/raid1/www/Hosts/bankrupt/TCRAP_Public/180821.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 21, 2018, Vol. 21, No. 165

                            Headlines


A U S T R A L I A

COGNO BROS: First Creditors' Meeting Set for August 28
GERMANI SYDNEY: Second Creditors' Meeting Set for Aug. 27
LOGIC AIR: In Liquidation; First Meeting Set for September 3
MEREDITH TRANSPORT: Second Creditors' Meeting Set for Aug. 28
MG SYDNEY: Second Creditors' Meeting Set for August 27

SHARMA HOLDINGS: Second Creditors' Meeting Set for Aug. 28
T & L MOORE: First Creditors' Meeting Set for August 29
VICTORIAN CRUSHING: Second Creditors' Meeting Set for Aug. 24


C H I N A

CHINA COMMERCIAL: Delays Second Quarter Financial Report
CHINA COMMERCIAL: Posts Net Income of $9.50 Million in 2nd Qtr
CHINA SHANSHUI: In Race to Prevent Delisting in HK Exchange
HNA GROUP: Chairman's Family Tightens Grip on Management
SHARING ECONOMY: Inks Website Development License Deal w/ Ecrent


H O N G  K O N G

NOBLE GROUP: Founder Elman Declines Executive Director Position


I N D I A

A J PACKAGING: CRISIL Maintains B Rating in Not Cooperating
ADAMS MARKETING: CRISIL Maintains D Rating in Not Cooperating
ADVANSYS (INDIA): CRISIL Maintains D Rating in Not Cooperating
ALP NON WOVEN: CRISIL Maintains D Rating in Not Cooperating
ANANDAMELA ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating

ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
ASHOKA CHENNAI: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
BALESHWAR KHARAGPUR: Ind-Ra Lowers LongTerm Issuer Rating to BB-
BARWA ADDA: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
DR. SHAJIS: CRISIL Raises Rating on INR8.8cr LT Loan to B-

EASTERN TRAVELS: Ind-Ra Migrates BB LT Rating to Non-Cooperating
G.A.V. AGRO: CRISIL Lowers Rating on INR10cr LT Loan to D
GVR BEHARI: Ind-Ra Affirms D LT Rating on INR1,086.9MM Loan
GVR PANNA AMANGANJ: Ind-Ra Affirms D Rating on INR870.7MM Loan
HARSHA LINERS: CRISIL Maintains B Rating in Not Cooperating

HIMACHAL SOAP: CRISIL Maintains B- Rating in Not Cooperating
HIND CHARITY: CRISIL Maintains B Rating in Not Cooperating
IDASA INDIA: CRISIL Maintains B Rating in Not Cooperating
MANN RESIDENCY: CRISIL Hikes Rating on INR16.5cr Loan to B+
NEXT GENERATION: Ind-Ra Migrates BB- LT Rating to Non-Cooperating

SAFILO HEALTHCARE: CRISIL Withdraws B Rating on INR6.25cr Loan
SHIV LAL: CRISIL Maintains B Rating in Not Cooperating Category
SHREE VAISHNAV: CRISIL Maintains D Rating in Not Cooperating
SHREE VAISHNAV METAL: CRISIL Keeps D Rating in Not Cooperating
SHRI SARAVANA: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating

SIKAR BIKANER: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
SHRI RAMESHWAR: CRISIL Lowers Rating on INR30cr Loan to D
S.K. ENTERPRISES: CRISIL Maintains B- Rating in Not Cooperating
SM COLD STORAGE: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
SRI JALARAM: CRISIL Maintains D Rating in Not Cooperating

SRI RAMA: CRISIL Maintains B Rating in Not Cooperating Category
SUMITA TEX: CRISIL Maintains D Rating in Not Cooperating Category
SUMOHAN ENGINEERS: CRISIL Maintains D Rating in Not Cooperating
SUTARIYA GEMS: CRISIL Lowers Rating on INR16cr Loan to D
TRISTAR GLOBAL: CRISIL Maintains D Rating in Not Cooperating

TUFFWARE INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
TWIN CITIES: CRISIL Keeps 'D' Rating in Not Cooperating Category


M A L A Y S I A

1MBD: Fined MYR15 Million by Bank Negara in 2016


N E W  Z E A L A N D

TE UPOKO: Radio Station Faces Closure Amid Funding Issues


S I N G A P O R E

NATIONAL INSURANCE: A.M. Best Cuts Fin. Strength to C++(Marginal)


X X X X X X X X

* BOND PRICING: For the Week August 13 to August 17, 2018


                            - - - - -


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


COGNO BROS: First Creditors' Meeting Set for August 28
------------------------------------------------------
A first meeting of the creditors in the proceedings of Cogno Bros
Cobbitty Wines Pty Ltd will be held at the offices of Cor Cordis,
One Wharf Lane, Level 20, 171 Sussex Street, in Sydney, NSW, on
Aug. 28, 2018, at 11:00 a.m.

Andre Lakomy and Alan Walker of Cor Cordis were appointed as
administrators of Cogno Bros on Aug. 16, 2018.


GERMANI SYDNEY: Second Creditors' Meeting Set for Aug. 27
---------------------------------------------------------
A second meeting of creditors in the proceedings of Germani Sydney
Pty Limited has been set for Aug. 27, 2018, at 10:00 a.m. at the
offices of Jamieson Louttit & Associates, Penfold House,
Suite 72, Level 15, 88 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2018, at 4:00 p.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of Germani Sydney on May 31, 2018.


LOGIC AIR: In Liquidation; First Meeting Set for September 3
------------------------------------------------------------
Simon Miller of Clifton Hall was appointed as liquidator of Logic
Air Pty Ltd on Aug. 14, 2018.

A meeting of creditors will be held at 11:00 a.m. on Sept. 3, 2018
at Clifton Hall, Level 3, 431 King William Street, in Adelaide,
South Australia.


MEREDITH TRANSPORT: Second Creditors' Meeting Set for Aug. 28
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Meredith
Transport Pty Ltd has been set for Aug. 28, 2018, at 10:00 a.m. at
the offices of Morton's Solvency Accountants, Level 11, 410 Queen
Street, in Brisbane, Queensland.

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. 27, 2018, at 4:00 p.m.

Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of Meredith Transport on July 23, 2018.


MG SYDNEY: Second Creditors' Meeting Set for August 27
------------------------------------------------------
A second meeting of creditors in the proceedings of MG Sydney Pty
Limited has been set for Aug. 27, 2018, at 10:00 a.m. at the
offices of Jamieson Louttit & Associates, Penfold House,
Suite 72, Level 15, 88 Pitt Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 24, 2018, at 4:00 p.m.

Jamieson Louttit of Jamieson Louttit & Associates was appointed as
administrator of MG Sydney on May 31, 2018.


SHARMA HOLDINGS: Second Creditors' Meeting Set for Aug. 28
----------------------------------------------------------
A second meeting of creditors in the proceedings of Sharma
Holdings Foods Pty Ltd has been set for Aug. 28, 2018, at 2:30
p.m. at the offices of SV Partners, 22 Market Street, in Brisbane,
Queensland.

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. 27, 2018, at 4:00 p.m.

Terrence John Rose of SV Partners was appointed as administrator
of Sharma Holdings on July 24, 2018.


T & L MOORE: First Creditors' Meeting Set for August 29
-------------------------------------------------------
A first meeting of the creditors in the proceedings of T & L Moore
Air Conditioning Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on Aug. 29, 2018, at 12:00 p.m.

Matthew Kucianski of Worrells Solvency was appointed as
administrator of T & L Moore on Aug. 17, 2018.


VICTORIAN CRUSHING: Second Creditors' Meeting Set for Aug. 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Victorian
Crushing & Waste Management Pty Ltd has been set for Aug. 24,
2018, at 11:00 a.m. at the offices of SV Partners Melbourne,
17/200 Queens Street, in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 23, 2018, at 4:00 p.m.

Daniel Jon Quinn of SV Partners Melbourne were appointed as
administrators of Victorian Crushing on July 20, 2018.



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


CHINA COMMERCIAL: Delays Second Quarter Financial Report
--------------------------------------------------------
China Commercial Credit, Inc., was unable to file its Quarterly
Report on Form 10-Q for the fiscal quarter ended June 30, 2018 on
a timely basis because the Company requires additional time to
work with its auditors and legal counsel to prepare and finalize
the Form 10-Q. The Company anticipates that it will file the Form
10-Q no later than the fifth calendar day following the prescribed
filing date.

It is expected that for the fiscal quarter ended June 30, 2018 the
Company will report net profit of approximately $9.5 million
compared to net loss of approximately $4.9 million for the three
months ended June 30, 2017.

                   About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- currently engages in used
luxurious car leasing. The used luxurious car business is
conducted under the brand name "Batcar" by the Company's VIE
entity, Beijing Youjiao Technology Limited.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016. As of March 31, 2018, China
Commercial had US$7.31 million in total assets, US$11.76 million
in total liabilities and a total shareholders' deficit of US$4.45
million.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


CHINA COMMERCIAL: Posts Net Income of $9.50 Million in 2nd Qtr
--------------------------------------------------------------
China Commercial Credit, Inc. has filed with the Securities and
Exchange Commission its Quarterly Report on Form 10-Q reporting
net income of $9.50 million on $84,578 of net revenue for the
three months ended June 30, 2018, compared to a net loss of $4.91
million on $0 of net revenue for the same period a year ago.

For the six months ended June 30, 2018, the Company reported net
income of $9.11 million on $84,578 of net revenue compared to a
net loss of $6.14 million on $35,000 of net revenue for the six
months ended June 30, 2017.

As of June 30, 2018, China Commercial had $4.14 million in total
assets, $15,246 in total liabilities and $4.13 million in total
shareholders' equity.

The Company disposed its microcredit business and launched
luxurious car leasing business in May 2018. As of June 30, 2018,
the Company had cash balance of $1,362,718 and a positive working
capital of $2,256,714. The management estimated the operating
expenses obligation for the next twelve months after issuance of
the financial statements to be $500,000. Therefore, the management
believes that the Company will continue as a going concern in the
following 12 months. In addition, the Company's shareholders will
continuously provide financial support to the Company when there
is any business expansion plan.

A full-text copy of the Form 10-Q is available for free at:

                      https://is.gd/mxkBAq

                  About China Commercial Credit

Founded in 2008, China Commercial Credit --
http://www.chinacommercialcredit.com/-- currently engages in used
luxurious car leasing. The used luxurious car business is
conducted under the brand name "Batcar" by the Company's VIE
entity, Beijing Youjiao Technology Limited.

China Commercial incurred a net loss of US$10.69 million for the
year ended Dec. 31, 2017, compared to a net loss of US$2.58
million for the ended Dec. 31, 2016. As of March 31, 2018, China
Commercial had US$7.31 million in total assets, US$11.76 million
in total liabilities and a total shareholders' deficit of US$4.45
million.

The report from the Company's independent accounting firm Marcum
Bernstein & Pinchuk LLP on the consolidated financial statements
for the year ended Dec. 31, 2017, includes an explanatory
paragraph stating that the Company has incurred significant losses
and needs to raise additional funds to meet its obligations and
sustain its operations. These conditions raise substantial doubt
about the Company's ability to continue as a going concern.


CHINA SHANSHUI: In Race to Prevent Delisting in HK Exchange
-----------------------------------------------------------
South China Morning Post reports that the new board of the
embattled China Shanshui Cement Group is racing against a tight
deadline to prevent the company from being delisted after a
botched hostile takeover attempt by a rival three years ago that
led to a trading suspension.

But the odds are not in their favor, the report says. According to
SCMP, the auditor KPMG resigned last month, which means it will be
extremely challenging for the new auditor, Moore Stephens CPA, to
complete the 2017 audit, resolve prior years' audit issues
identified by KPMG, and for the board to find new investors to
restore its public shareholding to at least 25% from 3.36% before
the Hong Kong stock exchange's October 31 deadline.

Since the start of this month, the bourse has implemented new
delisting rules that would make it easier to delist companies
after 18 months of continuous suspension if they fail to meet
conditions for trading to resume, the report states.

According to the report, Chang Zhangli, the new chairman of China
Shanshui - previously the nation's seventh largest cement maker -
has put on a brave face, saying the board will try its best to get
the shares trading again.

"We have done a lot of work on improving the company's governance
on the board level, management level, as well as on information
disclosure," he said in an interview, adding that some CNY1.4
billion (US$203.6 million) of debt has been repaid this year,
reducing outstanding loans and bonds to CNY9.4 billion as of July,
SCMP relays.

Asked if the company faces more headwinds because of the economic
slowdown, he said: "The industry is in pretty good shape, cement
prices have been maintained at a relative high level, and our
operating profit has been quite good."

SCMP says the mainland's fixed-assets investment growth - the main
driver of cement demand - was 6% in the first half, 1.5 percentage
points lower than that of the first three months of 2018.

China Shanshui posted an unaudited net profit of CNY715 million
for the year's first half, the report discloses.

It reported unaudited net profit of CNY767.9 million for last
year, a net loss of CNY738.3 million for 2016 and a net loss of
CNY6.4 billion for 2015, SCMP adds.

China Shanshui Cement Group Limited is engaged in manufacturing
and sale of cement and clinker, and limestone mining. The Company
is engaged in the production and sales of various types of
cements, and the production of commodity clinker necessary for
various types of high grade cements in Shandong and Liaoning
Provinces. The commodity clinker produced by the Company is
mainly sold to clients with cement grinding station. The cement
produced by the Company under the brand of Shanshui Dongyue is
widely used in construction works for roads, bridges, housing and
various types of construction projects. The Company operates in
four geographical areas: Shandong Province, Northeastern China,
Xinjiang Region and Shanxi Province.


HNA GROUP: Chairman's Family Tightens Grip on Management
--------------------------------------------------------
Bloomberg News reports that HNA Group Co. Chairman Chen Feng
promoted two family members as key lieutenants this month,
tightening his family's control over the embattled Chinese
conglomerate after the sudden death of a top executive.

His son has been promoted to deputy chief executive officer of the
group and will be responsible for HNA's international business,
Bloomberg relates citing people familiar with the matter. Earlier
this month, the 65-year-old chairman appointed his thirty-
something nephew as chief investment officer of the group and
executive chairman of an investment unit, Bloomberg says.

According to Bloomberg, the management changes come as Chen seeks
to persuade banks, investors and the government to restore their
confidence in a group that's saddled with one of the biggest piles
of debt in corporate China -- more than $85 billion as of the end
of December. Bloomberg says the death of HNA Co-Chairman Wang Jian
last month threw a wrench at the company's normalization plans as
Wang was said to be the mastermind behind the purchase of many of
the assets that are now being sold.

"Changes at HNA that international investors would like to see may
not come so soon," Bloomberg quotes Warut Promboon, managing
partner at credit research firm Bondcritic Ltd, as saying. "The
appointment of family members to run the business shows us HNA
remains a traditional Asian company."

HNA was at the forefront of an unprecedented shopping spree by
acquisition-hungry firms seeking out high-profile assets around
the world before the Chinese government started reining them in
last year amid concerns about unsustainable corporate debt levels,
Bloomberg notes. The company also caught the attention of
regulators in the U.S. and Europe over questions about its
ownership.

As to incoming deputy CEO Daniel Chen, he was appointed in June as
an assistant to the late co-chairman and prior to that, Chairman
Chen's son was president of HNA North America LLC, Bloomberg says.
This month, he and his cousin were put on the board of Swissport
Group, a luggage handler that HNA acquired in 2015. Adam Tan
remains CEO of the group.

According to Chen's profile at New Jersey's Pingry School, where
he became a trustee, he is also vice general secretary at the
Cihang charity that serves as a big shareholder of HNA Group, and
president of investment firm Pacific American Investment Ltd. He
received a Bachelor of Science in industrial engineering from the
University of Washington and completed Harvard Business School's
China Business Leader Executive Training Program, according to the
profile.

Then there's the chairman's nephew. HNA named Dennis Chen, or Chen
Chao in Chinese, as CIO of the group in early August, and promoted
him to executive chairman of an investment unit. The statement
didn't mention the new CIO's family relations to the group
chairman and HNA declined to comment beyond its public
disclosures.

According to a bond prospectus document last year, the new CIO is
in his mid-30s, has more than 11 years of management experience
and an undergraduate degree in economics from the University of
Massachusetts. He also held various positions at HNA Group
International Co., a unit formed in Hong Kong in 2010 to be the
Chinese conglomerate's offshore investment and foreign capital
management arm, according to the document.

"It certainly seems that the chairman is trying to consolidate
control over the group," said Nigel Stevenson, an analyst in Hong
Kong at GMT Research Ltd.

Though it's not unusual for family members to be elevated to
executive positions in Asia, HNA should do a better job in
disclosing family ties, especially when involving units that have
bond investors, according to Ricky Tam, chairman of the Hong Kong
Institute of Investors, an organization devoted to protecting the
rights of the investing public.

But the Chen family may be facing more pressing issues than
questions about HNA's governance. The group is so indebted that
its interest expenses surged to a record 32.1 billion yuan ($4.7
billion) in 2017, exceeding its earnings and topping all other
non-financial companies in Asia. To cope with its debts, the
company has sold more than $17 billion in assets this year and
recently agreed to sell its Radisson hotel chain and a $2.2
billion stake in an Irish air-leasing firm. It's also in talks to
sell a stake in Swissport.

Chairman Chen owns 15 percent of HNA, the largest stake held among
company executives. The group is majority owned by a couple of
charities set up by HNA.

                            About HNA

China-based HNA Group Co. Ltd. offers airlines services. The
Company provides domestic and international aviation
transportation, air travel, aviation maintenance, and aviation
logistics services. HNA Group also operates holding, capital,
tourism, logistics, and other business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


SHARING ECONOMY: Inks Website Development License Deal w/ Ecrent
----------------------------------------------------------------
Sharing Economy International, Inc.'s wholly-owned subsidiary,
Sharing Economy Investment Limited, entered into a license
agreement with Ecrent Capital Holdings Limited on Aug. 16, 2018,
regarding the grant of an exclusive and sub-licensable license
from ECRENT to SEII to utilize certain software and trademarks in
order to develop, launch, operate, commercialize, and maintain an
online website platform in United Kingdom, Germany, France,
Poland, Switzerland, Netherlands, Denmark, Russia, Italy, Spain,
Portugal and Greece. The Agreement is valid until Dec. 31, 2019.
In return, SEII will issue to ECRENT 360,000 shares of restricted
common stock. ECRENT will guarantee that the operation of its
related websites, mobile applications and business services will
contribute revenue of US$20,000,000 and gross profit of
US$3,880,000 from the closing date of the Agreement through
December 31, 2019.

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

                       https://is.gd/Kb813v

                      About Sharing Economy

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

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

Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of June 30, 2018, Sharing
Economy had $74.97 million in total assets, $9.83 million in total
liabilities and $65.13 million in total stockholders' equity.



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



NOBLE GROUP: Founder Elman Declines Executive Director Position
---------------------------------------------------------------
The Strait Times reports that Noble Group's founder will not take
up the post of executive director post-restructuring as previously
envisaged.

Richard Elman has cited personal reasons for his decision, Noble
said before trading opened on Aug. 20, the report says. It added
that further details of the members of its new board will be
announced once identified and finalised, before the
restructuring's effective date, according to the Strait Times.

The Strait Times notes that as Noble's largest shareholder with a
17.9 per cent stake, Mr. Elman has thrown his support in April
behind a US$3.5 billion debt restructuring plan. Existing
shareholders will hold a combined stake of 20% in new Noble post
restructuring, the report notes.

Noble will seek approval for its debt restructuring plan at a
special general meeting scheduled for Aug. 27, the report states.

It has also secured irrevocable undertakings to vote in favor of
the plan from Goldilocks Investment Company and a consortium
including Value Partners and Pinpoint Asset Management. Goldilocks
holds 8.1%, while Value Partners and Pinpoint Asset Management
hold about 4.4% of the shares in the company.

                        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 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.  S&P does not expect Noble to meet
any outstanding obligations as the company preserves its assets
during the restructuring process. Noble is undergoing a debt
restructuring and S&P will conduct another review the company's
credit profile after the restructuring is complete.



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A J PACKAGING: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facility of A J Packaging Limited
(AJPL) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft               9       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AJPL 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.

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

AJPL was set up in 1995 as a closely held public limited company
by Mr. Nitin Agarwal and his family members. The company
manufactures metal tin cans, primarily used for packaging in the
fast-moving consumer goods industry.


ADAMS MARKETING: CRISIL Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Adams Marketing
Private Limited (AMPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL D (ISSUER NOT
                                    COOPERATING)
   Cash Credit          21.5        CRISIL D (ISSUER NOT
                                    COOPERATING)
   Proposed Long Term
   Bank Loan Facility    3.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             1          CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AMPL 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.

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

AMPL was incorporated in April 2007. It was formed through the
merger of three proprietorship firms (Adams Motors, Adams
Electronics, and Adams Paribar). The company, based in Howrah
(West Bengal), is an authorised dealer of various brands of
consumer durables.


ADVANSYS (INDIA): CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Advansys (India)
Private Limited (AIPL) continues to be 'CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            3          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term
   Bank Loan Facility      2.5       CRISIL D (ISSUER NOT
                                     COOPERATING)

   Term Loan              7          CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with AIPL 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.

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

AIPL, promoted by Mr. Pankaj Balwani, is setting up a plant in
Pune for manufacturing healthcare and fitness products. The
promoter has experience of around a decade in manufacturing and
trading of wellness and healthcare products.


ALP NON WOVEN: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of ALP Non Woven
Private Limited (ANWPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        0.4        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           8.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .15       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with ANWPL 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.

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

ANWPL, incorporated in 2012, is promoted by the Modasa (Gujarat)-
based Mr. Hareshbhai D Patel and Mr. Mahendrabhai D Patel. The
company manufactures technical textile fabric from polypropylene.
The plant is located in Modasa and has a total installed capacity
of 2400 tonnes per annum.


ANANDAMELA ELECTRONICS: CRISIL Keeps B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Anandamela
Electronics Private Limited (AEPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.9        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    4.95       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             1.00       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AEPL 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.

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

Siliguri (West Bengal)-based AEPL, incorporated in August 1987,
distributes and retails in electronic goods for LG Electronics
India Pvt Ltd, Samsung India Pvt Ltd, and Sony India Ltd.


ARADHANA DISTRIBUTORS: CRISIL Keeps B- Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Aradhana Distributors
Private Limited (ADPL) continues to be 'CRISIL B-/Stable Issuer
not cooperating'.

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

   Proposed Fund-          0.79     CRISIL B-/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

CRISIL has been consistently following up with ADPL 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.

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

ADPL, incorporated in 1997, is an authorised dealer for Honda
Motorcycle & Scooter India Pvt Ltd in Kolkata. The company also
owns an authorised service centre for Mitsubishi Motors
Corporation. Its operations are managed by Mr. Sanjay Patodia.


ASHOKA CHENNAI: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated GVR Ashoka
Chennai ORR Limited's (GACOL) term loan 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 actions are:

-- INR10.8 mil. due on January 2029 Senior project term loan
    (Long-term) migrated to non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating.

COMPANY PROFILE

GVR Ashoka Chennai ORR is a special purpose vehicle incorporated
by GVR Infra Projects Limited and Ashoka Buildcon Ltd to develop
and operate a six-lane road project, Chennai Outer Ring Road Phase
II in Chennai, Tamil Nadu.  It has a 20-year concession, expiring
in March 2034, from the Highways and Minor Ports Development and
the government of Tamil Nadu to implement the project under the
build-operate-transfer annuity model.


BALESHWAR KHARAGPUR: Ind-Ra Lowers LongTerm Issuer Rating to BB-
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Baleshwar
Kharagpur Expressway Limited's (BKEL) senior project bank loans
and placed it on Rating Watch Negative (RWN) as follows:

-- INR3,936.2  mil. (reduced from INR3,952.10 mil.) Senior
    project bank loans downgraded, placed on RWN with IND BB-/RWN
    rating.

KEY RATING DRIVERS

The downgrade reflects deteriorating financial health of BKEL's
sponsor IL&FS Transportation Networks Limited (ITNL, 'IND
BB'/RWN). The earlier rating had factored in the sponsor's
undertaking to provide necessary support to BKEL to meet its
financial covenants including maintaining a minimum debt service
coverage ratio (DSCR) of 1.10x.

