenue
increased to INR2,521.72 million in FY18 (provisional financials)
from INR1,626.54 million in FY17.

The ratings continue to be supported by the directors' experience
of more than two decades in the iron and steel business.

RATING SENSITIVITIES

Negative: Any further deterioration in the credit metrics will be
negative for the ratings.

Positive: Any improvement in the credit metrics and the liquidity
will be positive for the ratings.

COMPANY PROFILE

HSPL is engaged in the manufacturing of ferroalloys, sponge iron
and billets at its facility in Durgapur, West Bengal.


HCO INFRASTRUCTURE: CRISIL Moves D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of HCO
Infrastructure to CRISIL D/CRISIL D Issuer not cooperating'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       2.02      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit          1.30      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Long Term Loan       3.80      CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term    .88      CRISIL D (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with HCO Infrastructure
(HCOI) for obtaining information through letters and emails dated
March 29, 2018 and April 19, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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 HCO Infrastructure, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
HCO Infrastructure 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 HCO Infrastructure to CRISIL D/CRISIL D Issuer not
cooperating'.

Established in 1986, HCOI is a partnership firm by Ravi Hulkoti,
Shailaja Hulkoti and Nikunj Hilkoyi.  Frim is engaged in road
construction constriction of buildings for private players. The
day to day affairs of the firm is managed by Ravi Hulkoti.


HEMA CONSTRUCTION: CARE Lowers Rating on INR4.50cr LT Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hema Construction (HC), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank      4.50       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+ on the
                                  basis of best available
                                  information

   Short-term Bank     4.50       CARE D; Issuer not cooperating;
   Facilities                     Revised from CARE B+ on the
                                  basis of best available
                                  information

Rating Rationale & Key Rating Drivers

CARE has been seeking information from HC to monitor the
rating(s) vide e-mail communications/letters dated May 10, 2018
and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, HC has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on HC's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating(s).

The revision in the rating of HC takes into account ongoing
delays in debt servicing owing to stressed liquidity as per the
verbal communication with the banker.

Detailed description of the key rating drivers

Key Rating Weakness

Irregularity in debt servicing: The banker of the firm has
verbally confirmed delays in debt servicing of HC and the account
is not regular due to stressed liquidity of the firm.

Udaipur-based (Rajasthan) Hema Construction (HC) was formed in
1978 by Mr. Harish Gaurav as a proprietorship concern. HC is
mainly engaged in the business of construction, installation and
commissioning of water supply lines, construction of sewage lines
and sewage treatment plants and construction & repair of roads.
HC is registered 'AA' class (highest in the scale of AA to E)
approved contractor with Public Works Department (PWD),
Rajasthan, Rajasthan Housing Board (RHB), Railway Department,
Rajasthan Avas Vikas and Infrastructure Limited (RAVIL) and
Public Health Engineering Department (PHED). It gives labour work
on sub-contract basis to other contractors.


KALP DIAMONDS: CRISIL Lowers Rating on INR11MM Loan to D
--------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Kalp
Diamonds (Kalp) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Export Packing        4        CRISIL D (Downgraded from
   Credit                         'CRISIL B+/Stable')

   Foreign Exchange      0.4      CRISIL D (Downgraded from
   Forward                        'CRISIL A4')

   Post Shipment        11.0      CRISIL D (Downgraded from
   Credit                         'CRISIL B+/Stable')

   Proposed Long Term    1.6      CRISIL D (Downgraded from
   Bank Loan Facility             'CRISIL B+/Stable')

The downgrade reflects continued and multiple instance of delays
in servicing of discounted post shipment bills. Liquidity remains
stretched, indicated by full utilisation of working capital limit
and stretched receivables cycle. Revenue declined to an estimated
INR22-23 crore for fiscal 2018, from INR62.8 crore a year
earlier, weakening the business risk profile.

The ratings continue to reflect modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Small scale reflected in estimated
revenue of INR22-23 crore for fiscal 2018, limits the bargaining
power with customers and suppliers in the highly fragmented
diamond industry.

* Large working capital requirement: Operations are working
capital intensive, due to pending receivables, estimated at
INR32-35 crore as on March 31, 2018. Elongated working capital
cycle, as reflected in estimated Gross current assets (GCA) of
570-575 days, emanating from receivables of 550-555 days has led
to inability in servicing the debt obligation.

Strength

* Extensive experience of partners: Presence of the partners in
the diamond industry for more than 4 decades should support the
business. The firm exports to Belgium, US, Hong Kong and Japan.

Set up as a partnership firm in 1995, Kalp cuts and polishes
diamonds. The firm also trades in rough and polished diamonds. It
derives 85-90% of its revenue from processing of diamonds, and
the rest from trading. It has six partners: Mr Anandlal Shah, Mr
Bhavik Shah, Mr Jayesh Shah, Ms Diptiben Shah, Ms Geetaben Shah
and Ms Jigishaben Shah.


KRIPTON GRANITO: CRISIL Reaffirms B+ Rating on INR20MM Term Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Kripton Granito Private Limited (KGPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Bank Guarantee      3.5       CRISIL A4 (Reaffirmed)
   Cash Credit         6         CRISIL B+/Stable (Reaffirmed)
   Term Loan          20         CRISIL B+/Stable (Reaffirmed)

The ratings reflect exposure to risks related to the initial
stages of operations, and intense competition in the ceramic
industry, and the company's moderate working capital requirement
and weak financial risk profile. These weaknesses are partially
offset by extensive experience of KGPL's promoters in the ceramic
industry.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
(outstanding at INR3.96 crore as on March 31, 2017) extended to
KGPL by its promoters, as neither debt nor equity. That's because
these loans are likely to remain in the business over the medium
term, and bear an interest rate that is lower than the market
rate.

Key Rating Drivers & Detailed Description

Weaknesses

* Initial phase of operations, amidst intense competition:
Commercial operations commenced in April 2017, and revenue of
around INR38 crore was reported until March 2018. Intense
competition from several unorganized players will continue to
constrain the pricing power and benefits from economies of scale.
Hence, timely ramp up in scale and sustainability will remain key
monitor able.

* Moderate working capital requirement: Operations are moderately
working capital intensive, with receivables and inventory
expected to be sizeable. However, working capital management
would be partly aided by payables, because of healthy
relationships with suppliers.

* Weak financial risk profile: Financial risk profile is likely
to be constrained by high gearing and average debt protection
metrics, considering the nascent stage of operations, and the
large debt-funded capital expenditure.

Strength

* Extensive experience of promoters: Benefits from the promoters'
two decade-long experience in the ceramic industry and their
healthy relationships with customers and suppliers, will continue
to support the business risk profile.

Outlook: Stable

CRISIL believes KGPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if growth in revenue and profitability leads to higher
cash accrual and improves liquidity. The outlook may be revised
to 'Negative' if low cash accrual, or stretch in the working
capital cycle, weakens financial risk profile.

KGPL was set up in 2016, at Morbi (Gujarat). The company
manufactures ceramic vitrified tiles, and began operations in
April 2017.


KRISHNA STONE: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Krishna Stone
Industries Private Limited's (KSIPL) Long-Term Issuer Rating to
'IND D (ISSUER NOT COOPERATING)' from 'IND BB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based facilities (Long-term/Short-term)
    downgraded with IND D (ISSUER NOT COOPERATING) rating; and

-- INR3.90 mil. Term loan (Long-term) due on December 2017
    downgraded with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The ratings reflect continued delays in debt servicing by KSIPL
in June 2018, due to tight liquidity position, resulting from
high inventory days.

COMPANY PROFILE

Established in 1989, KSIPL processes boulders and crushed sand.
It has two stone crushing units one each in Haldwani and
Sitarganj, with an installed capacity of 200 tons per hour and
500 tons per hour, respectively.


M R REAL: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M R Real Food
Private 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:

-- INR90 mil. Fund-based working capital limit migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating; and

-- INR51.45 mil. Term loans due on June 2020 migrated to non-
    cooperating category with IND BB (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 26, 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 August 2012, M R Real Food manufactures flour,
refined flour, semolina and bran at its mills located at Deoghar
(Jharkhand) with an installed capacity of 250MT/day.


MAHESWARI FERTILIZERS: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facility of Maheswari
Fertilizers to CRISIL B/Stable Issuer not cooperating.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit           5        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Maheswari
Fertilizers (MF) for obtaining information through letters and
emails dated March 29, 2018 and April 19, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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 Maheswari Fertilizers, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Maheswari Fertilizers 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 Maheswari Fertilizers to CRISIL B/Stable Issuer not
cooperating'.

MF, a partnership firm set up in September 2009, manufactures
nitrogen-phosphorous-potassium (NPK)-based fertilizers. The firm
is promoted by Mr V Rami Reddy and his associates, and its
manufacturing facility is in Kadapa, Andhra Pradesh.


NEW LAXMI: Ind-Ra Migrates 'BB' Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated New Laxmi Steel
& Power Private 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 the rating. The rating will now
appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Proposed non-fund-based limit migrated to Non-
    Cooperating Category with Provisional IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 1, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

NLSP is engaged in the manufacturing of TMT bars, structural
steel and billets at its plant in Khurda, Odisha.


P.K. & COMPANY: Ind-Ra Hikes LongTerm Issuer Rating to 'BB-'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded P.K. & Company's
(PK) Long-Term Issuer Rating to 'IND BB-' from 'IND B+'. The
Outlook is Stable.

The instrument-wise rating actions are:

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

-- INR150 mil. Non-fund-based working capital limit upgraded
    with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects a substantial improvement in PK's revenue
and credit metrics in FY18 (unaudited financials). During the
period, the revenue rose to INR408.51 million (FY17: INR147.81
million) on account of an increase in work orders, though the
scale of operations continued to be small. In FY18, its interest
coverage (operating EBITDA/gross interest expense) improved to
2.45x (FY17 2.10x) and net leverage (total adjusted net
debt/operating EBITDAR) enhanced to 1.89x (2.94x) on account of a
significant rise in EBITDA, with debt and interest expenses
rising during the period. At end-April 2018, the company had an
order book of INR615.25 million (1.5x of FY18 revenue).

The ratings, however, continue to be supported by PK's
satisfactory EBITDA margin of 11.33% in FY18, albeit down from
14.38% in FY17. The decline in the margin was due to an increase
in material cost.

The ratings also continue to be supported by the partners'
experience of more than two decades in construction work.

The ratings, however, are constrained by a tight liquidity,
indicated by a 98.48% fund-based facility utilization over the 12
months ended May 2018.

The ratings also continue to be constrained by the partnership
nature of the firm. Moreover, PK faces a high customer
concentration risk, considering it undertakes work orders in
Assam and Meghalaya.

RATING SENSITIVITIES

Negative: A further fall in the EBITDA margin, leading to
deterioration in the interest coverage, on a sustained basis,
will be negative for the ratings.

Positive: A significant rise in the revenue, along with an
improvement in the interest coverage, on a sustained basis, will
be positive for the ratings.

COMPANY PROFILE

Guwahati-based PK is a partnership firm that undertakes road and
bridge construction projects in Assam and Meghalaya. The company
was incorporated by Kirorimal Kumar Agarwal, Mahavir Prasad
Agarwal, Sajjan Kumar Agarwal, Samsundar Agarwal and Pawan Kumar
Agarwal.


P&M AND HI: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of P&M and Hi
Tech Infrastructures LLP (PMHT-LLP) to CRISIL D/Issuer not
cooperating'.

                    Amount
   Facilities      (INR Mln)     Ratings
   ----------      ---------     -------
   Cash Credit         40        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with P&M and Hi Tech
Infrastructures LLP (PMHT-LLP) for obtaining information through
letters and emails dated March 29, 2018 and April 30, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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&M and Hi Tech
Infrastructures LLP. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on P&M and Hi Tech Infrastructures
LLP is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of P&M and Hi Tech Infrastructures LLP to 'CRISIL D
Issuer not cooperating'.

PMHT-LLP, set up in 2010, is a partnership between P&M
Infrastructures Ltd, which developed the P&M Mall in Patna, and
Benko Traders, which represents the Jamshedpur-based Hi Tech
group. The firm was set up to develop and manage a multiplex-cum-
mall in Jamshedpur.


RAMAKRISHNA ELECTRONICS: CARE Lowers Rating on INR6cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ramakrishna Electronics Karnataka Division, as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      6.00      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information Revised from CARE C;
                                 Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Ramakrishna Electronics
Karnataka Division to monitor the rating vide e-mail
communications/letters dated April 25, 2018, May 10, 2018,
May 17, 2018 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. The rating on Ramakrishna
Electronics Karnataka Division bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

The ratings have been revised on account of ongoing delays in
meeting its debt obligation.

Detailed description of the key rating drivers

At the time of last rating on April 12, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weakness

Delay in debt servicing: The firm has delays in servicing of debt
obligations owing to the stretched liquidity position of the
company.

Key Rating Strengths

Experienced promoters in trading activities: REK is a family run
business. Mr V Raghavendra (Managing Partner) has experience of
around 26 years in the trading activity and looks after marketing
and purchase activities of the firm. Mr V Ravi Kumar has an
experience of around two decades and looks after day-to-day
operations of the firm. Mrs V Rajeswari has an experience of
around 11 years in this business.

Ramakrishna Electronics_Karnataka Division (REK), is a
partnership firm established in April, 2003 by Mr. V.
Raghavenrdra, Mr. V. Ravi Kumar, Mr.K.Mahnjunath, Mr.M.Mahesh
,Mr.B.Shatrugna and Mrs. V. Rajeshwari. The firm has its
registered office located at Municipal Shopping Complex, Park
Road, Kurnool. The firm is engaged in distribution and trading
(wholesale) of consumer electronic products and home appliances
of Samsung in seven district of Karnataka (Raichur, Bellary
Koppal, Hubli, Gadag, Baghalkot, Bjiapur and Belgaum). The firm
is exclusive distributor of electronics appliance of Samsung in
seven district of Karnataka. The firm has warehouses at Hubli,
Gangavathi and Belgaum.


REAL GROW: CARE Lowers Rating on INR29.80cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Real Grow Exim Private Limited (RGEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      29.80       CARE D; Issuer not cooperating
   Facilities                      Revised from CARE B+; Issuer
                                   not cooperating

   Short-term Bank      2.00       CARE D; Issuer not cooperating
   Facilities                       Revised from CARE B+; Issuer
                                    not cooperating

CARE has been seeking information from RGEPL to monitor the
ratings vide e-mail communication from June 15, 2017 to May 31,
2018 and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on Real
Grow Exim Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using
the above rating.

The rating has been revised on the back of the on-going delay in
its debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in meeting of debt obligations: The company had strained
liquidity position during the year which resulted in delays in
meeting debt obligations.

Real Grow Exim Private Limited (RGEPL), incorporated in May 2012,
is promoted by Mr. Goluguri Venkata Reddy, Mr. Karri Venkata
Srinivasa Reddy and Mr. G N V S Satyanarayana Reddy. RGEPL
commenced its operations from June 2014 and is engaged in trading
of aqua feed for fish and prawns feeds in and around West
Godavari district, Andhra Pradesh. The promoters have long
established presence in the fish feed industry through several
other group companies viz. Reddy and Reddy Imports and Exports,
Nutrient Marine Foods Limited, Reddy and Reddy Motors, Reddy and
Reddy Automobiles and Nexus Feeds Ltd. Which are engaged in fish
and prawns feed/shrimp processing business.


RSG DEVELOPERS: CARE Assigns B+ Rating to INR7cr LT Bank Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RSG
Developers Private Limited (RSGL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            7.00       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of RSGL is primarily
constrained by small and fluctuating scale of operation,
leveraged capital structure, weak coverage indicators and
elongated operating cycle. The ratings are further constrained on
account of project execution risk inherent in various contracts
and highly competitive industry with business risk associated
with tender based orders. The rating, however, continues to draw
comfort from experienced promoters and moderate profitability
margins.

Going forward; ability of the firm to profitably scale up its
operations while improvement in capital structure along with
efficient management of the working requirements shall be the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small and fluctuating scale of operations: RSGL is a small
regional player involved in executing construction contracts. The
ability of the company to scale up to larger-sized contracts
having better operating margins is constrained by its
comparatively small net worth base of INR5.99crore as on
March 31, 2017 and total operating income of INR19.71 crore in
FY17 (refers to the period April 1 to March 31). The small scale
of operations in a competitive industry limits the bidding
capability, pricing power and benefits of economies of scale.
Furthermore, company's total operating income has been
fluctuating over the past three years i.e. FY15-FY17 owing to
tender driven nature of business. Further, the company has
achieved a total operating Income of Rs.31.46crore for FY18
(refers to April 1 to March 31; based on provisional results).

Leveraged capital structure coupled with weak coverage
indicators: The capital structure of the company marked by
overall gearing stood highly leveraged as on past three balance
sheet dates ending March 31, 2017 owing to low net worth base
coupled with high dependence on external borrowings meet working
capital borrowings. Similarly, owing to high debt levels; the
debt coverage indicators marked by interest coverage and total
debt to GCA stood weak. Interest coverage and total debt to GCA
stood at 1.21x and 98.62x respectively in FY17.

Elongated operating cycle: RSGL has elongated operating cycle
evident from 627 days for FY17. The company has inventory mainly
in form of work in progress which is related to partial completed
work pending for billing resulting into an average inventory of
542 days in FY17. The firm raises bills on milestone basis i.e.
on the completion of certain percentage of work and thereon which
gets acknowledge by client after inspection of work done by RSGL.
Realization of receivables owing to lengthy clearance processes
result in an average collection period of 191 days during FY17.
The company receives mobilization advances from its customers
which supports in meeting the working capital requirements.
Further, the company receives credit period of around 4-5 months
from its supplier, as they pays to their suppliers once they
receive payments from its customers. The average working capital
limits of the company remains almost full for past 12 months
ending March 31, 2018.

Project execution risk inherent in various contracts: Given the
nature of projects awarded, the company is exposed to inherent
risk in terms of delays in certain projects undertaken by the
company due to delay in approvals and sanction from regulatory
bodies, land acquisition issues etc. thus exposing RSGL towards
the risk of delay in projects resulting in a delay in the
realization of revenue growth. Also, the company's ability to
execute a project in timely manner led by its own operational
efficiency and timely stage payments received from clients
exposes the company to potential risk.

Highly competitive industry with business risk associated with
tender-based orders: RSGL faces direct competition from various
unorganized players in the market. There are number of small and
regional players and catering to the same market which has
limited the bargaining power of the firm and has exerted pressure
on its margins. Further, the award of contracts are tender driven
and lowest bidder gets the work. Hence, going forward, due to
increasing level of competition and aggressive bidding, the
profits margins are likely to be under pressure in the medium
term.

Key Rating Strengths

Experienced promoters: RSGL is currently being managed by Mr.
Rajeev Sharma and Ms. Monika Sharma. Mr. Rajeev Sharma is a post
graduate by qualification and Ms. Monika Sharma is a graduate by
qualification. Both have considerable experience as a civil
contractor through their association with RSGL. Moreover, RSGL
has a well-qualified and experienced team of projects mangers,
project engineers and dedicated purchase planning and execution
department with relevant experience.

Moderate order book position: The unexecuted order book of the
company as on April 30, 2018 stood at INR142.77crore, which is
equivalent to 7.24x of the total operating income achieved in
FY17, thereby giving near to short term to medium term revenue
visibility. Hence, any unfavorable changes in their contracts
awardation policies would have a direct bearing on the company's
revenue growth and profitability.

Moderate profitability margins: The profitability margins of RSGL
are directly associated with technical aspect of the contract.
Further, the profitability varies with the project due to tender
driven nature of the business owing to varying margins in the
different projects undertaken by the company. The profitability
margins of RSGL stood moderate as marked by PBILDT margin and PAT
margin of 17.75% and 2.15% respectively in FY17.

Noida, UttarPradesh based RSG Developers Private Limited (RSGL)
was incorporated in October, 2004. It is currently being
managed by Mr. Rajeev Sharma and Ms. Monika Sharma. RSGL is
engaged in civil construction works and mainly operates
in Northern India.


RUPESH KUMAR: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rupesh Kumar &
Sons' 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 action is:

-- INR125 mil. Fund-based facilities maintained in non-
    cooperating category with IND B+ (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 9, 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 2012, the company manufactures carpets and
druggets at Bhadohi-Mirzapur belt, Uttar Pradesh.


S.R. UDAYASHANKAR: CRISIL Lowers Rating on INR2.8MM Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
S.R. Udayashankar (SRU) to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee        3        CRISIL A4 (Downgraded from
                                  'CRISIL A4+')

   Overdraft             2.8      CRISIL B+/Stable (Downgraded
                                  from 'CRISIL BB/Stable')

The downgrade reflects deterioration in credit risk profile with
decline in scale of operations as a result of intense
competition. Sales are estimated to have fallen by more than 35%
year-on-year to INR10.5 crore in fiscal 2018 from INR16.6 crore.
The downgrade also factors in the firm's stretched working
capital cycle, reflected in gross current assets (GCA) of 266
days as on March 31, 2017.

The ratings reflect the extensive experience of SRU's proprietor
in the civil construction industry. This strength is partially
offset by modest scale of operations in a competitive segment,
exposure to tender-based business, geographical concentration in
revenue, and working capital-intensive operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in intensely competitive industry:
Despite presence of nearly three decades in the construction
sector, scale remains small, as seen in estimated revenue of
INR10.5 crore in fiscal 2018. Turnover is likely to remain at a
similar level over the medium term.

