/raid1/www/Hosts/bankrupt/TCRAP_Public/180626.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

            Tuesday, June 26, 2018, Vol. 21, No. 125

                            Headlines


A U S T R A L I A

AM BULK: Second Creditors' Meeting Scheduled for July 3
BEYOND BOUNDARIES: First Creditors' Meeting Set for July 4
CONCRETERS GROUP: First Creditors' Meeting Set for July 2
DOMINOIDS PTY: First Creditors' Meeting Set for July 2
HOUNDS MAINTENANCE: First Creditors' Meeting Set for July 3

INGAN PTY: Second Creditors' Meeting Scheduled for July 2
MESOBLAST LIMITED: Appoints Former Anthem CEO to Board
TWYLIGHT BEACH: First Creditors' Meeting Set for June 29


C H I N A

SHARING ECONOMY: Extends Exclusivity Pact with ECrent by 18 Mos.
TONGYI INDUSTRIAL: S&P Withdraws Prelim 'B' Issuer Credit Rating


H O N G  K O N G

CHINA FISHERY: Sets Sale Procedures for Golf Club Membership
NOBLE GROUP: Hikes Stake in East Energy in Satisfaction of Debt


I N D I A

AADITYA CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
ACUTE DESIGNS: CRISIL Reaffirms B+ Rating on INR2cr Cash Loan
ALCHEMIST HOSPITALS: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
ALOK INDUSTRIES: Lenders Approve RIL-JM Financial's Fresh Bid
ALTRADE MINERALS: CRISIL Migrates B+ Rating to Not Cooperating

ANJANA CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating
ARSHAD CASHEW: CRISIL Migrates B+ Rating to Not Cooperating
BALAJI ACQUA: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
BEAM COX: CARE Migrates D Rating to Not Cooperating Category
BHUPTANI ASSOCIATES: Ind-Ra Moves BB- Rating to Non-Cooperating

CHIRAYU CHARITABLE: CARE Lowers Rating on INR86.09cr Loan to B
CHROMIC STEEL: CARE Moves B+ Rating to Not Cooperating Category
CURE LIFE: CARE Migrates D Rating to Not Cooperating Category
DARP CONSTRUCTION: CRISIL Migrates D Rating to Not Cooperating
DMR HOSPITALS: CRISIL Migrates D Rating to Not Cooperating

GAYATRI COTTON: CARE Migrates B+ Rating to Not Cooperating
GUJARAT GINNING: CARE Reaffirms B+ Rating on INR12cr LT Loan
H. R. POWER: CRISIL Hikes Rating on INR12cr Cash Loan to B-
H K LUMBERS: CRISIL Lowers Rating on INR5.5cr Loan to D
H S RAMESH: CARE Assigns B+ Rating to INR5.0cr LT Loan

HYQUIP SYSTEMS: CARE Moves D Rating to Not Cooperating Category
JKR SONA: CRISIL Migrates B Rating to Not Cooperating Category
MACHHI RAM: CRISIL Hikes Rating on INR25cr Cash Loan to B+
MANOJ JAISWAL: CRISIL Migrates 'B' Rating from Not Cooperating
MURTI RICE: CRISIL Reaffirms B+ Rating on INR2.4cr Cash Loan

NARAYAN COTTON: Ind-Ra Lowers Long Term Issuer Rating to 'B'
OM SATYA: CARE Assigns B+ Rating to INR5.04cr LT Loan
PLUTO CERAMIC: CARE Migrates D Rating to Not Cooperating Category
R.I. COTTON: CARE Migrates B Rating to Not Cooperating Category
SAATVEEKA TRADING: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'

SAINEST TUBES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
SANKAR COTTON: CARE Moves B+ Rating to Not Cooperating Category
SARJAY CHEMICALS: CARE Moves D Rating to Not Cooperating Category
SATURN RINGS: CARE Migrates D Rating to Not Cooperating Category
SAVINO CERAMIC: CRISIL Migrates B+ Rating to Not Cooperating

SHIV METTALICKS: Ind-Ra Corrects March 27, 2018 Rating Release
SHIV METTALICKS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
SHYAM ENTERPRISES: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SRINIVASA FASHIONS: CARE Lowers Rating on INR1.23cr Loan to B+
STANZEN ENGINEERING: Ind-Ra Moves 'D' Rating to Non-Cooperating

SUMA FOODS: CRISIL Lowers Rating on INR8cr Cash Loan to D
SWASTIK CERACON: CARE Lowers Rating on INR76.62cr LT Loan to D
SWASTIK COPPER: CRISIL Assigns B+ Rating to INR20cr Cash Credit
SWASTIK OVERSEAS: CRISIL Migrates B Rating to Not Cooperating
TIRUPATI PLAZA: CRISIL Migrates B Rating to Not Cooperating

TRACK COMPONENTS: CRISIL Migrates D Rating to Not Cooperating
VAIBHAV LAXMI: CARE Migrates B Rating to Not Cooperating Category
VIMALOXY PRODUCT: Ind-Ra Maintains BB- Rating in Non-Cooperating
VNS ACCESSORIES: CRISIL Reaffirms B+ Rating on INR12cr Loan


I N D O N E S I A

PAKUWON JATI: S&P Raises ICR to 'BB', Outlook Stable


N E W  Z E A L A N D

PUMPKIN PATCH: Unlikely to Pay Back Millions Owed to ANZ Bank
SEADRAGON LIMITED: Auditor Declines to Express Opinion


P A P U A  N E W  G U I N E A

CAPITAL LIFE: A.M. Best Lowers Fin. Strength Rating to C- (Weak)


S I N G A P O R E

OBIKE: To Stop Bike Sharing Operations in Singapore


X X X X X X X X

* BOND PRICING: For the Week June 18 to June 22, 2018


                            - - - - -


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


AM BULK: Second Creditors' Meeting Scheduled for July 3
-------------------------------------------------------
A second meeting of creditors in the proceedings of AM Bulk
Haulage Pty Ltd has been set for July 3, 2018, at 11:00 a.m. at
the offices of BPS Recovery, Level 18, 201 Kent Street, in
Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by July 2, 2018, at 4:00 p.m.

Daniel Frisken and Mitchell Ball of BPS Recovery were appointed
as administrators of AM Bulk on May 31, 2018.


BEYOND BOUNDARIES: First Creditors' Meeting Set for July 4
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Beyond
Boundaries Auspac Pty Ltd will be held at Level 7, 8 Chifley,
8-12 Chifley Square, in Sydney, NSW, on July 4, 2018, at
11:30 a.m.

David Michael Webb, Kenneth Michael Whittingham and Mark Julian
Robinson of PPB Advisory were appointed as administrators of
Beyond Boundaries on June 22, 2018.


CONCRETERS GROUP: First Creditors' Meeting Set for July 2
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Concreters
Group Australia Pty Ltd, trading as Concreters Group Australia,
will be held at the offices of William Buck Melbourne, Level 20,
181 William Street, in Melbourne, Victoria, on July 2, 2018, at
11:30 a.m.

Sean Magnus Wengel and Robert William Whitton of William Buck
were appointed as administrators of Concreters Group on June 20,
2018.


DOMINOIDS PTY: First Creditors' Meeting Set for July 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Dominoids
Pty Ltd, trading as Domino's (Strathpine), will be held at Level
8/490 Upper Edward Street, in Spring Hill, Queensland, on July 2,
2018, at 10:30 a.m.

Brendan Nixon of SM Solvency was appointed as administrator of
Dominoids Pty on June 21, 2018.


HOUNDS MAINTENANCE: First Creditors' Meeting Set for July 3
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hounds
Maintenance Products (AUST) Pty Ltd, trading as Hounds Chemicals
Plus, will be held at the offices of Hall Chadwick, Level 40, 2
Park Street, in Sydney, NSW, on July 3, 2018, at 11:00 a.m.

John Vouris and Richard Albarran of Hall Chadwick were appointed
as administrators of Hounds Maintenance on June 21, 2018.


INGAN PTY: Second Creditors' Meeting Scheduled for July 2
---------------------------------------------------------
A second meeting of creditors in the proceedings of Ingan Pty Ltd
has been set for July 2, 2018, at 11:00 a.m. at the offices of
Amos Insolvency, 25/ 185 Airds Road, in Leumeah, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 29, 2018, at 4:00 p.m.

Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Ingan Pty on May 25, 2018.


MESOBLAST LIMITED: Appoints Former Anthem CEO to Board
------------------------------------------------------
Joseph R. Swedish has joined Mesoblast Limited's Board of
Directors.  Mr. Swedish has more than two decades of healthcare
leadership experience as the CEO for major U.S. healthcare
organizations.  Most recently, he has served as executive
chairman, president and CEO of Anthem Inc., a Fortune 33 company
and the leading health benefits provider in the U.S.

Prior to joining Anthem, Mr. Swedish was CEO for several major
integrated healthcare delivery systems, including Trinity Health
and Colorado's Centura Health.  He currently serves on the Board
of Directors for IBM Corporation, CDW Corporation, and Proteus
Digital Health.  For 12 consecutive years, Modern Healthcare
named Mr. Swedish as one of the 100 Most Influential People in
Healthcare.

Commenting on his appointment, Mr. Swedish stated: "I am very
pleased to join the Board of Mesoblast, a leading cell therapy
company whose strategy is consistent with my objectives to
deliver innovative, cost-effective solutions to some of the most
pressing healthcare challenges today."

Mesoblast Chairman Brian Jamieson said: "Mr Swedish's strong
record of understanding U.S. healthcare resource allocation and
reimbursement metrics is in line with the Board's objective to
strengthen its commercial focus.  Mr. Swedish replaces Dr. Ben-
Zion Weiner, who we thank for his valuable contributions to
Mesoblast over the past five years, especially in relation to our
research and development pipeline."

Ignite Partners advised Mesoblast on the appointment of Mr.
Swedish.

                      About Mesoblast

Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) --
http://www.mesoblast.com/-- is a global developer of innovative
cell-based medicines.  The Company has leveraged its proprietary
technology platform, which is based on specialized cells known as
mesenchymal lineage adult stem cells, to establish a broad
portfolio of late-stage product candidates.  Mesoblast's
allogeneic, 'off-the-shelf' cell product candidates target
advanced stages of diseases with high, unmet medical needs
including cardiovascular conditions, orthopedic disorders,
immunologic and inflammatory disorders and oncologic/hematologic
conditions.  The Company is headquartered in Melbourne,
Australia.

Mesoblast Limited reported a net loss before income tax of
US$90.21 million for the year ended June 30, 2017, a net loss
before income tax of US$90.82 million for the year ended June 30,
2016, and a net loss before income tax of US$96.24 million for
the year ended June 30, 2015.  As of March 31, 2018, Mesoblast
had US$677.85 million in total assets, US$121.72 million in total
liabilities and US$556.13 million in total equity.

PricewaterhouseCoopers, in Melbourne, Australia, issued a "going
concern" opinion in its report on the consolidated financial
statements for the year ended June 30, 2017, noting that Company
has suffered recurring losses from operations that raise
substantial doubt about its ability to continue as a going
concern.


TWYLIGHT BEACH: First Creditors' Meeting Set for June 29
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Twylight
Beach Pty Ltd, trading as Trend Aluminium, will be held at the
offices of SM Solvency Accountants, 8/490 Upper Edward Street,
in Spring Hill, Queensland, on June 29, 2018, at 10:30 a.m.

Brendan J. Nixon of SM Solvency Accountants was appointed as
administrator of Twylight Beach on June 20, 2018.



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


SHARING ECONOMY: Extends Exclusivity Pact with ECrent by 18 Mos.
----------------------------------------------------------------
Sharing Economy International Inc. and ECrent Capital Holdings
Limited entered into an Amendment No.3 to Exclusivity Agreement
on June 20, 2018, amending the Exclusivity Agreement dated
June 11, 2017 by and between the Company and ECrent, the terms of
which became effective on the same day.  Pursuant to the
Amendment, the Company and ECrent agreed to extend the
exclusivity period under the Exclusivity Agreement to a period of
18 months commencing from June 20, 2018.

The Parties had agreed to engage in exclusive discussion
regarding (a) a potential acquisition by Sharing Economy of
ECrent and/or any of its subsidiaries or otherwise all or part of
the Business, and/or (b) potential business cooperation
arrangements between the Company and ECrent during the period
commencing on June 20, 2018 and ending on the date that is 18
months after June 20.  ECrent agrees that, without the prior
written consent of SEII, during the Exclusive Period, neither
ECrent nor its agents, representatives or advisors will contact,
discuss or negotiate with any third party (other than the license
agreements entered into between ECrent and Sharing Economy
Investment Limited dated May 8 and 24, 2018 and June 13, 2018
respectively and those with SEII's authorization) with respect to
(i) any transaction relating to the sale, acquisition, exchange,
pledge, or transfer of any securities of ECrent and/or its
subsidiaries; (ii) any transaction relating to the sale of all or
part of the Business; (iii) any business cooperation; or (iv) any
other matters that may adversely affect the Potential Transaction
or the Discussion.
                     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.


TONGYI INDUSTRIAL: S&P Withdraws Prelim 'B' Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its preliminary 'B' long-term issuer
credit rating on Tongyi Industrial Group Co. Ltd. (Tongyi), a
China-based chemical producer and distributor, at the company's
request. At the time of withdrawal, the outlook on the issuer
credit rating was stable. At the same time, S&P withdrew its
preliminary 'B' long-term issue rating on the proposed senior
unsecured notes that the company guarantees. The proposed notes
are to be issued by Tongyi (BVI) Ltd., Tongyi's wholly owned
subsidiary.

S&P assigned the preliminary ratings on Tongyi and its proposed
notes on April 18, 2018, based on the assumption of the company's
successful issuance of US$300 million notes. The notes have not
been issued as of now.



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


CHINA FISHERY: Sets Sale Procedures for Golf Club Membership
------------------------------------------------------------
China Fishery Group Ltd. (Cayman) and affiliates ask the U.S.
Bankruptcy Court for the Southern District of New York to
authorize the sale procedures in connection with the sale of its
corporate membership at the Hong Kong Golf Club, memorialized by
Certificate No. 1024.

On Sept. 30, 2016, the Debtors filed their First Golf Club
Membership Motion, asking authority to sell a corporate
membership in the Hong Kong Golf Club. On Nov. 15, 2016, the
Court entered an order approving the First Golf Club Membership
Motion. By the Motion, the Debtors ask entry of an order for
authority to establish procedures for them to sell the Golf Club
Memberships, free and clear of any liens, claims, encumbrances,
or other interests, and take any and all actions that are
reasonably necessary or appropriate to consummate a Sale
Transaction.

The Debtors are in the process of marketing a corporate
membership at the Hong Kong Golf Club, memorialized by
Certificate No. 1024, and may market for sale another corporate
membership at the Hong Kong Golf Club, memorialized by
Certificate No. 1031, and the proceeds arising from the sale of
either Golf Club Memberships. There are no liens, mortgages, or
encumbrances on the Golf Club Memberships. The Debtors intend to
use the Golf Club Proceeds for payment of administrative expenses
for the PAIH estate. There is a monthly subscription fee of
approximately $400 (HK$3,150) associated with each of the Golf
Club Memberships.

The Debtors have worked diligently to promote a competitive
marketing process that will maximize the value of the 1024
Membership. To date, the Debtors contacted no fewer than five
brokers specializing in the sale and purchase of private club
memberships to identify potential buyers for the 1024 Membership.
As is customary in Hong Kong, the Debtors do not retain a broker
until the Debtors identify a buyer through the broker, at which
time the Debtors officially retain the broker pursuant to a sale
confirmation agreement between the Debtors and the broker. With
the broker's assistance, they'll then execute a sale and purchase
agreement with the buyer. Together, the Purchase Agreement and
Confirmation Agreement would lay out the terms of a proposed Sale
Transaction and the retention terms for the broker, including the
commission fee, which typically constitutes 1% of the gross sale
price for the Sale Transaction.

In addition, the Hong Kong Golf Club's approval is required to
sell a membership at that club, and the Hong Kong Golf Club
charges a transfer fee equal to the greater of 20% of the
Purchase Price and the transfer fee for the last consummated
transaction of a golf club membership at the Hong Kong Golf Club.

The Debtors have received indicative offers from five independent
brokers for the 1024 Membership. Together with market information
provided by the Hong Kong Golf Club, they've determined that an
amount of not less than approximately $2 million (HK$ 17 million)
is a fair and reasonable Purchase Price for the 1024 Membership.
Since the rights and privileges conferred by the 1031 Membership
at the Hong Kong Golf Club are similar to the 1024 Membership,
the Debtors estimate that the 1031 Membership would likely yield
a similar Purchase Price.