The RWN reflects BKEL's dependence on ITNL for meeting its debt
obligations and making premium payments to the National Highways
Authority of India (NHAI, 'IND AAA'/Stable). There has been a
delay in ITNL's deleveraging plans and weakening of its linkages
with its parent, Infrastructure Leasing & Financial Services
Limited (IL&FS, 'IND AAA'/Stable) due to which ITNL's credit
metrics are likely to remain stretched.

BKEL has borrowed unsecured loans from banks and related parties,
which stood at INR2,154.06 million on March 31, 2018. The
unsecured bank debt of INR300 million has been sanctioned against
the loan extended by ITNL to BKEL, and ITNL has provided its
undertaking to repay the facility. However, in the event of
default by ITNL, BKEL will be liable for immediate repayment of
the facility.

The rating also factors in BKEL's modest operating performance.
The project recorded about 27% yoy growth in toll revenue to
INR850.86 million in FY18 (second-year of operations), higher than
Ind-Ra's base case estimates. The growth in revenue was driven by
a substantial growth in traffic and toll rates on the project
stretch. Average daily traffic (total vehicles) and average daily
toll revenue also improved to about 10,400 vehicles in FY18 (FY17:
8,800 vehicles) and INR2.33 million (INR1.83 million),
respectively. However, a significant increase in interest
component due to the increase in high cost unsecured loans to meet
the operational expenses, NHAI's premium payments and senior debt
obligations, led to marginally lower debt service coverage ratio
in FY18 than Ind-Ra's estimates.

BKEL is liable to pay a premium, which shall escalate 5% each year
over the base amount of INR405.2 million (FY16). The premium
amount shall be payable in equal monthly installments, within
seven days of close of each month. Although NHAI's approval for a
premium deferment of INR2,038.8 million during FY16-FY25 provides
marginal relief to the project, the higher finance costs due to
interest payment on deferred premium and external borrowings
mitigate the advantage of premium deferment.

The rating reflects BKEL's moderate operation & maintenance (O&M)
risk. With deteriorating credit profile of the O&M contractor -
ITNL, the O&M activity may get impacted as support from IL&FS for
ITNL's operations has reduced significantly, given the increase in
the overall debt levels of the IL&FS group. However, the presence
of a fixed price O&M contract for the entire concession period
mitigates the risk arising from a significant increase in O&M
cost.

Similar to most other infrastructure assets, the project debt is
heavily back-ended with more than 65% of the debt scheduled to be
repaid in the last four years of the repayment period. The
presence of a debt service reserve account equivalent to one
quarter of debt servicing provides comfort to the rating. The debt
service reserve account had a balance of INR110 million on March
31, 2018. The debt shall amortize in 43 structured quarterly
installments between June 2016 and December 2026, leaving a tail
period of around nine years.

RATING SENSITIVITIES

The RWN indicates that the rating may be either affirmed or
downgraded upon resolution. Ind-Ra will monitor the sponsor's
credit profile and track timely support to BKEL over the next two
quarters. Absence of sponsor support would be negative for the
rating.

PROJECT PROFILE

BKEL operates a 24-year concession project to construct
bridges/structures and repair the existing four-lane highway from
Baleshwar to Kharagpur of National Highway 60 in Odisha and West
Bengal. The project was awarded on a design, build, and finance,
operate and transfer basis by the NHAI.


BARWA ADDA: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Barwa Adda Expressway Limited's (BAEL) bank loans and placed it on
Rating Watch Negative (RWN) as follows:

-- INR14.400 mil. Term loan due on June 2030 downgraded, Placed
    on RWN with IND B+/RWN rating.

KEY RATING DRIVERS

The downgrade reflects the project sponsor IL&FS Transportation
Networks Limited's (ITNL, 'IND BB'/RWN) deteriorated financial
health. The RWN reflects BAEL's dependence on ITNL for meeting its
debt obligations and making premium payments to the concession
grantor National Highways Authority of India (NHAI, 'IND
AAA'/Stable). There has been a delay in ITNL's deleveraging plans
and weakening of its linkages with its parent, Infrastructure
Leasing & Financial Services Limited (IL&FS, 'IND AAA'/Stable) due
to which ITNL's credit metrics are likely to remain stretched. The
earlier rating factored in an undertaking provided by ITNL to fund
any cost overruns and to provide necessary support to BAEL so that
it can meet financial covenants including maintaining a minimum
debt service coverage ratio (DSCR) of 1.10x.

The ratings also reflect the residual completion risk. Only 81% of
the project stretch has been completed as on date as against the
targeted 100%, according to the lenders' independent engineer
report for February 2018. NHAI has handed over 91% of the land to
BAEL. Work on a total 17.07km of six lane main carriageway and
37.5km of service road is hindered due to the issues pertaining to
the acquisition of the remaining land. Furthermore, the sponsor is
also the project contractor which further increases the completion
risk.

Moreover, the revenue risk remains. The company has started
collecting toll at both the toll plazas since October 2017.
According to the lenders' independent engineer report, toll
collection at the second toll plaza was allowed, despite non-
completion of a small portion of the entire stretch, as the
authority could not provide encumbrance free land. The toll
collection for both the toll plazas is lower than Ind Ra's base
case assumption, which increases the reliance on ITNL to support
the project.

Also, BAEL is liable to pay a premium to NHAI, which shall
escalate 5% each year over the base figure of INR420 million
(FY15). The premium amount shall be payable in equal monthly
installments, within seven days of close of each month.

Furthermore, the project cash flows are not sufficient for meeting
the debt obligations and BAEL would be dependent on ITNL to fund
the shortfall. The principal repayments have started from December
2017 and will be done in over 51 unequal quarterly installments.
The project is exposed to a variable interest rate, which is
linked to base rate and first reset of 25bp of spread reduction
shall be on achieving the commercial operations date. Thereafter,
it shall be reset every two years. The project has a tail period
of over 4.75 years, which is lower than that for other Ind-Ra
rated toll road peers.

The rating however is supported by BAEL's operations and
maintenance (O&M) costs being lower than peers'. The project
company depends on ITNL for the execution of O&M activities which
may be affected by the latter's deteriorating credit profile. The
major maintenance expenses are also higher than the peers'. The
works on the first cycle will commence in FY24 and will be spread
over four years. The second major maintenance cycle will be
carried out between FY29-FY32.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded
upon resolution. Ind-Ra will monitor the credit profile of sponsor
and track record of timely support over the next two quarters.
Absence of sponsor support would be negative for the ratings.

COMPANY PROFILE

BAEL has been granted a 20-year concession by NHAI to widen the
Barwa-Adda-Panagarh section of NH-2 from km 398.240 to km 521.120
to six lanes including Panagarh Bypass in the states of Jharkhand
and West Bengal on a design, build, fund, operate, and transfer
basis. BAEL shall pay an annual premium amount of INR420 million
from the appointed date and an escalation of 5% thereafter. The
original schedule project completion date was 26 September 2016
and the revised date shall be in FY19, depending upon the
availability of requisite right of way from NHAI.


DR. SHAJIS: CRISIL Raises Rating on INR8.8cr LT Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Dr. Shajis Mri and Medical Research Centre Private Limited
(DSMMRC) to 'CRISIL B-/Stable' from 'CRISIL D'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan         8.8      CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term     4.28     CRISIL B-/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D')

   Overdraft              0.50     CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The update reflects marginal improvement in liquidity profile due
to decline in debt levels. Further, business risk profile also
improved marked by moderate growth in revenues to INR21.6 cr in
fiscal 2018 from INR17.8 cr in 2015 along with improvement in
margins.

The rating reflects modest scale of operations, within limited
geographical presence and modest financial risk profile. These
rating weaknesses are partially offset by the extensive experience
of DSMMRC's promoter in operating medical diagnostic centers.

Key Rating Drivers & Detailed Description

Weakness

* Modest Financial Risk Profile: DSMMRC has modeat financial risk
profile as reflected in its very low networth consequently highly
leveraged capital structure. The losses over the past eroded the
networth.

* Modest scale of operations and limited geographical reach:
DSMMRC's scale of operations is modest, as reflected in its
revenues of INR21.64 crore in fiscal 2018 despite being in
operations since 1996. This limits its ability to exploit benefits
associated with economies of scale. DSMMRC's 11 diagnostic centres
are all located in Kerala, exposing it to geographic concentration
risks. Moreover, the diagnostic services industry is marked by
intense competition from numerous players offering similar
services

Strength

* Promoters' extensive industry experience: DSMMRC was promoted by
Dr. P C Shaji, a radiologist, and his family in 1996. The
promoters started their first MRI centre at Kozhikode, Kerala in
1996. It was the first MRI centre in the Malabar region. Over the
years, they have set up twelve more diagnostic centres across
Kerala.

Outlook: Stable

CRISIL believes that DSMMRC will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if the centres
are able to generate more than expected sales while maintaining
its operating margin which will further led to better accretion to
reserves, thus improving its networth and overall financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of any significant time or cost overrun in implementing the
proposed debt-funded capex or in case of pressure on profitability
because of competition.

Set up in 1996, DSMMRC operates 11 medical diagnostic centres in
Kerala. The centres offer various services, such as magnetic
resonance imaging scan, computed tomography scan, ultrasound,
computerised radiography, and electro-neuro diagnostics services
among others. The company also runs a paramedical college, Dr.
Shaji's School of Medical Imaging & Allied Sciences, which offers
various diploma courses. The company's overall business operations
are managed by Dr. P C Shaji.


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

The instrument-wise rating actions are:

-- INR90 mil. Fund-based limit migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Proposed fund-based limits migrated to Non-
     Cooperating Category with Provisional IND BB (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

Formed in 1980, Eastern Travels provides hospitality and tourism
services to corporate clients.


G.A.V. AGRO: CRISIL Lowers Rating on INR10cr LT Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
G.A.V. Agro Private Limited (GAVPL) to 'CRISIL D' from 'CRISIL
B/Stable'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            8          CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

   Long Term Loan        10          CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects the stretch in liquidity, as reflected in
fully utilised bank limit and subsequent delay in servicing of
term debt. Payment due on July 31, 2018 is still outstanding. The
rating also factors in the modest scale of operations and large
working capital requirement. These ratings weaknesses are
partially offset by the longstanding presence of the promoters in
the rice industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in servicing term debt: Liquidity remains weak, as
indicated by the fully utilised cash credit limit and delay in
servicing of term debt. Payment due on July 31, 2018 still remains
outstanding. The company has also been charged penal interest in
the past.

* Modest scale of operations: Intense competition in the rice
industry has kept the scale of operations modest, as reflected in
operating income of INR53.6 crore for fiscal 2018.

* Working capital-intensive operations: Gross current assets stood
at 134 days as on March 31, 2018, reflecting the inherently
working capital intensive nature of operations for rice millers.

Strength

* Extensive experience of promoters: Long standing presence of the
promoters in the rice industry, and their healthy relationship
with customers, will continue to support the business risk
profile.

GAVPL was set up in 2013, by the promoter, Mr. Pradeep Kumar and
Mr. Om Prakash. The company processes non-basmati rice for
customers in the domestic and overseas markets. Processing
facilities are located at Lucknow.


GVR BEHARI: Ind-Ra Affirms D LT Rating on INR1,086.9MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GVR Behari
Hanumana Tollway Private Limited's (GBHTPL) bank loan rating at
'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise, despite requests and follow-ups by the
agency. Thus, the ratings are on the basis of best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating.

The instrument-wise rating action is:

-- INR1,086.9 mil. Term loan due on October 2025 affirmed with
    IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by GBHTPL.

RATING SENSITIVITIES

Timely debt servicing for at least three continuous months could
result in a rating upgrade.

COMPANY PROFILE

GBHTPL has been granted a 15-year design-build-fund-operate-
transfer concession by Madhya Pradesh Road Development Corporation
for the two-laning of the Behari-Hanumana section from 110km of
NH-75(E) to 243km of NH-7.


GVR PANNA AMANGANJ: Ind-Ra Affirms D Rating on INR870.7MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GVR Panna
Amanganj Tollway Private Limited's term loan rating at 'IND D
(ISSUER NOT COOPERATING)'. The issuer did not participate in the
rating exercise despite requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR870.7 mil. Term loan (long-term) due on November 2025
     affirmed with IND D (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by GVR Panna
Amanganj Tollway.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three continuous
months could result in an upgrade.

COMPANY PROFILE

GVR Panna Amanganj Tollway has been granted a 15-year design-
build-fund-operate-transfer concession by Madhya Pradesh Road
Development Corporation Limited for the expansion of a 58.18km
part of the Panna-Amanganj section of SH-47 into two lanes.


HARSHA LINERS: CRISIL Maintains B Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Harsha Liners Private
Limited (HLPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         3.96      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash
   Credit Limit           2.04      CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HLPL 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.

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

KIL was incorporated in April 1992 as a private limited company;
in March 1998, it was reconstituted as a public limited company.
The group manufactures products such as cylinder liners, aluminium
block liners, piston rings, valve seats and guides, centrifugal
castings, scraps, and pallets.  HLPL, a subsidiary of KIL,
manufactures cylinder liners. The group is based in Vijayawada
(Andhra Pradesh).


HIMACHAL SOAP: CRISIL Maintains B- Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Himachal Soap And
Detergents Private Limited (HSDPL) continues to be 'CRISIL B-
/Stable Issuer not cooperating'.

                       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)

CRISIL has been consistently following up with HSDPL 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.

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

HSDPL was incorporated in 2009 by Gurgaon (Haryana)-based Saxena
family. It manufactures household FMCG goods at its unit in
Parwanoo (Himachal Pradesh). The unit's operations are managed by
Mr. Ram Kishore Saxena.


HIND CHARITY: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Hind Charity Trust
(HCT) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Term Loan             33        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with HCT 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.

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

HCT runs an international school, Global Indian International
School (GIIS), in Pune. The school has all modern infrastructure
facilities such as libraries, computer laboratory, gaming zone at
each floor, and badminton and basketball courts.


IDASA INDIA: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Idasa India Ltd.
(IIL) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.9        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    4.6        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with IIL 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.

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

IIL was set up in 1985, and is promoted by Mr. Suresh Kumar
Aggarwal. The company processes milk and manufactures skimmed milk
powder and ghee under its brand, IDASA. The processing unit is
situated in Malerkotla (Punjab).


MANN RESIDENCY: CRISIL Hikes Rating on INR16.5cr Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Mann Residency Private Limited (MRPL) to 'CRISIL B+/Stable' from
'CRISIL B-/Stable'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              2.5       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B-/Stable')

   Proposed Long Term    16.5       CRISIL B+/Stable (Upgraded
   Bank Loan Facility               from 'CRISIL B-/Stable')

The upgrade is driven by improvement in business risk profile,
ample liquidity and moderate financial risk profile. Business risk
profile is supported by a healthy growth of 58.4% in revenues
estimated at INR19.02 crores in fiscal 2019 on account of increase
in occupancy levels and addition of new facilities to the hotel.
Operating margin, estimated at 51.4%, improved from 42.5% over
last year, due to improved occupancy level. Revenues are expected
to remain stable over the medium term, along with healthy
operating margin. MRPL's liquidity is supported by ample cushion
backed by no major repayment in near term, due to prepayment of
obligations in April 2018. Cash accruals for 2018 are estimated at
around INR8 crore against minimum repayment obligation.

A high TOLTNW estimated at 6.89 times and a modest net worth of
INR5.92 crores in fiscal 2018, constrains the financial risk
profile. TOLTNW and net worth are expected to improve due to
steady accretion to reserves. Promoters have supported the company
with infusion of unsecured loans, however, with no repayment
obligation and capital expenditure plan, promoters intend to
withdraw unsecured loans over the medium term. This, however, will
not lead to any increase in bank borrowing and will be limited to
additional cash generated during the year. Average debt-protection
metrics were supported by interest coverage ratio estimated at 8.2
times and NCAAD estimated at 0.19 times in fiscal 2018.

Key Rating Drivers & Detailed Description

Weakness

* Limited experience of promoters in hotel industry: MRPL's
promoters have a limited experience of around 8 years in running a
hotel, and they have not collaborated with any players with
experience in the hotel industry.

* Moderate scale of operations in an intensely competitive and
cyclical industry: MRPL has moderate scale of operations in the
hotel industry. The occupancy levels and hence revenues in the
industry are susceptible to changes in the domestic and global
economy. MRPL's occupancy rates are expected to remain vulnerable
to cyclical nature of hotel industry and growing competition from
other hotels in Gurgaon.

Strengths

* Stable business risk profile: MRPL reported a revenue of
INR19.02 crores in FY 2018 on account of addition of new
facilities to the hotel and increase in occupancy levels to 85%
over 70% last year. MRPL witnessed a healthy growth of 58.4% in
revenues from INR12 crores in FY 2017. It recorded an operating
margin of 51.4% in FY 2018. Revenues are expected to remain stable
over the medium term on account of capacity constraints.

* Ample liquidity: Major term loan repayments have concluded in FY
2018 owing to funding support in the form of unsecured loans from
promoters. Ample liquidity in the firm is expected to be supported
by steady accruals on account of stable business risk profile over
the medium term. MRPL has availed an overdraft facility of INR2.5
crores in January 2018 for working capital.

* Moderate financial risk profile: MRPL's TOLTNW improved from -
38.29 times in FY 2017 to 6.89 times in fiscal 2018 owing to term
debt repayments and increase in accruals. TOLTNW was low on
account of negative net worth. This is expected to further improve
owing to steady accretion and withdrawal of unsecured loans from
promoters over the medium term. Equity capital increased to INR12
crores in fiscal 2018 over INR10 crores last year on account of
fresh equity infusion by promoters. Interest coverage ratio
increased to 8.2 times from 3.7 times last year on account of
lower interest burden on the company and relatively higher profits
generated by the company. NCAAD also improved from 0.08 times in
fiscal 2017 to 0.19 times estimated in fiscal 2018 owing to
improvement in accruals.

Outlook: Stable

CRISIL believes MRPL's accruals will improve on account of stable
business risk profile over the medium term. MRPL's financial risk
profile is expected to improve owing to improvement in accruals.
The outlook may be revised to 'Positive' in case of significant
increase in operating income and profitability, thereby improving
the financial risk profile. Conversely, the outlook may be revised
to 'Negative' if large debt-funded capital expenditure or decline
in operating income or profitability weakens the financial risk
profile.

MRPL, incorporated in 2007 and promoted by Mr. Joginder Singh Mann
and his family, operates a four-star hotel, Hotel Clarens, in
Gurgaon, Haryana. The hotel became operational in October 2011.


NEXT GENERATION: Ind-Ra Migrates BB- LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Next Generation
Charitable Trust's term loan 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 website.

The instrument-wise rating action is:

-- INR53.11 mil. Term loan due on March 2019 migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
August 17, 2017. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Next Generation Charitable Trust was established in 2013 by Mr.
Chandan Agarwal. The trust established its first school G.D.
Goenka Public School, in collaboration with G. D. Goenka Private
Limited, in Bareilly.


SAFILO HEALTHCARE: CRISIL Withdraws B Rating on INR6.25cr Loan
--------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Safilo
Healthcare (SH) on the request of the company and receipt of a no
objection/due certificate from its bank. The rating action is in
line with CRISIL's policy on withdrawal of its ratings on bank
loans.

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

   Term Loan             6.25      CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Withdrawn)

CRISIL has been consistently following up with SH for obtaining
information through letters and emails dated December 31, 2017 and
June 29, 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 SH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SH 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 BBPL continues to be 'CRISIL B/Stable Issuer
Not Cooperating'.

Set up in 2014, SH is promoted by Mr. Sanjay Patel and family. The
firm manufactures baby diapers and is expected to commence its
operations from October.


SHIV LAL: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shiv Lal Trading Co
(SLTC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Warehouse Receipts    8.0        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SLTC 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.

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

SLTC, a proprietorship concern established in 1990, trades in
wheat and paddy in the domestic market and is based in Delhi. The
firm is managed by Mr. Subhash Chand.


SHREE VAISHNAV: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Vaishnav
Casting Private Limited (SVCPL) continues to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee         8          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit           47          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit      42          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Short Term   30.97       CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

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

   Term Loan             67.03       CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SVCPL 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.

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

SVCPL, incorporated in 2007, manufactures mild steel billets. The
company has its manufacturing facilitates in Nashik (Maharashtra)
and registered office in Mumbai (Maharashtra). SVCPL is also
setting up a rolling mill in Nashik.


SHREE VAISHNAV METAL: CRISIL Keeps D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shree Vaishnav Metal
and Power Private Limited (SVMPPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         1         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           15         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit      10         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    31.27      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             22.73      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SVMPPL 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.

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

SVMPPL, incorporated in 2005 by the Agarwal family, is engaged in
galvanisation and fabrication. Its manufacturing facilitates are
in Wada (Maharashtra) and registered office is in Mumbai.


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

The instrument-wise rating actions are:

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

-- INR253 mil. Non-fund-based limits migrated to Non-Cooperating
    Category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Madurai-based Shri Saravana Industries undertakes hydro mechanical
operations, which involve the design, procurement, fabrication,
manufacture, installation, testing and commissioning of complete
hydro mechanical equipment, including penstocks, steel liners,
expansion joints, pressure shafts and gates.


SIKAR BIKANER: Ind-Ra Lowers Long Term Issuer Rating to 'B+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Sikar Bikaner Highway Ltd.'s (SBHL) bank loans and placed the
rating on Rating Watch Negative (RWN) as follows:

-- INR4.0 bil. Senior project bank loans downgraded;
    Placed on RWN with IND B+/RWN rating.

KEY RATING DRIVERS

The downgrade reflects the deteriorated financial health of the
project sponsor, IL&FS Transportation Networks Limited's (ITNL;
'IND BB'/RWN). The RWN reflects SBHL's dependence on ITNL for
meeting its debt obligations. There has been a delay in ITNL's
deleveraging plans and weakening of its linkages with its parent,
Infrastructure Leasing & Financial Services Limited (IL&FS; 'IND
AAA'/Stable/'IND A1+'), due to which ITNL's credit metrics are
likely to remain stretched. Ind-Ra's base case projections, which
are based on the actual traffic numbers for FY17 and FY18,
envisage sponsor support until the end of the first major
maintenance to bridge the shortfall in debt servicing. While ITNL
had a demonstrated track record in the past, its deteriorating
financial profile may impact its ability to support SBHL in
future.

Furthermore, the debt service reserve account, which stood at
INR120 million on June 20, 2018, has been partially utilized to
meet debt servicing requirements. Subsequent to delays in the
scheduled commercial operations, the principal repayment was
deferred to June 2017 from June 2016 and will be amortized over 42
unequal quarterly installments, commencing June 2017. The project
is exposed to a variable interest rate; however, it has a debt-
free tail of nine years, longer compared with those of Ind Ra-
rated peers. The rating factors in the proposed refinancing plan
SBHL and, therefore, the incentive available to the sponsor to
provide non-contractual support, if needed.

The rating factors in the modest revenue risk faced by SBHL. The
project has been operational since October 2015. At the time of
operations, new traffic estimate was downwardly revised due to an
economic slowdown and traffic diversion to the alternate road
network. The growth levels in the base year revenue and the FY18
revenue were in line with revised estimates. Although revenue for
1QFY19 is marginally higher than estimate, the project continues
to require support. However, considering the project is a toll
road, it faces an inherent traffic-related volume risk.

The rating, however, is supported by SBHL's fixed-rate operation
and maintenance contract with ITNL for the entire concession
period. Ind-Ra believes the maintenance requirement is
straightforward, given the less complex road structures on the
project corridor. The project's operating expenses in FY17 and
9MFY18 were in line with Ind-Ra's base case projections. Only one
periodic maintenance cycle is proposed during the loan tenure.

RATING SENSITIVITIES

The RWN indicates that rating may be either affirmed or downgraded
upon resolution. Ind-Ra will monitor the credit profile of the
sponsor and the track record of timely support over the next two
quarters. Absence of sponsor support would be negative for the
ratings.

COMPANY PROFILE

SBHL is a special purpose company incorporated to undertake the
widening and operations of a combination of a two-lane and a four-
lane highway (National Highway 11) in Rajasthan. The concession
grantor is the Public Works Department of the government of
Rajasthan. The concession is for 25 years, with a right to collect
toll during the concession. The security and terms of the
subordinate debt agreement is junior to the senior debt. SBHL is
wholly owned by ITNL.


