/raid1/www/Hosts/bankrupt/TCRAP_Public/180807.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, August 7, 2018, Vol. 21, No. 155

                            Headlines


A U S T R A L I A

ATHESSA CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 14
FIVE STAR 2007-1: Fitch Upgrades Rating on Class E Notes to BB+
HIGH VOLTAGE: First Creditors' Meeting Set for August 14
KU DE TA: Second Creditors' Meeting Set for August 10
WIRE NETWORKS: In Administration; Owes AUD1.1 Million


H O N G  K O N G

NOBLE GROUP: Unit Sues Yancoal Australia for Alleged Breaches


I N D I A

AERO TREATMENTS: CRISIL Withdraws 'B' Rating on INR6.7cr Loan
ANANTA CHARITABLE: CRISIL Withdraws B Rating on INR65cr Term Loan
APICORE PHARMA: Ind-Ra Migrates BB+ LT Rating to Non-Cooperating
AZURE POWER: Fitch Affirms 'BB-' Rating on USD500MM Senior Notes
BHARANI COMMODITIES: ICRA Cuts Rating on INR5cr Loan to D

BHAVIN IMPEX: CRISIL Maintains D Rating in Not Cooperating
CALCUTTA ELECTRODES: Ind-Ra Affirms 'BB-' Rating, Outlook Stable
DPMK FERTILIZERS: CRISIL Keeps B+ Rating in Not Cooperating
DEVKIRAN PAPER: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
GPR INFRA: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating

JG AGRO: CRISIL Maintains D Rating in Non-Cooperating Category
JK AGRO: CRISIL Maintains B- Rating in Not Cooperating Category
JALSA BANQUETS: CRISIL Maintains B- Rating in Not Cooperating
JAY MAHAKALI: CRISIL Maintains B- Rating in Not Cooperating
KAMAKSHI COTTON: CRISIL Maintains D Rating in Not Cooperating

KIRPA FOODS: CRISIL Maintains B- Rating in Not Cooperating
KMB GRANITE: CRISIL Keeps D Rating in Not Cooperating Category
KOHENOOR INDUSTRIES: Ind-Ra Migrates D Rating to Non-Cooperating
LAL BABA: CRISIL Maintains B- Rating in Not Cooperating Category
LENZ CERAMIC: ICRA Maintains B Rating on INR8cr Cash Loan

MM AUTOMOBILES: CRISIL Maintains D Rating in Not Cooperating
MAHABIR TECHNO: CRISIL Maintains D Rating in Non-Cooperating
MAHADEV PROFILES: CRISIL Maintains D Rating in Not Cooperating
MALGANGA MILK: CRISIL Maintains B Rating in Not Cooperating
MAXTAR BIO-GENICS: CRISIL Maintains B Rating in Non-Cooperating

MJ AND SONS: CRISIL Maintains B- Rating in Non-Cooperating
MOHIJULI TEA: CRISIL Maintains B+ Rating in Not Cooperating
NILESH TIMBERS: CRISIL Maintains B Rating in Non-Cooperating
NOVARC LABS: CRISIL Maintains B Rating in Not Cooperating
PEW ENGINEERING: CRISIL Maintains B Rating in Not Cooperating

PURE MILK: CRISIL Maintains D Rating in Not Cooperating Category
RADIANT HOTELS: ICRA Migrates B+ Rating to Non-Cooperating
SAISHA ENTERPRISES: CRISIL Maintains D Rating in Non-Cooperating
SHIV COTTON: ICRA Maintains B Rating on INR5cr Loan
TEZALPATTY TEA: CRISIL Assigns D Rating to INR3.40cr Term Loan

TYAGI & RAMESHWAR: CRISIL Withdraws B Rating on INR15cr LT Loan
YESHASHVI STEELS: CRISIL Migrates B+ Rating to Non-Cooperating


J A P A N

MT. GOX: Creditors Update Civil Rehabilitation Plan


M A L A Y S I A

VERSATILE CREATIVE: Faces Suspension on Failure to Submit Report


N E W  Z E A L A N D

EBERT CONSTRUCTION: NZ Cabinet Mulls Government Procurement
MAVEN INTERIORS: Liquidation Leaves Workers, Creditors in Limbo
SENTRY HILL: Convicted of Illegally Selling of Liquidated Wine


P H I L I P P I N E S

RURAL BANK OF STA. ELENA: Placed Under PDIC Receivership


X X X X X X X X

* BOND PRICING: For the Week July 30 to August 3, 2018


                            - - - - -


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


ATHESSA CONSTRUCTIONS: First Creditors' Meeting Set for Aug. 14
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Athessa
Constructions Pty Ltd will be held at the boardroom of Servcorp
Level 26, 44 Market Street, in Sydney, NSW, on Aug. 14, 2018, at
3:00 p.m.

Henry Kwok and Gavin Moss of Chifley Advisory were appointed as
administrators of Athessa Constructions on Aug. 2, 2018.


FIVE STAR 2007-1: Fitch Upgrades Rating on Class E Notes to BB+
---------------------------------------------------------------
Fitch Ratings has upgraded three and affirmed three classes of
notes from Five Star 2017-1 Trust. The transaction consists of
notes backed by pools of first-ranking Australian residential
full-documentation mortgage loans. All mortgages were originated
by Victorian Mortgage Group and the notes were issued by
Perpetual Trustee Company Limited in its capacity as trustee of
Five Star 2017-1 Trust.

The rating actions are as follows (as of June 2018 reporting):

AUD94.0 million Class A1 (AU3FN0038121) notes affirmed at
'AAAsf'; Outlook Stable

AUD19.6 million Class A2 (AU3FN0038139) notes affirmed at
'AAAsf'; Outlook Stable

AUD7.2 million Class B (AU3FN0038147) notes upgraded to 'AAAsf'
from 'AAsf'; Outlook Stable

AUD6.3 million Class C (AU3FN0038154) notes upgraded to 'AA-sf'
from 'Asf'; Outlook Stable

AUD5.4 million Class D (AU3FN0038162) notes affirmed at 'BBBsf';
Outlook Stable

AUD4.0 million Class E (AU3FN0038170) notes upgraded to 'BB+sf'
from 'BBsf'; Outlook Stable

KEY RATING DRIVERS

Macroeconomic Factors: Fitch expects stable mortgage performance,
supported by sustained economic expansion in Australia, and
specifically Victoria, where the mortgages in the pool are
significantly concentrated. The economic outlook is reflected in
Fitch's stable forecast GDP growth of 2.7% and expectation of one
25bp cash rate increase in 2019.

Asset Analysis: The 'AAAsf' weighted average (WA) foreclosure
frequency improved to 21.2% (from 22.0% at the last review)
driven by the reduction in the WA unindexed loan/value ratio
(LVR) to 61.7% (from 62.4%) and improvement in the WA seasoning
to 63 months (from 52 months). The 'AAAsf' lender's WA loss
severity decreased to 55.2% (from 56.8%) driven by the decrease
in the WA indexed scheduled LVR to 55.3% (from 58.4%). 30+ day
arrears of 3.81% are below the Fitch's 1Q18 Non-Conforming RMBS
Index arrears of 7.18%.

Operational Risk: Victorian Mortgage Group is a lender with a
history dating back to 1946. Fitch undertook an on-site
operational review and found that the operations of the
originator and servicer were comparable with those of other non-
conforming lenders.

Cash-flow Analysis: The class A1, A2, B, C, D and E notes benefit
from current credit enhancement of 33.5%, 19.7%, 14.6%, 10.1%,
6.3% and 3.5%, respectively. Structural features include a
liquidity facility sized at 2.0% of the aggregate note balance,
with a facility floor of AUD360,000. The class A1, A2 and B notes
can withstand all relevant Fitch 'AAAsf' stresses applied in its
cash-flow analysis, the class C notes can withstand all 'AA-sf'
stresses, the class D notes can withstand all 'BBBsf' stresses
and the class E notes can withstand all 'BB+sf' stresses.

RATING SENSITIVITIES

Fitch does not expect the ratings to be affected by any
foreseeable change in performance. The prospect of downgrade is
remote, given the level of subordination to all rated notes, pool
performance and adequate excess spread.

Fitch conducted sensitivity analysis by stressing the
transaction's base-case assumptions. The results of rating-
sensitivity testing, using the cash-flow model, are shown here.
Fitch also undertakes defined sensitivity testing to show the
model-implied sensitivities the transaction faces when recovery-
rate assumption stresses are increased to a level that is
required to reduce note rating by one full category, to non-
investment grade and to 'CCCsf'.

Notes: A1 / A2 / B / C / D / E

Rating: AAAsf / AAAsf / AAAsf / AA-sf / BBBsf / BB+sf

Rating sensitivity to increased defaults:

Increase defaults by 15%: AAAsf / AAAsf / AA+sf / A+sf / BBBsf /
BBsf

Increase defaults by 30%: AAAsf / AAAsf / AAsf / Asf / BBBsf /
BB-sf

Rating sensitivity to decreased recoveries:

Reduce recoveries by 15%: AAAsf / AAAsf / AA+sf / Asf / BB+sf /
Bsf

Reduce recoveries by 30%: AAAsf / AAAsf / AA-sf / A-sf / Bsf /
CCCsf

Rating sensitivity to multiple factors:

Increase defaults by 15%, reduce recoveries by 15%: AAAsf / AAAsf
/ AAsf / A-sf / BBsf / CCCsf

Increase defaults by 30%, reduce recoveries by 30%: AAsf / AAsf /
Asf / BBBsf / CCCsf / CCCsf

Decrease in recovery rate required to reduce note ratings:

By one full category: 48% / 48% / 9% / 6% / 13% / 10%

To non-investment grade: not even with 0% recoveries for class A1
and A2 notes / 90% / 52% / 13% / n.a

To 'CCCsf': not even with 0% recoveries for class A1, A2 and B
notes / 82% / 35% / 18%

An upgrade to the ratings of the class D notes to 'BBB+sf' was
considered, but the ratings were constrained by concentration
tests as a result of a change in data provided to Fitch.


HIGH VOLTAGE: First Creditors' Meeting Set for August 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of High
Voltage Karts Pty Ltd will be held at the offices of Australian
Institute of Company Directors, Optus Centre, Level 26, 367
Collins Street, in Melbourne, Victoria, on Aug. 14, 2018, at 4:00
p.m.

Grahame Robert Ward and Thyge Trafford-Jones of Mackay Goodwin
were appointed as administrators of High Voltage on Aug. 2, 2018.


KU DE TA: Second Creditors' Meeting Set for August 10
-----------------------------------------------------
A second meeting of creditors in the proceedings of Ku De Ta
Perth Pty Ltd has been set for Aug. 10, 2018, at 10:30 a.m. at
the offices of KPMG, Level 8, 235 St Georges Terrace, in Perth,
WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 9, 2018, at 4:00 p.m.

Clint Peter Joseph, Hayden Leigh White and Matthew David Woods of
KPMG were appointed as administrators of Ku De Ta on July 6,
2018.


WIRE NETWORKS: In Administration; Owes AUD1.1 Million
-----------------------------------------------------
Nico Arboleda at CRN reports that Sydney-based Wire Networks has
been wound up with debts of about AUD1.1 million, a large chunk
of which is claimed by a former director.

Nahi Gazal, a former director of the company, is claiming to be
owed AUD824,655 alongside debts claimed by the Australian
Taxation Office and IT provider Buroserv Australia, CRN says.

According to CRN, administrators Alan Walker and Ozem Kassem of
Cor Cordis are still investigating the validity of the debt as
they continue liaising with Gazal. They were appointed on
June 25.

Wire Networks was established in April 2014 as a wholly-owned
entity of N&K Gazal Pty Ltd, whose sole director is Nahi Gazal.

CRN says the company's assets were in the process of being sold
to an unrelated third party on 22 June 2018, just days before the
appointment of the administrators. The administrators have
continued to trade the company as this sale proceeds.

CRN, citing the administrator's report, reports that a minority
shareholder alleged that Mr. Gazal was a shadow director due to
his role as top decision-maker. According to CRN, the shareholder
also alleged Mr. Gazal approved wage and supplier payments,
employees and contractors sought direction from him, and that he
was also negotiating the sale of the company just prior to the
administrator's appointment.

"Should the company be wound up at the forthcoming meeting of
creditors, a liquidator would undertake further investigations
into whether Gazal acted as a shadow director of the company,"
the report, as cited by CRN, read.

CRN adds that Cor Cordis said director Bassem El Youssef did not
provide them any explanation behind Wire Network's difficulties.
However, following their investigation, Messrs. Walker and Kassem
determined that the company had been reliant on third-party
funding from Mr. Gazal.

Upon the appointment of Cor Cordis, Messrs. Walker and Kassem
said the company had one employee and utilised contractors based
in India to assist with customer service. It also had about 800
customers, CRN adds.



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


NOBLE GROUP: Unit Sues Yancoal Australia for Alleged Breaches
-------------------------------------------------------------
Bloomberg News reports that Noble Group Ltd., the commodity
trader seeking to push through a restructuring after losing
billions of dollars and defaulting, has filed a claim in
Australia against two coal producers for alleged breaches of
contractual obligations under a marketing-services agreement.

Bloomberg relates that the Singapore-listed company, which will
report another loss later this month, said a unit has filed the
claim in the Supreme Court of New South Wales against Yancoal
Australia Ltd. and its subsidiary Gloucester Coal Ltd. for
damages estimated at least $127 million, according to an exchange
statement on Aug. 3.

After being locked in a battle for survival for years, Noble
Group has secured approval from most of its senior creditors for
the restructuring, as well as from about a third of its existing
shareholders, according to Bloomberg. The company's drawn-out
crisis has prompted speculation that some of its suppliers may
seek an opportunity to walk away from contracts, putting at risk
Noble's ability to provide raw materials to customers in Asia,
Bloomberg says. The claim relates to a marketing-services
agreement entered into in 2011.

"We're taking the appropriate time to review the claim and it's
too early for us to provide any further comment at this time,"
James Rickards, Yancoal's general manager investor relations and
corporate affairs, told Bloomberg.

According to Bloomberg, Noble has a long-term marketing agreement
with Yancoal that dates back to the 2012 merger of Yancoal with
Gloucester Coal, in which Noble had a controlling stake. In 2017,
Yancoal sold Noble A$195 million of coal, Bloomberg discloses
citing the miner's annual report.

The legal dispute relates to a royalty linked to the use of port
capacity at Newcastle, Bloomberg relates citing a person familiar
with the matter, who asked not to be identified as the
information is private. Still, after a deal last year that
heavily diluted Noble's stake in Yancoal, the trader's creditors
aren't counting on Yancoal continuing to be a major supplier,
according to another person, Bloomberg relays.

Noble Group remains a minor shareholder in Yancoal, Bloomberg
data show. The valuation of that initial holding, as well as its
treatment of long-term contracts, had drawn particular scrutiny
from its most consistent foe, Iceberg Research, one of several
companies to criticize the trader's accounting, Bloomberg says.
Noble Group consistently rejected the criticism.

                        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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I N D I A
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AERO TREATMENTS: CRISIL Withdraws 'B' Rating on INR6.7cr Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on bank facility of Aero
Treatments Private Limited (ATPL) following a request from the
company and on receipt of a 'no dues certificate' from the
banker.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         6.7        CRISIL B/Stable/Issuer Not
                                     Cooperating (Migrated from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERTATING'; Rating
                                     Withdrawn)

   Proposed Long Term      .3        CRISIL B/Stable/Issuer Not
   Bank Loan Facility                Cooperating (Migrated from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERTATING'; Rating
                                     Withdrawn)

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of ATPL to 'CRISIL B/Stable
Issuer not cooperating'. CRISIL has withdrawn its rating on bank
facility of ATPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL is migrating the ratings on bank facilities of ATPL from
'CRISIL B/Stable Issuer Not Cooperating to 'CRISIL B/Stable'. The
rating action is in line with CRISIL's policy on withdrawal of
bank loan ratings.

Incorporated in 2014, ATPL has set up a surface treatment unit at
Tumkur, Karnataka. Its operations will be managed by the director
Mr. Srikanth G S.


ANANTA CHARITABLE: CRISIL Withdraws B Rating on INR65cr Term Loan
-----------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Ananta
Charitable Educational Society (ACES) at the company's request
and receipt of no objection certificate from Bank. The rating
action is in line with CRISIL's policy on withdrawal of its bank
loan ratings.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          10         CRISIL A4/Issuer Not
                                      Cooperating (ISSUER NOT
                                      COOPERATING; Rating
                                      Withdrawn)

   Term Loan               65         CRISIL B/Stable/Issuer Not
                                      Cooperating (ISSUER NOT
                                      COOPERATING; Rating
                                      Withdrawn)

CRISIL has been consistently following up with ACES for obtaining
information through letters and emails dated May 24, 2017 and
July 18, 2017 and May 31, 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 ACES. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
the firm is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of ACES
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

ACES was established in January 2015 to set up a medical college
and hospital in Udaipur. The hospital commenced its commercial
operations in August 2015, while 2016-17 is expected to be the
first year of operations for the college. The society is owned
and managed by its 20 members.


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

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR38.6 mil. Term loan due on April 2020 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR15 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Incorporated in 2006, Apicore Pharmaceuticals, a wholly-owned
subsidiary of US-based Apicore LLC, manufactures specialty active
pharmaceutical ingredients.


AZURE POWER: Fitch Affirms 'BB-' Rating on USD500MM Senior Notes
----------------------------------------------------------------
Fitch Ratings has affirmed Azure Power Energy Ltd.'s (APEL)
USD500 million 5.5% senior notes due 2022 at 'BB-'. The rating on
the notes reflects the credit profile of a restricted group of
operating entities under Azure Power Global Limited (APGL), a
company engaged in solar power generation in India.

APEL, a subsidiary of NYSE-listed APGL, used the proceeds of the
US dollar notes mainly to subscribe to rupee-denominated debt (a
combination of non-convertible debentures and external commercial
borrowings) issued by the entities in the restricted group. APEL
will not undertake any business activity other than investing in
the rupee debt via issuance of the US dollar notes.

The rating reflects the credit strengths and weaknesses of the
debt structure and assets of the operating entities that form the
restricted group. The rating takes into consideration the
restrictions on cash outflow and additional indebtedness of the
restricted group, its diversified portfolio of solar generation
assets, moderate-to-weak but diversified counterparties and
expectations of a moderate financial profile.

KEY RATING DRIVERS

Structurally Enhanced Notes: The notes benefit from structural
features created through the note indentures, which provide
protection via restrictions and limitations on the use of cash
and additional indebtedness at the restricted group. No
additional debt can be incurred or restricted payments made if
they raise the restricted group's ratio of gross debt to EBITDA
to above 5.5x, subject to certain carve-outs in the indentures of
the US dollar notes and rupee debt. The US dollar notes also
benefit from first charge over the shares of APEL; the rupee debt
in turn are secured by first charge on all assets (excluding
current assets and receivables) and cash flows of the operating
entities in the restricted group.