* Working capital-intensive operations: The GCAs were 266 days as
on March 31, 2017, due to advances and EMD deposits.

Strength

* Extensive experience of proprietor: The proprietor has been in
the construction business for nearly four decades and has
executed projects for government and private entities.

Outlook: Stable

CRISIL believes SRU will continue to benefit from proprietor's
extensive experience. The outlook may be revised to 'Positive' in
case of a sustained ramp up in scale of operations, while
improving working capital cycle. The outlook may be revised to
'Negative' if financial risk profile, particularly liquidity,
deteriorates because of further stretch in working capital cycle,
slowdown in order execution, or capital withdrawal.

Set up in 1984 in Bengaluru as a proprietorship concern by Mr
Suresh Udayashankar, SRU constructs roads for government and
private bodies.


SABARIS EDUCATIONAL: CRISIL Reaffirms D Rating on INR11.2MM Loan
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facilities of Sabaris Educational Trust (SET). The rating
continues to reflect delays by SET in servicing its debt, because
of weak liquidity arising from inadequate cash accrual.

                     Amount
   Facilities       (INR Mln)    Ratings
   ----------       ---------    -------
   Cash Credit          .5       CRISIL D (Reaffirmed)
   Term Loan          11.2       CRISIL D (Reaffirmed)

The trust has a weak financial risk profile because of small
networth and subdued debt protection metrics. However, it
benefits from its good infrastructure facilities.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: SET has a small networth, high
gearing, and weak debt protection measures. Weak operating
performance has resulted in interest coverage ratio of around 1.5
times and gearing of more than 2.5 times over last 3 years
through fiscal 2017. Further, weak operating performance resulted
in inadequate cash accrual to meet repayment obligation.

Strength

* Good infrastructure facilities: SET was set up in 1997 and
started a higher secondary school in 1999. It set up an
engineering college in 2008 to scale up operations. It is
equipped with necessary infrastructure, including laboratories,
hostels, and libraries. The chairman and managing trustee, Mr
Muthoo Nataraajan, has experience of more than a decade in the
education sector.

Set up in 1997 by Mr T N P Muthoo Nataraajan, SET manages a
higher secondary school, Sri Dhayanandapuri Matriculation Higher
Secondary School, and an engineering college for women, Tejaa
Shakthi Institute of Technology, near Tiruppur in Tamil Nadu.


SBT SPINTEX: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed SBT Spintex
Private Limited's (SBTSPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR21.5 mil. (reduced from INR28.76 mil.) Long term loans due
     on August 2022 affirmed with IND BB+/Stable rating; and

-- INR65 mil. Fund-based limits affirmed with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The affirmation reflects SBTSPL's continued weak financial and
credit profiles due to a small scale of operations and short
operating track record. FY16 was the first full year of
operations for the company. Revenue improved to INR305 million in
FY17 (FY16: INR295 million) due to an increase in demand. EBITDA
margins declined marginally to 9.4% in FY17 (FY16: 9.7%) due to
an increase in conversion cost. Interest coverage ratio
(operating EBITDA/gross interest expense) declined slightly to
2.3x in FY17 (FY16: 2.4x) and leverage (net debt/operating
EBITDA) increased to 4.3x (3.6x) due an increase in net debt.
According to the FY18 provisional figures, the revenue further
improved to INR312 million.

The ratings are supported by the company's comfortable liquidity
position, as reflected by its 75% utilization of fund-based
facilities in the 12 months ended May 2018.

The ratings are also supported by SBTSPL's promoter's experience
of over a decade in the textile industry.

RATING SENSITIVITIES

Negative: A further decline in the credit metrics on a sustained
basis may lead to a negative rating action.


Positive: An improvement in the scale of operations on a
sustained basis along with improved credit metrics, could lead to
a positive rating action.

COMPANY PROFILE

SBTSPL was established in 2011 for manufacturing cotton and
polyester yarn its 300MT/month facility is located in Raipur,
Chhattisgarh. The company started its operation in December 2014.
The company is part of Sambhav group which is present in the
textile business for the last 20 years. The company has a
substantial customer base in Chattisgarh, West Bengal, Uttar
Pradesh and Bihar. B.L Jain, Rahul Jain, Vikram Jain and Vipul
Jain are the directors of the company.


SHIV SHANKER: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shiv Shanker
Rice Mills (Ferozepur) to CRISIL B+/Stable Issuer not
cooperating'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             15       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term       1.17    CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan                1.33    CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Shiv Shanker Rice
Mills (Ferozepur) (SSRM) for obtaining information through
letters and emails dated March 28, 2018 and April 19, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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 Shiv Shanker Rice Mills
(Ferozepur), which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shiv Shanker Rice Mills (Ferozepur) is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shiv Shanker Rice Mills (Ferozepur) to CRISIL
B+/Stable Issuer not cooperating'.

SSRM, a partnership firm, was formed by Mr. Raj Kumar, Mr. Mohit
Kumar, and Mr. Pankaj Kumar. SSRM mills, processes, and sells
parimal, paddy, and basmati rice in domestic markets. The plant
is in Ferozepur and the key promoters are Mr. Raj Kumar, Mr.
Mohit Kumar, and Mr. Pankaj Kumar who also manages the
operations.


SHREE HANUMAN: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Hanuman
Mosaic & Marble'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:

-- INR50 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR5.84 mil. Term loan due on December 2019 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 29, 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 1995, Shree Hanuman Mosaic & Marble is a
proprietorship firm engaged in the trading of tiles, marbles and
sanitary ware.


SHREEJI AGRO: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shreeji
Agro (SA) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank
   Facilities           4.74      CARE B+; Issuer Not Cooperating

   Long-term/Short-     3.50      CARE B+/CARE A4; Issuer Not
   Term Bank                      Cooperating
   Facilities

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SA to monitor the
rating(s) vide e-mail communications/ letters dated May 30, 2018
and May 31, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Shreeji Agro's bank facilities will
now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.

Detailed description of the key rating drivers

At the time of last rating in March 24, 2017, the following were
the rating strengths and weaknesses:

Key Rating Strengths

Experienced partners along with group support: Mr Vimal Bhut and
Mr Kaushik Patel have over a decade of experience in the
processing and trade of peanuts. Mr Pintubhai Kalavadiya and Mr
Prashant Kalavadiya are active directors at Fishfa Rubbers
Limited (FRL) [engaged in the manufacturing of butyl and natural
tube reclaim rubber], Fishfa World Trade Limited (FWTL) [entity
operating as a B2B online e-commerce platform for trade of
synthetic rubber and agro commodities (peanuts)] and Fishfa Agri
World Limited (FAWL) [engaged in the processing and trade of
peanuts]. Its other group entity, namely, Nano Agro Science Co-
operative Society Limited (NASCO) is engaged in the manufacturing
of bio fertilizers.

Favourable growth prospects in the agro industry: Food grade guar
gum powder is used in food, pharmaceutical and cosmetic
industries and Industrial grade guar gum powder is used in paper,
mining and in the oil drilling industry. India and Pakistan are
major guar gum powder manufacturing countries in the world, and
guar gum powder is a derivate of guar a vegetable which is also a
part of daily food habit. The demand for agro products is
sustainable and accordingly, the guar farmers and processors are
relatively insulated from economic cycles.

Key Rating Weaknesses

Short track record of operations: Manufacturing operations were
initiated from May 2014, ie in 11 months of operations in FY15,
SA recorded a total operating income of INR4.11 crore. It
manufactures and sells gaur gum powder under the brand name
'Shreeji Agro'. It recorded a PBILDT of INR0.30 crore (PBILDT
margin of 7.29%). During FY15, the entity noted a net loss of
INR0.85 crore and cash loss of INR 0.38 crore.

Concentrated suppliers and customers: In FY15, ~75% of its
produce was exported to a single entity based in Russia, ~20% to
a single entity based in Germany and ~5% to a single entity based
in Japan. Top three suppliers of guar split constitute
approximately 90% of its total purchases thereby reflecting
concentrated customer and supplier base.

Financial risk profile marked by weak profitability, leveraged
capital structure, weak debt protection indicators and stressed
liquidity position: During 11 months of operations in FY15, SA
reported cash loss of INR0.38 crore on a TOI of INR4.12 crore.
Its capital structure was leveraged indicated by a debt to equity
ratio of 3.67 times and an overall gearing of 5.39 times as on
March 31, 2015. Debt protection metrics such as interest coverage
ratio was at below unity level of 0.44 times in FY15. Liquidity
indicators were stressed indicated by a below unity current and
quick ratio of 0.91 times and 0.55 times as on March 31,
2015.

Susceptibility to fluctuation in raw material prices and presence
in a highly regulated industry: SA is primarily engaged in the
manufacturing of guar gum powder. The product being an
agricultural output, its price is
subject to intervention by the government. The prices are also
sensitive to seasonality in guar production which is highly
dependent on climatic conditions. Any volatility in the guar
prices will have an adverse impact on the guar gum powder
prices as well.

Fragmented nature of industry and low entry barriers: SA operates
in lower segment of the value chain and faces stiff competition
from other players in the area. The commodity nature of the
product makes the industry highly fragmented with more than two-
third of the total number of players being in unorganised sector
with very less product differentiation.

Rajkot-based (Gujarat) Shreeji Agro (SA) was established as a
partnership firm on June 15, 2012, to manufacture and sell gaur
gum powder under the brand name 'Shreeji Agro'. Gaur gum finds
application in the food, pharmaceutical, cosmetic and textile
industry. Actively managed by Mr. Vimal Bhut the entity fully
exports its produce to countries like Japan, Germany and Russia.
It has its current manufacturing facilities in Rajkot with an
installed capacity of 30 tonnes of powder per day as on March 31,
2015.


SILPA PROJECTS: CRISIL Reaffirms B+ Rating on INR33MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of Silpa
Projects and Infrastructure India Pvt Ltd (SPIPL) at 'CRISIL
B+/Stable/CRISIL A4'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bank Guarantee       36        CRISIL A4 (Reaffirmed)

   Cash Credit          33        CRISIL B+/Stable (Reaffirmed)

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

The ratings continue to reflect SPIPL's working capital-intensive
operations and geographical concentration in revenue. These
weaknesses are partially offset by established regional presence
in the civil construction segment aided by promoters' extensive
experience and established customer relationships.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: SPIPL has significant
working capital requirements driven by high debtor days, earnest
money deposits and retention money retained by the client. Thus,
SPIPL's gross current assets are high, estimated at 298 days as
on March 31, 2018, primarily because of high debtor days of 244
days.

* Geographical concentration in revenue: Limiting of operations
to Kerala results in geographical concentration in revenue
profile. Moreover, there are currently no plans of
diversification.

Strength

* Extensive experience of promoters in the civil construction
segment: SPIPL benefits from its established presence in the
Kerala civil construction segment, aided by the promoter's, Mr TS
Sanil's, experience of nearly three decades and his established
customer relationships, especially with state government
departments in Kerala.

Outlook: Stable

CRISIL believes SPIPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in the event of the company reporting
improvement in its liquidity position resulting from reduction in
working capital requirement along with improvement in its cash
accruals. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in liquidity profile resulting from lower
than expected cash accruals or larger than expected working
capital requirement or debt funded capex.

Established in 1987 as a proprietorship entity, Silpa Projects,
the firm was subsequently reconstituted as a private limited
company and renamed SPIPL in 2007. Promoted by Mr TS Sanil, SPIPL
undertakes civil construction works in Kerala.


SK. CHAN: CRISIL Lowers Rating on INR8.25MM Loan to D
-----------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of SK.
Chan Basha and Co (SCBC) to 'CRISIL D from 'CRISIL B+/A4 Stable'.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bill Discounting   8.25      CRISIL D (ISSUER NOT COOPERATING;
   under Letter                 Downgraded from 'CRISIL A4')
   of Credit

   Cash Credit        5.00      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from
                                'CRISIL B+/Stable')

CRISIL has been consistently following up with SCBC for obtaining
information through letters and emails dated March 29, 2018 and
April 19, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'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.

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 SCBC. 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
SCBC is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B+/Stable/CRISIL A4' as the account has
classified as NPA.

SCBC, set up in 2009, trades in shrimp. The firm is promoted by
Mr. SK Chan Basha and his family members.


SKANDASHREE JEWEL: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Skandashree
Jewel Creations  (SJC) to CRISIL D/CRISIL D Issuer not
cooperating.

                    Amount
   Facilities      (INR Mln)    Ratings
   ----------      ---------    -------
   Bank Guarantee       1       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Cash Credit          9       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with SJC for obtaining
information through letters and emails dated March 28, 2018 and
April 19, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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 Skandashree Jewel Creations,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Skandashree Jewel Creations 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 Skandashree Jewel Creations to CRISIL D/CRISIL D
Issuer not cooperating'.

SJC was set up in 2008 as a partnership firm by Mr. A V Vijay
Krishna and his brother-in-law, Mr Karthik Nallapeta. The firm
manufactures plain gold and diamond-studded jewellery. Its
clientele comprises retailers in Karnataka and Tamil Nadu. SJC's
manufacturing facility is in Bangalore.


SONIC THERMAL: Ind-Ra Affirms 'BB+' LT Issuer Rating
----------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sonic Thermal
Private Limited's (STPL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR180 mil. Fund-based limits affirmed with IND BB+/Stable
    rating;

-- INR120 mil. Term loan withdrawn (repaid in full) and the
    rating is withdrawn; and

-- INR550 mil. Non-fund-based limits affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects STPL's continued modest credit metrics,
albeit marginally deteriorated, in FY17. During the period, its
interest coverage (operating EBITDA/gross interest expense) was
1.67x (FY16: 1.71x) and net financial leverage (total adjusted
net debt/operating EBITDAR) was 3.07x (3.02x). In FY17, the
credit metrics marginally deteriorated due to a proportionately
higher decline in EBITDA that that in interest cost and debt. Its
operating margin declined to 5.01% in FY17 from 6.36% in FY16 due
to increased manufacturing expenses and the shutdown of the high-
margin ferroalloy unit.

The ratings further reflect STPL's tight liquidity, indicated by
an average utilization of 98% of the fund-based limits for the 12
months ended May 2018.

The ratings, however, are supported by an increase in the scale
of operations to large from modest. STPL's revenue rose to
INR3,168 million in FY18 (provisional financials) from INR2,166
million in FY17, driven by improved market conditions and
increased orders.

The ratings continue to be supported by the promoters' experience
of nearly 25 years in iron and steel manufacturing.

RATING SENSITIVITIES

Negative: Any decline in the operating margin leading to any
deterioration in the credit metrics would lead to a negative
rating action.

Positive: Any improvement in the credit profile would lead to a
positive rating action.

COMPANY PROFILE

Incorporated in 2002 by Mr. Ram Kishore Bansal, Kolkata-based
STPL manufactures silicon manganese and ferromanganese (i.e.
ferroalloys). The company has an installed capacity of 62,000
metric tons per annum in Bankura, West Bengal.


SUBH SANKET: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Subh Sanket
Traders 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 action is:

-- INR80 mil. Fund-based working capital limit maintained
    in non-cooperating category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 4, 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 2005, Subh Sanket Traders is a coal trader.


TECHNO DRUGS: CARE Assigns B+ Rating to INR8cr LT Bank Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Techno
Drugs & Intermediates Private Limited (TDIPL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities            8.00      CARE B+; Stable Assigned

Detailed Rationale

The ratings assigned to the bank facilities of TDIPL are
constrained by small scale of operations, relatively low profit
margins, highly leveraged capital structure, weak debt coverage
indicators and highly working capital intensive nature of
operations. The ratings are further constrained by concentrated
customer base, susceptibility of profit margins due to volatility
in the prices of raw materials, foreign exchange fluctuation risk
and presence in highly regulated, competitive & fragmented
pharmaceuticals industry.

The aforesaid constraints, however; partially offset by the
strength derived from the long track record of operations,
highly experienced promoters and widely diversified product
portfolio and geographical reach. The ability of TDIPL to
increase its overall scale of operations and improve
profitability and capital structure along with efficient
management of working capital cycle are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with relatively low profitability
margins: The scale of operations of TDIPL remained small with
total operating income (TOI) and networth base of INR11.61 crore
and INR0.91 crore respectively during FY18 (refers to April 01,
2017 to March 31, 2018). Further the TOI has improved
consistently during last three years owing to increase in demand
in different markets and customers. However, small scale limits
financial flexibility and deprives it of benefits of economies of
scale. Furthermore, PBILDT margin of TDIPL has remained moderate
in the range of 10.53% - 16.87% during last three years ended
FY18. However, the PAT margin remained relatively low in the
range of 1.00% to 1.74% during the last two years ended FY18 with
net loss incurred in FY16.

Highly leveraged capital structure and weak debt coverage
indicators: The leverage position of TDIPL remained high with
overall gearing stood at 8.94x as on March 31, 2018 (vis-Ö-vis
7.89x as on March 31, 2017) on account of higher reliance on the
external debt with increase in the working capital limits during
the year with low level of tangible networth. Further, with high
debt level and low profitability, the debt coverage indicators
also remained weak.

Highly working capital intensive nature of operations: The
working capital cycle of the company has remained stretched
primarily on account of higher credit period extended to its
customers to maintain long-term business relationship coupled
along with high inventory levels has to be maintained for
processing of the finished product. On the other hand the company
receives limited credit period from its suppliers and hence, the
utilization of working capital limits remained high.

Customer concentration risk: During FY18, top three customers
constituted around 63.74% of TOI, out of which, topmost customer
contributed around 60.55% resulted in significantly higher level
of concentration risk. However some comfort can be derived from
TDIPL's long term association with them. Susceptibility of profit
margins to volatility in the prices of raw materials with foreign
exchange fluctuation risk: TDIPL's raw material prices have been
fluctuating and therefore the cost base remains exposed to any
adverse price fluctuations in the prices of key raw materials in
light of limited bargaining power against its clients and high
inventory holding period. Further, the entity does not take any
forex cover to hedge the foreign currency fluctuations though it
exports around 87.76% of its products to semi regulated markets
across the globe. However, it is not entirely benefited to
natural hedge due to lesser amount of import of raw materials
(around 10%) and thus its profitability is susceptible to foreign
exchange fluctuation.

Present in highly fragmented and competitive and regulated
industry: The intermediate and API industry is highly
competitive, regulated and fragmented with the presence of many
small and midsize players in the industry. This competitive and
fragmented nature of the industry can have an impact on the
profitability margin of the company due to low bargaining power
against customers. However, with the increasing competition and
growing demand for active pharmaceutical ingredients, players
like TDIPL demand prospects remain good.

Key Rating Strengths

Long track record of operations along with experienced promoters
in the Pharmaceutical industry: TDIPL has established track
record of operations for 25 years of existence in the
pharmaceutical industry. Over the years of existence, the company
has established long term relationship with its customers and
suppliers. Further, the promoters Mr. Vipin Chandra Gandhi and
Mr. Sameer Gandhi are having more than two decades of average
experience in the pharmaceutical industry.

Diversified product portfolio and well diversified geographical
reach: The product portfolio remained diversified with variety of
bulk drug and intermediates manufactured by the company. Thus,
TDIPL is in a position to diversify its product profile as per
the demand and requirement from its customers. Moreover, TDIPL
realizes majority of revenue through exports to US, Canada,
Australia, South America, UK, Singapore, Africa etc. and thus
provides well diversified geographical reach.

Established in March 1992, Techno Drugs & Intermediates Private
Limited (TDIPL) as a private limited company and is engaged in
manufacturing of intermediates and bulk drugs. The promoters of
the company are Dr. Vipin Chandra Gandhi and Mr. Sameer Gandhi.
TDIPL's manufacturing unit admeasuring 17000 sq. feet is situated
in GIDC Panoli, Ankleshwar, District Bharuch, Gujarat with
installed capacity of 15 tons per annum. Its product profile
includes Meloxicam, Sibutramine, Sodium Picosulphate, Alendronate
Sodium, Chlrobutanol, Bisacodyl, Cetyl Pyridine Chloride,
Ibuprofen, Sodium Formadihide Sulperoxine. The company is
equipped with Research & Development facility along with Effluent
Treatment Plant.


U.K. TEXTILES: CRISIL Lowers Rating on INR15.64MM LT Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of U.K.
Textiles (UKT) to 'CRISIL D/CRISIL D' from 'CRISIL BB-
/Stable/CRISIL A4+'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Bill Discounting     10        CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Long Term Loan       15.64     CRISIL D (Downgraded from
                                  'CRISIL BB-/Stable')

   Packing Credit       11.00     CRISIL D (Downgraded from
                                  'CRISIL A4+')

   Proposed Packing      2.36     CRISIL D (Downgraded from
   Credit                         'CRISIL A4+')

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

The ratings also reflect the firm's large working capital
requirements. However it benefits from the extensive experience
of UKT's promoters in the ready-made garments (RMG) segment.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirements: UKT's operations are
working capital intensive, as reflected in its high GCA days,
estimated at 189 as on March 31, 2017. This is primarily on
account of its large inventory holding requirements of around 60
days on account of its long working capital cycle.

Strength

* Extensive experience of the promoter in the RMG segment: UKT
benefits from the industry experience of its promoter in the
textile segment, who has been in the RMG segment for over four
decades. The firm's promoter, Mr. Unni Krishnan, set up UKT in
1983 to cater to the export markets. Furthermore, UKT has an
established relationship with its key customers for over a
decade.