The Debtors intend to seek the highest or otherwise best possible
offer for the Golf Club Memberships. However, when such a bid
becomes available, they may face a limited window of time to
consummate the Sale Transaction. To provide the flexibility
needed to maximize the value of the Golf Club Memberships, the
Debtors ask approval of the Sale Procedures to consummate a Sale
Transaction.

The Debtors propose these Sale Procedures for Sale Transactions:

a. Upon execution of the Confirmation Agreement and the Purchase
Agreement, the Debtors will file the Transaction Notice with the
Court under seal and serve a copy thereof upon all Sale Notice
Parties;

b. The parties receiving a Transaction Notice will have 10
calendar days after the service of a Transaction Notice to file
and serve any objections to the Sale Transaction;

c. If any material economic term of the Sale Transaction is
amended after transmittal of the Transaction Notice, but prior to
the expiration of the Notice Period, the Debtors will serve a
revised Transaction Notice on all parties that received the
Transaction Notice describing the proposed Sale Transaction, as
amended. If a revised Transaction Notice is required, the Notice
Period will be extended for an additional seven calendar days;

d. Any objections to the Sale Transaction must be filed by
4:00 p.m. (ET) on the last day of the Notice Period;

e. If an Objection is properly filed and served: (i) the
Objection will be deemed a request for a hearing on the Sale
Transaction, and the Objection will be heard at the next
scheduled omnibus hearing in these chapter 11 cases that is at
least 14 calendar days after service of the Objection (provided
that the Debtors reserve the right to seek a hearing prior to
such time); and (ii) the Sale Transaction may not proceed absent
(a) written withdrawal of the Objection or (b) entry of an order
by the Court specifically approving the Sale Transaction;
f. If no Objection is timely filed and served, PAIH will be
deemed to be fully authorized by the Court to consummate the Sale
Transaction, and no further notice or Court approval will be
required to consummate the Sale Transaction; and g. The Debtors
may consummate the Sale Transaction prior to expiration of the
Notice Period only if they obtain written consent to the Sale
Transaction from each party that received a Transaction
Notice.

Upon consummation of the Sale Transaction, the purchaser will
take the Golf Club Membership sold by the Debtors pursuant to the
Sale Procedures subject to the terms of the documentation
executed in connection with the Sale Transaction. The Debtors do
not believe there are any Encumbrances on the Golf Club
Memberships. However, to the extent any Encumbrances on the Golf
Club Membership are discovered, the party holding or claiming to
hold such Encumbrances is a Sale Notice Party under the Sale
Procedures and the purchaser will further take title to the Golf
Club Membership free and clear of liens. All such Encumbrances,
if any, will attach to the Golf Club Proceeds with the same
validity, extent, and priority as had attached to the Golf Club
Membership immediately prior to the Sale Transaction.

A hearing on the Motion is set for June 19, 2018 at 11:00 a.m.
(ET). The objection deadline is June 12, 2018 at 4:00 p.m. (ET).
To implement the requested relief immediately, the Debtors ask a
waiver of the 14-day stay of an order authorizing the use, sale,
or lease of property under Bankruptcy Rule 6004(h).

            About China Fishery Group Limited (Cayman)

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group
estimated its assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.
Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other
than CFG Peru Investments Pte. Limited (Singapore). Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors. The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent. Kwok Yih & Chan serves
as special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter
11 trustee for CFG Peru Investments Pte. Limited (Singapore), one
of the Debtors. Skadden, Arps, Slate, Meagher & Flom LLP serves
as the trustee's bankruptcy counsel; Hogan Lovells US LLP serves
as special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP,
serves as special litigation counsel.


NOBLE GROUP: Hikes Stake in East Energy in Satisfaction of Debt
---------------------------------------------------------------
The Business Times reports that Noble Group on May 25 said its
indirect wholly owned subsidiary, Maylion has acquired an
additional 52.5 per cent shareholding interest in coal
exploration and development firm, East Energy Resources (EER).

EER is incorporated in Australia and listed on the Australia
Securities Exchange (ASX), the report notes. Following the
transaction, Maylion's stake in EER will increase to 93.4 per
cent from 40.9 per cent. Thus, EER will cease to be an associated
company of Noble, and become its subsidiary instead, BT relates.

According to BT, Noble said the additional shares were issued in
satisfaction of a AUD28 million (SGD28.3 million) debt owed to
Noble by EER, which has been fully impaired since the third
quarter last year. On this basis, the consideration paid by Noble
for this transaction was effectively nil.

Based on the latest unaudited financial statements of Noble for
the three months ended March 31, 2018, the book value and net
tangible asset value attributed to the additional shares were
also negligible, Noble said, the report relays.

EER's market cap stands at about AUD1.78 million, based on the
number of issued shares in the capital of the firm prior to this
deal, and the volume-weighted average price of 0.5 Australian
cent, as transacted on the ASX on June 21, 2018, adds BT.

                         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.



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AADITYA CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Aaditya
Construction (AC) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        10.8       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            1.2       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated April 20, 2018,
May 18, 2018, June 6, 2018 and June 11, 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 Aaditya Construction. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Aaditya Construction 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 Aaditya Construction to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Established in 2008, AC undertakes construction of road and
bridges for Chattisgarth state government departments. The firm
is partnership firm and partners are Mr. Arun Verma and Mr. Amit
Dalmia.


ACUTE DESIGNS: CRISIL Reaffirms B+ Rating on INR2cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
bank facilities of Acute Designs (AD).


                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         8        CRISIL A4 (Reaffirmed)
   Cash Credit            2        CRISIL B+/Stable (Reaffirmed)

The ratings reflect the modest scale of operations and exposure
to intense competition in the civil construction industry. These
weaknesses are partially offset by extensive experience of the
partners and their funding support.

Analytical Approach

Unsecured loans of INR18 crore, extended by the partners as on
March 31, 2018, have been treated as neither debt nor equity, as
they bear a lower rate of interest than the market rate, and are
expected to remain in the business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The firm operates on a modest
scale, as reflected in estimated revenue of INR10.65 crore for
fiscal 2018. This limits the bargaining power with customers and
suppliers. However, orders worth INR62 crore as of May 2018, to
be executed in the next 24 months, provide revenue visibility in
the medium term.

* Exposure to intense competition:  Low entry barriers in the
civil construction business have led to intense competition and
will continue to constrain the ability of players like AD, to win
tenders and maintain profitability.

Strengths:

* Extensive experience of partners and their funding support: The
two decade-long presence of the partners in the civil
construction industry has enabled AD's partners to undertake
several projects for the Municipal Corporation of Mumbai without
significant delays. The partners have also extended unsecured
loans estimated at INR18crore as on March 31, 2018.

Outlook: Stable

CRISIL believes AD will continue to benefit from the experience
of its partners. The outlook may be revised to 'Positive' in case
of significant improvement in revenue, profitability and cash
accrual. The outlook may be revised to 'Negative' if any sizeable
capital expenditure, delay in execution of projects, or any
aggressive bidding, exerts pressure on margin.

Set up as a partnership firm in 2006, AD undertakes civil
construction work for Municipal Corporation of Greater Mumbai.


ALCHEMIST HOSPITALS: Ind-Ra Affirms BB+ LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Alchemist
Hospitals Limited's (AHL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR67.50 mil. (reduced from INR70.20 mil.) Term loan due on
     September 2024 affirmed with IND BB+/Stable rating;

-- INR280 mil. (reduced from INR311.5 mil.) Term loan* due on
     September 2024 assigned with IND BB+/Stable rating;

-- INR30 mil. (reduced from 58.30 mil.) Term loan* due on
     November 2023 assigned with IND BB+/Stable rating;

-- INR130 mil. (increased from INR100 mil.) Fund-based working
     capital limits long-term rating affirmed; short-term rating
     assigned with IND BB+/Stable/IND A4+ rating; and

-- INR10 mil. Non-fund-based working capital limits withdrawn
     (repaid in full) and the rating is withdrawn.

* The final ratings have been assigned following the receipt of
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects AHL's continued medium scale of
operations as indicated by revenue of INR919 million in FY18
(FY17: INR835.25 million, FY16: INR758.57 million). The growth in
revenue was due to an increase in occupancy and average revenue
per operating bed (ARPOB). The ARPOB improved to INR32,101 in
FY18 (FY17: INR30,749, FY16: 28,216) supported by its focus on
high value services. Despite the modest size of operations, the
hospital has a high percentage of patients requiring surgery,
resulting in high ARPOBs. EBITDA margins improved marginally to
13.82% in FY18 (FY17: 13.70%, FY16: 14.54%) attributed to an
increase in consumables and consultation costs. FY18 figures are
provisional in nature.

Despite the rise in revenue, credit metrics deteriorated in FY18
due to an increase in total debt. In FY18, gross interest
coverage (operating EBITDAR/gross interest expense + rents)
deteriorated to 9.68x (FY17: 9.92x, FY16; 13.40x) and gross
financial leverage (total adjusted debt/operating EBITDAR) to
1.67x (0.85x, 1.33x).

AHL is expanding its capacity by adding 80 beds, which is likely
to be completed by 2QFY20. The company expects 50% of the
enhanced capacity, which is being set up in the existing hospital
building, to become operational in 2QFY19. Hence, a majority of
the debt-led capex will be incurred in FY19 for constructing a
new building. As a result, Ind-Ra expects AHL's credit metrics to
deteriorate further in the short-to-medium term.

The ratings continue to benefit from AHL's established market
position in Panchkula, despite the presence of another specialty
hospital in the vicinity. Moreover, the healthcare sector is
relatively immune to seasonal and economic factors compared with
other industries.

RATING SENSITIVITIES

Positive: Successful completion of capex and stabilization of
newly added capacity would be positive for the ratings.

Negative: Cost and/or time overruns in the capex would be
negative for the ratings.

COMPANY PROFILE

AHL is a part of the Alchemist Group. The company offers a wide
range of specialty services such as cardiology, joint
replacements, laparoscopic surgery, neurology and neuro surgery,
pediatric surgery, endocrinology and nephrology.


ALOK INDUSTRIES: Lenders Approve RIL-JM Financial's Fresh Bid
-------------------------------------------------------------
BloombergQuint reports that the committee of creditors for Alok
Industries Ltd. has approved a joint resolution plan submitted by
Reliance Industries Ltd. and JM Financial Asset Reconstruction
Co. Ltd., according to two people in the know of the matter.

BloombergQuint says the resolution plan is valued at close to
INR5,000 crore, in which INR4,000 crore would be used to repay
financial creditors. As per the claims admitted by the resolution
professional in the case, financial creditors have submitted
claims worth over INR29,000 crore.

Seventy-two percent of creditors by value of loans voted in favor
of the resolution plan, the two people quoted above told
BloomberQuint requesting anonymity. After a recent amendment to
the Insolvency & Bankruptcy Code, 66 percent of creditors by
value now need to approve a resolution plan for it to go through,
as against 75 percent earlier, BloomberQuint discloses.

This was the second round of voting on the plan for the textile
company, after the Ahmedabad bench of the NCLT directed the
creditors to do so, the report says. In the previous round of
voting, only around 70 percent of the creditors voted in favour
of the RIL-JM Financial ARC plan. Since there was no resolution
plan approved at the end of the 270 day period mentioned under
the IBC, the resolution professional filed for liquidation,
according to BloomberQuint.

However, the tribunal in its order last week pointed at the
amendment to the IBC, which asked for a lower threshold on the
voting. It asked the lenders to vote again, keeping in mind the
new regulations, the report states.

BloomberQuint adds that the NCLT bench was also hearing a plea by
the employees' association of Alok Industries, which was against
liquidation of the company.

The next hearing on the matter is scheduled today, June 26, the
report notes.

Alok Industries is one of the 12 large companies to have been
sent to the National Company Law Tribunal for insolvency
proceedings after the Reserve Bank of India shortlisted them in
June 2017. These companies together accounted for INR2.77 lakh
crore worth of bad loans in the banking system.

Alok Industries Limited (BOM:521070) -- http://www.alokind.com/
-- is a textile company with a presence in the cotton and
polyester segments. The Company is engaged in manufacturing of
textile, including mending and packing activities; leather and
other apparel products. Its geographic segments include Domestic,
which includes sales to customers located in India and
International, which includes sales to customers located outside
India. Its divisions include Spinning, such as cotton yarn; Home
Textiles, such as sheeting fabric, equivalent sheet sets and
terry towels; Apparel Fabrics, such as woven fabric (includes
embroidery) and knits; Garments, and Polyester, such as
continuous polymerization, partially oriented yarn (POY)/chip,
draw texturized yarn (DTY), fully drawn yarn (FDY), polyester
staple fiber/cationic yarn and master batch. Its products include
accessories, corrugated pallets, cotton and blended yarn. It
exports its products to over 90 countries across the United
States, Europe, Latin America, Asia and Africa.


ALTRADE MINERALS: CRISIL Migrates B+ Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Altrade
Minerals Private Limited (AMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Export Packing
   Credit                20.0       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term    27.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AMPL for obtaining
information through letters and emails dated April 20, 2018,
May 18, 2018, June 6, 2018 and June 11, 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 Altrade Minerals Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Altrade Minerals Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower.

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

Odisha-based AMPL, incorporated in 2006, exports iron-ore fines.
Its operations are looked after by the directors - Mr. Anurag
Pattnaik and Mr. Anshuman Pattnaik. The company has also
installed three wind energy units - one in Tamil Nadu and two in
Rajasthan.


ANJANA CONSTRUCTIONS: CRISIL Moves B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Anjana
Constructions (AC) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated April 20, 2018,
June 6, 2018 and June 11, 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 Anjana Constructions. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Anjana Constructions 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 Anjana Constructions to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

AC was set up as a partnership firm in 1993 by Mr. Nair and his
wife MrsSudha, who has been managing the business for past two
decades. The firm constructs roads and bridges for the PWD of
Kerala.


ARSHAD CASHEW: CRISIL Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arshad
Cashew Industry to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          4.95      CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Proposed Long Term   5.55      CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Arshad Cashew
Industry (ACI) for obtaining information through letters and
emails dated April 20, 2018, May 18, 2018, June 6, 2018 and
June 11, 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 Arshad Cashew Industry. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Arshad Cashew Industry 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 Arshad Cashew Industry to 'CRISIL B+/Stable Issuer
not cooperating'.

ACI is a partnership firm of Mr. Ruknuddin Mohammad Ibrahim and
his wife Ms Nadima Misbah. It was started as a proprietorship
concern in December 2011 and was reconstituted as a partnership
firm in October 2015. The firm processes and sells cashew
kernels.


BALAJI ACQUA: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Balaji Acqua and
Agro Products 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 B (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)/
    IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Term loan due on October 2022 migrated to non-
    cooperating category with IND B (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1990, Balaji Acqua and Agro Products is a
Vijayawada, Andhra Pradesh-based company engaged in shrimp
hatching (particularly vannamei shrimp), manufacturing of shrimp
feed and quartz mining.


BEAM COX: CARE Migrates D Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Beam Cox
Constructions Private Limited to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank
   Facilities          6.00      CARE D; Issuer not cooperating;
                                 Based on best available
                                 Information

   Short-term Bank
   Facilities          0.50      CARE D; Issuer not cooperating;
                                 Based on best available
                                 Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BCCPL 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 company 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 Beam Cox Constructions Private Limited's bank
facilities will now be denoted as CARE D; Issuer not
Cooperating/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.

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 company operates in a working
capital intensive industry and has been facing stretched
collection period with majority of contracts executed for the
Government departments which has been associated with delayed
payment of bills. Consequently the company suffers from a weak
liquidity position and cash flow mismatches resulting in delays
in meeting the debt obligations in a timely manner.

Key rating strengths

Experienced promoters in the construction industry: The company
is managed by Mr. Y Ravinder Reddy, a graduate with around 20
years of experience in this line of industry and other directors
of the company who have rich industry experience in the areas of
construction, finance and engineering.

BCCPL was incorporated in the year 1994 by Mr. Y Ravinder Reddy
and other three directors. The company is registered as Class-I
contractor with Andhra Pradesh government and is into execution
of civil works and construction contracts for government
entities. Major works of the company include construction of
school buildings, school and college hostel buildings, laying of
cement roads, laying of water pipelines, etc.

In FY14 (Provisional), BCCPL had a surplus of INR0.49 crore and
total operating income of INR13.45 crore, as against PAT and TOI
of INR0.21 crore and INR6.28 crore respectively, in FY13.


BHUPTANI ASSOCIATES: Ind-Ra Moves BB- Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Bhuptani
Associates' 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:

-- INR30 mil. Fund-based working capital limit migrated to Non-
    Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
    /IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-fund-based working capital limit migrated to
    Non-Cooperating Category with IND A4+ (ISSUER NOT
    COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Gujarat-based Bhuptani Associates specializes in the construction
of buildings, roads, water supply, dams and bridges contract.