The note holders also benefit from the absence of any material
prior-ranking debt in the restricted group. However, the note
indenture allows up to USD40 million of senior debt for working
capital (USD30 million) and general purposes (USD10 million),
which will be secured against current assets. The ratings on the
notes are not linked to APGL's credit quality, although APGL has
guaranteed the notes. The guarantee may not be available for the
entire term of the notes and will "fall away" if the restricted
group's total debt to EBITDA falls below 5.5x.

Stable Performing Solar Assets: The restricted group's portfolio
of 621MW focuses on solar power, which has lower yield volatility
and seasonal variation arising from weather conditions, compared
with other renewable energy sources. All the assets in the
restricted group were operational in the year ended March 2018
(FY18), with the last to do so starting in 4QFY18. As of FYE18,
36% of the assets have been in operation for more than two years
and around 50% between one and two years, with consistently
strong performance, which is reflected in largely stable average
plant load factors.

Fitch expects APGL's strong abilities in development and
maintenance of solar projects to continue to support stable
operations of the assets in the restricted group.

Well-Diversified Operations: The restricted group's portfolio is
highly diversified in terms of geography and number of assets,
which limits risks relating to any particular location, weather
pattern and counterparties. The portfolio consists of 17 solar
assets located in eight states in India, with no state accounting
for more than 31% of generation capacity.

Improving Financial Profile: Fitch expects the restricted group's
financial profile to improve in FY19, the first full year of
operation for the entire portfolio. Fitch expects the restricted
group's net leverage (net adjusted debt/operating EBITDAR) to
improve to around 5x by FYE19 (FYE18: 6.2x; FYE17: 8.3x). While
Fitch expects the restricted group's free cash flows (FCF) to
turn positive in FY19 in the absence of asset additions, FCF is
likely to be negative thereafter as APGL plans to add assets to
the restricted group. However, Fitch expects higher EBITDA from
additional capacity to improve net leverage to below 5.0x and
EBITDAR net fixed-charge coverage to about 2x (FYE18:3.4x; FYE17:
1.7x) in the medium term.

Price Certainty, Volume Risks: The restricted group benefits from
long-term power purchase agreements (PPAs) for all of its
capacity. All of the PPAs have terms of 25 years, except one 10MW
project in Uttar Pradesh with a term of 12 years. While the long-
term PPAs provide protection from price risk, production volumes
may vary with solar radiation patterns.

Moderate to Weak Counterparties: The rating reflects the credit
profiles of the key counterparties of the restricted group. The
PPAs with sovereign-owned entities - NTPC Limited (BBB-/Stable)
and Solar Energy Corporation of India Limited (SECI) - make up
33% of its capacity; with state-owned power distribution
utilities accounting for the rest. While most state utilities
have weaker credit profiles, the risk is mitigated by the
considerable exposure to NTPC and SECI, which have more robust
credit profiles, and diversification among many counterparties
for the remaining capacity.

Limited Forex and Refinancing Risks: Foreign-exchange risk arises
as the earnings of the restricted group's assets are in Indian
rupees while the notes are denominated in US dollars. However,
APEL hedges the entire semi-annual coupon payments and the
principal of its US dollar notes. Further Fitch believes APGL's
association with strong equity investors like Caisse de depot et
placement du Quebec (CDPQ; 32.5% stake) and International Finance
Corporation (30.2% stake), limits refinancing risks by improving
access to funding in the banking and capital markets.

DERIVATION SUMMARY

The APGL restricted group's reasonable scale, well-diversified
portfolio of solar assets and better counterparty credit profile
results in its business profile being better than its peers such
as Neerg Energy Ltd (notes rated B+) and Greenko Investment
Company (GIL, notes rated BB- on account of guarantee from parent
Greenko Energy Holdings (BB-/ Stable), standalone assessed at
B+). Fitch expects the APGL restricted group's financial profile
to improve over the medium term and be better than that of Neerg
and GIL, based on expectations of lower leverage, which results
the APEL notes being rated a notch higher.

APEL's notes are rated a notch lower than that of Greenko Dutch
B.V's (GBV, notes rated BB). GBV's notes are also issued by a
restricted group of entities, which have a large scale, longer
operating history and stronger expected financial profile than
the APEL group. These advantages offset APEL's better
counterparty profile and more stable solar assets. The credit
profile of the APGL restricted group is a notch below Melton
Renewable Energy UK PLC (MRE UK, BB/Stable) given MRE UK's
stronger financial profile, expectations of positive free cash
flow generation, and favourable UK regulations relating to the
renewables obligation scheme despite the price risk on the
renewables obligation and the more stable solar business of APEL.

Concord New Energy Group Limited (CNE, BB-/Negative) has 819MW of
operational wind-based power capacity spread across 20 projects
in China. Curtailment risk in China is high, though more of CNE's
projects are located in areas with lower curtailment. CNE faces
substantial construction risk as it aims to add 200MW-550MW of
wind capacity per year from 2018-2021. Feed-in tariffs are stable
and its counterparty risk is lower as its revenue stream is
mostly reliant on State Grid Corporation of China (A+/Stable) and
China's Renewable Energy Subsidy Fund. However, CNE's cash flow,
like that of other Chinese operators, is significantly affected
by the time lag in the receipt of renewable subsidies, which
accounted for 52% of its power revenue in 2017. The subsidy
delay, as well as the lag between new capacity installation and
grid connection in 2017, caused CNE's leverage to rise to 9.1x in
2017 from 2.9x a year ago, although Fitch expects the company to
deleverage to below 6x from 2018 when higher contributions from
2017's completed capacity can be realised. Overall, CNE has a
business profile that is similar to APEL's with expectations of
similar financial profile over the medium term; the uncertainty
associated with managing CNE's leverage is reflected in its
Negative Outlook.

KEY ASSUMPTIONS

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

  - Plant load factors in line with historical performance,
    ranging from 17%-20% for most of the assets.

  - Plant-wise tariff in accordance with the power purchase
    agreements.

  - EBITDA margins in the range of 88% - 90% over the medium
    term.

  - Average receivable period to reduce from around 80 days in
    FY18 to around 50 days by FY22

  - No capex during FY19 and around INR16 billion over the next
    three years.

  - No dividend payouts from the restricted group over the medium
    term.

RATING SENSITIVITIES

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

Fitch does not expect positive rating action on the US dollar
notes issued by APEL in the near term during the growth phase of
APGL. Nevertheless, a sustained improvement in APEL's leverage as
measured by net adjusted debt/operating EBITDAR, to below 3.5x
and EBITDAR net fixed-charge coverage of 2.3x or more may result
in a positive rating action. Fixed charges include the cost of
forex hedging.

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

  - EBITDAR net fixed-charge coverage falling and sustained below
    Fitch's expectation of 1.8x over the medium term

  - Significant increase in refinancing risk, including on
    account of any significant weakening of the parent's credit
    profile.

  - Failure to adequately mitigate foreign-exchange risk

LIQUIDITY

Comfortable Liquidity: The refinancing of project-level debt in
FY18 at operating entities has improved liquidity of the
restricted group. The US dollar notes are due in 2022 with
minimal debt maturities during the interim period. APEL's readily
available cash balance stood at INR3,283 million at FYE18.
Further, the restricted group intends to maintain minimum cash of
about USD15 million (around INR1 billion) and limit the amount of
equity investment in new solar assets to be added to the
restricted group to about 70% of operational cash generated.


BHARANI COMMODITIES: ICRA Cuts Rating on INR5cr Loan to D
---------------------------------------------------------
ICRA has revised the ratings for the INR30.00 crore bank
facilities of Bharani Commodities Private Limited(BCPL) to
[ICRA]D from [ICRA]BB-(stable)/A4 and the rating continues to
remain under 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term-fund       2.00      [ICRA]D; ISSUER NOT
   based limits                   COOPERATING; Revised
                                  from [ICRA]BB-(Stable);
                                  Rating continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

   Short term-Non      23.00      [ICRA]D; ISSUER NOT
   fund based limits              COOPERATING; Revised from
                                  [ICRA]A4; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated Limits   5.00      [ICRA]D; ISSUER NOT
                                  COOPERATING; Revised from
                                  [ICRA]BB-(Stable)/
                                  [ICRA]A4;Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Rationale

The rating downgrade follows the devolvements in Letter of Credit
(L.C) by the BCPL to the lender(s) for over 30 days during last
six months period, as confirmed by them to ICRA.

Founded in 2008 as a proprietorship, Bharani Commodities Private
Limited (HS) is involved in the trading of steel and allied
products. In 2015, the firm was reconstituted as a partnership
firm. The partners of the firm Ms. J. Raghavi Reddy and Mr. M.
Pavan Kumar have more than four decades of experience in iron and
steel trading business. The firm procures traded products from
steel rolling mills located in and around Hyderabad. The firm has
its warehouse facility at Nacharam, Hyderabad. The firm caters to
the demands of the customers based out of Hyderabad.


BHAVIN IMPEX: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with Bhavin Impex
Private Limited (BIPL) for obtaining information through letters
and emails dated April 20, 2018, May 18, 2018, June 7, 2018 and
June 11, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Export Packing
   Credit                9.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL B+/Stable ISSUER
                                  NOT COOPERATING')

   Proposed Cash
   Credit Limit         9.5      CRISIL D (ISSUER NOT
                                  COOPERATING; Downgraded
                                  from 'CRISIL B+/Stable ISSUER
                                  NOT COOPERATING')

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of BIPL. 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 BIPL to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

The downgrade in the ratings reflects export bills overdue and
delay of interest payment for more than 2 months.

Incorporated in 2001, BIPL is promoted by the Sayani group, which
has been involved in the manufacturing and export of copper
alloys and brass fittings since more than a decade. BIPL
manufactures, exports, and trades in brass ingots, billets, brass
extrusion, brass fasteners and fittings.


CALCUTTA ELECTRODES: Ind-Ra Affirms 'BB-' Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Calcutta
Electrodes Private Limited's (CEPL) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR70 mil. (increased from INR60 mil.) Fund-based working
     capital limits affirmed IND BB-/Stable rating.

KEY RATING DRIVERS

The affirmation reflects Calcutta Electrodes' continued small
scale of operations. The ratings also factor in the company's
modest operating margins and moderate credit metrics due to its
presence in the highly competitive steel industry, which is
vulnerable to fluctuations in raw material prices.

According to FY18 provisional financials, revenue was INR464.53
million (FY17: INR343.77 million), EBITDA margins were 4.8%
(5.9%), interest coverage was 1.9x (1.7x) and net financial
leverage was 3.97x (5.16x). The increase in revenue was because
of the execution of a larger number of orders. The margins fell
mainly due to increased raw material costs and lower margin
nature of orders. The credit metrics improved due to a fall in
interest cost on account of a decline in the total debt. The
return on capital employed has been stable at 8% since FY16.

The ratings are constrained by the company's tight liquidity
profile as reflected from its average working capital utilization
of 97% during the 12 months ended June 2018.

The ratings however are supported by the promoters' more than a
decade of experience in the welding electrode manufacturing
business.

RATING SENSITIVITIES

Negative: A negative rating action could result from a decline in
the scale of operations and deterioration in the credit metrics
on a sustained basis.

Positive: A positive rating action could result from a
substantial, sustained improvement in the scale of operations and
credit metrics.

COMPANY PROFILE

Incorporated in September 1992, CEPL manufactures arc welding
electrodes and CO2 MIG welding wires at its 7,400 metric tons per
annum unit in Bhanpuri, Raipur. The operations of the company are
managed by Mr. Praveen Kumar Agarwal, Mr. Ashok Kumar Agarwal,
Ms. Anupama Agarwal and Ms. Babita Agarwal.

The company sells its products under the brand names Shiva,
Superweld and Ferrocord.


DPMK FERTILIZERS: CRISIL Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of D.P.M.K. Fertilizers Private Limited
(DPMK). The ratings continue to reflect the company's large
working capital requirement and subdued financial risk profile.
These weaknesses are partially offset by the extensive experience
of its promoters in the industry.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.5        CRISIL A4 (Reaffirmed)
   Cash Credit          11.5        CRISIL B+/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Subdued financial risk profile: The networth is low estimated
at INR5.8 crore and total outside liabilities to tangible
networth was high at 6.48 times in FY18 (compared to INR5.45 cr
and 8.44 times a year ago). With continued large working capital
debt, gearing will remain high over the medium term. Interest
coverage ratio was subdued estimated at 0.88 times and net cash
accrual to total debt ratio was estimated at 0.04 time,
respectively, in fiscal 2018 due to low profitability.

* Large working capital requirements: Gross current assets were
at 150 days as on March 31, 2018 (compared to 154 days a year
ago) driven by receivables of 95 days and inventory of 45 days,
leading to high dependence on payables and bank facilities to
fund working capital requirement.

Strengths

* Promoters' extensive experience and financial support: The
promoters' experience of over 25 years has helped the company
establish a clientele and supplier base in Chhattisgarh, Madhya
Pradesh, and Odisha, and scale up operations over the years. The
promoters have also supported fund requirement through unsecured
loans.

Outlook: Stable

CRISIL believes DPMK will continue to benefit from the promoters'
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability improve, leading to
higher cash accrual, or if a significant capital infusion leads
to improvement in financial risk profile and liquidity. The
outlook may be revised to 'Negative' if lower-than-expected
revenue or profitability, or stretch in working capital cycle
weakens the financial risk profile, particularly liquidity.

DPMK was established as a proprietorship firm in 1990, and was
reconstituted as a private limited company with the current name
in 2009. The company is a distributor of organic and inorganic
fertilizers in Chhattisgarh, Madhya Pradesh, and Odisha. It is
managed by Mr. Dwarika Gupta.


DEVKIRAN PAPER: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Devkiran Paper
Mills Private Limited's (DKPM) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR127.6 mil. (reduced from INR161 mil.) Term loan due on
    June 2024 affirmed with IND BB-/Stable rating;

-- INR130 mil. (increased from INR100 mil.) Fund-based
    facilities affirmed with IND BB-/Stable/IND A4+ rating;

-- INR35 mil. (increased from INR25 mil.) Non-fund-based
    facilities affirmed with IND A4+ rating;

-- INR107.4 mil. Proposed fund-based facilities* assigned with
    Provisional IND BB-/Stable/Provisional IND A4+ rating; and

-- INR64 mil. Proposed non-fund-based facilities withdrawn (the
    company did not proceed with the instrument as envisaged)
    and the rating is withdrawn.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by DKPM to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects DKPM's small scale of operations as
indicated by revenue of INR610 million in FY18 (FY17: INR535
million). The growth in revenue was on account of an increase in
sales volumes, following an increase in production capacity to
22,671 mtpa in FY18 (FY17: 22,510 mtpa). FY18 financials are
provisional in nature.

The ratings also factor in the company's modest credit metrics as
indicated by net leverage (total adjusted net debt/operating
EBITDAR) of 4.8x in FY18 (FY17: 3.9x) and EBITDA interest
coverage (operating EBITDAR/gross interest expense + rents) of
1.5x (1.4x). The deterioration in the net leverage was due to an
increase in total debt to INR298.3 million at FYE18 (FYE17:
INR252.7 million) to fund purchase of machinery. Ind-Ra expects
the credit metrics to deteriorate in the medium term due to the
working capital-intensive nature of operations. However, the
credit metrics will remain commensurate with the rating level.

EBITDA margin was modest at 10.2% in FY18 (FY17: 12%) with ROCE
of 11% (13%) in FY17. The decline in the profitability margin was
due to fluctuations in raw material prices.

The ratings also remain constrained by DKPM's tight liquidity
position with almost full utilization of the fund-based
facilities during the 12 months ended June 2018. Net working
capital cycle remained elongated at around 97 days in FY18 (FY17:
88 days) due to an increase in inventory and debtor days.

However, the ratings continue to be supported by the promoters'
two decades of experience in the manufacturing of paper reels.

RATING SENSITIVITIES

Negative: A substantial decline in the top line or operating
profitability, leading to deterioration in the overall credit
metrics, all on a sustained basis, will lead to a negative rating
action.

Positive: A significant increase in the scale of operations and
operating profitability leading to an improvement in the credit
metrics, all on a sustained basis, could be positive for the
ratings.

COMPANY PROFILE

DKPM was incorporated in 1988 as a private limited company in
Mysore. The company manufactures recycled kraft paper for the
packaging and laminating industries. Mr. R H Ramanuja Setty, Mr.
R H Sreenivas Setty, Mr. Ramakrishna Setty and Mr. Bhaskar Setty
are the promoters.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERTAING) /
     IND A4+ (ISSUER NOT COOPERTAING) rating; and

-- INR300 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
July 21, 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 December 2013, GPR INFRA is an engineering,
procurement and construction firm.


JG AGRO: CRISIL Maintains D Rating in Non-Cooperating Category
--------------------------------------------------------------
CRISIL has been consistently following up with J G Agro
Industries (JGAI) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             9        CRISIL D (ISSUER NOT
                                    COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JGAI continues to be 'CRISIL D Issuer not
cooperating'

JGAI was established in 2008 as a partnership firm by the Jindal
family in Patiala (Punjab). The firm was reconstituted as a
proprietorship concern with Mr. Tejinder Mohan Jindal as
proprietor in 2012-13. JGAI is mainly engaged in shelling of
basmati and non-basmati rice.


JK AGRO: CRISIL Maintains B- Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL has been consistently following up with J.K. Agro Food
Industries (JKAFI) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Long Term Loan          4         CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JKAFI continues to be 'CRISIL B-/Stable Issuer not
cooperating'

Set up in 2014, JKAFI is a partnership firm that processes
(milling and sorting) of rice. The operations are managed by Mr.
T R Madhusudhana. The firm is based in Tumkur (Karnataka) and its
facility has a processing capacity of 6 tonnes per hour.


JALSA BANQUETS: CRISIL Maintains B- Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Jalsa Banquets
Private Limited (JBPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Term Loan              5.75       CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JBPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'

Incorporated in 2009, JBPL is promoted by the Indore (Madhya
Pradesh)-based Kakkar and Juneja families. The company owns and
operates marriage lawns, banquet hall and rooms near Indore, and
organises social and corporate events, targeting the luxury
segment.


JAY MAHAKALI: CRISIL Maintains B- Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Jay Mahakali
Industries (JMI) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.5        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Cash Term Loan         1.6        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility     1.5        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of JMI continues to be CRISIL B-/Stable Issuer not
cooperating'

Set up in 2013, JMI is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing
operations at its facility in Kadi, Gujarat. It started
commercial production in October 2014.


KAMAKSHI COTTON: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with Kamakshi Cotton
Industries Ginning and Pressing Unit (KCI) for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            8.25        CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term     3.25        CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan              1           CRISIL D (ISSUER NOT
                                      COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KCI continues to be CRISIL D Issuer not
cooperating'

Established in 2008 as a partnership concern, KCI gins and
presses raw cotton, and sells cotton lint and cotton seeds. The
firm also undertakes extraction of cottonseed oil. It is promoted
by J. Bhaskar Rao and his family members and is based in
Karimnagar (Telangana).