UKT, set up as a proprietorship firm in 1983, manufactures
knitted RMG, primarily for women. Its day-to-day operations are
managed by Mr. Unni Krishnan Menon.


YAZDANI STEEL: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Yazdani Steel &
Power 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 D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR434.9 mil. Term loan (Long-term) due on March 2022
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating;

-- INR180 mil. Fund-based limit (Long-term) migrated to non-
    cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR75.1 mil. Non-fund-based limit (Short-term) migrated to
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 2, 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 2003, Yazdani Steel & Power has set up an
integrated steel project with captive power generation facilities
at Kalinga Nagar Growth Centre near Jajpur Road in Odisha.


ZAACI DIAMONDS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Zaaci Diamonds
India Pvt Ltd.'s Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the surveillance
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:

-- INR60 mil. Fund-based facilities (Long-term) maintained in
    non-cooperating category with IND D (ISSUER NOT COOPERATING)
    rating; and

-- INR9 mil. Term loan (Long-term) due on December 2018
    maintained in non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 5, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Zaaci Diamonds India is engaged in the production and trading of
gold and diamond jewelry. Its workshop is located in Mohali,
Punjab.



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


* BOND PRICING: For the Week June 11 to June 15, 2018
-----------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50     04/01/19   USD       0.10
ARTSONIG PTY LTD            11.50     04/01/19   USD       0.10
CLIME CAPITAL LTD            6.25     11/30/21   AUD       0.96
KEYBRIDGE CAPITAL LTD        7.00     07/31/20   AUD       0.95
MIDWEST VANADIUM PTY LT     11.50     02/15/18   USD       0.10
MIDWEST VANADIUM PTY LT     11.50     02/15/18   USD       0.10
QUINTIS LTD                  8.75     08/01/23   USD      71.00
QUINTIS LTD                  8.75     08/01/23   USD      71.00
QUINTIS LTD                  8.75     08/01/23   USD      71.00
TREASURY CORP OF VICTOR      0.50     11/12/30   AUD      72.25


