/raid1/www/Hosts/bankrupt/TCRAP_Public/181023.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, October 23, 2018, Vol. 21, No. 210

                            Headlines


A U S T R A L I A

EZY IT AUSTRALIA: Court Appoints Cor Cordis as Liquidators
GLOBAL TECH: Shuts Down Operations Amid ASIC Investigation
GR CAPITAL: First Creditors' Meeting Set for Oct. 30
JM KELLY: Construction Firm Goes Into Administration
MAN IN DEMAND: Second Creditors' Meeting Set for Oct. 29

MAX BRENNER: Sale Falls Through as Receivers Appointed
MESOBLAST LIMITED: Closes Partnership Deal with China's Tasly
ONE CAPITAL: First Creditors' Meeting Set for Oct. 30
PICTON PRESS: Second Creditors' Meeting Set for Oct. 29
SHARMA HOLDINGS: Second Creditors' Meeting Set for Oct. 30

SPECIAL ONE: First Creditors' Meeting Set for Oct. 30
SPEND LOVE: First Creditors' Meeting Set for Oct. 30


I N D I A

AANDINATH PROBUILD: Insolvency Resolution Process Case Summary
ADARSHA AUTO: ICRA Reaffirms B+ Rating on INR38cr Cash Loan
ASIANLAK HEALTH: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
BAHRA EDUCATIONAL: ICRA Moves D Rating to Not Cooperating
BASIC INDIA: Insolvency Resolution Process Case Summary

COASTAL ENERGEN: ICRA Reaffirms D Rating on INR6113.79cr Loan
DOLPHIN POLY: ICRA Reaffirms B+ Rating on INR6.50cr Loan
EAST HYDERABAD: ICRA Lowers Rating on INR119.49cr Loan to D
GANESHPRASAD IMPEX: ICRA Cuts Rating on INR2cr Loan to B-
HIRA POWER: ICRA Hikes Rating on INR112.50cr Loan From D

HUTCH INDIA: ICRA Lowers Rating on INR11.75cr Loan to D
IL&FS TRANSPORTATION: ICRA Lowers Rating on INR2000cr Loan to D
JMT AUTO: ICRA Reaffirms B Rating on INR87cr Fund Based Loan
LOCKSMITHS INDUSTRIES: ICRA Removes Rating from Not Cooperating
M.M. VORA: ICRA Reaffirms B+ Rating on INR10cr Cash Loan

PATEL WOOD: ICRA Lowers Rating on INR4cr Cash Loan to B-
PEARL VISION: Insolvency Resolution Process Case Summary
PROLINE INFRA-TRADING: Insolvency Resolution Process Case Summary
RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR13cr Loan
RAYALA CORPORATION: Insolvency Resolution Process Case Summary

SHARPLINE AUTOMATION: ICRA Raises Rating on INR2.11cr Loan to B+
SHIVAM WATER: Insolvency Resolution Process Case Summary
SUNWORLD RESIDENCY: ICRA Reaffirms D Rating on INR90cr Loan
TARINI MOTORS: ICRA Reaffirms B+ Rating on INR3.95cr Cash Loan
TIRUPATI COTEX: ICRA Reaffirms B+ Rating on INR6cr Cash Loan

TURBOMACHINERY ENGINEERING: Insolvency Resolution Case Summary
UNITED INDIA: A.M. Best Cuts Fin'l. Strength Rating to B (Fair)


M A L A Y S I A

1MALAYSIA: Former Deputy Prime Minister Charged


P A P U A  N E W  G U I N E A

CAPITAL GENERAL: A.M. Best Affirms C++ (Marginal) FS Rating


S I N G A P O R E

NOBLE GROUP: Chapter 15 Case Summary
NOBLE GROUP: Seeks U.S. Recognition of $3.5-Bil. Restructuring
NOBLE GROUP: Terms of Proposed Financial Restructuring


S O U T H  K O R E A

GM KOREA: KDB Not 'Unconditionally' Opposed to Spin-Off Plan


X X X X X X X X

* BOND PRICING: For the Week Oct. 15 to Oct. 19, 2018


                            - - - - -


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


EZY IT AUSTRALIA: Court Appoints Cor Cordis as Liquidators
----------------------------------------------------------
Samira Sarraf at ARN reports that Ballarat-based Ezy IT Australia
has entered into liquidation after an order by the Supreme Court
of Victoria on October 3.

Unified Communications as-a-service provider Access4 applied for
the winding up of Ezy IT on August 30, with the court later
appointing Glenn Spooner and Daniel Juratowitch of Cor Cordis as
the liquidators, according to ARN.

A spokesperson for Cor Cordis told ARN that the investigations
into the company's affairs are ongoing but that the business
operations were ceased prior to the liquidators' appointment.

At this stage it is unclear how much the company owes to
creditors.

Access4 told ARN that it does not comment individually on
partners' debt positions.

"Access4 does offer its partners generous trading terms and we
will work with them should they encounter financial difficulty
however, we do not allow non-payment of due bills and will pursue
payment via appropriate channels," a spokesperson told ARN.

Ezy IT offered a vast number of services including cloud systems,
onsite systems, system backup, unified communications-as-a-
service, mobility solutions and managed IT, in addition to
claiming to provide customers with the next level of IT systems.

The IT service provider was registered with the Australian
Securities and Investments Commission (ASIC) in May 2015.


GLOBAL TECH: Shuts Down Operations Amid ASIC Investigation
----------------------------------------------------------
Dominic Powell at SmartCompany reports that the Australian
Securities and Investments Commission has confirmed it is making
"some enquiries" into a local cryptocurrency startup which was
once promoted by Australian cricketing great Michael Clarke.

The startup, Global Tech, popped up a few months ago with the
goal of raising AUD50 million via an initial coin offering (ICO)
to launch a cryptocurrency-fuelled social media network and
currency exchange, SmartCompany says.

SmartCompany relates that upon the company's launch, Mr. Clarke
was recruited to promote the startup's ICO, with the sports
legend appearing on the company's website as an ambassador, and
posting a number of tweets in support of the product.

However, the endorsement was widely panned by the media,
commentators and experts, who questioned why the sports star
would support a company operating in the highly volatile and
emerging cryptocurrency space.

Despite the criticism, at the time the company claimed it had
managed to raise AUD4.15 million from investors. According to
investor information documents, ambassadors such as Clarke were
set to receive 4% of ICO funds, SmartCompany notes.

However, the company has since shut down its websites and all
social media pages, plus a number of its staff members and
founders' LinkedIn accounts. The company is also in the process
of being voluntarily deregistered, SmartCompany discloses citing
Australian Securities and Investments Commission documents.

According to SmartCompany, the founders told Fairfax Media they
had "returned all funds invested", and decided to shut the
project down due to "ongoing negativity surrounding the (bitcoin)
space that we do not wish to be associated with".

Companies watchdog ASIC has also confirmed to SmartCompany it is
making "some enquiries" into the crypto startup, with a
spokesperson saying it was doing so as part of its "general and
ongoing oversight of aspects of the so-called cryptocurrency
sector".

In an unusual move, an investment manager at the regulator
independently reached out to SmartCompany journalists via email
to inquire about the amount raised by the startup, further
indicating the interest taken by the regulator in Australian
cryptocurrency startups.

At the time, local cryptocurrency startup founders also
questioned the quality of the project, with CanYa founder JP
Thorbjornsen telling SmartCompany Clarke was "out of his depth"
and risked his reputation taking a hit if the project fell over.

"Michael Clarke has now pinned his tech entrance on Global Tech,
and if they go under or get called out, he'll be left smeared.
It's a bit different to running an ad for a shoe or male perfume,
it's much higher risk," SmartCompany quotes Thorbjornsen as
saying at the time.


GR CAPITAL: First Creditors' Meeting Set for Oct. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of GR Capital
Group Pty Ltd will be held at the offices of BRI Ferrier, Level
30, Australia Square, 264 George Street, in Sydney, NSW, on
Oct. 30, 2018, on Oct. 30, 2018, at 11:30 a.m.

Peter Paul Krejci and Brian Raymond Silvia of BRI Ferrier were
appointed as administrators of GR Capital on Oct. 18, 2018.


JM KELLY: Construction Firm Goes Into Administration
----------------------------------------------------
Industry Queensland reports that the JM Kelly Group has gone into
administration.

IQ says Rockhampton Regional Council acting mayor Cherie
Rutherford described news of the voluntary administration as
deeply disappointing for the whole community.

"This news is upsetting not just for the workers, sub-contractors
and businesses around the region who do work for JM Kelly but for
their families as well," the report quotes Cr Rutherford as
saying.  "The loss of any jobs and supply chain work will be felt
deeply by our whole community.