KIRPA FOODS: CRISIL Maintains B- Rating in Not Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with Kirpa Foods (KF)
for obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

   Long Term Loan           7.5      CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Warehouse Financing      5        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KF continues to be 'CRISIL B-/Stable Issuer not
cooperating'

KF, established in 2013 and promoted by Mr. Sahil Tinna and Mr.
Rahul Tinna, has set up an 8-tonne-per-hour par-boiled rice
milling unit in Fazilka (Punjab). The firm started its commercial
operations in December 2014.


KMB GRANITE: CRISIL Keeps D Rating in Not Cooperating Category
--------------------------------------------------------------
CRISIL has been consistently following up with KMB Granite
Quarriers (KMB) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             20         CRISIL D (ISSUER NOT
                                      COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KMB continues to be 'CRISIL D Issuer not
cooperating'

KMB was established as a partnership firm by Mr. Mohammed Yaseen,
Mr. Mohammed Ismail, and Mr. Abdulla in 2012. The firm undertakes
quarrying of rough granite. It started commercial operations from
January 2014.


KOHENOOR INDUSTRIES: Ind-Ra Migrates D Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kohenoor
Industries' 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 D (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR175 mil. Fund-based limit (long-term) migrated to Non-
     Cooperating Category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 12, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kohenoor Industries is a part of the Jajodia group, headed by Mr.
Pawan Kumar Jajodia. It is a proprietorship firm engaged in the
trading of pulses, sugar and edible oil.


LAL BABA: CRISIL Maintains B- Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Lal Baba Seamless
Tubes Private Limited (LBSTPL) for obtaining information through
letters and emails dated February 28, 2018 and July 31, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            13.5       CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Term Loan               1.82      CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of LBSTPL continues to be 'CRISIL B-/Stable Issuer not
cooperating'

Incorporated in 2006, LBSTPL manufactures carbon and alloy steel
seamless tubes. The tubes are primarily used in the oil and gas
industry, steam boilers, pipelines, engineering industry and
other processing industries.


LENZ CERAMIC: ICRA Maintains B Rating on INR8cr Cash Loan
---------------------------------------------------------
ICRA said the ratings for the INR15.50-crore bank facilities of
Lenz Ceramic Pvt. Ltd. continue to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as '[ICRA]B
(Stable)/[ICRA]A4; ISSUER NOT COOPERATING'.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-Term       5.00      [ICRA]B (Stable); ISSUER NOT
   Loan                            COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Fun-based-Cash        8.00      [ICRA]B (Stable); ISSUER NOT
   Credit                          COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non-fund Based-       2.50      [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance and had also sent repeated reminders to
the company for payment of surveillance fee that became overdue.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been
taken by ICRA based on the best available/dated/limited
information on the issuer's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating, as it may
not adequately reflect the credit risk profile of the entity.

Incorporated in February 2010, Lenz Ceramic Pvt. Ltd. (LCPL) is a
vitrified tiles manufacturer with its plant in Morbi, Gujarat.
LCPL commenced its operations in April 2011. It manufactures
vitrified tiles of two sizes 600" X 600" and 600" X 1200", which
find wide application in commercial as well as residential
buildings. The company is managed and promoted by Mr. Ashokbhai
Patel, Mr. Babulal Nayakpara, Mr. Jayendrabhai Sanja and Mr.
Jitendrabhai Nayakpara. It has an installed capacity to
manufacture 1440000 boxes of vitrified tiles per annum.


MM AUTOMOBILES: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with M. M. Automobiles
(MMA) for obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Credit                 3.5         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Standby Line            .5         CRISIL D (ISSUER NOT
   of Credit                          COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MMA continues to be 'CRISIL D Issuer not
cooperating'.

MMA was set up in 2003 as a proprietorship concern by Mr. Mutchu
Mithi. It is an authorized dealer for passenger vehicles of
Hyundai Motor India Ltd. The firm operates a showroom in Itanagar
(Arunachal Pradesh).


MAHABIR TECHNO: CRISIL Maintains D Rating in Non-Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Mahabir Techno
Limited (MTL) for obtaining information through letters and
emails dated February 28, 2018 and July 31, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             33         CRISIL D (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term       1         CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan                1         CRISIL D (ISSUER NOT
                                      COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MTL continues to be CRISIL D Issuer not
cooperating'.

Set up by members of the Khurana family of Kurukshetra (Haryana),
MTL refines rice bran oil, palm oil, sunflower oil, and other
edible oils. The refining operations commenced in a partnership
firm, Mahabir Techno, in 1996, which was acquired by MTL in 2003.


MAHADEV PROFILES: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Mahadev Profiles
Private Limited (MPPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            7.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan         5.4        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     1.1        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MPPL continues to be 'CRISIL D Issuer not
cooperating'.

MPPL was set up in 2007 by Mr. G Mahadev Naidu and his family
members. The company designs and manufactures pre-cast and pre-
stressed concrete elements, such as blocks, beams, roofs, and
columns. It is based in Hyderabad, Telangana.


MALGANGA MILK: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has been consistently following up with Malganga Milk and
Agro Products Private Limited (MMAPL) for obtaining information
through letters and emails dated February 28, 2018 and July 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              5        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

   Term Loan                6        CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MMAPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

CRISIL believes MMAPL will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of significant improvement in the
profitability and cash accrual and or sizable fund infusion by
promoters leading to significant improvement in capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of further weakening of financial risk profile,
particularly liquidity, because of lower cash accrual or
stretched working capital cycle or any unanticipated, debt-funded
capital expenditure (capex).


MAXTAR BIO-GENICS: CRISIL Maintains B Rating in Non-Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Maxtar Bio-Genics
(MBG) for obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained
non-cooperative.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           12        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MBG continues to be 'CRISIL B/Stable Issuer not
cooperating'

MBG, a partnership firm, was established in 2007 by Mr. Madan Lal
Bansal and Mr. Jagdish Bansal. The firm manufactures and exports
various allopathic over-the-counter (OTC) drugs such as
paracetamol, amoxicillin, and ibuprofen, which it sells under its
own brand name in both the domestic and global markets. It
exports to Cameroon, Cambodia, Sri Lanka, Nigeria, Vietnam,
Philippines, and other countries.


MJ AND SONS: CRISIL Maintains B- Rating in Non-Cooperating
----------------------------------------------------------
CRISIL has been consistently following up with MJ and Sons
Distilliery and Breweries Private Limited (MJS) for obtaining
information through letters and emails dated February 28, 2018
and July 31, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             17        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Long Term Loan          38        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term       9        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of MJS continues to be 'CRISIL B-/Stable Issuer not
cooperating'.

MJS was established in October 2005 by Mr. Shiv Kumar to
manufacture extra-neutral alcohol and country liquor from food
grains. Its plant is in Patna.


MOHIJULI TEA: CRISIL Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Mohijuli Tea Co Private Limited (MTCPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit           6.72       CRISIL B+/Stable (Assigned)
   Term Loan             3.26       CRISIL B+/Stable (Assigned)

The rating reflects the company's below-average financial risk
profile, a modest scale of operation and susceptibility to
seasonal production. These weaknesses are partially offset by the
promoters' extensive experience in the tea industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth was low at
INR5.35 crore as on March 31, 2018, on account of modest
accretion to reserve. Debt protection metrics remained weak, with
interest coverage and net cash accrual to total debt ratios at
1.47 times and 0.05 time, respectively, in fiscal 2018. The
ratios are expected to remain weak over the medium term.

* Modest scale of operation and vulnerability to seasonal
production: MTCPL's scale of operation had remained modest
reflected in topline of less than Rs.20 crore in last two fiscals
through 2018. Further tea is a seasonal product, and its yield
depends on the monsoon. Tea plantations have high fixed costs.
The major cost components are labour and fixed manufacturing
expenses, which account for 60-65% of the total cost. In case of
less-than-normal production, tea estates may face significant
decline in profitability, or even operating losses.

Strength

* Extensive experience of the promoters in the tea industry:
Promoters' experience of more than three decades should continue
to support business risk profile.

Outlook: Stable

CRISIL believes MTCPL will continue to benefit from its
promoters' extensive experience. The outlook may be revised to
'Positive' if improvement in revenue and net cash accruals and
better financial risk profile. The outlook may be revised to
'Negative' if less-than-expected cash accrual, stretch in working
capital cycle, or larger-than expected debt-funded capex weakens
financial risk profile, particularly liquidity.

Incorporated in 1991, MTCPL is promoted by Mr. Adilur Rahman, Mr.
Atikur Rahman, Mrs Nilofar Rahman, and Mrs Rumena Rahman. It
plants and processes organic Assam tea. MTCPL also manufactures
tea, from its own tea estate and from other estates. The company
has invested regularly in replantation. Processed tea is sold
through auction houses, and brokers and agents.


NILESH TIMBERS: CRISIL Maintains B Rating in Non-Cooperating
------------------------------------------------------------
CRISIL has been consistently following up with Nilesh Timbers
(NT) for obtaining information through letters and emails dated
February 28, 2018 and July 31, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Credit                  2         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING)

   Foreign Letter          8         CRISIL B/Stable (ISSUER NOT
   of Credit                         COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of NT continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Nilesh Timbers, located in Shecottah, Tamil Nadu, is involved in
the trading of timber majorly in Tamil Nadu and Karnataka. NT is
promoted and managed by Mr.Nilesh Patel and his family members.


NOVARC LABS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL has been consistently following up with Novarc Labs
Private Limited (NLPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             5          CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Cash           3          CRISIL B/Stable (ISSUER NOT
   Credit Limit                       COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of NLPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

NLPL was incorporated in September 2014 as a private limited
company by Ms. Vishali Sravanthi M. The company, based in
Hyderabad, trades in APIs such as chlorothalidone and
hydrochlorothiazide.


PEW ENGINEERING: CRISIL Maintains B Rating in Not Cooperating
-------------------------------------------------------------
CRISIL has been consistently following up with PEW Engineering
Private Limited (PEWEPL) for obtaining information through
letters and emails dated February 28, 2018 and July 31, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      10         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of PEWEPL continues to be 'CRISIL B/Stable Issuer not
cooperating'.

PEWEPL, incorporated in 2010 by Kolkata-based Dhanuka family,
manufactures railway components such as stainless steel air
reservoirs, air break cylinders, check valve, and passenger
emergency alarm signal devices and others.


PURE MILK: CRISIL Maintains D Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL has been consistently following up with Pure Milk Products
Private Limited (PMPPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit           37.48       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility      .98       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan             13.54       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Working Capital       11          CRISIL D (ISSUER NOT
   Demand Loan                       COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of PMPPL continues to be 'CRISIL D Issuer not
cooperating'.

PMPPL was established in 1989 as a partnership firm, and was
reconstituted as a private limited company. It was acquired by
Mr. Charanjit Singh and his wife in 1993. PMPPL processes milk at
its plant in Ludhiana (Punjab), which has capacity of 0.4 million
litres per day.


RADIANT HOTELS: ICRA Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Radiant Hotels Private Limited (RHPL) to the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-Term Fund        30.00      [ICRA]B+ (Stable) ISSUER NOT
   Based-Term Loan                  COOPERATING; Rating moved to
                                    the 'Issuer Not Cooperating'
                                    category

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

Incorporated in October 1993, RHPL is a private limited company
with Mr. Suresh Gupta and his family holding 100% shares of the
company. The company was initially incorporated with the
objective of developing and running a hotel. Accordingly, the
land was purchased in 1995-96, but the unit was not established.
Now the company has decided to construct a residential housing
project on the same property. The promoters have been engaged in
the activity of cutting, polishing and trading of gems for the
last 30 years. The firm is currently developing residential
villas, consisting of total 30 villas of various sizes at Tonk
Road, Jaipur, with a saleable area of 1.50 lakh sq, ft.


SAISHA ENTERPRISES: CRISIL Maintains D Rating in Non-Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Saisha Enterprises
Private Limited (SEPL) for obtaining information through letters
and emails dated February 28, 2018 and July 31, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term      6.08       CRISIL D (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan               6.42       CRISIL D (ISSUER NOT
                                      COOPERATING)

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

Detailed Rationale

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

Based on the last available information, the rating on bank
facilities of SEPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2010, SEPL derives parking income from its
parking space located in Shirdi (Maharashtra). The company has
constructed its commercial complex including 13 shops, 40-room
hotel and a restaurant having total rental area of 1.5 lakh
square feet. SEPL is promoted by Mr. Navnath Gondkar and has its
registered office in Ahmednagar (Maharashtra).


SHIV COTTON: ICRA Maintains B Rating on INR5cr Loan
---------------------------------------------------
ICRA said the rating for the INR6.50-crore bank facilities of
Shiv Cotton Industries continues to remain under the 'Issuer Not
Cooperating' category. The rating is now denoted as '[ICRA]B
(Stable); ISSUER NOT COOPERATING'.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based Term       1.50       [ICRA]B (Stable); ISSUER NOT
   Loan                             COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fun-based Working     5.00       [ICRA]B (Stable); ISSUER NOT
   Capital                          COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

ICRA has been trying to seek information from the entity to
monitor its performance and had also sent repeated reminders to
the company for payment of surveillance fee that became overdue.
Despite repeated requests by ICRA, the entity's management has
remained non-cooperative. The current rating action has been
taken by ICRA based on the best available/dated/limited
information on the issuer's performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating, as it may
not adequately reflect the credit risk profile of the entity.

Shiv Cotton Industries (SCI) was established as a partnership
firm in May 2013. SCI commenced its operation in January 2014. At
present, it gins and presses raw cotton to produce cotton bales
and cotton seeds. The manufacturing unit is located at Tankara,
in Rajkot district of Gujarat and is equipped with 24 ginning
machines and one pressing machine.


TEZALPATTY TEA: CRISIL Assigns D Rating to INR3.40cr Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of Tezalpatty Tea Private Limited (TTPL). The rating
reflects instances of delay by the company in servicing its term
debt, because of weak liquidity.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Credit                2.97        CRISIL D (Assigned)
   Term Loan             3.40        CRISIL D (Assigned)

The company also has a weak financial risk profile because of
modest networth and high gearing, and its operating profitability
is susceptible to fluctuations in tea prices. However, it
benefits from its promoters' extensive experience in the tea
industry.

Key Rating Drivers & Detailed Description

* Delay in servicing debt because of weak liquidity: There are
instances of delay by TTPL in servicing its term debt; the delay
has been caused by weak liquidity.

Weakness

* Weak financial risk profile: Networth was small at INR4.31
crore as on March 31, 2017, on account of modest accretion to
reserves. Debt protection metrics remained weak, with interest
coverage ratio at 1.70 times and net cash accrual to total debt
ratio at 0.07 time in fiscal 2017. The ratios are expected to
remain at similar levels over the medium term.

* Vulnerability of operating profitability to fluctuations in tea
prices: Tea is a seasonal product and its yield depends on the
monsoon. Tea plantations have high fixed costs. The major cost
components are labour and fixed manufacturing expenses, which
account for 60-65% of the total cost. In case of less-than-normal
production, tea estates may face significant decline in
profitability or even have operating losses. CRISIL believes
TTPL's operating margin will remain susceptible to fluctuations
in tea prices.

Strength

* Extensive experience of the promoters in the tea industry: The
promoters, Mr. Adilur Rahman, Mr. Atikur Rahman, Ms Nilufar
Rahman, and Ms Rumena Rahman, have experience of more than 3
decades in the tea industry. TTPL manufactures tea from its own
tea estate, and also from other estates. The company has invested
regularly in replantation. The processed tea is sold through
auction houses and through brokers and agents.

Incorporated in 1994, TTPL is promoted by Mr. Nilufar Rehman. The
company plants and processes organic Assam tea. It also
manufactures conventional tea by purchasing leaves from other tea
estates.


TYAGI & RAMESHWAR: CRISIL Withdraws B Rating on INR15cr LT Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the long-term bank facility of
Tyagi & Rameshwar Infrastructures (TRI) following a request from
the company and on receipt of a 'no dues certificate' from the
banker. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                         Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Proposed Long Term
   Bank Loan Facility       15       CRISIL B/Stable (Withdrawn)

Tyagi and Rameshwar Infrastructures (TRI), a partnership firm
formed in 2009, is Pune based residential real estate developer.
The firm will be undertaking residential real estate project in
Pune near Katraj Kondhwa Road. It is an equal partnership venture
between Tyagi group and Agarwal group.


YESHASHVI STEELS: CRISIL Migrates B+ Rating to Non-Cooperating
--------------------------------------------------------------
CRISIL is migrating the rating on bank facilities of Yeshashvi
Steels and Alloys Private Limited (YSAPL) from 'CRISIL B/Stable
Issuer Not Cooperating' to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           3.5         CRISIL B+/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

   Term Loan             7.35        CRISIL B+/Stable (Migrated
                                     from 'CRISIL B/Stable ISSUER
                                     NOT COOPERATING')

Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of YSAPL to 'CRISIL B/Stable
Issuer Not Cooperating'. However, the management has subsequently
started sharing requisite information, necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on bank facilities of the company from
'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.

The rating upgrade reflects the improvement in the business risk
profile of the company as there is scale up in operations as
YSAPL revenue increased by 30% in fiscal 18 to INR49.9 crore. The
company is expected to continue to grow at healthy pace over the
medium due to healthy demand for sponge iron. The upgrade also
reflects improvement in the financial risk profile as the gearing
improve to 2.49 times as on March 31, 2018 from over 5 times in
past three. The gearing is expected to improve further on the
back of reducing debt and increasing net worth. The financial
risk is further supported by adequate debt protection measures.
The rating upgrade also factors in CRISIL's belief that the
working capital cycle of the company is expected to remain steady
while achieving a healthy top-line growth and maintaining a
stable operating margins.

CRISIL's rating continues to reflect YSAPL's small scale of
operations and large working capital requirement. These rating
weaknesses are mitigated by the promoters' extensive experience
in the sponge iron and steel industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operation: Despite healthy growth in the revenue
in fiscal 18, it is still modest at INR49.9 Cr. Due to fragmented
nature of the iron and steel industry YSAPL faces competition
from organized and unorganized sector. CRISIL believes the scale
of operations of YSAPL will continue to remain modest over the
medium term.

* Large working capital requirement: The operation of YSAPL are
working capital intensive as reflected in high Gross current
asset (GCA) of 69 days as on March 31, 2018. The high GCA days is
due to high inventory of around 30 to 50 days maintained by the
company in the past three years ending March 31, 2018. CRISIL
believes the operations of the company will remain working
capital intensive over the medium term due to inventory level
maintained by company.

Strengths:

* Promoters' extensive experience in the sponge iron and steel
industry: The promoters have extensive experience of more than 18
years in the sponge iron and steel industry. This has helped the
company to establish healthy relationship with its customers.
CRISIL believes that YSAPL will continue to benefit over the
medium term from its promoters' extensive industry experience.

Outlook: Stable

CRISIL believes YSAPL will continue to benefit over the medium
term from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case higher-than-expected
cash accrual, or significant capital infusion corrects the
capital structure, subsequently improving the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile, particularly liquidity, deteriorates
because of low cash accrual, or stretched working capital cycle.