  CHINA
  -----

AKESU XINCHENG ASSET IN      7.50     10/10/18   CNY      25.07
ALXA LEAGUE INFRASTRUCT      6.40     03/14/20   CNY      40.27
ALXA ZUOQI URBAN CONSTR      8.60     04/28/21   CNY      62.04
ALXA ZUOQI URBAN CONSTR      8.60     04/28/21   CNY      62.21
ANHUI CHIZHOU CITY TIAN      7.40     10/23/20   CNY      60.22
ANHUI PROVINCE TONGLING      7.30     05/13/21   CNY      61.38
ANHUI PROVINCE TONGLING      7.30     05/13/21   CNY      61.72
ANHUI SHENGYUN ENVIRONM      6.98     03/23/20   CNY      45.00
ANJI COUNTY ASSET OPERA      8.30     04/24/21   CNY      61.41
ANJI COUNTY ASSET OPERA      8.30     04/24/21   CNY      61.69
ANKANG DEVELOPMENT & IN      6.35     03/06/20   CNY      40.08
ANNING DEVELOPMENT INVE      7.43     05/12/21   CNY      60.97
ANNING DEVELOPMENT INVE      7.43     05/12/21   CNY      62.60
ANQING ECONOMIC&TECHNOL      6.00     06/18/20   CNY      60.08
ANQING ECONOMIC&TECHNOL      6.00     06/18/20   CNY      60.40
ANQING URBAN CONSTRUCTI      6.76     12/31/19   CNY      40.40
ANQING URBAN CONSTRUCTI      6.76     12/31/19   CNY      40.52
ANSHAN HI-TECH INDUSTRY      8.39     04/25/21   CNY      61.64
ANSHAN HI-TECH INDUSTRY      8.39     04/25/21   CNY      62.30
ANSHUN STATE-RUN ASSETS      6.98     01/10/20   CNY      40.02
ANYANG INVESTMENT GROUP      8.00     04/17/19   CNY      20.23
BAICHENG ZHONGXING URBA      7.00     12/18/19   CNY      40.21
BAICHENG ZHONGXING URBA      7.00     12/18/19   CNY      40.34
BAISHAN URBAN CONSTRUCT      7.00     07/31/19   CNY      39.98
BAIYIN CITY DEVELOPMENT      6.78     07/19/20   CNY      59.68
BAIYIN CITY DEVELOPMENT      6.78     07/19/20   CNY      60.05
BAODING NATIONAL HI-TEC      7.33     12/24/19   CNY      40.00
BAOJI INVESTMENT GROUP       7.14     12/26/18   CNY      25.10
BAOJI INVESTMENT GROUP       7.14     12/26/18   CNY      25.30
BAOJI NEW HI TECH INDUS      8.25     04/21/21   CNY      61.83
BAOJI NEW HI TECH INDUS      8.25     04/21/21   CNY      62.30
BAOSHAN STATE-OWNED ASS      7.30     12/10/19   CNY      37.50
BAOSHAN STATE-OWNED ASS      7.30     12/10/19   CNY      40.31
BAOSHAN STATE-OWNED ASS      7.79     05/28/21   CNY      61.66
BAOSHAN STATE-OWNED ASS      7.79     05/28/21   CNY      80.34
BAOTOU STATE OWNED ASSE      7.03     09/17/19   CNY      40.36
BAYAN ZHUOER HETAO WATE      8.54     03/31/22   CNY      59.00
BAYAN ZHUOER HETAO WATE      8.54     03/31/22   CNY      62.89
BAYANNUR LINHE DISTRICT      7.90     11/13/20   CNY      60.51
BAZHONG STATE-OWNED ASS      8.50     04/25/21   CNY      61.94
BEIJING BIOMEDICINE IND      6.35     07/23/20   CNY      59.50
BEIJING BIOMEDICINE IND      6.35     07/23/20   CNY      60.17
BEIJING CAPITAL DEVELOP      5.95     05/29/19   CNY      20.24
BEIJING CAPITAL DEVELOP      6.50     02/27/21   CNY      61.07
BEIJING CAPITAL DEVELOP      6.50     02/27/21   CNY      61.21
BEIJING CAPITAL DEVELOP      7.19     01/15/21   CNY      61.53
BEIJING CAPITAL DEVELOP      7.19     01/15/21   CNY      61.73
BEIJING CHANGXIN CONSTR      6.74     04/22/21   CNY      61.60
BEIJING CHANGXIN CONSTR      6.74     04/22/21   CNY      61.65
BEIJING CHAOYANG STATE-      5.25     03/27/20   CNY      39.91
BEIJING CHAOYANG STATE-      5.25     03/27/20   CNY      40.05
BEIJING CONSTRUCTION EN      5.95     07/05/19   CNY      40.00
BEIJING CONSTRUCTION EN      5.95     07/05/19   CNY      40.14
BEIJING FUTURE SCIENCE       6.28     09/22/19   CNY      50.41
BEIJING GUCAI GROUP CO       8.28     12/15/18   CNY      40.61
BEIJING GUCAI GROUP CO       6.60     09/06/20   CNY      60.41
BEIJING GUCAI GROUP CO       6.60     09/06/20   CNY      60.91
BEIJING HAIDIAN STATE-O      5.50     08/07/20   CNY      59.89
BEIJING JINGMEI GROUP C      6.14     09/09/20   CNY      60.37
BEIJING JINLIYUAN STATE      7.00     10/28/20   CNY      61.00
BEIJING JINLIYUAN STATE      7.00     10/28/20   CNY      61.10
BEIJING XINCHENG INFRAS      7.50     04/21/21   CNY      60.62
BEIJING XINCHENG INFRAS      7.50     04/21/21   CNY      61.21
BEIJING XINGZHAN STATE       6.48     08/31/19   CNY      40.30
BEIJING XINGZHAN STATE       6.48     08/31/19   CNY      40.38
BEIJING XINGZHAN STATE       6.66     04/24/21   CNY      61.15
BEIJING XINGZHAN STATE       6.66     04/24/21   CNY      61.48
BENGBU URBAN INVESTMENT      6.30     09/11/20   CNY      60.76
BENGHU HI NEW TECH INVE      8.70     04/17/21   CNY      62.08
BENGHU HI NEW TECH INVE      8.70     04/17/21   CNY      62.38
BIJIE KAIYUAN CONSTRUCT      7.78     02/25/21   CNY      51.16
BIJIE KAIYUAN CONSTRUCT      7.78     02/25/21   CNY      62.09
BIJIE XINTAI INVESTMENT      7.15     08/20/19   CNY      40.60
BINZHOU HI-TECH DEVELOP      8.60     01/10/21   CNY      61.92
BINZHOU HI-TECH DEVELOP      8.60     01/10/21   CNY      61.93
BORALA MONGOL AUTONOMOU      7.18     08/09/20   CNY      60.17
BORALA MONGOL AUTONOMOU      7.18     08/09/20   CNY      60.22
C&D REAL ESTATE CORP LT      6.15     04/03/20   CNY      40.41
CANGZHOU CONSTRUCTION &      6.72     01/23/20   CNY      40.69
CHANGDE ECONOMIC DEVELO      7.19     09/12/19   CNY      40.55
CHANGDE ECONOMIC DEVELO      7.19     09/12/19   CNY      40.56
CHANGDE ECONOMIC DEVELO      7.00     03/24/21   CNY      61.42
CHANGDE ECONOMIC DEVELO      7.00     03/24/21   CNY      61.54
CHANGDE URBAN CONSTRUCT      6.50     02/25/20   CNY      40.21
CHANGDE URBAN CONSTRUCT      6.50     02/25/20   CNY      40.69
CHANGJIZHOU STATE OWNED      6.00     06/03/19   CNY      25.12
CHANGJIZHOU STATE OWNED      6.00     06/03/19   CNY      50.20
CHANGRUN INVESTMENT & G      6.88     09/16/20   CNY      59.93
CHANGRUN INVESTMENT & G      6.88     09/16/20   CNY      60.40
CHANGSHA CITY CONSTRUCT      6.95     04/24/19   CNY      20.29
CHANGSHA CITY CONSTRUCT      6.95     04/24/19   CNY      40.47
CHANGSHA COUNTY XINGCHE      8.35     04/06/19   CNY      20.52
CHANGSHA COUNTY XINGCHE      7.90     03/25/22   CNY      72.76
CHANGSHA COUNTY XINGCHE      7.90     03/25/22   CNY      73.90
CHANGSHA ECONOMIC & TEC      8.45     04/13/22   CNY      65.27
CHANGSHA LUSHAN URBAN C      7.70     02/27/21   CNY      61.24
CHANGSHA LUSHAN URBAN C      7.70     02/27/21   CNY      62.04
CHANGSHA METRO GROUP CO      6.20     04/23/23   CNY      72.23
CHANGSHA METRO GROUP CO      6.20     04/23/23   CNY      72.25
CHANGSHA PILOT INVESTME      6.70     12/10/19   CNY      40.51
CHANGSHA YUHUA URBAN CO      7.17     04/18/21   CNY      61.34
CHANGSHA YUHUA URBAN CO      7.17     04/18/21   CNY      61.45
CHANGSHU BINJIANG URBAN      6.85     04/27/19   CNY      20.09
CHANGSHU BINJIANG URBAN      6.85     04/27/19   CNY      20.16
CHANGSHU CITY OPERATION      8.00     01/16/19   CNY      20.19
CHANGSHU DEVELOPMENT IN      5.80     04/19/20   CNY      40.00
CHANGSHU DEVELOPMENT IN      5.80     04/19/20   CNY      40.15
CHANGSHU TRANSPORTATION      7.00     04/29/21   CNY      61.24
CHANGSHU TRANSPORTATION      7.00     04/29/21   CNY      61.80
CHANGXING COUNTY TRANSP      7.88     04/30/21   CNY      61.52
CHANGXING COUNTY TRANSP      7.88     04/30/21   CNY      61.53
CHANGXING URBAN CONSTRU      6.80     11/30/19   CNY      40.17
CHANGXING URBAN CONSTRU      6.80     11/30/19   CNY      40.51
CHANGYI ECONOMIC AND DE      7.35     10/30/20   CNY      55.37
CHANGYI ECONOMIC AND DE      7.35     10/30/20   CNY      55.77
CHANGZHI CITY CONSTRUCT      6.46     02/26/20   CNY      40.24
CHANGZHOU BINHU CONSTRU      8.04     12/12/20   CNY      62.06
CHANGZHOU BINHU CONSTRU      8.04     12/12/20   CNY      62.51
CHANGZHOU HI-TECH GROUP      6.18     03/21/20   CNY      40.27
CHANGZHOU HI-TECH GROUP      6.18     03/21/20   CNY      40.28
CHANGZHOU JINTAN DISTRI      8.30     03/14/19   CNY      20.36
CHANGZHOU JINTAN DISTRI      6.38     04/26/20   CNY      40.11
CHANGZHOU WUJIN CITY CO      6.22     06/08/18   CNY      24.98
CHAOHU URBAN TOWN CONST      7.00     12/24/19   CNY      40.30
CHAOHU URBAN TOWN CONST      7.00     12/24/19   CNY      40.56
CHEN ZHOU GAO KE ASSET       7.25     10/21/20   CNY      60.78
CHEN ZHOU GAO KE ASSET       7.25     10/21/20   CNY      61.00
CHENGDU CITY DEVELOPMEN      6.18     01/14/20   CNY      40.47
CHENGDU CITY DEVELOPMEN      6.18     01/14/20   CNY      40.49
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18   CNY      25.00
CHENGDU ECONOMIC&TECHNO      6.50     07/17/18   CNY      25.06
CHENGDU ECONOMIC&TECHNO      6.55     07/17/19   CNY      40.15
CHENGDU ECONOMIC&TECHNO      6.55     07/17/19   CNY      40.35
CHENGDU HI-TECH INVESTM      6.28     11/20/19   CNY      40.37
CHENGDU LONGBO INVESTME      8.10     04/24/21   CNY      56.00
CHENGDU LONGBO INVESTME      8.10     04/24/21   CNY      61.43
CHENGDU LONGQUANYI STAT      6.90     05/30/21   CNY      60.70
CHENGDU LONGQUANYI STAT      6.90     05/30/21   CNY      61.10
CHENGDU PIDU DISTRICT S      7.25     10/15/20   CNY      60.62
CHENGDU PIDU DISTRICT S      7.25     10/15/20   CNY      60.80
CHENGDU XINCHENG XICHEN      8.35     03/19/19   CNY      20.31
CHENGDU XINCHENG XICHEN      8.35     03/19/19   CNY      20.40
CHENGDU XINDU XIANGCHEN      8.60     12/13/18   CNY      40.51
CHENGDU XINGCHENG INVES      6.17     01/28/20   CNY      40.30
CHENGDU XINGCHENG INVES      6.17     01/28/20   CNY      40.34
CHENGDU XINGJIN URBAN C      7.30     11/27/19   CNY      40.44
CHENGDU XINGJIN URBAN C      7.30     11/27/19   CNY      40.71
CHENGFA INVESTMENT GROU      6.87     04/30/21   CNY      61.10
CHENGFA INVESTMENT GROU      6.87     04/30/21   CNY      61.85
CHENZHOU DEVELOPMENT IN      7.34     09/13/19   CNY      40.20
CHENZHOU DEVELOPMENT IN      7.34     09/13/19   CNY      40.55
CHENZHOU DEVELOPMENT IN      7.29     04/16/21   CNY      61.66
CHENZHOU DEVELOPMENT IN      7.29     04/16/21   CNY      62.24
CHENZHOU XINTIAN INVEST      6.30     07/17/20   CNY      59.96
CHIFENG CITY HONGSHAN I      7.20     07/25/19   CNY      40.15
CHINA ENERGY RESERVE AN      6.25     12/21/18   USD      34.67
CHINA GOVERNMENT BOND        1.64     12/15/33   CNY      74.15
CHINA YIXING ENVIRONMEN      7.10     10/18/20   CNY      60.37
CHIZHOU CONSTRUCTION IN      7.17     10/17/19   CNY      40.43
CHIZHOU CONSTRUCTION IN      7.17     10/17/19   CNY      40.60
CHONGQING BEICHENG CONS      7.30     10/16/20   CNY      60.69
CHONGQING BEIFEI INDUST      7.13     12/25/19   CNY      40.53
CHONGQING CHANGSHOU DEV      7.45     09/25/19   CNY      40.20
CHONGQING CHANGSHOU DEV      7.45     09/25/19   CNY      40.25
CHONGQING CITY CONSTRUC      5.12     05/21/20   CNY      39.67
CHONGQING CITY CONSTRUC      5.12     05/21/20   CNY      39.71
CHONGQING DASUN ASSET D      6.98     09/10/20   CNY      60.62
CHONGQING DAZU DISTRICT      6.75     04/26/20   CNY      40.23
CHONGQING DAZU DISTRICT      6.75     04/26/20   CNY      40.54
CHONGQING FULING DISTRI      8.40     03/23/19   CNY      40.70
CHONGQING FULING DISTRI      8.40     03/23/19   CNY      40.71
CHONGQING FULING DISTRI      7.89     03/20/21   CNY      60.95
CHONGQING FULING DISTRI      7.89     03/20/21   CNY      61.48
CHONGQING FULING STATE-      6.39     01/21/20   CNY      40.09
CHONGQING FULING STATE-      6.39     01/21/20   CNY      40.33
CHONGQING GAOXIN ZONE D      7.80     04/25/21   CNY      62.12
CHONGQING GAOXIN ZONE D      7.80     04/25/21   CNY      62.45
CHONGQING GARDENING IND      8.45     06/03/21   CNY      61.66
CHONGQING HAOJIANG CONS      7.99     11/22/20   CNY      60.72
CHONGQING HAOJIANG CONS      7.99     11/22/20   CNY      60.77
CHONGQING HAOJIANG CONS      8.05     03/06/21   CNY      61.18
CHONGQING HAOJIANG CONS      8.05     03/06/21   CNY      61.59
CHONGQING HECHUAN INDUS      6.19     06/17/20   CNY      60.05
CHONGQING HECHUAN INDUS      6.19     06/17/20   CNY      60.46
CHONGQING HONGRONG CAPI      7.20     10/16/19   CNY      40.20
CHONGQING HONGRONG CAPI      7.20     10/16/19   CNY      40.34
CHONGQING HONGYE INDUST      6.30     06/03/20   CNY      40.13
CHONGQING HONGYE INDUST      6.30     06/03/20   CNY      40.39
CHONGQING JIANGJIN HUAX      7.46     09/21/19   CNY      40.51
CHONGQING JIANGJIN HUAX      7.46     09/21/19   CNY      40.56
CHONGQING JINYUN ASSET       6.75     06/18/19   CNY      40.04
CHONGQING LAND PROPERTI      7.35     04/25/19   CNY      20.48
CHONGQING LAND PROPERTI      6.30     08/22/20   CNY      61.04
CHONGQING LIANGJIANG NE      6.70     04/25/21   CNY      62.07
CHONGQING MAIRUI CITY I      6.82     08/17/19   CNY      40.31
CHONGQING NAN'AN URBAN       8.20     04/09/19   CNY      20.45
CHONGQING NANCHUAN DIST      7.35     09/06/19   CNY      40.23
CHONGQING NANCHUAN DIST      7.35     09/06/19   CNY      40.25
CHONGQING NANFA URBAN C      6.43     04/27/20   CNY      40.05
CHONGQING NANFA URBAN C      6.43     04/27/20   CNY      40.32
CHONGQING QIANJIANG CIT      8.40     03/23/19   CNY      40.71
CHONGQING QIANJIANG CIT      8.40     03/23/19   CNY      40.81
CHONGQING QIANJIANG CIT      8.00     03/21/21   CNY      61.70
CHONGQING QIANJIANG CIT      8.00     03/21/21   CNY      62.40
CHONGQING QIJIANG EAST       6.75     01/29/20   CNY      39.66
CHONGQING SHUANGFU CONS      7.49     10/23/20   CNY      60.19
CHONGQING SHUANGQIAO EC      6.75     04/26/20   CNY      40.25
CHONGQING SHUANGQIAO EC      6.75     04/26/20   CNY      60.22
CHONGQING TAX FREE PORT      7.50     04/24/21   CNY      61.36
CHONGQING TAX FREE PORT      7.50     04/24/21   CNY      82.30
CHONGQING TEA GARDEN IN      7.70     05/20/21   CNY      61.09
CHONGQING THREE GORGES       6.40     01/23/19   CNY      25.00
CHONGQING WANSHENG ECO       6.39     04/17/20   CNY      40.09
CHONGQING WANSHENG ECO       6.39     04/17/20   CNY      40.32
CHONGQING WANSHENG ECO       8.19     04/08/21   CNY      61.08
CHONGQING WANSHENG ECO       8.19     04/08/21   CNY      61.86
CHONGQING WESTERN MODER      7.08     10/18/20   CNY      60.61
CHONGQING WESTERN MODER      7.08     10/18/20   CNY      60.86
CHONGQING XINGRONG HOLD      8.35     04/19/19   CNY      20.22
CHONGQING XINGRONG HOLD      8.35     04/19/19   CNY      20.26
CHONGQING XIYONG MICRO-      6.76     07/25/19   CNY      40.00
CHONGQING XIYONG MICRO-      6.76     07/25/19   CNY      40.34
CHONGQING YONGCHUAN HUI      7.33     10/16/19   CNY      40.44
CHONGQING YONGCHUAN HUI      7.33     10/16/19   CNY      41.00
CHONGQING YONGCHUAN HUI      7.28     05/30/21   CNY      61.08
CHONGQING YONGCHUAN HUI      7.28     05/30/21   CNY      61.14
CHONGQING YUFU HOLDING       6.50     09/04/19   CNY      40.33
CHONGQING YULONG ASSET       6.87     05/31/19   CNY      20.21
CHONGQING YUXING CONSTR      7.30     12/10/19   CNY      39.52
CHONGQING YUXING CONSTR      7.30     12/10/19   CNY      40.57
CHONGQING YUZHONG STATE      7.25     02/26/21   CNY      59.70
CHONGQING YUZHONG STATE      7.25     02/26/21   CNY      60.81
CHUXIONG AUTONOMOUS DEV      6.60     03/29/20   CNY      39.40
CHUXIONG AUTONOMOUS DEV      6.60     03/29/20   CNY      40.28
CHUZHOU CITY CONSTRUCTI      6.81     11/23/19   CNY      40.32
CHUZHOU CITY CONSTRUCTI      6.81     11/23/19   CNY      40.35
CHUZHOU TONGCHUANG CONS      7.05     01/09/20   CNY      40.39
CHUZHOU TONGCHUANG CONS      7.05     01/09/20   CNY      40.65
CIXI STATE OWNED ASSET       6.60     09/20/19   CNY      40.44
CIXI STATE OWNED ASSET       6.60     09/20/19   CNY      40.46
DALI ECONOMIC DEVELOPME      8.80     04/24/19   CNY      20.44
DALI ECONOMIC DEVELOPME      8.30     12/11/20   CNY      60.87
DALI ECONOMIC DEVELOPME      7.90     03/04/21   CNY      61.11
DALI ECONOMIC DEVELOPME      7.90     03/04/21   CNY      61.32
DALI ECONOMIC DEVELOPME      8.30     12/11/20   CNY      61.35
DALIAN CHANGXING ISLAND      6.60     01/25/20   CNY      41.41
DALIAN DETA INVESTMENT       6.50     11/15/19   CNY      40.50
DALIAN LVSHUN CONSTRUCT      6.78     07/02/19   CNY      40.51
DALIAN LVSHUN CONSTRUCT      6.78     07/02/19   CNY      40.55
DALIAN PULANDIAN CONSTR      7.74     04/21/21   CNY      51.31
DALIAN PULANDIAN CONSTR      8.48     12/12/18   CNY      55.75
DALIAN PULANDIAN CONSTR      7.60     11/19/20   CNY      61.70
DALIAN PULANDIAN CONSTR      7.60     11/19/20   CNY      61.71
DALIAN PULANDIAN CONSTR      7.74     04/21/21   CNY      61.76
DALIAN PUWAN ENGINEERIN      7.09     02/20/21   CNY      51.49
DALIAN PUWAN ENGINEERIN      7.09     02/20/21   CNY      60.42
DALIAN PUWAN ENGINEERIN      4.50     02/01/23   CNY      71.48
DALIAN RONGDA INVESTMEN      5.69     12/05/21   CNY      80.00
DALIAN RONGQIANG INVEST      8.60     03/30/19   CNY      40.81
DALIAN RONGQIANG INVEST      8.60     01/20/21   CNY      61.56
DALIAN RONGQIANG INVEST      7.92     04/14/21   CNY      61.86
DALIAN RONGQIANG INVEST      8.60     01/20/21   CNY      62.03
DALIAN RONGQIANG INVEST      7.92     04/14/21   CNY      81.66
DALIAN SHUNXING INVESTM      6.97     10/18/20   CNY      61.10
DALIAN SHUNXING INVESTM      6.97     10/18/20   CNY      61.18
DANGYANG XINYUAN INVEST      7.99     05/23/21   CNY      61.55
DANYANG INVESTMENT GROU      8.10     03/06/19   CNY      20.30
DANYANG INVESTMENT GROU      8.10     03/06/19   CNY      20.35
DANYANG INVESTMENT GROU      6.81     10/23/19   CNY      50.50
DANYANG INVESTMENT GROU      6.90     10/23/20   CNY      59.00
DANYANG INVESTMENT GROU      6.90     10/23/20   CNY      60.95
DAQING GAOXIN STATE-OWN      6.88     12/05/19   CNY      40.14
DAQING URBAN CONSTRUCTI      6.55     10/23/19   CNY      39.99
DAQING URBAN CONSTRUCTI      6.55     10/23/19   CNY      40.30
DAQING URBAN CONSTRUCTI      7.10     03/05/21   CNY      60.75
DAQING URBAN CONSTRUCTI      7.10     03/05/21   CNY      61.05
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      60.64
DAYE CITY CONSTRUCTION       7.30     03/03/21   CNY      60.79
DAYE CITY CONSTRUCTION       7.95     11/27/20   CNY      61.60
DAYE CITY CONSTRUCTION       7.95     11/27/20   CNY      61.61
DAZHOU INVESTMENT CO LT      6.99     12/25/19   CNY      40.37
DAZHOU INVESTMENT CO LT      6.99     12/25/19   CNY      40.37
DEYANG CITY CONSTRUCTIO      6.99     12/26/19   CNY      40.39
DEYANG CITY CONSTRUCTIO      6.99     12/26/19   CNY      40.45
DEYANG ECONOMIC DEVELOP      7.90     04/28/21   CNY      61.49
DEYANG ECONOMIC DEVELOP      7.90     04/28/21   CNY      61.58
DONGTAI COMMUNICATION I      7.39     07/05/18   CNY      25.05
DONGTAI UBAN CONSTRUCTI      7.10     12/26/19   CNY      40.40
DONGTAI UBAN CONSTRUCTI      8.65     01/13/21   CNY      60.65
DONGTAI UBAN CONSTRUCTI      7.58     04/23/21   CNY      61.29
DONGTAI UBAN CONSTRUCTI      7.58     04/23/21   CNY      61.85
DONGTAI UBAN CONSTRUCTI      8.65     01/13/21   CNY      62.36
ENSHI URBAN CONSTRUCTIO      7.55     10/22/19   CNY      40.56
ENSHI URBAN CONSTRUCTIO      7.50     06/03/21   CNY      81.07
EZHOU CITY CONSTRUCTION      7.08     06/19/19   CNY      40.15
EZHOU CITY CONSTRUCTION      7.76     05/15/21   CNY      61.40
EZHOU CITY CONSTRUCTION      7.76     05/15/21   CNY      61.98
FANGCHENGGANG CITY GANG      8.09     04/16/21   CNY      61.66
FANGCHENGGANG CITY GANG      8.09     04/16/21   CNY      84.50
FEICHENG CITY ASSETS MA      7.10     08/14/18   CNY      25.08
FENGCHENG CITY CONSTRUC      7.50     02/28/21   CNY      61.48
FENGCHENG CITY CONSTRUC      7.50     02/28/21   CNY      61.49
FENGCHENG CITY CONSTRUC      8.65     01/14/21   CNY      61.81
FENGHUA CITY INVESTMENT      7.45     09/24/19   CNY      40.62
FENGHUA CITY INVESTMENT      7.80     04/24/21   CNY      61.77
FENGHUA CITY INVESTMENT      7.80     04/24/21   CNY      61.79
FUGU COUNTY STATE-OWNED      8.69     12/16/20   CNY      61.46
FUGU COUNTY STATE-OWNED      8.69     12/16/20   CNY      68.00
FUJIAN JINJIANG URBAN C      6.35     04/26/20   CNY      40.37
FUJIAN LONGYAN CITY CON      7.45     08/14/19   CNY      41.11
FUJIAN NANPING HIGHWAY       6.69     01/28/20   CNY      40.31
FUJIAN NANPING HIGHWAY       7.90     10/26/18   CNY      40.42
FUQING CITY STATE-OWNED      6.66     03/01/21   CNY      56.28
FUZHOU INVESTMENT DEVEL      6.78     01/16/20   CNY      40.30
FUZHOU INVESTMENT DEVEL      6.78     01/16/20   CNY      40.33
FUZHOU JIANGONG GROUP C      6.80     12/10/19   CNY      70.40
FUZHOU JIANGONG GROUP C      6.80     12/10/19   CNY      70.94
FUZHOU URBAN AND RURAL       6.35     09/25/18   CNY      25.09
GANSU PROVINCIAL HIGHWA      6.75     11/16/18   CNY      20.17
GANSU PROVINCIAL HIGHWA      7.20     09/19/18   CNY      40.24
GANSU PROVINCIAL STATE-      5.40     03/06/20   CNY      69.99
GANSU PROVINCIAL STATE-      5.40     03/06/20   CNY      70.33
GANZHOU CITY DEVELOPMEN      6.40     07/10/18   CNY      24.98
GANZHOU DEVELOPMENT ZON      6.70     12/26/18   CNY      25.04
GANZHOU DEVELOPMENT ZON      6.70     12/26/18   CNY      25.07
GANZHOU DEVELOPMENT ZON      7.40     02/19/20   CNY      50.73
GANZHOU DEVELOPMENT ZON      7.40     02/19/20   CNY      50.92
GANZHOU DEVELOPMENT ZON      8.15     12/31/19   CNY      51.19
GANZHOU DEVELOPMENT ZON      8.15     12/31/19   CNY      51.32
GANZHOU DEVELOPMENT ZON      7.43     02/19/21   CNY      61.51
GANZHOU DEVELOPMENT ZON      7.43     02/19/21   CNY      61.55
GAOMI STATE-OWNED ASSET      6.75     11/15/18   CNY      25.03
GAOMI STATE-OWNED ASSET      6.75     11/15/18   CNY      25.07
GAOMI STATE-OWNED ASSET      6.70     11/15/19   CNY      40.26
GAOMI STATE-OWNED ASSET      6.70     11/15/19   CNY      40.38