"Council will now have to wait to hear from the administrators to
see what next steps will be taken following this announcement,
including any impact on outstanding works council had
commissioned JM Kelly to undertake."

According to the report, Capricorn Enterprise chief executive
officer Mary Caroll said JM Kelly's preclusion to tender for
almost AUD90 million of State Government work in the region had
led the company to launch legal proceedings with QCAT (Qld Civil
and Administrative Tribunal). While the action was successful,
these matters had proved financially draining for the company,
she said.

"The JM Kelly Group has historically contributed approximately
$100 million to the local economy each year," IQ quotes Ms.
Caroll as saying.

"The family-owned group, established in 1961, has been one of the
state's largest privately owned construction companies, currently
employing almost 230 local people including almost 40
apprentices, and is one of the few construction companies with
its head office based regionally in Central Queensland and not
South East Queensland."

Derrick Vickers and Michael Owen of PwC Australia have been
appointed voluntary administrators of JM Kelly Group entities JM
Kelly Builders and Kawana Joinery Co and appointed as liquidators
of an additional eight entities in the group, IQ discloses.

IQ relates that PwC said the administrators would be conducting
an urgent review to ascertain whether the business could continue
trading and that the first meeting of creditors was due to take
place within eight business days.

JM Kelly Group is a construction services company based in
Central Queensland. The company has projects throughout
Queensland and northern New South Wales, and employed about 230
people.


MAN IN DEMAND: Second Creditors' Meeting Set for Oct. 29
--------------------------------------------------------
A second meeting of creditors in the proceedings of A Man In
Demand Pty Ltd, trading as A Man In Demand Removals, has been set
for Oct. 29, 2018, at 11:30 a.m. at the offices of Jirsch
Sutherland, Level 1, 14 Watt St, in Newcastle.

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 Oct. 26, 2018, at 4:00 p.m.

Bradd William Morelli of Jirsch Sutherland was appointed as
administrator of A Man In Demand on July 27, 2018.


MAX BRENNER: Sale Falls Through as Receivers Appointed
------------------------------------------------------
Colin Kruger at The Sydney Morning Herald reports that receivers
have been appointed over assets owned by Max Brenner Australia in
a move that is expected to stymy any further attempts to sell the
remaining stores in the chocolate cafe chain.

On Oct. 19, one of Max Brenner's secured creditors, Glenn Wein,
appointed Peter Gothard and Steve Parbery from Ferrier Hodgson,
SMH discloses.

According to the report, the appointment was made just days after
the Israeli master franchise owner, Max Brenner Industries Ltd,
withdrew the license for the local Max Brenner business and
successfully applied to have liquidators appointed.

SMH relates that the liquidators, led by BDO's Andrew Sallway,
announced on Oct. 18 that it had found a buyer for the ongoing
business, Tozer & Co, which is operated by brothers David and
Craig Tozer. The sale fell through on Oct. 19 with no
explanation.

SMH says Mr. Sallway confirmed on Oct. 21 that the liquidators
are still in control of the business and no further stores have
been closed. "The stores are open today [Oct. 22], and I expect
the stores to be open tomorrow [Oct. 23]," the report quotes Mr.
Sallway as saying.

Citing documents lodged with the Australian Securities and
Investments Commission, SMH discloses that Mr. Wein's Wentworth
Group has security over property including the Max Brenner
accounts, inventories, "all fittings, chattels and plant and
equipment" as well as "any real property or any lease owned or
held by" Max Brenner Australia.

SMH notes that Mr. Weinn, a former executive of James Packer's
private company, Consolidated Press Holdings, became a secured
creditor of the Max Brenner business last year after leading a
financial rescue of the business which refinanced the debt owed
to NAB.

Companies associated with Mr. Wein were behind two of the four
mortgages over the trophy home of Max Brenner's former owners,
Tom and Lily Haikin. The home was recently sold for AUD30
million.

The couple made their fortune after opening the first Australian
Max Brenner chocolate bar in Paddington in 2000, SMH notes.

It collapsed into administration earlier this month and 20 of Max
Brenner's 37 chocolate bars were closed.

According to SMH, the company blamed tough trading conditions,
but an expensive overhaul of the company's head office in
Alexandria, in Sydney's inner south, appears to have been a major
cause of financial pain. It hit cash flows so hard it stopped
paying staff superannuation for the last six months of 2016.

SMH relates that the administrators -- who were provided a
AUD500,000 "cash indemnity" from Mr Wein's Wentworth group --
found the chain owed creditors more than AUD33 million. The
administrators have now been replaced by the liquidators
appointed last week by the Israeli franchise owner, the report
states.

Unlike administrators, liquidators can investigate the collapse
of a company and determine whether it traded while insolvent and
potentially take action against former directors if this was the
case, says SMH.

According to a report from the administrators, around 700 former
staff have claims for unpaid superannuation dating from before
the company's collapse into administration, SMH adds.

                        About Max Brenner

Max Brenner Australia operated 37 company owned stores across
Australia and a head office/distribution centre at
Alexandria (NSW), and employed approximately 600 staff.

McGrathNicol partners; Barry Kogan, Kathy Sozou and Jason Preston
were appointed Voluntary Administrators of Max Brenner Australia
by a resolution of its Directors on Sept. 30, 2018.

The Directors of Max Brenner Australia resolved to appoint
Voluntary Administrators due to escalating costs and tighter
retail trade.

Only 16 of the company's 37 stores remain in operation in
Australia as the country's retail industry struggles to stay
afloat, according to The West Australia.


MESOBLAST LIMITED: Closes Partnership Deal with China's Tasly
-------------------------------------------------------------
Mesoblast Limited has completed its transaction with Tasly
Pharmaceutical Group to establish a strategic partnership in
China for Mesoblast's allogeneic mesenchymal precursor cell (MPC)
product candidates MPC-150-IM for heart failure and MPC-25-IC for
heart attacks.

Mesoblast has received US$40 million (AUD$57 million) from Tasly,
comprising an upfront technology access fee of US$20 million and
an equity purchase of US$20 million for which Mesoblast Limited
has issued 14,464,259 fully paid ordinary shares to Tasly.

As consideration, Tasly has received exclusive rights and will
fund all development, manufacturing and commercialization
activities in China for MPC-150-IM for the treatment and
prevention of chronic heart failure and MPC-25-IC for the
prevention and treatment of acute myocardial infarction.
Mesoblast will receive US$25 million on achievement of product
regulatory approvals in China, double-digit escalating royalties
on net product sales, and six additional escalating milestone
payments upon the product candidates reaching certain sales
thresholds.

Mesoblast and Tasly will establish a joint steering committee,
with equal representation from both parties, to oversee, review
and co-ordinate the development, manufacturing and
commercialization activities for the cardiovascular product
candidates in China.  The parties, through the joint steering
committee, plan to expedite development and commercialization of
these cardiovascular product candidates by leveraging each
other's clinical trial results in China, and the United States
and other major jurisdictions respectively to support their
respective regulatory submissions for MPC-150-IM and MPC-25-IC.

Chairman of Tasly Pharmaceutical Group Mr. Yan Kaijing said: "We
believe Mesoblast's cellular medicine technology platform is
poised to transform cardiovascular care in China.  This is why
Tasly has made this strategic investment and long-term
partnership with the premier global cellular medicine company."

Mesoblast Chief Executive Dr. Silviu Itescu stated: "We are very
excited to be partnering with Tasly, one of the largest
pharmaceutical companies in China, the world's fastest growing
biopharmaceutical and healthcare market."

                About Tasly Pharmaceutical Group

Tasly Pharmaceutical Group (SHA: 600535) is a pharmaceutical
company in China with more than 20 years of operational history.
Its business focuses on R&D, manufacturing and commercialization
of innovative modern traditional Chinese medicine, biologics and
chemical drugs in the therapeutic areas of cardiology, metabolism
and oncology.  Tasly has the only marketed biological product for
cardiovascular diseases approved in China.  It has one of the
largest pharmaceutical sales and marketing teams, including 809
offices established in 29 regions covering all the main
therapeutic areas, and a vast distribution network across
approximately 20,000 hospitals in China.  At 2017, its total
annual revenues exceeded US$2.5 billion.

                         About Mesoblast

Headquartered in Melbourne, Australia, Mesoblast Limited
(ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a
global developer  of innovative cell-based medicines.  The
Company has leveraged its proprietary technology platform to
establish a broad portfolio of late-stage product candidates with
three product candidates in Phase 3 trials - acute graft versus
host disease, chronic heart failure and chronic low back pain due
to degenerative disc disease.