YSAPL, based in Bellary (Karnataka) was established in 2007 by a
team of technocrats. It is manufactures and sells sponge iron.
YSAPL also sells small quantity of char dust, which is a
by-product of sponge iron manufacturing process.



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


MT. GOX: Creditors Update Civil Rehabilitation Plan
---------------------------------------------------
Helen Partz at Cointelegraph.com reports that lawyers
representing a group of creditors of the now-defunct Japanese
Bitcoin (BTC) exchange Mt. Gox have recently updated their civil
rehabilitation plan, according to a statement on the Mt. Gox
creditors' website Aug. 2.

In the announcement, the Mt. Gox creditors stated they had
revised the basic policy for the rehabilitation plan as of
August 1, 2018, in compliance with comments on the previous
version of the policy, including from a group of Mt. Gox Legal
creditors, the report says.

Cointelegraph.com relates that the update confirmed that
repayments will be made in Bitcoin and Bitcoin Cash (BCH), adding
that creditors will be paid back to their existing accounts on
crypto exchanges or on newly opened accounts as preferable by the
creditors. The announcement adds,"We think it desirable that the
BTC and BCH be sent to exchanges in which many creditors have
accounts or can open accounts easily."

According to Cointelegraph.com, the revised Mt. Gox policy also
suggested additional reimbursement in "remaining cash," since the
defunct crypto exchange "holds a lot of cash through the sales of
BTC and BCH" that should be paid to BTC creditors "after the
repayment to the monetary creditors."

Cointelegraph.com says the updated rehabilitation plan also
touched on the question of repayment in altcoins. The addition to
the policy states that the reimbursement of BTC creditors in
altcoins is "unrealistic," citing the differing selections of
coins listed on crypto exchanges.

Moreover, the Mt. Gox lawyers stated that the sale of altcoins by
a trustee could cause a price drop among altcoins, underlining,
"There is a possibility that the sale of the altcoins by the
trustee would cause a sudden fall in the price of altcoins and
security problems may arise if the trustee moves the altcoins.
Therefore, the trustee should proceed with the sale of altcoins
with careful consideration of these matters," the report relays.

Cointelegraph.com notes that in the statement, the lawyers
mentioned that the trustee will pay 160,000 in BTC and 168,000 in
BCH as well as "other derivatives currently held by Mt. Gox" at
the time of the first payment, which is scheduled for May or June
of 2019, shortly after approval of the rehab plan.

Cointelegraph.com adds that Mt. Gox also outlined the deadline
for submitting a civil rehabilitation plan on February 14, 2019,
noting that the date is "several months behind the standard
schedule."

The defunct Bitcoin exchange officially launched civil
rehabilitation proceedings in June 2018, four years after Mt. Gox
suffered a $473 million worth hack back in 2014. The hack is the
second largest in history in terms of the amount stolen from a
crypto exchange, giving first place to this year's $534 million
hack of Japanese crypto exchange Coincheck.

                            About Mt. Gox

Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan.  The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins
valued at about $475 million "disappeared."

The Japanese bitcoin exchange halted trading in February 2014.
It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.

The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.).  The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer.  Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas.

The bankruptcy trustee and foreign representative of MtGox Co.
Ltd. with respect to the Japan Bankruptcy Proceedings:

     MtGox Co., Ltd.
     Office of Bankruptcy Trustee
     Kojimachi 3 chome building #202
     Kojimachi 3-4-1
     Chiyoda-ku, Tokyo
     Tel: +81-3-4588-3922
     Attn: Nobuaki Kobayashi

The Ontario Superior Court of Justice (Commercial List) on
Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy
and Insolvency Act, that the bankruptcy proceedings commenced
with respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox
-- be recognized as a "foreign main proceeding."

The Canadian legal counsel to the bankruptcy trustee and foreign
representative of Mt Gox Co., Ltd, are Jeffrey Carhart and
Margaret Sims, at Miller Thomson LLP.

The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.



===============
M A L A Y S I A
===============


VERSATILE CREATIVE: Faces Suspension on Failure to Submit Report
----------------------------------------------------------------
The Sun Daily reports that Versatile Creative Bhd will be facing
a suspension from Aug. 8 if the company fails to submit its
annual report by Aug. 7.

According to Sun Daily, the company has failed to submit its
annual report that includes the annual audited financial
statements together with the auditors' and directors' reports in
respect of the financial year ended March 31 to Bursa Malaysia
Securities Bhd for public release by July 31 pursuant to
paragraph 9.23(1) of Bursa Securities' Main Market Listing
Requirements.

In the event that Versatile is still unable to submit the annual
report by August 7, trading in its shares will be suspended with
effect from Aug 8 pursuant to Paragraph 9.28(5) of the Main
Market Listing Requirements until further notice, the report
says.

The Sun Daily notes that pursuant to Paragraph 9.28(6) of the LR,
if a listed issuer fails to issue the outstanding financial
statements within six months from the expiry of the relevant
timeframe, in addition to any enforcement action that Bursa
Securities may take, de-listing procedures will be commenced
against the listed issuer.

Versatile Creative Berhad, an investment holding company,
manufactures and trades in paper and board packaging products in
Malaysia and internationally.



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


EBERT CONSTRUCTION: NZ Cabinet Mulls Government Procurement
-----------------------------------------------------------
BusinessDesk reports that Cabinet will consider whether
government ministries should take a longer-term approach to
construction negotiations after Ebert Construction was tipped
into receivership, sparking wider concerns about cost pressures
in the construction industry.

Jenny Salesa, Minister for Building and Construction, on August 6
announced she will take an oral item to Cabinet on contracting in
the government sector, and ensuring departments adhere to the
Ministry of Business, Innovation and Employment (MBIE)'s
government procurement guidelines, which stress the importance of
"optimum whole-of-life value for money" ahead of short-term cost-
cutting.

"We have not always adhered to having a whole-of-life approach
and so we're getting some advice from MBIE about what we should
do as government, and taking a leadership position to reset this
moving forward," the report quotes Ms. Salesa as saying.

According to BusinessDesk, Ms. Salesa said Cabinet would consider
whether ministers should instruct their ministries and agencies
"to say show us some evidence that you're actually taking the
government procurement guidelines into consideration as you're
negotiating a contract", though the focus will be on agencies as
they do 97 percent of contracting.

BusinessDesk relates that David Kelly, chief executive of
Registered Master Builders Association, said the sector needs to
step up, and Master Builders will next week release guidance to
its members on understanding risk.

"We do need to address some issues around the margins that
contracts are being tendered for, we need to do that work
ourselves but we welcome the government's approach," the report
quotes Mr. Kelly as saying. "This isn't all about government.
There has been a general trend over quite a long period of time
from a lot of clients to go for the less cost model.
Unfortunately, far too many construction companies have ended up
buying into that system."

Infrastructure Minister Shane Jones said the three ministers -
Salesa, Housing and Urban Development Minister Phil Twyford and
him - would lead a body of work on a "reset" in government
procurement without endangering taxpayer liability, relays
BusinessDesk.

The report adds that the announcement was linked to work he and
Mr. Twyford have been doing on the creation of a new independent
infrastructure entity within government, Mr. Jones said, and
"that paper is winding its way through the system as we speak."

BusinessDesk relates that Mr. Twyford said the construction
industry might learn some lessons from civil contractors, who
have a different, more collaborative and transparent approach to
risk allocation.

"Not only do we want good whole-of-life cost analysis to underpin
procurement decisions, but it's of strategic importance to the
government that we have a competitive and efficient New Zealand-
based contracting industry to do this work," Mr. Twyford, as
cited by BusinessDesk, said.

Mr. Jones said he thought it was a legitimate criticism to say
the government hadn't provided enough clarity for construction
suppliers and investors to be able to plan over several election
cycles, and the government wants the new infrastructure entity
"to give confidence and visibility, not only to Kiwi firms but
there will be firms come over from time to time from Australia,
that the government has a long-term plan, a long-term commitment
to the capital and the innovation within capital."

Mr. Jones also suggested the new agency could intervene further
in the sector, for example in simplifying and standardising the
"byzantine contractual arrangements" in infrastructure as he said
the "profits the legal sector of New Zealand are leaching out of
infrastructure are extraordinary," BusinessDesk adds.

As reported in the Troubled Company Reporter-Asia Pacific on
Aug. 2, 2018, NZ Herald said Ebert Construction has gone
into receivership with debts of around NZ$40 million, and the
future of its 95 staff is in jeopardy with wages being paid day-
to-day.  The firm's 15 building contracts - as well as work and
payment of dozens of subcontractors - also now hangs in the
balance, the report said.


MAVEN INTERIORS: Liquidation Leaves Workers, Creditors in Limbo
---------------------------------------------------------------
Dan Dalgety at Radio New Zealand reports that a Christchurch
construction company placed into voluntary liquidation on July 31
has left workers out of a job and creditors out of pocket.

Maven Interiors Limited employed 16 staff directly, as well as
laborers from other companies.

Liquidator Ashton Wheelan has taken over Maven Interiors, RNZ
says.

According to the report, Maven said the company was no longer
trading and it was assessing the sub-contracts it was working on.

RNZ relates that Mr. Wheelan said a liquidator's report and claim
form would be mailed to all known creditors within the next seven
days.

According to RNZ, Auckland University professor of construction
John Tookey said most construction companies tended to go out of
business because they have to plan one to two years in advance,
which puts pressure on cash flow.

"It's frighteningly common. It's actually systematic of a super-
heated market that we're currently sitting in as far as New
Zealand as a whole is concerned," RNZ quotes Prof Tookey as
saying.  "Quite frankly, it's easy for a sub-contractor to pull
the pin, walk away from a particular contract and go and do
something else somewhere else at a higher return on the time
spent."

RNZ says Southbase Construction was working alongside the firm on
building the new Avonside Girls' and Shirley Boys' High Schools.

RNZ relates that Chief executive Quin Henderson said they had not
made contact with Maven Interiors, but would be prepared to take
on some of their workers if required.

"That will be a result of discussions held with Maven Interiors,
staff and other contractors. There are many variables, of course,
and we need to get an understanding of where Maven Interiors sit
in this situation," RNZ quote Mr. Henderson as saying.

Maven Interiors owners, Andrew and Hayley Tribble, were not home
at their property in Moncks Bay when RNZ visited on August 2.


SENTRY HILL: Convicted of Illegally Selling of Liquidated Wine
--------------------------------------------------------------
Lauren Eads at The Drink Business reports that a New Zealand
fruit winery has been fined more than NZ$15,000 after it was
convicted of illegally manufacturing and selling liquidated
stock, and dodging taxes.

Sentry Hill Winery, of New Plymouth on New Zealand's North
Island, is a fruit winery, and does not produce wine from grapes,
the report says.

It was placed into liquidation at the request of New Zealand
Customs in April 2016 after it failed to pay a debt owed from
unpaid excise duty totalling more than NZ$280,000, according to
The Drink Business.

According to the report, the sole director and shareholder
Stephen Parkes' powers as a director ceased upon liquidation,
with the business and its assets taken under the liquidators'
control, including equipment and a stock of bottled wine.

The report relates that Mr. Parkes' wife Wendy Parkes then
incorporated another company, Sur Le Mur Ltd, and applied for a
Customs-controlled area licence to manufacture alcoholic products
at the Sentry Hill Winery.

Customs declined her application on the basis that the area was
already licensed to Sentry Hill Winery which was in liquidation,
the report says.

However an investigation by the customs team later revealed that
Sur Le Mur Ltd had sold bulk red wine to retail outlets in New
Plymouth, despite not having a licence to manufacture or sell the
goods, according to the Business Drink.

The Business Drink relates that a stocktake at Sentry Hill in
January 2017 also revealed details of unaccounted for bottled
liquor, equating to more than NZ$13,000 excise duty owed to
Customs, which was never paid.

It transpired that Mr. Parkes had sold the liquor to his wife's
company Sur Le Mur Ltd, who then on-sold it to grocery and liquor
outlets.

Last month, Sentry Hill was convicted in New Plymouth District
Court of unlawfully manufacturing and selling wine and defrauding
customs, and ordered to pay more than NZ$13,500 in reparations
and fined NZ$2,000, according to the Business Drink.

Sur Le Mur Ltd was also convicted and fined $1,500 for the same
offences, the report says.



=====================
P H I L I P P I N E S
=====================


RURAL BANK OF STA. ELENA: Placed Under PDIC Receivership
--------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Rural Bank of Sta. Elena (Camarines Norte), Inc. from
doing business in the Philippines. Under Resolution No. 1239.A
dated August 2, 2018, the MB directed the Philippine Deposit
Insurance Corporation (PDIC) as Receiver to proceed with the
takeover and liquidation of the bank. PDIC took over the bank on
August 3, 2018.

Rural Bank of Sta. Elena is a single-unit rural bank located in
Brgy. Sta. Elena (Pob.), Sta. Elena, Camarines Norte.

Latest available records show that as of June 30, 2018, Rural
Bank of Sta. Elena had 744 deposit accounts with total deposit
liabilities of PHP19.6 million. Total insured deposits amounted
to PHP16.5 million equivalent to 84.2% of total deposits.

PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Individual depositors with valid deposit accounts
with balances of PHP100,000.00 and below shall be eligible for
early payment and need not file deposit insurance claims,
provided they have no outstanding obligations with Rural Bank of
Sta. Elena or have not acted as co-makers of these obligations.
These individual depositors must ensure that they have complete
and updated addresses with the bank. They may update their
addresses until August 8, 2018 using the Mailing Address Update
Forms to be distributed by PDIC representatives at the bank
premises.

For business entities and all other depositors who are required
to file claims for deposit insurance, the schedule for filing of
claims will be announced as soon as possible through posters in
the bank premises and in other public places, the PDIC
website,www.pdic.gov.ph, and PDIC's official Facebook account.

PDIC also reminded borrowers to continue paying their loan
obligations with the closed Rural Bank of Sta. Elena and to
transact only with designated PDIC representatives at the bank
premises.

For more information on the requirements and procedures for
filing claims for deposit insurance and settlement of loan
obligations, all depositors and borrowers of the bank are
enjoined to attend the Depositors-Borrowers' Forum which will be
held in venues near the premises of the bank on August 13, 2018.
Details will be posted in the bank premises and in other public
places.

Depositors and borrowers may communicate with PDIC Public
Assistance personnel stationed at the bank premises or call the
PDIC Public Assistance Hotlines at (02) 841-4630 to (02) 841-4631
or the Toll Free Hotline at 1-800-1-888-PDIC (7342) for those
outside Metro Manila. Inquiries may also be sent by e-mail to
pad@pdic.gov.ph or via private message to the official PDIC
Facebook account www.facebook.com/OfficialPDIC.



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


* BOND PRICING: For the Week July 30 to August 3, 2018
------------------------------------------------------


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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD           11.50     04/01/19    USD       0.31
ARTSONIG PTY LTD           11.50     04/01/19    USD       0.31
CLIME CAPITAL LTD           6.25     11/30/21    AUD       0.99
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD       0.94
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.07
MIDWEST VANADIUM PTY LT    11.50     02/15/18    USD       0.07
QUINTIS LTD                 8.75     08/01/23    USD      70.52
QUINTIS LTD                 8.75     08/01/23    USD      70.52
QUINTIS LTD                 8.75     08/01/23    USD      70.52
TREASURY CORP OF VICTOR     0.50     11/12/30    AUD      73.14