SHRI RAMESHWAR: CRISIL Lowers Rating on INR30cr Loan to D
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Shri Rameshwar Sahakari Sakhar Karkhana Limited (SRSSKL) to
'CRISIL D' from 'CRISIL C'. The downgrade is due to the weak
liquidity position resulting into overdraws in the cash credit
limit for more than 30 days.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            30         CRISIL D (Downgraded from
                                     'CRISIL C')

The rating continues to reflect its below-average financial risk
profile because of weak capital structure and inadequate debt
protection metrics, and exposure to cyclicality in the sugar
industry and to regulatory framework. These weaknesses are
partially offset by the society's established regional position.

Key Rating Drivers & Detailed Description

Weakness

* Exposure to cyclicality in the sugar industry and regulatory
framework: The sugar industry is cyclical, seasonal, and highly
fragmented. Dependence on monsoon can adversely affect yield.
Government tries to balance the interests of sugar consumers by
regulating prices and distribution, and also ensures remunerative
price to farmers by advising floor prices for sugarcane called
statutory minimum price or state advised price.

* Below-average financial risk profile: Networth has depleted
owing to huge losses incurred in the past. Debt protection metrics
have also remained muted due to high interest expense and low
operating margin. Financial risk profile will remain subdued over
the medium term.

Strength

* Established position in the sugar industry: Currently, the
society has 7500 shareholders. Proprietor's extensive experience
will help support business risk profile over the medium term.

Established in 2001 by a group of agriculturists in Jalna,
Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve
(member of Parliament) and manufactures sugar. Mr. Santosh Patil
Danve is its chairman, and operations are managed by Mr. Dharmaraj
Shewale (managing director) with support from other functional
personnel.


S.K. ENTERPRISES: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of S. K. Enterprises-
Thane (SK) continues to be 'CRISIL B-/Stable Issuer not
cooperating'

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SK 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.

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

Established in 1996 as a proprietorship firm by Mr. Shyam
Gyanchandani, SK trades in fuel oils and chemicals. It is based in
Thane (Maharashtra).


SM COLD STORAGE: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated S.M. Cold Storage
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR36.32 mil. Fund-based limit - Short-term bulk finance
     migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
     COOPERATING) rating;

-- INR9.74 mil. Fund-based limit - Short-term operating expenses
     migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
     COOPERATING) rating;

-- INR3.52 mil. Fund-based limit - Secured overdraft limit
     migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
     COOPERATING) rating; and

-- INR2.60 mil. Non-fund-based limit - Letter of guarantee
     migrated to Non-Cooperating Category with IND A4 (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 1, 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 1985, S.M. Cold Storage provides cold storage for
potatoes. Its cold storage unit has a storage capacity of 170,000
quintals and is located in the Bankura district, West Bengal.


SRI JALARAM: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of Sri Jalaram Plastics
(SJP) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL D (ISSUER NOT
                                    COOPERATING)
   Proposed Cash
   Credit Limit           7         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SJP 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.

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

SJP was set up in 2010 Mr. Chandrakanth Thakker, Mr. Bharath
Thakker, Mr. Hasmuk Thakker, and their family members. The firm
manufactures polypropylene woven sacks used for packaging in
various industries such as cement, fertiliser, and rice. Its
manufacturing unit is in the Nizamabad district of Telangana.


SRI RAMA: CRISIL Maintains B Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the rating on bank facility of Sri Rama Pharmaceutical
Distributors (SRPD) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            15       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING)


CRISIL has been consistently following up with SRPD 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.

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

SRPD was set up in in 1990 by Mr. Mahidhar Reddy and his family
members. The firm, based in Hyderabad, distributes pharmaceutical
products in Telangana and Andhra Pradesh.


SUMITA TEX: CRISIL Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sumita Tex Spin
Private Limited (Sumita) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           17         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Funded Interest        6.77      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

   Letter of Credit       2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        25.39      CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   102.28      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       43.56      CRISIL D (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with Sumita 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.

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

Sumita was set up in 1982 by Mr. Anurag Poddar, Mr. Omprakash
Poddar, and their family members. The company manufactures
texturised yarn from partially-oriented yarn, and its
manufacturing unit is in Silvassa (Dadra and Nagar Haveli).


SUMOHAN ENGINEERS: CRISIL Maintains D Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Sumohan Engineers
Private Limited (SEPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        3           CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit          21           CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with 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.

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/CRISIL D Issuer not
cooperating.

SEPL was set up in 2007 by Mr. G. Seetaramakumar and his family.
The company fabricates engineering and capital goods. It also
undertakes engineering, procurement, and construction contracts.
The company is based in Hyderabad, Telangana.


SUTARIYA GEMS: CRISIL Lowers Rating on INR16cr Loan to D
--------------------------------------------------------
CRISIL has downgraded the rating of Sutariya Gems Private Limited
(SGPL) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating' as there has been delay in repayment of
interest on working capital facility.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Line of Credit         16        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded
                                    from 'CRISIL BB/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Long Term     10        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded
                                    from 'CRISIL BB/Stable
                                    ISSUER NOT COOPERATING')

CRISIL has been consistently following up with SGPL for obtaining
information through letters and emails dated Nov. 27, 2017 and
Dec. 13, 2017 among others, apart from telephonic communication.
However, the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SGPL. 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
SGPL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB Rating
category or Lower'.

Based on the last available information and banker feedback,
CRISIL has downgraded the rating of SGPL to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating' as
there has been delay in repayment of interest on working capital
facility.

SGPL was set up in 1986 as a partnership firm- Sutaria Brothers,
and was reconstituted as a private limited company in 2009.
Sutariya is engaged in cutting and polishing of diamonds. The
company is headquartered in Mumbai (Maharashtra) and its
processing facilities are located in Surat (Gujarat).


TRISTAR GLOBAL: CRISIL Maintains D Rating in Not Cooperating
------------------------------------------------------------
CRISIL said the rating on bank facilities of Tristar Global
Infrastructure Private Limited (TGIPL) continues to be 'CRISIL
D/CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        15.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit            5          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit       2          CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term     6          CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Working Capital       14.5        CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

CRISIL has been consistently following up with TGIPL 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.

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 Tristar Global Infrastructure
Private Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Tristar Global Infrastructure
Private Limited is consistent with 'Scenario1' 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 TGIPL continues to be 'CRISIL D/CRISIL D Issuer Not
Cooperating'.

TGIPL, incorporated in 1999, is owned and managed by Mr. Vijay
Vasudeva and his family members. It is in the construction
business, and executes specialised jobs such as waterproofing,
installation of expansion joints, and roofing and related
activities. Its corporate office is in Delhi.


TUFFWARE INDUSTRIES: CRISIL Maintains D Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Tuffware Industries
(TI) continues to be 'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Guarantee              .05        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Bill Discounting      8.00        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Letter of Credit      0.50        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Overdraft              .26        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Packing Credit        4.75        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Short Term    .54        CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with TI 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.

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 Tuffware Industries. 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 Tuffware Industries is consistent with 'Scenario1'
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 TI continues to be 'CRISIL D Issuer not
cooperating'.

TI was established in 1994 by the Mumbai-based Ganger family. The
firm manufactures and exports stainless steel utensils and non-
stick cookware. It sells its products primarily to Latin American
and African countries through agents and traders based in these
countries. TI has its manufacturing unit at Vasai, Maharashtra.


TWIN CITIES: CRISIL Keeps 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Twin Cities Steel Re-
Rolling Mills Private Limited (TCSPL) continues to be 'CRISIL D
Issuer not cooperating'.

                       Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           6.5         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Corporate Loan        2.42        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with TCSPL for obtaining
information through letters and emails dated February 28, 2018 and
July 31, 2018, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Twin Cities Steel Re-Rolling
Mills Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Twin Cities Steel Re-
Rolling Mills Private Limited is consistent with 'Scenario1'
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 TCSPL continues to be 'CRISIL D Issuer not
cooperating'.

TCSPL was set up in 1985 by Mr. R K Agarwal, Mr. Adarsh Agarwal,
and their family members. The company, based in Hyderabad,
manufactures and trades in steel structurals.



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


1MBD: Fined MYR15 Million by Bank Negara in 2016
------------------------------------------------
The Sun Daily reports that Bank Negara Malaysia (BNM), which was
previously prohibited from disclosing the amount of fine imposed
by the central bank on 1Malaysia Development Bhd (1MDB) for
non-disclosure of information, has revealed that the fine amounted
to MYR15 million.

When asked if the amount of fine was ever revealed, newly minted
governor Datuk Nor Shamsiah Mohd Yunus (pix) said at a press
conference on Aug. 17 that at that time, BNM was prohibited from
revealing the amount of compound imposed, the report says.

In April 28, 2016, the embattled state investment fund was fined
by BNM for its failure to fully comply with directions under the
Financial Services Act 2013, according to the Sun Daily.

The Sun Daily relates that Shamsiah said BNM, which is a part of
the 1MDB investigation task force, has been assisting
investigators and related agencies including by looking at money
flow.

According to the report, the task force comprises Bukit Aman
Special Branch director Datuk Abdul Hamid Bador, former attorney-
general Tan Sri Abdul Gani Patail, and Malaysian Anti-Corruption
Commission chief commissioner Datuk Seri Mohd Shukri Abdull and
former chief of the anti-graft body, Tan Sri Abu Kassim Mohamed.

Shamsiah was also involved in investigations into 1MDB in her
previous stint as deputy governor of BNM, before leaving the
central bank in 2016. She returned to Bank Negara as governor in
June this year, the report says.

On whether there is a need to relook the roles of banks, she said
the central bank has stepped up supervision of banks that were
seen as not being diligent in carrying out their responsibilities,
relays the Sun Daily.

"A few banks are putting aside more than hundreds of millions of
ringgit to enhance their systems, reskill their staff and trying
to protect suspicious transactions. There is a lot of work done by
the industry to improve their systems and we have also stepped up
our supervision and taken enforcement actions where we think where
the banks were not as diligent," the report quotes Shamsiah as
saying.

The Sun Daily says the Public Accounts Committee (PAC) and the
auditor-general will relaunch an investigation into 1MDB following
a motion passed by the Dewan Rakyat on Aug. 16.

The report relates that newly appointed PAC chief Datuk Ronald
Kiandee said the continuation of any future probe will be an
extension of the previous investigation.

                            About 1MDB

Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.

As reported in the Troubled Company Reporter-Asia Pacific in June
2015, Reuters relayed that Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft.  Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.

The Wall Street Journal reported in July 2015 that investigators
looking into 1MDB had traced close to US$700 million of deposits
moving through Falcon Bank in Singapore into personal bank
accounts in Malaysia belonging to Najib.

The TCR-AP, citing Bloomberg News, reported in November 2015, that
1MDB agreed to sell its power assets to China General Nuclear
Power Corp. for MYR9.83 billion (US$2.3 billion) as the state
investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.

Bloomberg, citing President Arul Kanda in October 2015, related
that the company faced cash-flow problems after a planned initial
public offering of Edra faced delays amid unfavorable market
conditions.  The listing plan was later canceled as the company
opted for a sale of the assets, Bloomberg noted.

The TCR-AP, citing The Wall Street Journal, reported in April
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).

Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.



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


TE UPOKO: Radio Station Faces Closure Amid Funding Issues
----------------------------------------------------------
Stuff.co.nz reports that New Zealand's oldest Maori radio station
risks closure, with a hui called to discuss the future of
Wellington's Te Upoko o te Ika.

Stuff relates that after 33 years on air, a Te Upoko manager
confirmed iwi leaders, station staff and Maori broadcasting
founders were to meet in Wellington following disputes over the
station's frequency.

That dispute between Te Upoko and two local iwi has led to the
station being without any funding for about two months, Stuff
says. In June, Maori broadcasting agency Te Mangai Paho cut its
funding to the historic radio station, the report says.

According to Stuff, a spokesman for Te Mangai Paho said, as a
Government agency, they did not want to spend taxpayer money on a
station that could cease to exist. There were concerns the station
may shortly be without a radio frequency.

Stuff notes that most Maori radio stations, including Te Upoko,
required iwi to sign off their operations. However, there were
exceptions to that rule; Radio Waatea in Auckland dealt directly
with Te Puni Kokiri, which was the ministry responsible for
allocating Maori radio frequencies.

In Wellington, there were two iwi involved with approving Maori
radio stations: Te Atiawa and Ngati Toa.  Both those iwi operated
their own joint radio station, Atiawa Toa FM.

Discussion about merging the two stations had been ongoing, "for
at least the last 25 years", Te Upoko deputy chairman Piripi
Walker said, Stuff relays.

Despite having had no funding since June, Te Upoko o te Ika was
continuing to broadcast, the report notes. "Mostly, thanks
voluntary labour - as we have for more than 30 years," the report
Mr. Walker as saying.

Although disagreements had led to the funding issues for Te Upoko,
Mr. Walker said he still had a good relationship with both iwi.
And, on the record at least, iwi leaders have agreed.

Te Atiawa kaumatua Morrie Love, who is the chairman of Wellington
Tenths, said issues with the stations had blown up recently - but
he was trying to "stay neutral".

Ideally, he said, broadcasting would continue as per normal. "I'm
quite happy with how it now," he said. Although, he said it was
unclear what the two radio stations and leaders would agree to at
the hui.

That hui, to be held next week, came after the National Maori
Radio Network urged funding to be restored for Te Upoko.

The group, of which Atiawa Toa is a member, said "a unanimous
resolution was passed" urging Government agencies to help keep the
station alive.

If funding is not restored, the group predicted Te Upoko would
close in October, Stuff says.



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


NATIONAL INSURANCE: A.M. Best Cuts Fin. Strength to C++(Marginal)
-----------------------------------------------------------------
A.M. Best has downgraded the Financial Strength Rating (FSR) to
C++ (Marginal) from B++ (Good) and the Long-Term Issuer Credit
Rating (Long-Term ICR) to "b" from "bbb" of National Insurance
Company Limited (National) (India). Additionally, A.M. Best has
placed these Credit Ratings (ratings) under review with negative
implications.

The ratings reflect National's diminished balance sheet strength,
which A.M. Best categorizes as adequate, as well as its marginal
operating performance, neutral business profile and weak
enterprise risk management (ERM).

The company experienced a significant deterioration in its risk-
adjusted capitalization as of the year-end March 2018 filing. Its
capital position fell by 42% due to significantly worse-than-
forecast operating results in multiple major lines of business and
a one-time absorption of the remaining reserve shortfall in its
motor third-party liability business. As a result of its reduced
capital position, its equity investment leverage has increased
significantly, further straining risk-adjusted capital, as
measured by Best's Capital Adequacy Ratio (BCAR). The balance
sheet assessment of adequate could be subject to negative revision
pending the progress of initiatives to improve National's risk-
adjusted capital.

National's ERM is not appropriate for its size and complexity and
is assessed as weak. Its financial filings have significantly
lagged that of its peers due to system constraints, which has
hampered A.M. Best's timely access to data. Furthermore, the
company has experienced extended periods without permanent top
leadership in the five years prior to March 2018.



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


* BOND PRICING: For the Week August 13 to August 17, 2018
---------------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50     04/01/19    USD     0.36
ARTSONIG PTY LTD            11.50     04/01/19    USD     0.36
BOART LONGYEAR MANAGEMENT    1.50     12/31/22    USD    35.00
CLIME CAPITAL LTD            6.25     11/30/21    AUD     1.01
KEYBRIDGE CAPITAL LTD        7.00     07/31/20    AUD     0.95
MIDWEST VANADIUM PTY LTD    11.50     02/15/18    USD     0.39
MIDWEST VANADIUM PTY LTD    11.50     02/15/18    USD     0.39
QUINTIS LTD                  8.75     08/01/23    USD    72.02
QUINTIS LTD                  8.75     08/01/23    USD    72.02
QUINTIS LTD                  8.75     08/01/23    USD    72.02
TREASURY CORP OF VICTORIA    0.50     11/12/30    AUD    74.36