Through a proprietary process, Mesoblast selects rare mesenchymal
lineage precursor and stem cells from the bone marrow of healthy
adults and creates master cell banks, which can be industrially
expanded to produce thousands of doses from each donor that meet
stringent release criteria, have lot to lot consistency, and can
be used off-the-shelf without the need for tissue matching.
Mesoblast has facilities in Melbourne, New York, Singapore and
Texas and is listed on the Australian Securities Exchange (MSB)
and on the Nasdaq (MESO).

Mesoblast reported a net loss attributable to the owners of
Mesoblast of US$35.29 million for the year ended June 30, 2018,
compared to a net loss attributable to the owners of Mesoblast of
US$76.81 million for the year ended June 30, 2017.  As of
June 30, 2018, Mesoblast had US$692.4 million in total assets,
US$146.4 million in total liabilities and US$546.0 million in
total equity.

PricewaterhouseCoopers, in Melbourne, Australia, the Company's
auditor since 2008, issued a "going concern" opinion in its
report on the consolidated financial statements for the year
ended June 30, 2018.  The auditors noted that the Company has
suffered recurring losses from operations that raise substantial
doubt about its ability to continue as a going concern.


ONE CAPITAL: First Creditors' Meeting Set for Oct. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of The One
Capital Group Pty Ltd, "Landmark Square", will be held at the
offices of BRI Ferrier, Level 30, Australia Square, 264 George
Street, in Sydney, NSW, on Oct. 30, 2018, on Oct. 30, 2018, at
11:00 a.m.

Peter Paul Krejci and Brian Raymond Silvia of BRI Ferrier were
appointed as administrators of The One Capital Group on Oct. 18,
2018.


PICTON PRESS: Second Creditors' Meeting Set for Oct. 29
-------------------------------------------------------
A second meeting of creditors in the proceedings of Picton Press
Pty Ltd, trading as Picton Press, has been set for Oct. 29, 2018,
at 3:30 p.m. at BGC Conference Centre, Ground 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 Oct. 29, 2018, at 9:00 a.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Picton Press on May 22, 2018.


SHARMA HOLDINGS: Second Creditors' Meeting Set for Oct. 30
----------------------------------------------------------
A second meeting of creditors in the proceedings of Sharma
Holdings Foods Pty Ltd has been set for Oct. 30, 2018, at 9:30
a.m. at the offices of SV Partners, 22 Market Street, Brisbane,
in 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 Oct. 29, 2018, at 4:00 p.m.

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


SPECIAL ONE: First Creditors' Meeting Set for Oct. 30
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Special
One Grain Accumulator Pty Ltd will be held at the offices of
Quest Apartments Dubbo, 22 Bultje Street, in Dubbo, NSW, on
Oct. 30, 2018, at 2:00 p.m.

Andrew John Spring and Trent Andrew Devine of Jirsch Sutherland
were appointed as administrators of Special One on Oct. 18, 2018.


SPEND LOVE: First Creditors' Meeting Set for Oct. 30
----------------------------------------------------
A first meeting of the creditors in the proceedings of Spend Love
Pty Ltd, trading as Spendelove Bistro & Bar, will be held at the
offices of David Clout & Associates, Level 3/26 Wharf Street, in
Brisbane, Queensland, on Oct. 30, 2018, at 11:00 a.m.

David Lewis Clout and Patricia Talty of David Clout & Associates
were appointed as administrators of Spend Love on Oct. 18, 2018.



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


AANDINATH PROBUILD: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Aandinath Probuild (India) Private Limited
        19, Chawla Complex A-215
        Shakarpur Delhi East
        Delhi 110092

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 7, 2019

Insolvency professional: Ashok Kumar Juneja

Interim Resolution
Professional:            Ashok Kumar Juneja
                         1302, Vijaya Building 17
                         Barakhamba Road, Connaught Place
                         New Delhi 110001
                         E-mail: ashokjuneja@gmail.com
                                 irp.aadinathprobuild@gmail.com

Classes of creditors:    Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    1. Mr. Madhusudan Sharma
                            688, Western Wing
                            Tis Hazari Court, Central
                            National Capital Territory of Delhi
                            110054
                            E-mail: Madhusudan.ip@outlook.com

                         2. Mr. Shyam Arora
                            96, Aravali Apartment
                            Alaknanda, New Delhi
                            National Capital Territory of Delhi
                            110019
                            E-mail: arora.shyaam@yahoo.com

                         3. Dr. Durga Das Agarwal
                            KBL Agrawal & Co.
                            413 Vikasdeep Building
                            Laxmi Nagar District Center
                            New Delhi, National Capital
                            Territory of Delhi 110092
                            E-mail: cadda.ip@gmail.com

Last date for
submission of claims:    October 26, 2018


ADARSHA AUTO: ICRA Reaffirms B+ Rating on INR38cr Cash Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ to the
INR38.00-crore cash credit, INR13.20 crore term loan and INR0.80-
crore unallocated limits of Adarsha Auto World Private Limited.
The outlook on the long-term rating is 'Stable'.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit          38.00      [ICRA]B+ (Stable); Reaffirmed

   Fund based-
   Term Loan            13.20      [ICRA]B+ (Stable); Reaffirmed

   Unallocated           0.80      [ICRA]B+ (Stable); Reaffirmed

Rationale

The rating factors in the stretched financial profile of the
company characterised by high gearing and weak coverage
indicators in FY2018. Further, the rating considers the stretched
liquidity profile with high average utilisation of working
capital limits in FY2018 and high term loan repayment obligations
over next four years. The rating also takes into account the
intense competition from other Maruti Suzuki India Limited (MSIL)
dealers as well as from the dealers of other original equipment
manufacturers (OEMs), limiting its margins.

The rating, however, favorably factors in the extensive
experience of the promoters in the automobile dealership
business, and the established presence and reputed brand name of
the group in dealership business in Telangana. The rating also
considers the strong brand recognition of "Maruti Suzuki" in
India, and the continued market leadership of MSIL as the largest
domestic passenger car manufacturer.

Outlook: Stable

The stable outlook reflects ICRA belief that AAWPL will continue
to benefit from the extensive experience of its promoters in the
auto dealership business coupled with authorized dealership of
MSIL, the market leader in the Indian passenger vehicle segment.
The outlook may be revised to 'Positive' if substantial higher-
than-estimated growth in revenue and profitability and effective
management of the working capital limits strengthens the
financial risk profile. The outlook may be revised to 'Negative'
if any further major debt-funded capital expenditure or lower-
than-expected cash accruals weaken liquidity.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the dealership business:
The promoters have extensive experience of about three decades in
dealership business, being the authorised dealers for Maruti
Suzuki India Limited (MSIL), TVS Motors Limited, Mahindra &
Mahindra Limited (tractor division) through various entities and
presence across different parts of Telangana, leading to an
established brand name.

Positive outlook for the domestic passenger vehicle industry- The
strong brand recognition of "MSIL" in India, its continued market
leadership as the largest domestic passenger car manufacturer and
the low penetration levels of passenger vehicles (PV) in the
country.

Credit weaknesses

Stretched financial profile: The company's financial profile is
stretched with high gearing of 8.3 times as on March 31, 2018 and
weak debt coverage indicators with net cash accrual/total debt of
5.0%, DSCR of 1.7 times, Total debt/OPBDITA of 8.5 times and
interest coverage of 1.7 times in FY2018.

Constrained liquidity position: The company's liquidity position
remains constrained given the higher average utilisation for
working capital limits for the period July 2017 to July 2018 and
high term loan repayment obligations over the next four years
given the debt-funded capex incurred by the company in FY2018.

Exposed to regulatory risk, adverse event risk and high
competition from new MSIL dealers as well as other OEM dealers:
The company remains exposed to regulatory risk and adverse event
risk specific to the geography. In addition, the company faces
intense competition from other MSIL dealers and dealers of other
car manufacturers such as Hyundai, Honda, Nissan, Ford, Skoda,
etc., restricting its margins.

Adarsha Auto World Private Limited (AAWPL), incorporated in 2012
by Mr. B. Satyanarayana Goud and family, started the commercial
operations in October 2016. AAWPL is the sole authorised dealer
for Maruti Suzuki-NEXA passenger vehicles and spares for
Karimnagar and Warangal districts in Telangana, and authorised
dealer for the Hyderabad district. AAWPL is part of Adarsha group
which has the authorised dealerships of various OEMs including
Maruti Suzuki India Limited, TVS Motors Limited, Mahindra &
Mahindra Limited (tractor division) etc.

As per provisional, the company reported a net profit of INR1.9
crore on an operating income of INR172.6 crore in FY2018, as
compared to a net loss of INR0.4 crore on an operating income of
INR29.6 crore in 6M FY2017.


