/raid1/www/Hosts/bankrupt/TCRAP_Public/180918.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, September 18, 2018, Vol. 21, No. 185

                            Headlines


A U S T R A L I A

300K ENTERPRISES: First Creditors' Meeting Set for Sept. 27
ALLANS BILLY: Second Creditors' Meeting Set for Sept. 24
BC FIRE: Second Creditors' Meeting Set for Sept. 21
JAMIE OLIVER: Second Creditors' Meeting Set for Sept. 21
LETTSY'S TRANSPORT: First Creditors' Meeting Set for Sept. 25

LEYDEN CATERING: Second Creditors' Meeting Set for Sept. 21
MAJELLA GROUP: Second Creditors' Meeting Set for Sept. 21
QUEENSLAND NICKEL: High Court Judge Recused From Palmer Trial
QUINTIS LTD: Chapter 15 Case Summary


C H I N A

CHINA GRAND AUTO: Moody's Gives B1 CFR & Alters Outlook to Pos.
SEVEN STARS: Appoints Co-CEO & Adds Other Senior Executives
YICHANG HIGH-TECH: Moody's Gives BB+ IDR & Unsec. Bonds Rating
YIDA CHINA: Moody's Lowers CFR to B3 & Sr. Unsec. Rating to Caa1


I N D I A

AAJKAAL PUBLISHERS: CARE Assigns B+ Rating to INR10.04cr Loan
ADITI INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
ALOM POLY: CARE Assigns B+ Rating to INR10cr Long-Term Loan
ANUPAM FIBROTECH: CRISIL Maintains B Rating in Non-Cooperating
ATC CHEMICALS: CRISIL Maintains B Rating in Non-Cooperating

AUTO CZARS: CRISIL Maintains B- Rating in Not Cooperating
AVIOHELITRONICS INFO: CRISIL Retains B Rating in Not Cooperating
BAJRANG COTTON: CRISIL Maintains 'B' Rating in Not Cooperating
BRIJ KISHORE: CARE Assigns 'B+' Rating to INR13cr LT Loan
BTC INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating

CAR PLANET: CRISIL Maintains 'B' Rating in Not Cooperating
CHEER SAGAR: CRISIL Maintains 'B' Rating in Not Cooperating
CLUSTER JEWELLERY: CRISIL Maintains B Rating in Not Cooperating
DEVKINANDAN PAPER: CRISIL Maintains B Rating in Not Cooperating
DURGASHAKTI FOODS: CRISIL Maintains B Rating in Not Cooperating

E C BOSE: CRISIL Maintains D Rating in Not Cooperating Category
ELITE AUTOMOBILES: CRISIL Maintains B Rating in Not Cooperating
FLORIDA ELECTRICAL: CRISIL Reaffirms B+ Rating on INR10cr Loan
GCX LIMITED: Moody's Review 'B3' Corp Family Rating for Downgrade
HOSHIARPUR ROLLER: CRISIL Cuts Rating to D on Bankruptcy Filing

JONSON RUBBER: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
LAXMINARAYAN SHIVHARE: CARE Moves C Rating to Not Cooperating
M PLUS: CARE Assigns B Rating to INR8cr Long-Term Loan
NADAR PRESS: CRISIL Lowers Rating on INR4.91cr Term Loan to D
OSWAL OVERSEAS: CARE Lowers Rating on INR9.95cr Loan to B-

PARSVNATH HOTELS: Ind-Ra Affirms 'D' Rating on INR116.25MM Loan
POLIXEL SECURITY: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
ROLTA INDIA: Ind-Ra Affirms 'D' Long Term Issuer Rating
RELIANCE INFRASTRUCTURE: CRISIL Withdraws D on INR585cr Loan
SREE BALAJI: CARE Assigns B+ Rating to INR10cr Long-Term Loan

STRIDE'S CHARITABLE: CARE Reaffirms B+ Rating on INR8cr LT Loan
TIMES STEEL: CARE Lowers Rating on INR22cr Lon-Term Loan to B+


N E W  Z E A L A N D

MAINZEAL PROPERTY: Director Defends Reckless Trading Allegations


P H I L I P P I N E S

RURAL BANK OF PAGBILAO: Creditors Claims Deadline Set for Oct. 29
TIAONG RURAL: Creditors Claims Deadline Set for Oct. 29


S I N G A P O R E

ANAN INTERNATIONAL: High Court Orders Owner to Wind Up


X X X X X X X X

* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2018


                            - - - - -


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


300K ENTERPRISES: First Creditors' Meeting Set for Sept. 27
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of 300K
Enterprises Pty Ltd will be held at the offices of BRI Ferrier at
Level 1, 99-101 Francis Street, in Northbridge, Western
Australia, on Sept. 27, 2018, at 10:00 a.m.

Giovanni Maurizio Carrello of BRI Ferrier was appointed as
administrator of 300K Enterprises on Sept. 17, 2018.


ALLANS BILLY: Second Creditors' Meeting Set for Sept. 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of:

   -- Allans Billy Hyde Pty Ltd;
   -- Gallin's Musician Pro Shop Pty Ltd;
   -- Benzen Pty Ltd; and
   -- Brandiston Pty Ltd

has been set for Sept. 24, 2018, at 2:00 p.m. at the offices of
Ferrier Hodgson at Level 43, 600 Bourke 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 Sept. 21, 2018, at 4:00 p.m.

John Ross Lindholm and George Georges of Ferrier Hodgson were
appointed as administrators of Allans Billy on June 20, 2018.


BC FIRE: Second Creditors' Meeting Set for Sept. 21
---------------------------------------------------
A second meeting of creditors in the proceedings of BC Fire Pty
Ltd has been set for Sept. 21, 2018, at 10:00 a.m. at the offices
of Gosford RSL, Executive Room, 26 Central Coast Highway, in
West Gosford, 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 Sept. 20, 2018, at 5:00 p.m.

Blair Pleash of Hall Chadwick was appointed as administrator of
BC Fire on Aug. 20, 2018.


JAMIE OLIVER: Second Creditors' Meeting Set for Sept. 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of Jamie Oliver
Restaurant Group (Australia) Pty Ltd has been set for Sept. 21,
2018, at 11:00 a.m. at the offices of BDO, Level 11, 1 Margaret
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 Sept. 20 2018, at 4:00 p.m.

Andrew Thomas Sallway of BDO was appointed as administrator of
Jamie Oliver Restaurant Group on April 16, 2018.


LETTSY'S TRANSPORT: First Creditors' Meeting Set for Sept. 25
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Lettsy's
Transport Pty. Ltd. will be held at the Boardroom of Chifley
Advisory at Level 2, 9 Phillip Street, in Parramatta, NSW, and at
the Offices of Servcorp, 10 Eagle Street, in Brisbane,
Queensland, on Sept. 25, 2018, at 11:00 a.m.

Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Lettsy's Transport on Sept. 13, 2018.


LEYDEN CATERING: Second Creditors' Meeting Set for Sept. 21
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Leyden
Catering Consultants Pty Ltd, formerly trading as Beaumonde
Catering, has been set for Sept. 21, 2018, at 11:00 a.m. at the
offices of Cor Cordis, Mezzanine Level, 28 The Esplanade, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 20, 2018, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Leyden Catering on June 19, 2018.


MAJELLA GROUP: Second Creditors' Meeting Set for Sept. 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Majella
Capital Funds Management Pty Ltd and Majella Group Holdings Pty
Ltd has been set for Sept. 21, 2018, at 11:30 a.m. at Level 4,
240 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 Sept. 20, 2018, at 4:00 p.m.

Richard Albarran, Glenn Shannon and David Ingram of Hall Chadwick
were appointed as administrators of Majella Group on Aug. 16,
2018.


QUEENSLAND NICKEL: High Court Judge Recused From Palmer Trial
-------------------------------------------------------------
Melinda Howells at ABC News reports that businessman Clive Palmer
has succeeded in his bid to have a Supreme Court Judge in
Brisbane recused from an upcoming trial related to the 2016
collapse of Queensland Nickel.

Federal Government-appointed liquidators are seeking to recover
hundreds of millions of dollars from Mr. Palmer and 20 other
defendants over the closure of the Townsville refinery, which led
to more than 800 job losses, the report says.

According to ABC News, Mr. Palmer applied to have Justice John
Bond recuse himself from the case, alleging bias.

ABC News relays that while Mr. Palmer was not in court when the
decision was handed down, he spoke to the media outside court a
short time later.

"I support Justice Bond in the decision he's made," the report
quotes Mr. Palmer as saying.  "He's shown extraordinary courage
for a judge himself to be able to recuse himself on the grounds
of apprehended bias and we should appreciate that and we should
applaud him for doing so."

The report relates that in his written judgment, Justice Bond
rejected Mr. Palmer's argument of actual bias against the mining
magnate and former federal MP as "baseless". But Justice Bond
decided to disqualify himself from the case, due to "apprehended
bias".

"I have done so, because in all the circumstances I have
concluded it is my duty to do so, in order to ensure that justice
be seen to be done at the trial of this proceeding," the report
quotes Justice Bond as saying.

Mr. Palmer's allegations of bias relates to previous orders that
the court made, freezing his assets.

In May, Justice Bond froze more than AUD200 million of Mr.
Palmer's personal assets, and more than AUD340 million in company
assets related to his business activities, ABC recalls.

According to ABC News, Justice Bond concluded that because he had
made an adverse finding against Mr. Palmer and found his evidence
was "implausible", there was a risk that future rulings might be
seen as prejudiced.

ABC News says Mr. Palmer denied trying to delay proceedings and
said it was not a case of "judge shopping".

In a statement, the Special Purpose Liquidator, Stephen Parbery
of Ferrier Hodgson, said he respected Justice Bond's reasons for
recusing himself, ABC News relays.

The trial has not been delayed and is due to begin in April 2019,
with Justice David Jackson taking over, ABC News notes.

Liquidators have alleged Mr. Palmer and his nephew Clive Mensink
breached their duties while running Queensland Nickel and traded
while insolvent.

Mr. Palmer, a former federal MP, has denied any wrongdoing, and
has lodged a counterclaim in the Supreme Court, suing liquidators
for AUD1.8 billion in damages.

                      About Queensland Nickel

Queensland Nickel was engaged in the production and marketing of
nickel and cobalt.  It owned and operates the Palmer Nickel and
Cobalt Refinery in Queensland, Australia. It is owned by
businessman and politician Clive Palmer.

The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected.  The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.

On Jan. 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.

FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."

On April 22, 2016, the Companies' creditors voted for
liquidation.

FTI went from being administrators to liquidators at the second
creditors meeting in April 2016.


QUINTIS LTD: Chapter 15 Case Summary
------------------------------------
Lead Debtor: Quintis Ltd.
             L2, 171-173 Mounts Bay Rd
             Perth, WA 6000
             Australia

Business Description: Formerly known as TFS Corporation
                      Ltd), Quintis Ltd. is a forestry management
                      company.  Quintis is an owner and manager
                      of sandalwood plantations in northern
                      Australia.  The company also operates
                      sandalwood processing and oil distribution
                      facilities in Albany, Western Australia,
                      and a pharmaceutical product development
                      business in San Antonio, USA.

                      https://quintis.com.au/

Foreign
Proceeding
in Which
Appointment of
the Foreign
Representative
Occurred:             Scheme of Arrangement under Corporations
                      Act (Commonwealth of Australia)

Chapter 15
Petition Date:        September 12, 2018

Affiliated companies that have filed voluntary petitions seeking
relief under Chapter 15 of the Bankruptcy Code:

     Debtor                                   Case No.
     ------                                   --------
     Quintis Ltd. (Lead Debtor)               18-12739
     Arwon Finance Pty Ltd.                   18-12740
     Australian Sandalwood Oil Co. Pty Ltd.   18-12741
     Mt Romance Australia Pty Ltd.            18-12742
     Mt Romance Holdings Pty Ltd.             18-12744
     Quintis Forestry Limited                 18-12745
     Quintis Leasing Pty Ltd.                 18-12746
     Sandalwood Properties Ltd.               18-12747

Court:                United States Bankruptcy Court
                      Southern District of New York
                      (Manhattan)

Judge:                Hon. Martin Glenn

Chapter 15 Petitioner:Richard Tucker
                      Level 10, 40 St George Terrace 3185
                      Perth, WA 6000
                      Australia

Chapter 15
Petitioner's
Counsel:              Aaron Javian, Esq.
                      David Kazlow, Esq.
                      REED SMITH LLP
                      599 Lexington Avenue
                      New York, NY 10022
                      Tel: 212-521-5400
                      Fax: 212-521-5450
                      Email: ajavian@reedsmith.com
                             dkazlow@reedsmith.com

Estimated Assets:     Unknown

Estimated Debts:      Unknown

A full-text copy of Quintis Ltd.'s Chapter 15 petition is
available for free at:

         http://bankrupt.com/misc/nysb18-12739.pdf



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


CHINA GRAND AUTO: Moody's Gives B1 CFR & Alters Outlook to Pos.
---------------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook for China Grand Automotive Services Co., Ltd.'s B1
corporate family rating. Moody's has also affirmed the same B1
rating.

RATINGS RATIONALE

"The positive rating outlook reflects China Grand Auto's strong
business profile, which position the company strongly as its B1
rating level when compared with global auto dealer peers," says
Gerwin Ho, a Moody's Vice President and Senior Credit Officer.

Moody's says China Grand Auto's strong business profile is
demonstrated by its leading position in China's auto dealership
market, large dealership network, brand diversity, and broad
geographic coverage.

China Grand Auto was the largest auto dealer in China by revenue
and unit sales in 2017, according to the China Automobile Dealers
Association. The company posted revenue totaling RMB78 billion
and new vehicle sales of about 404,214 units, representing 3.4%
of China's passenger vehicle unit sales in 1H 2018.

The company operated in 837 locations at June 30, 2018, including
771 4S (sales, spare parts, services and survey) dealership
stores, covering 57 brands. Headquartered in Shanghai, it
maintains a presence in 28 regions across China, with
particularly strong market positions in West and Central China.