  CHINA
  -----

AKESU XINCHENG ASSET IN     7.50     10/10/18    CNY      25.02
ALAER XINXIN STATE-OWNE     6.80     06/16/22    CNY      70.18
ALXA ZUOQI URBAN CONSTR     8.60     04/28/21    CNY      62.29
ALXA ZUOQI URBAN CONSTR     8.60     04/28/21    CNY      62.30
ANHUI CHIZHOU CITY TIAN     7.40     10/23/20    CNY      60.17
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY      60.97
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY      61.08
ANHUI SHENGYUN ENVIRONM     6.98     03/23/20    CNY      45.00
ANJI COUNTY ASSET OPERA     8.30     04/24/21    CNY      61.12
ANJI COUNTY ASSET OPERA     8.30     04/24/21    CNY      61.28
ANKANG DEVELOPMENT & IN     6.35     03/06/20    CNY      40.81
ANQING ECONOMIC&TECHNOL     6.00     06/18/20    CNY      39.83
ANQING ECONOMIC&TECHNOL     6.00     06/18/20    CNY      41.07
ANQING URBAN CONSTRUCTI     6.76     12/31/19    CNY      40.40
ANQING URBAN CONSTRUCTI     6.76     12/31/19    CNY      40.46
ANSHUN STATE-RUN ASSETS     6.98     01/10/20    CNY      39.85
ANYANG INVESTMENT GROUP     8.00     04/17/19    CNY      20.12
BAISHAN URBAN CONSTRUCT     7.00     07/31/19    CNY      40.50
BAIYIN CITY DEVELOPMENT     6.78     07/19/20    CNY      39.53
BAODING NATIONAL HI-TEC     7.33     12/24/19    CNY      40.12
BAOJI INVESTMENT GROUP      7.14     12/26/18    CNY      25.12
BAOJI NEW HI TECH INDUS     8.25     04/21/21    CNY      61.34
BAOJI NEW HI TECH INDUS     8.25     04/21/21    CNY      61.35
BAOSHAN STATE-OWNED ASS     7.30     12/10/19    CNY      40.70
BAOSHAN STATE-OWNED ASS     7.30     12/10/19    CNY      40.83
BAOTOU STATE OWNED ASSE     7.03     09/17/19    CNY      40.38
BAYAN ZHUOER HETAO WATE     8.54     03/31/22    CNY      62.70
BAYANNUR LINHE DISTRICT     7.90     11/13/20    CNY      53.30
BAYANNUR LINHE DISTRICT     7.90     11/13/20    CNY      60.10
BAZHONG STATE-OWNED ASS     8.50     04/25/21    CNY      61.90
BEIJING BIOMEDICINE IND     6.35     07/23/20    CNY      39.95
BEIJING CAPITAL DEVELOP     5.95     05/29/19    CNY      20.15
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY      61.15
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY      61.26
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY      61.56
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY      61.73
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY      61.40
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY      61.83
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY      40.00
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY      40.12
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY      19.91
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY      40.14
BEIJING FUTURE SCIENCE      6.28     09/22/19    CNY      50.53
BEIJING GUCAI GROUP CO      8.28     12/15/18    CNY      40.44
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY      60.60
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY      60.61
BEIJING HAIDIAN STATE-O     5.50     08/07/20    CNY      59.90
BEIJING JINGMEI GROUP C     6.14     09/09/20    CNY      60.40
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY      59.00
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY      61.22
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY      60.54
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY      60.72
BEIJING XINGZHAN STATE      6.48     08/31/19    CNY      40.35
BEIJING XINGZHAN STATE      6.66     04/24/21    CNY      61.74
BENGBU URBAN INVESTMENT     6.30     09/11/20    CNY      60.97
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY      61.68
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY      61.69
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY      52.14
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY      61.40
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY      40.40
BIJIE XINTAI INVESTMENT     7.15     08/20/19    CNY      40.60
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY      61.39
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY      61.41
BORALA MONGOL AUTONOMOU     7.18     08/09/20    CNY      60.10
C&D REAL ESTATE CORP LT     6.15     04/03/20    CNY      40.49
CANGZHOU CONSTRUCTION &     6.72     01/23/20    CNY      40.22
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY      40.25
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY      40.39
CHANGDE ECONOMIC DEVELO     7.00     03/24/21    CNY      61.97
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY      40.32
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY      40.63
CHANGJIZHOU STATE OWNED     6.00     06/03/19    CNY      25.00
CHANGJIZHOU STATE OWNED     6.00     06/03/19    CNY      25.02
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY      60.11
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY      60.23
CHANGSHA CITY CONSTRUCT     6.95     04/24/19    CNY      20.27
CHANGSHA COUNTY XINGCHE     8.35     04/06/19    CNY      20.43
CHANGSHA COUNTY XINGCHE     8.35     04/06/19    CNY      20.44
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY      72.47
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY      73.36
CHANGSHA ECONOMIC & TEC     8.45     04/13/22    CNY      62.52
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY      72.75
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY      72.89
CHANGSHA PILOT INVESTME     6.70     12/10/19    CNY      40.51
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY      60.85
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY      61.45
CHANGSHU BINJIANG URBAN     6.85     04/27/19    CNY      20.11
CHANGSHU CITY OPERATION     8.00     01/16/19    CNY      20.16
CHANGSHU DEVELOPMENT IN     5.80     04/19/20    CNY      40.15
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY      60.85
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY      61.70
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY      60.00
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY      60.92
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY      61.37
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY      75.00
CHANGXING URBAN CONSTRU     6.80     11/30/19    CNY      40.25
CHANGYI ECONOMIC AND DE     7.35     10/30/20    CNY      55.02
CHANGYI ECONOMIC AND DE     7.35     10/30/20    CNY      55.20
CHANGZHI CITY CONSTRUCT     6.46     02/26/20    CNY      40.18
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY      61.87
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY      62.22
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY      40.31
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY      40.34
CHANGZHOU JINTAN DISTRI     8.30     03/14/19    CNY      20.12
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY      39.88
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY      39.88
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY      61.08
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY      81.45
CHAOHU URBAN TOWN CONST     7.00     12/24/19    CNY      40.14
CHAOHU URBAN TOWN CONST     7.00     12/24/19    CNY      40.46
CHEN ZHOU GAO KE ASSET      7.25     10/21/20    CNY      60.00
CHEN ZHOU GAO KE ASSET      7.25     10/21/20    CNY      61.03
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY      40.48
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY      40.49
CHENGDU ECONOMIC&TECHNO     6.55     07/17/19    CNY      20.14
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY      40.31
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY      40.36
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY      50.70
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY      54.00
CHENGDU LONGQUANYI STAT     6.90     05/30/21    CNY      61.00
CHENGDU LONGQUANYI STAT     6.90     05/30/21    CNY      61.11
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY      60.27
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY      60.41
CHENGDU XINCHENG XICHEN     8.35     03/19/19    CNY      20.26
CHENGDU XINDU XIANGCHEN     8.60     12/13/18    CNY      40.27
CHENGDU XINGCHENG INVES     6.17     01/28/20    CNY      40.37
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY      40.51
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY      40.56
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY      60.61
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY      61.78
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY      39.98
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY      40.21
CHIFENG CITY HONGSHAN I     7.20     07/25/19    CNY      40.11
CHINA ENERGY RESERVE AN     6.25     12/21/18    USD      30.38
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY      59.99
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY      60.21
CHIZHOU CONSTRUCTION IN     7.17     10/17/19    CNY      40.31
CHIZHOU CONSTRUCTION IN     7.17     10/17/19    CNY      40.60
CHIZHOU JINQIAO INVESTM     7.70     06/16/21    CNY      60.05
CHIZHOU JINQIAO INVESTM     7.70     06/16/21    CNY      81.00
CHONGQING BEICHENG CONS     7.30     10/16/20    CNY      60.60
CHONGQING BEIFEI INDUST     7.13     12/25/19    CNY      40.32
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY      40.12
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY      40.17
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY      60.27
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY      60.78
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY      59.91
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY      60.11
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY      39.70
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY      39.74
CHONGQING DASUN ASSET D     6.98     09/10/20    CNY      60.36
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY      40.16
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY      40.29
CHONGQING FULING DISTRI     8.40     03/23/19    CNY      40.44
CHONGQING FULING DISTRI     8.40     03/23/19    CNY      40.45
CHONGQING FULING DISTRI     7.89     03/20/21    CNY      60.88
CHONGQING FULING DISTRI     7.89     03/20/21    CNY      60.89
CHONGQING FULING STATE-     6.39     01/21/20    CNY      40.31
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY      61.35
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY      61.54
CHONGQING GARDENING IND     8.45     06/03/21    CNY      62.22
CHONGQING GARDENING IND     8.45     06/03/21    CNY      62.22
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY      60.41
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY      60.44
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY      60.66
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY      60.99
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY      39.94
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY      40.30
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY      60.91
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY      61.14
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY      39.60
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY      40.43
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY      39.91
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY      40.06
CHONGQING JIANGBEIZUI C     6.50     07/21/21    CNY      60.77
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY      40.33
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY      40.35
CHONGQING JINYUN ASSET      6.75     06/18/19    CNY      20.03
CHONGQING JINYUN ASSET      6.75     06/18/19    CNY      39.70
CHONGQING LAND PROPERTI     7.35     04/25/19    CNY      20.30
CHONGQING LAND PROPERTI     6.30     08/22/20    CNY      60.87
CHONGQING LIANGJIANG NE     6.70     04/25/21    CNY      62.28
CHONGQING MAIRUI CITY I     6.82     08/17/19    CNY      40.21
CHONGQING NAN'AN URBAN      8.20     04/09/19    CNY      20.38
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY      40.01
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY      40.20
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY      39.79
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY      40.33
CHONGQING QIANJIANG CIT     8.40     03/23/19    CNY      40.60
CHONGQING QIANJIANG CIT     8.40     03/23/19    CNY      40.61
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY      61.82
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY      62.40
CHONGQING QIJIANG EAST      6.75     01/29/20    CNY      39.54
CHONGQING SHUANGFU CONS     7.49     10/23/20    CNY      58.69
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY      39.87
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY      39.94
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY      61.22
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY      82.30
CHONGQING TEA GARDEN IN     7.70     05/20/21    CNY      60.07
CHONGQING THREE GORGES      6.40     01/23/19    CNY      25.00
CHONGQING THREE GORGES      6.40     01/23/19    CNY      25.03
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY      39.90
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY      39.91
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY      61.29
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY      61.99
CHONGQING WESTERN MODER     7.08     10/18/20    CNY      61.09
CHONGQING XINGRONG HOLD     8.35     04/19/19    CNY      20.00
CHONGQING XINGRONG HOLD     8.35     04/19/19    CNY      20.15
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY      40.00
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY      40.33
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY      40.34
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY      40.43
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY      60.71
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY      60.88
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY      40.46
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY      40.50
CHONGQING YULONG ASSET      6.87     05/31/19    CNY      20.11
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY      59.94
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY      59.95
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY      39.52
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY      40.42
CHONGQING YUZHONG STATE     7.25     02/26/21    CNY      60.91
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY      38.93
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY      39.91
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY      40.06
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY      40.25
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY      40.23
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY      40.44
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY      40.43
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY      40.43
DALI ECONOMIC DEVELOPME     8.80     04/24/19    CNY      20.31
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY      60.37
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY      60.71
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY      61.07
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY      61.27
DALIAN CHANGXING ISLAND     6.60     01/25/20    CNY      41.00
DALIAN CHANGXING ISLAND     6.60     01/25/20    CNY      41.41
DALIAN DETA INVESTMENT      6.50     11/15/19    CNY      40.30
DALIAN HUANGHAI PORT CO     7.17     07/07/21    CNY      61.82
DALIAN PULANDIAN CONSTR     8.48     12/12/18    CNY      55.48
DALIAN PUWAN ENGINEERIN     7.09     02/20/21    CNY      59.97
DALIAN RONGQIANG INVEST     8.60     03/30/19    CNY      40.60
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY      61.01
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY      61.09
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY      61.26
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY      61.49
DALIAN SHUNXING INVESTM     6.97     10/18/20    CNY      61.35
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY      61.33
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY      61.55
DANYANG INVESTMENT GROU     8.10     03/06/19    CNY      20.26
DANYANG INVESTMENT GROU     8.10     03/06/19    CNY      20.27
DANYANG INVESTMENT GROU     6.81     10/23/19    CNY      50.32
DANYANG INVESTMENT GROU     6.90     10/23/20    CNY      60.35
DAQING GAOXIN STATE-OWN     6.88     12/05/19    CNY      39.74
DAQING URBAN CONSTRUCTI     6.55     10/23/19    CNY      39.96
DAQING URBAN CONSTRUCTI     6.55     10/23/19    CNY      40.00
DAQING URBAN CONSTRUCTI     7.10     03/05/21    CNY      57.15
DAQING URBAN CONSTRUCTI     7.10     03/05/21    CNY      60.34
DASHIQIAO URBAN CONSTRU     6.58     02/21/20    CNY      39.90
DASHIQIAO URBAN CONSTRU     6.58     02/21/20    CNY      40.50
DASHIQIAO URBAN CONSTRU     7.40     06/23/21    CNY      60.47
DASHIQIAO URBAN CONSTRU     7.40     06/23/21    CNY      62.33
DAYE CITY CONSTRUCTION      7.95     11/27/20    CNY      59.20
DAYE CITY CONSTRUCTION      7.30     03/03/21    CNY      60.26
DAYE CITY CONSTRUCTION      7.30     03/03/21    CNY      60.57
DAZHOU INVESTMENT CO LT     6.99     12/25/19    CNY      40.13
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY      60.91
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY      60.92
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY      39.90
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY      40.31
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY      61.03
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY      61.40
DONGTAI UBAN CONSTRUCTI     8.65     01/13/21    CNY      61.54
DUNAN HOLDING GROUP CO      7.30     12/21/18    CNY      69.92
ENSHI URBAN CONSTRUCTIO     7.55     10/22/19    CNY      40.55
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY      60.14
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY      60.52
EZHOU CITY CONSTRUCTION     7.08     06/19/19    CNY      19.99
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY      60.84
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY      61.36
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY      61.24
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY      84.50
FEICHENG CITY ASSETS MA     7.10     08/14/18    CNY      25.00
FENGCHENG CITY CONSTRUC     7.50     02/28/21    CNY      61.12
FENGCHENG CITY CONSTRUC     7.50     02/28/21    CNY      61.14
FENGCHENG CITY CONSTRUC     8.65     01/14/21    CNY      61.63
FENGCHENG CITY CONSTRUC     8.65     01/14/21    CNY      62.70
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY      40.20
FENGHUA CITY INVESTMENT     7.45     09/24/19    CNY      40.47
FENGHUA CITY INVESTMENT     7.80     04/24/21    CNY      60.88
FENGHUA CITY INVESTMENT     7.80     04/24/21    CNY      61.25
FUGU COUNTY STATE-OWNED     8.69     12/16/20    CNY      61.07
FUJIAN JINJIANG INDUSTR     7.08     06/27/21    CNY      60.21
FUJIAN JINJIANG URBAN C     6.35     04/26/20    CNY      40.44
FUJIAN LONGYAN CITY CON     7.45     08/14/19    CNY      40.73
FUJIAN NANPING HIGHWAY      6.69     01/28/20    CNY      40.00
FUJIAN NANPING HIGHWAY      7.90     10/26/18    CNY      40.26
FUQING CITY STATE-OWNED     6.66     03/01/21    CNY      55.06
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY      38.80
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY      40.28
FUZHOU JIANGONG GROUP C     6.80     12/10/19    CNY      70.81
FUZHOU URBAN AND RURAL      6.35     09/25/18    CNY      25.03
GANSU PROVINCIAL HIGHWA     6.75     11/16/18    CNY      20.08
GANSU PROVINCIAL HIGHWA     7.20     09/19/18    CNY      40.16
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY      70.20
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY      70.42
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      50.59
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY      50.64
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY      50.89
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY      51.83
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY      61.07
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY      61.17
GAOMI STATE-OWNED ASSET     6.75     11/15/18    CNY      24.97
GAOMI STATE-OWNED ASSET     6.75     11/15/18    CNY      25.03
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY      40.14
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY      40.14
GOLMUD INVESTMENT HOLDI     8.70     12/30/20    CNY      60.35
GREENLAND HOLDING GROUP     6.24     05/23/20    CNY      50.05
GUANG ZHOU PANYU COMMUN     6.30     04/12/19    CNY      25.14
GUANGAN DEVELOPMENT AND     8.18     04/25/19    CNY      20.24
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY      20.00
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY      20.01
GUANGXI BAISE DEVELOPME     7.27     06/20/21    CNY      60.93
GUANGXI FINANCIAL INVES     5.75     01/23/21    USD      83.72
GUANGXI LAIBIN URBAN CO     8.36     03/14/19    CNY      40.43
GUANGXI LAIBIN URBAN CO     8.36     03/14/19    CNY      40.55
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY      61.37
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY      61.38
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY      61.91
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY      62.01
GUANGYUAN INVESTMENT HO     7.25     11/26/19    CNY      40.00
GUANGYUAN INVESTMENT HO     7.25     11/26/19    CNY      40.39
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY      60.30
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY      60.52
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY      59.59
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY      60.26
GUIYANG HI-TECH HOLDING     6.01     12/01/19    CNY      49.87
GUIYANG URBAN DEVELOPME     6.20     02/28/20    CNY      38.98
GUIZHOU KAILI CITY CONS     7.80     02/21/21    CNY      60.65
GUIZHOU KAILI CITY CONS     8.30     12/12/20    CNY      61.53
GUIZHOU KAILI CITY CONS     8.30     12/12/20    CNY      62.20
GUOAO INVESTMENT DEVELO     6.89     10/29/18    CNY      25.07
GUOAO INVESTMENT DEVELO     6.89     10/29/18    CNY      25.07
HAICHENG URBAN INVESTME     8.39     11/07/18    CNY      40.24
HAICHENG URBAN JINCAI L     8.56     12/19/20    CNY      60.18
HAICHENG URBAN JINCAI L     8.17     04/16/21    CNY      61.14
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY      70.39
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY      70.64
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY      70.01
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY      70.08
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY      60.93
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY      61.00
HAINING STATE-OWNED ASS     7.80     09/20/18    CNY      40.12
HAINING STATE-OWNED ASS     7.80     09/20/18    CNY      40.16
HAINING STATE-OWNED ASS     6.08     03/06/20    CNY      40.43
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY      61.28
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY      61.69
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY      61.02
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY      61.12
HANDAN CITY DEVELOPMENT     7.05     12/24/19    CNY      40.64
HANDAN CITY DEVELOPMENT     7.05     12/24/19    CNY      40.86
HANDAN CITY DEVELOPMENT     7.60     11/25/20    CNY      61.70
HANGZHOU CANAL COMPREHE     6.00     04/02/20    CNY      40.39
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY      61.80
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY      61.85
HANGZHOU GONGSHU DISTRI     6.90     07/21/21    CNY      60.97
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY      40.42
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY      40.46
HANGZHOU XIAOSHAN ECO&T     6.70     12/26/18    CNY      25.02
HANGZHOU XIAOSHAN ECO&T     6.70     12/26/18    CNY      25.15
HANGZHOU XIAOSHAN ECO&T     6.90     05/13/21    CNY      61.33
HANGZHOU YUHANG CITY CO     7.55     03/29/19    CNY      20.38
HANGZHOU YUHANG CITY CO     7.55     03/29/19    CNY      20.40
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY      61.55
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY      61.81
HANGZHOU YUHANG ECONOMI     7.45     03/03/21    CNY      61.68
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY      40.31
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY      40.58
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY      61.35
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY      61.49
HANJIANG STATE-OWNED-AS     8.12     01/12/19    CNY      20.19
HANJIANG STATE-OWNED-AS     8.12     01/12/19    CNY      20.27
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY      61.25
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY      61.44
HARBIN GLORIA PHARMACEU     5.30     02/28/22    CNY      50.01
HARBIN HELI INVESTMENT      7.48     09/26/18    CNY      40.06
HARBIN HELI INVESTMENT      7.48     09/26/18    CNY      40.19
HARBIN HELI INVESTMENT      7.10     05/27/21    CNY      60.16
HARBIN HELI INVESTMENT      7.10     05/27/21    CNY      60.17
HARBIN HELI INVESTMENT      6.87     05/27/21    CNY      60.62
HARBIN HELI INVESTMENT      6.87     05/27/21    CNY      60.63
HARBIN HIGH-TECH INDUST     7.00     09/16/20    CNY      61.66
HARBIN HIGH-TECH INDUST     7.00     09/16/20    CNY      61.68
HEBEI BOHAI INVESTMENT      6.90     06/30/20    CNY      50.04
HEBEI BOHAI INVESTMENT      6.90     06/30/20    CNY      74.00
HEFEI BINHU NEW ZONE CO     6.35     06/13/19    CNY      40.28
HEFEI BINHU NEW ZONE CO     6.35     06/13/19    CNY      40.30
HEFEI GAOXIN DEVELOPMEN     7.98     03/22/19    CNY      40.41
HEFEI GAOXIN DEVELOPMEN     7.98     03/22/19    CNY      40.61
HEFEI GAOXIN DEVELOPMEN     6.90     03/12/20    CNY      72.21
HEFEI HAIHENG INVESTMEN     7.30     06/12/19    CNY      20.10
HEFEI HAIHENG INVESTMEN     7.30     06/12/19    CNY      20.22
HEFEI INDUSTRIAL INVEST     6.30     03/20/20    CNY      40.12
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19    CNY      20.35
HEFEI TAOHUA INDUSTRIAL     8.79     03/27/19    CNY      20.50
HEFEI TAOHUA INDUSTRIAL     7.80     04/09/21    CNY      61.37
HEFEI TAOHUA INDUSTRIAL     7.80     04/09/21    CNY      61.38
HEFEI XINCHENG STATE-OW     7.88     04/23/19    CNY      20.23
HEGANG KAIYUAN CITY INV     6.50     07/19/19    CNY      20.13
HEIHE CITY CONSTRUCTION     8.48     03/23/19    CNY      40.59
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY      58.98
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY      59.72
HEILONGJIANG POST-DISAS     7.06     11/20/20    CNY      74.79
HENAN JIYUAN CITY CONST     7.50     09/25/19    CNY      40.38
HENAN SHENGRUN HOLDING      7.39     01/10/19    CNY      76.00
HENGYANG CITY CONSTRUCT     7.06     08/13/19    CNY      40.40
HENGYANG HONGXIANG STAT     6.20     06/19/20    CNY      40.39
HENGYANG XIANGJIANG WAT     7.40     04/23/21    CNY      60.94
HEYUAN CITY URBAN DEVEL     6.55     03/19/20    CNY      40.14
HEYUAN CITY URBAN DEVEL     6.55     03/19/20    CNY      40.25
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY      61.74
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY      62.04
HEZHOU URBAN CONSTRUCTI     8.16     05/16/21    CNY      61.32
HONGHEZHOU ROAD DEVELOP     6.27     05/06/20    CNY      39.94
HUACHEN ENERGY CO LTD       6.63     05/18/20    USD      53.52
HUAIAN CITY URBAN ASSET     6.87     12/26/19    CNY      40.54
HUAIAN CITY WATER HOLDI     8.25     03/08/19    CNY      20.38
HUAIAN CITY WATER HOLDI     8.25     03/08/19    CNY      20.58
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY      40.15
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY      40.52
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY      61.39
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY      61.63
HUAIAN NEW CITY INVESTM     7.45     03/04/21    CNY      61.09
HUAIAN NEW CITY INVESTM     7.45     03/04/21    CNY      61.35
HUAIAN QINGHE NEW AREA      6.68     01/24/20    CNY      40.05