ASIANLAK HEALTH: ICRA Reaffirms B+ Rating on INR7cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR10.00-crore fund-based facilities of Asianlak Health Foods
Ltd. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loans           3.00       [ICRA]B+ (Stable); Reaffirmed

   Fund based-
   Cash Credit          7.00       [ICRA]B+ (Stable); Reaffirmed

Rationale

The ratings reaffirmation continue to remain constrained by
AHFL's moderate scale of operations and its presence in a highly
fragmented business segment with low entry barriers and intense
competition from other established packaged mineral water brands.
The ratings also take note of the vulnerability of the company's
profitability to raw material price fluctuation risks and its
working capital intensive nature of operation, which has entailed
near to full utilisation of working capital limits. Further, the
ongoing debt funded capex and the impending debt repayments are
likely to exert pressure on the cash flow in the near to medium
term. ICRA also takes into account the project execution risks,
primarily time and cost overruns, since the project is
rescheduled to commence operations from April 2019.

The ratings, however, favorably factor in the vast experience of
the promoters in the beverages industry, the revenue visibility
by way of association with Bisleri International Private Limited
and AHFL's wide distribution network as well as established
relationship with clients. ICRA also notes the benefits of grants
extended by the Ministry of Food Processing Industries (MoFPI),
Government of India, for setting up an additional facility in the
food processing sector is likely to support the cash flows of
AHFL to a certain extent.

Outlook: Stable

ICRA expects Asianlak Health Foods Ltd. to benefit from the
extensive experience of its promoters in the beverages industry.
The outlook may be revised to Positive if the operations
stabilise as per expected parameters, leading to revenue and
subsequently to reasonable cash accruals. The outlook may be
revised to Negative if delayed project implementation, and/or
slower ramp-up in sales and accruals, or sizeable working capital
requirement, weakens its financial risk profile, especially its
liquidity position.

Key rating drivers

Credit strengths

Extensive experience of the promoters in the beverages industry:
AHFL was promoted by Mr. Radhe Shyam Poddar, and is managed by
his family, who have significant experience of more than four
decades in the beverages industry. All critical functions like
sourcing, customer acquisition, processing and strategic decision
making are headed by the family. The extensive experience of the
promoters has helped the company establish strong relationships
with its customers as well as its suppliers.

Long association with Bisleri International Private Limited
(BIPL) as a franchise partner: AHFL packages drinking water,
manufactures soda and soft drinks as a franchise partner for BIPL
from its plant at Ludhiana in Punjab. The company sells water and
soda in the states of Punjab and Haryana. In addition, AHFL sells
soft drinks in Jammu and Kashmir, and Himachal Pradesh. AHFL is
the only franchisee partner of BIPL in Punjab and Haryana, which
provides revenue visibility in the near to medium term.

Strong distribution network in Himachal Pradesh, Jammu and
Kashmir, Punjab, and Haryana: AHFL has appointed more than 800
distributors and dealers across the states of Punjab, Haryana,
Himachal Pradesh, and Jammu and Kashmir. It offers a credit
period of 30-35 days to its customers. Moreover, the company has
its own fleet of vehicles for transporting its products to
distributors and dealers across the states.

Credit challenges

Moderate scale of operations: The company has a moderate scale of
operations, which limits benefits from economics of scale.
However, growing demand for packaged drinking water in urban as
well semi-urban areas leads to stable growth in revenues.
Further, the company is in the process of diversifying its
product profile by setting up a food processing unit for
manufacturing ready-to-eat food products, which is expected to
support the revenues and profitability of AHFL in the medium to
long-term.

Stretched liquidity position as reflected by high utilisation of
working capital facilities: Given AHFL's product profile, it has
to maintain adequate stock of raw materials (pet preforms and
other packaging materials) to meet the immediate need of its
dealers/distributors. AHFL offers a credit of around 30-35 days
to its customers, while making upfront payments to its suppliers
to avail cash discounts, resulting in high working capital needs.
This has entailed near to full utilisation of working capital
limit.

Large capital expenditure plan, exposing the company to project
execution risks; completion of the project within budgeted cost
and scheduled timeframe: The project was earlier scheduled to
commence operations from November 2018; however, delay in
disbursement of the first installment of the grant-in-aid from
the Ministry of Food Processing Industries (MoFPI) under the
Integrated Cold Chain and Value Addition Infrastructure scheme
led to the postponement of the execution schedule. The project is
now scheduled to commence operations from April 2019. Hence, any
further delay in project execution may lead to significant cost
overruns.

Debt-funded capex likely to exert pressure on cash flows in the
near to medium term: AHFL is in the process of diversifying its
product profile by setting up an additional facility in the food
processing sector. The proposed project cost is for INR27.7
crore, to be funded by a term loan of INR12.0 crore, government
grant of INR7.6 crore and the balance through promoter's
contribution/internal accruals. The company's debt service
obligations owing to the recent debt-funded capital expenditure
programme along with its existing repayment obligations are
likely to exert pressure on its cash flow in the near to medium
term.

Vulnerability of profitability to raw material price fluctuation
risks: The major raw material required by AHFL are pet preforms,
closures, sweeteners, and printed labels, among others. The
prices of pet preforms are directly linked to crude oil prices.
Given the volatility in crude prices, the company's operations
and margins are exposed to adverse fluctuations in the crude oil
and other raw material prices. AHFL's ability to pass on any
fluctuations in the raw material prices to the customers will be
critical in maintaining profitability at steady levels.

Intense competition from other established brands: AHFL faces
stiff competition from established organised players as well as
dominant unorganised players in the industry. During the last few
years, the mineral water / soda industry has become more
competitive with several new players entering the industry,
thereby exerting pressure on AHFL's revenues and margins.

Incorporated in 1995, AHFL manufactures packaged drinking water
and soda for Bisleri International Private Limited as a franchise
partner in Punjab and Haryana. The company is also a franchise
partner for BIPL's soft drinks in Jammu and Kashmir, and Himachal
Pradesh, apart from Punjab and Haryana. The company's plant is in
Ludhiana (Punjab) and has an installed processing capacity of
7,20,000 liters of drinking water per day.

AHFL is in the process of setting up a ready-to-eat food
processing unit with a manufacturing capacity of 14,000 kg per
day of pre-packaged Indian snacks and curries. The proposed unit
is expected to become operational from April 2019.

In FY2018, on a provisional basis, the company reported a net
profit of INR1.83 crore on an operating income (OI) of INR73.98
crore, as compared to a net profit of INR1.65 crore on an OI of
INR66.44 crore in the previous year.


BAHRA EDUCATIONAL: ICRA Moves D Rating to Not Cooperating
---------------------------------------------------------
ICRA has moved the rating for the INR45.00-crore bank facility of
Bahra Educational and Charitable Society (BECS) to the 'Issuer
Not Cooperating' category. The rating is now denoted as [ICRA]D
ISSUER NOT COOPERATING.

                  Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit        5.25      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

   Term Loan          24.48     [ICRA]D; ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

   Unallocated        15.27     [ICRA]D; ISSUER NOT COOPERATING;
                                Rating moved to the 'Issuer Not
                                Cooperating' category

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

Bahra Educational and Charitable Society (BECS) was formed in
2009 and has set up a state private university in Shimla named
Bahra University. Bahra University has six constituent colleges
which offer engineering, management, computer applications,
pharmacy, hospitality and law courses. The total student strength
across the six colleges during AY 2016-17 is ~1800 students.


BASIC INDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Basic India Limited
        1009, 10th Floor, New Delhi House Building
        27, Barakhamba Road, Connaught Place, New Delhi
        Central Delhi, Delhi 110001 IN

Insolvency Commencement Date: October 12, 2018

Court: National Company Law Tribunal, New Delhi Principal Bench

Estimated date of closure of
insolvency resolution process: April 10, 2019

Insolvency professional: Anup Sood

Interim Resolution
Professional:            Anup Sood
                         Flat No. 185, Block-H, 5th Floor
                         Spangle Condos, Old Ambala Road
                         Gazipur, Tehsil Dera Bassi, Mohali
                         Sahibzada, Ajit Singh Nagar
                         Punjab 140603
                         E-mail: anupsood1954@gmail.com
                                 basicindiacirp@gmail.com

Last date for
submission of claims:    October 26, 2018


COASTAL ENERGEN: ICRA Reaffirms D Rating on INR6113.79cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D for the
INR6113.79-crore term loans, the INR1150.00-crore cash credit
facilities, the INR465.20-crore non-fund based facilities and the
INR25.21-crore unallocated limits of Coastal Energen Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]D for the INR40.00-crore non-fund based limits of CEPL.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term Loan          6113.79      [ICRA]D; Reaffirmed
   Cash Credit        1150.00      [ICRA]D; Reaffirmed
   Short-term
   Non-fund Based       40.00      [ICRA]D; Reaffirmed

   Long-term Non-
   fund Based          465.20      [ICRA]D; Reaffirmed

   Unallocated Limit    25.21      [ICRA]D; Reaffirmed

Rationale

The rating reaffirmation factors in the continuous delays in
meeting the debt obligations by CEPL. This is primarily due to
the stretched liquidity position of the company owing to delays
in receipt of payments from Tamil Nadu Generation and
Distribution Corporation Limited (TANGEDCO), its key counterparty
for power sales. In addition, while one of CEPL's 600-MW
imported-coal based thermal power generation unit has a 15-year
power purchase agreement (PPA) with TANGEDCO, the other unit of
equivalent capacity is yet to enter into a long-term PPA with a
buyer. As a result, the plant load factor (PLF) for the company's
1200-MW thermal power capacity remains low at 38% in FY2018.