GOLMUD INVESTMENT HOLDI      8.70     12/30/20   CNY      61.46
GREENLAND HOLDING GROUP      6.24     05/23/20   CNY      49.30
GUANG ZHOU PANYU COMMUN      6.30     04/12/19   CNY      25.00
GUANG ZHOU PANYU COMMUN      6.30     04/12/19   CNY      25.09
GUANGAN INVESTMENT HOLD      8.18     04/25/19   CNY      20.27
GUANGXI BAISE DEVELOPME      6.50     07/04/19   CNY      40.02
GUANGXI BAISE DEVELOPME      6.50     07/04/19   CNY      40.12
GUANGXI LAIBIN URBAN CO      8.36     03/14/19   CNY      40.70
GUANGXI QINZHOU LINHAI       7.68     02/20/21   CNY      60.93
GUANGXI QINZHOU LINHAI       7.68     02/20/21   CNY      62.01
GUANGXI URBAN CONSTRUCT      7.59     04/14/21   CNY      61.59
GUANGXI URBAN CONSTRUCT      7.59     04/14/21   CNY      62.21
GUANGYUAN INVESTMENT HO      7.25     11/26/19   CNY      40.61
GUANGYUAN INVESTMENT HO      7.30     04/22/21   CNY      61.11
GUANGYUAN INVESTMENT HO      7.30     04/22/21   CNY      61.44
GUANGZHOU DEVELOPMENT Z      6.70     08/14/22   CNY      73.18
GUIYANG HI-TECH HOLDING      6.01     12/01/19   CNY      50.02
GUIYANG JINYANG CONSTRU      6.70     10/24/18   CNY      25.07
GUIYANG JINYANG CONSTRU      6.70     10/24/18   CNY      25.15
GUIYANG URBAN DEVELOPME      6.20     02/28/20   CNY      39.60
GUIZHOU KAILI CITY CONS      8.30     12/12/20   CNY      62.20
GUIZHOU KAILI CITY CONS      7.80     02/21/21   CNY      62.58
GUIZHOU KAILI CITY CONS      8.30     12/12/20   CNY      62.96
GUOAO INVESTMENT DEVELO      6.89     10/29/18   CNY      25.12
GUOAO INVESTMENT DEVELO      6.89     10/29/18   CNY      25.13
HAICHENG URBAN INVESTME      8.39     11/07/18   CNY      40.39
HAICHENG URBAN JINCAI L      8.56     12/19/20   CNY      60.68
HAICHENG URBAN JINCAI L      8.17     04/16/21   CNY      61.23
HAICHENG URBAN JINCAI L      8.56     12/19/20   CNY      65.00
HAILAR DISTRICT URBAN I      6.20     05/14/20   CNY      40.40
HAIMEN CITY DEVELOPMENT      8.35     03/20/19   CNY      20.98
HAIMEN COMMUNICATION IN      8.00     03/18/21   CNY      62.89
HAINAN HARBOR & SHIPPIN      6.80     10/18/19   CNY      70.39
HAINAN HARBOR & SHIPPIN      6.80     10/18/19   CNY      70.73
HAINAN JINHAI PULP & PA      6.10     04/15/20   CNY      70.01
HAINAN JINHAI PULP & PA      6.10     04/15/20   CNY      70.02
HAINING CITY JIANSHAN D      6.90     11/04/20   CNY      60.93
HAINING CITY JIANSHAN D      6.90     11/04/20   CNY      61.41
HAINING STATE-OWNED ASS      6.08     03/06/20   CNY      40.00
HAINING STATE-OWNED ASS      7.80     09/20/18   CNY      40.25
HAINING STATE-OWNED ASS      7.80     09/20/18   CNY      40.26
HAINING STATE-OWNED ASS      6.08     03/06/20   CNY      40.35
HAIXI STATE DEVELOPMENT      8.60     01/02/21   CNY      61.84
HAIXI STATE DEVELOPMENT      8.60     01/02/21   CNY      61.85
HAIYAN COUNTY STATE-OWN      7.00     09/04/20   CNY      61.08
HAIYAN COUNTY STATE-OWN      7.00     09/04/20   CNY      61.18
HANDAN CITY DEVELOPMENT      7.05     12/24/19   CNY      40.65
HANDAN CITY DEVELOPMENT      7.05     12/24/19   CNY      40.86
HANDAN CITY DEVELOPMENT      7.60     11/25/20   CNY      61.88
HANGZHOU CANAL COMPREHE      6.00     04/02/20   CNY      39.88
HANGZHOU CANAL COMPREHE      6.00     04/02/20   CNY      40.34
HANGZHOU FUYANG CITY CO      7.20     03/19/21   CNY      61.77
HANGZHOU FUYANG CITY CO      7.20     03/19/21   CNY      61.82
HANGZHOU HIGH-TECH INDU      6.45     01/28/20   CNY      40.37
HANGZHOU HIGH-TECH INDU      6.45     01/28/20   CNY      40.51
HANGZHOU XIAOSHAN ECO&T      6.70     12/26/18   CNY      25.08
HANGZHOU XIAOSHAN ECO&T      6.70     12/26/18   CNY      25.15
HANGZHOU XIAOSHAN ECO&T      6.90     05/13/21   CNY      60.89
HANGZHOU XIAOSHAN ECO&T      6.90     05/13/21   CNY      61.55
HANGZHOU YUHANG CITY CO      7.55     03/29/19   CNY      20.41
HANGZHOU YUHANG CITY CO      7.00     03/03/21   CNY      61.00
HANGZHOU YUHANG CITY CO      7.00     03/03/21   CNY      61.45
HANGZHOU YUHANG ECONOMI      7.45     03/03/21   CNY      60.00
HANGZHOU YUHANG ECONOMI      7.45     03/03/21   CNY      61.93
HANGZHOU YUHANG INNOVAT      6.50     03/18/20   CNY      40.68
HANGZHOU YUHANG TRANSPO      7.19     04/18/21   CNY      61.48
HANGZHOU YUHANG TRANSPO      7.19     04/18/21   CNY      61.79
HANJIANG STATE-OWNED-AS      8.12     01/12/19   CNY      20.22
HANJIANG STATE-OWNED-AS      8.12     01/12/19   CNY      20.27
HANJIANG STATE-OWNED-AS      7.30     11/11/20   CNY      61.32
HANJIANG STATE-OWNED-AS      7.30     11/11/20   CNY      61.38
HARBIN HELI INVESTMENT       7.48     09/26/18   CNY      40.18
HARBIN HELI INVESTMENT       7.48     09/26/18   CNY      40.25
HARBIN HELI INVESTMENT       7.10     05/27/21   CNY      61.06
HARBIN HELI INVESTMENT       6.87     05/27/21   CNY      61.24
HARBIN HELI INVESTMENT       7.10     05/27/21   CNY      61.97
HARBIN HELI INVESTMENT       6.87     05/27/21   CNY      62.73
HARBIN HIGH-TECH INDUST      7.00     09/16/20   CNY      61.47
HARBIN HIGH-TECH INDUST      7.00     09/16/20   CNY      61.49
HEBEI BOHAI INVESTMENT       6.90     06/30/20   CNY      74.55
HEFEI BINHU NEW ZONE CO      6.35     06/13/19   CNY      70.30
HEFEI BINHU NEW ZONE CO      6.35     06/13/19   CNY      70.45
HEFEI GAOXIN DEVELOPMEN      7.98     03/22/19   CNY      40.63
HEFEI GAOXIN DEVELOPMEN      7.98     03/22/19   CNY      40.78
HEFEI GAOXIN DEVELOPMEN      6.90     03/12/20   CNY      72.59
HEFEI HAIHENG INVESTMEN      7.30     06/12/19   CNY      40.17
HEFEI INDUSTRIAL INVEST      6.30     03/20/20   CNY      40.28
HEFEI INDUSTRIAL INVEST      6.30     03/20/20   CNY      40.35
HEFEI TAOHUA INDUSTRIAL      8.79     03/27/19   CNY      20.41
HEFEI TAOHUA INDUSTRIAL      7.80     04/09/21   CNY      61.29
HEFEI TAOHUA INDUSTRIAL      7.80     04/09/21   CNY      61.75
HEFEI XINCHENG STATE-OW      7.88     04/23/19   CNY      20.23
HEGANG KAIYUAN CITY INV      6.50     07/19/19   CNY      40.12
HEIHE CITY CONSTRUCTION      8.48     03/23/19   CNY      40.69
HEILONGJIANG HECHENG CO      7.05     06/21/22   CNY      69.65
HEILONGJIANG HECHENG CO      7.05     06/21/22   CNY      70.35
HEILONGJIANG POST-DISAS      7.06     11/20/20   CNY      74.80
HENAN JIYUAN CITY CONST      7.50     09/25/19   CNY      40.59
HENGYANG CITY CONSTRUCT      7.06     08/13/19   CNY      40.45
HENGYANG CITY CONSTRUCT      7.06     08/13/19   CNY      40.45
HENGYANG HONGXIANG STAT      6.20     06/19/20   CNY      60.09
HENGYANG HONGXIANG STAT      6.20     06/19/20   CNY      60.41
HENGYANG XIANGJIANG WAT      7.40     04/23/21   CNY      61.10
HENGYANG XIANGJIANG WAT      7.40     04/23/21   CNY      61.36
HEYUAN CITY URBAN DEVEL      6.55     03/19/20   CNY      40.10
HEYUAN CITY URBAN DEVEL      6.55     03/19/20   CNY      40.24
HEZE INVESTMENT DEVELOP      7.14     03/24/21   CNY      62.04
HEZE INVESTMENT DEVELOP      7.14     03/24/21   CNY      62.07
HEZHOU URBAN CONSTRUCTI      8.16     05/16/21   CNY      61.36
HONGHEZHOU ROAD DEVELOP      6.27     05/06/20   CNY      37.00
HONGHEZHOU ROAD DEVELOP      6.27     05/06/20   CNY      40.09
HUACHEN ENERGY CO LTD        6.63     05/18/20   USD      69.70
HUAIAN CITY URBAN ASSET      6.87     12/26/19   CNY      40.61
HUAIAN CITY WATER HOLDI      8.25     03/08/19   CNY      20.46
HUAIAN CITY WATER HOLDI      8.25     03/08/19   CNY      20.58
HUAI'AN DEVELOPMENT HOL      7.20     09/06/19   CNY      40.28
HUAI'AN DEVELOPMENT HOL      7.20     09/06/19   CNY      40.31
HUAI'AN DEVELOPMENT HOL      7.30     03/10/21   CNY      61.11
HUAI'AN DEVELOPMENT HOL      7.30     03/10/21   CNY      61.87
HUAIAN NEW CITY INVESTM      7.45     03/04/21   CNY      61.21
HUAIAN NEW CITY INVESTM      7.45     03/04/21   CNY      61.44
HUAIAN QINGHE NEW AREA       6.68     01/24/20   CNY      40.14
HUAIAN QINGHE NEW AREA       6.68     01/24/20   CNY      40.33
HUAIBEI CITY CONSTRUCTI      6.68     12/17/18   CNY      25.10
HUAIHUA CITY INDUSTRIAL      7.70     10/29/20   CNY      58.20
HUAIHUA CITY INDUSTRIAL      7.70     10/29/20   CNY      60.99
HUANGGANG CITY CONSTRUC      7.10     10/19/19   CNY      40.39
HUANGGANG CITY CONSTRUC      7.10     10/19/19   CNY      40.55
HUANGGANG CITY CONSTRUC      7.45     03/04/21   CNY      61.64
HUANGGANG CITY CONSTRUC      7.45     03/04/21   CNY      61.71
HUANGGANG CITY CONSTRUC      8.60     12/25/20   CNY      62.66
HUANGGANG CITY CONSTRUC      8.60     12/25/20   CNY      63.50
HUANGSHI CIHU HIGH-TECH      8.70     12/05/20   CNY      61.93
HUANGSHI CIHU HIGH-TECH      9.30     01/21/21   CNY      62.65
HUANGSHI URBAN CONSTRUC      6.96     10/25/19   CNY      40.37
HUBEI QUANZHOU YANGTZE       6.50     04/02/20   CNY      70.27
HUBEI QUANZHOU YANGTZE       6.50     04/02/20   CNY      70.82
HUBEI YIHUA CHEMICAL IN      6.00     03/26/20   CNY      69.51
HUIAN STATE ASSETS INVE      7.50     10/15/19   CNY      40.56
HUIAN STATE ASSETS INVE      7.50     10/15/19   CNY      40.56
HULUDAO INVESTMENT GROU      7.05     10/18/20   CNY      60.28
HULUDAO INVESTMENT GROU      7.05     10/18/20   CNY      60.30
HUNAN CHANGDE DEYUAN IN      7.18     10/18/18   CNY      25.04
HUNAN CHENGLINGJI HARBO      7.70     10/15/18   CNY      25.05
HUNAN CHENGLINGJI HARBO      7.70     10/15/18   CNY      25.16
HUNAN TIER GROUP CO LTD      7.10     03/03/21   CNY      61.20
HUNAN TIER GROUP CO LTD      7.10     03/03/21   CNY      61.81
HUNAN TIER GROUP CO LTD      8.00     12/23/20   CNY      62.36
HUNAN TIER GROUP CO LTD      8.00     12/23/20   CNY      65.00
HUNAN XIANGJIANG NEW AR      7.36     03/17/21   CNY      61.77
HUNAN XIANGJIANG NEW AR      7.36     03/17/21   CNY      61.99
HUNAN ZHAOSHAN ECONOMIC      7.00     12/12/18   CNY      25.20
HUZHOU CITY INVESTMENT       6.70     12/14/19   CNY      40.49
HUZHOU NANXUN STATE-OWN      8.15     03/31/19   CNY      20.20
HUZHOU WUXING NANTAIHU       8.79     01/16/21   CNY      60.50
HUZHOU WUXING NANTAIHU       8.79     01/16/21   CNY      62.16
HUZHOU XISAISHAN DEVELO      7.80     04/29/21   CNY      61.46
HUZHOU XISAISHAN DEVELO      7.80     04/29/21   CNY      61.71
INNER MONGLIA SHENG MU       4.75     06/01/21   CNY      57.00
INNER MONGLIA SHENG MU       4.48     12/28/20   CNY      67.00
INNER MONGOLIA KE'ERQIN      7.75     09/24/19   CNY      40.29
JIAMUSI NEW ERA INFRAST      8.25     03/22/19   CNY      20.32
JIAMUSI NEW ERA INFRAST      7.90     02/26/21   CNY      61.21
JIAMUSI NEW ERA INFRAST      7.90     02/26/21   CNY      61.36
JIAN CITY CONSTRUCTION       7.80     04/20/19   CNY      20.15
JIAN CITY CONSTRUCTION       7.80     04/20/19   CNY      20.22
JIAN CITY CONSTRUCTION       6.96     05/15/21   CNY      60.91
JIAN CITY CONSTRUCTION       6.96     05/15/21   CNY      61.08
JIAN CITY JINGANGSHAN D      7.99     06/03/21   CNY      60.76
JIANAN INVESTMENT HOLDI      7.68     09/04/19   CNY      40.45
JIANAN INVESTMENT HOLDI      7.68     09/04/19   CNY      40.70
JIANAN INVESTMENT HOLDI      6.85     05/23/21   CNY      61.21
JIANAN INVESTMENT HOLDI      6.85     05/23/21   CNY      61.74
JIANGDONG HOLDING GROUP      6.90     03/27/19   CNY      20.22
JIANGDONG HOLDING GROUP      7.14     04/24/21   CNY      60.38
JIANGDONG HOLDING GROUP      7.14     04/24/21   CNY      60.84
JIANGMEN BINJIANG CONST      6.60     02/28/20   CNY      37.92
JIANGMEN BINJIANG CONST      6.60     02/28/20   CNY      40.21
JIANGMEN NEW HI-TECH IN      7.39     11/04/20   CNY      60.50
JIANGMEN NEW HI-TECH IN      7.39     11/04/20   CNY      61.15
JIANGSU FURUDONGHAI DEV      7.09     09/13/20   CNY      60.51
JIANGSU FURUDONGHAI DEV      7.09     09/13/20   CNY      60.66
JIANGSU HANRUI INVESTME      8.16     03/01/19   CNY      19.78
JIANGSU HANRUI INVESTME      8.16     03/01/19   CNY      20.24
JIANGSU HUAJING ASSETS       6.00     05/16/20   CNY      39.62
JIANGSU HUAJING ASSETS       6.00     05/16/20   CNY      60.00
JIANGSU JINGUAN INVESTM      6.40     01/28/19   CNY      24.85
JIANGSU JINGUAN INVESTM      7.90     04/08/21   CNY      61.49
JIANGSU JINGUAN INVESTM      7.90     04/08/21   CNY      61.65
JIANGSU JINTAN GUOFA IN      6.85     05/30/21   CNY      60.59
JIANGSU JINTAN GUOFA IN      6.85     05/30/21   CNY      61.14
JIANGSU JURONG FUDI BIO      8.70     04/26/19   CNY      40.98
JIANGSU LIANYUN DEVELOP      6.10     06/19/19   CNY      39.97
JIANGSU NEWHEADLINE DEV      7.00     08/27/20   CNY      55.56
JIANGSU NEWHEADLINE DEV      7.00     08/27/20   CNY      55.71
JIANGSU SUHAI INVESTMEN      7.20     11/07/19   CNY      40.30
JIANGSU SUHAI INVESTMEN      7.20     11/07/19   CNY      40.40
JIANGSU SUHAI INVESTMEN      7.28     05/29/21   CNY      60.97
JIANGSU SUHAI INVESTMEN      7.28     05/29/21   CNY      61.34
JIANGSU TAICANG PORT DE      7.66     05/16/19   CNY      20.33
JIANGSU TAICANG PORT DE      7.40     04/28/21   CNY      61.28
JIANGSU TAICANG PORT DE      7.40     04/28/21   CNY      61.51
JIANGSU WUZHONG ECONOMI      8.05     12/16/18   CNY      40.55
JIANGSU WUZHONG ECONOMI      8.05     12/16/18   CNY      40.55
JIANGSU XISHAN ECONOMIC      6.99     11/01/19   CNY      40.27
JIANGSU XISHAN ECONOMIC      6.99     11/01/19   CNY      40.39
JIANGSU YIXING ECONOMIC      7.69     04/18/21   CNY      60.68
JIANGSU YIXING ECONOMIC      7.69     04/18/21   CNY      60.95
JIANGSU ZHANGJIAGANG EC      6.98     11/16/19   CNY      40.40
JIANGSU ZHANGJIAGANG EC      6.98     11/16/19   CNY      40.53
JIANGXI HEJI INVESTMENT      8.00     09/04/19   CNY      40.30
JIANGXI HEJI INVESTMENT      8.00     09/04/19   CNY      40.38
JIANGXI PINGXIANG CHANG      8.18     05/22/21   CNY      60.90
JIANGXI PINGXIANG CHANG      8.18     05/22/21   CNY      62.33
JIANGXI PROVINCE SITONG      8.20     04/18/21   CNY      58.80
JIANGXI PROVINCE SITONG      8.20     04/18/21   CNY      62.42
JIANGYIN CITY CONSTRUCT      7.20     06/11/19   CNY      40.25
JIANGYIN CITY CONSTRUCT      7.20     06/11/19   CNY      40.30
JIANGYIN GAOXIN DISTRIC      6.60     02/27/20   CNY      40.41
JIANGYIN LINGANG NEW CI      7.10     11/07/20   CNY      60.61
JIANHU URBAN CONSTRUCTI      6.50     02/22/20   CNY      40.27
JIASHAN ECONOMIC DEVELO      7.05     12/03/19   CNY      40.28
JIASHAN ECONOMIC DEVELO      7.05     12/03/19   CNY      40.43
JIASHAN STATE-OWNED ASS      6.80     06/06/19   CNY      40.15
JIAXING CITY CULTURE MI      8.16     03/08/19   CNY      20.43
JIAXING CITY NANHU NEW       7.45     02/26/21   CNY      61.83
JIAXING ECONOMIC&TECHNO      6.78     06/14/19   CNY      40.13
JIAXING ECONOMIC&TECHNO      6.78     06/14/19   CNY      40.13
JIAXING ECONOMIC&TECHNO      7.89     03/05/21   CNY      61.45
JIAXING ECONOMIC&TECHNO      7.89     03/05/21   CNY      62.11
JILIN CITY CONSTRUCTION      6.34     02/26/20   CNY      40.11
JILIN CITY CONSTRUCTION      6.34     02/26/20   CNY      40.36
JILIN RAILWAY INVESTMEN      7.18     03/04/21   CNY      60.82
JILIN RAILWAY INVESTMEN      6.63     06/26/19   CNY      70.29
JIMO CITY URBAN DEVELOP      8.10     12/17/19   CNY      50.92
JINAN CITY CONSTRUCTION      6.80     03/20/21   CNY      61.80
JINAN CITY CONSTRUCTION      6.80     03/20/21   CNY      61.98
JINAN XIAOQINGHE DEVELO      7.15     09/05/19   CNY      40.00
JINAN XIAOQINGHE DEVELO      7.15     09/05/19   CNY      40.52
JINGDEZHEN STATE-OWNED       6.59     06/25/20   CNY      60.20
JINGDEZHEN STATE-OWNED       6.59     06/25/20   CNY      60.24
JINGHONG STATE-OWNED AS      8.08     05/23/21   CNY      59.85
JINGHONG STATE-OWNED AS      8.08     05/23/21   CNY      62.18
JINGJIANG BINJIANG XINC      6.80     10/23/18   CNY      24.98
JINGMEN CITY CONSTRUCTI      7.00     10/17/20   CNY      60.81
JINGMEN CITY CONSTRUCTI      7.00     10/17/20   CNY      61.06
JINGMEN CITY CONSTRUCTI      6.85     07/09/22   CNY      71.06
JINGZHOU ECONOMIC TECHN      8.20     12/09/20   CNY      61.52
JINGZHOU URBAN CONSTRUC      7.98     04/24/19   CNY      20.32
JINING CITY CONSTRUCTIO      8.30     12/31/18   CNY      20.23
JINING CITY YANZHOU DIS      5.90     05/28/21   CNY      55.36
JINING HI-TECH TOWN CON      6.60     01/28/20   CNY      40.35
JINING HI-TECH TOWN CON      6.60     01/28/20   CNY      40.52
JINING WATER SUPPLY GRO      7.18     01/22/20   CNY      40.36
JINSHAN STATE-OWNED ASS      6.65     11/27/19   CNY      40.50
JINZHONG CITY PUBLIC IN      6.50     03/18/20   CNY      40.38
JINZHOU CITY INVESTMENT      7.08     06/13/19   CNY      40.12
JINZHOU CITY INVESTMENT      7.08     06/13/19   CNY      40.13
JINZHOU CITY INVESTMENT      8.50     12/27/20   CNY      62.01
JINZHOU CITY INVESTMENT      8.50     12/27/20   CNY      62.35
JINZHOU HUAXING INVESTM      9.10     01/21/21   CNY      60.90
JINZHOU HUAXING INVESTM      8.38     02/25/21   CNY      61.44
JINZHOU HUAXING INVESTM      8.38     02/25/21   CNY      61.64
JINZHOU HUAXING INVESTM      9.10     01/21/21   CNY      61.84
JISHOU HUATAI STATE OWN      7.37     12/12/19   CNY      40.36
JISHOU HUATAI STATE OWN      7.37     12/12/19   CNY      40.50
JIUJIANG CITY CONSTRUCT      8.49     02/23/19   CNY      20.39
JIUJIANG FUHE CONSTRUCT      6.10     03/19/19   CNY      24.90
JIUJIANG FUHE CONSTRUCT      6.10     03/19/19   CNY      24.93
JIUJIANG STATE-OWNED AS      6.68     03/07/20   CNY      40.00
JIUJIANG STATE-OWNED AS      6.68     03/07/20   CNY      40.43
JIUQUAN ECONOMIC DEVELO      7.40     02/26/21   CNY      60.29
JIXI STATE OWN ASSET MA      7.18     11/08/19   CNY      40.16
KAIFENG DEVELOPMENT INV      6.47     07/11/19   CNY      40.16
KAIYUAN CITY TOWN CONST      7.88     02/24/21   CNY      59.52
KAIYUAN CITY TOWN CONST      7.88     02/24/21   CNY      61.47
KARAMAY URBAN CONSTRUCT      7.15     09/04/19   CNY      40.76
KARAMAY URBAN CONSTRUCT      7.15     09/04/19   CNY      40.86
KARAMAY URBAN CONSTRUCT      7.15     04/22/21   CNY      61.43
KARAMAY URBAN CONSTRUCT      7.15     04/22/21   CNY      63.80
KASHI URBAN CONSTRUCTIO      7.18     11/27/19   CNY      40.30
KASHI URBAN CONSTRUCTIO      7.18     11/27/19   CNY      40.47
KIZILSU KIRGHIZ AUTONOM      7.15     09/16/20   CNY      60.50
KIZILSU KIRGHIZ AUTONOM      7.15     09/16/20   CNY      61.25
KUERLE CITY CONSTRUCTIO      7.48     09/10/18   CNY      25.01
KUERLE CITY CONSTRUCTIO      7.48     09/10/18   CNY      25.05
KUERLE CITY CONSTRUCTIO      6.99     05/20/20   CNY      50.58
KUERLE CITY CONSTRUCTIO      6.99     05/20/20   CNY      50.88
KUNMING DIANCHI INVESTM      6.50     02/01/20   CNY      40.21
KUNMING INDUSTRIAL DEVE      6.46     10/23/19   CNY      40.10
KUNMING INDUSTRIAL DEVE      6.46     10/23/19   CNY      40.10
KUNSHAN COMMUNICATION D      6.95     05/22/21   CNY      61.67
KUNSHAN COMMUNICATION D      6.95     05/22/21   CNY      61.78
KUNSHAN ENTREPRENEUR HO      6.28     11/07/19   CNY      40.20
KUNSHAN ENTREPRENEUR HO      6.28     11/07/19   CNY      40.38
KUNSHAN HITECH INDUSTRI      7.10     03/26/21   CNY      61.16
KUNSHAN HITECH INDUSTRI      7.10     03/26/21   CNY      61.82
KUNSHAN HUAQIAO INTERNA      7.98     12/30/18   CNY      20.24
LAIWU CITY ECONOMIC DEV      7.08     02/28/21   CNY      58.34
LAIWU CITY ECONOMIC DEV      7.08     02/28/21   CNY      61.33
LANZHOU CITY DEVELOPMEN      8.20     12/15/18   CNY      40.53
LANZHOU NEW AREA INVEST      8.30     04/29/21   CNY      61.18
LEQING CITY STATE OWNED      6.50     06/29/19   CNY      40.17
LIAONING COASTAL ECONOM      8.90     04/01/21   CNY      11.35
LIAONING COASTAL ECONOM      8.90     04/01/21   CNY      11.64
LIAOYANG CITY ASSETS OP      6.88     06/13/18   CNY      34.97
LIAOYANG CITY ASSETS OP      6.88     06/13/18   CNY      35.00
LIAOYUAN STATE-OWNED AS      8.17     03/13/19   CNY      20.00
LIAOYUAN STATE-OWNED AS      8.17     03/13/19   CNY      20.12
LILING LUJIANG INVESTME      8.10     05/22/21   CNY      61.62
LINCANG STATE-OWNED ASS      6.58     04/11/20   CNY      40.22
LINFEN CITY INVESTMENT       6.20     05/23/20   CNY      40.02
LINFEN CITY INVESTMENT       7.23     02/22/19   CNY      50.49
LINFEN YAODU DISTRICT I      6.99     09/27/20   CNY      59.79
LINHAI CITY INFRASTRUCT      6.30     03/21/20   CNY      40.27
LINHAI CITY INFRASTRUCT      6.30     03/21/20   CNY      40.30
LINYI CITY ASSET MANAGE      6.68     12/12/19   CNY      40.54
LINYI ECONOMIC DEVELOPM      8.26     09/24/19   CNY      40.80
LINYI ECONOMIC DEVELOPM      7.70     04/16/21   CNY      61.43
LINYI ECONOMIC DEVELOPM      7.70     04/16/21   CNY      62.00
LINZHOU ECONOMIC & TECH      8.30     04/25/20   CNY      50.93
LINZHOU ECONOMIC & TECH      8.30     04/25/20   CNY      51.56
LISHUI CITY CONSTRUCTIO      6.00     05/23/20   CNY      40.26
LISHUI URBAN CONSTRUCTI      5.80     05/29/20   CNY      39.83
LISHUI URBAN CONSTRUCTI      5.80     05/29/20   CNY      39.84
LIUZHOU CITY INVESTMENT      7.18     12/31/22   CNY      69.56
LIUZHOU DONGCHENG INVES      8.30     02/15/19   CNY      20.38
LIUZHOU DONGCHENG INVES      7.40     10/29/20   CNY      61.08
LIUZHOU DONGCHENG INVES      7.40     10/29/20   CNY      61.17
LIUZHOU INVESTMENT HOLD      6.98     08/15/19   CNY      40.23
LIYANG CITY CONSTRUCTIO      8.20     11/08/18   CNY      33.71
LIYANG CITY CONSTRUCTIO      6.20     03/08/20   CNY      40.17
LIYANG CITY CONSTRUCTIO      6.20     03/08/20   CNY      40.18
LOUDI CITY CONSTRUCTION      7.28     10/19/18   CNY      25.10
LOUDI CITY CONSTRUCTION      7.28     10/19/18   CNY      25.13
LOUDI CITY CONSTRUCTION      7.95     04/15/21   CNY      61.73