  CHINA
  -----

AKESU XINCHENG ASSET INVE    7.50     10/10/18    CNY    25.01
ALAER XINXIN STATE-OWNED     6.80     06/16/22    CNY    71.13
ALXA ZUOQI URBAN CONSTRUC    8.60     04/28/21    CNY    62.51
ALXA ZUOQI URBAN CONSTRUC    8.60     04/28/21    CNY    62.52
ANHUI CHIZHOU CITY TIANPI    7.40     10/23/20    CNY    60.18
ANHUI PROVINCE TONGLING I    7.30     05/13/21    CNY    60.19
ANHUI PROVINCE TONGLING I    7.30     05/13/21    CNY    61.80
ANHUI SHENGYUN ENVIRONMEN    6.98     03/23/20    CNY    45.00
ANJI COUNTY ASSET OPERATI    8.30     04/24/21    CNY    61.40
ANJI COUNTY ASSET OPERATI    8.30     04/24/21    CNY    61.69
ANKANG DEVELOPMENT & INVE    6.35     03/06/20    CNY    40.89
ANQING ECONOMIC&TECHNOLOG    6.00     06/18/20    CNY    40.95
ANQING ECONOMIC&TECHNOLOG    6.00     06/18/20    CNY    40.95
ANQING URBAN CONSTRUCTION    6.76     12/31/19    CNY    40.80
ANQING URBAN CONSTRUCTION    6.76     12/31/19    CNY    40.91
ANSHUN STATE-RUN ASSETS M    6.98     01/10/20    CNY    40.04
ANYANG INVESTMENT GROUP C    8.00     04/17/19    CNY    20.37
BAIYIN CITY DEVELOPMENT I    6.78     07/19/20    CNY    39.01
BAIYIN CITY DEVELOPMENT I    6.78     07/19/20    CNY    39.62
BAODING NATIONAL HI-TECH     7.33     12/24/19    CNY    40.19
BAOJI INVESTMENT GROUP CO    7.14     12/26/18    CNY    25.22
BAOJI NEW HI TECH INDUSTR    8.25     04/21/21    CNY    62.50
BAOJI NEW HI TECH INDUSTR    8.25     04/21/21    CNY    62.50
BAOSHAN STATE-OWNED ASSET    7.30     12/10/19    CNY    40.70
BAOSHAN STATE-OWNED ASSET    7.30     12/10/19    CNY    40.76
BAOTOU STATE OWNED ASSET     7.03     09/17/19    CNY    40.32
BAYAN ZHUOER HETAO WATER     8.54     03/31/22    CNY    62.87
BAYANNUR LINHE DISTRICT U    7.90     11/13/20    CNY    60.58
BAZHONG STATE-OWNED ASSET    8.50     04/25/21    CNY    60.00
BAZHONG STATE-OWNED ASSET    8.50     04/25/21    CNY    61.36
BEIJING BIOMEDICINE INDUS    6.35     07/23/20    CNY    40.34
BEIJING CAPITAL DEVELOPME    5.95     05/29/19    CNY    20.27
BEIJING CAPITAL DEVELOPME    6.50     02/27/21    CNY    61.51
BEIJING CAPITAL DEVELOPME    6.50     02/27/21    CNY    61.53
BEIJING CAPITAL DEVELOPME    7.19     01/15/21    CNY    61.77
BEIJING CAPITAL DEVELOPME    7.19     01/15/21    CNY    61.93
BEIJING CHANGXIN CONSTRUC    6.74     04/22/21    CNY    62.26
BEIJING CHAOYANG STATE-OW    5.25     03/27/20    CNY    40.16
BEIJING CHAOYANG STATE-OW    5.25     03/27/20    CNY    40.26
BEIJING CONSTRUCTION ENGI    5.95     07/05/19    CNY    20.17
BEIJING CONSTRUCTION ENGI    5.95     07/05/19    CNY    20.25
BEIJING FUTURE SCIENCE PA    6.28     09/22/19    CNY    50.35
BEIJING FUTURE SCIENCE PA    6.28     09/22/19    CNY    50.64
BEIJING GUCAI GROUP CO LT    8.28     12/15/18    CNY    40.28
BEIJING GUCAI GROUP CO LT    6.60     09/06/20    CNY    60.16
BEIJING GUCAI GROUP CO LT    6.60     09/06/20    CNY    60.17
BEIJING HAIDIAN STATE-OWN    5.50     08/07/20    CNY    40.25
BEIJING HAIDIAN STATE-OWN    5.50     08/07/20    CNY    40.67
BEIJING JINGMEI GROUP CO     6.14     09/09/20    CNY    60.75
BEIJING JINLIYUAN STATE-O    7.00     10/28/20    CNY    60.70
BEIJING JINLIYUAN STATE-O    7.00     10/28/20    CNY    61.82
BEIJING SHIJINGSHAN STATE    6.08     08/18/21    CNY    61.69
BEIJING XINCHENG INFRASTR    7.50     04/21/21    CNY    60.90
BEIJING XINCHENG INFRASTR    7.50     04/21/21    CNY    61.25
BEIJING XINGZHAN INVESTME    6.48     08/31/19    CNY    40.05
BEIJING XINGZHAN INVESTME    6.48     08/31/19    CNY    40.44
BEIJING XINGZHAN INVESTME    6.66     04/24/21    CNY    61.99
BENGBU URBAN INVESTMENT H    6.30     09/11/20    CNY    60.94
BENGBU URBAN INVESTMENT H    6.30     09/11/20    CNY    60.98
BENGHU HI NEW TECH INVEST    8.70     04/17/21    CNY    61.99
BENGHU HI NEW TECH INVEST    8.70     04/17/21    CNY    63.05
BIJIE KAIYUAN CONSTRUCTIO    7.78     02/25/21    CNY    53.14
BIJIE KAIYUAN CONSTRUCTIO    7.78     02/25/21    CNY    61.67
BIJIE XINTAI INVESTMENT C    7.15     08/20/19    CNY    40.60
BIJIE XINTAI INVESTMENT C    7.15     08/20/19    CNY    40.61
BINZHOU HI-TECH DEVELOPME    8.60     01/10/21    CNY    61.37
BINZHOU HI-TECH DEVELOPME    8.60     01/10/21    CNY    61.39
BORALA MONGOL AUTONOMOUS     7.18     08/09/20    CNY    40.08
C&D REAL ESTATE CORP LTD     6.15     04/03/20    CNY    40.65
CANGZHOU CONSTRUCTION & I    6.72     01/23/20    CNY    40.41
CHANGCHUN MODERN AGRICULT    7.00     07/25/21    CNY    59.70
CHANGDE ECONOMIC DEVELOPM    7.19     09/12/19    CNY    40.36
CHANGDE ECONOMIC DEVELOPM    7.19     09/12/19    CNY    40.54
CHANGDE ECONOMIC DEVELOPM    7.00     03/24/21    CNY    62.21
CHANGDE ECONOMIC DEVELOPM    7.00     03/24/21    CNY    62.25
CHANGDE URBAN CONSTRUCTIO    6.50     02/25/20    CNY    40.50
CHANGDE URBAN CONSTRUCTIO    6.50     02/25/20    CNY    40.52
CHANGJIZHOU STATE OWNED A    6.00     06/03/19    CNY    25.00
CHANGJIZHOU STATE OWNED A    6.00     06/03/19    CNY    25.36
CHANGRUN INVESTMENT & GRO    6.88     09/16/20    CNY    60.25
CHANGRUN INVESTMENT & GRO    6.88     09/16/20    CNY    60.42
CHANGSHA CITY CONSTRUCTIO    6.95     04/24/19    CNY    20.38
CHANGSHA CITY CONSTRUCTIO    6.95     04/24/19    CNY    20.41
CHANGSHA COUNTY XINGCHENG    8.35     04/06/19    CNY    20.47
CHANGSHA COUNTY XINGCHENG    7.90     03/25/22    CNY    74.16
CHANGSHA COUNTY XINGCHENG    7.90     03/25/22    CNY    74.43
CHANGSHA ECONOMIC & TECHN    8.45     04/13/22    CNY    62.82
CHANGSHA METRO GROUP CO L    6.20     04/23/23    CNY    72.69
CHANGSHA METRO GROUP CO L    6.20     04/23/23    CNY    72.73
CHANGSHA PILOT INVESTMENT    6.70     12/10/19    CNY    40.59
CHANGSHA YUHUA URBAN CONS    7.17     04/18/21    CNY    61.01
CHANGSHA YUHUA URBAN CONS    7.17     04/18/21    CNY    62.02
CHANGSHU BINJIANG URBAN C    6.85     04/27/19    CNY    20.15
CHANGSHU BINJIANG URBAN C    6.85     04/27/19    CNY    20.16
CHANGSHU CITY OPERATION I    8.00     01/16/19    CNY    20.17
CHANGSHU DEVELOPMENT INVE    5.80     04/19/20    CNY    40.00
CHANGSHU DEVELOPMENT INVE    5.80     04/19/20    CNY    40.36
CHANGSHU TRANSPORTATION S    7.00     04/29/21    CNY    61.57
CHANGSHU TRANSPORTATION S    7.00     04/29/21    CNY    62.58
CHANGXING COUNTY TRANSPOR    6.75     06/16/21    CNY    60.51
CHANGXING COUNTY TRANSPOR    7.88     04/30/21    CNY    61.66
CHANGXING COUNTY TRANSPOR    7.88     04/30/21    CNY    61.88
CHANGXING COUNTY TRANSPOR    6.75     06/16/21    CNY    75.00
CHANGXING URBAN CONSTRUCT    6.80     11/30/19    CNY    40.00
CHANGXING URBAN CONSTRUCT    6.80     11/30/19    CNY    40.71
CHANGYI ECONOMIC AND DEVE    7.35     10/30/20    CNY    55.09
CHANGYI ECONOMIC AND DEVE    7.35     10/30/20    CNY    55.26
CHANGZHI CITY CONSTRUCTIO    6.46     02/26/20    CNY    40.44
CHANGZHI CITY CONSTRUCTIO    6.46     02/26/20    CNY    40.45
CHANGZHOU BINHU CONSTRUCT    8.04     12/12/20    CNY    62.21
CHANGZHOU BINHU CONSTRUCT    8.04     12/12/20    CNY    62.53
CHANGZHOU HI-TECH GROUP C    6.18     03/21/20    CNY    40.50
CHANGZHOU HI-TECH GROUP C    6.18     03/21/20    CNY    40.59
CHANGZHOU JINTAN DISTRICT    8.30     03/14/19    CNY    20.16
CHANGZHOU JINTAN DISTRICT    6.38     04/26/20    CNY    40.09
CHANGZHOU JINTAN DISTRICT    6.38     04/26/20    CNY    40.09
CHANGZHOU PUBLIC HOUSING     6.64     07/02/21    CNY    61.60
CHANGZHOU PUBLIC HOUSING     6.64     07/02/21    CNY    81.45
CHAOHU URBAN TOWN CONSTRU    7.00     12/24/19    CNY    40.16
CHAOHU URBAN TOWN CONSTRU    7.00     12/24/19    CNY    40.44
CHEN ZHOU GAO KE ASSET IN    7.25     10/21/20    CNY    60.00
CHEN ZHOU GAO KE ASSET IN    7.25     10/21/20    CNY    61.92
CHENGDU CITY DEVELOPMENT     6.18     01/14/20    CNY    40.58
CHENGDU CITY DEVELOPMENT     6.18     01/14/20    CNY    40.59
CHENGDU ECONOMIC&TECHNOLO    6.55     07/17/19    CNY    20.27
CHENGDU HI-TECH INVESTMEN    6.28     11/20/19    CNY    40.31
CHENGDU HI-TECH INVESTMEN    6.28     11/20/19    CNY    40.46
CHENGDU LONGBO INVESTMENT    8.10     04/24/21    CNY    51.57
CHENGDU LONGBO INVESTMENT    8.10     04/24/21    CNY    55.00
CHENGDU LONGQUANYI STATE     6.90     05/30/21    CNY    60.67
CHENGDU LONGQUANYI STATE     6.90     05/30/21    CNY    61.56
CHENGDU PIDU DISTRICT STA    7.25     10/15/20    CNY    60.44
CHENGDU XINCHENG XICHENG     8.35     03/19/19    CNY    20.23
CHENGDU XINDU XIANGCHENG     8.60     12/13/18    CNY    40.32
CHENGDU XINGCHENG INVESTM    6.17     01/28/20    CNY    40.45
CHENGDU XINGCHENG INVESTM    6.17     01/28/20    CNY    40.48
CHENGDU XINGJIN URBAN CON    7.30     11/27/19    CNY    40.64
CHENGDU XINGJIN URBAN CON    7.30     11/27/19    CNY    40.72
CHENGDU XINKAIYUAN URBAN     7.43     08/12/21    CNY    61.88
CHENGDU XINKAIYUAN URBAN     7.43     08/12/21    CNY    62.30
CHENGFA INVESTMENT GROUP     6.87     04/30/21    CNY    61.31
CHENGFA INVESTMENT GROUP     6.87     04/30/21    CNY    62.46
CHENZHOU XINTIAN INVESTME    6.30     07/17/20    CNY    39.85
CHENZHOU XINTIAN INVESTME    6.30     07/17/20    CNY    40.77
CHIFENG CITY HONGSHAN INF    7.20     07/25/19    CNY    20.08
CHINA ENERGY RESERVE AND     6.25     12/21/18    USD    28.57
CHINA GOVERNMENT BOND        1.64     12/15/33    CNY    74.37
CHINA YIXING ENVIRONMENT     7.10     10/18/20    CNY    60.49
CHINA YIXING ENVIRONMENT     7.10     10/18/20    CNY    60.75
CHIZHOU JINQIAO INVESTMEN    7.70     06/16/21    CNY    60.62
CHIZHOU JINQIAO INVESTMEN    7.70     06/16/21    CNY    60.79
CHONGQING BANAN ECONOMIC     7.00     08/20/21    CNY    61.18
CHONGQING BEICHENG CONSTR    7.30     10/16/20    CNY    61.03
CHONGQING BEIFEI INDUSTRY    7.13     12/25/19    CNY    40.59
CHONGQING CHANGSHOU DEVEL    7.45     09/25/19    CNY    40.14
CHONGQING CHANGSHOU DEVEL    7.45     09/25/19    CNY    40.17
CHONGQING CHANGSHOU ECO&T    7.20     07/15/21    CNY    60.65
CHONGQING CHANGSHOU ECO&T    7.20     07/15/21    CNY    61.75
CHONGQING CHANGSHOU ECO-T    7.10     06/19/21    CNY    60.49
CHONGQING CHANGSHOU ECO-T    7.10     06/19/21    CNY    61.20
CHONGQING CITY CONSTRUCTI    5.12     05/21/20    CNY    40.00
CHONGQING CITY CONSTRUCTI    5.12     05/21/20    CNY    40.26
CHONGQING DASUN ASSET DEA    6.98     09/10/20    CNY    60.94
CHONGQING DAZU DISTRICT S    6.75     04/26/20    CNY    40.15
CHONGQING DAZU DISTRICT S    6.75     04/26/20    CNY    40.33
CHONGQING FULING DISTRICT    8.40     03/23/19    CNY    40.53
CHONGQING FULING DISTRICT    8.40     03/23/19    CNY    40.54
CHONGQING FULING DISTRICT    7.89     03/20/21    CNY    61.21
CHONGQING FULING DISTRICT    7.89     03/20/21    CNY    62.14
CHONGQING FULING STATE-OW    6.39     01/21/20    CNY    40.20
CHONGQING FULING STATE-OW    6.39     01/21/20    CNY    40.42
CHONGQING GAOXIN ZONE DEV    7.80     04/25/21    CNY    62.07
CHONGQING GAOXIN ZONE DEV    7.80     04/25/21    CNY    62.21
CHONGQING GARDENING INDUS    8.45     06/03/21    CNY    61.94
CHONGQING GARDENING INDUS    8.45     06/03/21    CNY    61.94
CHONGQING HAOJIANG CONSTR    7.99     11/22/20    CNY    61.10
CHONGQING HAOJIANG CONSTR    7.99     11/22/20    CNY    61.12
CHONGQING HAOJIANG CONSTR    8.05     03/06/21    CNY    61.29
CHONGQING HAOJIANG CONSTR    8.05     03/06/21    CNY    61.30
CHONGQING HECHUAN INDUSTR    6.19     06/17/20    CNY    40.43
CHONGQING HECHUAN INDUSTR    6.19     06/17/20    CNY    40.44
CHONGQING HECHUAN URBAN C    7.30     07/07/21    CNY    61.68
CHONGQING HECHUAN URBAN C    7.30     07/07/21    CNY    62.01
CHONGQING HONGRONG CAPITA    7.20     10/16/19    CNY    39.70
CHONGQING HONGRONG CAPITA    7.20     10/16/19    CNY    40.50
CHONGQING HONGYE INDUSTRI    6.30     06/03/20    CNY    40.25
CHONGQING HONGYE INDUSTRI    6.30     06/03/20    CNY    40.41
CHONGQING JIANGBEIZUI CEN    6.50     07/21/21    CNY    61.45
CHONGQING JIANGJIN HUAXIN    7.46     09/21/19    CNY    40.32
CHONGQING JIANGJIN HUAXIN    7.46     09/21/19    CNY    40.34
CHONGQING JINYUN ASSET MA    6.75     06/18/19    CNY    20.19
CHONGQING JINYUN ASSET MA    6.75     06/18/19    CNY    39.70
CHONGQING JIULONG HI-TECH    6.60     08/19/21    CNY    60.03
CHONGQING LAND PROPERTIES    7.35     04/25/19    CNY    20.31
CHONGQING LAND PROPERTIES    7.35     04/25/19    CNY    20.35
CHONGQING LAND PROPERTIES    6.30     08/22/20    CNY    60.97
CHONGQING LAND PROPERTIES    6.30     08/22/20    CNY    60.99
CHONGQING LIANGJIANG NEW     6.70     04/25/21    CNY    62.33
CHONGQING MAIRUI CITY INV    6.82     08/17/19    CNY    20.28
CHONGQING NAN'AN URBAN CO    8.20     04/09/19    CNY    20.38
CHONGQING NANCHUAN DISTRI    7.35     09/06/19    CNY    40.08
CHONGQING NANCHUAN DISTRI    7.35     09/06/19    CNY    40.26
CHONGQING NANFA URBAN CON    6.43     04/27/20    CNY    40.01
CHONGQING NANFA URBAN CON    6.43     04/27/20    CNY    40.53
CHONGQING QIANJIANG CITY     8.40     03/23/19    CNY    40.61
CHONGQING QIANJIANG CITY     8.40     03/23/19    CNY    40.62
CHONGQING QIANJIANG CITY     8.00     03/21/21    CNY    62.02
CHONGQING QIANJIANG CITY     8.00     03/21/21    CNY    62.40
CHONGQING QIJIANG EAST NE    6.75     01/29/20    CNY    39.58
CHONGQING QIJIANG EAST NE    6.75     01/29/20    CNY    39.80
CHONGQING SHUANGFU CONSTR    7.49     10/23/20    CNY    60.30
CHONGQING SHUANGFU CONSTR    7.49     10/23/20    CNY    60.56
CHONGQING SHUANGQIAO ECON    6.75     04/26/20    CNY    40.00
CHONGQING SHUANGQIAO ECON    6.75     04/26/20    CNY    40.59
CHONGQING TAX FREE PORT A    7.50     04/24/21    CNY    61.47
CHONGQING TEA GARDEN INDU    7.70     05/20/21    CNY    60.21
CHONGQING THREE GORGES IN    6.40     01/23/19    CNY    25.01
CHONGQING THREE GORGES IN    6.40     01/23/19    CNY    25.12
CHONGQING WANSHENG ECO TE    6.39     04/17/20    CNY    39.92
CHONGQING WANSHENG ECO TE    6.39     04/17/20    CNY    40.25
CHONGQING WANSHENG ECO TE    8.19     04/08/21    CNY    61.29
CHONGQING WANSHENG ECO TE    8.19     04/08/21    CNY    61.95
CHONGQING WESTERN MODERN     7.08     10/18/20    CNY    61.00
CHONGQING WESTERN MODERN     7.08     10/18/20    CNY    61.32
CHONGQING XINGRONG HOLDIN    8.35     04/19/19    CNY    20.00
CHONGQING XINGRONG HOLDIN    8.35     04/19/19    CNY    20.42
CHONGQING XIYONG MICRO-EL    6.76     07/25/19    CNY    20.32
CHONGQING XIYONG MICRO-EL    6.58     07/25/21    CNY    61.54
CHONGQING YONGCHUAN HUITO    7.33     10/16/19    CNY    40.62
CHONGQING YONGCHUAN HUITO    7.28     05/30/21    CNY    61.51
CHONGQING YONGCHUAN HUITO    7.28     05/30/21    CNY    61.53
CHONGQING YUFU HOLDING GR    6.50     09/04/19    CNY    40.30
CHONGQING YUFU HOLDING GR    6.50     09/04/19    CNY    40.38
CHONGQING YULONG ASSET MA    6.87     05/31/19    CNY    20.23
CHONGQING YUNAN ASSET MAN    7.05     06/17/21    CNY    60.35
CHONGQING YUNAN ASSET MAN    7.05     06/17/21    CNY    60.47
CHONGQING YUXING CONSTRUC    7.30     12/10/19    CNY    39.52
CHONGQING YUXING CONSTRUC    7.30     12/10/19    CNY    40.72
CHONGQING YUZHONG STATE-O    7.25     02/26/21    CNY    60.30
CHONGQING YUZHONG STATE-O    7.25     02/26/21    CNY    61.52
CHUXIONG AUTONOMOUS DEVEL    6.60     03/29/20    CNY    38.21
CHUXIONG AUTONOMOUS DEVEL    6.60     03/29/20    CNY    40.21
CHUZHOU CITY CONSTRUCTION    6.81     11/23/19    CNY    40.06
CHUZHOU CITY CONSTRUCTION    6.81     11/23/19    CNY    40.48
CHUZHOU TONGCHUANG CONSTR    7.05     01/09/20    CNY    40.50
CHUZHOU TONGCHUANG CONSTR    7.05     01/09/20    CNY    40.69
CIXI CITY CONSTRUCTION IN    6.18     08/18/21    CNY    61.50
CIXI STATE OWNED ASSET IN    6.60     09/20/19    CNY    40.48
CIXI STATE OWNED ASSET IN    6.60     09/20/19    CNY    40.51
DALI ECONOMIC DEVELOPMENT    8.80     04/24/19    CNY    20.40
DALI ECONOMIC DEVELOPMENT    7.90     03/04/21    CNY    61.51
DALI ECONOMIC DEVELOPMENT    7.90     03/04/21    CNY    61.54
DALI ECONOMIC DEVELOPMENT    8.30     12/11/20    CNY    61.60
DALI ECONOMIC DEVELOPMENT    8.30     12/11/20    CNY    61.66
DALIAN DETA INVESTMENT CO    6.50     11/15/19    CNY    40.51
DALIAN LVTAI INVESTMENT C    7.00     08/08/21    CNY    60.17
DALIAN LVTAI INVESTMENT C    7.00     08/08/21    CNY    60.70
DALIAN PULANDIAN CONSTRUC    8.48     12/12/18    CNY    55.40
DALIAN PUWAN ENGINEERING     7.09     02/20/21    CNY    59.80
DALIAN PUWAN ENGINEERING     7.09     02/20/21    CNY    60.07
DALIAN RONGQIANG INVESTME    8.60     03/30/19    CNY    40.85
DALIAN RONGQIANG INVESTME    7.92     04/14/21    CNY    61.02
DALIAN RONGQIANG INVESTME    7.92     04/14/21    CNY    61.03
DALIAN RONGQIANG INVESTME    8.60     01/20/21    CNY    61.40
DALIAN RONGQIANG INVESTME    8.60     01/20/21    CNY    61.41
DALIAN SHUNXING INVESTMEN    6.97     10/18/20    CNY    61.10
DALIAN SHUNXING INVESTMEN    6.97     10/18/20    CNY    61.70
DANGYANG XINYUAN INVESTME    7.99     05/23/21    CNY    61.40
DANGYANG XINYUAN INVESTME    7.99     05/23/21    CNY    61.75
DANYANG INVESTMENT GROUP     8.10     03/06/19    CNY    20.26
DANYANG INVESTMENT GROUP     8.10     03/06/19    CNY    20.33
DANYANG INVESTMENT GROUP     6.81     10/23/19    CNY    50.57
DANYANG INVESTMENT GROUP     6.90     10/23/20    CNY    60.82
DAQING GAOXIN STATE-OWNED    6.88     12/05/19    CNY    39.80
DAQING URBAN CONSTRUCTION    6.55     10/23/19    CNY    40.02
DAQING URBAN CONSTRUCTION    6.55     10/23/19    CNY    40.20
DAQING URBAN CONSTRUCTION    7.10     03/05/21    CNY    57.15
DAQING URBAN CONSTRUCTION    7.10     03/05/21    CNY    60.85
DASHIQIAO URBAN CONSTRUCT    6.58     02/21/20    CNY    39.97
DASHIQIAO URBAN CONSTRUCT    6.58     02/21/20    CNY    40.76
DASHIQIAO URBAN CONSTRUCT    7.40     06/23/21    CNY    60.84
DASHIQIAO URBAN CONSTRUCT    7.40     06/23/21    CNY    62.45
DAYE CITY CONSTRUCTION IN    7.30     03/03/21    CNY    60.74
DAYE CITY CONSTRUCTION IN    7.30     03/03/21    CNY    61.05
DAYE CITY CONSTRUCTION IN    7.95     11/27/20    CNY    61.34
DAZHOU INVESTMENT CO LTD     6.99     12/25/19    CNY    39.90
DAZHOU INVESTMENT CO LTD     6.99     12/25/19    CNY    40.32
DEYANG ECONOMIC DEVELOPME    7.90     04/28/21    CNY    60.61
DEYANG ECONOMIC DEVELOPME    7.90     04/28/21    CNY    61.24
DONGTAI UBAN CONSTRUCTION    7.10     12/26/19    CNY    40.00
DONGTAI UBAN CONSTRUCTION    7.10     12/26/19    CNY    40.32
DONGTAI UBAN CONSTRUCTION    7.58     04/23/21    CNY    61.44
DONGTAI UBAN CONSTRUCTION    7.58     04/23/21    CNY    61.58
DONGTAI UBAN CONSTRUCTION    8.65     01/13/21    CNY    61.99
DONGXU OPTOELECTRONIC TEC    5.00     12/02/21    CNY    75.04
DUNAN HOLDING GROUP CO LT    7.30     12/21/18    CNY    75.19
ELION CLEAN ENERGY CO LTD    6.42     07/19/20    CNY    74.00
ENSHI URBAN CONSTRUCTION     7.55     10/22/19    CNY    40.47
ENSHI URBAN CONSTRUCTION     7.50     06/03/21    CNY    60.21
ENSHI URBAN CONSTRUCTION     7.50     06/03/21    CNY    61.31
EZHOU CITY CONSTRUCTION I    7.08     06/19/19    CNY    20.01
EZHOU CITY CONSTRUCTION I    7.76     05/15/21    CNY    60.86
EZHOU CITY CONSTRUCTION I    7.76     05/15/21    CNY    61.61
FANGCHENGGANG CITY GANGGO    8.09     04/16/21    CNY    60.95
FANGCHENGGANG CITY GANGGO    8.09     04/16/21    CNY    61.10
FENGCHENG CITY CONSTRUCTI    7.50     02/28/21    CNY    62.51
FENGCHENG CITY CONSTRUCTI    7.50     02/28/21    CNY    62.51
FENGCHENG CITY CONSTRUCTI    8.65     01/14/21    CNY    62.88
FENGCHENG CITY CONSTRUCTI    8.65     01/14/21    CNY    62.88
FUGU COUNTY STATE-OWNED A    8.69     12/16/20    CNY    61.31
FUGU COUNTY STATE-OWNED A    8.69     12/16/20    CNY    68.00
FUJIAN JINJIANG INDUSTRIA    7.08     06/27/21    CNY    59.85
FUJIAN JINJIANG INDUSTRIA    7.08     06/27/21    CNY    60.26
FUJIAN JINJIANG URBAN CON    6.35     04/26/20    CNY    40.82
FUJIAN LONGYAN CITY CONST    7.45     08/14/19    CNY    20.31
FUJIAN NANPING HIGHWAY CO    6.69     01/28/20    CNY    39.90
FUJIAN NANPING HIGHWAY CO    7.90     10/26/18    CNY    40.23
FUJIAN NANPING HIGHWAY CO    6.69     01/28/20    CNY    40.47
FUNING URBAN INVESTMENT D    7.19     08/15/21    CNY    60.14
FUQING CITY STATE-OWNED A    6.66     03/01/21    CNY    55.10
FUZHOU INVESTMENT DEVELOP    6.78     01/16/20    CNY    40.20
FUZHOU INVESTMENT DEVELOP    6.78     01/16/20    CNY    40.45
FUZHOU JIANGONG GROUP CO     6.80     12/10/19    CNY    70.50
FUZHOU JIANGONG GROUP CO     6.80     12/10/19    CNY    71.17
FUZHOU URBAN AND RURAL CO    6.35     09/25/18    CNY    25.03
GANSU PROVINCIAL HIGHWAY     6.75     11/16/18    CNY    20.15
GANSU PROVINCIAL HIGHWAY     7.20     09/19/18    CNY    40.13
GANSU PROVINCIAL STATE-OW    5.40     03/06/20    CNY    70.20
GANSU PROVINCIAL STATE-OW    5.40     03/06/20    CNY    70.73
GANZHOU DEVELOPMENT ZONE     6.70     12/26/18    CNY    25.04
GANZHOU DEVELOPMENT ZONE     6.70     12/26/18    CNY    25.17
GANZHOU DEVELOPMENT ZONE     7.40     02/19/20    CNY    50.91
GANZHOU DEVELOPMENT ZONE     7.40     02/19/20    CNY    50.92