ICRA, however, takes note of the project's high plant
availability factor, which enables the company to bill and
recover capacity charges from TANGEDCO as per the terms of the
long-term PPA. Though the company has been able to pass on the
exchange rate fluctuations in energy charges to TANGEDCO as per
the PPA terms, the energy charges are non escalable and may not
fully reflect the prevailing coal prices. As a result, the
profitability of the company would remain exposed to fluctuations
in international coal prices. In June 2017, the lenders of CEPL
invoked the Strategic Debt Restructuring (SDR) scheme as a
resolution option with reference date of December 30, 2016. As a
result, the standstill clause was applied to CEPL's debt-
servicing obligations till June 2018.

Going forward, the ability of the company to service debt
obligations in a timely manner, secure a long-term PPA for Unit-2
and achieve satisfactory operational performance will be the key
rating sensitivities.

Key rating drivers

Credit strengths

Limited offtake risk for Unit-1: Presence of the long-term PPA
with TANGEDCO for the entire capacity of 600 MW.

Credit challenges

Delay in debt servicing: High offtake risk associated with Unit-2
in the absence of any firm long-term PPA. Delays in the signing
of the PPA for 600 MW of Unit-2 along with delays in receivables
from TANGEDCO for Unit-1 has resulted in delays in servicing debt
obligations. Earlier, this caused the lenders to invoke the SDR
scheme with reference date of December 30, 2016. Further, the
standstill clause on debt repayments also expired in June 2018.
High counterparty credit risk: Significant delays in receivables
from TANGEDCO (up to 120-150 days) for 600 MW of Unit-1.

Risks inherent in competitively bid tariff: Exposure to risks
inherent in competitively bid tariffs given the high capital
costs and the use of imported coal.

Margins exposed to fluctuations international coal prices: While
the company has a pass through for exchange rate fluctuations in
energy charges as per the PPA terms, its profitability would
remain exposed to variations in international coal prices.

CEPL is a special purpose vehicle (SPV) promoted by Mr. Ahmed
Buhari (promoter of the Coal & Oil Group) for the development of
a 1200-MW imported coal-based thermal power plant at Tuticorin in
Tamil Nadu. The Coal & Oil Group is a Dubai-based energy
conglomerate that operates as an integrated fuel solution
provider with interests in coal trading, technical consultancy
for fuel sourcing, handling, shipping, logistics etc. The
flagship company of the Group is Coal & Oil Company DMCC (C&O).
The total project cost for CEPL of INR7,870 crore was funded
through debt-equity ratio of 80:20. Unit-1 of 600 MW commenced
operations from December 2014 and Unit-2 from January 2016.
In FY2018, on a provisional basis, the company reported a net
loss of INR650.43 crore on an operating income of INR1817.95
crore, as compared to a net loss of INR433.24 crore on an
operating income of INR1833.57 crore in the previous year.


DOLPHIN POLY: ICRA Reaffirms B+ Rating on INR6.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR11.56-crore (enhanced from INR8.19-crore) long-term bank
facilities of Dolphin Poly Plast Pvt. Ltd. (DPPL). ICRA has also
reaffirmed the short-term rating of [ICRA]A4 for the INR1.50-
crore non-fund based limits of DPPL. ICRA has also reaffirmed the
long-term and short-term ratings of [ICRA]B+/[ICRA]A4 for the
INR0.04-crore (reduced from INR0.31-crore) unallocated limits of
DPPL. The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund Based-
   Term Loan            5.06     [ICRA]B+ (Stable); reaffirmed

   Fund Based-
   Cash Credit          6.50     [ICRA]B+ (Stable); reaffirmed

   Non Fund based-
   Letter of credit     1.50     [ICRA]A4; reaffirmed

   Unallocated limits   0.04     [ICRA]B+ (Stable)/A4; reaffirmed

Rationale

The ratings continue to remain constrained by DPPL's weak
financial risk profile, characterised modest scale of operations
(although it grew by 38% in FY2018 to INR28.99 crore from
INR20.96 crore in FY2017), leveraged capital structure and the
weak coverage indicators owing to debt-funded capex. The ratings
are also constrained by DPPL's stretched liquidity position with
high utilisation of working capital limits because of elongated
receivables from Government authorities. The ratings are further
constrained by the vulnerability of profitability to volatility
in raw material prices, which are linked to crude oil prices due
to fixed-price contracts and the intense competition. ICRA also
takes note of the ongoing debt-funded capex and the scheduled
repayments which may keep the company's financial risk profile
under check going forward.

The ratings, however, favourably take into account the promoters'
extensive experience in pipe manufacturing and MIS industry and
company's registration as an authorised supplier with Gujarat
Green Revolution Company Limited (GGRC) for Gujarat and its
registration with the agricultural department of states such as
Rajasthan, Maharashtra, Madhya Pradesh and Karnataka.

Outlook: Stable

ICRA believes that DPPL will continue to benefit from the
extensive experience of its promoters in the plastic and MIS
industry and from its registration with GGRCL and agriculture
departments of other states. The outlook may be revised to
Positive if timely execution of capex within the budgeted cost
leads to growth in revenue and profitability and improves the
overall financial risk profile. The outlook may be revised to
Negative if delay in project execution, or lower-
than-expected ramp-up in sales and/or cash accrual in view of
sizeable repayments from the earlier and ongoing capex,
or sizeable working capital requirement, weakens the financial
risk profile, especially liquidity.

Key rating drivers

Credit strengths

Promoter's extensive experience in Micro irrigation system and
plastic pipe industry: The key promoters, Mr. Mavji Limbasiya,
Mr. Haresh Kothiya have around two decades of experience in the
plastic industry. Also, the promoters have been engaged in the
Micro irrigation system since last five years.

Authorised supplier for GGRC: DPPL is a registered supplier for
MIS products with Government of Gujarat through Gujarat Green
Revolution Company Limited (GGRC) and with Agricultural
departments of other states such as Rajasthan, Maharashtra,
Madhya Pradesh and Karnataka.

Credit challenges

Weak financial risk profile: The company's financial risk profile
remains weak characterized by small scale of operation despite
38% growth from INR28.99 crore in FY2018 INR20.96 crore in
FY2017. DPPL's capital structure remains leveraged with gearing
of 3.70 times in FY2018 (against 3.06 times in FY2017) because of
debt funded capex and high working capital borrowings. This has
also led to deterioration of already weak debt coverage
indicators marked by interest coverage ratio of 1.56 times
(vis-a-vis 2.00 times in FY2017), TOL/TNW of 5.50 times
(vis-a-vis 4.22 times in FY2017), NCA/TD of 8% (vis-a-vis 9%
times in FY2017) and total debt/OPBITA of 5.45 times (vis-a-vis
4.88 times in FY2017). Also, the ongoing debt-funded capex and
the scheduled repayments thereof are likely to keep the company's
financial risk profile constrained.

Stretched liquidity position: The liquidity position of the
company is stretched, as evident from the almost fully utilised
working capital limits, owing to the delayed receivables from
state governments.

Intense competition: The presence of numerous players, both
organised as well as unorganised, in the micro irrigation
system and plastic pipes industry exerts pressure on the
company's profitability.

Profitability exposed to raw material prices fluctuations: The
company's profitability remains exposed to volatility in
input prices because the key raw material- HDPE granules and PVC
resins are crude derivatives. Moreover, the fixedprice
sales contract prevents the company from passing on the price
rise to customers.

Incorporated in 1999, Dolphin Poly Plast Pvt. Ltd. (DPPL)
manufactures high density polyethylene (HDPE) pipes, sprinkler
pipes, emitting pipes, lateral pipes, polyvinyl chloride (PVC)
pipes and fittings and unplasticised PVC pipes (uPVC) and
assembles micro irrigation system i.e, sprinkler irrigation and
drip irrigation systems at its facility. The manufacturing
facility of the company is located in the Rajkot district of
Gujarat and has an installed capacity of manufacturing 8,100
MTPA of HDPE pipes and 6500 MTPA of PVC pipes.