CHIRAYU CHARITABLE: CARE Lowers Rating on INR86.09cr Loan to B
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Chirayu
Charitable Foundation (CCF) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      86.09     CARE B; Issuer not cooperating;
   Facilities                    Revised from CARE BB; ISSUER NOT
                                 COOPERATING

   Short term Bank      9.50     CARE A4; Issuer not cooperating;
   Facilities                    Revised from CARE A4+; ISSUER
                                 NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has sought information from CCF to monitor the rating(s)
vide e-mail communications/ letters dated April 17, 2018.
However, the entity 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 CCF's bank facilities will now be denoted as
CARE B; ISSUER NOT COOPERATING*/ 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(s).

Detailed description of the key rating drivers

At the time of last rating in March 17, 2017 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Modest scale of operation in regulated medical education
industry: Despite continuous growth in total operating income,
the scale of operations remained modest marked by total operating
income of INR77.02 crore during FY16. Moreover, CCF operates in a
highly regulated industry. In addition to University Grants
Commission of India (UGC), Medical Council of India (MCI), Dental
Council of India (DCI) and All India Council for Technical
Education (AICTE), the educational institutions in India are
regulated by the respective State Governments with respect to a
number of management seats, amount of tuition fee charged for
government quota and management quota giving limited flexibility
to the institutions.

Decline in profitability margin and deterioration in leverage
during FY16: The PBILDT margin of the entity declined during FY16
over FY15 largely due to increase in employee cost and cost of
hospital consumables. Moreover, the leverage of the entity
deteriorated as on March 31, 2016 compared to March 31, 2015 due
to increase in term debt and unsecured loans from members to fund
the capex requirement.

Risk associated with implementation and stabilization of large
sized debt funded expansion: During FY16, CCF started
implementing a capex with envisaged cost of INR40.00 crore which
is being implemented in a phased manner over FY16 and FY17. The
capex was envisaged to be funded through term debt of INR36.23
crore and rest through unsecured loans from members. Any delay in
implementation of project or cost overrun might impact the
profitability of an entity.

Challenges pertaining to attracting quality doctors and medical
professionals amidst higher competition: Due to scarcity of
trained medical persons including doctors owing to heavy
competition, the loss of the services of any of senior medical
personnel may impair CCF's ability to continue to manage and
expand its operations due to heavily skill driven nature of
medical services.

Key Rating Strengths

Experienced and resourceful trustees and members of society: CCF
is headed by Dr Ajay Goenka, who is a medical practitioner with
an experience of around two decades. He is supported by his
family members on the board of trustees who are well-qualified
and run the society professionally. Dr. Ajay Goenka also operates
another hospital in Bhopal named Chirayu Health and Medicare
Private Limited.

Strong brand name in Bhopal with an established track record of
hospital operations: CCF's Medical College and Hospital is spread
over 35 acres of land located on the Bhopal-Indore Highway. The
hospital started its operations in FY11 having total capacity of
750 beds. The hospital facilities are certified by Quality
Management System (ISO-9001), Environmental Management System
(ISO-14001) and Occupational Health Safety and Hazards (ISO-
18001). The hospital offers medical facilities in segments like
cardiology, pediatrics, orthopaedics, gynaecology, ophthalmology
etc with qualified and experienced doctors' team.

Stabilisation of medical college with healthy enrolment ratio:
CCF manages education institute offering graduation course in
field of medicine like MBBS degree courses and critical care
certification courses. The academic facilities are as per the MCI
and the college is affiliated to Barkatullah University. The
medical college became operational in FY12 with an enrollment
capacity of 150 students per batch as permitted by MCI. The
enrollment ratio for MBBS (Bachelor of Medicine and Bachelor of
Surgery) has remained almost optimum since inception. CCF's
campus comprises infrastructure such as libraries, sport
facilities, hostels, research lab, auditoriums and canteen
facility. CCF also provides hostel facility to its students with
separate hostel for boys and girls.

Established in May 2001, CCF based out of Bhopal, is a society
registered under Madhya Pradesh Society Registration Act, 1973.
CCF is promoted by Dr. Ajay Goenka, Chairman and Managing
Trustee, and his family members with an objective to set up and
run a hospital along with medical & nursing college. The hospital
operates across various specialties like cardiology, pediatrics,
orthopaedics, gynaecology, ophthalmology etc. CCF also manages
education institute offering graduation course in field of
medicine like MBBS degree courses and critical care certification
courses. All the courses run by CCF are approved by the MCI.


CHROMIC STEEL: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Chromic
Steel LLP (CSL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      2.01      CARE B+; Issuer not cooperating;
   Facilities                    based on best available
                                 information

   Long-term/Short-    2.90      CARE B+/CARE A4; Issuer not
   Term Bank                     cooperating; based on best
   Facilities                    available information

   Short-term Bank     4.50      CARE A4; Issuer not cooperating;
   Facilities                    based on best available
                                 information

CARE has been seeking information from CSL to monitor the
rating(s) vide e-mail communications/letters dated April 23,
2018, May 22, 2018, May 23, May 24, 2018, May 25, 2018, May 28,
2018, May 29, 2018, 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 of Chromic Steel
LLP(CSL)'s bank facilities and instruments 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on May 10, 2017 the following were the
rating strengths and weaknesses.

Key Rating Weaknesses

Short track record of operations: CSL was established as limited
liability partnership in March 2015 and commenced its operations
from December 2015 onwards. Furthermore, due to nascent stage of
operations, net worth position of CSL remained very small as on
January 31, 2016. Also, with increase in bank borrowing along
with increase in scale of operations, interest costs is also
estimated to increase which will put pressure on margins as well
going forward.

Partnership nature of constitution: CSL being a partnership firm
is exposed to inherent risk of the partner's capital being
withdrawn at the time of contingency and also limits the ability
to raise the capital. The partners may withdraw capital from the
business as and when it is required, which may put pressure on
the capital structure of the firm.

Presence in highly competitive steel industry: CSL operates in a
highly competitive and open market of steel industry marked by
large number of medium sized players. The industry is
characterized by low entry barrier due to negligible government
policy restrictions, no inherent resource requirement constraints
and easy access to customers and supplier.

Susceptible to cyclicality of the steel industry: Prospects of
the steel industry are strongly co-related to economic cycles.
Demand for steel products is sensitive to trends of particular
industries such as automotive, construction, infrastructure,
cement, sugar, pipes and consumer durables, which are the key
consumers of steel products.

Key Rating Strengths

Moderate experience of the promoters: Mr. Chintanbhai Faldu,
mechanical engineer aged 25 years, is a well-experienced person
in the steel industry. Mr. Ishwarbhai Hingorani, Bachelor of
management studies aged 27 years previously joined family
business of manufacturing industrial, medical, high purity gases
and specialty gas mixtures. Consequently, both established
Chromic Steel LLP which has installed imported as well as
indigenous machineries having capacity of manufacturing 4,800MT
of stainless steel tubes per annum.

Rajkot-based (Gujarat), Chromic Steel LLP (CSL) was established
in March 2015 by Mr. Chintan Faldu and Mr. Ishwar Hingorani to
carry out business of manufacturing stainless steel tubes. CSL
commenced operations from December 2015 onwards. CSL supplies its
products to domestic customers and procures the material from
prime suppliers of India and also imports from China as well as
Korea.


CURE LIFE: CARE Migrates D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Cure
Life Care Private Limited (CLCPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            17.61      CARE D; Issuer not
                                    cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CLCPL to monitor the
ratings vide e-mail communications/letters dated May 22, 2018,
May 23, 2018, May 24, 2018, May 25, 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 on Cure Life Care Private
Limited (CLCPL)'s bank facilities and instruments 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 ratings.

Detailed description of the key rating drivers

Delay in debt servicing: The account has become NPA on the back
of ongoing delay in its debt servicing due to weak liquidity
position.

Cure Life Care Private Limited (CLCPL) was incorporated in 2011
to manufacture intra-venous (IV) fluid under form-fill-seal (FFS)
technology. The operations commenced from September 2015 onwards,
from its manufacturing unit in Tapi, Gujarat. Initially the
company plans to cater to domestic pharmaceutical players and
gradually expand its overseas reach.


DARP CONSTRUCTION: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of DARP
Construction (J.V.) (DARP) to 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Term Loan              15       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with DARP for obtaining
information through letters and emails dated April 23, 2018,
May 8, 2018, June 6, 2018 and June 11, 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 DARP Construction (J.V.).
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on DARP Construction (J.V.) 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 DARP Construction (J.V.) to 'CRISIL D Issuer not
cooperating'.

DARP, set up in August 2009, is a joint venture of Mr. Anant
Kumar Singh, his affiliates Ms Ranjana Kumari and Ms Pratima
Devi, his sister-in-law Ms Dehuti Sinha, M/s Shivanar
Constructions Pvt Ltd (SCPL; promoted by Ms Ranjana Kumari) and
M/s Rajnandani Projects Pvt Ltd (RPPL; promoted by Mr. Anant
Kumar's wife). DARP was formed to construct a commercial complex,
THE MALL, at Frazer Road in Patna.


DMR HOSPITALS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of DMR
Hospitals Private Limited (DMR) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Overdraft            1       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Long Term   2.6     CRISIL D (ISSUER NOT COOPERATING;
   Bank Loan Facility           Rating Migrated)

   Rupee Term Loan      8.9     CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with DMR for obtaining
information through letters and emails dated April 23, 2018,
May 8, 2018, June 6, 2018 and June 11, 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 DMR Hospitals Private Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on DMR Hospitals Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DMR Hospitals Private Limited to 'CRISIL D/CRISIL D
Issuer not cooperating'.

DMR, incorporated in 2011, runs a multi-speciality hospital in
Karnal (Haryana). The company is promoted by Dr Subhash Khanna,
Mr. Dalip Singh, Mr. Saurabh Juneja, and Mr. Tarun Chawla.


GAYATRI COTTON: CARE Migrates B+ Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Gayatri
Cotton Mills (GCM) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      8.00      CARE B+; Issuer not cooperating;
   Facilities                    based on the basis of best
                                 available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GCM to monitor the rating
vide e-mail communications/letters dated April 30, 2018, May 10,
2018, May 14, 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. In line with the extant SEBI
guidelines, CARE's rating on Gayatri Cotton Mills's bank
facilities will now be denoted as CARE B+; 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 April 12, 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Relatively short track record with small scale of operation: GCM
has been in the textile industry for the last three years only
and is a relatively small sized player with sales of INR3.0- 36.0
crore in the last three years and a small networth base of
INR3.26 crore as on March 31, 2015 (prov.). The firm has been
operating at capacity utilization of about 65% (as stated by the
management)in the last three year. While the scale of operation
continues to remain small; during FY15 (prov.), the total
operating income increased substantially (2.8 times) driven by
increased volume sale of both cotton lint and seeds.

Low profit level and cash accrual: The total operating income of
the firm has been increasing y-o-y for the last three financial
year ended FY15 (prov.). The total operating income has increased
from INR3.43 crore in FY13 to INR36.05 crore in FY15 (prov.)
representing CAGR of 224.2%. The firm commenced operation from
FY13 and hence the sales were low during the initial years of
business. With expansion of client base and commencement of sales
outside A.P., the sales volume and value has increased
significantly during FY15. The PBILDT level also increased at a
CAGR of about 69% during FY13-FY15. However, the PBILDT margin
has been witnessing continuous decline due to low value additive
nature of business and increased overhead expenses y-o-y basis.
Low PBILDT margin along with high interest cost (on high working
capital borrowings) has resulted in low PAT margin also. As per
provisional financials for Q1FY16, the firm has reported sales of
INR7.7 crore and PAT of INR0.04 crore.

Working capital intensive nature of operation with moderate
operating cycle: GCM operates in a working capital intensive
industry with associated high working capital requirements. The
operating cycle of the firm was extended in FY14 led by high
inventory days. The finished goods inventory was high during the
year as the firm processed kappas in anticipation of higher sales
and also as the clients postponed off-take and the same was
materialized in FY15. Consequently, the finished goods inventory
and inventory days reduced in FY15. The firm mainly sells in
the domestic market on cash basis and the average credit period
is about a month. The creditor days has also been on the lower
side and further reduced in FY15 as the firm has been procuring
majorly from the domestic market where major payments are in
advance. The average working capital utilization has been high at
about 95% in the last 12 months ended September 2015.

Highly regulated industry with Government fixing the Minimum
Support price of Cotton: The textile industry is highly regulated
in nature. There is excessive government regulation in textile
sector starting from Minimum Support Price (MSP) of cotton given
to farmers, quantitative export restrictions imposed cotton
ginning, pressing spinning units for export of cotton bales and
change in policy related to Duty Entitlement Pass Book (DEPB)/
duty drawback benefits on cotton and cotton yarn which is not
very favorable for the industry to earn higher margins. However
the overall demand outlook for the textile industry is expected
to remain positive, though volatility in cotton prices,
government policies towards this sector and exchange rate is
concern areas.

Key rating strengths

Satisfactory experience of partners: The partners; Mr.
InnamuriBasavaiah (aged 43 years) and Mr. InnamuriSubramanyam
(aged 44 years)have been associated with the cotton industry
since the last two decades. Besides GCM, the partners are
associated with several other businesses with presence in the
Guntur region of A.P. They also run another cotton ginning firm
in the name of Sankar Cotton Traders. The profit-loss sharing
ratio between the aforementioned two partners is 75:25.

Adequate availability of raw material due to presence of facility
in cotton growing area of Andhra Pradesh: GCM is located in
Guntur District which is one the major cotton growing areas in
Andhra Pradesh. Availability of raw material is not expected to
be an issue as the firm procures major portion of its raw
materials (Kappas) from the registered dealers in and around
Guntur. The basic raw material; cotton is a seasonal crop and
available only during the period of October to April. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand-supply scenario, export quota decided by the Government
and inventory carry forward of the previous year. The ginning
players procure raw materials in bulk quantity to avail discount
from suppliers and mitigate the seasonality associated with
availability of cotton. The raw material consumption prices have
been volatile for GCM.

Growth in total operating income during the last three years: The
total operating income of the firm has been increasing y-o-y for
the last three financial year ended FY15 (prov.). The total
operating income has increased from INR3.43 crore in FY13 to
INR36.05 crore in FY15 (prov.) representing CAGR of 224.2%. The
firm commenced operation from FY13 and hence the sales were low
during the initial years of business. With expansion of client
base and commencement of sales outside A.P., the sales volume and
value has increased significantly during FY15.

Gayatri Cotton Mills (GCM) was established in June 2012 as a
partnership firm by Mr. Innamuri Basavaiah and Mr.Innamuri
Subrahmanyam. The firm is engaged in manufacturing and processing
of Kappas into cotton lint. The firm has its facilities (14
ginners and 1 cotton baling press) located at Guntur District of
Andhra Pradesh.

The firm acquires cotton directly from the farmers and after
ginning, sells the same in the domestic market. In FY15 (Prov.),
GCM had a Profit after Tax (PAT) of INR0.18 crore on a total
operating income of INR36.05 crore, as against PAT and TOI of
INR0.13 crore and INR12.73 crore, respectively, in FY14.


GUJARAT GINNING: CARE Reaffirms B+ Rating on INR12cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Gujarat Ginning and Oil Industries (GGOI), as:

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Long-term Bank
   Facilities          12.00      CARE B+; Stable Re-affirmed

Detailed rationale

The rating assigned to the bank facilities of GGOI continues to
remain constrained on account of its leveraged capital structure
and moderate debt coverage indicators in FY18 (Provisional;
refers to the period from April 1, 2017 to March 31, 2018).
Furthermore, the ratings are also constrained on account of its
partnership nature of constitution, presence in a highly
fragmented cotton industry and seasonality associated with cotton
availability, susceptibility of margins to cotton price
fluctuations and prices and supply for cotton being highly
regulated by the government.

The rating derives comfort from the improvement in scale of
operations coupled with moderate profit margins and moderate
liquidity position in FY18 (Prov.). The rating also derives
comfort from experienced promoters and proximity to cotton
growing area of Gujarat.

GGOI's ability to increase its scale of operations and profit
margins in light of volatile raw material and fuel costs would
remain the key rating sensitivities. Furthermore, improvement in
capital structure and debt coverage indicators would also remain
crucial.

Detailed description of key rating drivers

Key Rating Weaknesses

Leveraged capital structure and moderate debt coverage
indicators:
On the back of increase in tangible net worth base, capital
structure of the firm has improved but stood leveraged marked
by an overall gearing ratio which stood at 2.82x as on March 31,
2018 (Prov.) as against 4.56x as on March 31, 2017. Further, the
debt coverage indicators have also improved and stood moderate
marked by an interest coverage ratio of 1.32x during FY18 (Prov.)
as against 1.16x during FY17 and total debt to GCA stood at
42.49x as on March 31, 2018 (Prov.) as against 65.15x as on March
31, 2017.