GANZHOU DEVELOPMENT ZONE     8.15     12/31/19    CNY    51.17
GANZHOU DEVELOPMENT ZONE     8.15     12/31/19    CNY    52.01
GANZHOU DEVELOPMENT ZONE     7.43     02/19/21    CNY    61.20
GANZHOU DEVELOPMENT ZONE     7.43     02/19/21    CNY    61.39
GAOMI STATE-OWNED ASSETS     6.75     11/15/18    CNY    24.98
GAOMI STATE-OWNED ASSETS     6.75     11/15/18    CNY    25.06
GAOMI STATE-OWNED ASSETS     6.70     11/15/19    CNY    40.29
GAOMI STATE-OWNED ASSETS     6.70     11/15/19    CNY    40.42
GOLMUD INVESTMENT HOLDING    8.70     12/30/20    CNY    59.90
GOLMUD INVESTMENT HOLDING    8.70     12/30/20    CNY    60.04
GREENLAND HOLDING GROUP C    6.24     05/23/20    CNY    49.90
GUANG ZHOU PANYU COMMUNIC    6.30     04/12/19    CNY    25.10
GUANG ZHOU PANYU COMMUNIC    6.30     04/12/19    CNY    25.18
GUANGAN DEVELOPMENT AND C    8.18     04/25/19    CNY    20.23
GUANGAN DEVELOPMENT AND C    8.18     04/25/19    CNY    20.36
GUANGXI BAISE DEVELOPMENT    6.50     07/04/19    CNY    20.09
GUANGXI BAISE DEVELOPMENT    6.50     07/04/19    CNY    20.12
GUANGXI BAISE DEVELOPMENT    7.27     06/20/21    CNY    60.88
GUANGXI LAIBIN URBAN CONS    8.36     03/14/19    CNY    40.61
GUANGXI QINZHOU LINHAI IN    7.68     02/20/21    CNY    61.69
GUANGXI QINZHOU LINHAI IN    7.68     02/20/21    CNY    61.70
GUANGXI URBAN CONSTRUCTIO    7.59     04/14/21    CNY    62.17
GUANGXI URBAN CONSTRUCTIO    7.59     04/14/21    CNY    62.50
GUANGYUAN INVESTMENT HOLD    7.25     11/26/19    CNY    40.54
GUANGYUAN INVESTMENT HOLD    7.30     04/22/21    CNY    60.63
GUANGYUAN INVESTMENT HOLD    7.30     04/22/21    CNY    61.01
GUILIN CITY INVESTMENT AN    6.90     06/13/21    CNY    59.76
GUILIN CITY INVESTMENT AN    6.90     06/13/21    CNY    60.30
GUIYANG HI-TECH HOLDING C    6.01     12/01/19    CNY    49.66
GUIYANG URBAN DEVELOPMENT    6.20     02/28/20    CNY    38.99
GUIZHOU KAILI CITY CONSTR    8.30     12/12/20    CNY    62.20
GUIZHOU KAILI CITY CONSTR    7.80     02/21/21    CNY    62.50
GUIZHOU KAILI CITY CONSTR    8.30     12/12/20    CNY    62.97
GUOAO INVESTMENT & DEVELO    6.89     10/29/18    CNY    25.09
GUOAO INVESTMENT & DEVELO    6.89     10/29/18    CNY    25.09
HAICHENG URBAN INVESTMENT    8.39     11/07/18    CNY    40.26
HAICHENG URBAN JINCAI LAN    8.56     12/19/20    CNY    60.59
HAICHENG URBAN JINCAI LAN    8.17     04/16/21    CNY    61.34
HAINAN HARBOR & SHIPPING     6.80     10/18/19    CNY    70.64
HAINAN HARBOR & SHIPPING     6.80     10/18/19    CNY    70.86
HAINAN JINHAI PULP & PAPE    6.10     04/15/20    CNY    70.26
HAINAN JINHAI PULP & PAPE    6.10     04/15/20    CNY    70.29
HAINING CITY JIANSHAN DIS    6.90     11/04/20    CNY    61.13
HAINING CITY JIANSHAN DIS    6.90     11/04/20    CNY    61.55
HAINING STATE-OWNED ASSET    7.80     09/20/18    CNY    40.11
HAINING STATE-OWNED ASSET    7.80     09/20/18    CNY    40.14
HAINING STATE-OWNED ASSET    6.08     03/06/20    CNY    40.57
HAIXI STATE DEVELOPMENT I    8.60     01/02/21    CNY    61.05
HAIXI STATE DEVELOPMENT I    8.60     01/02/21    CNY    61.61
HAIYAN COUNTY STATE-OWNED    7.00     09/04/20    CNY    61.23
HANDAN CITY DEVELOPMENT &    7.05     12/24/19    CNY    40.28
HANDAN CITY DEVELOPMENT &    7.05     12/24/19    CNY    40.89
HANDAN CITY DEVELOPMENT &    7.60     11/25/20    CNY    62.12
HANGZHOU CANAL COMPREHENS    6.00     04/02/20    CNY    40.05
HANGZHOU CANAL COMPREHENS    6.00     04/02/20    CNY    40.50
HANGZHOU FUYANG CITY CONS    7.20     03/19/21    CNY    62.03
HANGZHOU FUYANG CITY CONS    7.20     03/19/21    CNY    62.08
HANGZHOU GONGSHU DISTRICT    6.90     07/21/21    CNY    62.14
HANGZHOU GONGSHU DISTRICT    6.90     07/21/21    CNY    80.40
HANGZHOU HIGH-TECH INDUST    6.45     01/28/20    CNY    40.55
HANGZHOU HIGH-TECH INDUST    6.45     01/28/20    CNY    40.67
HANGZHOU XIAOSHAN ECO&TEC    6.70     12/26/18    CNY    25.03
HANGZHOU XIAOSHAN ECO&TEC    6.70     12/26/18    CNY    25.10
HANGZHOU XIAOSHAN ECO&TEC    6.90     05/13/21    CNY    61.00
HANGZHOU XIAOSHAN ECO&TEC    6.90     05/13/21    CNY    61.95
HANGZHOU YUHANG CITY CONS    7.55     03/29/19    CNY    20.45
HANGZHOU YUHANG CITY CONS    7.00     03/03/21    CNY    61.85
HANGZHOU YUHANG CITY CONS    7.00     03/03/21    CNY    62.20
HANGZHOU YUHANG ECONOMIC     7.45     03/03/21    CNY    62.05
HANGZHOU YUHANG INNOVATIO    6.50     03/18/20    CNY    40.25
HANGZHOU YUHANG INNOVATIO    6.50     03/18/20    CNY    40.26
HANGZHOU YUHANG TRANSPORT    7.19     04/18/21    CNY    61.81
HANGZHOU YUHANG TRANSPORT    7.19     04/18/21    CNY    61.98
HANJIANG STATE-OWNED-ASSE    8.12     01/12/19    CNY    18.93
HANJIANG STATE-OWNED-ASSE    8.12     01/12/19    CNY    20.27
HANJIANG STATE-OWNED-ASSE    7.30     11/11/20    CNY    61.70
HANJIANG STATE-OWNED-ASSE    7.30     11/11/20    CNY    62.08
HARBIN HELI INVESTMENT HO    7.48     09/26/18    CNY    40.05
HARBIN HELI INVESTMENT HO    7.48     09/26/18    CNY    40.07
HARBIN HELI INVESTMENT HO    6.87     05/27/21    CNY    62.92
HARBIN HELI INVESTMENT HO    6.87     05/27/21    CNY    62.92
HARBIN HELI INVESTMENT HO    7.10     05/27/21    CNY    63.12
HARBIN HELI INVESTMENT HO    7.10     05/27/21    CNY    63.12
HARBIN HIGH-TECH INDUSTRY    7.00     09/16/20    CNY    61.73
HARBIN HIGH-TECH INDUSTRY    7.00     09/16/20    CNY    61.74
HEBEI BOHAI INVESTMENT GR    6.90     06/30/20    CNY    49.86
HEBEI BOHAI INVESTMENT GR    6.90     06/30/20    CNY    74.00
HEBI ECONOMIC CONSTRUCTIO    7.88     08/01/21    CNY    60.74
HEBI ECONOMIC CONSTRUCTIO    7.88     08/01/21    CNY    61.20
HEFEI BINHU NEW ZONE CONS    6.35     06/13/19    CNY    40.30
HEFEI BINHU NEW ZONE CONS    6.35     06/13/19    CNY    40.61
HEFEI GAOXIN DEVELOPMENT     7.98     03/22/19    CNY    40.65
HEFEI GAOXIN DEVELOPMENT     7.98     03/22/19    CNY    40.67
HEFEI GAOXIN DEVELOPMENT     6.90     03/12/20    CNY    71.96
HEFEI HAIHENG INVESTMENT     7.30     06/12/19    CNY    20.36
HEFEI INDUSTRIAL INVESTME    6.30     03/20/20    CNY    40.29
HEFEI INDUSTRIAL INVESTME    6.30     03/20/20    CNY    40.61
HEFEI TAOHUA INDUSTRIAL P    8.79     03/27/19    CNY    20.30
HEFEI TAOHUA INDUSTRIAL P    8.79     03/27/19    CNY    20.50
HEFEI TAOHUA INDUSTRIAL P    7.80     04/09/21    CNY    61.16
HEFEI TAOHUA INDUSTRIAL P    7.80     04/09/21    CNY    61.17
HEFEI XINCHENG STATE-OWNE    7.88     04/23/19    CNY    20.11
HEFEI XINCHENG STATE-OWNE    7.88     04/23/19    CNY    20.37
HEGANG KAIYUAN CITY INVES    6.50     07/19/19    CNY    20.30
HEIHE CITY CONSTRUCTION I    8.48     03/23/19    CNY    40.61
HEILONGJIANG HECHENG CONS    7.05     06/21/22    CNY    59.79
HEILONGJIANG HECHENG CONS    7.05     06/21/22    CNY    59.83
HEILONGJIANG POST-DISASTE    7.06     11/20/20    CNY    74.11
HENAN JIYUAN CITY CONSTRU    7.50     09/25/19    CNY    40.46
HENGYANG CITY CONSTRUCTIO    7.06     08/13/19    CNY    20.40
HENGYANG CITY CONSTRUCTIO    7.06     08/13/19    CNY    20.40
HENGYANG HONGXIANG STATE-    6.20     06/19/20    CNY    40.47
HENGYANG HONGXIANG STATE-    6.20     06/19/20    CNY    40.50
HENGYANG XIANGJIANG WATER    7.40     04/23/21    CNY    61.10
HENGYANG XIANGJIANG WATER    7.40     04/23/21    CNY    61.10
HEYUAN CITY URBAN DEVELOP    6.55     03/19/20    CNY    40.47
HEYUAN CITY URBAN DEVELOP    6.55     03/19/20    CNY    40.66
HEZE INVESTMENT DEVELOPME    7.14     03/24/21    CNY    62.04
HEZE INVESTMENT DEVELOPME    7.14     03/24/21    CNY    62.12
HEZHOU URBAN CONSTRUCTION    8.16     05/16/21    CNY    61.42
HONGHEZHOU ROAD DEVELOPME    6.27     05/06/20    CNY    40.48
HUACHEN ENERGY CO LTD        6.63     05/18/20    USD    54.96
HUAIAN CITY URBAN ASSET O    6.87     12/26/19    CNY    41.32
HUAIAN CITY WATER HOLDING    8.25     03/08/19    CNY    20.31
HUAIAN CITY WATER HOLDING    8.25     03/08/19    CNY    20.40
HUAI'AN DEVELOPMENT HOLDI    7.20     09/06/19    CNY    40.25
HUAI'AN DEVELOPMENT HOLDI    7.20     09/06/19    CNY    40.52
HUAI'AN DEVELOPMENT HOLDI    7.30     03/10/21    CNY    61.83
HUAI'AN DEVELOPMENT HOLDI    7.30     03/10/21    CNY    61.84
HUAIAN NEW CITY INVESTMEN    6.95     07/28/21    CNY    61.23
HUAIAN NEW CITY INVESTMEN    7.45     03/04/21    CNY    61.31
HUAIAN NEW CITY INVESTMEN    7.45     03/04/21    CNY    61.42
HUAIAN NEW CITY INVESTMEN    6.95     07/28/21    CNY    61.46
HUAIAN QINGHE NEW AREA IN    6.68     01/24/20    CNY    40.20
HUAIBEI CITY CONSTRUCTION    6.68     12/17/18    CNY    25.13
HUAIHUA CITY INDUSTRIAL P    7.70     10/29/20    CNY    60.37
HUAINAN URBAN CONSTRUCTIO    6.79     07/09/21    CNY    59.74
HUAINAN URBAN CONSTRUCTIO    6.79     07/09/21    CNY    59.98
HUANGGANG CITY CONSTRUCTI    7.10     10/19/19    CNY    40.50
HUANGGANG CITY CONSTRUCTI    7.10     10/19/19    CNY    40.73
HUANGGANG CITY CONSTRUCTI    7.45     03/04/21    CNY    61.37
HUANGGANG CITY CONSTRUCTI    8.60     12/25/20    CNY    62.35
HUANGGANG CITY CONSTRUCTI    7.45     03/04/21    CNY    62.39
HUANGSHI CIHU HIGH-TECH D    8.70     12/05/20    CNY    61.61
HUANGSHI CIHU HIGH-TECH D    9.30     01/21/21    CNY    62.06
HUANGSHI URBAN CONSTRUCTI    6.96     10/25/19    CNY    40.46
HUAXIA LIFE INSURANCE CO     6.00     09/22/25    CNY    96.09
HUBEI QUANZHOU YANGTZE CO    6.50     04/02/20    CNY    70.17
HUBEI QUANZHOU YANGTZE CO    6.50     04/02/20    CNY    70.56
HUIAN STATE ASSETS INVEST    7.50     10/15/19    CNY    40.18
HUIAN STATE ASSETS INVEST    7.50     10/15/19    CNY    40.31
HULUDAO INVESTMENT GROUP     7.05     10/18/20    CNY    60.67
HULUDAO INVESTMENT GROUP     7.05     10/18/20    CNY    60.71
HUNAN CHANGDE DEYUAN INVE    7.18     10/18/18    CNY    24.30
HUNAN CHANGDE DEYUAN INVE    7.18     10/18/18    CNY    25.01
HUNAN CHANGDE DEYUAN INVE    6.50     06/16/21    CNY    60.49
HUNAN CHANGDE DEYUAN INVE    6.50     06/16/21    CNY    61.30
HUNAN CHENGLINGJI HARBOR     7.70     10/15/18    CNY    25.03
HUNAN CHENGLINGJI HARBOR     7.70     10/15/18    CNY    25.03
HUNAN TIER GROUP CO LTD      7.10     03/03/21    CNY    61.65
HUNAN TIER GROUP CO LTD      8.00     12/23/20    CNY    62.15
HUNAN TIER GROUP CO LTD      8.00     12/23/20    CNY    65.00
HUNAN XIANGJIANG NEW AREA    7.36     03/17/21    CNY    62.10
HUNAN XIANGJIANG NEW AREA    7.36     03/17/21    CNY    62.12
HUNAN ZHAOSHAN ECONOMIC C    7.00     12/12/18    CNY    25.05
HUZHOU CITY INVESTMENT DE    6.70     12/14/19    CNY    40.48
HUZHOU NANXUN STATE-OWNED    8.15     03/31/19    CNY    20.24
HUZHOU WUXING NANTAIHU CO    8.79     01/16/21    CNY    60.10
HUZHOU WUXING NANTAIHU CO    8.79     01/16/21    CNY    61.48
HUZHOU XISAISHAN DEVELOPM    7.80     04/29/21    CNY    61.18
HUZHOU XISAISHAN DEVELOPM    7.80     04/29/21    CNY    61.39
INNER MONGLIA SHENGMU HIG    4.75     06/01/21    CNY    73.00
INNER MONGOLIA KE'ERQIN U    7.75     09/24/19    CNY    40.20
JIAMUSI NEW ERA INFRASTRU    8.25     03/22/19    CNY    20.17
JIAMUSI NEW ERA INFRASTRU    7.90     02/26/21    CNY    61.01
JIAMUSI NEW ERA INFRASTRU    7.90     02/26/21    CNY    61.02
JIAN CITY CONSTRUCTION IN    7.80     04/20/19    CNY    20.15
JIAN CITY CONSTRUCTION IN    7.80     04/20/19    CNY    20.34
JIAN CITY JINGANGSHAN DEV    7.99     06/03/21    CNY    61.85
JIAN CITY JINGANGSHAN DEV    7.99     06/03/21    CNY    62.85
JIANAN INVESTMENT HOLDING    7.68     09/04/19    CNY    40.44
JIANAN INVESTMENT HOLDING    6.85     05/23/21    CNY    62.02
JIANAN INVESTMENT HOLDING    6.85     05/23/21    CNY    62.08
JIANGDONG HOLDING GROUP C    6.90     03/27/19    CNY    20.26
JIANGDONG HOLDING GROUP C    7.14     04/24/21    CNY    61.04
JIANGDONG HOLDING GROUP C    7.14     04/24/21    CNY    61.59
JIANGMEN BINJIANG CONSTRU    6.60     02/28/20    CNY    37.99
JIANGMEN BINJIANG CONSTRU    6.60     02/28/20    CNY    40.21
JIANGMEN NEW HI-TECH INDU    7.39     11/04/20    CNY    60.90
JIANGSU FURUDONGHAI DEVEL    7.09     09/13/20    CNY    60.91
JIANGSU HANRUI INVESTMENT    8.16     03/01/19    CNY    19.93
JIANGSU HUAJING ASSETS MA    6.00     05/16/20    CNY    39.70
JIANGSU HUAJING ASSETS MA    6.00     05/16/20    CNY    39.99
JIANGSU HUIFENG BIO AGRIC    1.00     04/21/22    CNY    73.00
JIANGSU JINGUAN INVESTMEN    6.40     01/28/19    CNY    25.12
JIANGSU JINGUAN INVESTMEN    7.90     04/08/21    CNY    60.63
JIANGSU JINTAN GUOFA INTE    6.85     05/30/21    CNY    60.80
JIANGSU JINTAN GUOFA INTE    6.85     05/30/21    CNY    61.87
JIANGSU JURONG FUDI BIO-T    8.70     04/26/19    CNY    40.68
JIANGSU LIANYUN DEVELOPME    6.10     06/19/19    CNY    20.13
JIANGSU NANTONG NO2 CONST    8.10     07/10/21    CNY    59.50
JIANGSU NEWHEADLINE DEVEL    7.00     08/27/20    CNY    55.50
JIANGSU NEWHEADLINE DEVEL    7.00     08/27/20    CNY    55.50
JIANGSU SUHAI INVESTMENT     7.20     11/07/19    CNY    40.41
JIANGSU SUHAI INVESTMENT     7.28     05/29/21    CNY    60.70
JIANGSU SUHAI INVESTMENT     7.28     05/29/21    CNY    61.13
JIANGSU TAICANG PORT DEVE    7.66     05/16/19    CNY    20.28
JIANGSU TAICANG PORT DEVE    7.40     04/28/21    CNY    60.75
JIANGSU TAICANG PORT DEVE    7.40     04/28/21    CNY    61.30
JIANGSU WUZHONG ECONOMIC     8.05     12/16/18    CNY    40.34
JIANGSU WUZHONG ECONOMIC     8.05     12/16/18    CNY    40.41
JIANGSU XISHAN ECONOMIC D    6.99     11/01/19    CNY    40.25
JIANGSU XISHAN ECONOMIC D    6.99     11/01/19    CNY    40.40
JIANGSU YIXING ECONOMIC D    7.69     04/18/21    CNY    60.13
JIANGSU YIXING ECONOMIC D    7.69     04/18/21    CNY    60.54
JIANGSU ZHANGJIAGANG ECON    6.98     11/16/19    CNY    40.30
JIANGSU ZHANGJIAGANG ECON    6.98     11/16/19    CNY    40.58
JIANGXI HEJI INVESTMENT C    8.00     09/04/19    CNY    40.31
JIANGXI HEJI INVESTMENT C    8.00     09/04/19    CNY    40.34
JIANGXI PINGXIANG CHANGSH    8.18     05/22/21    CNY    60.44
JIANGXI PINGXIANG CHANGSH    8.18     05/22/21    CNY    61.64
JIANGXI PROVINCE SITONG R    8.20     04/18/21    CNY    58.20
JIANGXI PROVINCE SITONG R    8.20     04/18/21    CNY    62.51
JIANGYIN CITY CONSTRUCTIO    7.20     06/11/19    CNY    20.35
JIANGYIN CITY CONSTRUCTIO    7.20     06/11/19    CNY    20.44
JIANGYIN GAOXIN DISTRICT     6.60     02/27/20    CNY    40.28
JIANGYIN LINGANG NEW CITY    7.10     11/07/20    CNY    60.48
JIANGYIN LINGANG NEW CITY    7.10     11/07/20    CNY    61.42
JIANHU URBAN CONSTRUCTION    6.50     02/22/20    CNY    40.28
JIASHAN ECONOMIC DEVELOPM    7.05     12/03/19    CNY    40.22
JIASHAN ECONOMIC DEVELOPM    7.05     12/03/19    CNY    40.66
JIASHAN STATE-OWNED ASSET    6.80     06/06/19    CNY    20.10
JIAXING CITY CULTURE MING    8.16     03/08/19    CNY    20.36
JIAXING ECONOMIC&TECHNOLO    6.78     06/14/19    CNY    20.17
JIAXING ECONOMIC&TECHNOLO    6.78     06/14/19    CNY    20.29
JIAXING ECONOMIC&TECHNOLO    7.89     03/05/21    CNY    61.19
JIAXING ECONOMIC&TECHNOLO    7.89     03/05/21    CNY    61.94
JIAXING NANHU INVESTMENT     7.45     02/26/21    CNY    60.01
JIAXING NANHU INVESTMENT     7.45     02/26/21    CNY    62.03
JILIN CITY CONSTRUCTION H    6.34     02/26/20    CNY    39.95
JILIN CITY CONSTRUCTION H    6.34     02/26/20    CNY    40.08
JILIN RAILWAY INVESTMENT     6.63     06/26/19    CNY    39.95
JILIN RAILWAY INVESTMENT     7.18     03/04/21    CNY    60.79
JINAN CITY CONSTRUCTION I    6.80     03/20/21    CNY    62.05
JINAN CITY CONSTRUCTION I    6.80     03/20/21    CNY    62.39
JINAN HI-TECH HOLDING GRO    6.38     06/19/21    CNY    61.26
JINAN HI-TECH HOLDING GRO    6.38     06/19/21    CNY    62.21
JINAN XIAOQINGHE DEVELOPM    7.15     09/05/19    CNY    40.01
JINAN XIAOQINGHE DEVELOPM    7.15     09/05/19    CNY    40.46
JINGDEZHEN STATE-OWNED AS    6.59     06/25/20    CNY    40.01
JINGDEZHEN STATE-OWNED AS    6.59     06/25/20    CNY    40.25
JINGHONG STATE-OWNED ASSE    8.08     05/23/21    CNY    59.65
JINGJIANG BINJIANG XINCHE    6.80     10/23/18    CNY    25.08
JINGJIANG HARBOUR GROUP C    7.30     08/05/21    CNY    60.68
JINGJIANG HARBOUR GROUP C    7.30     08/05/21    CNY    61.41
JINGMEN CITY CONSTRUCTION    7.00     10/17/20    CNY    60.95
JINGMEN CITY CONSTRUCTION    7.00     10/17/20    CNY    61.11
JINGMEN CITY CONSTRUCTION    6.85     07/09/22    CNY    61.45
JINGZHOU ECONOMIC TECHNOL    8.20     12/09/20    CNY    61.25
JINGZHOU ECONOMIC TECHNOL    8.20     12/09/20    CNY    61.26
JINGZHOU URBAN CONSTRUCTI    7.98     04/24/19    CNY    20.31
JINHONG HOLDING GROUP CO     5.00     01/15/19    CNY    70.00
JINING CITY CONSTRUCTION     8.30     12/31/18    CNY    20.20
JINSHAN STATE-OWNED ASSET    6.65     11/27/19    CNY    40.64
JINZHONG CITY PUBLIC INFR    6.50     03/18/20    CNY    40.27
JINZHOU CITY INVESTMENT C    7.08     06/13/19    CNY    20.12
JINZHOU CITY INVESTMENT C    7.08     06/13/19    CNY    20.27
JINZHOU CITY INVESTMENT C    6.44     08/18/21    CNY    59.87
JINZHOU CITY INVESTMENT C    8.50     12/27/20    CNY    61.42
JINZHOU CITY INVESTMENT C    8.50     12/27/20    CNY    62.18
JINZHOU HUAXING INVESTMEN    9.10     01/21/21    CNY    61.02
JINZHOU HUAXING INVESTMEN    8.38     02/25/21    CNY    61.40
JINZHOU HUAXING INVESTMEN    9.10     01/21/21    CNY    61.88
JINZHOU HUAXING INVESTMEN    8.38     02/25/21    CNY    61.89
JIUJIANG CITY CONSTRUCTIO    8.49     02/23/19    CNY    20.36
JIUJIANG STATE-OWNED ASSE    6.68     03/07/20    CNY    40.87
JIUQUAN ECONOMIC DEVELOPM    7.40     02/26/21    CNY    61.36
JIXI STATE OWN ASSET MANA    7.18     11/08/19    CNY    40.43
JIXI STATE OWN ASSET MANA    7.18     11/08/19    CNY    40.45
KAIFENG DEVELOPMENT INVES    6.47     07/11/19    CNY    20.09
KASHGAR SHENKA INVESTMENT    7.08     07/07/20    CNY    50.43
KASHGAR SHENKA INVESTMENT    7.08     07/07/20    CNY    75.18
KASHI URBAN CONSTRUCTION     7.18     11/27/19    CNY    40.15
KASHI URBAN CONSTRUCTION     7.18     11/27/19    CNY    40.40
KUERLE CITY CONSTRUCTION     7.48     09/10/18    CNY    25.05
KUERLE CITY CONSTRUCTION     6.99     05/20/20    CNY    50.41
KUERLE CITY CONSTRUCTION     6.99     05/20/20    CNY    50.42
KUNMING DIANCHI INVESTMEN    6.50     02/01/20    CNY    39.88
KUNMING DIANCHI INVESTMEN    6.50     02/01/20    CNY    40.09
KUNMING INDUSTRIAL DEVELO    6.46     10/23/19    CNY    40.25
KUNMING INDUSTRIAL DEVELO    6.46     10/23/19    CNY    40.26
KUNSHAN COMMUNICATION DEV    6.95     05/22/21    CNY    62.11
KUNSHAN COMMUNICATION DEV    6.95     05/22/21    CNY    62.13
KUNSHAN ENTREPRENEUR HOLD    6.28     11/07/19    CNY    40.43
KUNSHAN HITECH INDUSTRIAL    7.10     03/26/21    CNY    61.80
KUNSHAN HITECH INDUSTRIAL    7.10     03/26/21    CNY    62.13
KUNSHAN HUAQIAO INTERNATI    7.98     12/30/18    CNY    20.20
LAIWU CITY ECONOMIC DEVEL    7.08     02/28/21    CNY    61.41
LAIWU CITY ECONOMIC DEVEL    7.08     02/28/21    CNY    61.49
LANZHOU CITY DEVELOPMENT     8.20     12/15/18    CNY    40.40
LANZHOU CITY DEVELOPMENT     8.20     12/15/18    CNY    40.47
LANZHOU NEW AREA INVESTME    8.30     04/29/21    CNY    60.77
LEQING CITY STATE OWNED I    6.50     06/29/19    CNY    20.24
LIAONING COASTAL ECONOMIC    8.90     04/01/21    CNY    11.42
LIAONING COASTAL ECONOMIC    8.90     04/01/21    CNY    11.66
LIAOYUAN STATE-OWNED ASSE    8.17     03/13/19    CNY    19.99
LILING LUJIANG INVESTMENT    8.10     05/22/21    CNY    61.15
LINCANG STATE-OWNED ASSET    6.58     04/11/20    CNY    40.44
LINFEN CITY INVESTMENT GR    6.20     05/23/20    CNY    40.34
LINFEN CITY INVESTMENT GR    6.20     05/23/20    CNY    40.46
LINFEN CITY INVESTMENT GR    7.23     02/22/19    CNY    50.30
LINFEN CITY INVESTMENT GR    7.23     02/22/19    CNY    50.56
LINFEN YAODU DISTRICT INV    6.99     09/27/20    CNY    59.12
LINHAI CITY INFRASTRUCTUR    6.30     03/21/20    CNY    40.17
LINHAI CITY INFRASTRUCTUR    6.30     03/21/20    CNY    40.33
LINYI ECONOMIC DEVELOPMEN    8.26     09/24/19    CNY    41.41
LINYI ECONOMIC DEVELOPMEN    7.70     04/16/21    CNY    61.06
LINYI ECONOMIC DEVELOPMEN    7.70     04/16/21    CNY    61.90
LINYI FUTURE TECHNOLOGY C    7.49     07/14/21    CNY    62.99
LINYI FUTURE TECHNOLOGY C    7.49     07/14/21    CNY    82.60
LINZHOU ECONOMIC & TECHNO    8.30     04/25/20    CNY    50.72
LINZHOU ECONOMIC & TECHNO    8.30     04/25/20    CNY    51.11
LISHUI CITY CONSTRUCTION     6.00     05/23/20    CNY    39.01
LISHUI CITY CONSTRUCTION     6.00     05/23/20    CNY    40.49
LIUZHOU CITY INVESTMENT C    7.18     12/31/22    CNY    66.00
LIUZHOU CITY INVESTMENT C    7.18     12/31/22    CNY    71.54
LIUZHOU DONGCHENG INVESTM    8.30     02/15/19    CNY    20.15
LIUZHOU DONGCHENG INVESTM    7.40     10/29/20    CNY    60.84
LIUZHOU DONGCHENG INVESTM    7.40     10/29/20    CNY    61.08
LIUZHOU INVESTMENT HOLDIN    6.98     08/15/19    CNY    20.28
LIYANG CITY CONSTRUCTION     8.20     11/08/18    CNY    33.56
LIYANG CITY CONSTRUCTION     6.20     03/08/20    CNY    40.05