DPPPL is promoted by the Limbasiya and Kothiya families. Mr.
Mavji Limbasiya has been in the pipe manufacturing business since
1980, and Mr. Haresh Kothiya has experience of around five years
in assembling and manufacturing MISrelated products.


EAST HYDERABAD: ICRA Lowers Rating on INR119.49cr Loan to D
-----------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR119.49 crore term loans of East Hyderabad Expressway Limited
to [ICRA]D ISSUER NOT COOPERATING from [ICRA]BB ISSUER NOT
COOPERATING. The rating continues to remain under 'Issuer Not
Cooperating' category.

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-      119.49      [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                    Downgraded from [ICRA]BB
                                (Negative), Continues to be
                                Issuer not cooperating category

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

Rationale

The downgrade in the rating reflects irregularities in debt
servicing by the company. The on-going delays in receipt of the
annuities by around six months on account of weak counterparty -
HMDA and the absence of a Debt Servicing Reserve Account (DSRA),
has necessitated EHEL's dependence on ITNL for ensuring timely
debt servicing. However, on account of funds not being made
available by ITNL due its own liquidity issues, EHEL has not
serviced the term loan obligation since July 2018.

Credit weaknesses

Delay in debt servicing: There has been delays in debt servicing
by the company in absence of timely funding support from
promoters.

The on-going delays in receipt of the annuities by around six
months on account of weak counterparty: HMDA and the absence of a
Debt Servicing Reserve Account (DSRA), has necessitated EHEL's
dependence on ITNL for ensuring timely debt servicing. However,
on account of funds not being made available by ITNL due its own
liquidity issues, EHEL has not serviced the term loan obligation
since July 2018.

East Hyderabad Expressway Limited (EHEL) is a Special Purpose
Vehicle (SPV) incorporated in July 2007 for undertaking the
design, construction, development, finance, and Operation and
Maintenance (O&M) of an 8-lane access-controlled expressway. The
project is spread over 13 km, as part of Phase-2A of the
Hyderabad Outer Ring Road (ORR) project on a BOT (annuity) basis.
The project is owned by the Hyderabad Metropolitan Development
Authority (HMDA, a Government of Telangana undertaking). ITNL
holds 74% of EHEL's equity, while the balance is held by KMC
Construction Limited (10%) and KMC Infratech Limited (16%).


GANESHPRASAD IMPEX: ICRA Cuts Rating on INR2cr Loan to B-
---------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B- from [ICRA]B
assigned to the INR2.00 crore cash credit facility, which is a
sub-limit of the short-term non-fund based facility of
Ganeshprasad Impex Private Limited. The outlook on the long-term
rating is Stable. ICRA has also re-affirmed the short-term rating
of [ICRA]A4 assigned to the INR7.62 crore letter of credit (LC)
facility and the INR7.00-crore interchangeable limit within the
non-fund based limit of INR7.62 crore. Furthermore, ICRA has
revised the ratings for the unallocated amount of INR12.38 crore
to [ICRA]B-/[ICRA]A4 from [ICRA]B/[ICRA]A4.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund-based-        (2.00)     [ICRA]B-(Stable); downgraded
   Cash Credit                   from [ICRA]B(Stable)

   Non-fund based-
   Letter of Credit    7.62      [ICRA]A4; re-affirmed

   Non-fund based-
   Buyers Credit      (7.00)     [ICRA]A4; re-affirmed

   Unallocated        12.38      [ICRA]B-(Stable)/[ICRA]A4;
   limits                        downgraded from
                                 [ICRA]B(Stable)/[ICRA]A4

Rationale

The revision of the long-term rating takes into account GIPL's
weak financial profile as reflected by its continuously declining
scale of operations since FY2015 due to slow demand, subdued
profit margin and working capital intensive nature of operations.
The ratings further remain constrained by the highly fragmented
and competitive industry structure, susceptibility of margins to
fluctuation in timber prices and adverse movements in foreign
exchange, given the present volatility in the currency market.
The ratings, however, factor in the management's established
track record in the timber industry and sourcing support from the
associate concern.

Outlook: Stable

ICRA believes GIPL will continue to benefit from the extensive
experience of its promoters in the timber trading business. The
outlook may be revised to Positive, if GIPL is able to report
improvement in its scale of operations, profit margins, and
efficiently manage its working capital requirements. The outlook
may be revised to Negative, if the company's revenues and
profitability decline further, or if any delay in recovery of
receivables and high inventory levels weakens the liquidity
profile.

Key rating drivers

Credit strengths

Established experience of promoters in the timber trading
business: GIPL was established in 2004 and is at present managed
by Mr. Dinesh Patel, Mr. Haresh Patel and Mr. Jagdish Patel. The
partners have been involved in the timber trading business for
more than three decades. The extensive experience of the partners
in this business has helped in establishing strong relationships
with customers and suppliers.

Operational support from associate concern in the form of
sourcing wood: The firm also enjoys sourcing support from its
associate concern, Patel Wood Works and Timber Mart, which is
also involved in the same business sector. There are inter-group
transactions at times and whenever the LC limit of one firm is
fully utilised, the other firm imports by opening the LC and
sells it to the former.

Credit challenges

Financial profile characterised by decline in revenues and thin
profitability: GIPL's financial profile is characterised by small
scale of operations with revenues declining in the past five
years due to adverse industry scenario characterised by the
ongoing slowdown in the real estate and construction sector vis-
a-vis increase in prices of teakwood following the ban on the
export of timber by the Myanmar Government. The firm's
profitability of has remained modest, given the low value
additive nature of the business.

Working capital intensive nature of operations following high
inventory and receivables: The firm imports timber in
anticipation of demand, hence the inventory levels have remained
high with the average inventory holding period ranging from 100
to 140 days. The receivables outstanding during the period under
review have remained high as GIPL typically generates higher
sales in the last quarter of the year.

Profitability susceptible to movements in timber price and to
adverse fluctuations in foreign exchange rates: As GIPL's
procurement is not against firm orders, its margins remain
vulnerable to volatility in timber price. With the firm being a
net importer, the margins are also susceptible to the currency
fluctuation risk.

Highly fragmented industry with stiff competition restricts
pricing flexibility and keeps margins under check: GIPL also
faces stiff competition from a large number of unorganised
players in the timber industry, given the low entry barriers and
low value addition, which restricts the pricing flexibility and
exerts pressure on its profitability.

Incorporated in 2004, GIPL is involved in the import of round log
and cut-to-size Burmese teak timber as well as and South African
hardwood. It caters to the domestic market with ~70% revenues
being generated from southern India. The firm mainly deals in
teak wood (~90-95% of the total sales) and hard wood (~5-10%).
The timber traded is used for door frames, furniture, and
interiors, etc. It imports timber through Mumbai and Tuticorin
ports and caters to the saw millers in the domestic market.
GIPL's head office is at Reay Road in Mumbai.



HIRA POWER: ICRA Hikes Rating on INR112.50cr Loan From D
--------------------------------------------------------
ICRA has upgraded the long-term and short-term ratings for the
INR242.50-crore bank facilities of Hira Power & Steels Limited to
[ICRA]B+ and [ICRA]A4, respectively from [ICRA]D earlier. The
outlook on long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Cash Credit         50.00       [ICRA]B+(Stable); upgraded
                                   from [ICRA]D

   Fund-based-
   Term Loan           74.00       [ICRA]B+(Stable); upgraded
                                   from [ICRA]D

   Non-fund-based-
   Letter of Credit   112.50       [ICRA]A4; upgraded from
                                   [ICRA]D

   Non-fund-based-
   Forward Contract     6.00       [ICRA]A4; upgraded from
                                   [ICRA]D

Rationale

The rating action takes into account the regularisation of HPSL's
debt servicing from June 2018, aided by improved profitability,
recovery of advances from Group companies and adjustments
effected in working capital cycle to tide over the liquidity
pressures. The assigned ratings also take comfort from HPSL's
experienced promoters with long track-record in the ferro-alloy
industry, its demonstrated ability to consistently operate at
healthy capacity utilisation (averaging 94% for the past seven
years), and benefits arising from the captive power capacity.