China Grand Auto has been growing its service-related revenues
over the past few years, including from auto maintenance,
commissions and auto leasing. Such revenues accounted for 15% of
the company's total revenues in 1H 2018.

The gross margins for its service-related operations are higher
than for new vehicle sales and, as such, accounted for the
majority of gross profit, in particular, with auto maintenance
contributing 32% of gross profit in 1H 2018.

Moody's believes the company will continue to grow its service-
related revenues, including auto maintenance, supported by its
large and growing customer base.

"Moody's also expects China Grand Auto to manage its growth, both
through organic and acquisition means, while maintaining a
prudent financial policy that will result in a steadily improving
leverage and good interest coverage," adds Ho, who is also
Moody's Lead Analyst for China Grand Auto.

As mentioned, China Grand Auto operated 771 4S dealership stores
at June 30, 2018. This number represents an increase from the 405
at the end of 2013. The company grows its store network through
opening new stores and acquisitions, including from the
acquisition of Hong Kong-listed Grand Baoxin Auto Group Limited
in June 2016.

China Grand Auto's good growth and exposure to auto leasing,
however, raise significant funding needs. As such, any weakening
in its ability to secure banking facilities for working capital
purposes or maintain its diversified funding channels - including
through public equity or domestic and offshore bond issuance -
will limit its growth. Moody's expects adjusted debt to reach
around RMB63 billion by the end of 2018, up from approximately
RMB58 billion at the end of 2017.

China Grand Auto's debt leverage - as measured by adjusted
debt/EBITDA - registered about 5.9x in the last 12 months ending
June 30, 2018. Moody's expects that the ratio will moderate to
around 5.7x over the next 12-18 months, which is an improvement
from the 6.7x in 2016.

EBITDA/interest should stay healthy at around 3.4x over the next
12-18 months versus about 3.5x in the last 12 months ending June
30, 2018; driven by rising EBITDA, as China Grand Auto's revenue
scale expands and the company shows steady profitability, due to
the share of its higher margin service-related revenues rising to
offset pressure on margins for new vehicle sales.

China Grand Auto's liquidity is moderate. At June 30, 2018, its
restricted and unrestricted cash of RMB15 billion was
insufficient to cover its short-term debt of RMB34 billion.

Nonetheless, Moody's expects that the company will be able to
rollover its debt with domestic banks, given its profitable
operations, strong market position, and inventory of branded
cars.

The company also demonstrates a track record of access to
diversified funding channels, including onshore debt instruments
such as corporate bonds, medium-term notes, and asset-backed
securities.

China Grand Auto's B1 rating reflects the company's strong
business profile and rising exposure to higher margin service-
related revenues.

China Grand Auto's B1 rating is constrained by its moderately
high debt leverage, which stems from its acquisitive growth,
reliance on short-term financing, and exposure to regulatory
risk.

The company faces regulatory risks related to vehicle ownership
controls, vehicle fuel economy and emission standards, as well as
with regard to its financial services and used vehicle sales. Any
further tightening of related regulations could slow the
company's sales.

Upward rating pressure could emerge, if China Grand Auto
continues to maintain its business profile, maintain access to
diversified funding sources, and be able to refinance its short-
term debt, while improving these two factors: (1) its debt
leverage; and (2) the contribution of revenue and gross profit
from its auto maintenance business on a sustained basis.

Credit metrics indicative of upward rating pressure include
adjusted debt/EBITDA trending towards 5.0x-5.5x and interest
coverage as measured by EBITDA/interest exceeding 3x on a
sustained basis.

On the other hand, the rating outlook could return to stable if:

(1) The company's business profile weakens;

(2) Revenue and/or margins decline, due to deteriorating market
conditions, or the termination of contracts with vehicle
suppliers;

(3) The company is unable to increase revenue and gross profit
contributions from its auto maintenance business;

(4) Its liquidity position or funding access weakens; or

(5) It fails to maintain its interest coverage - as measured by
EBITDA/interest - above 3x or improve its leverage such that
leverage trends towards 5.0-5.5x over the next 12-18 months.

The principal methodology used in this rating was Retail Industry
published in May 2018.

Established in 2006, China Grand Automotive Services Co., Ltd. is
listed on the Shanghai Stock Exchange and was 32.8% owned by the
unlisted Xinjiang Guanghui Industry Investment Group Co., Ltd.
(B2 stable) at June 30, 2018.


SEVEN STARS: Appoints Co-CEO & Adds Other Senior Executives
-----------------------------------------------------------
Ideanomics (Seven Stars Cloud Group, Inc.) has appointed Brett
McGonegal as its co-chief executive officer effective Sept. 21,
2018.

"A frequent contributor and commentator at industry events, and
to the world's financial media, McGonegal brings significant
thought leadership and financial markets expertise to Ideanomics
and is the former CEO of Hong Kong-listed investment bank, The
Reorient Group (376HK), which was sold to Alibaba's Jack Ma and
associates in 2015, yielding a market capitalization of $3
billion USD.  Prior to Reorient, he was co-head of equity sales
and trading at Cantor Fitzgerald in Hong Kong, where he pioneered
execution trading, and a senior managing director at Charles
Schwab Capital Markets in the U.S.  Mr. McGonegal will be based
out of New York and Hong Kong," the Company stated in a press
release.

McGonegal will be joined at Ideanomics by Uwe Parpart, who will
join Ideanomics as chief strategy officer, based out of Hong
Kong. Parpart is the Chairman of Asia Times Holdings, the Hong
Kong company that owns the Asia Times newspaper.  Prior to Asia
Times, Uwe served as chief strategist and head of research at The
Reorient Group and as a senior currency strategist at Bank of
America.

The third senior appointee is Evan Kalimtgis, who will serve as
Ideanomics' chief investment officer and head of financial
product development, based out of London and Hong Kong.  Evan
most recently was founder of the Strategic Portfolio Group at JP
Morgan's CIO division in London, which helped oversee the build
out of the firm's fixed income investment portfolio to over
US$400 Billion.  He also was the founder of the Glencore external
credit fund, Asteri Capital, and before that headed proprietary
credit trading at Dresdner Kleinwort Benson.

"These new additions to Ideanomics' management team brings to the
Company a lifetime of experience in serving at and building out
global financial services and media firms.  Their appointment
underscores Ideanomics' stated goal of creating the world's
premier blockchain technology-based asset management platform
infused with unique AI-based data structuring, analysis, and risk
management," the company added.

Their roles within Ideanomics will have a heavy focus on the
following key areas, in addition to their participation in the
overall management of the organization:

   * Managing the Global Capital Markets Division of fixed income
     products, enhanced by AI and blockchain;

   * Super AI-enhanced Risk Management Services for Ideanomics'
     Commodities & Energy division;

   * Investor Relations;

   * And strengthening the build out of the New York, Hong Kong,
     and London offices.

Bruno Wu, Chairman and Co-CEO of Ideanomics, said "We've taken
time to speak with various leaders in the global financial
markets, looking for the very best talent to help support
critical and dynamic areas of our business.  We are extremely
pleased to announce the addition of Brett, Uwe, and Evan as it
delivers precisely what we were looking for, which is exceptional
individuals with a blend of innovation in financial services and
global market expertise that is essential for the high-growth
business model of Ideanomics through the remainder of 2018 and
beyond."

Brett McGonegal, Co-CEO of Ideanomics, stated "From our first
conversation, it was clear that Bruno and I had a shared vision
for the future of financial services and how digitization,
tokenization, and fractionalization can unlock tremendous value
currently not available in today's financial markets.  Today is a
big step in making this future a reality.  We are delighted to be
joining the Ideanomics team at such an exciting time and look
forward to help driving increased shareholder value through
delivering the types of digital financial products that both
asset holders and investors are looking for."

On Sept. 10, 2018, Seven Stars entered into a binding Memorandum
of Understanding with Mr. McGonegal, Mr. Evangelos Kalimtgis and
Mr. Uwe Henke Von Parpart pursuant to which the Company and
Messrs. McGonegal, Kalimtgis and Von Parpart agreed that their
(i) employment period with the Company shall commence on
Sept. 21, 2018 and (ii) employment contract will be finalized
within 90 days from Sept. 10, 2018 and which will include the
following terms:

   * 2-year employment term for each of Messrs. McGonegal,
     Kalimtgis and Von Parpart;

   * Appoint Messrs. McGonegal, Kalimtgis and Von Parpart to be
     co-CEO, chief investment officer and chief strategist of the
     Company, respectively;

   * Annual salary for each of Messrs. McGonegal, Kalimtgis and
     Von Parpart of $500,000, $400,000 and $150,000,
     respectively;

   * Additional Salary of $100,000 per year to Mr. Von Parpart to
     run Asia Times Financial Limited (the JV company formed by
     the Company and Asia Times Holdings Ltd.);

   * A yearly bonus for each of Messrs. McGonegal, Kalimtgis and
     Von Parpart to be agreed upon with the Company;

   * The issuance of an aggregate of 8,000,000 funded warrants
     to Messrs.  McGonegal, Kalimtgis and Von Parpart at an
     exercise price of a 25% premium to the closing market price
     of the Company's common stock;

   * The Warrants will vest as follows: (i) 25% will vest 9
     months following the triggering of the Exercise Price; (ii)
     50% will vest 18 months following the triggering of the
     Exercise Price; and (iii) 25% will vest 24 months following
     the triggering of the Exercise Price; and

   * Standard senior executive benefits.

                       About Seven Stars

Seven Stars Cloud Group, Inc., formerly Wecast Network, Inc. --
http://www.sevenstarscloud.com/-- is aiming to become a next
generation Artificial-Intelligent (AI) & Blockchain-Powered,
Fintech company.  By managing and providing an infrastructure and
environment that facilitates the transformation of traditional
financial markets such as commodities, currency and credit into
the asset digitization era, SSC provides asset owners and holders
a seamless method and platform for digital asset securitization
and digital currency tokenization and trading.  The company is
headquartered in Tongzhou District, Beijing, China.

Seven Stars reported a net loss of $10.19 million for the year
ended Dec. 31, 2017, compared to a net loss of $28.50 million for
the year ended Dec. 31, 2016.  As of June 30, 2018, Seven Stars
had $153.57 million in total assets, $117.53 million in total
liabilities, $1.26 million in convertible redeemable preferred
stock, and $34.77 million in total equity.

B F Borgers CPA PC's report on the consolidated financial
statements for the year ended Dec. 31, 2017, contains an
explanatory paragraph expressing substantial doubt regarding the
Company's ability to continue as a going concern.  The auditors
stated that the Company incurred recurring losses from
operations, has net current liabilities and an accumulated
deficit that raise substantial doubt about its ability to
continue as a going concern.


YICHANG HIGH-TECH: Moody's Gives BB+ IDR & Unsec. Bonds Rating
--------------------------------------------------------------
Fitch Ratings has published China-based Yichang High-Tech
Investment Development Co., Ltd.'s (YHID) First-Time Long-Term
Foreign- and Local-Currency Issuer Default Ratings of 'BB+' with
a Stable Outlook. Concurrently, Fitch has assigned a 'BB+(EXP)'
expected rating on YHID's proposed US dollar-denominated
unsecured bond.

YHID invests and constructs public works, such as land
development, urban development, industrial parks and social
housing, in Yichang High-Tech Development Zone, which is located
in Hubei province. The entity was the second-largest
infrastructure investment platform in Yichang municipality by
asset size in 2017.

The proposed bonds will be YHID's direct, unconditional,
unsecured and unsubordinated obligations and will at all times
rank pari passu with all its other outstanding and future
unsecured and unsubordinated obligations. The proceeds will be
used for general corporate purposes. The final rating on the
proposed bond is contingent on the receipt of final documents
conforming to information already reviewed.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: YHID was established
as a limited liability company under China's company law. YHID's
legal status indicates that its liabilities are not automatically
transferred to the local government in case of a default.
However, Fitch expects the government has a strong incentive to
provide extraordinary support in light of its stable ownership of
YHID through the Yichang State-owned Assets Supervision and
Administration Commission as a sole shareholder as well as its
highly interrelated operation with and strong control of the
entity. YHID's major operation and financing decisions are
subject to local government review and approval.

'Strong' Support Record and Expectations: The local government
has provided continuous support to YHID, including subsidies of
CNY200-300 million a year, project capital grants, tax benefits
and land-use rights. Contributions-in-kind of land and buildings
have also been provided to strengthen YHID's financial stability.
Fitch expects support to continue, given the important social and
political role of YHID's public works, but support could
fluctuate based on the municipality's fiscal balance and project
progress.

'Moderate' Socio-Political Implications of Default: YHID has a
significant presence in the development zone as the largest
financing platform. Fitch expects a default of YHID could hamper
the zone's development. However, socio-political implications are
largely limited and Fitch believes a substitute that is involved
in similar projects with a large capacity in the municipality
would be able to provide a similar service with only a temporary
disruption.

'Strong' Financial Implications of Default: YHID was Yichang's
second-largest financing platform in terms of debt and asset size
as at end-2017. Most of the debts are associated with public
works and are financed through various financial institutions,
including policy, commercial and local bank. A default would
therefore affect the financing capacity of ongoing projects and
those in the pipeline. A default by YHID would make borrowing
more difficult and expensive for other government-related
entities.

Weak Standalone Profile: YHID's public-work revenue is highly
concentrated, with the local government accounting for 99% of the
total revenue. Demand is likely to be sensitive to the local
government's development plan and local economic growth. Fitch-
adjusted net debt/EBITDA deteriorated to 15.6x in 2017, from 9.5x
in 2016, and is likely to continue rising as YHID funds the
public works in its pipeline.

This leads to a standalone credit profile in the 'B' category.
Fitch expects the EBITDA interest coverage ratio of 0.9x in 2017
on a cash basis to remain under 1.0x in light of rising debt.
Cash/operating cost was sufficient, at 2.4x, but YHID is likely
to continue depending on proceeds from external financing due to
its negative operating cash flow, which Fitch expects to continue
in the short term.