LIYANG CITY CONSTRUCTION     6.20     03/08/20    CNY    40.09
LONGHAI STATE-OWNED ASSET    6.58     08/15/21    CNY    61.00
LONGYAN ECONOMIC&TECHNOLO    8.35     07/30/21    CNY    61.84
LONGYAN ECONOMIC&TECHNOLO    8.35     07/30/21    CNY    63.24
LOUDI CITY CONSTRUCTION I    7.28     10/19/18    CNY    25.05
LOUDI CITY CONSTRUCTION I    7.28     10/19/18    CNY    25.14
LOUDI CITY CONSTRUCTION I    7.95     04/15/21    CNY    61.30
LOUDI CITY CONSTRUCTION I    7.95     04/15/21    CNY    62.12
LU'AN CITY CONSTRUCTION I    7.50     04/17/21    CNY    60.86
LU'AN CITY CONSTRUCTION I    8.00     12/02/20    CNY    61.43
LU'AN CITY CONSTRUCTION I    8.00     12/02/20    CNY    61.92
LU'AN CITY CONSTRUCTION I    7.50     04/17/21    CNY    61.98
LUOHE CITY CONSTRUCTION I    6.99     10/30/19    CNY    40.11
LUOHE CITY CONSTRUCTION I    6.99     10/30/19    CNY    40.20
MAANSHAN ECONOMIC TECHNOL    7.10     12/20/19    CNY    40.39
MAOMIN TRANSPORTATION CON    6.90     05/28/21    CNY    61.72
MAOMIN TRANSPORTATION CON    6.90     05/28/21    CNY    61.86
MEISHAN CITY ASSET OPERAT    7.84     02/26/21    CNY    58.00
MEISHAN CITY ASSET OPERAT    7.84     02/26/21    CNY    62.06
MEISHAN HONGDA CONSTRUCTI    6.56     06/19/20    CNY    40.58
MEIZHOU KANGDA HIGHWAY CO    6.95     09/10/20    CNY    60.36
MEIZHOU KANGDA HIGHWAY CO    6.95     09/10/20    CNY    60.37
MIANYANG INVESTMENT HOLDI    7.70     03/26/19    CNY    40.50
MIANYANG INVESTMENT HOLDI    7.70     03/26/19    CNY    40.50
MIANYANG SCIENCE TECHNOLO    7.16     05/15/19    CNY    20.11
MUDANJIANG STATE-OWNED AS    7.08     08/30/19    CNY    40.10
MUDANJIANG STATE-OWNED AS    7.08     08/30/19    CNY    40.10
MUDANJIANG STATE-OWNED AS    7.70     04/14/21    CNY    60.44
MUDANJIANG STATE-OWNED AS    7.70     04/14/21    CNY    60.50
NANCHANG CITY CONSTRUCTIO    6.19     02/20/20    CNY    40.71
NANCHANG COUNTY URBAN CON    6.50     07/17/19    CNY    25.11
NANCHANG COUNTY URBAN CON    6.50     07/17/19    CNY    25.21
NANCHANG ECONOMY TECHNOLO    6.88     01/09/20    CNY    40.41
NANCHANG MUNICIPAL PUBLIC    5.88     02/25/20    CNY    40.39
NANCHANG MUNICIPAL PUBLIC    5.88     02/25/20    CNY    40.60
NANCHANG WATER CONSERVANC    6.28     06/21/20    CNY    40.20
NANCHANG WATER CONSERVANC    6.28     06/21/20    CNY    40.21
NANCHONG ECONOMIC DEVELOP    8.16     04/26/19    CNY    20.25
NANCHONG ECONOMIC DEVELOP    8.28     04/21/21    CNY    60.88
NANCHONG ECONOMIC DEVELOP    8.28     04/21/21    CNY    61.58
NANJING JIANGBEI NEW AREA    6.94     09/07/19    CNY    40.37
NANJING JIANGBEI NEW AREA    6.94     09/07/19    CNY    40.38
NANJING JIANGNING SCIENCE    7.29     04/28/19    CNY    20.28
NANJING LISHUI URBAN CONS    5.80     05/29/20    CNY    40.36
NANJING PUKOU ECONOMIC DE    7.10     10/08/19    CNY    40.00
NANJING PUKOU ECONOMIC DE    7.10     10/08/19    CNY    40.39
NANJING STATE OWNED ASSET    5.40     03/06/20    CNY    40.46
NANJING STATE OWNED ASSET    5.60     03/06/23    CNY    71.81
NANJING STATE OWNED ASSET    5.60     03/06/23    CNY    71.82
NANJING TANGSHAN CONSTRUC    6.80     06/30/21    CNY    61.04
NANJING TANGSHAN CONSTRUC    6.80     06/30/21    CNY    61.29
NANJING URBAN CONSTRUCTIO    5.68     11/26/18    CNY    25.08
NANJING URBAN CONSTRUCTIO    5.68     11/26/18    CNY    25.11
NANJING XINGANG DEVELOPME    6.80     01/08/20    CNY    40.30
NANJING XINGANG DEVELOPME    6.80     01/08/20    CNY    40.82
NANNING LVGANG CONSTRUCTI    7.30     06/27/21    CNY    60.49
NANNING LVGANG CONSTRUCTI    7.30     06/27/21    CNY    61.03
NANPING CITY WUYI NEW DIS    6.70     08/06/20    CNY    40.67
NANTONG CHONGCHUAN URBAN     7.15     04/18/21    CNY    60.77
NANTONG CHONGCHUAN URBAN     7.15     04/18/21    CNY    61.36
NANTONG CITY GANGZHA DIST    7.15     01/09/20    CNY    40.56
NANTONG CITY GANGZHA DIST    7.15     01/09/20    CNY    40.57
NANTONG CITY TONGZHOU DIS    6.80     05/28/19    CNY    20.14
NANTONG ECONOMIC & TECHNO    5.80     05/17/20    CNY    39.10
NANTONG ECONOMIC & TECHNO    5.80     05/17/20    CNY    40.39
NANYANG INVESTMENT GROUP     7.05     10/24/20    CNY    60.58
NANYANG INVESTMENT GROUP     7.05     10/24/20    CNY    61.76
NEIJIANG INVESTMENT HOLDI    7.99     04/24/21    CNY    61.64
NEIJIANG INVESTMENT HOLDI    7.99     04/24/21    CNY    61.75
NINGBO CITY HAISHU GUANGJ    7.75     03/06/21    CNY    61.04
NINGBO CITY HAISHU GUANGJ    7.75     03/06/21    CNY    62.35
NINGBO CITY YINZHOU CITY     6.50     03/18/20    CNY    40.12
NINGBO EASTERN NEW TOWN D    6.45     01/21/20    CNY    40.23
NINGBO ECONOMIC & TECHNIC    7.09     04/21/21    CNY    61.07
NINGBO ECONOMIC & TECHNIC    7.09     04/21/21    CNY    61.08
NINGBO ZHENHAI HAIJIANG I    6.65     11/28/18    CNY    25.11
NINGGUO CITY STATE OWNED     8.70     04/28/21    CNY    59.87
NINGHAI COUNTY URBAN INVE    8.00     01/02/21    CNY    61.22
NINGHAI COUNTY URBAN INVE    7.99     04/16/21    CNY    61.86
NINGHAI COUNTY URBAN INVE    8.00     01/02/21    CNY    61.96
NINGXIANG ECONOMIC TECHNO    8.20     04/16/21    CNY    62.35
NINGXIANG ECONOMIC TECHNO    8.20     04/16/21    CNY    62.70
PANZHIHUA STATE OWNED ASS    7.60     03/05/21    CNY    61.10
PANZHIHUA STATE OWNED ASS    7.60     03/05/21    CNY    61.75
PEIXIAN STATE-OWNED ASSET    7.20     12/06/19    CNY    40.15
PEIXIAN STATE-OWNED ASSET    7.20     12/06/19    CNY    40.15
PINGDINGSHAN CITY DEVELOP    7.86     05/08/19    CNY    20.20
PINGDINGSHAN CITY DEVELOP    7.86     05/08/19    CNY    20.30
PINGDU CITY STATE OWNED A    7.25     11/05/20    CNY    61.54
PINGDU CITY STATE OWNED A    7.25     11/05/20    CNY    61.55
PINGHU CITY INVESTMENT DE    7.20     09/18/19    CNY    40.00
PINGHU CITY INVESTMENT DE    7.20     09/18/19    CNY    40.36
PINGHU ECONOMIC DEVELOPME    7.99     04/17/21    CNY    61.06
PINGHU ECONOMIC DEVELOPME    7.99     04/17/21    CNY    63.00
PINGLIANG CHENGXIANG CONS    7.10     09/17/20    CNY    60.95
PINGTAN COMPOSITE EXPERIM    6.58     03/15/20    CNY    40.12
PINGTAN COMPOSITE EXPERIM    6.58     03/15/20    CNY    40.66
PINGXIANG URBAN CONSTRUCT    6.89     12/10/19    CNY    39.93
PINGXIANG URBAN CONSTRUCT    6.89     12/10/19    CNY    40.19
PIZHOU RUNCHENG ASSET OPE    7.55     09/25/19    CNY    40.41
PIZHOU RUNCHENG ASSET OPE    7.88     04/16/21    CNY    61.96
PIZHOU RUNCHENG ASSET OPE    7.88     04/16/21    CNY    61.97
PUER CITY STATE OWNED ASS    7.38     06/20/19    CNY    20.17
PUYANG INVESTMENT GROUP C    8.00     12/11/20    CNY    61.88
PUYANG INVESTMENT GROUP C    8.00     12/11/20    CNY    62.37
QIANAN URBAN CONSTRUCTION    7.19     08/11/21    CNY    61.13
QIANAN URBAN CONSTRUCTION    7.19     08/11/21    CNY    61.56
QIANAN URBAN CONSTRUCTION    8.88     01/23/21    CNY    61.91
QIANAN URBAN CONSTRUCTION    8.88     01/23/21    CNY    62.06
QIANDONG NANZHOU DEVELOPM    8.80     04/27/19    CNY    20.14
QIANDONGNANZHOU KAIHONG A    7.80     10/30/19    CNY    39.54
QIANJIANG URBAN CONSTRUCT    8.38     04/22/21    CNY    61.36
QIANXI NANZHOU HONGSHENG     6.99     11/22/19    CNY    39.82
QIDONG STATE-OWNED ASSET     7.30     11/20/22    CNY    71.73
QIDONG URBAN CONSTRUCTION    8.20     04/04/21    CNY    58.00
QIDONG URBAN CONSTRUCTION    7.90     04/28/21    CNY    61.75
QIDONG URBAN CONSTRUCTION    8.20     04/04/21    CNY    62.37
QINGDAO CHENGYANG DEVELOP    7.09     03/10/21    CNY    61.01
QINGDAO CHINA PROSPERITY     7.30     04/18/19    CNY    20.30
QINGDAO CHINA PROSPERITY     7.30     04/18/19    CNY    20.39
QINGDAO CITY CONSTRUCTION    6.89     02/16/19    CNY    20.22
QINGDAO CITY CONSTRUCTION    6.89     02/16/19    CNY    20.23
QINGDAO CONSON DEVELOPMEN    6.40     12/12/22    CNY    72.73
QINGDAO CONSON DEVELOPMEN    6.40     12/12/22    CNY    73.05
QINGDAO HICREAT DEVELOPME    6.88     04/25/21    CNY    61.34
QINGDAO HICREAT DEVELOPME    6.88     04/25/21    CNY    61.40
QINGDAO JIAOZHOU CITY DEV    6.59     01/25/20    CNY    40.85
QINGDAO JIMO CITY URBAN D    8.10     12/17/19    CNY    50.92
QINGDAO JIMO CITY URBAN D    8.10     12/17/19    CNY    51.05
QINGDAO LAIXI CITY ASSET     7.50     03/06/21    CNY    60.31
QINGDAO LAIXI CITY ASSET     7.50     03/06/21    CNY    60.33
QINGHAI PROVINCIAL INVEST    6.40     07/10/21    USD    74.27
QINGYANG CITY ECONOMIC DE    7.98     04/16/21    CNY    60.00
QINGYANG CITY ECONOMIC DE    7.98     04/16/21    CNY    60.93
QINGYUAN TRANSPORTATION D    8.20     12/19/20    CNY    61.03
QINGYUAN TRANSPORTATION D    8.20     12/19/20    CNY    62.04
QINGZHOU HONGYUAN PUBLIC     6.50     05/22/19    CNY    10.04
QINGZHOU HONGYUAN PUBLIC     7.25     10/19/18    CNY    25.05
QINGZHOU HONGYUAN PUBLIC     7.25     10/19/18    CNY    25.07
QINGZHOU HONGYUAN PUBLIC     7.35     10/19/19    CNY    40.38
QINGZHOU HONGYUAN PUBLIC     7.35     10/19/19    CNY    40.42
QINGZHOU HONGYUAN PUBLIC     7.59     05/29/21    CNY    61.71
QINHUANGDAO DEVELOPMENT Z    8.00     12/17/20    CNY    61.15
QINHUANGDAO DEVELOPMENT Z    8.00     12/17/20    CNY    61.21
QINHUANGDAO DEVELOPMENT Z    8.45     04/18/21    CNY    61.44
QINHUANGDAO DEVELOPMENT Z    8.45     04/18/21    CNY    61.67
QINZHOU BINHAI NEW CITY A    7.00     08/27/20    CNY    60.93
QINZHOU BINHAI NEW CITY A    7.00     08/27/20    CNY    60.98
QINZHOU BINHAI NEW CITY Z    6.99     07/07/21    CNY    61.15
QINZHOU BINHAI NEW CITY Z    6.99     07/07/21    CNY    61.37
QINZHOU CITY DEVELOPMENT     7.10     10/16/19    CNY    70.80
QITAIHE CITY CONSTRUCTION    7.30     10/18/19    CNY    39.54
QUJING DEVELOPMENT INVEST    7.25     09/06/19    CNY    40.22
QUJING DEVELOPMENT INVEST    7.25     09/06/19    CNY    40.44
QUJING DEVELOPMENT INVEST    7.48     04/28/21    CNY    62.14
QUJING DEVELOPMENT INVEST    7.48     04/28/21    CNY    62.56
QUJING ECO TECH DEVELOPME    7.48     07/21/21    CNY    59.00
QUJING ECO TECH DEVELOPME    7.48     07/21/21    CNY    59.65
QUZHOU STATE OWNED ASSET     7.20     04/21/21    CNY    61.86
QUZHOU STATE OWNED ASSET     7.20     04/21/21    CNY    62.25
RENHUAI CITY DEVELOPMENT     8.09     05/16/21    CNY    62.31
RENHUAI CITY DEVELOPMENT     8.09     05/16/21    CNY    62.32
RIZHAO CITY CONSTRUCTION     5.80     06/06/20    CNY    39.92
RONGCHENG ECONOMIC DEVELO    6.45     03/18/20    CNY    41.28
RONGCHENG ECONOMIC DEVELO    6.45     03/18/20    CNY    41.29
RONGCHENG ECONOMIC DEVELO    6.75     05/29/21    CNY    62.65
RONGCHENG ECONOMIC DEVELO    6.75     05/29/21    CNY    62.66
RUCHENG COUNTY HYDROPOWER    6.65     04/25/20    CNY    70.71
RUCHENG COUNTY URBAN CONS    6.00     06/28/23    CNY    70.32
RUDONG COUNTY DONGTAI SOC    7.45     09/24/19    CNY    39.30
RUDONG COUNTY DONGTAI SOC    7.45     09/24/19    CNY    40.57
RUDONG COUNTY DONGTAI SOC    6.99     06/20/21    CNY    61.38
RUDONG COUNTY DONGTAI SOC    6.99     06/20/21    CNY    62.09
RUDONG COUNTY JINXIN TRAF    8.08     03/03/21    CNY    61.07
RUDONG COUNTY JINXIN TRAF    8.08     03/03/21    CNY    61.29
RUGAO CITY ECONOMIC TRADE    8.30     01/22/21    CNY    62.75
RUGAO CITY ECONOMIC TRADE    8.30     01/22/21    CNY    67.40
RUGAO COMMUNICATIONS CONS    8.51     01/26/19    CNY    25.38
RUGAO COMMUNICATIONS CONS    6.70     02/01/20    CNY    40.34
RUGAO COMMUNICATIONS CONS    6.70     02/01/20    CNY    40.53
RUGAO YANJIANG DEVELOPMEN    8.60     01/24/21    CNY    62.82
RUGAO YANJIANG DEVELOPMEN    8.60     01/24/21    CNY    65.00
RUIAN STATE OWNED ASSET I    6.93     11/26/19    CNY    40.25
RUIAN STATE OWNED ASSET I    6.93     11/26/19    CNY    40.31
SANMING CITY CONSTRUCTION    6.40     03/05/20    CNY    40.47
SANMING CITY CONSTRUCTION    6.40     03/05/20    CNY    40.80
SHAANXI XIXIAN NEW AREA F    6.85     08/15/21    CNY    79.53
SHANDONG CENTURY SUNSHINE    8.19     07/21/21    CNY    60.39
SHANDONG CENTURY SUNSHINE    8.19     07/21/21    CNY    62.00
SHANDONG FUYU CHEMICAL CO    7.70     09/18/22    CNY    70.00
SHANDONG HONGHE HOLDINGS     8.50     06/23/21    CNY    61.19
SHANDONG HONGHE HOLDINGS     8.50     06/23/21    CNY    62.04
SHANDONG PUBLIC HOLDINGS     7.18     01/22/20    CNY    40.49
SHANDONG RENCHENG RONGXIN    7.30     10/18/20    CNY    60.61
SHANDONG RENCHENG RONGXIN    7.30     10/18/20    CNY    60.99
SHANDONG TAIFENG HOLDING     5.80     03/12/20    CNY    36.52
SHANDONG TAIFENG HOLDING     5.80     03/12/20    CNY    39.87
SHANDONG WEISHANHU MINING    6.15     03/13/20    CNY    66.22
SHANGHAI BUND GROUP DEVEL    6.35     04/24/20    CNY    40.36
SHANGHAI BUND GROUP DEVEL    6.35     04/24/20    CNY    40.39
SHANGHAI CAOHEJING HI-TEC    7.24     04/09/21    CNY    62.33
SHANGHAI CHENJIAZHEN CONS    7.18     11/06/19    CNY    49.90
SHANGHAI CHENJIAZHEN CONS    7.18     11/06/19    CNY    50.89
SHANGHAI CHONGMING CONSTR    6.40     06/13/20    CNY    50.34
SHANGHAI CHONGMING CONSTR    6.40     06/13/20    CNY    50.64
SHANGHAI FENGXIAN NANQIAO    6.25     03/05/20    CNY    40.18
SHANGHAI FENGXIAN NANQIAO    6.25     03/05/20    CNY    40.58
SHANGHAI JIADING INDUSTRI    6.71     10/10/18    CNY    25.09
SHANGHAI JIADING ROAD CON    6.80     04/23/21    CNY    61.88
SHANGHAI JIADING ROAD CON    6.80     04/23/21    CNY    61.98
SHANGHAI JINSHAN URBAN CO    6.60     12/21/19    CNY    40.58
SHANGHAI LUJIAZUI DEVELOP    5.98     03/11/19    CNY    40.07
SHANGHAI LUJIAZUI DEVELOP    5.98     03/11/19    CNY    40.27
SHANGHAI LUJIAZUI DEVELOP    5.79     02/25/19    CNY    40.36
SHANGHAI LUJIAZUI DEVELOP    5.79     02/25/19    CNY    40.47
SHANGHAI MINHANG URBAN CO    6.48     10/23/19    CNY    40.62
SHANGHAI MUNICIPAL INVEST    4.63     07/30/19    CNY    20.15
SHANGHAI NANFANG GROUP CO    6.70     09/09/19    CNY    50.07
SHANGHAI NANFANG GROUP CO    6.70     09/09/19    CNY    50.16
SHANGHAI URBAN CONSTRUCTI    5.25     11/30/19    CNY    40.27
SHANGHAI YONGYE ENTERPRIS    6.84     05/21/20    CNY    51.41
SHANGLUO CITY CONSTRUCTIO    6.75     09/09/19    CNY    50.30
SHANGLUO CITY CONSTRUCTIO    6.75     09/09/19    CNY    50.43
SHANGLUO CITY CONSTRUCTIO    7.05     09/09/20    CNY    60.19
SHANGLUO CITY CONSTRUCTIO    7.05     09/09/20    CNY    60.87
SHANGQIU DEVELOPMENT INVE    6.60     01/15/20    CNY    40.33
SHANTOU CITY CONSTRUCTION    8.57     03/23/22    CNY    62.51
SHANTOU CITY CONSTRUCTION    8.57     03/23/22    CNY    63.51
SHAOGUAN JINYE DEVELOPMEN    7.30     10/18/19    CNY    40.64
SHAOXING CHENGZHONGCUN RE    6.50     01/24/20    CNY    40.41
SHAOXING CHENGZHONGCUN RE    6.50     01/24/20    CNY    40.57
SHAOXING CITY INVESTMENT     6.40     11/09/19    CNY    40.62
SHAOXING COUNTY COMMUNICA    6.40     08/20/21    CNY    60.46
SHAOXING HI-TECH INDUSTRI    6.75     12/05/18    CNY    24.98
SHAOXING KEQIAO DISTRICT     6.30     02/26/19    CNY    24.98
SHAOXING PAOJIANG INDUSTR    6.90     10/31/19    CNY    40.35
SHAOXING PAOJIANG INDUSTR    6.98     05/29/21    CNY    61.02
SHAOXING PAOJIANG INDUSTR    6.98     05/29/21    CNY    63.90
SHAOXING SHANGYU COMMUNIC    6.70     09/11/19    CNY    40.29
SHAOXING SHANGYU HANGZHOU    6.95     10/11/20    CNY    61.03
SHAOXING SHANGYU URBAN CO    6.80     08/07/21    CNY    60.99
SHAOXING SHANGYU URBAN CO    6.80     08/07/21    CNY    65.00
SHAOYANG CITY CONSTRUCTIO    7.40     09/11/18    CNY    24.90
SHAOYANG CITY CONSTRUCTIO    7.40     09/11/18    CNY    25.02
SHAOYANG CITY CONSTRUCTIO    8.58     01/17/21    CNY    61.42
SHENGZHOU INVESTMENT HOLD    7.60     07/17/21    CNY    63.02
SHENGZHOU INVESTMENT HOLD    7.60     07/17/21    CNY    82.32
SHENMU COUNTY STATE-OWNED    7.28     06/23/21    CNY    60.20
SHENMU COUNTY STATE-OWNED    7.28     06/23/21    CNY    60.51
SHENYANG MACHINE TOOL CO     6.50     04/09/20    CNY    69.88
SHENYANG SUJIATUN DISTRIC    6.40     06/20/20    CNY    40.04
SHENYANG SUJIATUN DISTRIC    6.40     06/20/20    CNY    40.48
SHENZHEN METRO GROUP CO L    5.40     03/25/23    CNY    70.69
SHENZHEN METRO GROUP CO L    5.40     03/25/23    CNY    72.07
SHIJIAZHUANG REAL ESTATE     5.65     05/15/20    CNY    40.36
SHIYAN CITY INFRASTRUCTUR    7.98     04/20/19    CNY    20.26
SHIYAN CITY INFRASTRUCTUR    6.88     10/11/20    CNY    60.68
SHIYAN CITY INFRASTRUCTUR    6.58     08/20/21    CNY    60.92
SHIYAN CITY INFRASTRUCTUR    6.88     10/11/20    CNY    61.14
SHOUGUANG CITY CONSTRUCTI    7.10     10/18/20    CNY    60.47
SHOUGUANG CITY CONSTRUCTI    7.10     10/18/20    CNY    61.01
SHUANGLIU COUNTY WATER CO    7.40     02/26/20    CNY    50.72
SHUANGLIU COUNTY WATER CO    6.92     07/30/20    CNY    50.82
SHUANGLIU SHINE CHINE CON    8.48     03/16/19    CNY    40.78
SHUANGLIU SHINE CHINE CON    8.40     03/16/19    CNY    40.86
SHUANGYASHAN DADI CITY CO    6.55     12/25/19    CNY    40.12
SHUANGYASHAN DADI CITY CO    6.55     12/25/19    CNY    40.49
SHUYANG JINGYUAN ASSET OP    6.50     12/03/19    CNY    40.01
SHUYANG JINGYUAN ASSET OP    6.50     12/03/19    CNY    40.07
SHUYANG JINGYUAN ASSET OP    7.39     04/14/21    CNY    60.71
SHUYANG JINGYUAN ASSET OP    7.39     04/14/21    CNY    61.13
SICHUAN CHENGDU ABA DEVEL    7.18     09/12/20    CNY    59.81
SICHUAN COAL INDUSTRY GRO    7.70     01/09/18    CNY    45.00
SIPING SITONG CITY INFRAS    8.10     04/25/21    CNY    62.70
SIPING SITONG CITY INFRAS    8.10     04/25/21    CNY    62.70
SIPING SITONG CITY INFRAS    7.25     04/29/19    CNY    70.57
SLENDER WEST LAKE TOURISM    6.80     06/25/21    CNY    61.37
SLENDER WEST LAKE TOURISM    6.80     06/25/21    CNY    61.70
SONGYUAN URBAN DEVELOPMEN    7.30     08/29/19    CNY    39.80
SONGYUAN URBAN DEVELOPMEN    7.30     08/29/19    CNY    40.18
SUIFENHE HAIRONG URBAN CO    6.60     04/28/20    CNY    39.87
SUINING CITY HEDONG DEVEL    8.36     04/17/21    CNY    60.27
SUINING CITY HEDONG DEVEL    8.36     04/17/21    CNY    61.14
SUINING COUNTY RUNQI INVE    7.10     06/25/21    CNY    59.00
SUINING COUNTY RUNQI INVE    7.10     06/25/21    CNY    59.76
SUINING DEVELOPMENT INVES    6.62     04/25/20    CNY    39.99
SUINING DEVELOPMENT INVES    6.62     04/25/20    CNY    40.00
SUINING KAIDA INVESTMENT     8.69     04/21/21    CNY    61.50
SUINING KAIDA INVESTMENT     8.69     04/21/21    CNY    62.50
SUIZHOU DEVELOPMENT INVES    7.50     08/22/19    CNY    40.49
SUIZHOU DEVELOPMENT INVES    8.50     12/20/20    CNY    61.61
SUIZHOU DEVELOPMENT INVES    8.40     04/30/21    CNY    61.99
SUIZHOU DEVELOPMENT INVES    8.50     12/20/20    CNY    62.09
SUIZHOU DEVELOPMENT INVES    8.40     04/30/21    CNY    62.60
SUQIAN CITY CONSTRUCTION     6.88     10/29/20    CNY    61.16
SUQIAN ECONOMIC DEVELOPME    7.50     03/26/19    CNY    20.33
SUQIAN WATER GROUP CO        6.55     12/04/19    CNY    39.80
SUQIAN WATER GROUP CO        6.55     12/04/19    CNY    40.27
SUZHOU CITY CONSTRUCTION     7.45     03/12/19    CNY    20.22
SUZHOU CITY CONSTRUCTION     6.40     04/17/20    CNY    40.41
SUZHOU CITY CONSTRUCTION     6.40     04/17/20    CNY    40.52
SUZHOU FENHU INVESTMENT G    7.49     02/28/21    CNY    60.80
SUZHOU FENHU INVESTMENT G    7.49     02/28/21    CNY    60.80
SUZHOU INDUSTRIAL PARK TR    5.79     05/30/19    CNY    19.78
SUZHOU INDUSTRIAL PARK TR    5.79     05/30/19    CNY    20.19
SUZHOU NEW DISTRICT ECONO    6.20     07/22/21    CNY    61.74
SUZHOU NEW DISTRICT ECONO    6.20     07/22/21    CNY    61.90
SUZHOU TECH CITY DEVELOPM    7.32     11/01/18    CNY    25.10
SUZHOU URBAN CONSTRUCTION    5.79     10/25/19    CNY    40.44
SUZHOU WUJIANG COMMUNICAT    6.80     10/31/20    CNY    56.01
SUZHOU WUJIANG EASTERN ST    8.05     12/05/18    CNY    40.33
SUZHOU WUJIANG EASTERN ST    8.05     12/05/18    CNY    40.36
SUZHOU XIANGCHENG URBAN C    6.95     09/03/19    CNY    40.25
SUZHOU XIANGCHENG URBAN C    6.95     09/03/19    CNY    40.41
SUZHOU XIANGCHENG URBAN C    6.95     03/19/21    CNY    61.54
SUZHOU XIANGCHENG URBAN C    6.95     03/19/21    CNY    61.55
TACHENG DISTRICT STATE-OW    7.49     10/16/19    CNY    50.36
TAIAN TAISHAN INVESTMENT     6.76     01/25/20    CNY    40.56
TAICANG ASSET MANAGEMENT     8.25     12/31/18    CNY    40.31
TAICANG ASSET MANAGEMENT     8.25     12/31/18    CNY    40.37
TAICANG ASSET MANAGEMENT     7.00     02/27/21    CNY    60.63
TAICANG HENGTONG INVESTME    7.45     10/30/19    CNY    40.46
TAICANG URBAN CONSTRUCTIO    6.75     01/11/20    CNY    40.63
TAIXING CITY CHENGXING ST    8.30     12/12/20    CNY    61.13
TAIXING CITY CHENGXING ST    8.30     12/12/20    CNY    61.72
TAIYUAN ECONOMIC TECHNOLO    7.43     04/24/21    CNY    61.44
TAIYUAN ECONOMIC TECHNOLO    7.43     04/24/21    CNY    61.82
TAIYUAN HIGH-SPEED RAILWA    6.50     10/30/20    CNY    56.38
TAIYUAN LONGCHENG DEVELOP    6.50     09/25/19    CNY    40.27
TAIYUAN STATE-OWNED INVES    7.20     03/19/21    CNY    62.23
TAIYUAN STATE-OWNED INVES    7.20     03/19/21    CNY    62.29
TAIZHOU CITY HUANGYAN DIS    6.85     12/17/18    CNY    25.09
TAIZHOU CITY HUANGYAN DIS    6.85     12/17/18    CNY    25.10