The ratings are, however, constrained by the cyclical nature of
the ferro-alloy industry with complete dependence on the steel
sector and susceptibility of HPSL's profitability to the
volatility in raw material prices and realisations. Further,
while the company has reported healthy recovery in profitability
led by improved demand and enhanced product mix, the financial
profile continues to be characterised by modest debt coverage
indicators as reflected by interest cover of 1.6 times and Total
Debt/OPBDITA of 4.9 times in FY2018. Moreover, ICRA notes that
HPSL is, at present, recuperating from the liquidity squeeze
caused by the non-availability of buyer's credit facility, post
the revision in guidelines pertaining to the use of letter of
undertaking for trade credits, for imports into India from March
2018 onwards.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that HPSL would be
able to sustain the improved profitability amid firm
realisations, thereby generating adequate cash accruals for
servicing its debt repayments, while effectively managing its
working capital cycle and liquidity profile. The outlook may be
revised to Positive if cash accruals are significantly higher
than envisaged, thereby leading to faster-than-expected
improvement in debt coverage indicators and liquidity. The
outlook may be revised to Negative if there is a significant
reversal in the industry conditions, or the company undertakes
a debt-funded capex/investment, which materially affects its
liquidity and debt coverage metrics.

Key rating drivers

Credit strengths

Experienced promoters with long track record in the ferro-alloy
industry: HPSL is promoted by Mr. O. P. Agrawal of the Raipur-
based Hira Group. The promoter family has more than two decades
of experience in the ferro-alloy industry. HPSL's subsidiary,
Hira Electro Smelters Limited3 (HESL), is also present in the
ferro-alloy industry.

Track record of healthy capacity utilisation: HPSL is involved in
manufacturing ferro-alloys such as ferro manganese and silico
manganese, with an aggregate installed capacity of 46,000 MT per
annum (MTPA) across production facilities. Over the years, the
company has demonstrated its ability to consistently operate at
healthy capacity utilisation, as reflected in an average
utilisation level of 94% in the past seven years and ~96% in
FY2018. HPSL's subsidiary, HESL has also been operating its
enhanced capacity of 28,000 MTPA at more than 90% utilisation
level.

Benefits arising from captive power plant: HPSL's operations are
supported by a 20-MW captive thermal power plant, which assures
regular supply of power to the energy intensive ferro-alloy unit.
It also gives cost advantage against competitors, which procure
power from the state electricity board.

Credit challenges

Cyclical nature of the ferro-alloy industry with complete
dependence on the steel sector: Ferro-alloys are primarily
used for manufacturing alloy steel, wherein they impart special
properties such as increased resistance to corrosion and improved
hardness and tensile strength. Thus, the demand and hence
realisations for ferro-alloys are dependent upon the steel
industry which is cyclical in nature. Furthermore, the domestic
ferro alloy industry faces intense competition from the overseas
players. Cyclical nature of the industry can be corroborated from
the fact that HPSL witnessed volumetric de-growth in four out of
the past nine years.

Susceptibility of profitability to volatility in raw material
prices: The price of manganese ore, which is the main raw
material for HPSL, is characterised by high volatility. As HPSL
does not have enough captive supply or long-term contracts with
the suppliers, it procures manganese ore at market prices, which
keeps its profitability exposed to volatility in raw material
prices. Further, the realisations of ferro-alloys are linked to
the demand from the steel industry and competition from other key
players in the international market. In the past nine years,
HPSL's operating margins have fluctuated in a wide range of -4%
to 22% with a nine-year average of 12%. As the company is highly
dependent upon manganese ore imports, it also gets exposed to
foreign currency fluctuation risks, though it has been following
a prudent hedging policy during the past few years.

Modest debt coverage indicators: Notwithstanding the recovery in
profitability in FY2018 after two consecutive years of weakness,
HPSL's financial profile continues to be characterised by modest
debt coverage indicators with an interest cover of 1.6 times and
Total Debt/OPBDITA of 4.9 times in FY2018.

Liquidity pressures caused by discontinuance of buyer's credit
facility: HPSL is at present recuperating from the liquidity
squeeze caused by non-availability of buyer's credit, post the
revision in guidelines pertaining to the use of letter of
undertaking for trade credits, for imports into India from March
2018 onwards. Nevertheless, recovery of advances from Group
companies and adjustments effected in working capital cycle has
helped the company tide over the resultant pressures and correct
its overdues in the working capital accounts.

Incorporated in 1984, HPSL manufacturers ferro-alloys such as
ferro manganese and silico manganese. Its production facility is
located in Urla, Raipur (Chhattisgarh) and comprises five
furnaces with an aggregate installed capacity of 46,000 MT per
annum. HPSL's operations are supported by a 20-MW captive thermal
power plant. The company is promoted by Mr. O. P. Agrawal of the
Raipur-based Hira Group.


HUTCH INDIA: ICRA Lowers Rating on INR11.75cr Loan to D
-------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]D from [ICRA]B+
for the INR16.68-crore fund-based facilities of Hutch India
Private Limited (HIPL). ICRA has also revised the long-term
rating to [ICRA]D from [ICRA]B+ for the INR0.87-crore unallocated
limit.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term, Fund-     11.75     [ICRA]D; revised from
   Based-Cash                     [ICRA]B+(Stable)
   Credit Limit

   Long-term, Fund-      2.93     [ICRA]D; revised from
   Based-Term Loan                [ICRA]B+(Stable)

   Long-term-            0.87     [ICRA]D; revised from
   Unallocated Limit              [ICRA]B+(Stable)

Rationale

The revision in HIPL's rating factors in the delays in servicing
of debt repayments in the past six months. The company's
liquidity has remained stretched following its increasing scale
of operations and weak accruals. HIPL's capital structure has
remained highly leveraged on account of its dependence on
external borrowings and weak tangible net worth. The debt
protection metrics have also remained weak due to a modest profit
margin and high debt. ICRA notes that HIPL's profitability is
susceptible to volatility in the prices of steel and zinc and its
limited bargaining power against established raw material
suppliers. Besides, the fragmented nature of the industry and the
intense price-based competition exerts pressure on the company's
margins.

The rating, however, draws comfort from the established presence
of the management in the steel manufacturing industry.

Outlook: Not applicable

Key rating drivers

Credit strengths

Extensive experience of the management in the galvanised pipe
manufacturing: The company was set up in 2003 by Mr. Kamlesh
Agarwal and his family, with commercial operations commencing
from June 2014. The management has an extensive experience of
more than three decades in the steel industry, which has helped
the company establish its position in the domestic market. Prior
to the incorporation of HIPL, the management was associated with
Rawalwasia Steel Plant Private Limited.

Credit challenges

Delays in debt servicing: HIPL has been delaying its interest and
principal repayment obligations on its term loan for the past six
months due to stretched liquidity.

Highly leveraged capital structure and modest debt protection
metrics due to weak margin: HIPL's capital structure has remained
highly leveraged with a gearing of 4.99 times as on March 31,
2018 owing to a modest tangible net worth and high reliance on
external borrowings. The total debt reduced to INR19.76 crore as
on March 31, 2018 from INR21.01 crore as on March 31, 2017 due to
the repayment of term loan and unsecured loans. In FY2018, the
debt protection metrics measured as total debt/operating profit
before interest, depreciation and tax (total debt/OPBDITA) and
net cash accruals/total debt (NCA/total debt) stood at 5.96 times
and 6%, respectively.

Sensitivity of margins to volatile prices of major raw materials
like steel and zinc; limited bargaining power against established
suppliers: Raw material accounts for more than 95% of the
company's total manufacturing cost. As HIPL maintains high
inventory levels, its profitability is susceptible to price
risks. Although the raw material inventory is low, it maintains a
finished stock inventory of a variety of pipes (black, galvanise
and hollow sections) in different sizes and a likely decline in
zinc and HR coil prices can adversely hit its margins. HIPL
procures most of its raw material from established players, which
limits its bargaining power.

Fragmented nature of the industry and intense price-based
competition putting pressure on margins: The competitive nature
of the fragmented steel pipe industry limits pricing flexibility,
keeping margins under pressure. However, the company holds the
upper edge over other competitors because of its location. As
galvanised pipe major manufacturers are mainly located in the
northern part of the country, HIPL is able to save on its freight
costs while catering to customers in western India.

Incorporated in 2003, Hutch India Pvt. Ltd (HIPL) manufactures
electric resistance welded (ERW) black and hot dipped galvanised
steel pipes. Its registered office is in Hisar, Haryana, and its
manufacturing facility, with an installed manufacturing capacity
of 25,000 metric tonne per annum (MTPA), is in Surat, Gujarat.
The company commenced manufacturing from June 2014. HIPL is an
ISO 9001:2008-accredited company, also certified by the Bureau of
Indian Standards. Its products are sold under its Hindustar,
Hutch and Jaldhari brands. Mr. Kamlesh Agarwal, who looks after
the overall operations, has a vast experience of over three
decades in steel pipe manufacturing.