RATING SENSITIVITIES

Triggers for Upgrade: An upgrade of Fitch's internal assessment
of the sponsor's creditworthiness may trigger positive rating
action on YHID. Positive rating action may also stem from a
stronger or more explicit support commitment from the sponsor.

Triggers for Downgrade: A downgrade of the sponsor or a lower
likelihood of support from the sponsor may lead to negative
rating action. A weakening of YHID's financial implication of a
default, weakening of the sponsor's controlling shareholding or
reduced socio-political implications of a default may result in
negative rating action. Concurrently, a downgrade of Fitch's
credit view on YHID could lead to negative rating action on the
bond rating.


YIDA CHINA: Moody's Lowers CFR to B3 & Sr. Unsec. Rating to Caa1
----------------------------------------------------------------
Moody's has downgraded to B3 from B2 the corporate family rating
(CFR) of Yida China Holdings Limited.

At the same time, Moody's has downgraded to Caa1 from B3 the
senior unsecured rating of the senior unsecured notes issued by
the company.

The rating outlook remains negative.

RATINGS RATIONALE

"The rating downgrade reflects Yida's weak financial management
and its heightened debt refinancing risk over the next 12-18
months amid tight credit conditions in China for small scale
property developers," says Kaven Tsang, a Moody's Vice President
and Senior Credit Officer.

As of June 2018, Yida had cash of RMB2.0 billion (including
RMB525 million unrestricted and RMB1.44 billion restricted),
which could not fully cover its short-term debt of RMB9.7 billion
and the RMB3.2 billion balance payment for the acquisition of the
remaining interest in the Dalian Tiandi project, which generated
good presales for the company in 1H 2018.

Moody's notes that the company will receive RMB2.6 billion of
cash in 2H 2018 from the sale of a land parcel within the Dalian
Tiandi project to Longfor Group Holdings Limited (Baa3 stable)
and manage to refinance its trust loans and onshore bonds due in
3Q 2018. However, the funding gap for the next 12 months is still
estimated at RMB6-6.5 billion.

Yida's net operating cash flow from contracted sales of
residential properties is inadequate to fully cover this funding
gap. In the first eight months of 2018, Yida's gross contracted
sales increased 24% year-on-year to RMB5.6 billion, partially
driven by 13% year-on-year growth in average contracted sales
prices and new launches in 2Q 2018. Moody's expects the company's
gross contracted sales to stay largely flat at around RMB7
billion for the full year 2018, compared with RMB7.26 billion in
2017.

Yida is actively seeking new borrowings to cover the funding gap.
If the company fails to secure new financing in the next few
months, its ratings will come under further downgrade pressure.

In addition, Yida's borrowings cost will increase under the tight
credit environment in China (A1 stable), which will in turn
weaken its financial metrics. Moody's expects Yida's
EBIT/adjusted interest will stay weak at 1.3x-1.4x over the next
12 months, declining from 1.7x in 2017. Its revenue/adjusted debt
will also decline slightly to around 33%-34% from 40% in 2017.
These levels place the company's rating at the lower B level.

Yida's B3 CFR reflects the company's established track record in
the development and management of business parks in Dalian.

Its rental and management income from business parks will provide
the company with stable cash flow, which is a key driver for its
B3 rating.

Moody's expects Yida's rental income will grow to RMB410-430
million in 2018-19 from RMB386 million in 2017. This stable
income covers around 25% of the company's gross interest expenses
and can offer some support to the company's debt service
capability.

However, the company's B3 CFR is constrained by its weak
liquidity, high debt leverage, small operating scale, and high
geographic concentration in Dalian city.

The negative outlook reflects Moody's concerns over Yida's weak
liquidity and high debt refinancing risk.

Upward rating pressure is unlikely, given the negative outlook.
Nevertheless, the rating outlook could return to stable if Yida
(1) improves its liquidity position by refinancing its maturing
debt with longer term debt, such that cash/short-term debt can be
sustained at 1.0x; (2) shows growth in contracted sales with
acceptable levels of cash collection; and (3) maintains its
EBIT/interest above 1.0x.

On the other hand, downward rating pressure could arise if Yida's
liquidity position further deteriorates due to (1) a material
decline in contracted sales; or (2) an inability to refinance its
maturing debt over the next 6-12 months.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Yida China Holdings Limited engages in the development and
operation of business parks, and the development and sale of
residential properties, with a focus on Dalian. The company also
provides property management and construction, decoration and
landscaping services. Yida was founded in 1998 by Sun Yinhuan,
the ex-chairman of the company. The company listed on the Hong
Kong Stock Exchange in June 2014.



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


AAJKAAL PUBLISHERS: CARE Assigns B+ Rating to INR10.04cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Aajkaal Publishers Private Limited (APPL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities           10.04       CARE B+; Stable Assigned

   Short-term Bank
   Facilities           11.00       CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of APPL are
constrained by its below average financial risk profile marked by
small scale of operation, low profitability margins, leveraged
capital structure and moderate debt coverage indicators,
volatility in newsprint prices, regional concentration risk and
competitive and fragmented nature of the industry. The aforesaid
constraints are partially offset by the experienced promoters,
long track record of operations and favorable demand outlook for
printing daily newspapers.

The ability of the company to increase its scale of operations
with improvement in profitability margins and effective
management of working capital will be the key ratings
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Below average financial risk profile: The scale of operations of
the company remained relatively small marked by total operating
income of INR52.65 crore (INR42.81 crore in FY17) with a PAT of
INR0.62 crore (INR0.26 crore in FY17) in FY18, provisional. The
profitability margins of the company remained low marked by
PBILDT margin of 8.41% (0.60% in FY17) and PAT margin of 1.18%
(0.61% in FY17) in FY18, provisional.

The capital structure of the company remained leveraged marked by
overall gearing ratio improved as on March 31, 2018 to 8.10x as
against 17.96x as on March 31, 2017. The debt coverage indicators
remained moderate marked by interest coverage of 2.68x (0.17x in
FY17) and total debt to GCA of 4.44x (11.15x in FY17) in FY18,
provisional.

Volatility in newsprint prices: The major raw material for APPL
is newsprint constituting about 49.47% of the total raw material
expenses in FY18. APPL procures newsprint from the domestic as
well as international suppliers. The share of imported newsprint
was about 91.21% in FY18 (FY17: 91.21%). The prices of imported
newsprint remain highly volatile. Domestic newsprint prices are
also influenced by international newsprint prices. Currently,
APPL is procuring the same at USD 954.45/- tonne with INR2800 per
tonne as clearing charges from dock. As the majority raw material
is imported, APPL is subjected to forex fluctuation risk.
However, the forex risk is partially mitigated as the company
takes forward cover at an opportune time (between the transaction
date and date of receipt/payment).

Regional concentration risk: APPL is a regional player with more
than 70% of its revenue being derived from West Bengal, Tripura
and Assam enunciating its limited geographical presence.
Furthermore, APPL is engaged in the publication of single
language (Bengali) newspaper and magazines and consequently it
mainly caters to some part of eastern India only.

Working capital intensive nature of business: APPL's business,
being publication of newspaper dailies and magazines is working
capital intensive and the company maintains adequate inventory of
raw materials for smooth running of its production process and to
mitigate price fluctuation risk. The average collection remained
high as on the last three account closing dates primarily on the
back of the company's strategy to provide higher credit period
for advertisements agencies to attract them and to retain them on
the back of increasing competition. Moreover, the average
creditor's period was on the higher side during last three years
which mitigates its working capital to a certain extent.
Accordingly the average utilization of fund based limits was
around 100% during last twelve months ended in June 30, 2018.

Competitive and fragmented nature of the industry: The paper and
magazine printing industry is fragmented with a large number of
small to medium scale organized and unorganized players owing to
low entry barriers with no visible differentiators in product
profile. APPL faces stiff competition not only from other
established Bengali daily's like "The Anandabazar Patrika",
"Bartaman", "Sangbad Pratidin", "Ganashakti" etc. but also from
newly launched Bengali daily's like "Ei Samay", "Sambad Akhon",
"Ebela" etc. Hence the players in the industry do not have any
pricing power and are exposed to competition limits the scope for
margin expansion.

Key Rating Strengths

Experienced promoters and long track record of operations: APPL
is into business of publication of newspaper dailies and
magazines since 1981 and thus has around four decades of track
record of operations. Over four decades, the company has evolved
into a print media conglomerate with various premier publications
and magazine publishing. Moreover, the key director Mr. Tapan
Kumar Ghosh (aged, 60 years) has more than four decade of
experience in the same line of business looks after the day to
day operations of the company supported by other director's,
editors, reporters and a team of experienced professionals.

Favorable demand outlook for printing daily newspapers: In the
long term, the overall newsprint market is expected to grow on
the back of increasing advertisement revenue, print penetration
and reach especially in tier II and tier III cities, supported by
favorable demographics, increasing purchasing power and growth in
literacy level.

Aajkaal Publishers Private Limited (APPL) was incorporated in
September 1979 to carry out the business of publishing news
dailies to provide readers with news, views and other forms of
information and knowledge. It is the second oldest surviving
Bengali daily based out of West Bengal. APPL is primarily engaged
in publishing Bengali news daily in the name of "Aajkaal" apart
from other publications and magazines in diversified areas of
interests attracting readers of different genre and states
covering states like West Bengal, Siliguri, Tripura, Assam,
Delhi, Odisha, Jharkhand, Bihar, Mumbai, southern states of
Andhra, Tamil Nadu and Karnataka. The different magazines
published by APPL include "Khela", "Susthyo" and "Safar". The
company has three news printing units located at Kolkata,
Siliguri and Agartala having a total installed capacity of 30000
copies per hour. 'Aajkal' is the second leading Bengali daily in
India having an average daily circulation of 190000 copies during
the period from January 2018 to June 2018.


ADITI INDUSTRIES: CRISIL Maintains B Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aditi Industries
(AI) continues to be 'CRISIL B/Stable Issuer not cooperating'

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

   Proposed Long Term      3.5        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan               2.5        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with AI for obtaining
information through letters and emails dated February 28, 2018
and August 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 AI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AI 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 AI continues to be 'CRISIL B/Stable Issuer not
cooperating'

AI is a partnership concern and was formed in 2009. The day-to-
day operations of the firm are managed by Mr. Pawan Agarwal, who
is one of the partners of the firm. The firm has set up Portland
pozzolona cement (PPC) grinding unit near Naigaon (Assam). The
unit started operations in April 2012.


ALOM POLY: CARE Assigns B+ Rating to INR10cr Long-Term Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Alom
Poly Extrusions Limited (APEL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.00      CARE B+; Stable Assigned

   Short-term Bank
   Facilities             0.65      CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of APEL are
constrained by small scale of operations, low profit margins,
volatility in input prices, working capital intensive nature of
business, leveraged capital structure with moderate debt coverage
indicators and its presence in an intensely competitive industry.
The aforesaid constraints are partially offset by experienced
promoters with satisfactory track record of operations and
reputed clientele.  The ability of the company to increase its
scale of operations with improvement in profitability margins and
effective management of working capital will be the key ratings
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low profitability margins: The
scale of operations of the company remained small marked by total
operating income of INR39.55 crore (INR31.29 crore in FY17) with
a net loss of INR0.90 crore (against a net profit of INR1.07
crore in FY17) in FY18, Provisional. However, the total operating
income has witnessed year of year growth during last three years
(FY16-FY18) and the same has grown at a CAGR of 15.32% during the
aforesaid period. Moreover, the company has reported net loss of
INR0.90 crore during FY18, Provisional as the company sold out
majority of its products at cost prices owing to low demand in
the market. Moreover, the company has achieved revenue of around
INR8.37 crore during Q1FY19.

Volatility in input prices: Raw material (i.e. HDPE plastic
granules etc.) is the major cost driver for the company
constituting around 79.91% of its total cost of sales in FY18,
provisional. However, the company has long term contracts
with Haldia Petrochemicals Limited, Indian Oil Corporation
Limited etc. (domestic suppliers) for the purchase of raw
materials. Hence availability of raw material is not an issue.
Moreover, the prices of the raw material are decided by the
market dynamics. Hence, the profitability margins of the company
could get adversely affected with any sudden spurt in the raw
material prices.

Working capital intensive nature of business: The operations of
the company remained working capital intensive in nature marked
by its high average collection and inventory periods. The company
allows credit of more than two months to its customers. Further
the company maintains adequate stock of input materials for about
two months for smooth running of its production process and to
mitigate price fluctuation risk. However, the company avails
credit of around two months from its suppliers due to its long
relationship with them which mitigates its working capital
intensity to a certain extent. Moreover, the average utilization
of fund based limit remained moderate at about 85% during last
twelve months ending on June 30, 2018.

Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the company remained
leveraged owing to its working capital intensive nature of
operations resulting in higher dependence on bank borrowings. The
overall gearing ratio stood at 3.63x (3.10x as on March 31, 2017)
as on March 31, 2018. The debt coverage indicators remained
moderate marked by interest coverage of 2.09x (2.68x in FY16) and
total debt to GCA of 14.43x (6.53x in FY17) in FY18, provisional.

Intensely competitive industry: The plastic pipes industry is
highly fragmented with a large number of small to medium scale
organized and unorganized players owing to low entry barriers
with no visible differentiators in product profile. High
competition in the operating spectrum and small size of the
company limits the scope for margin expansion.

Key Rating Strengths

Experienced promoters and satisfactory track record of
operations: The company is into same line of business since 1990
and thus has satisfactory operational track record of around
three decades. Furthermore, the key director, Mr. Ajay Prakash
Jhunjhunwala (Graduate) aged about 60 years is having an
experience of more than four decade in same line of business
looks after the day to day operations of the company. He is
supported by other directors and a team of experience
technicians, engineers etc.