TAIZHOU CITY JIANGYAN DIS    8.50     04/23/20    CNY    50.72
TAIZHOU CITY JIANGYAN DIS    8.50     04/23/20    CNY    51.18
TAIZHOU CITY JIANGYAN URB    7.10     09/03/20    CNY    60.87
TAIZHOU CITY JIANGYAN URB    7.10     09/03/20    CNY    60.88
TAIZHOU CITY NEW BINJIANG    7.60     03/05/21    CNY    61.82
TAIZHOU CONSTRUCTION INVE    6.53     07/11/21    CNY    61.00
TAIZHOU CONSTRUCTION INVE    6.53     07/11/21    CNY    62.28
TAIZHOU HAILING ASSETS MA    8.52     03/21/19    CNY    20.31
TAIZHOU JIANGYAN STATE OW    6.85     12/03/19    CNY    39.90
TAIZHOU JIANGYAN STATE OW    6.85     12/03/19    CNY    40.18
TAIZHOU JIAOJIANG STATE O    7.46     09/13/20    CNY    55.78
TAIZHOU JIAOJIANG STATE O    7.46     09/13/20    CNY    56.40
TAIZHOU TRAFFIC INDUSTRY     6.15     03/11/20    CNY    40.03
TAIZHOU TRAFFIC INDUSTRY     6.15     03/11/20    CNY    40.46
TANGSHAN CAOFEIDIAN DEVEL    7.50     10/15/20    CNY    59.60
TIANJIN BAOXING INDUSTRY     7.10     10/17/20    CNY    60.88
TIANJIN BAOXING INDUSTRY     7.10     10/17/20    CNY    60.89
TIANJIN BEICHEN DISTRICT     7.00     04/21/21    CNY    61.87
TIANJIN BEICHEN DISTRICT     7.00     04/21/21    CNY    61.88
TIANJIN BEICHEN TECHNOLOG    6.87     08/20/21    CNY    61.02
TIANJIN BINHAI NEW AREA C    5.19     03/13/20    CNY    40.18
TIANJIN CITY JINGHAI URBA    7.90     11/26/20    CNY    61.30
TIANJIN CITY JINGHAI URBA    7.90     11/26/20    CNY    61.97
TIANJIN DONGFANG CAIXIN I    7.99     11/23/18    CNY    40.30
TIANJIN DONGLI CITY INFRA    6.05     06/19/20    CNY    38.92
TIANJIN ECO-CITY INVESTME    6.76     08/14/19    CNY    19.98
TIANJIN ECO-CITY INVESTME    6.76     08/14/19    CNY    20.21
TIANJIN ECONOMIC TECHNOLO    6.20     12/03/19    CNY    40.46
TIANJIN ECONOMIC TECHNOLO    6.20     12/03/19    CNY    40.52
TIANJIN ECONOMIC TECHNOLO    6.50     12/03/22    CNY    71.26
TIANJIN ECONOMIC TECHNOLO    6.50     12/03/22    CNY    71.95
TIANJIN GUANGCHENG INVEST    7.45     07/24/21    CNY    59.12
TIANJIN GUANGCHENG INVEST    7.45     07/24/21    CNY    59.20
TIANJIN GUANGCHENG INVEST    6.97     02/22/23    CNY    68.54
TIANJIN HI-TECH INDUSTRY     7.80     03/27/19    CNY    20.05
TIANJIN HI-TECH INDUSTRY     7.80     03/27/19    CNY    20.13
TIANJIN HUANCHENG URBAN I    7.20     03/21/21    CNY    61.89
TIANJIN INFRASTRUCTURE CO    5.70     02/26/23    CNY    70.50
TIANJIN INFRASTRUCTURE CO    5.70     02/26/23    CNY    71.63
TIANJIN JINNAN CITY CONST    6.95     06/18/19    CNY    20.10
TIANJIN JINNAN CITY CONST    6.95     06/18/19    CNY    20.23
TIANJIN JINNAN CITY CONST    6.50     06/03/21    CNY    61.15
TIANJIN LINGANG INVESTMEN    7.75     02/26/21    CNY    61.43
TIANJIN LINGANG INVESTMEN    7.75     02/26/21    CNY    61.63
TIANJIN NINGHE DISTRICT X    7.00     05/30/21    CNY    60.40
TIANJIN NINGHE DISTRICT X    7.00     05/30/21    CNY    61.32
TIANJIN REAL ESTATE TRUST    8.59     03/13/21    CNY    59.94
TIANJIN REAL ESTATE TRUST    8.59     03/13/21    CNY    60.24
TIANJIN RESIDENTIAL CONST    8.00     12/19/20    CNY    60.54
TIANJIN TEDA CONSTRUCTION    6.89     04/27/20    CNY    40.87
TIANJIN WATER INVESTMENT     6.60     07/28/21    CNY    56.48
TIANJIN WATER INVESTMENT     6.60     07/28/21    CNY    59.26
TIANJIN WUQING STATE-OWNE    7.18     03/19/21    CNY    62.00
TIANJIN WUQING STATE-OWNE    7.18     03/19/21    CNY    62.02
TIANJIN WUQING STATE-OWNE    8.00     12/17/20    CNY    62.11
TIANJIN WUQING STATE-OWNE    8.00     12/17/20    CNY    62.30
TONGLING CONSTRUCTION INV    6.98     08/26/20    CNY    60.74
TONGLING CONSTRUCTION INV    8.20     04/28/22    CNY    63.10
TONGLING CONSTRUCTION INV    8.20     04/28/22    CNY    63.15
TONGLU STATE-OWNED ASSET     8.09     04/18/21    CNY    61.37
TONGLU STATE-OWNED ASSET     8.09     04/18/21    CNY    63.30
TONGXIANG CITY CONSTRUCTI    6.10     05/16/20    CNY    40.43
TONGXIANG CITY CONSTRUCTI    6.10     05/16/20    CNY    40.53
TULUFAN DISTRICT STATE-OW    7.20     08/09/19    CNY    25.35
TULUFAN DISTRICT STATE-OW    7.20     08/09/19    CNY    25.50
URUMQI CITY CONSTRUCTION     6.35     07/09/19    CNY    20.18
URUMQI CITY CONSTRUCTION     7.20     11/06/18    CNY    50.40
URUMQI ECO&TECH DEVELOPME    8.58     01/10/19    CNY    25.68
URUMQI GAOXIN INVESTMENT     6.18     03/05/20    CNY    40.13
URUMQI REAL ESTATE DEVELO    7.27     04/25/21    CNY    60.43
URUMQI REAL ESTATE DEVELO    7.27     04/25/21    CNY    60.70
VANZIP INVESTMENT GROUP C    7.92     02/04/19    CNY    22.94
WAFANGDIAN STATE-OWNED AS    8.55     04/19/19    CNY    20.46
WEIFANG BINCHENG INVESTME    8.59     02/14/21    CNY    61.35
WEIFANG BINCHENG INVESTME    8.59     02/14/21    CNY    61.65
WEIFANG BINHAI INVESTMENT    6.16     04/16/21    CNY    54.61
WEIFANG DONGXIN CONSTRUCT    6.88     11/20/19    CNY    40.53
WEIFANG DONGXIN CONSTRUCT    6.88     11/20/19    CNY    40.58
WENLING CITY STATE OWNED     7.18     09/18/19    CNY    40.41
WENLING CITY STATE OWNED     7.18     09/18/19    CNY    40.41
WENZHOU ANJUFANG CITY DEV    7.65     04/24/19    CNY    20.30
WENZHOU ECONOMIC-TECHNOLO    6.49     01/15/20    CNY    40.33
WENZHOU ECONOMIC-TECHNOLO    6.49     01/15/20    CNY    40.42
WENZHOU HIGH-TECH INDUSTR    7.30     05/30/21    CNY    59.80
WENZHOU HIGH-TECH INDUSTR    7.30     05/30/21    CNY    61.21
WENZHOU HIGH-TECH INDUSTR    7.95     03/21/21    CNY    61.40
WUHAI CITY CONSTRUCTION I    8.20     03/31/19    CNY    20.34
WUHAI CITY CONSTRUCTION I    8.19     04/21/21    CNY    58.10
WUHAI CITY CONSTRUCTION I    8.19     04/21/21    CNY    62.48
WUHAN CHEDU CORP LTD         7.18     02/27/21    CNY    61.99
WUHAN CHEDU CORP LTD         7.18     02/27/21    CNY    62.03
WUHAN JIANGXIA URBAN CONS    8.99     01/20/21    CNY    62.80
WUHAN METRO GROUP CO LTD     5.70     02/04/20    CNY    38.00
WUHAN METRO GROUP CO LTD     5.70     02/04/20    CNY    40.73
WUHAN REAL ESTATE DEVELOP    5.90     03/22/19    CNY    25.20
WUHAN URBAN CONSTRUCTION     5.60     03/08/20    CNY    40.38
WUHU JINGHU CONSTRUCTION     6.68     05/16/20    CNY    40.65
WUHU JIUJIANG CONSTRUCTIO    8.49     04/14/21    CNY    62.23
WUHU JIUJIANG CONSTRUCTIO    8.49     04/14/21    CNY    62.58
WUHU YIJU INVESTMENT GROU    6.45     08/11/21    CNY    61.01
WUHU YIJU INVESTMENT GROU    6.45     08/11/21    CNY    61.15
WUJIANG ECONOMIC TECHNOLO    6.88     12/27/19    CNY    40.30
WUJIANG ECONOMIC TECHNOLO    6.88     12/27/19    CNY    40.64
WUWEI CITY ECONOMY DEVELO    8.20     12/09/20    CNY    60.98
WUWEI CITY ECONOMY DEVELO    8.20     04/24/21    CNY    61.01
WUWEI CITY ECONOMY DEVELO    8.20     12/09/20    CNY    61.26
WUWEI CITY ECONOMY DEVELO    8.20     04/24/21    CNY    61.53
WUXI CONSTRUCTION AND DEV    6.60     09/17/19    CNY    40.38
WUXI CONSTRUCTION AND DEV    6.60     09/17/19    CNY    40.50
WUXI EAST SCIENCE & TECHN    5.98     10/26/18    CNY    40.10
WUXI HUISHAN ECONOMIC DEV    6.03     04/22/19    CNY    25.19
WUXI MUNICIPAL DEVELOPMEN    6.10     10/11/20    CNY    61.00
WUXI MUNICIPAL DEVELOPMEN    6.10     10/11/20    CNY    61.21
WUXI TAIHU INTERNATIONAL     7.60     09/17/19    CNY    40.32
WUXI TAIHU INTERNATIONAL     7.60     09/17/19    CNY    40.50
WUXI XIDONG NEW TOWN CONS    6.65     01/28/20    CNY    40.38
WUXI XIDONG NEW TOWN CONS    6.65     01/28/20    CNY    40.40
WUZHONG URBAN RURAL CONST    7.18     10/12/20    CNY    60.81
WUZHONG URBAN RURAL CONST    7.18     10/12/20    CNY    60.91
WUZHOU DONGTAI STATE-OWNE    7.40     09/03/19    CNY    40.46
XIAMEN TORCH GROUP CO LTD    7.49     04/21/21    CNY    61.68
XIAMEN TORCH GROUP CO LTD    7.49     04/21/21    CNY    61.85
XIAMEN XINGLIN CONSTRUCTI    6.60     02/22/20    CNY    40.08
XIAMEN XINGLIN CONSTRUCTI    6.60     02/22/20    CNY    40.38
XI'AN AEROSPACE CITY INVE    6.96     11/08/19    CNY    40.15
XIAN CHANBAHE DEVELOPMENT    6.89     08/03/19    CNY    20.34
XI'AN HI-TECH HOLDING CO     5.70     02/26/19    CNY    25.14
XI'AN HI-TECH HOLDING CO     5.70     02/26/19    CNY    25.20
XI'AN URBAN INDEMNIFICATO    7.31     03/18/19    CNY    40.47
XI'AN URBAN INDEMNIFICATO    7.31     03/18/19    CNY    40.62
XI'AN URBAN INDEMNIFICATO    7.31     04/18/19    CNY    40.70
XI'AN URBAN INDEMNIFICATO    7.31     04/18/19    CNY    40.70
XIANGSHAN COUNTRY STATE O    7.95     04/25/21    CNY    62.39
XIANGTAN CITY CONSTRUCTIV    8.00     03/16/19    CNY    20.11
XIANGTAN CITY CONSTRUCTIV    8.00     03/16/19    CNY    20.32
XIANGTAN HI-TECH GROUP CO    6.90     01/15/20    CNY    39.97
XIANGTAN HI-TECH GROUP CO    6.90     01/15/20    CNY    40.27
XIANGTAN HI-TECH GROUP CO    8.16     02/25/21    CNY    61.11
XIANGTAN HI-TECH GROUP CO    8.16     02/25/21    CNY    61.28
XIANGTAN JIUHUA ECONOMIC     7.43     08/29/19    CNY    40.00
XIANGTAN JIUHUA ECONOMIC     7.43     08/29/19    CNY    42.97
XIANGTAN JIUHUA ECONOMIC     5.00     07/25/26    CNY    58.67
XIANGTAN JIUHUA ECONOMIC     7.15     10/15/20    CNY    59.02
XIANGTAN LIANGXING SOCIET    7.89     04/23/21    CNY    62.00
XIANGTAN ZHENXIANG STATE-    6.60     08/07/20    CNY    39.78
XIANGYANG HIGH TECH INVES    7.00     05/29/21    CNY    60.61
XIANGYANG HIGH TECH INVES    7.00     05/29/21    CNY    61.35
XIANNING CITY CONSTRUCTIO    7.50     08/31/18    CNY    25.01
XIANNING HIGH-TECH INVEST    5.80     06/05/20    CNY    39.94
XIANNING HIGH-TECH INVEST    5.80     06/05/20    CNY    59.70
XIANTAO CITY CONSTRUCTION    8.15     02/24/21    CNY    61.78
XIANTAO CITY CONSTRUCTION    8.15     02/24/21    CNY    62.11
XIAOGAN GAOCHUANG INVESTM    7.43     06/23/21    CNY    61.27
XIAOGAN GAOCHUANG INVESTM    7.43     06/23/21    CNY    61.33
XIAOGAN URBAN CONSTRUCTIO    8.12     03/26/19    CNY    20.32
XIAOGAN URBAN CONSTRUCTIO    6.89     05/29/21    CNY    61.22
XINGHUA URBAN CONSTRUCTIO    7.25     10/23/18    CNY    25.01
XINGHUA URBAN CONSTRUCTIO    7.36     07/15/20    CNY    50.22
XINGHUA URBAN CONSTRUCTIO    7.36     07/15/20    CNY    51.69
XINING CITY INVESTMENT &     7.70     04/27/19    CNY    20.44
XINING ECONOMIC DEVELOPME    5.90     06/04/20    CNY    40.19
XINJIANG KAIDI INVESTMENT    7.80     04/22/21    CNY    62.13
XINJIANG RUNSHENG INVESTM    7.15     07/10/20    CNY    50.19
XINJIANG RUNSHENG INVESTM    7.15     07/10/20    CNY    50.91
XINJIANG SHIHEZI DEVELOPM    7.50     08/29/18    CNY    25.01
XINJIANG WUJIAQU CAIJIAHU    7.50     05/21/21    CNY    61.60
XINJIANG WUJIAQU CAIJIAHU    7.50     05/21/21    CNY    64.00
XINJIANG WUJIAQU URBAN CO    6.10     05/23/20    CNY    40.47
XINJIANG WUJIAQU URBAN CO    6.10     05/23/20    CNY    40.71
XINXIANG INVESTMENT GROUP    5.85     04/15/20    CNY    40.36
XINYANG HUAXIN INVESTMENT    6.95     06/14/19    CNY    20.21
XINYANG HUAXIN INVESTMENT    6.95     06/14/19    CNY    20.26
XINYANG HUAXIN INVESTMENT    7.55     04/15/21    CNY    61.78
XINYANG HUAXIN INVESTMENT    7.55     04/15/21    CNY    62.21
XINYI CITY INVESTMENT & D    7.39     10/15/20    CNY    61.15
XINYI CITY INVESTMENT & D    7.39     10/15/20    CNY    61.29
XINYU CHENGDONG CONSTRUCT    8.48     05/27/21    CNY    60.90
XINYU CHENGDONG CONSTRUCT    8.48     05/27/21    CNY    67.00
XINYU URBAN CONSTRUCTION     7.08     12/13/19    CNY    40.54
XINZHENG NEW DISTRICT DEV    6.52     06/28/19    CNY    25.28
XINZHENG NEW DISTRICT DEV    6.52     06/28/19    CNY    25.29
XINZHOU ASSET MANAGEMENT     8.50     12/18/20    CNY    60.00
XINZHOU ASSET MANAGEMENT     7.90     02/21/21    CNY    61.20
XINZHOU ASSET MANAGEMENT     7.90     02/21/21    CNY    61.85
XINZHOU ASSET MANAGEMENT     8.50     12/18/20    CNY    61.91
XUANCHENG STATE-OWNED ASS    7.95     03/27/21    CNY    62.17
XUANCHENG STATE-OWNED ASS    7.95     03/27/21    CNY    62.27
XUZHOU CITY TONGSHAN DIST    6.60     08/08/20    CNY    40.69
XUZHOU CITY TONGSHAN DIST    6.60     08/08/20    CNY    40.90
XUZHOU ECONOMIC TECHNOLOG    8.20     03/07/19    CNY    20.22
XUZHOU ECONOMIC TECHNOLOG    8.20     03/07/19    CNY    20.23
XUZHOU ECONOMIC TECHNOLOG    7.35     04/21/21    CNY    61.04
XUZHOU HIGH SPEED RAILWAY    7.09     05/15/21    CNY    62.25
XUZHOU HIGH SPEED RAILWAY    7.09     05/15/21    CNY    62.28
XUZHOU HI-TECH INDUSTRIAL    7.86     04/22/21    CNY    61.80
XUZHOU HI-TECH INDUSTRIAL    7.86     04/22/21    CNY    62.07
YA'AN DEVELOPMENT INVESTM    7.00     09/13/20    CNY    60.67
YA'AN DEVELOPMENT INVESTM    7.00     09/13/20    CNY    60.82
YAAN STATE-OWNED ASSET OP    7.39     07/04/19    CNY    20.11
YANCHENG CITY DAFENG DIST    7.08     12/13/19    CNY    40.58
YANCHENG CITY DAFENG DIST    8.50     12/30/20    CNY    62.55
YANCHENG CITY DAFENG DIST    8.50     12/30/20    CNY    62.56
YANCHENG CITY DAFENG DIST    8.70     01/24/21    CNY    62.85
YANCHENG CITY DAFENG DIST    8.70     01/24/21    CNY    63.30
YANCHENG CITY TINGHU DIST    7.95     11/15/20    CNY    53.00
YANCHENG CITY TINGHU DIST    7.95     11/15/20    CNY    60.75
YANCHENG ORIENTAL INVESTM    6.99     10/26/19    CNY    40.14
YANCHENG SOUTH DISTRICT D    6.93     10/26/19    CNY    40.66
YANCHENG SOUTH DISTRICT D    6.70     07/30/21    CNY    60.30
YANCHENG SOUTH DISTRICT D    6.70     07/30/21    CNY    61.84
YANGJIANG HENGCAI CITY IN    6.85     09/09/20    CNY    60.81
YANGZHOU CHEMICAL INDUSTR    8.58     01/24/21    CNY    61.11
YANGZHOU CHEMICAL INDUSTR    8.58     01/24/21    CNY    61.12
YANGZHOU HANJIANG URBAN C    6.20     03/12/20    CNY    40.09
YANGZHOU HANJIANG URBAN C    6.20     03/12/20    CNY    40.27
YANGZHOU JIANGDU YANJIANG    7.48     07/29/20    CNY    50.66
YANGZHOU JIANGDU YANJIANG    7.48     07/29/20    CNY    51.37
YANGZHOU LONGCHUAN HOLDIN    8.10     03/23/19    CNY    19.98
YANGZHOU LONGCHUAN HOLDIN    8.10     03/23/19    CNY    20.27
YANGZHOU URBAN CONSTRUCTI    6.30     07/26/19    CNY    20.20
YICHANG MUNICIPAL FINANCE    7.12     10/16/19    CNY    40.20
YICHANG MUNICIPAL FINANCE    7.12     10/16/19    CNY    40.40
YICHANG URBAN CONSTRUCTIO    6.85     11/08/19    CNY    40.69
YICHANG URBAN CONSTRUCTIO    6.85     11/08/19    CNY    40.69
YICHANG URBAN CONSTRUCTIO    8.13     11/17/19    CNY    53.11
YICHUN CITY CONSTRUCTION     7.35     07/24/19    CNY    20.20
YICHUN CITY CONSTRUCTION     7.35     07/24/19    CNY    20.30
YICHUN URBAN CONSTRUCTION    7.09     05/15/21    CNY    61.31
YICHUN URBAN CONSTRUCTION    7.09     05/15/21    CNY    61.78
YILI KAZAKH AUTONOMOUS PR    7.68     02/28/21    CNY    61.58
YILI KAZAKH AUTONOMOUS PR    7.68     02/28/21    CNY    62.15
YILI STATE-OWNED ASSET IN    6.70     11/19/18    CNY    25.10
YILI STATE-OWNED ASSET IN    6.70     11/19/18    CNY    25.10
YINCHUAN URBAN CONSTRUCTI    6.88     05/12/21    CNY    60.55
YINCHUAN URBAN CONSTRUCTI    6.88     05/12/21    CNY    61.56
YINGKOU PORT GROUP CO LTD    6.10     04/27/22    CNY    71.69
YINGTAN INVESTMENT CO        7.50     12/12/22    CNY    71.36
YINGTAN INVESTMENT CO        7.50     12/12/22    CNY    74.30
YINING CITY STATE OWNED A    8.90     01/23/21    CNY    62.78
YIXING CITY DEVELOPMENT I    6.90     10/10/19    CNY    40.28
YIXING CITY DEVELOPMENT I    6.90     10/10/19    CNY    40.44
YIXING TUOYE INDUSTRIAL C    7.60     05/28/21    CNY    61.25
YIXING TUOYE INDUSTRIAL C    7.60     05/28/21    CNY    61.46
YIYANG CITY CONSTRUCTION     7.36     08/24/19    CNY    40.47
YIYANG CITY CONSTRUCTION     7.36     08/24/19    CNY    40.88
YIYANG CITY TRANSPORTATIO    7.77     04/21/21    CNY    61.14
YIYANG CITY TRANSPORTATIO    7.77     04/21/21    CNY    61.15
YIZHENG CITY CONSTRUCTION    7.78     06/14/19    CNY    20.30
YIZHENG CITY CONSTRUCTION    7.78     06/14/19    CNY    20.30
YIZHENG CITY CONSTRUCTION    8.60     01/09/21    CNY    61.66
YIZHENG CITY CONSTRUCTION    8.60     01/09/21    CNY    61.88
YONGZHOU CITY CONSTRUCTIO    7.30     10/23/20    CNY    61.03
YUEYANG URBAN CONSTRUCTIO    6.05     07/12/20    CNY    39.80
YUEYANG URBAN CONSTRUCTIO    6.05     07/12/20    CNY    40.61
YUHUAN CITY COMMUNICATION    7.15     10/12/19    CNY    40.14
YUHUAN CITY COMMUNICATION    7.15     10/12/19    CNY    40.45
YULIN CITY INVESTMENT OPE    6.81     12/04/18    CNY    25.10
YULIN URBAN CONSTRUCTION     6.88     11/26/19    CNY    39.05
YULIN URBAN CONSTRUCTION     6.88     11/26/19    CNY    40.47
YUNCHENG URBAN CONSTRUCTI    7.48     10/15/19    CNY    39.75
YUNNAN METROPOLITAN CONST    6.77     05/23/21    CNY    61.36
YUSHEN ENERGY DEVELOPMENT    8.50     02/21/21    CNY    60.87
YUYAO CITY CONSTRUCTION I    7.09     05/19/21    CNY    61.12
YUYAO CITY CONSTRUCTION I    7.09     05/19/21    CNY    62.42
YUYAO ECONOMIC DEVELOPMEN    6.75     03/04/20    CNY    40.16
YUYAO WATER RESOURCE INVE    7.20     10/16/19    CNY    40.58
ZHANGJIAGANG FREE TRADE Z    7.10     08/23/20    CNY    60.71
ZHANGJIAGANG FREE TRADE Z    7.10     08/23/20    CNY    60.89
ZHANGJIAGANG JINCHENG INV    6.88     04/28/21    CNY    61.00
ZHANGJIAGANG JINCHENG INV    6.88     04/28/21    CNY    61.63
ZHANGJIAGANG MUNICIPAL PU    6.43     11/27/19    CNY    40.10
ZHANGJIAGANG MUNICIPAL PU    6.43     11/27/19    CNY    40.58
ZHANGJIAJIE ECONOMIC DEVE    7.40     10/18/19    CNY    40.47
ZHANGJIAJIE ECONOMIC DEVE    7.80     04/17/21    CNY    61.51
ZHANGZHOU CITY CONSTRUCTI    6.60     03/26/20    CNY    40.63
ZHANGZHOU JIULONGJIANG GR    6.48     06/20/21    CNY    61.88
ZHANJIANG INFRASTRUCTURE     6.93     10/21/20    CNY    60.28
ZHANJIANG INFRASTRUCTURE     6.93     10/21/20    CNY    61.15
ZHAOYUAN STATE-OWNED ASSE    6.64     12/31/19    CNY    39.99
ZHEJIANG CHANGXING VIA OP    7.99     03/03/21    CNY    61.01
ZHEJIANG CHANGXING VIA OP    7.99     03/03/21    CNY    61.20
ZHEJIANG FUCHUN SHANJU GR    7.70     04/28/21    CNY    61.70
ZHEJIANG FUCHUN SHANJU GR    7.70     04/28/21    CNY    61.80
ZHEJIANG GUOXING INVESTME    6.94     08/01/21    CNY    61.32
ZHEJIANG GUOXING INVESTME    6.94     08/01/21    CNY    61.51
ZHEJIANG HUZHOU HUANTAIHU    6.70     11/28/19    CNY    40.44
ZHEJIANG LIN'AN ECONOMIC     7.90     04/23/21    CNY    60.97
ZHEJIANG LIN'AN ECONOMIC     7.90     04/23/21    CNY    62.22
ZHEJIANG PROVINCE DEQING     6.40     02/22/20    CNY    39.86
ZHEJIANG PROVINCE DEQING     6.40     02/22/20    CNY    39.96
ZHEJIANG PROVINCE XINCHAN    6.60     04/24/20    CNY    40.23
ZHEJIANG PROVINCE XINCHAN    6.60     04/24/20    CNY    40.34
ZHENGZHOU PUBLIC HOUSING     5.98     07/17/20    CNY    39.51
ZHENGZHOU PUBLIC HOUSING     5.98     07/17/20    CNY    40.62
ZHENJIANG CITY CONSTRUCTI    7.90     12/18/20    CNY    61.52
ZHENJIANG CITY CONSTRUCTI    8.20     01/13/21    CNY    61.57
ZHENJIANG CITY CONSTRUCTI    8.20     01/13/21    CNY    61.94
ZHENJIANG CITY CONSTRUCTI    7.90     12/18/20    CNY    72.27
ZHENJIANG CULTURE AND TOU    6.60     01/30/20    CNY    40.17
ZHENJIANG NEW AREA URBAN     8.35     02/26/21    CNY    60.26
ZHENJIANG NEW AREA URBAN     8.99     01/16/21    CNY    61.37
ZHENJIANG TRANSPORTATION     7.29     05/08/19    CNY    19.80
ZHENJIANG TRANSPORTATION     7.29     05/08/19    CNY    19.88
ZHONGRONG XINDA GROUP CO     7.40     07/18/22    CNY    67.81
ZHONGSHAN TRANSPORTATION     6.65     08/28/18    CNY    24.97
ZHONGSHAN TRANSPORTATION     6.65     08/28/18    CNY    24.97
ZHOUKOU INVESTMENT GROUP     7.49     04/21/21    CNY    61.81
ZHOUSHAN DINGHAI STATE-OW    7.25     08/31/20    CNY    55.68
ZHOUSHAN DINGHAI STATE-OW    7.25     08/31/20    CNY    56.03
ZHOUSHAN DINGHAI STATE-OW    7.13     08/04/21    CNY    60.37
ZHOUSHAN DINGHAI STATE-OW    7.13     08/04/21    CNY    61.91
ZHOUSHAN PUTUO DISTRICT S    7.18     06/20/22    CNY    70.93
ZHOUSHAN PUTUO DISTRICT S    7.18     06/20/22    CNY    71.76
ZHUCHENG ECONOMIC DEVELOP    7.50     08/25/18    CNY    21.25
ZHUHAI HUAFA GROUP CO LTD    5.50     06/05/19    CNY    25.00
ZHUHAI HUAFA GROUP CO LTD    5.50     06/05/19    CNY    50.00
ZHUHAI HUIHUA INFRASTRUCT    7.15     09/17/20    CNY    61.00
ZHUJI CITY CONSTRUCTION I    6.92     12/19/19    CNY    40.56
ZHUJI CITY YUEDU INVESTME    8.20     12/12/20    CNY    61.55
ZHUJI CITY YUEDU INVESTME    8.20     12/12/20    CNY    61.95
ZHUZHOU CITY CONSTRUCTION    6.95     10/16/20    CNY    61.30
ZHUZHOU GECKOR GROUP CO L    7.50     09/10/19    CNY    40.26
ZHUZHOU GECKOR GROUP CO L    7.50     09/10/19    CNY    40.42
ZHUZHOU GECKOR GROUP CO L    6.95     08/11/21    CNY    60.98
ZHUZHOU GECKOR GROUP CO L    6.95     08/11/21    CNY    61.09
ZHUZHOU YUNLONG DEVELOPME    6.78     11/19/19    CNY    40.37
ZHUZHOU YUNLONG DEVELOPME    6.78     11/19/19    CNY    40.50
ZIBO CITY PROPERTY CO LTD    5.45     04/27/19    CNY    12.12
ZIYANG CITY CONSTRUCTION     7.58     01/09/19    CNY    25.12
ZIYANG WATER INVESTMENT C    7.40     10/21/20    CNY    60.95
ZUNYI CITY HUICHUAN DISTR    6.75     04/24/19    CNY    25.35
ZUNYI CITY HUICHUAN DISTR    7.85     06/25/21    CNY    61.27
ZUNYI CITY HUICHUAN DISTR    7.85     06/25/21    CNY    61.60