Presence in a highly fragmented cotton ginning industry along
with partnership nature of constitution: High proportion of small
scale units operating in the cotton value chain has resulted in
the fragmented nature of the industry as well as intense
competition within the players. Further, being a partnership
firm, GGOI is exposed to inherent risk of partners' capital being
withdrawn at the time of personal contingency, and the firm being
dissolved upon the death/retirement/insolvency of partners.

Susceptibility of margins to cotton price fluctuations and supply
for cotton are highly regulated by government: Profit margins of
GGOI remain susceptible to changes in its primary raw material
i.e. raw cotton which is being agricultural commodity its prices
are volatile in nature and linked to production in the domestic
market. Further, the cotton prices in India are highly regulated
by the government through MSP (Minimum Support Price) hence any
adverse change in government policy may also impact the prices of
raw cotton.

Key Rating Strengths

Improving scale of operations coupled with moderate profit
margins during FY18: During FY18 (Prov.), the scale of operations
has registered a growth of 22.59% compared to FY17 (A), marked by
the total operating income of GGOI which has stood at INR72.08
crore as against INR58.80 crore during FY17 due to addition of
new customers. Overall profit margins stood moderate marked by
PBILDT and PAT Margin which stood at 2.09% and 0.51% during
FY18(Prov.) as against 2.87% and 0.13% during FY17.

Moderate liquidity position: The liquidity position stood
moderate marked by current ratio stood at 1.47x as on March 31,
2018 (Prov.) as against 1.25x as on March 31, 2017. Operating
cycle has improved from 106 days during FY17 to 89 days during
FY18 (Prov.). Average fund-based working capital utilization
remained 95% for the past 12 months ended April 2018.

Experienced promoters: GGOI has been promoted by nine partners in
1994. Currently, the firm has been managed by two partners and
both the partners hold healthy experience in the cotton industry
through their association with GGOI as well as other two
associate concerns Gujarat Hy-spin Limited and Paras Cotton.

Proximity to cotton-growing area of Gujarat: The manufacturing
facilities of GGOI are located at Gondal in Gujarat. GGOI's
presence in the cotton producing region results in benefit
derived from a lower logistic expenditure (both on transportation
and storage), easy availability and procurement of raw materials
at effective prices.

GGOI was promoted in 1994 as a partnership firm; currently there
are two partners Mr. Maganlal Parvadia having 65% share and Mr.
Chandulal Parvadia having 35% share in the firm. GGOI is involved
in the cotton ginning & pressing and crushing of cotton seed with
main products as cotton bales, cotton seeds and cotton seed oil.
It has an installed capacity of 300 bales per day (annualized
capacity of 90,000 bales as 300 working days) and 50 MT Cotton
Oil per day (annualized capacity of 15000 MT as 300 working days)
for cotton bales as on March 31, 2018 at its sole manufacturing
facility located at Gondal (Gujarat).The firm has two associate
concerns named Gujarat Hy-spin Private Limited and Paras Cotton


H. R. POWER: CRISIL Hikes Rating on INR12cr Cash Loan to B-
-----------------------------------------------------------
CRISIL has revised its ratings on the bank facilities of
H. R. Power Projects Private Limited (HRPPPL) from 'CRISIL B-
/Stable/CRISIL A4' to 'CRISIL D/CRISIL D' and simultaneously
upgraded the ratings to 'CRISIL B-/Stable/CRISIL A4'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee         5        CRISIL A4 (Revised from
                                   'CRISIL A4' to 'CRISIL D' and
                                   Simultaneously Upgraded to
                                   'CRISIL A4')

   Cash Credit            12       CRISIL B-/Stable (Revised from
                                   'CRISIL B-/Stable' to
                                   'CRISIL D' and Simultaneously
                                   Upgraded to 'CRISIL B-/
                                   Stable')

   Letter of Credit        7       CRISIL A4 (Revised from
                                   'CRISIL A4' to 'CRISIL D' and
                                   Simultaneously Upgraded to
                                   'CRISIL A4')

The downgrade reflects the devolvement of letter of credit (LC)
in October 2017, and subsequent non-payment of the facility for
more than 30 consecutive days, on account of stretched working
capital cycle leading to liquidity mismatch. The stretch in
liquidity is also reflected in fully utilised working capital
limit caused by delay in realisation of receivables. If
receivables continue to be delayed, liquidity will remain
stretched. The simultaneous rating upgrade reflects sufficient
track record of timely debt servicing by the company since then.

The ratings reflect the company's weak liquidity on account of
large working capital requirement leading to high dependence on
working capital limit, modest scale of operations in a fragmented
industry, and weak financial risk profile. These weaknesses are
partially offset by the promoters' experience in the electrical
components industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement resulting in weak liquidity:
Gross current assets (GCA) were sizeable at 608 days, with
inventory and receivables at 407 and 220 days, respectively, and
payables at 220 days, as on March 31, 2017. GCA have been
estimated at around 1000 days as on March 31, 2018, driven by
inventory at around 750 days and debtors at around 250 days.
Inventory has increased as on March 31, 2018, because of
deferment of an order for supply and installation of
transformers. Operations are likely to remain working capital
intensive over the medium term. The large working capital
requirement has led to high dependence on working capital limit,
reflected in fully utilised bank limit over the 12 months through
May 2018, with instances of over-utilisation due to frequent LC
devolvement. There were two instances of LC devolvement and
subsequent non-payment for more than 30 straight days during
fiscal 2018. In the absence of enhancement of working capital
limit, CRISIL expects the liquidity to remain stretched over the
medium term.

* Modest scale of operations in a fragmented industry: Scale
remained small, with operating income declining sharply to around
INR8.5 crore in fiscal 2018 from INR17.5 crore in the previous
fiscal due to deferment of an order for supply and installation
of transformers. Despite orders of around INR50 crore to be
executed in fiscal 2019, the scale will likely remain modest over
the medium term.

* Weak financial risk profile: The financial risk profile is
constrained by below-average debt protection metrics indicated by
interest coverage of 1 time in fiscal 2018. Total outside
liabilities to adjusted networth ratio was modest at 3.3 times as
on March 31, 2018, driven by working capital limit utilisation of
INR12.5 crore against networth of around INR6 crore.

Strength

* Promoters' extensive experience in the electrical component
industry: Experience of a decade has resulted in strong business
association of the promoters with other players in the industry,
which could help the company get fresh orders.

Outlook: Stable

CRISIL believes HRPPPL will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if there is healthy revenue growth along with stable
operating margin, and improvement in working capital requirement.
The outlook may be revised to 'Negative' if a significant decline
in revenue or profitability, or stretch in working capital cycle,
or larger-than-expected, debt-funded capital expenditure weakens
the financial risk profile.

HRPPPL is based in Punjab and was promoted by Mr. Ajay Kansal, Ms
Krishna Kumari, Mr. Karan Kansal, and Ms Priti Kansal in 2010 by
taking over the business of M/s HR Powers, a partnership firm of
the promoters. The company manufactures electric transformers for
the power sector and undertakes contracts for the installation
and erection of transformers. Its plant is in Bhatinda, Punjab,
and has installed capacity of 350,000 kilo Volt-Ampere (kVA) per
annum for transformers (ranging from 6.3 kVA to 500 kVA).


H K LUMBERS: CRISIL Lowers Rating on INR5.5cr Loan to D
-------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of H K
Lumbers LLP (HKL) to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        1.5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

   Letter of Credit    5.5      CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL A4 ISSUER
                                NOT COOPERATING')

CRISIL has been consistently following up with HKL for obtaining
information through letters and emails dated July 13, 2017, and
August 17, 2017 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
has not received any information on either the financial
performance or strategic intent of VIPL. This restricts CRISIL's
ability to take a forward-looking view on the credit quality of
the entity. CRISIL has downgraded its ratings on the bank
facilities of HKL to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'.

The downgrade reflects on-going delays in debt servicing, because
of its stretched liquidity position.

Established in 2014, HKL is a Gujarat based company engaged in
trading of timber. Apart from trading, it would also undertake
processing of timber so as to cater to customized orders. The day
to day operations will be managed by Mr. Bharat Kumar Rudrani.


H S RAMESH: CARE Assigns B+ Rating to INR5.0cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of H S
Ramesh (HSR), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           5.00        CARE B+; Stable Assigned

   Short-term Bank
   Facilities           4.00        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of HSR are tempered
by small scale of operations with proprietorship nature of
operations, short term revenue visibility from order book
position with high geographical concentration risk, working
capital intensive nature of operations and margins susceptible to
change in raw material prices.

However, the ratings derive comfort from experienced promoter
with long track record of operations, growth in operating income
during the period under review, financial risk profile marked by
satisfactory capital structure and debt coverage ratios and
satisfactory profitability margins although declining year-on-
year and Going forward the ability of the firm to bag new orders,
increase its scale of operations and to reduce geographical
concentration risk will be key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with proprietorship nature of
constitution: The firm has been in operation since 2010 and
despite being in operation for 8 years; the scale of operations
remained small at INR35.53 crore in FY17 marked by a small net
worth base of INR9.68 crore as on March 31, 2017. The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits.

HSR, being a proprietorship concern, is exposed to inherent risk
of the promoter's capital being withdrawn at time of personal
contingency and firm being dissolved upon his death. Moreover,
proprietorship firm business has restricted avenues to raise
capital which could prove a hindrance to its growth. However,
there has been no withdrawal of capital during the review period.

Short term revenue visibility from order book position with high
geographical concentration risk: The firm has only one PWD
contract in hand of value of INR10.30 crore as on March 31, 2018
which is scheduled to be completed by September 2018. The work is
expected to be completed 25% by May 2018, 65% by July 2018 and
fully complete by September 2018. The projects undertaken by HSR
are confined only to Karnataka state resulting in high
geographical concentration risk.

Working capital intensive nature of operations: The firm, being
in the construction industry, has high working capital
requirement to meet its operations. The firm has a working
capital limit of INR5 crore and the average working capital
utilization for FY17 was 100% and it remained the same for FY18
(prov.). The working capital cycle period increased from 75 days
in FY16 to 98 days in FY17 due to increase in average inventory
period from 84 days in FY16 to 88 days in FY17 on back of
contracts being executed.

Profit margin susceptible to change in raw material prices: The
prices of raw materials i.e. sand, cements, bricks and steel etc.
have remained fluctuating in past and are also dependent upon the
availability of these raw materials. Further, the average cost of
unskilled labour has reflected increasing trend in the recent
past. Moreover, projects in hand of HSR do not contain any price
escalation clauses related to the prices of raw material. Hence,
HSR remains exposed to raw material and labour price fluctuation
risk and any adverse movement in the key raw material or
unskilled labour cost may have direct bearing on the net margins
of the HSR.

Key Rating Strenghts

Experienced promoters with a long track record of operations:
The proprietor, Mr. H S Ramesh, has been in the business of
undertaking construction contracts for over two decades.

The firm was established in year 2010 and since its
establishment; HSR has undertaken number of construction
contracts of roads, buildings, bridges. Due to its long-term
presence in the market, the firm has established relationship
with government organizations and suppliers.

Growth in operating income during the period under review and
satisfactory profitability margins although declining year-on-
year: During the period under review, HSR has shown a growth in
the operations. The total operating income of the firm grew
at CAGR of about 11% during FY15-FY17 with year-on-year growth of
about 8% to INR36.53 crore in FY17 as compared to INR33.91 crore
in FY16 on account of increase in execution of work orders year-
on-year.

The profitability margins of the firm have been satisfactory
during review period although declining year-on-year. The
PBILDT margin of the firm has been declining year-on-year from
8.64% in FY15 to 7.33% in FY17 due to increasing cost of
inputs along with increase in power and fuel charges.
Furthermore, the PAT margin of the firm has been declining year-
on-year from 5.22% in FY15 to 3.61% in FY17 on account of
increase in interest cost.

Financial risk profile marked by satisfactory capital structure
and debt coverage ratios: The capital structure of the firm has
been improving year-on-year and remained satisfactory as on
March 31, 2017, as reflected by an overall gearing of 1.07x and
debt-equity ratio of 0.13x due to increasing networth on account
of accretion of profit and repayment of long-term debt
installments. The total debt profile of the firm consists of
working capital borrowings of INR5 crore, term loan of INR0.97
crore and other short term loans of INR4.02 crore. The net worth
of the firm, however, remained low at INR9.68 crore as on
March 31, 2017.

At the back of repayment of long term loans, the term debt/GCA
improved and stood at 0.76x as on March 31, 2017 as compared to
1.10x as on March 31, 2016. The interest coverage of the firm has
been satisfactory during review period, however, deteriorating
year-on-year from 4.85x in FY15 to 2.77x in FY17 due to increase
in interest and finance costs during the year on account of
increasing requirement of working capital borrowing to fund the
day to day operations.

H S Ramesh (HSR) is a proprietorship firm established in 2010 by
Mr. H. S. Ramesh in Mysore, Karnataka. The firm is a class I
contractor for Public Works Department (PWD), Karnataka for
undertaking civil constructions of buildings, roads etc. Over the
last few years, HSR has undertaken various contracts for
construction of roads, buildings in Mysore and Bengaluru regions
of Karnataka for the Public Works Department, Karnataka.
Currently, the firm is executing contracts for PWD in Mysore for
construction of roads worth INR10.30 crore in Mysore and Rampura
districts of Karnataka.


HYQUIP SYSTEMS: CARE Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Hyquip
Systems Limited (HSL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank
   Facilities          5.38      CARE D; Issuer not cooperating;
                                 Based on best available
                                 Information

   Short-term Bank
   Facilities          27.00     CARE D; Issuer not cooperating;
                                 Based on best available
                                 information
Detailed Rationale & Key Rating Drivers

CARE has been seeking information from HSL 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 company 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 Hyquip
Systems Limited's bank facilities will now be denoted as CARE D;
Issuer not Cooperating/CARE D; 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 April 12, 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Strained liquidity position due to high collection period
resulting in ongoing delays in debt servicing: During FY15
(refers to the period April 1 to March 31), liquidity position of
the company continued to remain stretched on account of delayed
realization from debtors. Collection period of the company
increased from 272 days as on March 31, 2014, to 295 days as on
March 31, 2015, the same remained on a higher side on account of
delay in the receipt of payments from Original Equipment
Manufacturer (OEMs) as well as companies in the power and cement
sector resulting in liquidity pressure over the company and
leading to ongoing delays in the servicing of debt obligations.

Continued decline in the total operating income during FY15: HSL
has witnessed continuous decline in the total operating income
during last 3 years. The total income of the company has declined
to INR38.52 crore in FY15 against INR43.86 crore in FY14 at the
back of decline in orders received from customers.

Key rating strengths

Experienced promoters and management team: Mr. K B K Reddy, the
promoter of the Hyquip group has steered the group from a small
proprietary unit to a professionally managed engineering
enterprise during the last three decades. He looks after general
administrative functions of the company and also leads the
research wing of HSL. HSL has a team of qualified and experienced
professionals who look after the operations.

HSL was incorporated in 1984, and it is the flagship company of
the Hyderabad-based Hyquip group. HSL is primarily engaged in the
designing and manufacturing of material handling system and also
has interests in flow control equipment and industrial
automation. Mr. K B K Reddy, the founder promoter of the Hyquip
group has well over three decades of experience in the material
handling equipment industry.

In FY15, HSL had a surplus of INR0.19 crore and total operating
income of INR38.52 crore, as against PAT and TOI of INR0.28 crore
and INR43.86 crore respectively, in FY14.


JKR SONA: CRISIL Migrates B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of JKR Sona
Mandi Jewellers Private Limited (JKR) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term      1        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with JKR for obtaining
information through letters and emails dated April 24, 2018, May
9, 2018, June 6, 2018 and June 11, 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 JKR Sona Mandi Jewellers
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on JKR Sona Mandi Jewellers
Private Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.

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

Incorporated in September 2004 and promoted by Mr. Shivam Singla
and his wife, Ms. Seema Singla, JKR sells gold and diamond-
studded jewellery to wholesalers and retailers. It has a showroom
in Delhi's Chandni Chowk area.


MACHHI RAM: CRISIL Hikes Rating on INR25cr Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Machhi Ram Kishan Chand Sidana (MRKCS) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            25       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects continuous improvement in MRKCS's business
risk profile, backed by growth in revenue and steady
profitability. Revenue increased to an estimated INR86.39 crore
in fiscal 2018 from INR59.75 crore in fiscal 2015 due to higher
volume sales and addition of new customers. Profitability
remained steady and is estimated at around INR5 crore in fiscal
2018 leading to moderate cash accrual of INR83 lakh against
minimal debt obligation.

The rating also reflects MRKCS's large working capital
requirement, exposure to intense competition, vulnerability to
fluctuations in raw material prices and to changes in government
policies, and weak financial risk profile. These weaknesses are
partially offset by the experience of the partners and their
funding support.