Reputed clientele: The company has been associated with a number
of reputed customers since its inception and has marked a
remarkable presence as a supplier of construction materials. The
company is a vendor of Prayag group, Larsen & Toubro Ltd, Gawar
Construction Ltd., Jain & Rai Construction Private Limited,
Simplex Infrastructures Ltd. etc. for supplying Double Wall
Corrugated (DWC) High Density Polyethylene (HDPE) Pipes.

Alom Poly Extrusions Limited (APEL) was incorporated in June 1990
and currently it is managed by Mr. Ajay Prakash Jhunjhunwala, Mr.
Shree Prakash Jhunjhunwala, Mr. Pravin Agarwal, Mr. Anshuman
Kanoria, Mr. Anil Kumar Seth and Mr. Arnav Jhunjhunwala. The
company is into manufacturing of corrugated polyethylene pipes
for sewage, drainage and cables protection. The manufacturing
facility of the company is located at Banganagar, West Bengal,
with an installed capacity of 1000 metric tonnes per annum
(MTPA). The manufacturing facility of the company has an ISO
9001: 2015-Quality Management Certification which helps in wide
acceptance of its products in the market.


ANUPAM FIBROTECH: CRISIL Maintains B Rating in Non-Cooperating
--------------------------------------------------------------
CRISIL said the rating on bank facilities of Anupam Fibrotech
(AF) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3          CRISIL A4 (ISSUER NOT
                                    COOPERATING)

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

CRISIL has been consistently following up with AF for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 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 AF, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AF 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 AF continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 2004, AF is a proprietorship firm manufacturing and
supplying FRP-based products for the automobile, chemical,
telecom and refinery industries. AF is managed by Mr. M B
Hirenath and has its registered office at Pune (Maharashtra).


ATC CHEMICALS: CRISIL Maintains B Rating in Non-Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of ATC Chemicals India
Private Limited (ATCIPL) 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          1.52       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term       .48       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with ATCIPL for
obtaining information through letters and emails dated
February 28, 2018 and August 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 ATCIPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on ATCIPL
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 ATCIPL continues to be 'CRISIL B/Stable Issuer not
cooperating'

Incorporated in 2004, ATCIPL manufactures leather chemicals. The
manufacturing facility is based in Pondicherry. The managing
director of the company is Mr. J B Gualino.


AUTO CZARS: CRISIL Maintains B- Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the rating on bank facilities of Auto Czars (Auto's)
continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         3          CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit            3.5        CRISIL B-/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      .5        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with Auto's for
obtaining information through letters and emails dated Feb. 28,
2018 and Aug. 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 Auto's, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality.

Based on the last available information, the rating on bank
facilities of Auto's continues to be 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

Delhi-based Auto is a partnership firm set up in 2008 by Mr. Amit
Jain and Mr. Vishnu Bhargava. The firm is an approved stockist of
MSIL's spare parts. The firm caters to the demands of various
Maruti-authorised service centres in West Delhi, retailers, and
local workshops. Auto also operates nine retail outlets in and
around West Delhi to cater to the demands of walkin customers.


AVIOHELITRONICS INFO: CRISIL Retains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the rating on bank facilities of Aviohelitronics
Infosystems Private Limited (AIS) continues to be 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Proposed Bank           1          CRISIL B/Stable (ISSUER NOT
   Guarantee                          COOPERATING)

   Proposed Cash           6          CRISIL B/Stable (ISSUER NOT
   Credit Limit                       COOPERATING)

   Proposed Letter         1          CRISIL A4 (ISSUER NOT
   of Credit                          COOPERATING)

   Proposed Long Term      4          CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

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

CRISIL has been consistently following up with AIS for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 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 AIS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality.

Based on the last available information, the rating on bank
facilities of AIS continues to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

AIS was set up in 2006 in Bengaluru by Mr. S P Sameer. It caters
to the aviation industry and is engaged in design, development,
testing, and certification of embedded software; aero-structural
engineering services such as design, analysis, and prototyping;
embedded-systems engineering such as design and manufacturing of
avionics; and technical publications.


BAJRANG COTTON: CRISIL Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Bajrang Cotton (BC)
continues to be 'CRISIL B/Stable Issuer not cooperating'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit             7          CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term      1.66       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

CRISIL has been consistently following up with BC for obtaining
information through letters and emails dated February 28, 2018
and August 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 BC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BC 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 BC continues to be 'CRISIL B/Stable Issuer not
cooperating'

Set up in 2006, BC gins and presses cotton. The firm's plant is
in Amreli (Gujarat).


BRIJ KISHORE: CARE Assigns 'B+' Rating to INR13cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Brij
Kishore Prasad (BKP), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            13.00      CARE B+; Stable Assigned

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of BKP is constrained
by modest scale of operations with low profitability margins,
proprietorship nature of constitution, leveraged capital
structure with moderate debt coverage indicators, geographical
concentration and geopolitical risk and presence in highly
competitive & fragmented industry. The rating, however, derives
strength from experienced proprietor and long track record of
operations.

Going forward, the ability of the firm to increase its scale of
operation with improvement in profitability margins and
manage its working capital effectively shall be the key rating
sensitivities.

Detailed Description of the Key Rating Drivers

Key Rating Weaknesses

Modest scale of operations with low profitability margins: The
scale of operations of the firm was modest marked by its total
operating income (TOI) of INR180.88 crore (FY17: INR15.13 crore)
with a PAT of INR0.68 crore (FY17: INR0.14 crore) in FY18
(Provisional). The firm generates around 90% of total revenue
from exporting of non-basmati rice to Bangladesh. The revenue had
declined from INR51.92 in FY16 to INR15.13 crore in FY17 as
Bangladesh had imposed 28% import duty on exports of rice after
its domestic production recovered. So the revenue of BKP has
drastically declined in FY17 as compare to FY16. However,
Bangladesh reduced import duty on rice from 28% to 10% in
June 2017 and again it reduced the import duty from 10% to 2% in
September-October 2017 to meet the shortfall of the crops as
flash floods damaged production of rice in Bangladesh. So the
revenue of the firm has increased significantly in FY18.
Currently Bangladesh has again increased the import duty to 28%
on rice imports to support its farmers after local production
revived. During 4MFY19, the firm has reported a turnover of
INR34.00 crore. Moreover, the profitability margins of the firm
remained low marked by PBILDT margin of 1.60% (FY17: 6.22%) and
PAT margin of 0.38% (FY17: 0.90%) in FY18 provisional. The profit
margin of the firm was low mainly on account of its trading
nature of business.

Proprietorship nature of constitution: BKP, being a
proprietorship firm, is exposed to inherent risk of the capital
being withdrawn at time of personal contingency and entity being
dissolved upon the death/insolvency of the proprietor. Further,
proprietorship firm has restricted access to external borrowing
as credit worthiness of the proprietor would be the key factors
affecting credit decision for the lenders.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked by overall gearing ratio of 2.01x (1.46x as on
March 31, 2017) as on March 31, 2018, provisional. Deterioration
in overall gearing ratio was on account of higher debt level to
support its improved turnover. However, the leverage ratios were
improved as on March 31, 2018, provisional on account of improved
PBILDT, GCA and accumulation of profit into reserves. Further,
the debt coverage indicators of the firm remained moderate marked
by interest coverage ratio of 1.31x (FY17: 1.17x) and total debt
to GCA of 11.22x (FY17: 34.07x) in FY18, provisional. Improvement
in interest coverage was on account of higher PBILDT level
resulted from higher turnover in FY18 and improvement in total
debt to GCA was on account of higher GCA level during the period.

Geographical concentration and Geo-Political Risk: BKP's entire
operating income generates from export of food grains to
Bangladesh, hence any change in the political environment or any
government intervention may affect the entity's operating income.
As such the firm is also exposed to geographical concentration
risk.

Presence in highly competitive & fragmented industry: BKP
operates in highly fragmented and competitive market marked by
the presence of numerous organized as well as unorganized players
in India. Low entry barriers and low investment requirements
makes the industry highly lucrative and thus competitive. Smaller
companies in general are more vulnerable to intense competition
due to their limited pricing flexibility, which constrains their
profitability as compared to larger companies who have better
efficiencies and pricing power considering their scale of
operations.

Key Rating Strengths

Experienced proprietor with long record of operations: BKP was
established as a partnership firm since Jan 1995 and engaged in
trading of food grains. Accordingly, it has over 23 years of long
track record of operations and has established good relationship
with its clients. Currently the firm is managed by Mr. Brij
Kishore Prasad (aged about 52 years) who is having experience of
more than two decades trading and export business. He looks after
the overall management of the firm, with adequate support from a
team of experienced personnel.

Brij Kishore Prasad (BKP) was established in 1995 as a
proprietorship firm by Mr. Brij Kishore Prasad based out of
Siliguri, West Bengal. The firm is engaged in exporting of food
grains mainly rice, pulses, flour, mustard oil cake, coal,
soyabeans etc. to Bangladesh. BKP procures its traded goods
mainly from Uttar Pradesh, Bihar, West Bengal etc. The registered
office of the firm is situated in Siliguri, West Bengal.


BTC INDUSTRIES: CRISIL Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the rating on bank facilities of BTC Industries
Limited (BIL) continues to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee          5         CRISIL A4 (ISSUER NOT
                                     COOPERATING)

   Cash Credit            18.5       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      2.5       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING)

   Term Loan              19.0       CRISIL B+/Stable (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with BIL for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 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 BIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BIL 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 BIL continues to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

BIL was incorporated in October 2003 by the Late Mr. Yashoda
Nandan Agarwal and his sons Mr. Navneet Agarwal and Mr.Tushar
Agrawal. The company started production of Thermo Mechanically
Treated bars in 2006 at its plant in Khasra (Uttarakhand). The
company also backward integrated its operations and started
manufacturing ingots in-house from the same premises.


CAR PLANET: CRISIL Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Car Planet
Enterprises Private Limited (CEPL) continues to be 'CRISIL
B/Stable Issuer not cooperating'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            1.9         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Inventory Funding      3.0         CRISIL B/Stable (ISSUER NOT
   Facility                           COOPERATING)

   Term Loan              4.6         CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with CEPL for obtaining
information through letters and emails dated February 28, 2018
and August 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 CEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CEPL 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 CEPL continues to be 'CRISIL B/Stable Issuer not
cooperating.

Incorporated in 2009, CEPL, promoted by Mr. Amit Agarwal, is an
authorised dealer for various companies such as Fiat Group
Automobiles, Mitsubishi Motors, and Mahindra Earth Master; it
also runs Mahindra First Choice service centre. Mr. Agarwal looks
after the company's operations.


CHEER SAGAR: CRISIL Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Cheer Sagar Exports
(CSE) continues to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Foreign Bill           0.4         CRISIL B/Stable (ISSUER NOT
   Purchase                           COOPERATING)

   Packing Credit         4.0         CRISIL A4 (ISSUER NOT
                                      COOPERATING)

   Standby Line of        1.6         CRISIL A4 (ISSUER NOT
   Credit                             COOPERATING)

CRISIL has been consistently following up with CSE for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 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 CSE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CSE 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 CSE continues to 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating.

CSE, incorporated in 1996 is a Rajasthan-based firm, whose
operations are managed by its partners Mr. Ghanshyam Prasad
Poddar, Mr. Rakshit Poddar and Ms. Raghushree Poddar. CSE
manufactures readymade garments for the ladies' and kids'
segment; apart from apparels, it also deals in household
furnishing which includes cushion covers, quilts, bedspreads, and
bags. The manufacturing facility is in Jaipur and has an
installed capacity to produce 0.15 million pieces of readymade
garments per month.


CLUSTER JEWELLERY: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Cluster Jewellery
Limited (Cluster) continues to be 'CRISIL B/Stable Issuer not
cooperating'

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            4.65        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term
   Bank Loan Facility     7.15        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with Cluster for
obtaining information through letters and emails dated
February 28, 2018 and August 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 Cluster, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Cluster
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 Cluster continues to be 'CRISIL B/Stable Issuer not
cooperating.

Cluster was incorporated in 2005 by Mr. Mahendra Kumar Shah. The
company manufactures and sells gem-studded gold jewellery to
retailers and has a retail outlet in Ahmedabad (Gujarat).


DEVKINANDAN PAPER: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Devkinandan Paper
Mills Private Limited (DPMPL) continues to 'CRISIL
B/Stable/CRISIL A4 Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee          0.50       CRISIL A4 (ISSUER NOT
                                      COOPERATING)

   Cash Credit             4.50       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Proposed Long Term       .41       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                 COOPERATING)

   Term Loan                .37       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with DPMPL for
obtaining information through letters and emails dated Feb. 28,
2018 and Aug. 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 DPMPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on DPMPL 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 DPMPL continues to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

Set up in 2001, DPMPL is promoted by the Morbi (Gujarat)-based
Mr. Vivek R Gothi and family. The company manufactures craft
paper, which is used by various fast-moving consumer goods and
packaging companies.


DURGASHAKTI FOODS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Durgashakti Foods
Private Limited (DFPL) continues to be 'CRISIL B/Stable Issuer
not cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            10.51       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

   Term Loan               4.49       CRISIL B/Stable (ISSUER NOT
                                      COOPERATING)

CRISIL has been consistently following up with DFPL for obtaining
information through letters and emails dated February 28, 2018
and August 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 DFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DFPL 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 DFPL continues to be 'CRISIL B/Stable Issuer not
cooperating.

DFPL was set up in 2008 by Mr. Shashikant Sureka and his two
brothers to expand their family-run edible oil business. The
Sureka family has been manufacturing crude edible oil (soya and
sunflower) and de-oiled cakes for more than two decades. The
company's production facility is in Khamgaon (Maharashtra).


E C BOSE: CRISIL Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL the rating on bank facilities of E C Bose and Co Private
Limited (ECBPL) continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         1.0        CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit            5.5        CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with ECBPL for
obtaining information through letters and emails dated Feb. 28,
2018 and Aug. 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 ECBPL, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on ECBPL 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 ECBPL continues to 'CRISIL D/CRISIL D Issuer not
cooperating'.