LOUDI CITY CONSTRUCTION      7.95     04/15/21   CNY      62.27
LU'AN CITY CONSTRUCTION      7.50     04/17/21   CNY      61.10
LU'AN CITY CONSTRUCTION      7.50     04/17/21   CNY      61.44
LU'AN CITY CONSTRUCTION      8.00     12/02/20   CNY      61.51
LU'AN CITY CONSTRUCTION      8.00     12/02/20   CNY      62.22
LUOHE CITY CONSTRUCTION      6.99     10/30/19   CNY      40.45
MAANSHAN ECONOMIC TECHN      7.10     12/20/19   CNY      40.34
MAOMIN CITY TRANSPORTAT      6.90     05/28/21   CNY      61.50
MEISHAN CITY ASSET OPER      7.84     02/26/21   CNY      61.37
MEISHAN CITY ASSET OPER      7.84     02/26/21   CNY      61.92
MEISHAN HONGDA CONSTRUC      6.56     06/19/20   CNY      58.26
MEISHAN HONGDA CONSTRUC      6.56     06/19/20   CNY      60.45
MEIZHOU KANGDA HIGHWAY       6.95     09/10/20   CNY      60.45
MEIZHOU KANGDA HIGHWAY       6.95     09/10/20   CNY      60.83
MIANYANG INVESTMENT HOL      7.70     03/26/19   CNY      40.58
MIANYANG SCIENCE TECHNO      7.16     05/15/19   CNY      20.17
MIANYANG SCIENCE TECHNO      6.30     07/22/18   CNY      27.49
MINXIXINGHANG STATE-OWN      6.20     03/26/19   CNY      25.14
MINXIXINGHANG STATE-OWN      6.20     03/26/19   CNY      50.00
MUDANJIANG STATE-OWNED       7.08     08/30/19   CNY      39.76
MUDANJIANG STATE-OWNED       7.08     08/30/19   CNY      40.25
MUDANJIANG STATE-OWNED       7.70     04/14/21   CNY      60.12
MUDANJIANG STATE-OWNED       7.70     04/14/21   CNY      60.82
NANCHANG CITY CONSTRUCT      6.19     02/20/20   CNY      40.40
NANCHANG CITY CONSTRUCT      6.19     02/20/20   CNY      40.57
NANCHANG COUNTY URBAN C      6.50     07/17/19   CNY      50.21
NANCHANG COUNTY URBAN C      6.50     07/17/19   CNY      50.24
NANCHANG ECONOMY TECHNO      6.88     01/09/20   CNY      40.22
NANCHANG MUNICIPAL PUBL      5.88     02/25/20   CNY      40.38
NANCHANG MUNICIPAL PUBL      5.88     02/25/20   CNY      40.41
NANCHANG WATER CONSERVA      6.28     06/21/20   CNY      60.30
NANCHANG WATER CONSERVA      6.28     06/21/20   CNY      60.53
NANCHONG DEVELOPMENT IN      6.69     01/28/20   CNY      40.31
NANCHONG ECONOMIC DEVEL      8.16     04/26/19   CNY      20.22
NANCHONG ECONOMIC DEVEL      8.28     04/21/21   CNY      60.98
NANCHONG ECONOMIC DEVEL      8.28     04/21/21   CNY      62.32
NANJING JIANGBEI NEW AR      6.94     09/07/19   CNY      40.43
NANJING JIANGBEI NEW AR      6.94     09/07/19   CNY      40.47
NANJING JIANGNING SCIEN      7.29     04/28/19   CNY      20.23
NANJING PUKOU ECONOMIC       7.10     10/08/19   CNY      40.28
NANJING STATE OWNED ASS      5.40     03/06/20   CNY      40.32
NANJING STATE OWNED ASS      5.60     03/06/23   CNY      71.08
NANJING STATE OWNED ASS      5.60     03/06/23   CNY      71.17
NANJING URBAN CONSTRUCT      5.68     11/26/18   CNY      25.00
NANJING URBAN CONSTRUCT      5.68     11/26/18   CNY      25.11
NANJING XINGANG DEVELOP      6.80     01/08/20   CNY      40.00
NANJING XINGANG DEVELOP      6.80     01/08/20   CNY      40.65
NANPING CITY WUYI NEW D      6.70     08/06/20   CNY      60.56
NANTONG CHONGCHUAN URBA      7.15     04/18/21   CNY      60.84
NANTONG CHONGCHUAN URBA      7.15     04/18/21   CNY      61.44
NANTONG CITY GANGZHA DI      7.15     01/09/20   CNY      40.51
NANTONG CITY GANGZHA DI      7.15     01/09/20   CNY      40.59
NANTONG CITY TONGZHOU D      6.80     05/28/19   CNY      20.17
NANTONG ECONOMIC & TECH      5.80     05/17/20   CNY      39.97
NANTONG ECONOMIC & TECH      5.80     05/17/20   CNY      60.08
NANYANG INVESTMENT GROU      7.05     10/24/20   CNY      60.53
NANYANG INVESTMENT GROU      7.05     10/24/20   CNY      61.06
NEIJIANG INVESTMENT HOL      7.00     07/19/18   CNY      24.94
NEIJIANG INVESTMENT HOL      7.00     07/19/18   CNY      25.03
NEIJIANG INVESTMENT HOL      7.99     04/24/21   CNY      61.61
NEIJIANG INVESTMENT HOL      7.99     04/24/21   CNY      61.81
NINGBO CITY HAISHU GUAN      7.75     03/06/21   CNY      61.28
NINGBO CITY HAISHU GUAN      7.75     03/06/21   CNY      61.29
NINGBO CITY YINZHOU CIT      6.50     03/18/20   CNY      39.97
NINGBO EASTERN NEW TOWN      6.45     01/21/20   CNY      39.92
NINGBO ECONOMIC & TECHN      7.09     04/21/21   CNY      61.04
NINGBO ECONOMIC & TECHN      7.09     04/21/21   CNY      61.05
NINGBO ZHENHAI HAIJIANG      6.65     11/28/18   CNY      25.16
NINGGUO CITY STATE OWNE      8.70     04/28/21   CNY      61.11
NINGHAI COUNTY URBAN IN      7.99     04/16/21   CNY      60.60
NINGHAI COUNTY URBAN IN      8.00     01/02/21   CNY      61.48
NINGHAI COUNTY URBAN IN      8.00     01/02/21   CNY      61.64
NINGHAI COUNTY URBAN IN      7.99     04/16/21   CNY      63.15
NINGXIANG ECONOMIC TECH      8.20     04/16/21   CNY      62.33
NINGXIANG ECONOMIC TECH      8.20     04/16/21   CNY      62.70
PANZHIHUA STATE OWNED A      7.60     03/05/21   CNY      61.09
PANZHIHUA STATE OWNED A      7.60     03/05/21   CNY      62.30
PEIXIAN STATE-OWNED ASS      7.20     12/06/19   CNY      40.16
PEIXIAN STATE-OWNED ASS      7.20     12/06/19   CNY      40.42
PINGDINGSHAN CITY DEVEL      7.86     05/08/19   CNY      20.23
PINGDINGSHAN CITY DEVEL      7.86     05/08/19   CNY      20.40
PINGDU CITY STATE OWNED      7.25     11/05/20   CNY      61.40
PINGDU CITY STATE OWNED      7.25     11/05/20   CNY      61.57
PINGHU CITY INVESTMENT       7.20     09/18/19   CNY      39.95
PINGHU CITY INVESTMENT       7.20     09/18/19   CNY      40.22
PINGHU ECONOMIC DEVELOP      7.99     04/17/21   CNY      61.65
PINGHU ECONOMIC DEVELOP      7.99     04/17/21   CNY      63.00
PINGLIANG CHENGXIANG CO      7.10     09/17/20   CNY      60.54
PINGTAN COMPOSITE EXPER      6.58     03/15/20   CNY      40.34
PINGTAN COMPOSITE EXPER      6.58     03/15/20   CNY      41.08
PINGXIANG URBAN CONSTRU      6.89     12/10/19   CNY      36.13
PIZHOU RUNCHENG ASSET O      7.55     09/25/19   CNY      40.40
PIZHOU RUNCHENG ASSET O      7.55     09/25/19   CNY      40.55
PIZHOU RUNCHENG ASSET O      7.88     04/16/21   CNY      61.49
PIZHOU RUNCHENG ASSET O      7.88     04/16/21   CNY      61.87
PUER CITY STATE OWNED A      7.38     06/20/19   CNY      40.24
PUTIAN STATE-OWNED ASSE      8.10     03/21/19   CNY      20.34
PUTIAN STATE-OWNED ASSE      8.10     03/21/19   CNY      20.35
PUYANG INVESTMENT GROUP      8.00     12/11/20   CNY      61.72
PUYANG INVESTMENT GROUP      8.00     12/11/20   CNY      61.82
QIANAN URBAN CONSTRUCTI      8.88     01/23/21   CNY      62.23
QIANAN URBAN CONSTRUCTI      8.88     01/23/21   CNY      62.24
QIANAN XINGYUAN WATER I      6.45     07/11/18   CNY      25.03
QIANDONG NANZHOU DEVELO      8.80     04/27/19   CNY      20.23
QIANDONGNANZHOU KAIHONG      7.80     10/30/19   CNY      40.13
QIANJIANG URBAN CONSTRU      8.38     04/22/21   CNY      61.59
QIANXI NANZHOU HONGSHEN      6.99     11/22/19   CNY      40.34
QIDONG STATE-OWNED ASSE      7.30     11/20/22   CNY      70.75
QIDONG STATE-OWNED ASSE      7.30     11/20/22   CNY      71.87
QIDONG URBAN INVESTMENT      8.20     04/04/21   CNY      62.01
QIDONG URBAN INVESTMENT      7.90     04/28/21   CNY      62.29
QINGDAO CHENGYANG DEVEL      7.09     03/10/21   CNY      61.13
QINGDAO CHENGYANG DEVEL      7.09     03/10/21   CNY      61.66
QINGDAO CHINA PROSPERIT      7.30     04/18/19   CNY      20.25
QINGDAO CITY CONSTRUCTI      6.89     02/16/19   CNY      20.20
QINGDAO CITY CONSTRUCTI      6.89     02/16/19   CNY      20.23
QINGDAO CONSON DEVELOPM      6.40     12/12/22   CNY      72.25
QINGDAO CONSON DEVELOPM      6.40     12/12/22   CNY      76.00
QINGDAO HAIDONG INVESTM      7.75     05/30/21   CNY      61.23
QINGDAO HICREAT DEVELOP      6.88     04/25/21   CNY      60.71
QINGDAO HICREAT DEVELOP      6.88     04/25/21   CNY      61.28
QINGDAO JIAOZHOU CITY D      6.59     01/25/20   CNY      40.55
QINGDAO LAIXI CITY ASSE      7.50     03/06/21   CNY      60.95
QINGDAO LAIXI CITY ASSE      7.50     03/06/21   CNY      61.89
QINGHAI PROVINCIAL INVE      6.40     07/10/21   USD      72.42
QINGYANG CITY ECONOMIC       7.98     04/16/21   CNY      57.08
QINGYANG CITY ECONOMIC       7.98     04/16/21   CNY      61.69
QINGYUAN TRANSPORTATION      8.20     12/19/20   CNY      61.40
QINGYUAN TRANSPORTATION      8.20     12/19/20   CNY      61.79
QINGZHOU HONGYUAN PUBLI      6.50     05/22/19   CNY      10.08
QINGZHOU HONGYUAN PUBLI      6.50     05/22/19   CNY      19.95
QINGZHOU HONGYUAN PUBLI      7.25     10/19/18   CNY      25.01
QINGZHOU HONGYUAN PUBLI      7.25     10/19/18   CNY      25.05
QINGZHOU HONGYUAN PUBLI      7.35     10/19/19   CNY      40.48
QINGZHOU HONGYUAN PUBLI      7.35     10/19/19   CNY      40.62
QINGZHOU HONGYUAN PUBLI      7.59     05/29/21   CNY      61.88
QINHUANGDAO DEVELOPMENT      7.46     10/17/19   CNY      41.26
QINHUANGDAO DEVELOPMENT      8.00     12/17/20   CNY      61.32
QINHUANGDAO DEVELOPMENT      8.00     12/17/20   CNY      61.39
QINHUANGDAO DEVELOPMENT      8.45     04/18/21   CNY      61.45
QINHUANGDAO DEVELOPMENT      8.45     04/18/21   CNY      61.84
QINZHOU BINHAI NEW CITY      7.00     08/27/20   CNY      60.62
QINZHOU BINHAI NEW CITY      7.00     08/27/20   CNY      61.03
QINZHOU CITY DEVELOPMEN      7.10     10/16/19   CNY      70.00
QINZHOU CITY DEVELOPMEN      7.10     10/16/19   CNY      70.54
QITAIHE CITY CONSTRUCTI      7.30     10/18/19   CNY      39.94
QUANZHOU URBAN CONSTRUC      6.48     01/11/20   CNY      40.35
QUJING DEVELOPMENT INVE      7.25     09/06/19   CNY      40.33
QUJING DEVELOPMENT INVE      7.25     09/06/19   CNY      40.40
QUJING DEVELOPMENT INVE      7.48     04/28/21   CNY      61.53
QUJING DEVELOPMENT INVE      7.48     04/28/21   CNY      62.24
QUZHOU STATE OWNED ASSE      7.20     04/21/21   CNY      61.42
QUZHOU STATE OWNED ASSE      7.20     04/21/21   CNY      61.90
RASTAR GROUP                 6.30     11/25/20   CNY      75.00
RENHUAI CITY DEVELOPMEN      8.09     05/16/21   CNY      62.49
RENHUAI CITY DEVELOPMEN      8.09     05/16/21   CNY      63.20
RIZHAO CITY CONSTRUCTIO      5.80     06/06/20   CNY      60.08
RIZHAO CITY CONSTRUCTIO      5.80     06/06/20   CNY      60.25
RONGCHENG ECONOMIC DEVE      6.45     03/18/20   CNY      39.70
RONGCHENG ECONOMIC DEVE      6.45     03/18/20   CNY      40.14
RONGCHENG ECONOMIC DEVE      6.75     05/29/21   CNY      60.43
RONGCHENG ECONOMIC DEVE      6.75     05/29/21   CNY      61.03
RUCHENG COUNTY HYDROPOW      6.65     04/25/20   CNY      70.53
RUDONG COUNTY DONGTAI S      7.45     09/24/19   CNY      39.30
RUDONG COUNTY DONGTAI S      7.45     09/24/19   CNY      40.35
RUDONG COUNTY JINXIN TR      8.08     03/03/21   CNY      61.39
RUDONG COUNTY JINXIN TR      8.08     03/03/21   CNY      61.81
RUGAO CITY ECONOMIC TRA      8.30     01/22/21   CNY      61.00
RUGAO CITY ECONOMIC TRA      8.30     01/22/21   CNY      62.58
RUGAO COMMUNICATIONS CO      8.51     01/26/19   CNY      25.38
RUGAO COMMUNICATIONS CO      6.70     02/01/20   CNY      40.47
RUGAO COMMUNICATIONS CO      6.70     02/01/20   CNY      40.47
RUGAO YANJIANG DEVELOPM      8.60     01/24/21   CNY      62.72
RUGAO YANJIANG DEVELOPM      8.60     01/24/21   CNY      65.00
RUIAN STATE OWNED ASSET      6.93     11/26/19   CNY      39.94
RUIAN STATE OWNED ASSET      6.93     11/26/19   CNY      40.52
SANMING CITY CONSTRUCTI      6.40     03/05/20   CNY      40.27
SANMING STATE-OWNED ASS      6.99     06/14/18   CNY      40.01
SANMING STATE-OWNED ASS      6.99     06/14/18   CNY      40.02
SHAANXI WEINAN HIGH-TEC      8.28     02/28/21   CNY      60.05
SHAANXI WEINAN HIGH-TEC      8.28     02/28/21   CNY      62.00
SHANDONG JINMAO TEXTILE      9.00     02/21/19   CNY      59.92
SHANDONG RENCHENG RONGX      7.30     10/18/20   CNY      60.85
SHANDONG RENCHENG RONGX      7.30     10/18/20   CNY      61.03
SHANDONG TAIFENG HOLDIN      5.80     03/12/20   CNY      30.48
SHANDONG TAIFENG HOLDIN      5.80     03/12/20   CNY      39.80
SHANDONG WEISHANHU MINI      6.15     03/13/20   CNY      50.00
SHANDONG WEISHANHU MINI      6.15     03/13/20   CNY      66.48
SHANGHAI BUND GROUP DEV      6.35     04/24/20   CNY      40.19
SHANGHAI BUND GROUP DEV      6.35     04/24/20   CNY      40.24
SHANGHAI CAOHEJING HI-T      7.24     04/09/21   CNY      62.04
SHANGHAI CAOHEJING HI-T      7.24     04/09/21   CNY      82.00
SHANGHAI CHENGTOU CORP       4.63     07/30/19   CNY      39.97
SHANGHAI CHENJIAZHEN CO      7.18     11/06/19   CNY      50.70
SHANGHAI FENGXIAN NANQI      6.25     03/05/20   CNY      40.25
SHANGHAI FENGXIAN NANQI      6.25     03/05/20   CNY      40.52
SHANGHAI JIADING INDUST      6.71     10/10/18   CNY      25.04
SHANGHAI JIADING INDUST      6.71     10/10/18   CNY      25.04
SHANGHAI JIADING ROAD C      6.80     04/23/21   CNY      61.51
SHANGHAI JIADING ROAD C      6.80     04/23/21   CNY      61.53
SHANGHAI JINSHAN URBAN       6.60     12/21/19   CNY      40.20
SHANGHAI JINSHAN URBAN       6.60     12/21/19   CNY      40.34
SHANGHAI LAKE DIANSHAN       5.95     01/30/21   CNY      74.97
SHANGHAI LUJIAZUI DEVEL      5.98     03/11/19   CNY      40.15
SHANGHAI LUJIAZUI DEVEL      5.79     02/25/19   CNY      40.22
SHANGHAI LUJIAZUI DEVEL      5.79     02/25/19   CNY      40.25
SHANGHAI MINHANG URBAN       6.48     10/23/19   CNY      40.44
SHANGHAI MINHANG URBAN       6.48     10/23/19   CNY      40.63
SHANGHAI NANFANG GROUP       6.70     09/09/19   CNY      50.15
SHANGHAI NANFANG GROUP       6.70     09/09/19   CNY      50.20
SHANGHAI SONGJIANG TOWN      6.28     08/15/18   CNY      24.50
SHANGHAI SONGJIANG TOWN      6.28     08/15/18   CNY      25.06
SHANGHAI URBAN CONSTRUC      5.25     11/30/19   CNY      40.16
SHANGHAI YONGYE ENTERPR      6.84     05/21/20   CNY      51.05
SHANGLUO CITY CONSTRUCT      6.75     09/09/19   CNY      50.19
SHANGLUO CITY CONSTRUCT      6.75     09/09/19   CNY      50.79
SHANGLUO CITY CONSTRUCT      7.05     09/09/20   CNY      60.48
SHANGLUO CITY CONSTRUCT      7.05     09/09/20   CNY      60.83
SHANGQIU DEVELOPMENT IN      6.60     01/15/20   CNY      40.15
SHANGRAO CITY CONSTRUCT      7.30     09/10/19   CNY      40.00
SHANGRAO CITY CONSTRUCT      7.30     09/10/19   CNY      40.50
SHANTOU CITY CONSTRUCTI      8.57     03/23/22   CNY      62.50
SHANTOU CITY CONSTRUCTI      8.57     03/23/22   CNY      63.34
SHAOGUAN JINYE DEVELOPM      7.30     10/18/19   CNY      40.55
SHAOXING CHENGBEI XINCH      6.21     06/11/18   CNY      25.00
SHAOXING CHENGZHONGCUN       6.50     01/24/20   CNY      40.29
SHAOXING CHENGZHONGCUN       6.50     01/24/20   CNY      40.55
SHAOXING HI-TECH INDUST      6.75     12/05/18   CNY      24.99
SHAOXING KEQIAO DISTRIC      6.30     02/26/19   CNY      25.00
SHAOXING KEQIAO DISTRIC      6.30     02/26/19   CNY      25.12
SHAOXING PAOJIANG INDUS      6.90     10/31/19   CNY      40.16
SHAOXING PAOJIANG INDUS      6.98     05/29/21   CNY      60.68
SHAOXING PAOJIANG INDUS      6.98     05/29/21   CNY      60.75
SHAOXING SHANGYU COMMUN      6.70     09/11/19   CNY      40.27
SHAOXING SHANGYU HANGZH      6.95     10/11/20   CNY      60.89
SHAOXING URBAN CONSTRUC      6.40     11/09/19   CNY      40.30
SHAOXING URBAN CONSTRUC      6.40     11/09/19   CNY      40.42
SHAOYANG CITY CONSTRUCT      7.40     09/11/18   CNY      25.11
SHAOYANG CITY CONSTRUCT      8.58     01/17/21   CNY      57.50
SHAOYANG CITY CONSTRUCT      8.58     01/17/21   CNY      62.05
SHENYANG MACHINE TOOL C      6.50     04/09/20   CNY      69.83
SHENYANG SUJIATUN DISTR      6.40     06/20/20   CNY      60.14
SHENZHEN METRO GROUP CO      5.40     03/25/23   CNY      69.90
SHENZHEN METRO GROUP CO      5.40     03/25/23   CNY      70.60
SHIJIAZHUANG REAL ESTAT      5.65     05/15/20   CNY      40.19
SHIYAN CITY INFRASTRUCT      7.98     04/20/19   CNY      20.43
SHIYAN CITY INFRASTRUCT      6.88     10/11/20   CNY      60.84
SHOUGUANG CITY CONSTRUC      7.10     10/18/20   CNY      60.59
SHOUGUANG CITY CONSTRUC      7.10     10/18/20   CNY      60.99
SHUANGLIU COUNTY WATER       7.40     02/26/20   CNY      50.50
SHUANGLIU COUNTY WATER       7.40     02/26/20   CNY      50.90
SHUANGLIU COUNTY WATER       6.92     07/30/20   CNY      75.00
SHUANGLIU SHINE CHINE C      8.48     03/16/19   CNY      40.71
SHUANGLIU SHINE CHINE C      8.40     03/16/19   CNY      40.79
SHUANGYASHAN DADI CITY       6.55     12/25/19   CNY      40.02
SHUANGYASHAN DADI CITY       6.55     12/25/19   CNY      40.04
SHUYANG JINGYUAN ASSET       6.50     12/03/19   CNY      40.21
SHUYANG JINGYUAN ASSET       6.50     12/03/19   CNY      40.22
SHUYANG JINGYUAN ASSET       7.39     04/14/21   CNY      61.06
SHUYANG JINGYUAN ASSET       7.39     04/14/21   CNY      61.21
SICHUAN CHENGDU ABA DEV      7.18     09/12/20   CNY      59.69
SICHUAN COAL INDUSTRY G      7.70     01/09/18   CNY      45.00
SIPING SITONG CITY INFR      8.10     04/25/21   CNY      61.49
SIPING SITONG CITY INFR      8.10     04/25/21   CNY      62.50
SIPING SITONG CITY INFR      7.25     04/29/19   CNY      70.75
SONGYUAN URBAN DEVELOPM      7.30     08/29/19   CNY      38.70
SONGYUAN URBAN DEVELOPM      7.30     08/29/19   CNY      40.28
SUIFENHE HAIRONG URBAN       6.60     04/28/20   CNY      39.07
SUINING CITY HEDONG DEV      8.36     04/17/21   CNY      61.35
SUINING CITY HEDONG DEV      8.36     04/17/21   CNY      62.22
SUINING DEVELOPMENT INV      6.62     04/25/20   CNY      40.26
SUINING DEVELOPMENT INV      6.62     04/25/20   CNY      40.38
SUINING KAIDA INVESTMEN      8.69     04/21/21   CNY      60.99
SUINING KAIDA INVESTMEN      8.69     04/21/21   CNY      62.50
SUIZHOU DEVELOPMENT INV      7.50     08/22/19   CNY      40.43
SUIZHOU DEVELOPMENT INV      8.50     12/20/20   CNY      61.83
SUIZHOU DEVELOPMENT INV      8.50     12/20/20   CNY      62.25
SUIZHOU DEVELOPMENT INV      8.40     04/30/21   CNY      62.60
SUQIAN CITY CONSTRUCTIO      6.88     10/29/20   CNY      60.96
SUQIAN ECONOMIC DEVELOP      7.50     03/26/19   CNY      20.39
SUQIAN WATER GROUP CO        6.55     12/04/19   CNY      40.41
SUZHOU CITY CONSTRUCTIO      7.45     03/12/19   CNY      20.19
SUZHOU CITY CONSTRUCTIO      6.40     04/17/20   CNY      40.23
SUZHOU CITY CONSTRUCTIO      6.40     04/17/20   CNY      40.25
SUZHOU FENHU INVESTMENT      7.49     02/28/21   CNY      60.80
SUZHOU FENHU INVESTMENT      7.49     02/28/21   CNY      61.29
SUZHOU INDUSTRIAL PARK       5.79     05/30/19   CNY      19.00
SUZHOU INDUSTRIAL PARK       5.79     05/30/19   CNY      20.13
SUZHOU TECH CITY DEVELO      7.32     11/01/18   CNY      25.09
SUZHOU URBAN CONSTRUCTI      5.79     10/25/19   CNY      40.21
SUZHOU URBAN CONSTRUCTI      5.79     10/25/19   CNY      40.34
SUZHOU WUJIANG COMMUNIC      6.80     10/31/20   CNY      56.17
SUZHOU WUJIANG EASTERN       8.05     12/05/18   CNY      40.49
SUZHOU WUJIANG EASTERN       8.05     12/05/18   CNY      40.54
SUZHOU XIANGCHENG URBAN      6.95     09/03/19   CNY      40.48
SUZHOU XIANGCHENG URBAN      6.95     03/19/21   CNY      60.74
SUZHOU XIANGCHENG URBAN      6.95     03/19/21   CNY      61.88
TACHENG DISTRICT STATE-      7.49     10/16/19   CNY      50.45
TAIAN TAISHAN INVESTMEN      6.76     01/25/20   CNY      40.30
TAIAN TAISHAN INVESTMEN      6.76     01/25/20   CNY      40.64
TAICANG ASSET MANAGEMEN      8.25     12/31/18   CNY      40.57
TAICANG ASSET MANAGEMEN      8.25     12/31/18   CNY      40.57
TAICANG ASSET MANAGEMEN      7.00     02/27/21   CNY      61.16
TAICANG HENGTONG INVEST      7.45     10/30/19   CNY      40.69
TAICANG URBAN CONSTRUCT      6.75     01/11/20   CNY      40.40
TAICANG URBAN CONSTRUCT      6.75     01/11/20   CNY      40.63
TAIXING CITY CHENGXING       8.30     12/12/20   CNY      61.60
TAIXING CITY CHENGXING       8.30     12/12/20   CNY      61.74
TAIYUAN ECONOMIC TECHNO      7.43     04/24/21   CNY      61.19
TAIYUAN ECONOMIC TECHNO      7.43     04/24/21   CNY      61.48
TAIYUAN HIGH-SPEED RAIL      6.50     10/30/20   CNY      55.85
TAIYUAN LONGCHENG DEVEL      6.50     09/25/19   CNY      40.25
TAIYUAN LONGCHENG DEVEL      6.50     09/25/19   CNY      40.41
TAIYUAN STATE-OWNED INV      7.20     03/19/21   CNY      61.24
TAIYUAN STATE-OWNED INV      7.20     03/19/21   CNY      61.85
TAIZHOU CITY HUANGYAN D      6.85     12/17/18   CNY      25.02
TAIZHOU CITY HUANGYAN D      6.85     12/17/18   CNY      25.16
TAIZHOU CITY JIANGYAN D      8.50     04/23/20   CNY      51.05
TAIZHOU CITY JIANGYAN D      8.50     04/23/20   CNY      51.36
TAIZHOU CITY JIANGYAN U      7.10     09/03/20   CNY      60.10
TAIZHOU CITY JIANGYAN U      7.10     09/03/20   CNY      60.11
TAIZHOU CITY NEW BINJIA      7.60     03/05/21   CNY      60.66
TAIZHOU CITY NEW BINJIA      7.60     03/05/21   CNY      61.26
TAIZHOU HAILING ASSETS       8.52     03/21/19   CNY      20.28
TAIZHOU JIANGYAN STATE       6.85     12/03/19   CNY      40.15
TAIZHOU JIANGYAN STATE       6.85     12/03/19   CNY      40.25
TAIZHOU JIAOJIANG STATE      7.46     09/13/20   CNY      56.40
TAIZHOU JIAOJIANG STATE      7.46     09/13/20   CNY      56.58
TAIZHOU TRAFFIC INDUSTR      6.15     03/11/20   CNY      40.08
TAIZHOU TRAFFIC INDUSTR      6.15     03/11/20   CNY      40.21
TAIZHOU XINTAI GROUP CO      6.85     08/14/18   CNY      25.04
TAIZHOU XINTAI GROUP CO      6.85     08/14/18   CNY      25.05
TANGSHAN CAOFEIDIAN DEV      7.50     10/15/20   CNY      59.58
TANGSHAN URBAN CONSTRUC      7.10     02/26/21   CNY      61.28
TANGSHAN URBAN CONSTRUC      7.10     02/26/21   CNY      62.69
TIANJIN BAOXING INDUSTR      7.10     10/17/20   CNY      60.73