HUAIBEI CITY CONSTRUCTI     6.68     12/17/18    CNY      24.96
HUAIBEI CITY CONSTRUCTI     6.68     12/17/18    CNY      25.04
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY      51.95
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY      60.11
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY      59.67
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY      59.93
HUANGGANG CITY CONSTRUC     7.10     10/19/19    CNY      40.50
HUANGGANG CITY CONSTRUC     7.10     10/19/19    CNY      40.50
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY      61.02
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY      62.17
HUANGGANG CITY CONSTRUC     8.60     12/25/20    CNY      62.41
HUANGSHI CIHU HIGH-TECH     8.70     12/05/20    CNY      61.35
HUANGSHI CIHU HIGH-TECH     9.30     01/21/21    CNY      61.99
HUANGSHI URBAN CONSTRUC     6.96     10/25/19    CNY      40.33
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY      69.80
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY      70.28
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY      40.17
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY      40.31
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY      60.19
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY      60.32
HULUDAO INVESTMENT GROU     7.50     10/18/23    CNY      68.89
HUNAN CHANGDE DEYUAN IN     7.18     10/18/18    CNY      25.02
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY      59.95
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY      60.98
HUNAN CHENGLINGJI HARBO     7.70     10/15/18    CNY      25.03
HUNAN CHENGLINGJI HARBO     7.70     10/15/18    CNY      25.07
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY      61.20
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY      61.21
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY      61.79
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY      65.00
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY      61.43
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY      62.00
HUNAN ZHAOSHAN ECONOMIC     7.00     12/12/18    CNY      24.99
HUNAN ZHAOSHAN ECONOMIC     7.00     12/12/18    CNY      25.15
HUZHOU CITY INVESTMENT      6.70     12/14/19    CNY      40.42
HUZHOU NANXUN STATE-OWN     8.15     03/31/19    CNY      20.25
HUZHOU WUXING NANTAIHU      8.79     01/16/21    CNY      61.49
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY      60.84
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY      61.07
INNER MONGLIA SHENGMU H     4.48     12/28/20    CNY      72.20
INNER MONGOLIA KE'ERQIN     7.75     09/24/19    CNY      40.19
JIAMUSI NEW ERA INFRAST     8.25     03/22/19    CNY      20.00
JIAMUSI NEW ERA INFRAST     8.25     03/22/19    CNY      20.14
JIAMUSI NEW ERA INFRAST     7.90     02/26/21    CNY      60.68
JIAMUSI NEW ERA INFRAST     7.90     02/26/21    CNY      60.75
JIAN CITY CONSTRUCTION      7.80     04/20/19    CNY      20.15
JIAN CITY CONSTRUCTION      7.80     04/20/19    CNY      20.28
JIAN CITY CONSTRUCTION      6.96     05/15/21    CNY      60.83
JIAN CITY CONSTRUCTION      6.96     05/15/21    CNY      61.91
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY      60.19
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY      61.59
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY      40.35
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY      40.70
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY      60.89
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY      61.00
JIANGDONG HOLDING GROUP     6.90     03/27/19    CNY      20.17
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY      60.38
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY      60.90
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY      40.10
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY      40.31
JIANGMEN NEW HI-TECH IN     7.39     11/04/20    CNY      60.65
JIANGSU FURUDONGHAI DEV     7.09     09/13/20    CNY      60.18
JIANGSU FURUDONGHAI DEV     7.09     09/13/20    CNY      60.56
JIANGSU HANRUI INVESTME     8.16     03/01/19    CNY      20.10
JIANGSU HUAJING ASSETS      6.00     05/16/20    CNY      39.82
JIANGSU JINGUAN INVESTM     6.40     01/28/19    CNY      25.06
JIANGSU JINGUAN INVESTM     7.90     04/08/21    CNY      60.24
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY      60.50
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY      61.83
JIANGSU JURONG FUDI BIO     8.70     04/26/19    CNY      40.61
JIANGSU LIANYUN DEVELOP     6.10     06/19/19    CNY      20.00
JIANGSU NANTONG NO2 CON     8.10     07/10/21    CNY      59.38
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY      55.13
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY      55.42
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY      40.25
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY      40.34
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY      60.42
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY      61.19
JIANGSU TAICANG PORT DE     7.66     05/16/19    CNY      20.28
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY      60.76
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY      61.02
JIANGSU WUZHONG ECONOMI     8.05     12/16/18    CNY      40.33
JIANGSU WUZHONG ECONOMI     8.05     12/16/18    CNY      40.38
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY      40.10
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY      40.25
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY      60.14
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY      60.49
JIANGSU ZHANGJIAGANG EC     6.98     11/16/19    CNY      40.45
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY      40.18
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY      40.22
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY      61.11
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY      61.91
JIANGXI PROVINCE SITONG     8.20     04/18/21    CNY      61.84
JIANGYIN CITY CONSTRUCT     7.20     06/11/19    CNY      20.35
JIANGYIN CITY CONSTRUCT     7.20     06/11/19    CNY      20.37
JIANGYIN GAOXIN DISTRIC     6.60     02/27/20    CNY      40.50
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY      60.16
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY      60.79
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY      39.95
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY      40.09
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY      40.07
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY      40.28
JIASHAN STATE-OWNED ASS     6.80     06/06/19    CNY      20.45
JIAXING CITY CULTURE MI     8.16     03/08/19    CNY      20.38
JIAXING ECONOMIC&TECHNO     6.78     06/14/19    CNY      20.12
JIAXING ECONOMIC&TECHNO     6.78     06/14/19    CNY      20.13
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY      60.86
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY      61.53
JIAXING NANHU INVESTMEN     7.45     02/26/21    CNY      61.77
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY      39.81
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY      39.83
JILIN RAILWAY INVESTMEN     6.63     06/26/19    CNY      40.00
JILIN RAILWAY INVESTMEN     7.18     03/04/21    CNY      60.36
JINAN CITY CONSTRUCTION     6.80     03/20/21    CNY      60.56
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY      61.02
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY      61.69
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY      40.01
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY      40.45
JINCHENG CITY STATE OWN     4.99     11/11/21    CNY      71.66
JINGDEZHEN STATE-OWNED      6.59     06/25/20    CNY      39.95
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY      60.46
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY      61.80
JINGJIANG BINJIANG XINC     6.80     10/23/18    CNY      25.03
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY      60.36
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY      60.40
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY      60.53
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY      67.88
JINGZHOU ECONOMIC TECHN     8.20     12/09/20    CNY      60.98
JINGZHOU URBAN CONSTRUC     7.98     04/24/19    CNY      20.40
JINING CITY CONSTRUCTIO     8.30     12/31/18    CNY      20.28
JINING WATER SUPPLY GRO     7.18     01/22/20    CNY      40.30
JINSHAN STATE-OWNED ASS     6.65     11/27/19    CNY      40.41
JINZHONG CITY PUBLIC IN     6.50     03/18/20    CNY      40.10
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY      20.01
JINZHOU CITY INVESTMENT     7.08     06/13/19    CNY      20.04
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY      61.44
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY      61.57
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY      60.66
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY      61.08
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY      61.62
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY      61.74
JISHOU HUATAI STATE OWN     7.37     12/12/19    CNY      40.50
JISHOU HUATAI STATE OWN     7.37     12/12/19    CNY      40.90
JIUJIANG CITY CONSTRUCT     8.49     02/23/19    CNY      20.28
JIUJIANG FUHE CONSTRUCT     6.10     03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT     6.10     03/19/19    CNY      24.91
JIUJIANG FUHE CONSTRUCT     7.04     09/01/20    CNY      74.46
JIUJIANG STATE-OWNED AS     6.68     03/07/20    CNY      40.18
JIUQUAN ECONOMIC DEVELO     7.40     02/26/21    CNY      60.79
JIXI STATE OWN ASSET MA     7.18     11/08/19    CNY      40.16
KAIFENG DEVELOPMENT INV     6.47     07/11/19    CNY      20.05
KASHGAR SHENKA INVESTME     7.08     07/07/20    CNY      50.53
KASHI URBAN CONSTRUCTIO     7.18     11/27/19    CNY      40.35
KUERLE CITY CONSTRUCTIO     7.48     09/10/18    CNY      25.02
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY      50.21
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY      50.35
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY      39.88
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY      40.18
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY      40.03
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY      40.10
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY      61.53
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY      61.53
KUNSHAN ENTREPRENEUR HO     6.28     11/07/19    CNY      40.44
KUNSHAN HITECH INDUSTRI     7.10     03/26/21    CNY      61.72
KUNSHAN HITECH INDUSTRI     7.10     03/26/21    CNY      61.76
KUNSHAN HUAQIAO INTERNA     7.98     12/30/18    CNY      20.20
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY      58.34
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY      60.87
LANZHOU CITY DEVELOPMEN     8.20     12/15/18    CNY      40.35
LANZHOU CITY DEVELOPMEN     8.20     12/15/18    CNY      40.50
LANZHOU NATIONAL CAPITA     6.32     09/10/21    CNY      75.00
LANZHOU NEW AREA INVEST     8.30     04/29/21    CNY      60.56
LEQING CITY STATE OWNED     6.50     06/29/19    CNY      20.08
LEQING CITY STATE OWNED     6.50     06/29/19    CNY      20.16
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      11.33
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      11.58
LIAOYUAN STATE-OWNED AS     8.17     03/13/19    CNY      19.96
LILING LUJIANG INVESTME     8.10     05/22/21    CNY      60.87
LINCANG STATE-OWNED ASS     6.58     04/11/20    CNY      40.07
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY      39.85
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY      40.09
LINFEN CITY INVESTMENT      7.23     02/22/19    CNY      50.00
LINFEN CITY INVESTMENT      7.23     02/22/19    CNY      50.30
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY      58.85
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY      59.95
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY      40.00
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY      40.05
LINYI CITY ASSET MANAGE     6.68     12/12/19    CNY      40.52
LINYI ECONOMIC DEVELOPM     8.26     09/24/19    CNY      40.88
LINYI ECONOMIC DEVELOPM     7.70     04/16/21    CNY      60.72
LINYI ECONOMIC DEVELOPM     7.70     04/16/21    CNY      61.49
LINYI FUTURE TECHNOLOGY     7.49     07/14/21    CNY      62.33
LINYI FUTURE TECHNOLOGY     7.49     07/14/21    CNY      82.60
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY      50.77
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY      51.25
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY      38.20
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY      40.22
LISHUI URBAN CONSTRUCTI     5.80     05/29/20    CNY      39.62
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY      66.50
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY      70.65
LIUZHOU DONGCHENG INVES     8.30     02/15/19    CNY      20.20
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY      60.73
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY      60.75
LIUZHOU INVESTMENT HOLD     6.98     08/15/19    CNY      40.22
LIUZHOU LONGJIAN INVEST     8.28     04/30/24    CNY      70.01
LIYANG CITY CONSTRUCTIO     8.20     11/08/18    CNY      33.60
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY      39.91
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY      39.93
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY      25.04
LOUDI CITY CONSTRUCTION     7.28     10/19/18    CNY      25.05
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY      60.97
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY      61.55
LU'AN CITY CONSTRUCTION     7.50     04/17/21    CNY      60.52
LU'AN CITY CONSTRUCTION     7.50     04/17/21    CNY      61.28
LU'AN CITY CONSTRUCTION     8.00     12/02/20    CNY      61.31
LU'AN CITY CONSTRUCTION     8.00     12/02/20    CNY      61.41
LUOHE CITY CONSTRUCTION     6.99     10/30/19    CNY      40.23
MAANSHAN ECONOMIC TECHN     7.10     12/20/19    CNY      40.47
MAOMIN TRANSPORTATION C     6.90     05/28/21    CNY      61.50
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY      61.30
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY      61.47
MEISHAN HONGDA CONSTRUC     6.56     06/19/20    CNY      40.42
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY      60.43
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY      60.53
MIANYANG INVESTMENT HOL     7.70     03/26/19    CNY      40.80
MIANYANG SCIENCE TECHNO     7.16     05/15/19    CNY      20.06
MIANYANG SCIENCE TECHNO     6.30     07/22/18    CNY      27.50
MINXIXINGHANG STATE-OWN     6.20     03/26/19    CNY      25.22
MUDANJIANG STATE-OWNED      7.08     08/30/19    CNY      39.84
MUDANJIANG STATE-OWNED      7.08     08/30/19    CNY      40.12
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY      60.38
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY      60.72
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY      40.40
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY      40.51
NANCHANG COUNTY URBAN C     6.50     07/17/19    CNY      25.03
NANCHANG ECONOMY TECHNO     6.88     01/09/20    CNY      40.23
NANCHANG MUNICIPAL PUBL     5.88     02/25/20    CNY      40.51
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY      40.06
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY      40.50
NANCHONG ECONOMIC DEVEL     8.16     04/26/19    CNY      20.14
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY      60.02
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY      61.73
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY      40.21
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY      40.21
NANJING JIANGNING SCIEN     7.29     04/28/19    CNY      20.12
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY      40.00
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY      40.21
NANJING STATE OWNED ASS     5.40     03/06/20    CNY      40.35
NANJING STATE OWNED ASS     5.60     03/06/23    CNY      71.45
NANJING STATE OWNED ASS     5.60     03/06/23    CNY      71.46
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY      60.90
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY      60.95
NANJING URBAN CONSTRUCT     5.68     11/26/18    CNY      25.03
NANJING URBAN CONSTRUCT     5.68     11/26/18    CNY      25.10
NANJING XINGANG DEVELOP     6.80     01/08/20    CNY      40.59
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY      60.01
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY      61.05
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY      59.00
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY      60.28
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY      60.87
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY      60.92
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY      40.30
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY      40.42
NANTONG CITY TONGZHOU D     6.80     05/28/19    CNY      20.17
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY      39.10
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY      39.96
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY      60.52
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY      61.08
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY      61.02
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY      61.17
NEOGLORY HOLDING GROUP      8.10     11/23/18    CNY      55.82
NEOGLORY HOLDING GROUP      6.50     09/25/20    CNY      63.50
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY      60.71
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY      61.62
NINGBO CITY YINZHOU CIT     6.50     03/18/20    CNY      40.00
NINGBO EASTERN NEW TOWN     6.45     01/21/20    CNY      40.01
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY      60.81
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY      60.82
NINGBO ZHENHAI HAIJIANG     6.65     11/28/18    CNY      25.05
NINGGUO CITY STATE OWNE     8.70     04/28/21    CNY      60.77
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY      59.50
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY      60.35
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY      60.92
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY      61.54
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY      61.64
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY      62.70
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY      61.00
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY      61.15
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY      40.09
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY      40.13
PINGDINGSHAN CITY DEVEL     7.86     05/08/19    CNY      20.12
PINGDINGSHAN CITY DEVEL     7.86     05/08/19    CNY      20.22
PINGDU CITY STATE OWNED     7.25     11/05/20    CNY      61.48
PINGHU CITY INVESTMENT      7.20     09/18/19    CNY      40.02
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY      61.09
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY      63.00
PINGLIANG CHENGXIANG CO     7.10     09/17/20    CNY      60.52
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY      40.17
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY      40.92
PINGXIANG URBAN CONSTRU     6.89     12/10/19    CNY      39.82
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY      40.40
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY      40.51
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY      61.27
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY      61.46
PUER CITY STATE OWNED A     7.38     06/20/19    CNY      20.10
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY      61.36
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY      61.89
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY      61.62
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY      61.86
QIANDONG NANZHOU DEVELO     8.80     04/27/19    CNY      20.17
QIANDONGNANZHOU KAIHONG     7.80     10/30/19    CNY      39.93
QIANJIANG URBAN CONSTRU     8.38     04/22/21    CNY      61.25
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY      40.00
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY      40.08
QIDONG STATE-OWNED ASSE     7.30     11/20/22    CNY      70.99
QIDONG URBAN INVESTMENT     8.20     04/04/21    CNY      60.00
QIDONG URBAN INVESTMENT     7.90     04/28/21    CNY      61.50
QIDONG URBAN INVESTMENT     7.90     04/28/21    CNY      61.54
QIDONG URBAN INVESTMENT     8.20     04/04/21    CNY      61.91
QINGDAO CHENGYANG DEVEL     7.09     03/10/21    CNY      61.13
QINGDAO CHINA PROSPERIT     7.30     04/18/19    CNY      20.29
QINGDAO CHINA PROSPERIT     7.30     04/18/19    CNY      20.30
QINGDAO CITY CONSTRUCTI     6.89     02/16/19    CNY      20.20
QINGDAO CITY CONSTRUCTI     6.89     02/16/19    CNY      20.21
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY      71.93
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY      71.94
QINGDAO HICREAT DEVELOP     6.88     04/25/21    CNY      61.11
QINGDAO JIAOZHOU CITY D     6.59     01/25/20    CNY      40.73
QINGDAO JIMO CITY URBAN     8.10     12/17/19    CNY      50.86
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY      60.51
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY      60.84
QINGHAI PROVINCIAL INVE     6.40     07/10/21    USD      68.65
QINGYANG CITY ECONOMIC      7.98     04/16/21    CNY      61.13
QINGYUAN TRANSPORTATION     8.20     12/19/20    CNY      61.59
QINGZHOU HONGYUAN PUBLI     6.50     05/22/19    CNY      10.04
QINGZHOU HONGYUAN PUBLI     6.50     05/22/19    CNY      19.95
QINGZHOU HONGYUAN PUBLI     7.25     10/19/18    CNY      25.04
QINGZHOU HONGYUAN PUBLI     7.25     10/19/18    CNY      25.05
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY      40.36
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY      40.43
QINGZHOU HONGYUAN PUBLI     7.59     05/29/21    CNY      61.50
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY      41.19
QINHUANGDAO DEVELOPMENT     7.46     10/17/19    CNY      41.30
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY      60.85
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY      61.08
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY      61.10
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY      61.38
QINZHOU BINHAI NEW CITY     7.00     08/27/20    CNY      60.80
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY      60.48
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY      60.80
QINZHOU CITY DEVELOPMEN     7.10     10/16/19    CNY      69.86
QITAIHE CITY CONSTRUCTI     7.30     10/18/19    CNY      39.46
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY      40.12
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY      40.12
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY      61.64
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY      61.79
QUJING ECO TECH DEVELOP     7.48     07/21/21    CNY      79.13
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY      60.84
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY      61.93
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY      61.96
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY      61.97
REWARD SCIENCE AND TECH     5.95     06/22/19    CNY      74.89
RIZHAO CITY CONSTRUCTIO     5.80     06/06/20    CNY      39.70
RIZHAO ECONOMY TECHNOLO     6.53     06/17/21    CNY      61.00
RIZHAO ECONOMY TECHNOLO     6.53     06/17/21    CNY      61.13
RONGCHENG ECONOMIC DEVE     6.45     03/18/20    CNY      40.60
RONGCHENG ECONOMIC DEVE     6.75     05/29/21    CNY      60.70
RONGCHENG ECONOMIC DEVE     6.75     05/29/21    CNY      61.49
RUCHENG COUNTY HYDROPOW     6.65     04/25/20    CNY      70.48
RUCHENG COUNTY URBAN CO     6.00     06/28/23    CNY      55.88
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY      39.30
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY      40.20
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY      60.59
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY      61.11
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY      60.97
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY      61.27
RUGAO CITY ECONOMIC TRA     8.30     01/22/21    CNY      62.49
RUGAO COMMUNICATIONS CO     8.51     01/26/19    CNY      25.30
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY      40.19
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY      40.27
RUGAO YANJIANG DEVELOPM     8.60     01/24/21    CNY      62.64
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY      40.24
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY      40.31
SANMING CITY CONSTRUCTI     6.40     03/05/20    CNY      39.50
SANMING CITY CONSTRUCTI     6.40     03/05/20    CNY      40.37
SHAANXI WEINAN HIGH-TEC     8.28     02/28/21    CNY      61.60
SHAANXI WEINAN HIGH-TEC     8.28     02/28/21    CNY      62.00
SHANDONG CENTURY SUNSHI     8.19     07/21/21    CNY      61.49
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY      61.72
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY      62.79
SHANDONG JINMAO TEXTILE     9.00     02/21/19    CNY      97.37
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY      60.30
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY      60.31
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY      36.00
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY      39.74
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY      61.00
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY      65.70
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY      40.01
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY      40.25
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY      60.90
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY      62.17
SHANGHAI CHENJIAZHEN CO     7.18     11/06/19    CNY      50.52
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY      50.34
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY      50.74
SHANGHAI FENGXIAN NANQI     6.25     03/05/20    CNY      40.34
SHANGHAI JIADING INDUST     6.71     10/10/18    CNY      25.04
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY      60.81
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY      61.42
SHANGHAI JINSHAN URBAN      6.60     12/21/19    CNY      40.47
SHANGHAI LUJIAZUI DEVEL     5.98     03/11/19    CNY      40.14
SHANGHAI LUJIAZUI DEVEL     5.79     02/25/19    CNY      40.16
SHANGHAI LUJIAZUI DEVEL     5.98     03/11/19    CNY      40.25
SHANGHAI LUJIAZUI DEVEL     5.79     02/25/19    CNY      40.25
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY      40.38
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY      40.59
SHANGHAI MUNICIPAL INVE     4.63     07/30/19    CNY      39.95
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY      49.97
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY      50.02
SHANGHAI SONGJIANG TOWN     6.28     08/15/18    CNY      24.99
SHANGHAI URBAN CONSTRUC     5.25     11/30/19    CNY      40.19
SHANGHAI YONGYE ENTERPR     6.84     05/21/20    CNY      50.49
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY      50.07
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY      50.25
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY      60.15
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY      61.01
SHANGQIU DEVELOPMENT IN     6.60     01/15/20    CNY      40.17
SHANGRAO CITY CONSTRUCT     7.30     09/10/19    CNY      40.49
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY      62.30
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY      63.27
SHAOGUAN JINYE DEVELOPM     7.30     10/18/19    CNY      40.37
SHAOXING CHENGZHONGCUN      6.50     01/24/20    CNY      40.12
SHAOXING HI-TECH INDUST     6.75     12/05/18    CNY      24.97
SHAOXING HI-TECH INDUST     6.75     12/05/18    CNY      25.08
SHAOXING KEQIAO DISTRIC     6.30     02/26/19    CNY      25.03
SHAOXING PAOJIANG INDUS     6.90     10/31/19    CNY      40.18