ECBPL was incorporated in 1851, promoted by the late Mr. Eshan
Chandra Bose, and is currently managed by his family. The company
offers stevedoring and forwarding services, besides other allied
services such as comprehensive shipping and logistical services,
customs clearance, shipping, chartering and freight forwarding,
and warehousing.


ELITE AUTOMOBILES: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the rating on bank facilities of Elite Automobiles
Private Limited (EAPL) continues to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          22.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with EAPL for obtaining
information through letters and emails dated Feb. 28, 2018 and
Aug. 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 EAPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on EAPL 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 EAPL continues to 'CRISIL B/Stable Issuer not
cooperating'.

Incorporated in 2003, EAPL is an authorised dealer of passenger
vehicles and spare parts of Honda. Popular by the dealership name
Dakshin Honda, the company currently operates two showrooms and
one service centre in Bengaluru. Its operations are managed by
managing director Mr. Gurjit Singh.


FLORIDA ELECTRICAL: CRISIL Reaffirms B+ Rating on INR10cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Florida Electrical Industries Limited
(FEIL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         9         CRISIL A4 (Reaffirmed)

   Cash Credit           10         CRISIL B+/Stable (Reaffirmed)

   Cash Credit/
   Overdraft facility     2         CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the company's below-average
financial risk profile, owing to average capital structure and
debt protection metrics and stretched liquidity driven by large
working capital requirements.  These weaknesses are partially
offset by promoter's extensive experience and established
supplier relationship.

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: Networth increased to
INR9.55 crore as on March 31, 2018 from INR8.45 crore the
previous year due to accretion to reserve. However, the total
outside liabilities to tangible networth (TOLTNW) ratio weakened
to 3.5 times as on March 31, 2018 from 2.32 times a year ago.
Operating margin declined to 2.9% in fiscal 2018 from 6.6% in
fiscal 2017, primarily due to large provisions made towards
replacement/warrantee charges. Despite some improvement, debt
protection metrics remained average with interest coverage and
net cash accrual to adjusted debt ratios of 1.95 times and 0.09
time, respectively, for fiscal 2018.

Moreover, stretched receivables and increasing working capital
requirement result in high bank limit utilisation and constrain
liquidity and overall financial risk profile.

* Large working capital requirement: FEIL has large working
capital requirements because of its moderately high gross current
assets and growing scale of operations. The Gross current assets
were sizeable at 124 days as on March 31, 2018, driven by large
deposits in the form of retention money, security deposits, and
receivables. Effective receivables management, timely release of
retention money and sanctioning of enhanced limits will remain
critical for prudent working capital management and thus
liquidity.

Strength

* Extensive experience of the promoter, established supplier
relations and moderate revenue visibility because of outstanding
order book: Benefits from the promoter's 25 years of experience
in the custom-built electrical equipment industry, his in-depth
understanding of the market dynamics and established relationship
with reputed suppliers should support the business. Revenue
increased to INR106.00 crore in fiscal 2018 from INR35.99 crore
the previous year. Moreover, outstanding orders of INR130 crore
as of July 2018, provide revenue visibility in the near-term.

Outlook: Stable

CRISIL believes FEIL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if improvement in profitability increases cash
accrual, or efficient working capital management or sizable
equity infusion strengthens liquidity. The outlook may be revised
to 'Negative' if low cash accrual or stretch in working capital
cycle weakens financial risk profile, especially liquidity.

Incorporated in 1994 and promoted by Mr Anil Arora, FEIL is in a
tender-based business for assembling of standard lighting
products such as light emitting diode-LED- street lights and
flood lights.


GCX LIMITED: Moody's Review 'B3' Corp Family Rating for Downgrade
-----------------------------------------------------------------
Moody's Investors Service has placed GCX Limited's B3 corporate
family rating and senior secured ratings on review for downgrade.

GCX is a wholly owned subsidiary of Reliance Communications
Limited through an intermediary holding company, Global Cloud
Xchange Limited. GCXL is 100% owned by RCOM, which is under the
strategic debt restructuring process agreed with the Joint
Lenders' Forum since June 2017.

RCOM has been pursuing the completion of an asset monetization
program since December 2017 to exit the SDR process.

RATINGS RATIONALE

"Although management announced it is evaluating several
refinancing options on its recent earnings call, a binding and
definitive agreement has yet to appear, which increasingly weighs
on the ratings," says Annalisa DiChiara, a Moody's Vice President
and Senior Credit Officer

"Moreover, some of the options require RCOM's exit from the SDR
process, a situation which lends to ongoing uncertainty around
the completion of any agreement and GCX's ability to access the
market under current circumstances," adds DiChiara

The company's $350 million senior secured bonds mature August 1,
2019.

However, GCX's access to the public markets has been shut since
RCOM entered the SDR process in June 2017. RCOM expects to exit
the SDR following the completion of its spectrum assets sales to
Reliance Jio Infocomm Ltd by 30 September. However, RCOM is still
awaiting a Supreme Court ruling related to the matter, and as
such Moody's cannot rule out further delays.

GCX communicated in its Q1 earnings call on 6 September that it
is working on multiple refinancing options for the 2019 notes,
including: (1) the sale of GCX to a new partner; (2) a privately
negotiated loan facility; and (3) a tender and new issue offer.

"We anticipate management will execute a definitive refinancing
plan over the next 60 days without loss to bondholders, failing
which the ratings will be downgraded," says DiChiara.

As of the end of June 2018, GCX had a cash balance of $38
million. The company remains current on its interest payments and
Moody's expects the company will have more than sufficient cash
to satisfy its next interest payment of $12.25 million in
February 2019 assuming that the 2019 notes have not been
refinanced by then.

To that end, GCX had guided towards cash EBITDA of around $70-80
million by year-end March 2019 -- with cash levels trending
towards $70 million over the same period -- on its Q1 earnings
call on 6 September.

The B3 ratings consider the company's relatively stable operating
performance. However, intensifying refinancing risk and limited
access to capital -- in view of the negative overhang from its
parent's restructuring process -- continue to weigh on its
ratings.

The review will focus on the company's ability to complete the
refinancing of its $350 million notes within the next two months.

The ratings could be downgraded if GCX is unable to demonstrate
access to the capital markets to fund the $350 million notes
refinancing without loss to bondholders.

On the other hand, a successful refinancing within the next two
months will stem downgrade ratings pressure.

The ratings are unlikely to be upgraded or their outlook return
to stable prior to the completion of the refinancing of the 2019
notes.

The successful completion of a refinancing could trigger an
upgrade of a notch or more as it would materially improve the
company's liquidity profile and capital structure without loss to
bondholders. A definitive sale-and-purchase agreement, inclusive
of a definitive refinancing plan for the outstanding bonds within
the next two months, will also be positive for the ratings.

The principal methodology used in these ratings was
Communications Infrastructure Industry published in September
2017.

GCX Limited, incorporated in Bermuda in 2014, wholly owns five
subsea cable systems on major data traffic routes. As of 30
September, these cable systems had a total length of 68,698
kilometers with 46 landing stations in 27 countries. GCX provides
data connectivity solutions to major telecommunications carriers
and large multinational enterprises in the US, Europe, Middle
East and Asia Pacific with a need for multi-national IP-based
solutions and connectivity.


HOSHIARPUR ROLLER: CRISIL Cuts Rating to D on Bankruptcy Filing
---------------------------------------------------------------
CRISIL has downgraded the rating to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL B-/Stable/CRISIL A4 Issuer Not
Cooperating' as Hoshiarpur Roller Flour Mills Private Limited
(HRFPL) has declared bankruptcy and its account has been marked
as an NPA (non-performing asset) by Punjab National Bank.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Cash Credit            8.5         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL B-/Stable
                                      ISSUER NOT COOPERATING')

   Overdraft              3.0         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL A4 ISSUER NOT
                                      COOPERATING')

   Proposed Long Term
   Bank Loan Facility      .3         CRISIL D (ISSUER NOT
                                      COOPERATING; Downgraded
                                      from 'CRISIL B-/Stable
                                      ISSUER NOT COOPERATING')

CRISIL has been consistently following up with HRFPL for
obtaining information, through letters and emails, dated
September 1, 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
has not obtained any information on either the financial
performance or strategic intent of HRFPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
the company is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with 'CRISIL
B' rating category or lower.'

Based on the best available information, CRISIL has downgraded
the rating to 'CRISIL D/CRISIL D Issuer Not Cooperating' from
'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating' as the
company has declared bankruptcy and its account has been marked
as an NPA (non-performing asset) by Punjab National Bank.

Set up in 1981 by Mr. Anil Kumar Gupta and his family members,
HRFPL manufactures fine and coarse flour at its facilities in
Hoshiarpur (Punjab).


JONSON RUBBER: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jonson Rubber
Industries 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:

-- INR9.1 mil. Term loan due on September 2018 migrated to Non-
     Cooperating Category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR220.0 Fund-based limits migrated to Non-Cooperating
     Category IND BB (ISSUER NOT COOPERATING) / IND A4+ (ISSUER
     NOT COOPERATING) rating; and

-- INR380.0 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
September 7, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1979, Jonson Rubber Industries manufactures
various types of conveyors and transmission belts, rubber sheets,
industrial fabrics and allied products. Its registered office is
in Delhi and factory is in Sonepat, Haryana.


LAXMINARAYAN SHIVHARE: CARE Moves C Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Laxminarayan Shivhare (LSH) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.00       CARE C; ISSUER NOT COOPERATING
   Facilities                      Based on best available
                                   information

   Long term/Short      3.00       CARE C/CARE A4; ISSUER NOT
   Term Bank                       COOPERATING; Based on best
   Facilities                      available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Laxminarayan Shivhare
(LSH) to monitor the ratings vide e-mail communications/letters
dated June 4, 2018, June 21, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on KSH's bank facilities will now be denoted
as CARE C/CARE A4 ISSUER NOT COOPERATING.

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

The ratings of LSH are primarily constrained on account of thin
profitability, weak solvency and stressed liquidity position.
The ratings are, further, continues to remain constrained on
account of risk associated with the operations in a highly
regulated liquor industry.

The ratings, however, derive benefits from experienced promoter
and favorable demand outlook with steady increase in consumption
of alcohol.

Detailed description of the key rating drivers

At the time of last rating on March 22, 2017, the following were
the rating strengths and weaknesses (updated for the information
available).

Key rating weaknesses

Thin profitability: LSH's PBILDT and PAT margins for FY17
remained thin at 2.41% and 1.22% respectively improved as
compared to 2.16% and 1.00% in FY16.

Weak solvency and stressed liquidity position: The company's
financial profile remained leveraged by its high gearing and weak
debt protection metrics. Overall gearing remained at 2.57 times
in FY17 deteriorated marginally from 2.45 times in FY16 on
account of higher proportionate increase in total debt than in
tangible net worth. However, debt coverage indicators of the firm
also remained stressed at 27.34 times as on March 31, 2016
although improved from 21.64 times as on March 31, 2017 due to
higher proportionate increase in GCA level than in total debt of
the firm. Interest coverage remained moderate at 2.23 times as on
FY17. Liquidity position of the company remained stressed in
FY17.

High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impact the pricing flexibility of the industry. The state
governments are also given liberty to enact the bye-laws for
liquor industry on their own hence any significant policy changes
adversely affect the whole industry.

Experienced Promoters: LSH is part of the Shivhare Liquor Group
which through its various associate concerns. The firm also
operates a warehouse named M/s Maa Kaila Devi Warehouse. LNSH is
part of Shivhare liquor group based in Madhya Pradesh (MP). LNSH
holds retail liquor supplier license in MP and undertakes retail
trade of Indian made foreign liquor (IMFL), beer, country liquor
(CL), wine etc.

Favorable demand outlook with steady increase in consumption of
liquor: Indian Liquor industry is one of the growing industries
despite being subjected to high taxes and innumerable regulations
by government. In addition, changing consumer preference towards
premium varieties has resulted in improvement in sales mix of
industry. Hence, Indian liquor industry is envisaged to continue
the trend of steady growth supported by increasing demand led
volume growth.

Established in 1990, Laxminarayan Shivhare (LSH) is a sole
proprietorship firm which is into the business of retailing of
alcohol. The firm also operates a warehouse named M/s Maa Kaila
Devi Warehouse. LSH is part of Shivhare liquor group based in
Madhya Pradesh (MP). LSH holds retail liquor supplier license in
MP and undertakes retail trade of Indian made foreign liquor
(IMFL), beer, country liquor (CL), wine etc. The firm enters into
open tendering process every year to avail license for the
retailing of the liquor. Depending upon the allotment of shops
during tendering, the number of shops held by the firm varies
every year. The shops are allotted in MP by the state government
through a competitive bidding process. Shivhare Liquor group has
other associate concern namely Ram Swaroop Shivhare, Gopal
Shivhare, Kamla Shivhare & Kalpna Shivhare which are engaged in
similar business activity.


M PLUS: CARE Assigns B Rating to INR8cr Long-Term Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of M Plus
Engineering Private Limited (MPEPL), as:

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

Detailed Rationale & Key rating drivers

The rating assigned to the bank facilities of MPEPL is
constrained by its relatively small scale of operations with
moderate profit margins, moderate solvency position, and working
capital intensive nature of operations. The ratings are further
constrained on account its presence in highly competitive and
fragmented industry. The rating, however, draw strength from
extensive experience of the promoters.

The ability of the company to increase its scale of operations,
improve profit margins and capital structure along with efficient
management of working capital requirements is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profit margins: The scale
of operations of the company remained modest with total operating
income (TOI) of INR1.14 crore in FY18 (provisional) and total
capital employed of INR2.08 crore as on March 31, 2018 thus
limiting financial flexibility of the company in times of stress.
Moreover, by being in the business of processing of rice,
entailing low value additions, the company's profit margin stood
low.