TIANJIN BAOXING INDUSTR      7.10     10/17/20   CNY      60.74
TIANJIN BEICHEN DISTRIC      7.00     04/21/21   CNY      61.25
TIANJIN BEICHEN DISTRIC      7.00     04/21/21   CNY      61.27
TIANJIN BINHAI NEW AREA      5.19     03/13/20   CNY      40.07
TIANJIN CITY JINGHAI UR      7.90     11/26/20   CNY      61.30
TIANJIN CITY JINGHAI UR      7.90     11/26/20   CNY      61.85
TIANJIN DONGFANG CAIXIN      7.99     11/23/18   CNY      40.43
TIANJIN DONGLI CITY INF      6.05     06/19/20   CNY      60.03
TIANJIN ECO-CITY INVEST      6.76     08/14/19   CNY      40.13
TIANJIN ECO-CITY INVEST      6.76     08/14/19   CNY      40.14
TIANJIN ECONOMIC TECHNO      6.20     12/03/19   CNY      40.26
TIANJIN ECONOMIC TECHNO      6.20     12/03/19   CNY      40.35
TIANJIN ECONOMIC TECHNO      6.50     12/03/22   CNY      71.27
TIANJIN ECONOMIC TECHNO      6.50     12/03/22   CNY      71.28
TIANJIN GUANGCHENG INVE      6.97     02/22/23   CNY      67.25
TIANJIN GUANGCHENG INVE      6.97     02/22/23   CNY      67.84
TIANJIN HANBIN INVESTME      8.39     03/22/19   CNY      20.55
TIANJIN HI-TECH INDUSTR      7.80     03/27/19   CNY      20.18
TIANJIN HI-TECH INDUSTR      7.80     03/27/19   CNY      20.24
TIANJIN HUANCHENG URBAN      7.20     03/21/21   CNY      61.24
TIANJIN INFRASTRUCTURE       5.70     02/26/23   CNY      71.04
TIANJIN JINNAN CITY CON      6.95     06/18/19   CNY      40.22
TIANJIN LINGANG INVESTM      7.75     02/26/21   CNY      61.65
TIANJIN LINGANG INVESTM      7.75     02/26/21   CNY      61.73
TIANJIN NINGHE DISTRICT      7.00     05/30/21   CNY      60.71
TIANJIN NINGHE DISTRICT      7.00     05/30/21   CNY      60.89
TIANJIN REAL ESTATE TRU      8.59     03/13/21   CNY      45.05
TIANJIN REAL ESTATE TRU      8.59     03/13/21   CNY      59.84
TIANJIN RESIDENTIAL CON      8.00     12/19/20   CNY      60.87
TIANJIN TEDA CONSTRUCTI      6.89     04/27/20   CNY      40.71
TIANJIN WUQING STATE-OW      7.18     03/19/21   CNY      61.46
TIANJIN WUQING STATE-OW      7.18     03/19/21   CNY      61.47
TIANJIN WUQING STATE-OW      8.00     12/17/20   CNY      61.87
TIANJIN WUQING STATE-OW      8.00     12/17/20   CNY      62.37
TONG CHUAN DEVELOPMENT       7.50     07/17/19   CNY      40.31
TONGLIAO URBAN INVESTME      6.64     04/09/20   CNY      40.21
TONGLIAO URBAN INVESTME      6.64     04/09/20   CNY      40.33
TONGLIAO URBAN INVESTME      7.29     05/26/21   CNY      60.89
TONGLIAO URBAN INVESTME      7.29     05/26/21   CNY      61.08
TONGLING CONSTRUCTION I      6.98     08/26/20   CNY      60.47
TONGLING CONSTRUCTION I      6.98     08/26/20   CNY      60.53
TONGLING CONSTRUCTION I      8.20     04/28/22   CNY      62.62
TONGLING CONSTRUCTION I      8.20     04/28/22   CNY      81.00
TONGLU STATE-OWNED ASSE      8.09     04/18/21   CNY      62.35
TONGLU STATE-OWNED ASSE      8.09     04/18/21   CNY      63.30
TONGXIANG CITY CONSTRUC      6.10     05/16/20   CNY      40.12
TONGXIANG CITY CONSTRUC      6.10     05/16/20   CNY      40.30
TULUFAN DISTRICT STATE-      7.20     08/09/19   CNY      50.30
TULUFAN DISTRICT STATE-      7.20     08/09/19   CNY      50.31
ULANQAB CITY JI NING DI      6.88     03/19/20   CNY      39.57
URUMQI CITY CONSTRUCTIO      6.35     07/09/19   CNY      40.26
URUMQI CITY CONSTRUCTIO      7.20     11/06/18   CNY      50.39
URUMQI ECO&TECH DEVELOP      8.58     01/10/19   CNY      25.45
URUMQI GAOXIN INVESTMEN      6.18     03/05/20   CNY      40.09
URUMQI GAOXIN INVESTMEN      6.18     03/05/20   CNY      40.10
URUMQI REAL ESTATE DEVE      7.27     04/25/21   CNY      60.89
URUMQI REAL ESTATE DEVE      7.27     04/25/21   CNY      61.23
URUMQI STATE-OWN ASSET       6.17     03/16/21   CNY      74.55
VANZIP INVESTMENT GROUP      7.92     02/04/19   CNY      22.62
WAFANGDIAN STATE-OWNED       8.55     04/19/19   CNY      20.51
WAFANGDIAN STATE-OWNED       6.20     06/20/20   CNY      59.94
WAFANGDIAN STATE-OWNED       6.20     06/20/20   CNY      60.23
WEIFANG BINCHENG INVEST      8.59     02/14/21   CNY      62.04
WEIFANG BINCHENG INVEST      8.59     02/14/21   CNY      62.27
WEIFANG BINHAI INVESTME      6.16     04/16/21   CNY      55.30
WEIFANG DONGFANG STATE-      7.78     03/24/21   CNY      63.22
WEIFANG DONGFANG STATE-      7.78     03/24/21   CNY      63.22
WEIFANG DONGXIN CONSTRU      6.88     11/20/19   CNY      40.31
WEIFANG DONGXIN CONSTRU      6.88     11/20/19   CNY      40.38
WEIHAI ECONOMIC TECHNOL      7.45     04/16/21   CNY      61.19
WEIHAI LINGANG STATE-OW      6.87     05/19/21   CNY      60.89
WEIHAI LINGANG STATE-OW      6.87     05/19/21   CNY      60.97
WEIHAI WENDENG URBAN PR      6.38     03/06/20   CNY      40.86
WEIHAI WENDENG URBAN PR      6.38     03/06/20   CNY      41.10
WEINAN CITY INVESTMENT       6.69     01/15/20   CNY      40.46
WENDENG GOLDEN BEACH IN      6.99     05/15/21   CNY      61.67
WENDENG GOLDEN BEACH IN      6.99     05/15/21   CNY      62.03
WENLING CITY STATE OWNE      7.18     09/18/19   CNY      40.28
WENLING CITY STATE OWNE      7.18     09/18/19   CNY      40.48
WENZHOU ANJUFANG CITY D      7.65     04/24/19   CNY      20.25
WENZHOU ECONOMIC-TECHNO      6.49     01/15/20   CNY      40.00
WENZHOU ECONOMIC-TECHNO      6.49     01/15/20   CNY      40.34
WENZHOU HIGH-TECH INDUS      7.30     05/30/21   CNY      59.00
WENZHOU HIGH-TECH INDUS      7.30     05/30/21   CNY      60.87
WENZHOU HIGH-TECH INDUS      7.95     03/21/21   CNY      61.70
WUHAI CITY CONSTRUCTION      8.20     03/31/19   CNY      19.50
WUHAI CITY CONSTRUCTION      8.20     03/31/19   CNY      20.34
WUHAI CITY CONSTRUCTION      8.19     04/21/21   CNY      56.90
WUHAI CITY CONSTRUCTION      8.19     04/21/21   CNY      62.43
WUHAN CHEDU CORP LTD         7.18     02/27/21   CNY      61.30
WUHAN CHEDU CORP LTD         7.18     02/27/21   CNY      61.69
WUHAN JIANGXIA URBAN CO      8.99     01/20/21   CNY      62.98
WUHAN METRO GROUP CO LT      5.70     02/04/20   CNY      40.39
WUHAN METRO GROUP CO LT      5.70     02/04/20   CNY      40.50
WUHAN REAL ESTATE DEVEL      5.90     03/22/19   CNY      25.05
WUHAN URBAN CONSTRUCTIO      5.60     03/08/20   CNY      40.12
WUHU ECONOMIC TECHNOLOG      6.70     06/08/18   CNY      24.97
WUHU ECONOMIC TECHNOLOG      6.90     06/08/22   CNY      72.21
WUHU JINGHU CONSTRUCTIO      6.68     05/16/20   CNY      40.58
WUHU JIUJIANG CONSTRUCT      8.49     04/14/21   CNY      62.11
WUHU JIUJIANG CONSTRUCT      8.49     04/14/21   CNY      62.69
WUHU XINMA INVESTMENT C      7.18     11/14/19   CNY      40.49
WUHU XINMA INVESTMENT C      7.18     11/14/19   CNY      40.84
WUJIANG ECONOMIC TECHNO      6.88     12/27/19   CNY      40.31
WUJIANG ECONOMIC TECHNO      6.88     12/27/19   CNY      40.66
WUWEI CITY ECONOMY DEVE      8.20     04/24/21   CNY      61.56
WUWEI CITY ECONOMY DEVE      8.20     12/09/20   CNY      61.62
WUWEI CITY ECONOMY DEVE      8.20     04/24/21   CNY      61.85
WUWEI CITY ECONOMY DEVE      8.20     12/09/20   CNY      62.53
WUXI CONSTRUCTION AND D      6.60     09/17/19   CNY      40.28
WUXI CONSTRUCTION AND D      6.60     09/17/19   CNY      40.41
WUXI EAST SCIENCE & TEC      5.98     10/26/18   CNY      40.10
WUXI HUISHAN ECONOMIC D      6.03     04/22/19   CNY      25.13
WUXI MUNICIPAL DEVELOPM      6.10     10/11/20   CNY      60.62
WUXI MUNICIPAL DEVELOPM      6.10     10/11/20   CNY      62.00
WUXI TAIHU INTERNATIONA      7.60     09/17/19   CNY      40.45
WUXI TAIHU INTERNATIONA      7.60     09/17/19   CNY      40.57
WUXI XIDONG NEW TOWN CO      6.65     01/28/20   CNY      40.36
WUXI XIDONG NEW TOWN CO      6.65     01/28/20   CNY      40.40
WUZHONG URBAN RURAL CON      7.18     10/12/20   CNY      61.31
WUZHONG URBAN RURAL CON      7.18     10/12/20   CNY      61.48
WUZHOU DONGTAI STATE-OW      7.40     09/03/19   CNY      40.38
XIAMEN TORCH GROUP CO L      7.49     04/21/21   CNY      61.54
XIAMEN TORCH GROUP CO L      7.49     04/21/21   CNY      61.60
XIAMEN XINGLIN CONSTRUC      6.60     02/22/20   CNY      40.13
XIAMEN XINGLIN CONSTRUC      6.60     02/22/20   CNY      40.19
XI'AN AEROSPACE CITY IN      6.96     11/08/19   CNY      40.45
XIAN CHANBAHE DEVELOPME      6.89     08/03/19   CNY      40.33
XI'AN HI-TECH HOLDING C      5.70     02/26/19   CNY      25.15
XI'AN HI-TECH HOLDING C      5.70     02/26/19   CNY      51.03
XI'AN URBAN INDEMNIFICA      7.31     03/18/19   CNY      40.46
XI'AN URBAN INDEMNIFICA      7.31     03/18/19   CNY      40.65
XI'AN URBAN INDEMNIFICA      7.31     04/18/19   CNY      40.71
XI'AN URBAN INDEMNIFICA      7.31     04/18/19   CNY      70.50
XIANGSHAN COUNTRY STATE      7.95     04/25/21   CNY      60.50
XIANGSHAN COUNTRY STATE      7.95     04/25/21   CNY      61.94
XIANGTAN CITY CONSTRUCT      8.00     03/16/19   CNY      20.20
XIANGTAN CITY CONSTRUCT      8.00     03/16/19   CNY      20.36
XIANGTAN HI-TECH GROUP       6.90     01/15/20   CNY      40.18
XIANGTAN HI-TECH GROUP       6.90     01/15/20   CNY      40.30
XIANGTAN HI-TECH GROUP       8.16     02/25/21   CNY      61.70
XIANGTAN HI-TECH GROUP       8.16     02/25/21   CNY      61.80
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19   CNY      39.80
XIANGTAN JIUHUA ECONOMI      7.43     08/29/19   CNY      40.15
XIANGTAN JIUHUA ECONOMI      7.15     10/15/20   CNY      60.06
XIANGTAN LIANGXING SOCI      7.89     04/23/21   CNY      61.71
XIANGTAN ZHENXIANG STAT      6.60     08/07/20   CNY      60.45
XIANGTAN ZHENXIANG STAT      6.60     08/07/20   CNY      60.58
XIANGYANG HIGH TECH INV      7.00     05/29/21   CNY      60.63
XIANGYANG HIGH TECH INV      7.00     05/29/21   CNY      60.94
XIANNING CITY CONSTRUCT      7.50     08/31/18   CNY      25.01
XIANNING CITY CONSTRUCT      7.50     08/31/18   CNY      25.20
XIANNING HIGH-TECH INVE      5.80     06/05/20   CNY      39.63
XIANNING HIGH-TECH INVE      5.80     06/05/20   CNY      59.70
XIANTAO CITY CONSTRUCTI      8.15     02/24/21   CNY      61.76
XIANTAO CITY CONSTRUCTI      8.15     02/24/21   CNY      62.15
XIAOGAN URBAN CONSTRUCT      8.12     03/26/19   CNY      20.39
XIAOGAN URBAN CONSTRUCT      6.89     05/29/21   CNY      61.01
XINGAN LEAGUE URBAN DEV      8.20     03/06/21   CNY      61.00
XINGAN LEAGUE URBAN DEV      8.20     03/06/21   CNY      95.00
XINGHUA URBAN CONSTRUCT      7.25     10/23/18   CNY      25.02
XINING CITY INVESTMENT       7.70     04/27/19   CNY      20.23
XINING CITY INVESTMENT       7.70     04/27/19   CNY      20.38
XINING ECONOMIC DEVELOP      5.90     06/04/20   CNY      39.89
XINJIANG KAIDI INVESTME      7.80     04/22/21   CNY      61.71
XINJIANG SHIHEZI DEVELO      7.50     08/29/18   CNY      24.62
XINJIANG UYGUR AR HAMI       6.25     07/17/18   CNY      25.03
XINJIANG WUJIAQU CAIJIA      7.50     05/21/21   CNY      60.95
XINJIANG WUJIAQU CAIJIA      7.50     05/21/21   CNY      82.38
XINJIANG WUJIAQU URBAN       6.10     05/23/20   CNY      39.88
XINJIANG WUJIAQU URBAN       6.10     05/23/20   CNY      40.43
XINXIANG INVESTMENT GRO      5.85     04/15/20   CNY      40.14
XINYANG HUAXIN INVESTME      6.95     06/14/19   CNY      40.16
XINYANG HUAXIN INVESTME      7.55     04/15/21   CNY      61.36
XINYANG HUAXIN INVESTME      7.55     04/15/21   CNY      61.96
XINYI CITY INVESTMENT &      7.39     10/15/20   CNY      60.89
XINYI CITY INVESTMENT &      7.39     10/15/20   CNY      61.10
XINYU CHENGDONG CONSTRU      8.48     05/27/21   CNY      61.02
XINYU CHENGDONG CONSTRU      8.48     05/27/21   CNY      67.00
XINYU CITY CONSTRUCTION      7.08     12/13/19   CNY      40.51
XINZHENG NEW DISTRICT D      6.52     06/28/19   CNY      50.21
XINZHENG NEW DISTRICT D      6.52     06/28/19   CNY      50.25
XINZHOU ASSET MANAGEMEN      7.39     08/08/18   CNY      25.08
XINZHOU ASSET MANAGEMEN      7.90     02/21/21   CNY      61.45
XINZHOU ASSET MANAGEMEN      8.50     12/18/20   CNY      61.81
XINZHOU ASSET MANAGEMEN      8.50     12/18/20   CNY      61.84
XINZHOU ASSET MANAGEMEN      7.90     02/21/21   CNY      62.01
XUANCHENG STATE-OWNED A      7.95     03/27/21   CNY      61.92
XUANCHENG STATE-OWNED A      7.95     03/27/21   CNY      62.01
XUZHOU CITY TONGSHAN DI      6.60     08/08/20   CNY      60.48
XUZHOU CITY TONGSHAN DI      6.60     08/08/20   CNY      60.56
XUZHOU ECONOMIC TECHNOL      8.20     03/07/19   CNY      20.37
XUZHOU ECONOMIC TECHNOL      7.35     04/21/21   CNY      61.15
XUZHOU HIGH SPEED RAILW      7.09     05/15/21   CNY      61.72
XUZHOU HIGH SPEED RAILW      7.09     05/15/21   CNY      61.72
XUZHOU HI-TECH INDUSTRI      7.86     04/22/21   CNY      61.33
XUZHOU HI-TECH INDUSTRI      7.86     04/22/21   CNY      61.89
YA'AN DEVELOPMENT INVES      7.00     09/13/20   CNY      60.35
YA'AN DEVELOPMENT INVES      7.00     09/13/20   CNY      60.42
YAAN STATE-OWNED ASSET       7.39     07/04/19   CNY      39.94
YANCHENG CITY DAFENG DI      7.08     12/13/19   CNY      40.27
YANCHENG CITY DAFENG DI      7.08     12/13/19   CNY      40.61
YANCHENG CITY DAFENG DI      8.50     12/30/20   CNY      61.99
YANCHENG CITY DAFENG DI      8.50     12/30/20   CNY      62.00
YANCHENG CITY DAFENG DI      8.70     01/24/21   CNY      62.29
YANCHENG CITY DAFENG DI      8.70     01/24/21   CNY      63.30
YANCHENG CITY TINGHU DI      7.95     11/15/20   CNY      61.28
YANCHENG CITY TINGHU DI      7.95     11/15/20   CNY      61.61
YANCHENG ORIENTAL INVES      6.99     10/26/19   CNY      40.24
YANCHENG SOUTH DISTRICT      6.93     10/26/19   CNY      40.40
YANCHENG SOUTH DISTRICT      6.93     10/26/19   CNY      40.53
YANGJIANG HENGCAI CITY       6.85     09/09/20   CNY      60.60
YANGZHOU CHEMICAL INDUS      8.58     01/24/21   CNY      61.34
YANGZHOU CHEMICAL INDUS      8.58     01/24/21   CNY      61.55
YANGZHOU HANJIANG URBAN      6.20     03/12/20   CNY      40.24
YANGZHOU HANJIANG URBAN      6.20     03/12/20   CNY      60.10
YANGZHOU LONGCHUAN HOLD      8.10     03/23/19   CNY      20.10
YANGZHOU LONGCHUAN HOLD      8.10     03/23/19   CNY      20.30
YANGZHOU URBAN CONSTRUC      6.30     07/26/19   CNY      40.10
YANGZHOU URBAN CONSTRUC      6.30     07/26/19   CNY      40.31
YICHANG MUNICIPAL FINAN      7.12     10/16/19   CNY      40.34
YICHANG MUNICIPAL FINAN      7.12     10/16/19   CNY      40.46
YICHANG URBAN CONSTRUCT      6.85     11/08/19   CNY      40.60
YICHANG URBAN CONSTRUCT      6.85     11/08/19   CNY      40.69
YICHUN CITY CONSTRUCTIO      7.35     07/24/19   CNY      39.83
YICHUN URBAN CONSTRUCTI      7.09     05/15/21   CNY      60.89
YICHUN URBAN CONSTRUCTI      7.09     05/15/21   CNY      61.29
YILI KAZAKH AUTONOMOUS       7.68     02/28/21   CNY      61.03
YILI KAZAKH AUTONOMOUS       7.68     02/28/21   CNY      61.89
YILI STATE-OWNED ASSET       6.70     11/19/18   CNY      25.05
YINCHUAN NEW HI TECH IN      8.15     05/28/22   CNY      71.98
YINCHUAN URBAN CONSTRUC      6.88     05/12/21   CNY      60.60
YINCHUAN URBAN CONSTRUC      6.88     05/12/21   CNY      61.29
YINGTAN INVESTMENT CO        7.50     12/12/22   CNY      72.37
YINGTAN INVESTMENT CO        7.50     12/12/22   CNY      73.90
YINING CITY STATE OWNED      8.90     01/23/21   CNY      62.22
YIXING CITY DEVELOPMENT      6.90     10/10/19   CNY      40.24
YIXING CITY DEVELOPMENT      6.90     10/10/19   CNY      40.36
YIXING TUOYE INDUSTRIAL      7.60     05/28/21   CNY      61.01
YIXING TUOYE INDUSTRIAL      7.60     05/28/21   CNY      61.10
YIYANG CITY CONSTRUCTIO      7.36     08/24/19   CNY      40.41
YIYANG CITY CONSTRUCTIO      7.36     08/24/19   CNY      40.75
YIYANG CITY TRANSPORTAT      7.77     04/21/21   CNY      61.89
YIYANG CITY TRANSPORTAT      7.77     04/21/21   CNY      82.50
YIYANG GAOXIN TECHNOLOG      6.70     03/13/20   CNY      40.12
YIYANG GAOXIN TECHNOLOG      6.70     03/13/20   CNY      40.17
YIZHENG CITY CONSTRUCTI      7.78     06/14/19   CNY      40.36
YIZHENG CITY CONSTRUCTI      7.78     06/14/19   CNY      40.58
YIZHENG CITY CONSTRUCTI      8.60     01/09/21   CNY      61.98
YIZHENG CITY CONSTRUCTI      8.60     01/09/21   CNY      62.28
YONGAN STATE-OWNED ASSE      8.78     04/17/20   CNY      51.44
YONGAN STATE-OWNED ASSE      8.78     04/17/20   CNY      51.77
YONGZHOU CITY CONSTRUCT      7.30     10/23/20   CNY      61.28
YONGZHOU CITY LINGLING       7.80     04/02/21   CNY      61.88
YUEYANG CITY CONSTRUCTI      6.05     07/12/20   CNY      60.00
YUEYANG CITY CONSTRUCTI      6.05     07/12/20   CNY      60.46
YUHUAN CITY COMMUNICATI      7.15     10/12/19   CNY      39.98
YUHUAN CITY COMMUNICATI      7.15     10/12/19   CNY      40.46
YULIN CITY INVESTMENT O      6.81     12/04/18   CNY      25.16
YULIN URBAN CONSTRUCTIO      6.88     11/26/19   CNY      40.10
YULIN URBAN CONSTRUCTIO      6.88     11/26/19   CNY      40.28
YUNCHENG URBAN CONSTRUC      7.48     10/15/19   CNY      40.45
YUNNAN METROPOLITAN CON      6.77     05/23/21   CNY      61.32
YUNNAN METROPOLITAN CON      6.77     05/23/21   CNY      81.80
YUSHEN ENERGY DEVELOPME      8.50     02/21/21   CNY      50.92
YUSHEN ENERGY DEVELOPME      8.50     02/21/21   CNY      61.99
YUYAO CITY CONSTRUCTION      7.09     05/19/21   CNY      60.96
YUYAO CITY CONSTRUCTION      7.09     05/19/21   CNY      61.99
YUYAO ECONOMIC DEVELOPM      6.75     03/04/20   CNY      40.07
YUYAO ECONOMIC DEVELOPM      6.75     03/04/20   CNY      40.27
YUYAO WATER RESOURCE IN      7.20     10/16/19   CNY      40.49
ZHANGJIAGANG FREE TRADE      7.10     08/23/20   CNY      60.76
ZHANGJIAGANG FREE TRADE      7.10     08/23/20   CNY      61.05
ZHANGJIAGANG JINCHENG I      6.88     04/28/21   CNY      61.20
ZHANGJIAGANG JINCHENG I      6.88     04/28/21   CNY      61.80
ZHANGJIAGANG MUNICIPAL       6.43     11/27/19   CNY      40.00
ZHANGJIAGANG MUNICIPAL       6.43     11/27/19   CNY      40.42
ZHANGJIAJIE ECONOMIC DE      7.40     10/18/19   CNY      40.64
ZHANGJIAJIE ECONOMIC DE      7.80     04/17/21   CNY      61.51
ZHANGJIAKOU TONGTAI HOL      6.90     07/05/18   CNY      40.08
ZHANGZHOU CITY CONSTRUC      6.60     03/26/20   CNY      40.41
ZHANJIANG ECO TECH DEVE      8.00     04/21/21   CNY      61.55
ZHANJIANG ECO TECH DEVE      8.00     04/21/21   CNY      61.63
ZHANJIANG INFRASTRUCTUR      6.93     10/21/20   CNY      60.98
ZHAOYUAN STATE-OWNED AS      6.64     12/31/19   CNY      40.58
ZHEJIANG CHANGXING VIA       7.99     03/03/21   CNY      61.31
ZHEJIANG CHANGXING VIA       7.99     03/03/21   CNY      61.52
ZHEJIANG FUCHUN SHANJU       7.70     04/28/21   CNY      61.44
ZHEJIANG FUCHUN SHANJU       7.70     04/28/21   CNY      62.13
ZHEJIANG HUZHOU HUANTAI      6.70     11/28/19   CNY      40.38
ZHEJIANG LIN'AN ECONOMI      7.90     04/23/21   CNY      61.52
ZHEJIANG LIN'AN ECONOMI      7.90     04/23/21   CNY      61.91
ZHEJIANG PROVINCE DEQIN      6.40     02/22/20   CNY      39.89
ZHEJIANG PROVINCE XINCH      6.60     04/24/20   CNY      40.10
ZHEJIANG PROVINCE XINCH      6.60     04/24/20   CNY      40.29
ZHENGZHOU PUBLIC HOUSIN      5.98     07/17/20   CNY      60.13
ZHENGZHOU PUBLIC HOUSIN      5.98     07/17/20   CNY      60.52
ZHENJIANG CITY CONSTRUC      7.90     12/18/20   CNY      61.14
ZHENJIANG CITY CONSTRUC      8.20     01/13/21   CNY      61.85
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      38.80
ZHENJIANG CULTURE AND T      6.60     01/30/20   CNY      40.31
ZHENJIANG NEW AREA URBA      8.35     02/26/21   CNY      61.13
ZHENJIANG NEW AREA URBA      8.99     01/16/21   CNY      62.14
ZHENJIANG TRANSPORTATIO      7.29     05/08/19   CNY      19.91
ZHONGSHAN TRANSPORTATIO      6.65     08/28/18   CNY      25.00
ZHONGSHAN TRANSPORTATIO      6.65     08/28/18   CNY      25.06
ZHOUKOU INVESTMENT GROU      7.49     04/21/21   CNY      61.13
ZHOUSHAN DINGHAI STATE-      7.25     08/31/20   CNY      55.82
ZHOUSHAN DINGHAI STATE-      7.25     08/31/20   CNY      56.17
ZHUCHENG ECONOMIC DEVEL      7.50     08/25/18   CNY      21.23
ZHUCHENG ECONOMIC DEVEL      6.80     11/29/19   CNY      40.47
ZHUCHENG ECONOMIC DEVEL      6.80     11/29/19   CNY      40.50
ZHUHAI HUAFA GROUP CO L      5.50     06/05/19   CNY      25.08
ZHUHAI HUAFA GROUP CO L      5.50     06/05/19   CNY      50.00
ZHUHAI HUIHUA INFRASTRU      7.15     09/17/20   CNY      61.02
ZHUJI CITY CONSTRUCTION      6.92     07/05/18   CNY      40.06
ZHUJI CITY CONSTRUCTION      6.92     12/19/19   CNY      40.37
ZHUJI CITY YUEDU INVEST      8.20     12/12/20   CNY      61.46
ZHUJI CITY YUEDU INVEST      8.20     12/12/20   CNY      62.18
ZHUZHOU CITY CONSTRUCTI      6.95     10/16/20   CNY      60.30
ZHUZHOU CITY CONSTRUCTI      6.95     10/16/20   CNY      61.33
ZHUZHOU GECKOR GROUP CO      7.82     08/18/18   CNY      40.10
ZHUZHOU GECKOR GROUP CO      7.82     08/18/18   CNY      40.13
ZHUZHOU GECKOR GROUP CO      7.50     09/10/19   CNY      40.34
ZHUZHOU GECKOR GROUP CO      7.50     09/10/19   CNY      40.45
ZHUZHOU YUNLONG DEVELOP      6.78     11/19/19   CNY      40.46
ZHUZHOU YUNLONG DEVELOP      6.78     11/19/19   CNY      40.50
ZIBO CITY PROPERTY CO L      5.45     04/27/19   CNY      11.94
ZIGONG GAOXIN STATE-OWN      6.30     03/13/20   CNY      40.17
ZIGONG STATE-OWNED ASSE      6.86     06/17/18   CNY      40.01
ZIYANG CITY CONSTRUCTIO      7.58     01/09/19   CNY      25.02
ZIYANG WATER INVESTMENT      7.40     10/21/20   CNY      61.10
ZIYANG WATER INVESTMENT      7.40     10/21/20   CNY      61.14
ZUNYI CITY HUICHUAN DIS      6.75     04/24/19   CNY      24.94
ZUNYI STATE-OWNED ASSET      6.95     05/28/21   CNY      60.68
ZUNYI STATE-OWNED ASSET      6.95     05/28/21   CNY      61.69