HONG KONG
---------

CHINA SOUTH CITY HOLDINGS    7.25     11/20/22    USD    74.65


INDONESIA
---------

BERAU COAL ENERGY TBK PT     7.25     03/13/17    USD    49.04
BERAU COAL ENERGY TBK PT     7.25     03/13/17    USD    49.35
DAVOMAS INTERNATIONAL FIN   11.00     12/08/14    USD     0.28
DAVOMAS INTERNATIONAL FIN   11.00     12/08/14    USD     0.28
DAVOMAS INTERNATIONAL FIN   11.00     05/09/11    USD     0.28
DAVOMAS INTERNATIONAL FIN   11.00     05/09/11    USD     0.28


INDIA
-----

3I INFOTECH LTD              2.50     03/31/25    USD    12.50
BLUE DART EXPRESS LTD        9.50     11/20/19    INR    10.18
CORE EDUCATION & TECHNOLO    7.00     05/07/49    USD     0.29
EDELWEISS ASSET RECONSTRU    2.00     11/20/27    INR    55.57
EDELWEISS ASSET RECONSTRU    2.00     08/27/27    INR    56.25
EDELWEISS ASSET RECONSTRU    2.00     03/28/27    INR    57.12
EDELWEISS ASSET RECONSTRU    2.00     04/27/27    INR    63.18
GTL INFRASTRUCTURE LTD       6.73     10/26/22    USD    50.17
JAIPRAKASH ASSOCIATES LTD    5.75     09/08/17    USD    55.26
JAIPRAKASH POWER VENTURES    7.00     02/13/49    USD     5.00
JCT LTD                      2.50     04/08/11    USD    25.55
PAN INDIA INFRAPROJECTS P    0.10     01/25/24    INR    55.54
PRAKASH INDUSTRIES LTD       5.25     04/30/15    USD    22.63
PYRAMID SAIMIRA THEATRE L    1.75     07/04/12    USD     1.00
REI AGRO LTD                 5.50     11/13/14    USD     1.23
REI AGRO LTD                 5.50     11/13/14    USD     1.23
RELIANCE COMMUNICATIONS L    6.50     11/06/20    USD    39.85
SVOGL OIL GAS & ENERGY LT    5.00     08/17/15    USD     1.55
VIDEOCON INDUSTRIES LTD      2.80     12/31/20    USD    29.28


JAPAN
-----

TAKATA CORP                  1.02     12/15/17    JPY     0.50
TAKATA CORP                  0.58     03/26/21    JPY     2.36
TAKATA CORP                  0.85     03/06/19    JPY     2.36


KOREA
-----

2016 KIBO 1ST SECURITIZAT    5.00     09/13/18    KRW    75.73
DOOSAN CAPITAL SECURITIZA   20.00     04/22/19    KRW    65.93
HEUNGKUK FIRE & MARINE IN    5.70     12/29/46    KRW    49.57
KIBO ABS SPECIALTY CO LTD    5.00     12/25/19    KRW    71.50
KIBO ABS SPECIALTY CO LTD    5.00     08/29/19    KRW    72.41
KIBO ABS SPECIALTY CO LTD    5.00     02/26/19    KRW    73.51
KIBO ABS SPECIALTY CO LTD    5.00     02/25/19    KRW    73.79
SAMPYO CEMENT CO LTD         7.50     04/20/14    KRW    70.00
SAMPYO CEMENT CO LTD         7.30     06/26/15    KRW    70.00
SAMPYO CEMENT CO LTD         7.30     04/12/15    KRW    70.00
SAMPYO CEMENT CO LTD         7.50     07/20/14    KRW    70.00
SAMPYO CEMENT CO LTD         7.50     09/10/14    KRW    70.00
SINBO SECURITIZATION SPEC    5.00     09/27/21    KRW    69.63
SINBO SECURITIZATION SPEC    5.00     08/25/21    KRW    69.87
SINBO SECURITIZATION SPEC    5.00     07/27/21    KRW    70.07
SINBO SECURITIZATION SPEC    5.00     06/23/20    KRW    70.09
SINBO SECURITIZATION SPEC    5.00     03/15/20    KRW    70.87
SINBO SECURITIZATION SPEC    5.00     02/28/21    KRW    71.26
SINBO SECURITIZATION SPEC    5.00     01/27/21    KRW    71.52
SINBO SECURITIZATION SPEC    5.00     12/22/20    KRW    71.79
SINBO SECURITIZATION SPEC    5.00     09/23/20    KRW    72.50
SINBO SECURITIZATION SPEC    5.00     08/26/20    KRW    72.73
SINBO SECURITIZATION SPEC    5.00     06/24/19    KRW    72.89
SINBO SECURITIZATION SPEC    5.00     07/28/20    KRW    72.94
SINBO SECURITIZATION SPEC    5.00     03/13/19    KRW    73.65
SINBO SECURITIZATION SPEC    5.00     02/25/20    KRW    74.22
SINBO SECURITIZATION SPEC    5.00     01/28/20    KRW    74.45
SINBO SECURITIZATION SPEC    5.00     12/30/19    KRW    74.67
WISE MOBILE SECURITIZATIO   20.00     09/17/18    KRW    75.22


MALAYSIA
--------

AEON CREDIT SERVICE M BHD    3.50     09/15/20    MYR     1.35
ASIAN PAC HOLDINGS BHD       3.00     05/25/22    MYR     0.71
BARAKAH OFFSHORE PETROLEU    3.50     10/24/18    MYR     0.15
BERJAYA CORP BHD             2.00     05/29/26    MYR     0.27
BERJAYA CORP BHD             5.00     04/22/22    MYR     0.38
BRIGHT FOCUS BHD             2.50     01/22/31    MYR    73.70
ELK-DESA RESOURCES BHD       3.25     04/14/22    MYR     0.96
HIAP TECK VENTURE BHD        5.00     06/23/21    MYR     0.43
I-BHD                        3.00     10/09/19    MYR     0.38
IRE-TEX CORP BHD             1.00     06/10/19    MYR     0.02
LAND & GENERAL BHD           1.00     09/24/18    MYR     0.13
PERODUA GLOBAL MANUFACTUR    0.50     12/17/25    MYR    69.36
PMB TECHNOLOGY BHD           3.00     07/12/23    MYR     3.30
PUC BHD                      4.00     02/15/19    MYR     0.11
REDTONE INTERNATIONAL BHD    2.75     03/04/20    MYR     0.11
SENAI-DESARU EXPRESSWAY B    1.35     06/30/31    MYR    58.15
SENAI-DESARU EXPRESSWAY B    1.35     12/31/30    MYR    59.39
SENAI-DESARU EXPRESSWAY B    1.35     06/28/30    MYR    60.65
SENAI-DESARU EXPRESSWAY B    1.35     12/31/29    MYR    61.88
SENAI-DESARU EXPRESSWAY B    1.35     12/29/28    MYR    64.41
SENAI-DESARU EXPRESSWAY B    1.35     06/30/28    MYR    65.75
SENAI-DESARU EXPRESSWAY B    1.35     12/31/27    MYR    67.18
SENAI-DESARU EXPRESSWAY B    1.35     06/30/27    MYR    68.61
SENAI-DESARU EXPRESSWAY B    1.35     06/30/26    MYR    71.49
SENAI-DESARU EXPRESSWAY B    1.15     06/30/25    MYR    73.35
SENAI-DESARU EXPRESSWAY B    1.15     12/31/24    MYR    74.91
THONG GUAN INDUSTRIES BHD    5.00     10/10/19    MYR     2.88
UNIMECH GROUP BHD            5.00     09/18/18    MYR     1.01
VIZIONE HOLDINGS BHD         3.00     08/08/21    MYR     0.06
YTL LAND & DEVELOPMENT BH    3.00     10/31/21    MYR     0.42


PHILIPPINES
-----------

BAYAN TELECOMMUNICATIONS    13.50     07/15/06    USD    22.75
BAYAN TELECOMMUNICATIONS    13.50     07/15/06    USD    22.75
PHILIPPINE GOVERNMENT BON    3.63     03/21/33    PHP    68.42
PHILIPPINE GOVERNMENT BON    4.63     09/09/40    PHP    72.02
PRECINCT PROPERTIES NEW Z    4.80     09/27/21    NZD     1.03


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      6.35     10/01/21    SGD    45.01
ASL MARINE HOLDINGS LTD      6.00     03/28/20    SGD    51.47
AUSGROUP LTD                 8.45     10/20/18    SGD    51.38
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 P   12.50     07/08/15    USD    48.89
BERAU CAPITAL RESOURCES P   12.50     07/08/15    USD    49.25
BLD INVESTMENTS PTE LTD      8.63     03/23/15    USD     4.82
ENERCOAL RESOURCES PTE LT    9.25     08/05/14    USD    38.13
EZRA HOLDINGS LTD            4.88     04/24/18    SGD     4.84
HYFLUX LTD                   4.20     08/29/19    SGD    55.16
INDO INFRASTRUCTURE GROUP    2.00     07/30/10    USD     1.00
INNOVATE CAPITAL PTE LTD     6.00     12/11/24    USD    70.00
ITNL OFFSHORE PTE LTD        7.50     01/18/21    CNY    70.28
MICLYN EXPRESS OFFSHORE P    8.75     11/25/18    USD    30.02
ORO NEGRO DRILLING PTE LT    7.50     01/24/19    USD    43.75
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
THETA CAPITAL PTE LTD        6.75     10/31/26    USD    73.64
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 CO    1.00     10/10/25    USD    68.69
DEBT AND ASSET TRADING CO    1.00     10/10/25    USD    69.75





                             *********

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

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

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


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

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

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

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

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



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