SHAOXING PAOJIANG INDUS     6.98     05/29/21    CNY      60.57
SHAOXING SHANGYU COMMUN     6.70     09/11/19    CNY      40.25
SHAOXING SHANGYU HANGZH     6.95     10/11/20    CNY      60.29
SHAOXING URBAN CONSTRUC     6.40     11/09/19    CNY      40.50
SHAOYANG CITY CONSTRUCT     7.40     09/11/18    CNY      25.02
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY      58.00
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY      61.34
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY      62.85
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY      82.32
SHENMU COUNTY STATE-OWN     7.28     06/23/21    CNY      59.98
SHENYANG MACHINE TOOL C     6.50     04/09/20    CNY      69.87
SHENYANG SUJIATUN DISTR     6.40     06/20/20    CNY      40.05
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY      71.00
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY      71.08
SHIJIAZHUANG REAL ESTAT     5.65     05/15/20    CNY      40.26
SHIYAN CITY INFRASTRUCT     7.98     04/20/19    CNY      20.30
SHIYAN CITY INFRASTRUCT     6.88     10/11/20    CNY      60.51
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY      60.17
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY      60.78
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY      48.80
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY      50.53
SHUANGLIU SHINE CHINE C     8.48     03/16/19    CNY      40.66
SHUANGLIU SHINE CHINE C     8.40     03/16/19    CNY      40.87
SHUANGYASHAN DADI CITY      6.55     12/25/19    CNY      39.82
SHUANGYASHAN DADI CITY      6.55     12/25/19    CNY      40.30
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY      40.10
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY      40.23
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY      60.45
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY      60.59
SICHUAN CHENGDU ABA DEV     7.18     09/12/20    CNY      59.74
SICHUAN COAL INDUSTRY G     7.70     01/09/18    CNY      45.00
SIPING SITONG CITY INFR     8.10     04/25/21    CNY      60.91
SIPING SITONG CITY INFR     7.25     04/29/19    CNY      70.06
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY      61.07
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY      61.41
SONGYUAN URBAN DEVELOPM     7.30     08/29/19    CNY      40.27
SUIFENHE HAIRONG URBAN      6.60     04/28/20    CNY      37.50
SUIFENHE HAIRONG URBAN      6.60     04/28/20    CNY      39.88
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY      60.78
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY      61.78
SUINING COUNTY RUNQI IN     7.10     06/25/21    CNY      59.99
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY      39.90
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY      40.21
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY      59.95
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY      62.50
SUIZHOU DEVELOPMENT INV     7.50     08/22/19    CNY      40.28
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY      61.65
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY      61.81
SUIZHOU DEVELOPMENT INV     8.40     04/30/21    CNY      62.25
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY      60.51
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY      61.04
SUQIAN ECONOMIC DEVELOP     7.50     03/26/19    CNY      20.19
SUQIAN WATER GROUP CO       6.55     12/04/19    CNY      40.38
SUZHOU CITY CONSTRUCTIO     7.45     03/12/19    CNY      20.15
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY      40.06
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY      40.20
SUZHOU FENHU INVESTMENT     7.49     02/28/21    CNY      60.26
SUZHOU INDUSTRIAL PARK      5.79     05/30/19    CNY      20.14
SUZHOU INDUSTRIAL PARK      5.79     05/30/19    CNY      20.16
SUZHOU NEW DISTRICT ECO     6.20     07/22/21    CNY      61.53
SUZHOU TECH CITY DEVELO     7.32     11/01/18    CNY      25.12
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY      40.36
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY      40.37
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY      55.50
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY      56.10
SUZHOU WUJIANG EASTERN      8.05     12/05/18    CNY      40.28
SUZHOU WUJIANG EASTERN      8.05     12/05/18    CNY      40.32
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY      40.15
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY      40.35
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY      61.09
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY      61.10
TACHENG DISTRICT STATE-     7.49     10/16/19    CNY      50.18
TAIAN TAISHAN INVESTMEN     6.76     01/25/20    CNY      40.62
TAICANG ASSET MANAGEMEN     8.25     12/31/18    CNY      40.36
TAICANG ASSET MANAGEMEN     8.25     12/31/18    CNY      40.46
TAICANG ASSET MANAGEMEN     7.00     02/27/21    CNY      60.63
TAICANG ASSET MANAGEMEN     7.00     02/27/21    CNY      61.50
TAICANG HENGTONG INVEST     7.45     10/30/19    CNY      40.57
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY      40.20
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY      40.50
TAIXING CITY CHENGXING      8.30     12/12/20    CNY      61.14
TAIXING CITY CHENGXING      8.30     12/12/20    CNY      61.59
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY      61.14
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY      61.21
TAIYUAN HIGH-SPEED RAIL     6.50     10/30/20    CNY      55.56
TAIYUAN LONGCHENG DEVEL     6.50     09/25/19    CNY      40.22
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY      61.10
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY      61.78
TAIZHOU CITY HUANGYAN D     6.85     12/17/18    CNY      25.03
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY      50.73
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY      51.03
TAIZHOU CITY JIANGYAN U     7.10     09/03/20    CNY      60.60
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY      60.25
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY      61.15
TAIZHOU CONSTRUCTION IN     6.53     07/11/21    CNY      60.10
TAIZHOU CONSTRUCTION IN     6.53     07/11/21    CNY      61.50
TAIZHOU HAILING ASSETS      8.52     03/21/19    CNY      20.20
TAIZHOU JIANGYAN STATE      6.85     12/03/19    CNY      40.08
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY      55.75
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY      56.40
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY      39.83
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY      40.26
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY      25.00
TAIZHOU XINTAI GROUP CO     6.85     08/14/18    CNY      25.03
TANGSHAN CAOFEIDIAN DEV     7.50     10/15/20    CNY      59.25
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY      60.45
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY      60.47
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY      61.42
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY      61.80
TIANJIN BINHAI NEW AREA     5.19     03/13/20    CNY      40.08
TIANJIN CITY JINGHAI UR     7.90     11/26/20    CNY      61.25
TIANJIN CITY JINGHAI UR     7.90     11/26/20    CNY      61.30
TIANJIN DONGFANG CAIXIN     7.99     11/23/18    CNY      40.27
TIANJIN DONGLI CITY INF     6.05     06/19/20    CNY      39.44
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY      39.96
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY      40.06
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY      40.17
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY      40.37
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY      71.11
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY      71.51
TIANJIN GUANGCHENG INVE     6.97     02/22/23    CNY      67.32
TIANJIN HI-TECH INDUSTR     7.80     03/27/19    CNY      20.12
TIANJIN HI-TECH INDUSTR     6.65     09/12/21    CNY      73.00
TIANJIN HUANCHENG URBAN     7.20     03/21/21    CNY      61.49
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY      70.50
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY      71.02
TIANJIN JINNAN CITY CON     6.95     06/18/19    CNY      20.10
TIANJIN JINNAN CITY CON     6.95     06/18/19    CNY      20.25
TIANJIN JINNAN CITY CON     6.50     06/03/21    CNY      60.52
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY      61.09
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY      61.24
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY      60.34
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY      60.50
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY      60.19
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY      62.19
TIANJIN RESIDENTIAL CON     8.00     12/19/20    CNY      60.31
TIANJIN TEDA CONSTRUCTI     6.89     04/27/20    CNY      40.78
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY      61.39
TIANJIN WUQING STATE-OW     7.18     03/19/21    CNY      61.44
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY      61.87
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY      60.20
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY      60.40
TONGLING CONSTRUCTION I     8.20     04/28/22    CNY      63.76
TONGLING CONSTRUCTION I     8.20     04/28/22    CNY      81.00
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY      60.87
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY      63.30
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY      39.60
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY      39.96
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY      50.31
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY      50.44
ULANQAB CITY JI NING DI     6.88     03/19/20    CNY      39.41
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY      20.29
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY      20.31
URUMQI CITY CONSTRUCTIO     7.20     11/06/18    CNY      50.30
URUMQI ECO&TECH DEVELOP     8.58     01/10/19    CNY      25.35
URUMQI GAOXIN INVESTMEN     6.18     03/05/20    CNY      40.01
URUMQI REAL ESTATE DEVE     7.27     04/25/21    CNY      60.39
URUMQI REAL ESTATE DEVE     7.27     04/25/21    CNY      60.68
URUMQI STATE-OWN ASSET      6.17     03/16/21    CNY      74.25
URUMQI STATE-OWN ASSET      6.17     03/16/21    CNY      74.51
VANZIP INVESTMENT GROUP     7.92     02/04/19    CNY      22.86
WAFANGDIAN STATE-OWNED      8.55     04/19/19    CNY      20.38
WAFANGDIAN STATE-OWNED      6.20     06/20/20    CNY      40.15
WAFANGDIAN STATE-OWNED      6.20     06/20/20    CNY      40.48
WEIFANG BINCHENG INVEST     8.59     02/14/21    CNY      61.10
WEIFANG BINCHENG INVEST     8.59     02/14/21    CNY      61.68
WEIFANG BINHAI INVESTME     6.16     04/16/21    CNY      54.56
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY      40.38
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY      40.52
WEIHAI ECONOMIC TECHNOL     7.45     04/16/21    CNY      60.57
WEIHAI ECONOMIC TECHNOL     7.45     04/16/21    CNY      60.61
WENLING CITY STATE OWNE     7.18     09/18/19    CNY      40.19
WENLING CITY STATE OWNE     7.18     09/18/19    CNY      40.40
WENZHOU ANJUFANG CITY D     7.65     04/24/19    CNY      20.23
WENZHOU ECONOMIC-TECHNO     6.49     01/15/20    CNY      40.38
WENZHOU HIGH-TECH INDUS     7.30     05/30/21    CNY      60.90
WENZHOU HIGH-TECH INDUS     7.95     03/21/21    CNY      61.09
WINTIME ENERGY CO LTD       7.50     12/06/20    CNY      35.36
WINTIME ENERGY CO LTD       7.00     01/22/19    CNY      36.57
WINTIME ENERGY CO LTD       7.50     12/18/19    CNY      74.80
WUHAI CITY CONSTRUCTION     8.20     03/31/19    CNY      20.26
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY      57.00
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY      61.82
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY      61.53
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY      61.66
WUHAN JIANGXIA URBAN CO     8.99     01/20/21    CNY      62.65
WUHAN METRO GROUP CO LT     5.70     02/04/20    CNY      40.09
WUHAN REAL ESTATE DEVEL     5.90     03/22/19    CNY      25.15
WUHAN URBAN CONSTRUCTIO     5.60     03/08/20    CNY      40.29
WUHU JINGHU CONSTRUCTIO     6.68     05/16/20    CNY      40.71
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY      62.26
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY      62.34
WUHU XINMA INVESTMENT C     7.18     11/14/19    CNY      40.33
WUHU XINMA INVESTMENT C     7.18     11/14/19    CNY      40.87
WUJIANG ECONOMIC TECHNO     6.88     12/27/19    CNY      40.61
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY      60.65
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY      60.98
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY      61.20
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY      61.38
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY      40.25
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY      40.41
WUXI EAST SCIENCE & TEC     5.98     10/26/18    CNY      40.08
WUXI HUISHAN ECONOMIC D     6.03     04/22/19    CNY      25.14
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY      60.84
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY      60.95
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY      40.27
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY      40.27
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY      40.06
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY      40.40
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY      60.83
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY      60.94
WUZHOU DONGTAI STATE-OW     7.40     09/03/19    CNY      40.26
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY      61.42
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY      61.45
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY      39.89
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY      40.29
XI'AN AEROSPACE CITY IN     6.96     11/08/19    CNY      40.27
XIAN CHANBAHE DEVELOPME     6.89     08/03/19    CNY      40.29
XI'AN HI-TECH HOLDING C     5.70     02/26/19    CNY      25.11
XI'AN HI-TECH HOLDING C     5.70     02/26/19    CNY      25.19
XI'AN URBAN INDEMNIFICA     7.31     03/18/19    CNY      40.41
XI'AN URBAN INDEMNIFICA     7.31     03/18/19    CNY      40.60
XI'AN URBAN INDEMNIFICA     7.31     04/18/19    CNY      40.66
XI'AN URBAN INDEMNIFICA     7.31     04/18/19    CNY      70.50
XIANGSHAN COUNTRY STATE     7.95     04/25/21    CNY      60.30
XIANGSHAN COUNTRY STATE     7.95     04/25/21    CNY      62.01
XIANGTAN CITY CONSTRUCT     8.00     03/16/19    CNY      20.11
XIANGTAN CITY CONSTRUCT     8.00     03/16/19    CNY      20.26
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY      39.90
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY      40.17
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY      60.89
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY      61.46
XIANGTAN JIUHUA ECONOMI     7.43     08/29/19    CNY      40.00
XIANGTAN JIUHUA ECONOMI     7.43     08/29/19    CNY      40.00
XIANGTAN JIUHUA ECONOMI     5.00     07/25/26    CNY      55.12
XIANGTAN JIUHUA ECONOMI     6.59     01/21/22    CNY      56.00
XIANGTAN JIUHUA ECONOMI     7.15     10/15/20    CNY      59.63
XIANGTAN LIANGXING SOCI     7.89     04/23/21    CNY      61.23
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY      59.52
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY      59.78
XIANGYANG HIGH TECH INV     7.00     05/29/21    CNY      60.25
XIANGYANG HIGH TECH INV     7.00     05/29/21    CNY      60.77
XIANNING CITY CONSTRUCT     7.50     08/31/18    CNY      25.00
XIANNING CITY CONSTRUCT     7.50     08/31/18    CNY      25.09
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY      39.69
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY      59.70
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY      61.58
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY      61.59
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY      60.44
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY      60.85
XIAOGAN URBAN CONSTRUCT     8.12     03/26/19    CNY      20.31
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY      58.94
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY      60.73
XIN JIANG GUANG HUI IND     7.88     03/30/20    USD      61.19
XINGHUA URBAN CONSTRUCT     7.25     10/23/18    CNY      25.02
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY      50.09
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY      50.29
XINING CITY INVESTMENT      7.70     04/27/19    CNY      20.22
XINING ECONOMIC DEVELOP     5.90     06/04/20    CNY      40.22
XINJIANG KAIDI INVESTME     7.80     04/22/21    CNY      61.73
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY      49.93
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY      50.54
XINJIANG SHIHEZI DEVELO     7.50     08/29/18    CNY      24.84
XINJIANG UYGUR AR HAMI      6.87     07/14/21    CNY      59.92
XINJIANG UYGUR AR HAMI      6.87     07/14/21    CNY      60.14
XINJIANG UYGUR AR HAMI      6.63     07/14/21    CNY      60.15
XINJIANG UYGUR AR HAMI      6.63     07/14/21    CNY      60.44
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY      60.62
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY      82.38
XINJIANG WUJIAQU URBAN      6.10     05/23/20    CNY      39.67
XINJIANG WUJIAQU URBAN      6.10     05/23/20    CNY      40.36
XINXIANG INVESTMENT GRO     5.85     04/15/20    CNY      40.14
XINYANG HUAXIN INVESTME     6.95     06/14/19    CNY      20.05
XINYANG HUAXIN INVESTME     6.95     06/14/19    CNY      20.19
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY      60.82
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY      61.30
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY      60.70
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY      60.91
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY      61.50
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY      67.00
XINYU URBAN CONSTRUCTIO     7.08     12/13/19    CNY      40.38
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY      25.05
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY      25.13
XINZHENG NEW DISTRICT D     6.60     01/29/21    CNY      74.96
XINZHOU ASSET MANAGEMEN     7.39     08/08/18    CNY      25.02
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY      60.89
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY      61.23
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY      61.34
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY      61.68
XUANCHENG STATE-OWNED A     7.99     03/20/19    CNY      30.46
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY      61.36
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY      61.37
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY      60.41
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY      60.64
XUZHOU ECONOMIC TECHNOL     8.20     03/07/19    CNY      20.24
XUZHOU ECONOMIC TECHNOL     8.20     03/07/19    CNY      20.25
XUZHOU ECONOMIC TECHNOL     7.35     04/21/21    CNY      61.00
XUZHOU HIGH SPEED RAILW     7.09     05/15/21    CNY      61.53
XUZHOU HIGH SPEED RAILW     7.09     05/15/21    CNY      61.74
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY      60.87
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY      61.11
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY      60.29
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY      60.35
YAAN STATE-OWNED ASSET      7.39     07/04/19    CNY      19.85
YANCHENG CITY DAFENG DI     7.08     12/13/19    CNY      40.31
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY      62.20
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY      62.21
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY      62.49
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY      63.30
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY      53.00
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY      60.55
YANCHENG ORIENTAL INVES     6.99     10/26/19    CNY      40.14
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY      39.50
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY      40.46
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY      60.00
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY      60.78
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY      60.96
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY      61.10
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY      40.03
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY      40.03
YANGZHOU LONGCHUAN HOLD     8.10     03/23/19    CNY      20.26
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY      40.10
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY      40.23
YICHANG MUNICIPAL FINAN     7.12     10/16/19    CNY      40.19
YICHANG MUNICIPAL FINAN     7.12     10/16/19    CNY      40.42
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY      40.22
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY      40.69
YICHANG URBAN CONSTRUCT     8.13     11/17/19    CNY      53.11
YICHUN CITY CONSTRUCTIO     7.35     07/24/19    CNY      19.65
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY      61.38
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY      61.59
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY      61.33
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY      61.73
YILI STATE-OWNED ASSET      6.70     11/19/18    CNY      25.07
YILI STATE-OWNED ASSET      6.70     11/19/18    CNY      25.10
YINCHUAN NEW HI TECH IN     8.15     05/28/22    CNY      71.22
YINCHUAN NEW HI TECH IN     8.15     05/28/22    CNY      72.76
YINCHUAN URBAN CONSTRUC     6.88     05/12/21    CNY      61.36
YINGKOU PORT GROUP CO L     6.10     04/27/22    CNY      70.00
YINGKOU PORT GROUP CO L     5.78     03/23/19    CNY      71.34
YINGTAN INVESTMENT CO       7.50     12/12/22    CNY      72.16
YINING CITY STATE OWNED     8.90     01/23/21    CNY      62.79
YINING CITY STATE OWNED     8.90     01/23/21    CNY      69.95
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY      40.22
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY      40.35
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY      60.64
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY      61.30
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY      40.88
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY      41.17
YIYANG CITY TRANSPORTAT     7.77     04/21/21    CNY      60.80
YIYANG CITY TRANSPORTAT     7.77     04/21/21    CNY      60.81
YIZHENG CITY CONSTRUCTI     7.78     06/14/19    CNY      20.21
YIZHENG CITY CONSTRUCTI     8.60     01/09/21    CNY      61.38
YIZHENG CITY CONSTRUCTI     8.60     01/09/21    CNY      61.62
YONGAN STATE-OWNED ASSE     8.78     04/17/20    CNY      51.77
YONGAN STATE-OWNED ASSE     8.78     04/17/20    CNY      52.32
YONGZHOU CITY CONSTRUCT     7.30     10/23/20    CNY      60.78
YONGZHOU CITY CONSTRUCT     7.30     10/23/20    CNY      60.90
YONGZHOU CITY LINGLING      7.80     04/02/21    CNY      62.83
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY      39.80
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY      40.11
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY      39.98
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY      40.33
YULIN CITY INVESTMENT O     6.81     12/04/18    CNY      25.06
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY      39.00
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY      40.11
YUNCHENG URBAN CONSTRUC     7.48     10/15/19    CNY      40.33
YUNNAN HIGHWAY & BRIDGE     7.58     02/21/20    CNY      26.10
YUNNAN METROPOLITAN CON     6.77     05/23/21    CNY      60.65
YUSHEN ENERGY DEVELOPME     8.50     02/21/21    CNY      60.20
YUSHEN ENERGY DEVELOPME     8.50     02/21/21    CNY      60.52
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY      60.84
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY      61.77
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY      40.05
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY      40.13
YUYAO WATER RESOURCE IN     7.20     10/16/19    CNY      40.30
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY      60.56
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY      61.29
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY      61.10
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY      61.48
ZHANGJIAGANG MUNICIPAL      6.43     11/27/19    CNY      40.45
ZHANGJIAJIE ECONOMIC DE     7.40     10/18/19    CNY      40.37
ZHANGJIAJIE ECONOMIC DE     7.80     04/17/21    CNY      60.81
ZHANGZHOU CITY CONSTRUC     6.60     03/26/20    CNY      40.49
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY      59.75
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY      61.55
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY      59.50
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY      60.60
ZHAOYUAN STATE-OWNED AS     6.64     12/31/19    CNY      40.16
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY      60.87
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY      60.99
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY      61.34
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY      61.93
ZHEJIANG HUZHOU HUANTAI     6.70     11/28/19    CNY      40.26
ZHEJIANG LIN'AN ECONOMI     7.90     04/23/21    CNY      60.97
ZHEJIANG LIN'AN ECONOMI     7.90     04/23/21    CNY      61.92
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY      39.69
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY      39.74
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY      40.10
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY      40.22
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY      40.20
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY      40.60
ZHENJIANG CITY CONSTRUC     7.90     12/18/20    CNY      61.27
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY      61.70
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY      71.00
ZHENJIANG CULTURE AND T     6.60     01/30/20    CNY      40.00
ZHENJIANG NEW AREA URBA     8.35     02/26/21    CNY      61.19
ZHENJIANG NEW AREA URBA     8.99     01/16/21    CNY      61.98
ZHENJIANG TRANSPORTATIO     7.29     05/08/19    CNY      19.76
ZHONGSHAN TRANSPORTATIO     6.65     08/28/18    CNY      24.99
ZHONGSHAN TRANSPORTATIO     6.65     08/28/18    CNY      25.01
ZHOUKOU INVESTMENT GROU     7.49     04/21/21    CNY      60.61
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY      55.47
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY      55.71
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY      71.24
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY      71.83
ZHUCHENG ECONOMIC DEVEL     7.50     08/25/18    CNY      21.25
ZHUCHENG ECONOMIC DEVEL     6.80     11/29/19    CNY      40.94
ZHUHAI HUAFA GROUP CO L     5.50     06/05/19    CNY      24.89
ZHUHAI HUAFA GROUP CO L     5.50     06/05/19    CNY      50.00
ZHUHAI HUIHUA INFRASTRU     7.15     09/17/20    CNY      60.67
ZHUJI CITY CONSTRUCTION     6.92     12/19/19    CNY      40.23
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY      61.04
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY      61.30
ZHUZHOU CITY CONSTRUCTI     6.95     10/16/20    CNY      61.39
ZHUZHOU GECKOR GROUP CO     7.82     08/18/18    CNY      40.05
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY      40.11
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY      40.22
ZHUZHOU YUNLONG DEVELOP     6.78     11/19/19    CNY      40.21
ZIBO CITY PROPERTY CO L     5.45     04/27/19    CNY      11.98
ZIYANG CITY CONSTRUCTIO     7.58     01/09/19    CNY      24.93
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY      60.64
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY      60.72
ZUNYI CITY HUICHUAN DIS     6.75     04/24/19    CNY      24.97
ZUNYI CITY HUICHUAN DIS     7.85     06/25/21    CNY      60.67