Analytical Approach

Unsecured loans (outstanding at around INR1 crore as on March, 31
2018) extended to MRKCS by the partners have been treated as
neither debt nor equity for analytical purposes and will be
retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement and exposure to intense
competition: Operations have been working capital intensive, with
gross current assets and inventory at 201 days (216 days a year
ago) and 192 days (198 days), respectively, as on March 31, 2018.
Inventory is sizeable as paddy, the key raw material, is only
available during the crop season (October to December) each year.
Further, intense competition may continue to restrict scalability
and limit pricing power, thereby constraining profitability.

* Vulnerability to fluctuations in raw material prices and
adverse changes in government policies: Since cost of paddy
accounts for 80-85% of total production cost, operating margin
will remain exposed to any sharp volatility in paddy prices.
Furthermore, in response to domestic market conditions, the
government periodically imposes restrictions on rice exports, and
prevents any hike in prices in the domestic market, thus
constraining profitability of millers.

* Weak financial risk profile: Estimated total outside
liabilities to adjusted networth ratio has been high at 12.66
times as on March 31, 2018, (14.14 times a year ago) due to large
working capital debt; this trend may continue over the medium
term. Adjusted interest coverage and net cash accrual to adjusted
debt ratios were 1.3 times and 2% estimated, respectively, in
fiscal 2018.

Strengths

* Experience of partners and their funding support: Benefits from
the partners' experience of around three decades, their strong
understanding of the local market dynamics and healthy relations
with customers and suppliers should continue to support the
business. The partners are also expected to continue extending
timely, need-based unsecured loans to aid financial flexibility.

Outlook: Stable

CRISIL believes MRKCS will continue to benefit from the
experience of the partners and their funding support. The outlook
may be revised to 'Positive' if substantial increase in cash
accrual, sizeable capital infusion, or prudent working capital
management strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if decline in revenue or
profitability, or any large, debt-funded capital expenditure
weakens liquidity.

MRKCS, a partnership firm set up in 1983, mills and processes
basmati rice, and caters to wholesalers and distributors, both in
the domestic and export markets. The plant at Jalalabad (Punjab)
has milling capacity of 4 tonne per hour. Mr. Surinder Kumar and
Mr. Vimal Kumar manage the business.


MANOJ JAISWAL: CRISIL Migrates 'B' Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India guidelines, had migrated its ratings
on the bank facilities of Manoj Jaiswal and Others (MJ) to
'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. However,
management has subsequently started sharing information necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL has migrated its ratings from 'CRISIL
B/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL
B/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              6        CRISIL A4 (Migrated from
                                   'CRISIL A4 ISSUER NOT
                                   COOPERATING')

   Proposed Long Term     3        CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The ratings reflect MJ's weak debt protection metrics, modest
scale of operations with geographical concentration, and
susceptibility to regulatory risk, licence allocation through
lottery, volatility in raw material prices, and changes in
government policies. These weaknesses are partially offset by
promoters' extensive experience in the rice industry and their
steady funding support.

Analytical Approach

Unsecured loan of around INR53 lakhs (estimated) as on March, 31,
2018, has been treated as debt for analytical purpose.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations, geographical concentration in
revenue, and susceptibility to regulatory risk: Scale has
remained volatile owing to licence-based business. Hence, income
has remained subdued, reflected in estimated operating income of
around INR45 crore for fiscal 2018. Also, entire turnover is
derived from Jodhpur and Nagaur districts of Rajasthan.

* Susceptibility of operating performance to licence allocation
through lottery: Licences for liquor shops are allocated through
lottery, which does not guarantee any fixed number of licences.
Hence, this has have a direct impact on scale of operations.

* Weak debt protection metrics: Adjusted interest coverage and
net cash accrual to adjusted debt ratios are estimated at 1.5
times and 3%, respectively, for fiscal 2018. Total outside
liabilities to tangible networth ratio may remain high over the
medium term due to large working capital debt.

Strengths

* Promoters' experience and funding support: Presence of more
than a decade in the liquor retail industry through group
companies has enabled the promoters to understand market dynamic.
Promoters have also extended continuous funding support via
unsecured loans and will continue to do so.

Outlook: Stable

CRISIL believes MJ will benefit from its promoters' extensive
experience. The outlook may be revised to 'Positive' if the firm
sustains increase in scale of operations and profitability or
diversifies revenue profile through addition of new geographies,
while improving capital structure. The outlook may be revised to
'Negative' in case of an adverse impact of regulatory changes on
profitability and revenue growth, or if working capital cycle
stretches.

MJ is an association of persons having 134 members. The firm was
established in 2004 by Jaiswal family and sells liquor in Jodhpur
through nine retail shops.


MURTI RICE: CRISIL Reaffirms B+ Rating on INR2.4cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Murti Rice Mill (MRM).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        2         CRISIL A4 (Reaffirmed)
   Cash Credit           2.4       CRISIL B+/Stable (Reaffirmed)
   Term Loan             1.2       CRISIL B+/Stable (Reaffirmed)

The rating reflects the modest scale of operations amidst intense
competition, large working capital requirements, exposure to
fluctuations in raw material prices and uneven monsoon and below-
average financial risk profile, marked by a weak capital
structure and moderate debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the rice milling business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Limited capacity and intense
competition in the rice industry have led to a modest scale,
reflected in revenues of INR17-18 crores for fiscal 2018. Modest
scale also restricts benefits of economies of scale and limits
pricing flexibility, thereby constraining profitability.

* Below-average financial risk profile: Financial risk profile is
marked by a high gearing and total outside liabilities to total
networth (TOLTNW) of 2.98 times and 3.67 times respectively as on
March 31, 2018, and moderate debt protection metrics marked by
interest coverage ratio of 2.5 times and net cash accruals to
total debt (NCATD) of 0.11 times in fiscal 2018.

* Large working capital requirements: Operations are moderately
working capital intensive, as reflected in estimated gross
current assets of 125-215 days for past three fiscals ended March
2018, driven by large inventory and receivables. This leads to
high dependence on bank lines to fund the working capital
requirements.

* Exposure to volatility in raw material prices and uneven
monsoon: Vulnerability of the basmati crop to the vagaries of the
rainfall can lead to fluctuations in availability and prices of
paddy, and thus could impact the business risk profile of rice
processors such as MRM.

Strength

* Extensive experience of the proprietor: Promoters' eextensive
experience and understanding of the dynamics of the local market
helps in anticipating price trends and calibrating purchasing and
stocking decisions.  Benefits from the decade-long experience of
the proprietor, and their longstanding relationships with
customers and suppliers, will continue to support the business.

Outlook: Stable

CRISIL believes MRM will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if substantial growth in revenue and stable
profitability, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if large debt-funded
expansions, sharp decline in revenue and profitability, or large
capital withdrawal by the partners, weakens the financial risk
profile.

MRM, set up as a proprietorship firm in 2004, is engaged in
milling of non-basmati rice. The firm, based out of Kurud,
Chhattisgarh, has been promoted by Mr. Sunil Agarwal.


NARAYAN COTTON: Ind-Ra Lowers Long Term Issuer Rating to 'B'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Narayan Cotton
Industries' (NCI) Long-Term Issuer Rating to 'IND B' from 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR6.96 mil. (reduced from INR10.63 mil.) Term loan due on
    May 2020 downgraded with IND B/Stable rating; and

-- INR100 mil. (reduced from INR160 mil.) Fund-based working
    capital limits downgraded with IND B/Stable rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in NCI's credit metrics
resulting from a decline in operating profitability to 2.0% in
FY18 (FY17: 2.9%). Gross interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 0.8x in FY18
(FY17: 1.3x) and net leverage (total adjusted net debt/operating
EBITDA) to 13.1x (10.9x). The decline in the operating
profitability was because of fluctuations in raw material prices
and an increase in procurement expenses. FY18 figures are
provisional in nature.

The ratings continue to factor in the firm's medium scale of
operations as reflected by revenue of INR506 million in FY18
(FY17: INR422.1 million). The increase in revenue was on account
of a rise in orders.

The ratings continue to be constrained by NCI's tight liquidity
position as indicated by full utilization of its working capital
limits during the 12 months ended May 2018. Net working capital
cycle remained elongated at around 72 days in FY18 (FY17: 76
days).

The ratings, however, continue to benefit from NCI's partners'
more than two decades of experience in the cotton processing and
trading business.

RATING SENSITIVITIES

Positive: An improvement in the credit metrics and liquidity
profile on a sustained basis will be positive for the ratings.

Negative: A sustained deterioration in the credit metrics will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2009 as a partnership firm, NCI is primarily
engaged in the cotton ginning and pressing business. Its
manufacturing unit is located in Kadi, Gujarat.


OM SATYA: CARE Assigns B+ Rating to INR5.04cr LT Loan
-----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Om
Satya Overseas (OSO), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank
   Facilities            5.04       CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of OSO is constrained
by its short track record and modest scale of operations with low
net-worth base & low profitability margins and weak financial
risk profile. The rating is further constrained by susceptibility
to fluctuation in raw material prices and monsoon dependent
operations, partnership nature of constitution and fragmented
nature of industry coupled with high level of government
regulation. The rating, however, derives strength from
experienced partners in the agro based industry, short operating
cycle and favorable location of plant.

Going forward, the ability of the firm to increase the scale of
operations while improving its solvency position and
profitability margins would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners in the agro based industry: OSO was
established in August 2015 as a partnership firm and is currently
being managed by Mr. Ravi Kumar Gupta and Mr. Ajay Kumar Gupta.
The partners have an industry experience of two - two and a half
decades which they have gained through their association with OSO
and M/s Akshay Rice Trading Company. This has led to management's
better understanding of the market and establishment of strong
relations with the suppliers as well as the customers.

Short operating cycle: The operating cycle of the firm stood
short at 6 days for FY17 (PY: 5 days). The firm is required to
maintain adequate inventory of finished goods to meet customers
demand on time which resulted in average inventory period of 39
days for FY17 (PY: 47 days). The same improved as compared to
previous year due to decrease in unsold finished goods.

Furthermore, the firm provides credit period of two weeks to its
customers which led to average collection period of 9 days for
FY17 (PY: 1 day). OSO procures raw materials with average payable
period of around 2 months resulting into average creditor period
of 41 days for FY17 (PY: 43 days). The working capital limits
remained fully utilized for the last 12 months period ended April
2018.

Favorable location of plant: OSO's manufacturing unit is located
in Karnal, Haryana. The area is one of the hubs for paddy/rice,
leading to its easy availability. The unit is also in proximity
to the grain market resulting in procurement at competitive
rates. The presence of OSO in the vicinity of paddy producing
regions gives it an advantage over competitors operating
elsewhere in terms of easy availability of the raw material as
well as favorable pricing terms.

Key Rating Weaknesses

Modest scale of operations coupled with low net worth base and
low profitability margins: Owing to limited track record of
operations, the scale of operations has remained modest marked by
total operating income of INR71.64 crore in FY17 and low net
worth base of INR1.22 crore as on March 31, 2017. The scale of
operations increased from INR23.75 crore in FY16 due to higher
orders received from customers. However, the same continues to
remain modest. The modest scale of operations limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits.  Further, the profitability margins of the firm
remained low marked by PBILDT margin of 1.27% and PAT margin of
0.08% in FY17.

Weak financial risk profile: The capital structure of the firm is
leveraged marked by overall gearing ratio of 5.08x as on
March 31, 2017. It deteriorated from 4.94x as on March 31, 2016
due to higher utilization of working capital limits as on balance
sheet date as compared to previous year. Further, the debt
coverage indicators of the firm stood weak marked by total debt
to GCA Ratio of 11.15x for FY17. It deteriorated from 9.88x for
FY16 due to increase in debt levels of the firm in FY17. However,
the Interest coverage ratio stood moderate at 2.59x in FY17. It
deteriorated from 4.81x in FY16 due to increase in interest
expenses.

Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature. The
price of rice moves in tandem with the prices of paddy.

Availability and prices of agro commodities are highly dependent
on the climatic conditions. Adverse climatic conditions can
affect their availability and leads to volatility in raw material
prices. Any sudden spurt in raw material prices may not be passed
on to customers completely owing to firm's presence in highly
competitive industry.

Partnership nature of constitution: OSO's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision of the lenders.

Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
There are several small scale operators which are not into end-
to-end processing of rice from paddy, instead they merely
complete a small fraction of processing and dispose-off
semiprocessed rice to other big rice millers for further
processing. The raw material (paddy) prices are regulated by
government to safeguard the interest of farmers, which in turn
limits the bargaining power of the rice millers.

Om Satya Overseas was established as a partnership firm in 2013.
However, the operations started in August 2015. It is currently
being managed by Mr. Ajay Kumar Gupta and Mr. Ravi Kumar Gupta
sharing profits and losses equally. The firm is engaged in
processing of paddy at its manufacturing facility located in
Karnal, Haryana with an installed capacity of 20,000 metric
Tonnes of paddy per annum as on April 30, 2018. OSO sells rice
primarily to various rice wholesalers through brokers, dealers
and commission agents based in different parts of the country. It
also exports the traded goods to U.S.A. and UAE (income from
exports constitutes 10% of the total income in FY17).


PLUTO CERAMIC: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Pluto
Ceramic (PTC) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank      4.30      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

   Short-term Bank     1.25      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PTC to monitor the ratings
vide e-mail communications/letters dated May 22, 2018, May 23,
2018, May 24, 2018, May 25, 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 Pluto Ceramic's
(PTC) bank facilities and instruments 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 ratings.

Detailed description of the key rating drivers

Delay in debt servicing: There are ongoing delays in its debt
servicing due to weak liquidity position.

Wankaner-based (Gujarat) PTC was established as a partnership
firm by its key partners Mr. Sandipbhai Arjanbhai Chikhaliya, Mr.
Arvindbhai Keshavjibhai Metaliya, Mr. Jayeshhai Dineshbhai
Ranipa, Mr. Gautam Ramjibhai Patel along with other partners in
December 2010. The commercial production for manufacturing of
Ceramic wall tiles, Ceramic wall glazed tiles and Ceramic digital
wall tiles commenced in November 2011.

Currently, PTC operates out of its sole manufacturing unit in
Wankaner, with an installed capacity of 22.8 lakh boxes (tile
size of 8" X 12" and 12" X 12") per annum. PTC exports
approximately 2-10% of its products through merchant exporter,
who in turn primarily exports to United Arab Emirates (UAE) and
other African countries.


R.I. COTTON: CARE Migrates B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of R.I.
Cotton Private Limited (RICPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     16.56      CARE B: Issuer not cooperating;
   Facilities                    Based on best available
                                 information

   Short term bank     2.25      CARE A4; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RICPL to monitor the
ratings vide e-mail communications/letters dated May 22, 2018,
May 23, 2018, May 24, 2018, May 25, 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 ratings of R.I. Cotton Private
Limited (RICPL)'s bank facilities and instruments 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 ratings.

The ratings take into account small scale of operations coupled
with moderate profit margins, moderately leveraged capital
structure and weak debt coverage indicators, weak liquidity
position in FY17 (refers to the period April 1 to March 31).
Furthermore, the ratings continue to remain constrained due to
susceptibility of operating margins to volatile cotton prices and
Prices and supply for cotton are highly regulated by government.
The ratings, however, take comfort from the long experience of
the promoters in the cotton ginning industry and its presence in
the cotton producing region of Gujarat. The ability of RICPL to
increase it scale of operations, profitability, improve capital
structure & liquidity position are the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on April 24, 2017 the following were
the rating strengths and weaknesses.

(Updated for the information available from Registrar of
Companies)

Key Rating Weaknesses

Small scale of operations coupled with moderate profit margins:
During FY17, RICPL has registered a de-growth of 76.15% and stood
at INR14.24 crore as against INR59.71 crore during FY16.
Profitability margins of RICPL stood moderate marked by PBILDT
margin stood at 7.80% in FY17 as against 2.40% in FY16 and the
PAT margin stood at 0.16% during FY17 as against 0.14% during
FY16.

Moderately leveraged capital structure and weak debt coverage
indicators: As on March 31, 2017, capital Structure of RICPL has
improved but remain moderately leveraged marked by overall
gearing ratio at 1.74 times as against 4.15 times as on March 31,
2016. Debt coverage indicators of RICPL has deteriorated and
stood weak marked by Total debt to GCA stood at 232.31 times as
on March 31, 2017 as against 39.13 times as on March 31, 2016.
Interest coverage ratio has also deteriorated and stood weak at
0.50 times during FY17 as against 0.76 times during FY16.

Weak liquidity position: During FY17, Liquidity position of RICPL
stood weak marked by below unity current ratio of 0.88 times
which has declined from 1.05 times during FY16. Working capital
cycle has stood elongated at 314 days during FY17 as against 122
days during FY16.