MTR CORP LTD                 2.88     07/27/46   USD      74.62

BERAU COAL ENERGY TBK P      7.25     03/13/17   USD      49.68
BERAU COAL ENERGY TBK P      7.25     03/13/17   USD      50.02
DAVOMAS INTERNATIONAL F     11.00     12/08/14   USD       0.30
DAVOMAS INTERNATIONAL F     11.00     12/08/14   USD       0.30
DAVOMAS INTERNATIONAL F     11.00     05/09/11   USD       0.30
DAVOMAS INTERNATIONAL F     11.00     05/09/11   USD       0.30

3I INFOTECH LTD              2.50     03/31/25   USD      13.54
CORE EDUCATION & TECHNO      7.00     05/07/49   USD       0.27
EDELWEISS ASSET RECONST      2.00     11/20/27   INR      55.71
GTL INFRASTRUCTURE LTD       6.73     10/26/22   USD      71.22
JAIPRAKASH ASSOCIATES L      5.75     09/08/17   USD      55.00
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
REI AGRO LTD                 5.50     11/13/14   USD       0.31
REI AGRO LTD                 5.50     11/13/14   USD       0.31
RELIANCE COMMUNICATIONS      6.50     11/06/20   USD      58.93
SVOGL OIL GAS & ENERGY       5.00     08/17/15   USD       1.55
VIDEOCON INDUSTRIES LTD      2.80     12/31/20   USD      28.97


JAPAN
-----

TAKATA CORP                  1.02     12/15/17   JPY       0.50
TAKATA CORP                  0.58     03/26/21   JPY       5.13
TAKATA CORP                  0.85     03/06/19   JPY       5.13


KOREA
-----

2016 KIBO 1ST SECURITIZ      5.00     09/13/18   KRW      74.49
DOOSAN CAPITAL SECURITI     20.00     04/22/19   KRW      63.71
HEUNGKUK FIRE & MARINE       5.70     12/29/46   KRW      48.82
KIBO ABS SPECIALTY CO L      5.00     12/25/19   KRW      70.86
KIBO ABS SPECIALTY CO L      5.00     08/29/19   KRW      71.79
KIBO ABS SPECIALTY CO L      5.00     02/26/19   KRW      72.92
KIBO ABS SPECIALTY CO L      5.00     02/25/19   KRW      73.19
KOREA TREASURY BOND          1.50     09/10/66   KRW      69.03
OKC SECURITIZATION SPEC     10.00     01/03/20   KRW      37.71
SAMPYO CEMENT CO LTD         7.50     04/20/14   KRW      70.00
SAMPYO CEMENT CO LTD         7.30     04/12/15   KRW      70.00
SAMPYO CEMENT CO LTD         7.30     06/26/15   KRW      70.00
SAMPYO CEMENT CO LTD         7.50     07/20/14   KRW      70.00
SAMPYO CEMENT CO LTD         7.50     09/10/14   KRW      70.00
SINBO SECURITIZATION SP      5.00     08/25/21   KRW      69.21
SINBO SECURITIZATION SP      5.00     07/27/21   KRW      69.39
SINBO SECURITIZATION SP      5.00     06/23/20   KRW      69.43
SINBO SECURITIZATION SP      5.00     03/15/20   KRW      70.19
SINBO SECURITIZATION SP      5.00     02/28/21   KRW      70.53
SINBO SECURITIZATION SP      5.00     01/27/21   KRW      70.79
SINBO SECURITIZATION SP      5.00     12/22/20   KRW      71.08
SINBO SECURITIZATION SP      5.00     09/23/20   KRW      71.81
SINBO SECURITIZATION SP      5.00     08/26/20   KRW      72.03
SINBO SECURITIZATION SP      5.00     07/28/20   KRW      72.25
SINBO SECURITIZATION SP      5.00     06/24/19   KRW      72.31
SINBO SECURITIZATION SP      5.00     03/13/19   KRW      73.05
SINBO SECURITIZATION SP      5.00     02/25/20   KRW      73.52
SINBO SECURITIZATION SP      5.00     01/28/20   KRW      73.76
SINBO SECURITIZATION SP      5.00     12/30/19   KRW      74.00
SINBO SECURITIZATION SP      5.00     09/30/19   KRW      74.76
SINBO SECURITIZATION SP      5.00     07/29/18   KRW      74.96
SINBO SECURITIZATION SP      5.00     08/27/19   KRW      75.03
SINBO SECURITIZATION SP      5.00     06/25/18   KRW      75.89
WISE MOBILE SECURITIZAT     20.00     09/17/18   KRW      74.06


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50     09/15/20   MYR       1.26
ASIAN PAC HOLDINGS BHD       3.00     05/25/22   MYR       0.62
BARAKAH OFFSHORE PETROL      3.50     10/24/18   MYR       0.12
BERJAYA CORP BHD             2.00     05/29/26   MYR       0.28
BERJAYA CORP BHD             5.00     04/22/22   MYR       0.39
BRIGHT FOCUS BHD             2.50     01/22/31   MYR      73.78
ELK-DESA RESOURCES BHD       3.25     04/14/22   MYR       0.97
HIAP TECK VENTURE BHD        5.00     06/23/21   MYR       0.37
I-BHD                        3.00     10/09/19   MYR       0.35
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      68.16
PUC BHD                      4.00     02/15/19   MYR       0.15
REDTONE INTERNATIONAL B      2.75     03/04/20   MYR       0.09
SENAI-DESARU EXPRESSWAY      1.35     06/30/31   MYR      56.59
SENAI-DESARU EXPRESSWAY      1.35     12/31/30   MYR      57.85
SENAI-DESARU EXPRESSWAY      1.35     06/28/30   MYR      59.16
SENAI-DESARU EXPRESSWAY      1.35     12/31/29   MYR      60.48
SENAI-DESARU EXPRESSWAY      1.35     12/29/28   MYR      63.25
SENAI-DESARU EXPRESSWAY      1.35     06/30/28   MYR      64.68
SENAI-DESARU EXPRESSWAY      1.35     12/31/27   MYR      66.18
SENAI-DESARU EXPRESSWAY      1.35     06/30/27   MYR      67.69
SENAI-DESARU EXPRESSWAY      1.35     06/30/26   MYR      70.72
SENAI-DESARU EXPRESSWAY      1.15     06/30/25   MYR      72.45
SENAI-DESARU EXPRESSWAY      1.15     12/31/24   MYR      73.96
THONG GUAN INDUSTRIES B      5.00     10/10/19   MYR       2.20
UNIMECH GROUP BHD            5.00     09/18/18   MYR       0.91
VIZIONE HOLDINGS BHD         3.00     08/08/21   MYR       0.05
YTL LAND & DEVELOPMENT       3.00     10/31/21   MYR       0.43


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
PHILIPPINE GOVERNMENT B      3.63     03/21/33   PHP      72.38
PHILIPPINE GOVERNMENT B      4.63     09/09/40   PHP      74.11


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      50.01
BAKRIE TELECOM PTE LTD      11.50     05/07/15   USD       0.92
BAKRIE TELECOM PTE LTD      11.50     05/07/15   USD       0.92
BERAU CAPITAL RESOURCES     12.50     07/08/15   USD      50.28
BERAU CAPITAL RESOURCES     12.50     07/08/15   USD      50.33
BLD INVESTMENTS PTE LTD      8.63     03/23/15   USD       5.00
BLUE OCEAN RESOURCES PT      4.00     12/31/20   USD      25.00
ENERCOAL RESOURCES PTE       9.25     08/05/14   USD      38.13
EZION HOLDINGS LTD           0.25     11/20/24   SGD      74.74
EZRA HOLDINGS LTD            4.88     04/24/18   SGD       4.84
HYFLUX LTD                   4.20     08/29/19   SGD      50.00
HYFLUX LTD                   4.25     09/07/18   SGD      65.08
INDO INFRASTRUCTURE GRO      2.00     07/30/10   USD       1.00
INNOVATE CAPITAL PTE LT      6.00     12/11/24   USD      66.73
MICLYN EXPRESS OFFSHORE      8.75     11/25/18   USD      36.83
ORO NEGRO DRILLING PTE       7.50     01/24/19   USD      47.00
OSA GOLIATH PTE LTD         12.00     10/09/18   USD       2.74
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


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35     03/01/26   LKR      73.16


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      68.51
DEBT AND ASSET TRADING       1.00     10/10/25   USD      68.73








                             *********

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

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

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


                            *********


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

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

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

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

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



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