HONG KONG
---------

CHINA SOUTH CITY HOLDIN     7.25     11/20/22    USD      71.81
CHINA SOUTH CITY HOLDIN     6.75     09/13/21    USD      74.05


INDIA
-----

3I INFOTECH LTD             2.50     03/31/25    USD      12.50
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      48.89
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      49.04
BLUE DART EXPRESS LTD       9.40     11/20/18    INR       9.71
BLUE DART EXPRESS LTD       9.50     11/20/19    INR       9.96
CORE EDUCATION & TECHNO     7.00     05/07/49    USD       0.29
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
EDELWEISS ASSET RECONST     2.00     11/20/27    INR      55.52
EDELWEISS ASSET RECONST     2.00     08/28/27    INR      56.22
EDELWEISS ASSET RECONST     2.00     08/27/27    INR      56.23
EDELWEISS ASSET RECONST     2.00     03/28/27    INR      57.13
EDELWEISS ASSET RECONST     2.00     04/27/27    INR      57.28
GTL INFRASTRUCTURE LTD      6.73     10/26/22    USD      49.71
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      25.53
PAN INDIA INFRAPROJECTS     0.10     01/25/24    INR      56.42
PRAKASH INDUSTRIES LTD      5.25     04/30/15    USD      22.63
PYRAMID SAIMIRA THEATRE     1.75     07/04/12    USD       1.00
REI AGRO LTD                5.50     11/13/14    USD       1.38
REI AGRO LTD                5.50     11/13/14    USD       1.38
RELIANCE COMMUNICATIONS     6.50     11/06/20    USD      51.83
SVOGL OIL GAS & ENERGY      5.00     08/17/15    USD       1.55
VIDEOCON INDUSTRIES LTD     2.80     12/31/20    USD      29.43

JAPAN
-----

TAKATA CORP                 1.02     12/15/17    JPY       0.50
TAKATA CORP                 0.58     03/26/21    JPY       2.37
TAKATA CORP                 0.85     03/06/19    JPY       2.37


KOREA
-----

2016 KIBO 1ST SECURITIZ     5.00     09/13/18    KRW      75.01
DOOSAN CAPITAL SECURITI    20.00     04/22/19    KRW      65.13
HEUNGKUK FIRE & MARINE      5.70     12/29/46    KRW      50.04
KIBO ABS SPECIALTY CO L     5.00     12/25/19    KRW      71.27
KIBO ABS SPECIALTY CO L     5.00     08/29/19    KRW      72.18
KIBO ABS SPECIALTY CO L     5.00     02/26/19    KRW      73.30
KIBO ABS SPECIALTY CO L     5.00     02/25/19    KRW      73.57
KOREA TREASURY BOND         1.50     09/10/66    KRW      73.90
SAMPYO CEMENT CO LTD        7.50     07/20/14    KRW      70.00
SAMPYO CEMENT CO LTD        7.50     04/20/14    KRW      70.00
SAMPYO CEMENT CO LTD        7.50     09/10/14    KRW      70.00
SAMPYO CEMENT CO LTD        7.30     04/12/15    KRW      70.00
SAMPYO CEMENT CO LTD        7.30     06/26/15    KRW      70.00
SINBO SECURITIZATION SP     5.00     09/27/21    KRW      69.39
SINBO SECURITIZATION SP     5.00     08/25/21    KRW      69.62
SINBO SECURITIZATION SP     5.00     07/27/21    KRW      69.82
SINBO SECURITIZATION SP     5.00     06/23/20    KRW      69.85
SINBO SECURITIZATION SP     5.00     03/15/20    KRW      70.63
SINBO SECURITIZATION SP     5.00     02/28/21    KRW      71.00
SINBO SECURITIZATION SP     5.00     01/27/21    KRW      71.26
SINBO SECURITIZATION SP     5.00     12/22/20    KRW      71.54
SINBO SECURITIZATION SP     5.00     09/23/20    KRW      72.25
SINBO SECURITIZATION SP     5.00     08/26/20    KRW      72.48
SINBO SECURITIZATION SP     5.00     06/24/19    KRW      72.66
SINBO SECURITIZATION SP     5.00     07/28/20    KRW      72.70
SINBO SECURITIZATION SP     5.00     03/13/19    KRW      73.44
SINBO SECURITIZATION SP     5.00     02/25/20    KRW      73.97
SINBO SECURITIZATION SP     5.00     01/28/20    KRW      74.20
SINBO SECURITIZATION SP     5.00     12/30/19    KRW      74.43
SINBO SECURITIZATION SP     5.00     07/29/18    KRW      79.10
WISE MOBILE SECURITIZAT    20.00     09/17/18    KRW      73.93


SRI LANKA
---------

SRI LANKA GOVERNMENT BO     5.35     03/01/26    LKR      73.48


MALAYSIA
--------

AEON CREDIT SERVICE M B     3.50     09/15/20    MYR       1.30
ASIAN PAC HOLDINGS BHD      3.00     05/25/22    MYR       0.73
BARAKAH OFFSHORE PETROL     3.50     10/24/18    MYR       0.15
BERJAYA CORP BHD            5.00     04/22/22    MYR       0.38
BERJAYA CORP BHD            2.00     05/29/26    MYR       0.40
BRIGHT FOCUS BHD            2.50     01/22/31    MYR      73.70
ELK-DESA RESOURCES BHD      3.25     04/14/22    MYR       0.98
HIAP TECK VENTURE BHD       5.00     06/23/21    MYR       0.36
I-BHD                       3.00     10/09/19    MYR       0.37
IRE-TEX CORP BHD            1.00     06/10/19    MYR       0.02
LAND & GENERAL BHD          1.00     09/24/18    MYR       0.12
PERODUA GLOBAL MANUFACT     0.50     12/17/25    MYR      68.81
PMB TECHNOLOGY BHD          3.00     07/12/23    MYR       3.18
PUC BHD                     4.00     02/15/19    MYR       0.14
REDTONE INTERNATIONAL B     2.75     03/04/20    MYR       0.09
SENAI-DESARU EXPRESSWAY     1.35     06/30/31    MYR      57.04
SENAI-DESARU EXPRESSWAY     1.35     12/31/30    MYR      58.33
SENAI-DESARU EXPRESSWAY     1.35     06/28/30    MYR      59.67
SENAI-DESARU EXPRESSWAY     1.35     12/31/29    MYR      60.97
SENAI-DESARU EXPRESSWAY     1.35     12/29/28    MYR      63.69
SENAI-DESARU EXPRESSWAY     1.35     06/30/28    MYR      65.11
SENAI-DESARU EXPRESSWAY     1.35     12/31/27    MYR      66.65
SENAI-DESARU EXPRESSWAY     1.35     06/30/27    MYR      68.17
SENAI-DESARU EXPRESSWAY     1.35     06/30/26    MYR      71.03
SENAI-DESARU EXPRESSWAY     1.15     06/30/25    MYR      72.86
SENAI-DESARU EXPRESSWAY     1.15     12/31/24    MYR      74.43
THONG GUAN INDUSTRIES B     5.00     10/10/19    MYR       2.40
UNIMECH GROUP BHD           5.00     09/18/18    MYR       0.96
VIZIONE HOLDINGS BHD        3.00     08/08/21    MYR       0.06
YTL LAND & DEVELOPMENT      3.00     10/31/21    MYR       0.42


NEW ZEALAND
------------
PRECINCT PROPERTIES NEW     4.80     09/27/21    NZD       1.02


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      69.40
PHILIPPINE GOVERNMENT B     4.63     09/09/40    PHP      73.02

SINGAPORE
---------

ASL MARINE HOLDINGS LTD     6.00     03/28/20    SGD      51.48
ASL MARINE HOLDINGS LTD     6.35     10/01/21    SGD      52.02
AUSGROUP LTD                8.45     10/20/18    SGD      51.35
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.89
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.93
BLD INVESTMENTS PTE LTD     8.63     03/23/15    USD       5.00
BLUE OCEAN RESOURCES PT     6.00     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      74.99
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       4.84
HYFLUX LTD                  4.20     08/29/19    SGD      50.00
INDO INFRASTRUCTURE GRO     2.00     07/30/10    USD       1.00
INNOVATE CAPITAL PTE LT     6.00     12/11/24    USD      67.50
MICLYN EXPRESS OFFSHORE     8.75     11/25/18    USD      30.04
ORO NEGRO DRILLING PTE      7.50     01/24/19    USD      40.19
OSA GOLIATH PTE LTD        12.00     10/09/18    USD      62.63
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           7.88     06/05/17    SGD      16.00
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD      16.00


THAILAND
--------

G STEEL PCL                 3.00     10/04/15    USD       0.53
MDX PCL                     4.75     09/17/03    USD      30.00


VIETNAM
-------

DEBT AND ASSET TRADING      1.00     10/10/25    USD      67.62
DEBT AND ASSET TRADING      1.00     10/10/25    USD      68.78





                             *********

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.

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