Susceptibility of operating margins to fluctuations in raw
material prices and impact of regulatory changes along with
presence in highly fragmented industry with low value addition:
The operating margins are susceptible to fluctuation in prices of
raw cotton and government interventions in the form of Minimum
Support Price (MSP) as the same is an agro-commodity. Also, the
nature of operations entail low-value addition, while there are
large numbers of organized and unorganized players in the cotton
industry making it highly fragmented.

Key Rating Strengths

Experienced promoters with location advantage: The key promoter
have an experience of more than 15 years of experience in the
cotton industry, while RICPL derives benefit on account of it
being located in the cotton producing belt of Gujarat having easy
access to raw material, labor and logistic facilities.

Incorporated in June 2010, R.I. Cotton Pvt. Ltd. (RICPL) is a
private limited company. Promoted by the Patel family based
out of Kadi (Gujarat), RICPL is engaged in cotton ginning and
pressing at its sole manufacturing facility located at Kadi with
an installed capacity of 22,500 Metric Tons per Annum (MTPA) as
on March 31, 2015. Mr. Niranjan R. Patel, key promoter and
director, is actively involved in the strategic and routine
operations of the company.

RICPL belongs to the Vaibhav Laxmi Group (VLG), which has
presence across cotton processing value chain. VLG is primarily
present in cotton ginning , manufacturing, trading and exports of
cotton bales, cotton seeds, cotton seeds cakes through Vaibhav
Laxmi Exports Pvt. Ltd and Vaibhav Laxmi Industries.


SAATVEEKA TRADING: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Saatveeka
Trading Company's (SATC) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR88.7 mil. (reduced from INR100 mil.) Fund-based working
     capital limits downgraded with IND BB-/Stable rating; and

-- INR20 mil. Non-fund based limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects deterioration in SATC's credit metrics to
weak from modest. In FY18, its interest coverage (operating
EBITDA/gross interest expense) was 1.4x (FY17: 1.6x) and net
financial leverage (total adjusted net debt/operating EBITDAR)
was 4.67x (3.81x). The deterioration in the credit metrics was
due to a proportionately higher increase in interest cost and
debt than that in EBITDA. FY18 financials are provisional.

The ratings are constrained by a fall in SATC's scale of
operations to small from modest. SATC's revenue fell to INR317.7
million in FY18 from INR546.8 million in FY17 owing to the
company's decision to end the trading of MS steel.

The ratings continue to be constrained by the weak liquidity
profile of SATC, indicated by an average 97% utilization of the
fund-based working capital limits for 12 months ended May 2018,
with one instance of overutilization that was regularized within
a day.

The ratings, however, continue to benefit from the founder's
extensive experience of over three decades in the steel trading
business and a rise in operating margin to 8.7% in FY18 from 5.9%
in FY17. The rise was driven by the end of the trading of low-
margin MS steels.

RATING SENSITIVITIES

Negative: Any fall in the operating margin, leading to any
deterioration in the credit metrics, would be negative for the
ratings.

Positive: Any rise in the revenue, along with any improvement in
the credit metrics, would be positive for the ratings.

COMPANY PROFILE

SATC trades high-speed steel and alloy steel. SATC was the first
entity in India to be accredited with ISO 9001-2008 for the
trading of high-speed steel and alloy steel.


SAINEST TUBES: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sainest Tubes
Private Limited (STPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limits assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR260 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect STPL's moderate scale of operations.
According to FY18 provisional financials, revenue grew 15.3% yoy
to INR835.6 million (FY16: INR695.3 million), driven by an
increase in orders from the domestic market. Ind-Ra expects
further revenue growth in the medium term on account of a steady
order inflow. Also, EBITDA margin fluctuated in the range of 8%-
10% over FY14-FY18, owing to volatile raw material prices.

The ratings are constrained by STPL's moderate credit metrics and
liquidity due to high debt levels because of working capital
intensity. Net financial leverage (adjusted net debt/operating
EBITDA) improved to 2.6x in FY18 (FY17: 3.5x; FY16: 3.8x) and
gross interest coverage (operating EBITDA/gross interest expense)
to 2.0x (1.4x; 1.4x), due to a fall in total debt and an
improvement in margins to 10% (8.3%). STPL's average maximum
utilization of the fund-based limits was 90.1% over the 12 months
ended April 2018.

The ratings are supported by the promoter's three decades of
experience in the seamless carbon steel tubes industry.

RATING SENSITIVITIES

Negative: Any decline in the EBITDA margin and thus credit
metrics and/or liquidity could lead to a negative rating action.

Positive: A substantial improvement in the scale of operations
along with an improvement in the credit metrics on a sustained
basis will be positive for the ratings.

COMPANY PROFILE

Incorporated in December 1988, STPL commenced commercial
production of precision seamless carbon steel tubes and pipes in
1993. The production capacity of the company is 9,600MTPA. These
tubes are manufactured for mother tubes and find application in
various oil refineries, petrochemical industries, heat exchangers
and automobile ancillaries.


SANKAR COTTON: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sankar
Cotton Traders (SCT) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank     10.00      CARE B+; Issuer not cooperating;
   Facilities                    based on the basis of best
                                 available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SCT to monitor the rating
vide e-mail communications/ letters dated April 30, 2018, May 10,
2018, May 14, 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. In line with the extant SEBI
guidelines CARE's rating on Sankar Cotton Traders's bank
facilities will now be denoted as CARE B+; 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 April 12, 2017 the following were
the rating strengths and weaknesses:

Key Rating weakness

Relatively short track record as a firm with small scale of
operations: SCT has been in the textile industry for more than a
decade and is a relatively small sized player with sales of
INR42.0-67.0 crore in the last three years and a small networth
base of INR4.29 crore as on March 31, 2015 (prov.). The firm has
been operating at capacity utilization of about 85% (as stated by
the management) in the last three year. While the scale of
operation continues to be small; during FY15(prov.), the
operating income increased substantially (1.6 times) driven by
increased volume sale of cotton lint, kappas and seeds. The firm
commenced operation in 2003 and hence the sales volume were low
during the year. It has gradually expanded its presence in other
states, apart from A.P. which has contributed to the growth in
sales. Apart from the local market, the firm sells its products
to various locations like Maharashtra, Tamil Nadu, Punjab,
Gujarat and West Bengal.

Low profit level and cash accrual: The PBILDT margin has been
witnessing decline due to low value additive nature of business
and increased overhead expenses y-o-y basis. Low PBILDT margin
alongwith high interest cost (on high working capital borrowings)
has resulted in low PAT margin also.As per provisional financials
for Q1FY16, the firm has reported sales of INR9.12 crore and PAT
of INR0.04 crore.

Leveraged capital structure: The debt profile of the firm mainly
comprises working capital borrowings to fund the scale of
operations. Given the significant growth in the scale of
operation, the working capital borrowings and utilizations have
increased over the years which coupled with relatively low profit
levels has resulted in leveraged capital structure with overall
gearing ratio at 2.41x as on March 31, 2015 (prov.) (1.91x as on
March 31, 2014). Significantly high working capital borrowings
and comparatively low networth and thin accruals has resulted in
weak financial position.

Working capital intensive nature of operation with moderate
operating cycle: SCT operates in a working capital intensive
industry with associated high working capital requirements. The
operating cycle of the firm was extended in FY14 led by moderate
inventory days. The finished goods inventory was high during the
year as the firm processed kappas in anticipation of higher sales
and also as the clients postponed off-take and the same was
remained same in FY15. Consequently, the finished goods inventory
and inventory days remained at the same level in FY15. The firm
mainly sells in the domestic market on cash basis and the average
credit period is about a month. The creditors days has also been
on the lower side and however increased in FY15 as the firm has
been procuring majorly from the domestic market where major
payments are in advance. The average working capital utilization
has been high at more than 95% in the last 12 months ended
September 2015.

Highly regulated industry with Government fixing the Minimum
Support price of Cotton: The textile industry is highly regulated
in nature. There is excessive government regulation in textile
sector starting from Minimum Support Price (MSP) of cotton given
to farmers, quantitative export restrictions imposed cotton
ginning, pressing spinning units for export of cotton bales and
change in policy related to Duty Entitlement Pass Book (DEPB)/
duty drawback benefits on cotton and cotton yarn which is not
very favorable for the industry to earn higher margins .However
the overall demand outlook for the textile industry is expected
to remain positive, though volatility in cotton prices,
government policies towards this sector and exchange rate is
concern areas.

Key rating strengths

Satisfactory experienced of Promoters: The partners; Mr. Innamuri
Basavaiah aged 43 years started dealing with cotton industry
since 1992 and is actively involved in managing the affairs of
the firm. Another partner; Mrs. Innamuri Dhana Lakshmi aged 40
years. Both the partners have incorporated a partnership firm
named Sankar Cotton Traders in the May, 2014. The profit-loss
sharing ratio between the aforementioned two partners is 90:10.

Adequate availability of raw material due to presence of facility
in cotton growing area of Andhra Pradesh: SCT is located in
Guntur District which is one the major cotton growing areas in
Andhra Pradesh. Availability of raw material is not expected to
be an issue as the firm procures major portion of its raw
materials (Kappas) from the registered dealers in and around
Guntur. The basic raw material; cotton is a seasonal crop and
available only during the period of October to April. Prices of
raw cotton are highly volatile in nature and depend upon the
factors like area under cultivation, crop yield, international
demand-supply scenario, export quota decided by the Government
and inventory carry forward of the previous year. The ginning
players procure raw materials in bulk quantity to avail discount
from suppliers and mitigate the seasonality associated with
availability of cotton The raw material consumption prices have
been volatile for SCT.

Growth in total operating income with low profitability: The
total operating income of the firm has been increasing y-o-y for
the last financial year ended FY15 (prov.). The total operating
income has increased from INR42.57 crore in FY13 to INR67.28
crore in FY15 (prov.) representing CAGR of about 16.48% during
FY13-FY15. As a proprietorship business it has commenced
operation from 2003, however, with expansion of client base and
commencement of sales outside A.P., the sales volume and value
has increased significantly during FY15.

Sankar Cotton Traders (SCT) was originally started as a propriety
concern in 2003 and Mr.Innamuri Basavaiah is the proprietor.

During the May 2014, SCT was in incorporated a partnership firm,
by Ms Innamuri Dhana Lakshmi w/o Mr. Innamuri Basavaiah as
another partner. The firm is engaged in manufacturing and
processing of Kappas into cotton lint. The firm has its
facilities (9 ginners) located at Guntur District of Andhra
Pradesh.

In FY15 (Prov.), SCT had a Profit after Tax (PAT) of INR0.32
crore on a total operating income of INR67.28 crore, as against
PAT and TOI of INR0.23 crore and INR40.00 crore, respectively, in
FY14.


SARJAY CHEMICALS: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sarjay
Chemicals Private Limited (SCPL) to Issuer Not Cooperating
category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      7.50      CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SCPL to monitor the
ratings vide e-mail communications/letters dated May 22, 2018,
May 23, 2018, May 24, 2018, May 25, 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 on Sarjay Chemicals Private
Limited (SCPL)'s bank facilities and instruments 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 ratings.

Delay in debt servicing: The account has become NPA on the back
of ongoing delay in its debt servicing due to weak liquidity
position.

Ahmedabad-based SCPL was established in December 2010 by its key
promoters; Mr. Harish Patel and Mr. Jay Patel to start
manufacturing activity of micro nutrients in a category of
inorganic chemicals mainly zinc sulphate and manganese sulphate
at Dahej in Bharuch district of Gujarat State. The unit is spread
over the area of 5,200 sq. meters with total capacity of 10,800
metric tonnes per annum (MTPA) for both the products. SCPL
completed a Greenfield project during January 2016 at a total
cost of INR11.10 crore which was funded through term loan of
INR6.50 crore, equity share capital of INR3 crore and unsecured
loan of INR1.60 crore. SCPL has commenced trial runs from end of
January 2016.

The promoter of SCPL is also running another proprietorship firm
namely M/s Universal Chemicals (UC) in Ahmedabad since 1990. UC
is engaged in trading of inorganic chemicals, dyes and dyes
chemicals and agricultural commodities like grain, seeds, oil
seeds and spices etc. in domestic market and in international
market in Pakistan, Middle and Far East countries, Canada, USA
etc.


SATURN RINGS: CARE Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Saturn
Rings and Forgings Private Limited (SRFPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Long term Bank      40.00     CARE D; Issuer not cooperating;
   Facilities                    Based on best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SRFPL to monitor the
rating(s) vide e-mail communications/letters dated May 22, 2018,
May 7, 2018 and May 3, 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.
Further, Saturn Rings and Forgings Private Limited has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Saturn Rings and Forgings 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(s).

The ratings take into account on account of ongoing delays in
servicing for interest and principle repayment of term loans and
the account is classified as Non Performing Assets (NPA).

Detailed description of the key rating drivers

At the time of last rating on February 24, 2017 the following
were the rating weaknesses.

Key Rating Weaknesses

Delay in debt servicing: As per interaction with banker, there
have been ongoing delays in repayment of the debt obligation and
the account is classified as NPA on account of weak liquidity
position of the company owing to shortage of working capital
funds.

Incorporated in 2012, Saturn Rings & Forgings Pvt. Ltd. (SRFPL)
was setting-up a manufacturing unit for developing bearing rings
and other forged component products at Shirwal, Pune with
installed capacity of 74,250 MT. The company has completed entire
project within envisaged cost of INR77.34 crore (laboratory is in
finalisation stage) and commenced the commercial operations since
March 2016 (as against October 2015 envisaged earlier). The delay
was on account of receipt of consent to operate from Maharashtra
Pollution Control Board. Further, SRFPL booked total operating
income of INR0.47 crore in first month of operations in FY16.


SAVINO CERAMIC: CRISIL Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Savino
Ceramic Private Limited (SCPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1.4       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            2.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     1.8       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Term Loan              4.3       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SCPL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 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 Savino Ceramic Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Savino Ceramic Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Established in February 2013, SCPL, promoted by Mr. Manoj
Kalariya, Mr. Vishal Kalariya and Mr. Satish Vadsola,
manufactures digitally printed glazed wall tiles of various
sizes. Its manufacturing facility at Morbi  has an installed
capacity of 9000 box per day.


SHIV METTALICKS: Ind-Ra Corrects March 27, 2018 Rating Release
--------------------------------------------------------------
This announcement corrects the version published on March 27,
2018 to correctly the issuer name as Shiv Mettalicks Private
Limited instead of Shiva Mettalicks Private Limited. An amended
version is as follows:

India Ratings and Research (Ind-Ra) has migrated Shiv Mettalicks
Private Limited's (SMPL) 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 action is:

-- INR120 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
March 7, 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 2004, Rourkela (Odisha)-based SMPL manufactures
sponge iron. The company has an installed capacity of 60,000
metric tons per annum. SMPL is managed by Mr. Mahesh Khaitan, Mr.
Sanjay Kumar Agarwal and Mr. Shyam Sundar Mittal.


SHIV METTALICKS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shiv Mettalicks
Private Limited's (SMPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR116 mil. (reduced from INR120 mil.) Fund-based limits
     Affirmed with IND BB-/Stable rating; and

-- INR4 mil. Non-fund-based limits assigned with IND A4+ rating.

KEY RATING DRIVERS

The affirmation continues to reflect SMPL's modest scale of
operations and credit metrics. In FY18, revenue was INR680
million (FY17: INR440 million), gross leverage (Ind-Ra-adjusted
debt/operating EBITDAR) was 3.7x (4.7x) and interest coverage
(operating EBITDA/gross interest expense) was 1.9x (1.6x).
Revenue growth was driven by an increase in sales volume, while
the improvement in the credit metrics was primarily driven by a
rise in absolute EBITDA to INR27 million in FY18 (FY17: INR24
million). Moreover, EBITDA margin was 3.9% in FY18 (FY17: 5.4%).
The decline in the margin was due to a rise in raw material
costs.

The ratings also reflect SMPL's modest liquidity, indicated by an
average 97% utilization of the working capital limits for the 12
months ended May 2018.

The ratings, however, continue to benefit from the founders'
experience of over a decade in sponge iron manufacturing.

RATING SENSITIVITIES

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

Positive: Any increase in the EBITDA margin, leading to any
improvement in the credit metrics, will be positive for the
ratings.

COMPANY PROFILE

Odisha-based SMPL manufactures sponge iron. The company has an
installed capacity of 60,000 metric tons per annum. SMPL is
managed by Mr. Mahesh Khaitan, Mr. Sanjay Kumar Agarwal and Mr.
Shyam Sundar Mittal.


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

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Term loan due on May 2024 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in April 2016, Shyam Enterprises is engaged in the
processing of stone aggregates.