Moderate solvency position: The relatively low net worth base of
the company led to increased reliance on external borrowings to
support its business operations, hence resulting in moderate
capital structure. Moreover, with moderate profitability and debt
profile, the debt coverage indicators of the company remained
moderate.

Working capital intensive nature of operations: Operations of the
company remained working capital intensive with gross current
assets of 30 days in FY18 (provisional) with funds majorly
blocked in inventory.

Presence in a highly fragmented and competitive industry: MPEPL
operates in a highly competitive industry wherein there is
presence of a large number of players in the unorganized and
organized sectors. The unorganized segment mainly caters to the
replacement market and to tier II and III suppliers. The
organized segment majorly caters to the OEM segment.

Key Rating Strengths

Experienced promoters: MPEPL is currently managed by Mr.
Umeshkumar T.Mane, Mr. Ramesh T.Mane and Mr. Nivas A.Mane. The
promoters are well versed with the intricacies of the business
with more than two and a half decades of experience in
fabrication industry from association with group company.

Pune based, MPEPL is promoted by Mr. Umeshkumar T. Mane, Mr.
Ramesh T. Mane and Mr. Nivas A. Mane. MPEPL began its operations
from April 2017 as a manufacturer of Capital Tooling Parts,
Precision Machine Components, Material Handling Equipment's and
Industrial Molds. The company operates on job work basis.


NADAR PRESS: CRISIL Lowers Rating on INR4.91cr Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of The
Nadar Press Limited (Nadar Press) to 'CRISIL D/CRISIL D' from
'CRISIL B-/Stable/CRISIL A4'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Bank Guarantee         .25         CRISIL D (Downgraded from
                                      'CRISIL A4')

   Cash Credit           2.20         CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

   Proposed Working       .59         CRISIL D (Downgraded from
   Capital Facility                   'CRISIL B-/Stable')

   Term Loan             4.91         CRISIL D (Downgraded from
                                      'CRISIL B-/Stable')

The rating downgrade reflects delays in repayment of bank debt by
Nadar Press. These delays have been due to working capital
intensive operations.

The ratings also reflect modest scale of operations in the
intensely competitive industry. However the company benefits from
its promoter's extensive entrepreneurial experience.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations: Modest scale is reflected in
revenue of INR6.9 crore for fiscal 2018 in the highly fragmented
industry, with presence of several players. Small scale
constrains the bargaining power of players, with low product
differentiation.

Strength

* Promoters' extensive experience and a strong dealer network:
The business risk profile benefits from the promoters' extensive
experience and established presence in the printing industry for
over two decades. Longstanding relationships with major customers
has resulted in stable revenue over the years.

Established in 1922 in Sivakasi (Tamil Nadu), Nadar Press
undertakes printing of packaging material for textbooks, diaries,
notebooks, envelopes, and calendars.


OSWAL OVERSEAS: CARE Lowers Rating on INR9.95cr Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oswal Overseas Limited (OOL), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long term Bank        9.95       CARE B-; Stable Revised from
   Facilities                       CARE B

   Long/Short term       0.78       CARE B-; Stable/CARE A4
   Bank Facilities                  Revised from CARE B/Assigned

Detailed Rational and key rating drivers

The revision in the long term rating assigned to the bank
facilities of OOL mainly takes into account deterioration in the
overall financial risk profile characterized by operational
losses, deterioration in capital structure and coverage
indicators. The ratings further continue to remain constrained on
account of its modest scale of operations, working capital
intensive operations and regulated nature of sugar business. The
ratings, however, continue to draw comfort from experienced
management.

Going forward; ability of the company to profitably increase its
scale of operations while registering improvement in its capital
structure and working capital management shall be the key rating
sensitivity.

Detailed description of key rating drivers

Key rating weakness

Modest scale of operations: The scale of operations of OOL
broadly remained stagnant as marked by total operating income
(TOI) of around INR 76.00 crores for the last two financial years
i.e.FY17-FY18 (refers to the period April 1 to March 31). Further
the company had negative gross cash accruals of INR 18.32 crores
in FY18. The modest scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. The company achieved a TOI of around INR20.31 crore in
3MFY19 (refers to the period April 1 to June 30; based on
unaudited results).

Deterioration in the overall financial risk profile: The company
has incurred operational losses in FY18 The losses were on
account of increase in the prices of the raw material the burden
of which could not be passed on to its customers as price of
sugar is subject to intervention by the government. Further the
company reported net losses of INR19.96 crore in FY18. During
3MFY19 the company reported PBILDT and net loss of INR-16.38
crore and INR-19.96 crore respectively.

The capital structure of the company deteriorated and stood
leveraged marked by overall gearing of 5.69x as on
March 31, 2018 as against 1.02x as on March 31, 2017. The
deterioration in the capital structure is mainly on account of
erosion of net worth base due to operational losses incurred in
FY18 coupled with increase in the total debt owing to infusion of
funds by the promoters in the form of unsecured loans.  The debt
service coverage indicators deteriorated marked by interest
coverage ratio and total debt/GCA of -8.50x and -1.18x
respectively in FY18 as against 1.70x and 12.97x in FY17 on
account of operational losses and negative GCA levels. Debt
servicing has been done through infusion by the promoters in the
form of unsecured loans.

Working capital intensive operations: Sugar industry being
seasonal in nature has high working capital requirements during
the peak season which is from November to March. The companies
have high working capital requirements during the peak season to
procure their primary raw material, i.e., sugarcane and
manufacture sugar during this period. The company generally
maintains inventory of around 2 months however the same elongated
to 123 days in FY18 as the government restricted the sale of
sugar in February for a period of 2 months in order to control
sugar prices. The collection period of the company stood at
7 days in FY18. Further, the creditor days in FY18 elongated and
stood at 245 days as compared to 149 days in FY17 on account of
high liquidity crunch on account of no sales realization. The
working capital requirements of the company were largely met
through working capital borrowings which resulted into 90%
utilization of the working capital limits during the past 12
months ending July, 2018.

Regulated nature of sugar business: The industry is cyclical by
nature and is vulnerable to the government policies for various
reasons like its importance in the Wholesale Price Index (WPI) as
it classifies as an essential commodity. The government on its
part resorts to various regulations like fixing the raw material
prices in the form of State Advised Prices (SAP) and Fair &
Remunerative Prices (FRP). All these factors impact the
cultivation patterns of sugarcane in the country and thus affect
the profitability of the sugar companies.

Key rating strengths

Experienced Management: OOL is a Public Limited company (closely
held) originally incorporated in 1984 by Mr. Paramjeet Singh. He
is a graduate by qualification, having an experience of around
three decades in various business segments including one and half
decades in sugar industry. He is well supported by other
directors, Mr. Harihar Nath Sharma, who is also a graduate by
qualification and having experience of around two and half
decades of experience in accounts and finance including one and
half decades in the sugar industry through his association with
OOL. Mr. Anoop Kumar Shrivastav is a commerce graduate having an
experience of around one decade in IT Management and around 3
years in sugar industry through his association with OOL. Mr.
Rajinder Pal Singh is a graduate by qualification and has an
experience of around half a decade in the sugar industry though
his association with OOL.

Delhi based Oswal Overseas Limited (OOL) (erstwhile ANK Impex
Private Limited) is a Public Limited Company incorporated in 1984
as a private Limited company. OOL is engaged in manufacturing of
sugar. The manufacturing unit is located in Bareilly, Uttar
Pradesh with total installed capacity of the sugar plant is 3500
tons cane crushed per day (TCD) as on March 31, 2018. The company
procures sugarcane from the farmers in the area allotted by the
Cane Commissioner and sells sugar in bulk to wholesalers/agents.


PARSVNATH HOTELS: Ind-Ra Affirms 'D' Rating on INR116.25MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Parsvnath Hotels
Limited's (PHL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating action is:

-- INR116.25 mil. Term loan (long-term) due on March 2022
     affirmed IND D rating.

KEY RATING DRIVERS

The affirmation reflects delays in debt servicing by PHL in
August 2018 owing to a tight liquidity position due to continued
delays in the commencement of commercial operations at its hotel
in Shirdi.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months
could result in an upgrade.

COMPANY PROFILE

Incorporated in November 2007, PHL is constructing a three-star
hotel in Shirdi, Maharashtra. PHL is a wholly owned subsidiary of
Parsvnath Developers Limited. The hotel, once completed, has been
proposed to be promoted by ITC Welcome Group under its Fortune
Hotels brand. The 52-room hotel has facilities such as a
conference room, a restaurant and a travel desk.


POLIXEL SECURITY: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Polixel Security
Systems Private Limited's (PSSPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR25 mil. Fund-based limit affirmed with IND BB+/Stable/
    IND  A4+ rating; and

-- INR100 mil. Non-fund based limit affirmed with IND A4+
    rating.

KEY RATING DRIVERS

The affirmation reflects PSSPL's small scale of operations and
modest operating margins and credit metrics. Revenue fell to
INR219.67 million in FY18 (FY17: INR284.00 million), on account
of recent tax reforms leading to a slowdown in the work order
execution. The credit metrics remain modest, marked by net
financial leverage (Ind-Ra adjusted debt/operating EBITDAR) of
2.45x in FY18 (FY17: 1.12x) and interest coverage (operating
EBITDA/gross interest expense) of 1.68x (2.55x). The
deterioration in metrics was due to a decline in the operating
profitability to 7.35% in FY18 (FY17: 10.22%). ROCE was 10.5% in
FY18.

The ratings are constrained by the company's significant client
concentration, with its top 10 customers accounting for over 89%
and 86% of the total revenue in FY17 and FY18, respectively. The
ratings also factor in the company's moderate-to-tight liquidity
position, as reflected by 93.2% of average utilization of the
working capital facilities during the 12 months ended August
2018.

However, the ratings are supported by PSSPL's established track
record in the security systems industry and its reputed clientele
base. Also, PSSPL is a wholly owned subsidiary of the integrated
telecom solutions provider Himachal Futuristic Communications Ltd
(IND BBB+/Negative) and leverage the latter's longstanding
presence in the telecom and software services business.

RATING SENSITIVITIES

Negative: A further decline in the revenues and/or operating
margins leading to deterioration in the credit metrics on a
sustained basis will be negative for the ratings.

Positive: A substantial increase in the revenue with reduced
customer concentration while maintaining/improving the credit
metrics on a sustained basis will be positive for the ratings.

COMPANY PROFILE

Incorporated in February 2010, PSSPL provides turnkey solutions
in the business of integrated security and surveillance systems.
The company has presence in Mumbai, Chennai, Pune, Kolkata,
Ahmedabad, Bangalore and Hyderabad.


ROLTA INDIA: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rolta India
Limited's Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR8.293 bil. Stand-by letter of credit (short-term) affirmed
     with IND D rating;

-- INR4.0 bil. Fund-based working capital limits (long-term)
     affirmed with IND D rating;

-- INR3.0 bil. Non-fund-based working capital limits (short-
    term) affirmed with IND D rating; and

-- INR12.539 bil. External commercial borrowings (long-term) due
     on FY20 affirmed with IND D rating.

KEY RATING DRIVERS

The ratings reflect continued delays in debt servicing by Rolta
India, due to deferred government receivables and the resultant
stretch in the company's net working capital cycle to 102 days in
FY18 from 108 days in FY17.

Rolta India's revenue fell to INR28.6 billion in FY18 from
INR31.8 billion in FY17 owing to a shift from the traditional IT
services business to its big data solutions suite. In addition,
its EBITDA declined to INR8.3 billion in FY18 from INR9.5 billion
in FY17 owing to shedding of legacy customers and associated
billings. As a result of high interest costs, it incurred a net
loss incurred of INR1.06 billion in FY18 compared with a profit
of INR1.67 billion in FY17.

Moreover, Rolta India's gross interest coverage continued to
fall, declining 1.16x in 1QFY19 from 1.30x in FY18 and 1.71x in
FY17. The fall was due to a rise in interest expense to INR6.2
billion in FY18 from INR5.6 billion in FY17.

RATING SENSITIVITIES

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

COMPANY PROFILE

India-based Rolta India is a technology company with operations
in 40 locations across India, North America, Europe, the Middle
East and Australia. It provides IT solutions to various federal,
state and local governments; defense and security agencies;
utilities; financial services, manufacturing, retail and
healthcare companies; and others.


RELIANCE INFRASTRUCTURE: CRISIL Withdraws D on INR585cr Loan
------------------------------------------------------------
CRISIL has on redemption, withdrawn its rating on the INR585
crore non-convertible debentures (NCD) and INR125 crore bonds of
Reliance Infrastructure Ltd (RInfra) at the company's request and
on receipt of confirmation from its statutory auditors. RInfra
has through its regulatory filings intimated the stock exchanges
of the repayment of these NCDs/bonds from the closure proceeds of
its sale of the integrated power distribution business in Mumbai
to Adani Transmission Ltd (ATL).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Non Convertible        585        CRISIL D (Withdrawn)
   Debentures

   Bond                   125        CRISIL D (Withdrawn)

CRISIL had on July 31, 2018, downgraded its rating on the INR585
crore NCDs and INR125 crore bonds of RInfra to 'CRISIL D' from
'CRISIL BBB+/Watch Developing'.

The rating downgrade reflected non-payment on due date of
interest and principal obligations on CRISIL rated NCDs that were
due on July 27, 2018. The non-payment was disclosed in the
company's regulatory filing. RInfra has through its regulatory
filings intimated the stock exchanges of the repayment of these
NCDs/bonds from the closure proceeds of its sale of the
integrated power business in Mumbai to Adani Transmission Limited
(ATL).

In December 2017, RInfra signed a binding agreement with ATL for
the sale of its Mumbai Generation Transmission and Distribution
(GTD) business. Post the transfer, RInfra's business profile will
undergo a shift as the Mumbai GTD business contributed nearly 80%
to its hitherto profits. Construction and defence businesses have
been identified as RInfra's key growth areas.