SRINIVASA FASHIONS: CARE Lowers Rating on INR1.23cr Loan to B+
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Srinivasa Fashions Private Limited (SFPL) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       1.23      CARE B+; Issuer Not Cooperating
   Facilities                     Revised from CARE BB-; on the
                                  basis of best available
                                  information

   Short term Bank     65.00      CARE A4; Issuer Not Cooperating
   Facilities                     Revised from CARE A4+; on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SFPL 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 company 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. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of publicly available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Srinivasa Fashions Private Limited's bank facilities will now be
denoted as CARE B+; Issuer not Cooperating/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

The rating assigned to the bank facilities of Srinivasa Fashion
Private Limited continues to be tempered by elongated operating
cycle, weak capital structure and debt coverage indicators. The
rating also takes into account the decrease in total operating
income. The rating however continues to draw its strength from
the vast experience of the promoters in the industry.

Key Rating Weakness

Decline in income albeit increase in PBILDT margin: The total
operating income of company decreased from INR122.39 crore in
FY16 to INR90.33 crore in FY17. However, the PBILDT of the
company is improved from 4.31% in FY16 to 7.71% in FY17.

Elongated operating cycle: The operating cycle deteriorated from
182 days in FY16 to 280 days in FY17 due to stretched average
inventory holding days which stood at 328 days in FY17.

Weak capital structure and debt coverage indicators: The Overall
gearing ratio of the company stood weak as on March 31 2017 due
to increase in total debt from FY16 to FY17. Due to above said
factor total debt/GCA of the company also remained weak during
FY17.

Geographic concentration risk and Susceptibility of margins to
volatility of raw material prices: SFPL, which is completely an
export oriented RMG manufacturer, derives around majority of its
revenues from the geographies of Europe, 20% from USA and
remaining from Australia and Asian countries. SFPL has witnessed
consistent growth in revenues with its products mainly catering
to export market. Nevertheless, the geographic concentration risk
associated with any slowdown in these economies and associated
lower off take persists. SFPL imports around 80% of fabric (both
dyed and grey) mainly from China and hence profit margins are
susceptible to price and exchange movement on the fabric
purchased. As the company is both into imports and exports the
forex risks are partially mitigated through natural hedging. The
company enters into forward contracts to hedge the foreign
exchange fluctuation risk.

Key Rating Strengths

Experienced Promoters: SFPL is a closely held family run business
promoted by Mr. C.V. Ravindran and Mrs.VijaylaxmiRavindran,
first-generation entrepreneurs. The promoters have an experience
of more than 20 years in the RMG export business. They have also
demonstrated financial support to SFPL as and when required in
the form of interest free unsecured loans.

SFPL is a closely-held family business established in 2005 by Mr.
C V Ravindran, a first-generation entrepreneur along with his
wife Mrs VijaylakshmiRavindran. The company is engaged in
manufacture and export of readymade garments (RMG) (mainly men's
wear) to Europe and USA. The promoters had earlier established
Srinivasa Exports International (SEI) in 1995, a partnership firm
which was also engaged in RMG export business. In 2007, SEI was
merged into SFPL. The promoters have an experience of more than
two decades in this line of business. The day-to-day activities
of the company are managed by Mr. Ravindran who is the Managing
Director of the company, supported by his wife Mrs
VijaylaxmiRavindran and their son Mr. Varun. SFPL presently
operates three units under domestic tariff area (DTA) in
Ambattur, Chennai and one unit at Special Economic Zone (SEZ),
Mahindra World City, Chengelpet, which has duty benefits. The
promoters of SFPL also run two other firms by the name of
Srinivasa Machine Works and Srinivasa Auto Components, both in
the automotive industry, engaged predominantly in rendering job-
work for Sundaram Fasteners Limited on a relatively small scale.

In FY17, SFPL had a surplus of INR0.72 crore on a total operating
income of INR90.33 crore, as against PAT and TOI of INR0.15 crore
and INR122.39 crore respectively, in FY16.


STANZEN ENGINEERING: Ind-Ra Moves 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Stanzen
Engineering 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR15.5 mil. Term loans (Long term) due on April 2019
    migrated to non-cooperating category with IND D (ISSUER NOT
    COOPERATING) rating; and

-- INR50.0 mil. Fund-based facilities (Long term) migrated to
     non-cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 2010, Stanzen Engineering manufactures auto
components and embosses logos on auto components on job work
basis.


SUMA FOODS: CRISIL Lowers Rating on INR8cr Cash Loan to D
---------------------------------------------------------
CRISIL has downgraded the rating of Suma Foods Private Limited
(SFPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating' as the company has delayed the
servicing of its debt obligations.

                  Amount
   Facilities   (INR Crore)     Ratings
   ----------   -----------     -------
   Cash Credit        8         CRISIL D (ISSUER NOT COOPERATING:
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

   Term Loan          7.79      CRISIL D (ISSUER NOT COOPERATING:
                                Downgraded from 'CRISIL B+/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SFPL for obtaining
information through letters and emails dated January 15, 2018,
March 5, 2018 and March 12, 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 SFPL. Which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SFPL 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
B+/Stable Issuer Not Cooperating' as the company has delayed the
servicing of its debt obligations.

Karnal-based SFPL, incorporated in 2015 by Mr. Sachin Singla and
Mr. Ankit Singla, mills and processes paddy. The company started
operations in May 2015; it has milling and sorting capacity of 16
tonne per hour.


SWASTIK CERACON: CARE Lowers Rating on INR76.62cr LT Loan to D
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Swastik
Ceracon Limited (SCL) to Issuer Not Cooperating category.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long term Bank      76.62     CARE D; Issuer not cooperating;
   Facilities                    Revised from CARE BB; ISSUER NOT
                                 COOPERATING on the basis of best
                                 available Information

   Short term Bank
   Facilities          15.50     CARE D; Issuer not cooperating;
                                 Revised from CARE A4: ISSUER NOT
                                 COOPERATING on the basis of best
                                 available Information

   Long term/Short      2.50     CARE D; Issuer not cooperating;
   Term Bank                     Revised from CARE BB; ISSUER NOT
   Facilities                    COOPERATING/CARE A4; ISSUER NOT
                                 COOPERATING on the basis of best
                                 available Information

Detailed Rationale & Key Rating Drivers

CARE has sought information from SCL to monitor the rating(s)
vide e-mail communication/ letter dated April 17, 2018. However,
despite CARE's 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 on SCL'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 ratings assigned to the bank facilities of
SCL takes into account ongoing delays in the serving of debt
obligation as well as instances of Letter of Credit (LC)
devolvement.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Debt servicing of SCL is irregular as
reflected by delays in servicing of its debt obligation.

Incorporated in 2003, SCL is promoted by Mr. Girish Patel & Mr.
Pankaj Patel and Mr. Jigar Patel. SCL manufactures different
varieties of vitrified tiles. SCL has four manufacturing units,
which are located in the state of Gujarat near Himmatnagar,
Mehsana, Palaj and Nandasan having a combined installed capacity
of 32,000 square meters per day (SMPD) as on September 30, 2015


SWASTIK COPPER: CRISIL Assigns B+ Rating to INR20cr Cash Credit
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Swastik Copper Private Limited (SCPL) and has
assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank
facilities. CRISIL had suspended the ratings on October 21, 2016,
as the company had not provided the information required for a
rating review. It has now shared the requisite information,
enabling CRISIL to assign ratings to its facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        36         CRISIL A4 (Assigned;
                                    Suspension Revoked)

   Cash Credit           20         CRISIL B+/Stable (Assigned;
                                    Suspension Revoked)

   Inland/Import          1.5       CRISIL A4 (Assigned;
   Letter of Credit                 Suspension Revoked)

   Letter of Credit       2.5       CRISIL A4 (Assigned;
                                    Suspension Revoked)

The ratings reflect the company's below-average financial risk
profile because of small networth, high gearing, and subdued debt
protection metrics. The ratings also factor in average, though
increasing, scale of operations in the transformer industry and
large working capital requirement. These weaknesses are partially
offset by the extensive industry experience of the promoters and
their need-based fund support.

Analytical Approach

For arriving at the ratings, CRISIL has treated unsecured loans
of around INR5.02 crores (as on March 31, 2017) extended to SCPL
by its promoters as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Operations are highly
working capital intensive, reflected in gross current assets of
329 days as on March 31, 2018, due to large inventory of 159 days
and receivables of 177 days. With growth in revenue, incremental
working capital requirement has been large, leading to high
reliance on bank debt and payables.

* Below-average financial risk profile: Networth was small at
INR14.21 crore and gearing high at 2.72 times as on March 31,
2018. Large debt and low profitability have resulted in subdued
debt protection metrics, indicated by interest coverage and net
cash accrual to total debt ratio of 1.21 times and 0.04 time,
respectively, for fiscal 2018 .

* Average scale of operations
SCPL remains a modest player in the transformers industry with
estimated operating income of INR102 crore in fiscal 2018.
Furthermore, the company faces intense competition in the
fragmented transformers segment. The intense competition results
in companies bidding at low prices to bag contracts, leading to
low profitability.

Strengths

* Promoters' extensive experience and financial support: The
promoters have been manufacturing transformers since 25 years and
have developed deep understanding of the dynamics of the local
market, which has helped establish healthy relationships with
customers and suppliers. The extensive experience of the
promoters is also helping the company scale up operations. The
promoters have also supported liquidity by way of unsecured loans
of INR5.02 crore as on March 31, 2018.

Outlook: Stable

CRISIL believes SCPL will benefit from the extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if liquidity and capital structure improve because of
substantially large cash accrual or equity infusion or improved
working capital cycle. The outlook may be revised to 'Negative'
if delays in realisation of receivables constrains liquidity, or
if the company undertakes large, debt-funded capital expenditure,
weakening its capital structure.

Established by Mr. Sandeep Jain in 1995, SCPL manufactures
distribution and power transformers, with capacity ranging from 5
kilovolt amperes (kVA) to 10,000 kVA. The company supplies
transformers to electricity boards/power distribution companies
in Uttar Pradesh, Rajasthan, Chhattisgarh, and Madhya Pradesh. It
has installed capacity to manufacture 1000 transformers of up to
250 kVA, 1500 transformers from 250 kVA to 10,000 kVA, and 3000
protective boxes.


SWASTIK OVERSEAS: CRISIL Migrates B Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Swastik
Overseas to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit          0.5       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit     5.5       CRISIL A4 (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Swastik for
obtaining information through letters and emails dated April 26,
2018, May 11, 2018, June 6, 2018 and June 11, 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 Swastik Overseas. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Swastik Overseas 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 Swastik Overseas to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Swastik Overseas, established 2010, is based in Bengaluru;
operations are managed by Mr. Sachin Kumar. The firm trades in
silk yarn and fabric and has recently also started trading in
spices and pulses.


TIRUPATI PLAZA: CRISIL Migrates B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Tirupati
Plaza Private Limited (TPPL) to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee          1       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Drop Line              15       CRISIL B/Stable (ISSUER NOT
   Overdraft Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TPPL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 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 Tirupati Plaza Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Tirupati Plaza Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

TPPL was incorporated as a private limited company in 2005 by Mr.
Ajay Agrawal and Mr. Prem Agrawal. The company is a subsidiary
company of Gangadhar Developers Private Limited, having 84% of
shareholding in this company and is engaged in commercial real
estate business.


TRACK COMPONENTS: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Track
Components Limited  (TCL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Bank Guarantee      0.75       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Cash Credit        77.50       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Letter of Credit   31.00       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

   Term Loan          30.75       CRISIL D (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with TCL for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018, June 6, 2018 and June 11, 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 Track Components Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Track Components Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Track Components Limited to 'CRISIL D/CRISIL D
Issuer not cooperating.

Promoted by Mr. Ratan Kapoor and Mr. Sandeep Chandok, TCL has
been manufacturing pipe assemblies for more than 10 years. It
started as a supplier to Mark Exhaust Systems Ltd (MESL) but
later added two new major customers, Mahindra & Mahindra Ltd and
Honda Motorcycle & Scooter India Private Limited, to reduce
dependency on MESL.


VAIBHAV LAXMI: CARE Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Vaibhav
Laxmi Exports Private Limited (VLEPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term/Short      17.00       CARE B/CARE A4: Issuer not
   Term Bank                        cooperating; Based on best
   Facilities                       available information

   Short term bank       3.50       CARE A4; Issuer not
   facilities                       cooperating; Based on best
                                    available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VLEPL to monitor the
ratings vide e-mail communications/letters dated May 22, 2018,
May 23, 2018, May 24, 2018, May 25, 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 on VLEPL's bank facilities
and instruments 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 ratings.

The ratings takes into account highly leveraged capital structure
and moderate debt coverage indicators, moderate liquidity
position in FY17 (refers to the period April 1 to March 31).
Furthermore, the ratings continue to remain constrained due to
Susceptibility of operating margins to volatile cotton prices and
Prices and supply for cotton are highly regulated by government.

The ratings, however, take comfort from the increasing scale of
operations coupled with moderate profit margins, long experience
of the promoters in the cotton ginning industry and operational
linkages with the group concerns resulting into easy availability
of cotton bales for exports.

The ability of VLEPL to increase it scale of operations,
profitability, improve capital structure & liquidity position are
the key rating sensitivities.

Detailed description of the key rating drivers

At the time of last rating on April 24, 2017 the following were
the rating strengths and weaknesses. (Updated for the information
available from Registrar of Companies).

Key Rating Weaknesses

Highly leveraged capital structure and moderate debt coverage
indicators: As on March 31, 2017, Capital Structure of VLEPL has
improved but continued to remained leveraged marked by overall
gearing ratio at 1.74 times as against 4.15 times as on March 31,
2016. Debt coverage indicators of VLEPL has improved but stood
moderate marked by Total debt to GCA stood at 39.48 times as on
March 31, 2017 as against 380.35 times as on March 31, 2016.
Interest coverage ratio has also improved and stood at 1.37 times
during FY17 as against 1.13 times during FY16.

Moderate liquidity position: During FY17, Liquidity position of
VLEPL has improved and stood moderate marked by current ratio of
4.35 times which has improved from 1.04 times during FY16.
Working capital cycle has improved and stood at 48 days during
FY17 as against 65 days during FY16.

Susceptibility of operating margins to fluctuations in raw
material prices and impact of regulatory changes along with
presence in highly fragmented industry with low value addition:
The operating margins are susceptible to fluctuation in prices of
raw cotton and government interventions in the form of Minimum
Support Price (MSP) as the same is an agro-commodity. Also, the
nature of operations entail low-value addition, while there are
large numbers of organized and unorganized players in the cotton
industry making it highly fragmented.

Key Rating Strengths

Experienced promoters with operational linkages to group
concerns: The key promoter Mr. Niranjan Patel has more than 15
years of experience in the cotton industry, while VLEPL derives
benefit from established marketing network of its other group
concerns which are in the same line of business.

Increasing scale of operations coupled with moderate profit
margins: During FY17, TOI of VLEPL grew by 33.11% y-o-y to
INR165.24 crore from INR124.14 crore during FY16. Overall profit
margins stood moderate marked by PBILDT and PAT margins stood at
2.35% and 0.43% in FY17 as against 2.09% and 0.06% in FY16.

Incorporated in July 2010, Vaibhav Laxmi Exports Private Limited
(VLEPL) is a private limited company promoted by the Patel family
based out of Kadi (Gujarat). VLEPL is engaged in exports of
cotton bales and other agricultural products like Tur dal, Rice,
etc primarily to countries like China, Bangladesh, Pakistan and
other Asian countries. VLEPL is an ISO 9001:2008 certified
company and government recognized Star Export House. Mr. Niranjan
R Patel, key promoter and Director, is actively involved in the
strategic and routine operations of the company. VLEPL belongs to
the Vaibhav Laxmi Group (VLG), which has presence across cotton
processing value chain. VLG is primarily present in cotton
ginning , manufacturing, trading and exports of cotton bales,
cotton seeds, cotton seeds cakes through R.I. Cotton Pvt. Ltd.
and Vaibhav Laxmi Industries. VLG is also setting up a spinning
unit to produce cotton yarn through its group concern Vaibhav
Laxmi Spinning Mills Ltd.


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

The instrument-wise rating action is:

-- INR159 mil. Fund-based working capital limits maintained in
    non-cooperating category with IND BB- (ISSUER NOT
    COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2009, Vimaloxy Product manufactures various
textile products.


VNS ACCESSORIES: CRISIL Reaffirms B+ Rating on INR12cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
VNS Accessories (India) LLP (VNS) at 'CRISIL B+/Stable/CRISIL
A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill
   Discounting            12        CRISIL B+/Stable (Reaffirmed)

   Packing Credit
   in Foreign Currency    12        CRISIL A4 (Reaffirmed)

The rating reflects high customer concentration in revenue and
leverage. These rating weaknesses are partially offset by
extensive experience of the partners in the readymade garments
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* High customer concentration in revenue: The main customer,
Monsoon Accessorize Private Limited (MAPL), accounts for 80% of
sales, thus linking firm's revenue and profitability to MAPL's
growth plans. Also, the scale of operations will be affected in
case MAPL starts procuring from any other firm. The risk is
partially offset by a longstanding relationship of over 3 decades
with this customer. However, customer concentration risk is
likely to persist over the medium term.