Analytical Approach

For arriving at the ratings, CRISIL has moderately integrated the
special purpose vehicles (SPVs) that are largely owned by RInfra.
While the company is looking to exit most of its developmental
projects, CRISIL believes it will support any cost overruns or
shortfall in debt servicing in these SPVs. CRISIL has not
consolidated Reliance Naval and Engineering Ltd (RNEL), as no
support is currently being provided beyond the equity capital
already invested. CRISIL may reassess its analytical approach
once the company's operations firm up.

Key Rating Drivers & Detailed Description

Weakness

* Non-payment of interest and principal amounts on NCDs: RInfra
had not paid the interest and principal amounts on NCDs, which
were due for maturity on July 27, 2018. The company in a
regulatory filing had intimated that it expected to make these
payments in early August 2018 from the proceeds of the proposed
sale of its Mumbai power business to ATL. The deal was completed
on August 29, 2018 and the NCDs and bonds have been repaid.

* High exposure to group companies: Significant exposure to group
companies, through inter-corporate deposits and preference
shares, has weakened RInfra's financial risk profile, especially
liquidity.

* Financial risk profile, constrained by high ratio of debt-to-
EBITDA (earnings before interest, tax and depreciation, and
amortisation) and below-average debt protection metrics: With a
delay in deleveraging plans, the debt-to-EBITDA ratio (including
regulated income as part of EBITDA) remained high at 5.3 times as
on March 31, 2018, while the adjusted interest coverage was
around 1.85 times in fiscal 2018. With the closing of the ATL
deal, debt has reduced significantly.

Strength

* Improving revenue visibility in the engineering procurement and
construction business: After a decline in orders from group
companies in the fiscals through 2017, the company has reinstated
its focus on external orders. Order pipeline has increased
significantly to INR26660 crore as on June 30, 2018 from INR5960
crore as on March 31, 2017 through new orders largely from
transportation and power segments. A sustained build-up of order
pipeline will strengthen revenue visibility for the segment, and
remain a key monitorable.

RInfra is one of the main companies of the Reliance Anil
Dhirubhai Ambani group, which includes Reliance Communications
Ltd, Reliance Capital Ltd, and Reliance Power Ltd (RPower). The
promoters held 48.36% stake in RInfra as on March 31, 2018.

The company is primarily engaged in construction and executes
infrastructure projects. RInfra also serves as the holding
company for its portfolio of infrastructure projects, and held
43.22% in RPower as on March 31, 2018.

In January 2016, RInfra acquired management control by obtaining
a 29.9% stake in Pipavav Defence and Offshore Engineering
Company, which was renamed Reliance Defence and Engineering Ltd,
and later as RNEL.


SREE BALAJI: CARE Assigns B+ Rating to INR10cr Long-Term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sree
Balaji Brick Industri (SBBI), as:

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long-term Bank
   Facilities            10.00      CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SBBI is tempered by
the short track record of the firm, project implementation risk
and stabilization of operations, unorganized and fragmented
industry. However, the rating is underpinned by the experience of
the promoters for more than two decades in construction industry,
financial closure of the project has been achieved and stable
outlook of construction material products.

Going forward, ability of the firm to complete the project
without any cost and time overrun and stabilize the operations
and generate the revenue and profit levels as envisaged are key
rating sensitivities

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record of the firm: The firm was incorporated in the
year 2017. The firm is expecting to start its commercial
operations from April 2018. The level of project execution and
operations by the management of the firm is yet to be seen.

Project implementation risk and stabilization of business
operations: The firm has achieved the financial closure for
setting up its unit at the Balaji Colony, Tirupati. The business
operations of SBBI shall begin from April 2018. However,
stabilization of business operations shall remain critical from
credit perspective.

Unorganized and fragmented industry: The company faces immense
competition from organized as well as unorganized players. Within
the organized sector it faces stiff competition from many
established players. Considering the unorganized sector,
competition for the group is intense, due to the presence of
small and regional players primarily catering to low income level
customers. Presence of large number of regional and local
manufacturers directly impacts the market position and profit
margins of the firm.

Key Rating Strengths

Experience of the promoters for more than two decades in
Construction industry: SBBI is promoted by Mr. Venkateshwara
Chowdhary & his other family members. The promoters of the firm
are well qualified and have vast experience of more than two
decades in construction industry. The firm is likely to be
benefited by its qualified and experienced promoters.

Financial closure of the project has been achieved: The promoters
of the firm are setting up a manufacturing unit with estimated
total cost of the total project cost of INR 7.82 crores which is
to be funded through bank term loan of INR 5.00 crore, cash
credit of INR0.20 crore and rest of the INR 2.62 crore from
promoter's fund. Till date, the company has incurred INR 2.00
crore for the purpose of construction of sheds at plant location
and payment towards advance for purchase of machinery. The
commercial operations of the firm are expected to start from
April, 2018. The Bank facility (Term Loan) amount of INR 5.00
crore and (cash credit) amount of INR0.20 crore has been
sanctioned.

Stable outlook of Construction material Products: India follows
traditional method of brick making and it is reported that India
has more than 125000 registered and unregistered clay brick kilns
which satisfy the annual demand of more than 250 billion bricks.
With several construction projects in pipeline, the market is
expected to overcome the short term effects of demonetisation and
grow at a stupendous pace post FY2018 ending March. India Bricks
and Blocks Market to 2021- Focus on AAC Block Segment provides a
comprehensive analysis of the brick and blocks market in India
and covers market size and segmentation of overall market.

Sree Balaji Brick Industri (SBBI) was established as a
partnership firm by Mr. Venkateshwara Choudary and his family
members in March 2017. The firm is a part of "Sree Balaji" group,
having the group entities named Sree Balaji Builders (engaged in
civil construction) and Sree Balaji Hotel (engaged in food
service). The partners of the firm have experience of more than
two decades in construction line of business. The firm is engaged
in manufacturing of bricks and clay products for which the major
raw material to be used is Mud, clay, husk, coal and fire wood.
The firm proposes to commence operations from April 2018.

The total project cost of the firm is INR 7.82 crores. Till date,
i.e. March 6, 2018, the firm has incurred the cost of amount INR
2.00 crores for the purpose of construction of sheds at plant
location and payment towards advance for purchase of machinery.
For the purpose of purchasing machinery, other equipments and
building purpose, the firm has approached Andhra Bank to avail
the bank facility (Term Loan) of INR 5.00 crores and (cash
credit) of INR 0.20 crores. And the remaining amount of the
project cost is brought in by Partners as capital of the firm.


STRIDE'S CHARITABLE: CARE Reaffirms B+ Rating on INR8cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Stride's Charitable Trust (SCT), as:

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

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of SCT continues to be
constrained by its small scale of operations, losses at SBID
level and negative corpus fund base. The rating is further
constrained by increasing competition and limited reach and high
regulation in education sector in India. The rating, however,
derives strength from experienced and qualified trustees along
with competent teaching staff & well established infrastructure,
buoyant prospects of Preschool and K-12 segment in India and
society's association with reputed brand.

Going forward, the ability of the society to increase the
enrollment of students while achieving profitability and
improving its overall solvency position would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Increase in total operating income albeit losses at SBID level:
The total operating income of the society increased from INR0.88
crore in FY17 (refers to the period April 1 to March 31) to
INR3.70 crore in FY18 due to increase in number of students
enrolled. However, the scale of operations continues to remain
small. The small scale limits the society's financial flexibility
in times of stress and deprives it from scale benefits. Further,
the society incurred losses at SBID level of INR5.82 crore in
FY18 as compared to corresponding loss of INR5.89 crore in FY17
due to high operational expenses. Furthermore, due to high
interest and depreciation costs, the society incurred losses at
the cash level amounting to INR6.82 crore in FY18 (compared to
cash loss of INR6.25 crore in FY17).

High dependence upon borrowings and negative corpus fund base:
As on March 31, 2018, the total debt of the society comprised of
term loan (including vehicle loans) of INR8.52 crore and
unsecured loans amounting to INR14.98 crore and working capital
borrowings of INR1.72 crore as against the corpus fund
of INR(-) 18.43 crore. The capital structure of the society
remains weak owing to erosion of the corpus on account of
continued losses.

The debt coverage indicators of SCT stood stressed marked by
interest coverage ratio of (-) 5.85x in FY18 and total debt to
GCA of (-) 3.70x for FY18 as compared to interest coverage ratio
of (-) 16.45x in FY17 and total debt to GCA of (-) 2.50x for
FY17 mainly on account of losses at SBID level and consequently
at cash level.

Increasing competition and limited reach: The school is located
in Rohtak, Haryana. This limits the enrollment in the school to
the nearby areas. Single location of Haryana limits the
penetration level for the society. Further, due to increasing
focus on education in India, a number of schools have opened up
in close proximity and several established private and government
schools are already running in and around the city.

High regulation in educational sector in India: Educational
sector in India is placed in the concurrent list of the
constitution and thus comes under the purview of both Central and
State Government. The sector is regulated by Ministry of Human
Resource at the national level, by the education ministries in
each state, as well as by Central bodies like University Grant
Commission (UGC) and 14 other professional councils. The
operating and financial flexibility of the education sector is
limited, as regulations governs almost all aspects of operations,
including fee structure, number of seats, changes in curriculum
and infrastructure
requirements.

Key Rating Strengths

Experienced and qualified trustees along with competent teaching
staff & well established infrastructure: The operations of SCT
are managed by Mr. Anshul Kumar, President who has a total work
experience of around three and a half decades and Mr. Jagbir
Singh, father of Mr. Anshul Kumar has a work experience of around
four and a half decades.

Furthermore, SCT has employed a highly experienced and qualified
teaching staff to support the academic requirements of the
school. Additionally, the school provides the students with
established infrastructure facilities.

Buoyant prospects of Pre-school and K-12 segment in India: It is
expected that the total number of schools in the K- 12 education
segment will grow rapidly. The Government's thrust on improving
the country's literacy rate through higher enrolments as well as
ensuring lower drop-out rates in the K- 12 education space is
expected to drive the growth in terms of opening-up of the new
schools especially in Tier-III cities and rural areas of the
country, which will facilitate more and more opportunities to
students spread across the nation.

Association with the reputed brand: The school will run under the
aegis of 'Woodard Group of Schools', an established international
brand in the education sector and having 41 schools and academies
in United Kingdom and 1 school in Kenya. The society will operate
and manage the school as per the guidelines issued by King's
School Taunton Limited (KSTL), which is a part of Woodard
Group of Schools, thereby providing assurance with respect to
education quality standards.

Stride's Charitable Trust (SCT) got registered under the Society
registration Act-1860 in October, 2013 by Mr. Anshul Kumar and
Mr. Jagbir Singh. The society is running a school under the name
of "King's College India" (KCI) at Rohtak, Haryana in alliance
with King's School Taunton Limited (KSTL). SCT will be entitled
to pay management fees (1% of net fees and 1% of net profits) to
KSTL annually from August 2020 onwards. KCI is affiliated to
International General Certificate of Secondary Education (IGCSE)
and is currently offering classes from Nursery to 9th standard.
SCT has two group concerns: Dynamic Transmission Limited and
Tightwell Fasteners.


TIMES STEEL: CARE Lowers Rating on INR22cr Lon-Term Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Times Steel And Power Ltd (TSPL), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long-term Bank       22       CARE B+; ISSUER NOT COOPERATING;
   Facilities                    on the basis of best available
                                 information; Revised from
                                 CARE BB-; ISSUER NOT COOPERATING
                                 on the basis of best available
                                 information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information/NDS from TSPL to monitor the
ratings vide e-mail communications/letters dated March 9, 2018;
April 12, 2018; May 17, 2018; June 11, 2018; July 2, 2018; and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.  The ratings on Times Steel And Power
Ltd's bank facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.

The ratings have been revised on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

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

Detailed description of the key rating drivers

At the time of last rating on April 27, 2016, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Weak coverage indicators and working capital intensive nature of
operations: The coverage indicators remained negative in FY14
marked by interest coverage ratio and total debt to GCA of 1.70x
and 9.97x respectively owing to continued losses at net level.
The nature of operations continued to remain working capital
intensive marked by operating cycle of 89 days for FY15 as
against 95 days for FY14. The same has improved due to higher
credit period received by the company owing to newly added
suppliers. The same resulted into an average creditor period of
32 days for FY15 as against 16 days for FY13. The company had
high average inventory holding days of 92 days owing to
requirement to maintain adequate stock of raw material (iron ore
and coal) for smooth production process. Furthermore, the company
extends credit period of around a month to the customers
resulting into collection period of 30 days for FY15. The average
utilization of the company remained almost fully utilized for
past 12 month ended February 2016.

Highly fragmented industry characterised by high competition: The
demand for sponge iron and its prospects are dependent on the
demand emanating from the steel industry, which is the purchaser
of sponge iron. The steel industry is sensitive to the shifting
business cycles, including changes in the general economy,
interest rates and seasonal changes in the demand and supply
conditions in the market.

Key Rating Strengths

Growth in total operating income with improvement in
profitability margins: Total operating income (TOI) of the
company witnessed marginal improvement in FY15 due to increase in
quantity sold, however the same continued to remain modest. The
profitability margins as marked by PBILDT margin stood broadly in
line at at 9.75% in FY15 as against 9.60% in FY13. Moreover,
lower finance cost during FY15 also aided in improved PAT margin
at 3.45% as against 0.15% in FY13.

Improvement in capital structure: The capital structure of the
company stood moderate marked by debt equity ratio and overall
gearing of 0.64x and 1.34x respectively as on March 31, 2015
owing to relatively lower total debt due to repayment of
unsecured loan taken from bank and FI's coupled with higher net
worth base owing to accretion of profits to reserves.

Times Steel and Power Limited (TSPL) was originally incorporated
as Nixon Steel and Power Ltd on October 21, 2002, by Mr. Rajvir
Choudhary, his son Mr. Atul Choudhary and his nephew Mr. Vinay
Choudhary. The name of the company was subsequently changed to
TSPL in 2010. Mr. Vinay Choudhary has more than a decade's
experience in the iron industry. The manufacturing facility of
the company is located at Rourkela, Odisha with an installed
capacity of 100,000 tons per annum (TPA) as on March 31, 2015.
The company currently procures iron ore from the open market and
has arrangements for the procurement of coal with Mahanadi Coal
Limited (MCL). The sponge iron manufactured by the company is
sold to the steel plants in the adjoining areas through brokers.

For FY15 (refers to the period April 1 to March 31), TSPL
achieved a total operating income (TOI) of INR107.68 crore with
PBILDT and PAT of INR10.49 crore and INR3.82 crore, respectively,
as against TOI of INR104.75 crore with operating and cash loss of
INR0.11 crore and INR7.13 crore respectively for FY14.



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


MAINZEAL PROPERTY: Director Defends Reckless Trading Allegations
----------------------------------------------------------------
John Anthony at Stuff.co.nz reports that former Prime Minister
Dame Jenny Shipley and her fellow directors of failed
construction firm Mainzeal Property are defending "reckless
trading" allegations in the High Court in Auckland.

Plaintiffs for the liquidators of Mainzeal are making a claim of
NZ$75 million against its former directors in order to repay
creditors, according to Stuff.

Mainzeal Property and Construction, of which Ms. Shipley was a
director from 2004 to December 2012, went into liquidation in
February 2013.  At the time, it was one of the largest
construction companies in New Zealand employing hundreds of staff
and turning over up to NZ$400 million per year.

Stuff relates that plaintiff lawyer Mark O'Brien QC said its
collapse left unsecured creditors with debts well in excess of
NZ$117 million and was a catalyst for legislative change in the
construction industry to better protect subcontractors.

According to the report, Ms. Shipley, who was prime minister from
1997 to 1999, made an appearance in the public gallery for the
first morning of the hearing on Sept. 17.

Stuff says the plaintiffs in the case include liquidated
companies Mainzeal Property and Construction, King Facde,
previously known as Richina Land and Mainzeal and liquidators
Andrew Bethell, Brian Mayo-Smith of BDO.

Defendants include Shipley, China-based shareholder Richard Yan,
Peter Gomm, Clive Tilby, Sir Paul Collins, Siew Kwan, Richina
Global Real Estate and Isola Vineyards, Stuff discloses.

Stuff notes that Collins, who became a director in 2012, is being
sued for NZ$15 million in relation to only a single transaction
in December 2012, defence lawyer Michael Arthur said.

Paul denied the allegation, Mr. Arthur said.

In his opening, Mr. O'Brien said Mainzeal's collapse was largely
attributable to a severely undercapitalised balance sheet and
"systemic governance failures," Stuff relays.

"This company was dangling by a thread of shareholder support,"
the report quotes Mr. O'Brien as saying.

He claimed Mainzeal directors were responsible for "reckless
trading" and failed to exercise reasonable care, diligence and
skill, Stuff says.

"If you are going to trade when insolvent you need to take
particular care."

Stuff adds that Mr. O'Brien said Mainzeal's directors allowed the
company to trade with negative equity from 2008 using
"discretionary" financial support from related parties.

"It was trading on super thin margins."

From around 2008 Mainzeal generally made losses, was responsible
for an increasing number of leaky building and had ongoing
construction disputes, he said.

When a company had negative equity, its directors were
effectively trading with the creditors' money, he said.

The directors were both responsible and culpable for the loss to
Mainzeal and its creditors and should therefore be required to
pay for the loss, he said, the report relays.

The trial, presided over by Justice Francis Cooke, is set down
for eight weeks, says Stuff.

                      About Mainzeal Property

Mainzeal Property and Construction Ltd is a New Zealand-based
property and construction company.  The company forms part of the
Mainzeal Group, which is owned by Richina Inc, a privately held
New Zealand-based company with a strong China focus.

On Feb. 6, 2013, Colin McCloy and David Bridgman, partners from
PricewaterhouseCoopers, were appointed receivers to Mainzeal
Property and Construction Limited and associated entities as a
result of a request made by its director to BNZ.

Mainzeal's director, Richard Yan advised that following a series
of events that had adversely affected the Company's financial
position coupled with a general decline in major commercial
construction activity, and in the absence of further shareholder
support, the Company could no longer continue trading.

On Feb. 28, 2013, BDO's Andrew Bethell and Brian Mayo-Smith were
appointed liquidators to those three companies in receivership
and nine others in the group that were not in receivership.

The companies now under the control of the liquidators are
Mainzeal Group, Mainzeal Property and Construction, Mainzeal
Living, 200 Vic, Building Futures Group Holding, Building Futures
Group, Mainzeal Residential, Mainzeal Construction, Mainzeal,
Mainzeal Construction SI, MPC NZ and RGRE.

Mainzeal is estimated to owe NZ$11.3 million to the BNZ,
NZ$70 million to unsecured creditors and NZ$5.2 million to
employees, NZN disclosed. Subcontractors are among the unsecured
creditors, said NZN.



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


RURAL BANK OF PAGBILAO: Creditors Claims Deadline Set for Oct. 29
-----------------------------------------------------------------
All creditors of the closed Rural Bank of Pagbilao, Inc. have
until October 29, 2018 to file their claims against the assets of
the closed bank either personally or by mail. Creditors refer to
any individual or entity with a valid claim against the assets of
the closed Rural Bank of Pagbilao and include depositors whose
deposits exceed the maximum deposit insurance coverage (MDIC) of
PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims filed by mail must
have a postmark dated not later than October 29, 2018. The
prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after October 29, 2018 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Rural Bank of Pagbilao was ordered closed by the Monetary Board
(MB) of the Bangko Sentral ng Pilipinas on August 10, 2018 and
PDIC, as the designated Receiver, was directed by the MB to
proceed with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located along C.M. Recto Ave.,
Mapagong, Pagbilao, Quezon. Its branches are located in Barangay
Ibabang Dupay, Lucena City and Barangay Sta. Catalina, Pagbilao.

All requests and inquiries relating to Rural Bank of Pagbilao
shall be addressed to the PDIC Public Assistance Department
through mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City, or through telephone numbers
(02) 841-4630 or 841-4631. Depositors and creditors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342). Walk-in clients may also visit the PDIC Public Assistance
Center at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM.
Inquiries may also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC


TIAONG RURAL: Creditors Claims Deadline Set for Oct. 29
-------------------------------------------------------
All creditors of the closed Tiaong Rural Bank, Inc. have until
October 29, 2018 to file their claims against the assets of the
closed bank either personally or by mail. Creditors refer to any
individual or entity with a valid claim against the assets of the
closed Tiaong Rural Bank and include depositors whose deposits
exceed the maximum deposit insurance coverage (MDIC) of
PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims filed by mail must
have a postmark dated not later than October 29, 2018. The
prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website, www.pdic.gov.ph.

Claims filed after October 29, 2018 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Tiaong Rural Bank was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on August 2, 2018 and PDIC, as
the designated Receiver, was directed by the MB to proceed with
the takeover and liquidation of the closed bank in accordance
with Section 12(a) of Republic Act No. 3591, as amended. The
bank's Head Office is located at #2497, Maharlika Highway, Brgy.
San Antonio, Santo Tomas, Batangas. Its seven branches are
located in Batangas City and Lipa City in Batangas; Imus, Cavite;
Calamba, San Pablo City and Sta. Rosa City in Laguna; and in
Tiaong, Quezon.

All requests and inquiries relating to Tiaong Rural Bank shall be
addressed to the PDIC Public Assistance Department through mail
at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, or through telephone numbers (02) 841-4630 or
841-4631. Depositors and creditors outside Metro Manila may call
the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). Walk-in
clients may also visit the PDIC Public Assistance Center at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Inquiries may
also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC



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


ANAN INTERNATIONAL: High Court Orders Owner to Wind Up
------------------------------------------------------
Claudia Chong at The Business Times reports that AnAn
International said on Sept. 14 that its controlling shareholder
AnAn Group (Singapore) was handed a High Court order on Sept. 7
for the group to be wound up and for liquidators to be appointed
for the group.

The order follows a winding up application by VTB Bank against
AnAn Group for a claim of about US$170.4 million. The claim by
VTB is related to a global master repurchase agreement and a
repurchase transaction that both parties entered into in November
last year, BT says.

According to the report, AnAn International said that AnAn Group
is in the process of filing an appeal to the winding up order,
and applying to the High Court for a stay of the winding up
order. Arbitration proceedings have been commenced by AnAn Group
against VTB.

AnAn International advised shareholders to exercise caution when
dealing in the shares of the company, the report relays.

In a Q2 earnings exchange filing last month, the firm said that
any potential liquidation of AnAn Group, as well as any change of
control of AnAn International arising from any such liquidation,
could have an impact on the firm's business and operations, BT
relays.

Other than this, the firm's other businesses are expected to
continue operating stably, said AnAn International.

BT reports that the group announced in a separate filing on
Sept. 14, that its chief financial officer Jennifer Zhang Dan has
resigned, effective Sep 14.

The group is in the process of finding a suitable candidate to
oversee its financial, treasury, taxation and other corporate
compliance matters, the report says.

In the interim, Lin Yongbin, the company's finance manager, will
oversee these matters, adds BT.

AnAn International Limited, an investment holding company,
engages in the trading of petrochemical, fuel oil, and petroleum
products. It offers crude oil; light ends products, such as LPG,
NGLs, naphtha, gasoline and blending components, etc.; middle
distillates products, including kerosene and diesel; heavy ends
products, which include vacuum gasoil, straight-run fuel oil,
cracked fuel oil, asphalt, etc.; and chemical products comprising
paraxylene, mixed xylenes, glycol, styrene, natural runner, etc.
The company also operates petrol stations; and provides equity
trust investment and consultancy services.



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


* BOND PRICING: For the Week Sept. 10 to Sept. 14, 2018
-------------------------------------------------------


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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

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


INDIA
-----

3I INFOTECH LTD             2.50     03/31/25    USD      12.50
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      48.89
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD      49.04
BLUE DART EXPRESS LTD       9.40     11/20/18    INR       9.71
BLUE DART EXPRESS LTD       9.50     11/20/19    INR       9.96
CORE EDUCATION & TECHNO     7.00     05/07/49    USD       0.29
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD       0.27
EDELWEISS ASSET RECONST     2.00     11/20/27    INR      55.52
EDELWEISS ASSET RECONST     2.00     08/28/27    INR      56.22
EDELWEISS ASSET RECONST     2.00     08/27/27    INR      56.23
EDELWEISS ASSET RECONST     2.00     03/28/27    INR      57.13
EDELWEISS ASSET RECONST     2.00     04/27/27    INR      57.28
GTL INFRASTRUCTURE LTD      6.73     10/26/22    USD      49.71
JAIPRAKASH ASSOCIATES L     5.75     09/08/17    USD      55.00
JAIPRAKASH POWER VENTUR     7.00     02/13/49    USD       5.00
JCT LTD                     2.50     04/08/11    USD      25.53
PAN INDIA INFRAPROJECTS     0.10     01/25/24    INR      56.42
PRAKASH INDUSTRIES LTD      5.25     04/30/15    USD      22.63
PYRAMID SAIMIRA THEATRE     1.75     07/04/12    USD       1.00
REI AGRO LTD                5.50     11/13/14    USD       1.38
REI AGRO LTD                5.50     11/13/14    USD       1.38
RELIANCE COMMUNICATIONS     6.50     11/06/20    USD      51.83
SVOGL OIL GAS & ENERGY      5.00     08/17/15    USD       1.55
VIDEOCON INDUSTRIES LTD     2.80     12/31/20    USD      29.43


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


NEW ZEALAND
------------

PRECINCT PROPERTIES NEW     4.80     09/27/21    NZD       1.02


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

BAYAN TELECOMMUNICATION    13.50     07/15/06    USD      22.75
BAYAN TELECOMMUNICATION    13.50     07/15/06    USD      22.75
PHILIPPINE GOVERNMENT B     3.63     03/21/33    PHP      69.40
PHILIPPINE GOVERNMENT B     4.63     09/09/40    PHP      73.02


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     6.00     03/28/20    SGD      51.48
ASL MARINE HOLDINGS LTD     6.35     10/01/21    SGD      52.02
AUSGROUP LTD                8.45     10/20/18    SGD      51.35
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD       0.83
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.89
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD      48.93
BLD INVESTMENTS PTE LTD     8.63     03/23/15    USD       5.00
BLUE OCEAN RESOURCES PT     6.00     12/31/20    USD      25.00
ENERCOAL RESOURCES PTE      9.25     08/05/14    USD      38.13
EZION HOLDINGS LTD          0.25     11/20/24    SGD      74.99
EZRA HOLDINGS LTD           4.88     04/24/18    SGD       4.84
HYFLUX LTD                  4.20     08/29/19    SGD      50.00
INDO INFRASTRUCTURE GRO     2.00     07/30/10    USD       1.00
INNOVATE CAPITAL PTE LT     6.00     12/11/24    USD      67.50
MICLYN EXPRESS OFFSHORE     8.75     11/25/18    USD      30.04
ORO NEGRO DRILLING PTE      7.50     01/24/19    USD      40.19
OSA GOLIATH PTE LTD        12.00     10/09/18    USD      62.63
PACIFIC RADIANCE LTD        4.30     08/29/18    SGD      11.13
RICKMERS MARITIME           8.45     05/15/17    SGD       5.00
SWIBER CAPITAL PTE LTD      6.50     08/02/18    SGD       4.20
SWIBER CAPITAL PTE LTD      6.25     10/30/17    SGD       4.20
SWIBER HOLDINGS LTD         7.75     09/18/17    CNY       7.75
SWIBER HOLDINGS LTD         7.13     04/18/17    SGD       7.75
SWIBER HOLDINGS LTD         5.55     10/10/16    SGD      12.25
TRIKOMSEL PTE LTD           7.88     06/05/17    SGD      16.00
TRIKOMSEL PTE LTD           5.25     05/10/16    SGD      16.00


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



                 *** End of Transmission ***