* High leverage: Modest net worth and high dependence on working
capital short-term debt has led to high leverage in the range of
4.1-10.2 times over the three fiscals ended March 31, 2018 and is
expected to remain high above 3 times over the medium term.

Strengths

* Extensive experience of the partners in the readymade garments
industry: The partners have been in the industry for over a
decade through their group firm, VK International. They have thus
built up a network of regular customers and suppliers and
maintained a healthy relationship with them.

Outlook: Stable

CRISIL believes VNS will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of a substantial increase in scale of
operations and profitability, leading to healthy cash accrual or
improvement in leverage. The outlook may be revised to 'Negative'
in case of any unanticipated debt-funded capex, or pressure on
revenue or profitability, leading to weakening the financial risk
profile, particularly liquidity.

VNS, promoted by Ms Neena Dhawan and Ms Samta Khanna, is a
limited liability partnership (LLP) firm. It started operations
on
April 1, 2014, by taking over the operations and assets and
liabilities of VNS Accessories Pvt Ltd (VAPL) which was engaged
in a similar line of business. VNS manufactures apparel, and
women's bags, purses, and other accessories.



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


PAKUWON JATI: S&P Raises ICR to 'BB', Outlook Stable
----------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
PT Pakuwon Jati Tbk. (Pakuwon) to 'BB' from 'BB-'. The outlook is
stable. At the same time, S&P raised its long-term issue rating
on the senior unsecured notes that Pakuwon guarantees to 'BB'
from 'BB-'. Pakuwon is an Indonesian real estate development and
investment company.

S&P said, "We raised the rating because we believe Pakuwon's
leverage will gradually improve over the next two years owing to
the company's steady growth in property sales, increasing
recurring income, manageable capital spending, and stable debt
balance. We also expect Pakuwon's financial stability and debt
servicing capability to materially improve as the company ramps
up its investment property portfolio. We estimate that Pakuwon's
EBITDA interest coverage will improve to 7.0x-7.5x over the next
two years, from 6.1x in 2017.

"We expect Pakuwon to maintain financial discipline as it
continues to pursue growth. The company has a record of
maintaining moderate leverage while executing its growth strategy
over the industry cycle. We forecast the debt-to-EBITDA ratio to
be 1.6x-1.7x in 2018-2020, compared with 2.0x in 2017,
underpinned by Pakuwon's stable debt balance of Indonesian rupiah
(IDR) 6.0 trillion over the next 24 months. We anticipate
Pakuwon's capital spending to be about IDR2.1 trillion in 2018
and IDR1.1 trillion in 2019 to support construction of investment
properties and for land purchases. We do not expect the company
to incur significant additional debt because this capital
spending will be predominantly financed by growing internally
generated cash flows.

"In our view, Pakuwon is more resilient against volatility in the
property market than its domestic peers owing to the company's
high quality offerings in existing matured townships in Jakarta
and Surabaya. Despite the recent softness in Indonesia's property
market, Pakuwon is one of the few domestic developers that met
our property sales expectation in 2017. Unlike many developers
that increasingly depended on land sales to achieve their sales
target and protect their balance sheet and cash flow, Pakuwon was
able to do so by selling residential and commercial properties
rather than depleting its land bank. Such a strategy also ensures
Pakuwon's future profitability due to its low cost land bank.
Pakuwon's high quality properties and well diversified sales
across major five matured townships support its resilience. We
forecast that the company's property sales will be IDR2.6
trillion-IDR3.1 trillion in 2018-2020. As of March 31, 2018,
Pakuwon achieved about IDR605 billion of property sales, or 24%
of its 2018 target.

"We believe Pakuwon's significant and growing recurring income
insulates the company against volatility in the property market.
The prime locations of the company's rental investment properties
in Jakarta and Surabaya ensure occupancy rates of more than 90%.
We believe Pakuwon can sustain this occupancy level, given its
good quality assets in strategic locations. Over the past five
years, the company has more than doubled its recurring income
through launches of new malls and hotels. We anticipate that
Pakuwon's recurring income will grow by 7%-14% each year for the
next two years, leveraging on the company's experience in
developing shopping malls and hotels. Such growth should
translate into annual EBITDA from investment properties of IDR1.8
trillion-IDR2.0 trillion in 2018-2020, which is about 50% of
Pakuwon's consolidated EBITDA. In our view, EBITDA from
investment properties not only provides the company a good
financial buffer to offset volatility in property development
activities, but also adequately covers its annual interest
expense of IDR490 billion-IDR510 billion, even if EBITDA from
development declined dramatically.

"The stable outlook reflects our view that Pakuwon will extend
its record of careful growth over the next 12-24 months, at a
time when acquisition opportunities may be abundant in a still
subdued Indonesian property market. We expect the company to
continue to have good project execution and maintain consistent
cash flow adequacy over the period.

"We could lower the rating if we expect Pakuwon's debt-to-EBITDA
ratio to consistently remain above 2.5x. This would primarily
happen if the company departs from its cautious financial
policies. Given the high share of recurring income, a marked
increase in leverage would require a steep rise in Pakuwon's
capital spending or sizable land acquisitions.

"We may raise the rating if Pakuwon materially expands its
operations and improves its scale by diversifying projects while
maintaining a 50%-50% balance between recurring and development
revenue and a debt-to-EBITDA ratio of about 2x or lower over the
next 12-24 months."



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


PUMPKIN PATCH: Unlikely to Pay Back Millions Owed to ANZ Bank
-------------------------------------------------------------
Tina Morrison at BusinessDesk reports that failed children's
clothing retailer Pumpkin Patch is unlikely to be able to pay
back the millions it owes to ANZ Bank while unsecured creditors
will get zilch, according to the latest report by the company's
receivers KordaMentha.

ANZ Bank was owed NZ$59.5 million when Pumpkin Patch was tipped
into receivership in October 2016 and as of April 25 this year
had been paid a total of NZ$29.4 million, BusinessDesk relates
citing latest six-monthly report from receivers Brendon Gibson
and Neale Jackson of KordaMentha. The bank is still owed NZ$19.83
million, including accrued interest, and given almost all of the
group's assets have been realised, "there will be a shortfall to
the bank", the receivers said, BusinessDesk relays.

According to BusinessDesk, the receivers said they have paid
preferential creditors of the parent company Pumpkin Patch a
total of NZ$2.9 million, including NZ$2.7 million owed to
employees and NZ$154,000 owed to the Inland Revenue Department.
Preferential creditors of the largest trading subsidiary Pumpkin
Patch Originals were paid NZ$1.9 million, including NZ$1.46
million to employees, NZ$438,000 to NZ Customs, and NZ$48,000 for
PAYE tax and other deductions.

While all preferential claims have now been paid, there are no
funds available to pay unsecured creditors, the receivers said,
noting the liquidator is still assessing the amount of unsecured
claims, BusinessDesk relates.

                        About Pumpkin Patch

Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) --
http://www.pumpkinpatch.biz/-- was a designer, marketer,
retailer and wholesaler of children's clothing.  The Company's
product range encompasses all stages of a child's growth, from
baby to toddler, primary school kid to pre and early teen,
including clothing, nightwear, accessories, rainwear, footwear
and teddy collection.  Pumpkin Patch also catered for mums-to-be
with a maternity collection.  The Company also has a fashion
mini-brand for discerning pre and early-teen girls, Urban Angel
Girls.  The Company's collections are available in numerous
countries and regions, including New Zealand, Australia, the
United Kingdom, the United States, South Africa and the Middle
East.  Pumpkin Patch predominantly sold through its own store
network in New Zealand, Australia, the United Kingdom and the
United States. The Company's subsidiaries include Torquay
Enterprises Limited, Pumpkin Patch Originals Limited, Pumpkin
Patch LLC, Pumpkin Patch Direct Limited, Patch Kids Limited and
Urban Angel Girls Limited.

Pumpkin Patch employed almost 600 people in New Zealand and
1,000 in Australia.

On Oct. 26, 2016, the Board of Pumpkin Patch has placed the
company into Voluntary Administration under Part 15A of the
Companies Act 1993.

The board has therefore appointed Andrew Grenfell and Conor
McElhinney of McGrathNicol as administrators for Pumpkin Patch
and a number of its subsidiaries. Pumpkin Patch's bank has
appointed Neale Jackson and Brendon Gibson of KordaMentha as
receivers.

McGrathNicol were appointed liquidator for Pumpkin Patch
Originals and Pumpkin Patch Direct in February 2017.

Australian online retailer Catch Group bought Pumpkin Patch's
brand and intellectual property in March 2017.


SEADRAGON LIMITED: Auditor Declines to Express Opinion
------------------------------------------------------
Paul McBeth at BusinessDesk reports that SeaDragon Limited's
annual accounts got a black mark from its auditors for a second
year, with PwC declining to express an opinion on the financial
statements after failing to find enough evidence supporting the
fish oil supplement maker's asset valuations.

According to BusinessDesk, the Nelson-based company on June 22
released its annual report, having published unaudited accounts
earlier this month showing a narrower loss of NZ$6.1 million in
the year ended March 31, while also negotiating a NZ$6 million
lifeline from its cornerstone shareholders.  BusinessDesk relates
that PwC's audit report showed the firm couldn't reliably predict
SeaDragon's future cashflows to support the NZ$11.6 million value
attributed to property, plant and equipment (PP&E), and was
unable to validate management's valuation on NZ$537,000 of a
particular type of inventory or find independent evidence
supporting the realisable value of inventory.

"As a result, we were unable to obtain sufficient appropriate
audit evidence to support the carrying value of the PP&E and
inventory recorded in the consolidated statement of financial
position," PwC, as cited by BusinessDesk, said. "Consequently, we
were unable to determine whether any adjustment to the carrying
values were necessary as at March 31, 2018, and the consequential
impact on the consolidated statement of profit or loss and other
comprehensive income, consolidated statement of changes in equity
and the consolidated statement of cash flows."

BusinessDesk relates that the auditor again noted the material
uncertainty over SeaDragon's ability to continue as a going
concern, citing conditions attached to the NZ$6 million
convertible note issue to major shareholders and the question
marks over the company's ability to hit sales targets.

BusinessDesk says PwC gave a qualified opinion on the 2017
accounts over the NZ$12.2 million valuation of property, plant
and equipment, and in 2016 it noted SeaDragon's cash outflow and
net debt position as creating an uncertainty over its ability to
continue trading. That concern was also raised by previous
auditor Staples Rodway in the 2015 accounts.

SeaDragon's directors said the company's ongoing losses were due
to lengthy product testing delaying sales, regulatory changes
blocking access to key customers and minor process deficiencies
that have since been rectified, BusinessDesk relays.

BusinessDesk adds that the report said management's estimates
include "an assessment of the level of sales and margin to be
made from new concentrated products" that SeaDragon doesn't
currently make "but has negotiated toll arrangements with other
parties to produce the product on its behalf". Despite the
uncertainty, the board believes "the company has the ability to
generate sufficient operational cash flow combined with the NZ$6
million facility to continue operations for at least 12 months
from the date of authorising the financial statements."

SeaDragon's operating cash outflow widened to NZ$4.7 million in
the year ended March from NZ$3.9 million a year earlier,
BusinessDesk discloses. It raised NZ$1 million in the year
through another convertible note, leaving it with cash of NZ$1
million as at
March 31.

SeaDragon Limited -- http://www.seadragon.co.nz/-- is engaged in
the manufacture of refined fish oils. The Company is a producer
of refined New Zealand fish oils, which are suitable for human
consumption. The Company's products include Omega-2 and Omega-3.
The Company's Omega-2 product can be sourced from either animal
or vegetable sources and is primarily used in the cosmetics,
nutraceutical and pharmaceutical industries and also in high-
grade lubrication and fiber coating. The Company produces over 80
tons of Omega-3 finished product from a range of species,
including approximately 60 tons from the new refinery. The
Company exports its products to various countries, which include
Australia, South East and North Asia, Japan, the European Union,
China, the United States and Canada. The Company's subsidiaries
include Omega 3 New Zealand Limited and SeaDragon Marine Oils
Limited, which are engaged in marine oil blending activities.



=============================
P A P U A  N E W  G U I N E A
=============================


CAPITAL LIFE: A.M. Best Lowers Fin. Strength Rating to C- (Weak)
----------------------------------------------------------------
A.M. Best has downgraded the Financial Strength Rating (FSR) to
C- (Weak) from B- (Fair) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "cc" from "bb-" of Capital Life Insurance
Company Limited (CLI). Concurrently, A.M. Best has downgraded the
FSR to C++ (Marginal) from B- (Fair) and the Long-Term ICR to
"b+" from "bb-" of Capital General Insurance Company Limited
(CGI). Additionally, A.M. Best has placed these Credit Ratings
(ratings) under review with negative implications. Both companies
are subsidiaries of Capital Insurance Group Limited (CIGL) and
domiciled in Papua New Guinea.

The rating downgrades of CLI follow an internal control failure
relating to medical claims processing, which has resulted in a
requirement for substantial reserve strengthening. While claims
were paid to policyholders as they came due, A.M. Best expects a
material decline in the company's capital position for full-year
2017. Consequently, A.M. Best expects CLI's risk-adjusted
capitalization to deteriorate to a very weak level, as measured
by Best's Capital Adequacy Ratio (BCAR). In addition, this
control failure has weakened A.M. Best's assessment of the
company's enterprise risk management (ERM).

The rating downgrades of CGI also follow a revision in A.M.
Best's assessment of the company's ERM. While it is noted that
CGI and CLI's businesses operate independently, and no contagion
of the processing issue seen at CLI is expected at CGI, both have
a common risk management, governance and control framework that
has been deficient in preventing a key control risk at CLI.

The under-review with negative implications status applied to
CLI's and CGI's ratings reflects the uncertainty that remains
around the finalization of their year-end 2017 financial
positions as well as prospective expectations. In order to
resolve the under-review status, A.M. Best expects to conduct a
full assessment of the medium-term balance sheet strength and
operating performance fundamentals of CLI, CGI and CIGL. In
addition, A.M. Best will undertake a further review of the risk
management practices at CLI and CGI and consider the remedial
actions being implemented by management.

The ratings of CLI reflect its very weak balance sheet strength
assessment, as well as its strong operating performance, limited
business profile and weak ERM. CGI's ratings reflect its strong
balance sheet strength assessment, as well as its strong
operating performance, limited business profile and weak ERM.



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


OBIKE: To Stop Bike Sharing Operations in Singapore
---------------------------------------------------
The Strait Times reports that bicycle-sharing operator oBike
announced on June 25 that it will cease operations immediately in
Singapore.

In a statement shared via its app, oBike cited difficulties in
meeting the new requirements and guidelines by the Land Transport
Authority (LTA) to curb indiscriminate parking, the report says.

According to the report, the company said that it strongly
believes in, and is committed to, providing a dockless bicycle-
sharing service that would "benefit users' commuting and
Singapore's transportation system".

"However, it is with regret that the new regulation measures do
not favor this belief of ours," oBike said.

Under new laws passed in March, bike-sharing operators will have
to be licensed by LTA by July 7, which will regulate their fleet
sizes, the report discloses.

The report says the license will let a bike-sharing company
operate for up to two years. Existing operators which fail to
submit an application will have to cease operations once the
application window closes.

oBike's operation in countries outside of Singapore will not be
affected, it added.

Users who currently possess an oBike Super VIP membership will
still be able to use oBike services in all other oBike operating
countries except Singapore, it said.

The Strait Times adds that oBike said in its statement that those
who wish to use oBike services in Singapore can do so with its
partner, GrabCycle.

However, a Grab spokesman refuted this on June 25, saying that
with oBike's exit from Singapore, it will "no longer be able to
offer" its bikes on the GrabCycle marketplace app, the Strait
Times relays.

The Grab spokesman added that it will be waiving all active
subscriptions on its GrabCycle app for now as "it is the right
thing to do," the report adds.

"We understand that with one less partner on our platform, our
customers' experience will be impacted," the spokesman, as cited
by the Strait Times, said.

oBike was launched in January last year as Singapore's first
dockless bicycle-sharing service and has more than a million
users in Singpore.

It is the second bike-sharing firm to exit the Singapore market,
after GBikes -- which had as many as 3,000 rental bicycles --
said earlier this month that it will cease operations on July 7,
the report notes.

The Strait Times adds that the announcement also comes less than
two weeks after oBike said it was leaving the Melbourne market,
citing the Australian state's tough new rules to prevent
vandalised share-bikes from being abandoned.

Headquartered in Singapore, oBike is a stationless bicycle-
sharing system with operations in several countries.



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


* BOND PRICING: For the Week June 18 to June 22, 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.



                 *** End of Transmission ***