In FY2018, HIPL reported a net profit of INR0.30 crore on an
operating income (OI) of INR80.16 crore, compared to a net profit
of INR0.07 crore on an OI of INR59.12 crore in FY2017.


IL&FS TRANSPORTATION: ICRA Lowers Rating on INR2000cr Loan to D
---------------------------------------------------------------
ICRA has downgraded the long-term rating outstanding on the
INR2000.0 crore NCD programme and INR490 crore term loans of
IL&FS Transportation Networks Limited (ITNL) to [ICRA]D Issuer
Not Cooperating from [ICRA]BB Issuer Not Cooperating. ICRA has
downgraded the short-term rating outstanding on the INR320.0
crore fund-based bank facilities and INR1000 crore commercial
paper programme of ITNL to [ICRA]D Issuer Not Cooperating from
[ICRA]A4 Issuer Not Cooperating. Further, ICRA has downgraded the
long-term rating outstanding on the INR760.0 crore preference
share of ITNL to [ICRA]D Issuer Not Cooperating from [ICRA]BB-
Issuer Not Cooperating. The ratings continue to be in the Issuer
Not-Cooperating Category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Commercial Paper   1000.0      [ICRA]D ISSUER NOT COOPERATING;
                                  Downgraded from [ICRA]A4 ISSUER
                                  NOT COOPERATING

   Non-Convertible    2000.0      [ICRA]D ISSUER NOT COOPERATING;
   Debentures                     Revised from [ICRA]BB(SO)
                                  (Negative) ISSUER NOT
                                  COOPERATING

   Term Loans          490.0      [ICRA]D ISSUER NOT COOPERATING;
                                  Revised from [ICRA]BB(SO)
                                  (Negative) ISSUER NOT
                                  COOPERATING

   Fund-based Bank     320.0      [ICRA]D ISSUER NOT COOPERATING;
   limits                         Downgraded from [ICRA]A4 ISSUER
                                  NOT COOPERATING

   Preference Share     760.0     [ICRA]D ISSUER NOT COOPERATING;
                                  Revised from [ICRA]BB(SO)
                                  (Negative) ISSUER NOT
                                  COOPERATING

   Non-Convertible     1764.5     [ICRA]D ISSUER NOT COOPERATING;
   Debentures                     Revised from [ICRA]BB(SO)
                                  (Negative) ISSUER NOT
                                  COOPERATING

   Non-Convertible      199.0     [ICRA]D ISSUER NOT COOPERATING;
   Debentures                     Revised from [ICRA]BB(SO)
                                  (Negative) ISSUER NOT
                                  COOPERATING

ICRA had assigned ratings to the INR3,000 crore structured NCD
programme of ITNL in March 2017. Earlier, the ratings had
factored in the credit enhancement provided in form of a DSRA
Support Undertaking by (Infrastructure Leasing & Financial
Services Limited (IL&FS Ltd). However, with revision in ratings
of IL&FS Ltd to the Default category, the aforementioned NCDs do
not draw any credit comfort from IL&FS. The ratings for these
NCDs hence reflect the standalone credit risk of the Issuer.
Accordingly, ICRA has revised the rating for the INR1,764.50
crore structured NCD programme to [ICRA]D Issuer Not Cooperating
from [ICRA]BB(SO) Issuer Not Cooperating and rating of INR199.00
crore structured NCD programme to [ICRA]D Issuer Not Cooperating
from Provisional [ICRA]BB(SO) Issuer Not Cooperating. The ratings
continue to be in the Issuer Not-Cooperating Category. ICRA has
also concurrently revised the rating of INR1,036.50 crore
structured NCD programme to [ICRA]D Issuer Not Cooperating from
Provisional [ICRA]BB(SO) Issuer Not Cooperating and withdrawn the
same as the issuer did not issue the rated instrument.

ICRA has been trying to seek information from the entity to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance.

Rationale

The downgrade in the rating reflects irregularities in debt
servicing by the company and its failure to achieve any
meaningful progress on a) equity infusion, b) asset monetisation
and c) realisation of claims pending with authorities, thereby
resulting in stretched liquidity position. On September 24, 2018,
the promoter of the company (IL&FS Ltd) has filed an application
with National Company Law Tribunal seeking certain reliefs in
connection with scheme of arrangement under Section 230 of the
Companies Act, 2013. The ratings continue to remain constrained
by the high refinancing risk given sizable near-term debt
repayment obligations. Ability of the company to execute the six3
under construction BOT projects in a timely manner remains
important, failing which the resultant cost over-runs would add
further to the existing shortfall. The ratings also remain
constrained due to deterioration in credit profile of the parent
company.

Outlook: Not Applicable

Key rating drivers

Credit weaknesses Irregularities in debt servicing - The company
has failed to service the debt obligation on time on account of
failure to achieve any meaningful progress on a) equity infusion,
b) asset monetisation and c) realisation of claims pending with
authorities, thereby resulting in stretched liquidity position.
On September 24, 2018, the promoter of the company
(Infrastructure Leasing & Finance Services Limited) has filed an
application with National Company Law Tribunal seeking certain
reliefs in connection with scheme of arrangement under Section
230 of the Companies Act, 2013.

High refinancing risk: The company remains exposed to refinancing
risks, given the sizable near-term debt repayment obligations
despite efforts being made by the company to elongate its debt
maturity profile. As of March 31, 2018, ITNL had a debt of
INR13,509 crore outstanding (inclusive of preference share), of
which 30% is repayable over the coming 12 months.

Deterioration in parent: Infrastructure Leasing & Financial
Services Limited's (IL&FS Ltd) credit profile: The liquidity
position at the group level remains stretched given the delays in
raising funds from the promoters in accordance with the earlier
stated plans, deterioration in the credit profile of key investee
companies and sizeable debt repayment obligations.

Incorporated in 2000, IL&FS Transportation Networks Limited
(ITNL) is an established surface transportation infrastructure
company and one of the largest private sector Build-Operate-
Transfer (BOT) road operators in India. The company is promoted
by IL&FS Limited which holds 71.92% equity stake in ITNL as on
December 31, 2017. Since inception, ITNL has been involved in the
development, construction and implementation, operation and
maintenance of national and state highways, roads, flyovers and
bridges. ITNL, through its wholly-owned subsidiary in Singapore,
namely ITNL International Pte Ltd (IIPL) holds 100% equity stake
in Elsamex S.A, a Spanish O&M operator which provides maintenance
services for infrastructure facilities largely in the roads
sector in Spain and the rest of Europe and 49% stake (51% being
held by Chongqing Expressway Group Company Limited) in Chongqing
YuHe Expressway Company Limited (CYECL), a toll-based road
project in south-west China which has a long operating history of
over nine years.


JMT AUTO: ICRA Reaffirms B Rating on INR87cr Fund Based Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR52.35-crore1 term loans, INR87-crore fund-based bank limits
and INR11.05 crore unallocated limits of JMT Auto Limited (JMT)
at [ICRA]B. The outlook on the long-term rating has been revised
to Stable from Negative. ICRA has also reaffirmed the short-term
rating assigned to INR48.6-crore non-fund based bank limits and
INR1 crore bill discounting facilities of JMT at [ICRA]A4.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Term Loans           52.35    [ICRA]B; reaffirmed, Outlook
                                 revised to stable from negative

   Fund-based Limits    87.00    [ICRA]B; reaffirmed, Outlook
                                 revised to stable from negative

   Non-fund Based
   Facilities           48.60    [ICRA]A4; reaffirmed

   Bill Discounting
   Facility              1.00    [ICRA]A4; reaffirmed

   Unallocated Limits   11.05    [ICRA]B; reaffirmed, Outlook
                                 revised to stable from negative

Rationale

The revision in outlook to Stable from Negative factors in the
regularisation of the letters of credit, with no instance of
devolvement having been recorded since September, 2017, and the
company's growing turnover in FY2018 and Q1 FY2019 on a YoY
basis, as well as a higher order book position. ICRA notes that
the "Corporate Insolvency Resolution Process (CIRP)", initiated
with respect to JMT's parent company, Amtek Auto Ltd. (AAL) has
been completed, with the National Company Law Tribunal (NCLT)
approving the resolution plan submitted by Liberty House Group
Pte. Ltd. in July, 2018. However, the structure of the
acquisition, particularly with respect to the management of JMT
Auto Limited, remains uncertain at present. Also, monetisation of
overseas assets acquired by JMT's 100% subsidiary in FY2016 is
also expected to result in an improvement in the consolidated
financial statements of JMT, as well as in the overall liquidity
position of the group, although JMT is not likely to retain any
cash inflow from the same.

The reaffirmation of the ratings takes into account the continued
tightness in JMT's liquidity position on account of high interest
costs and working capital requirements, notwithstanding some
improvement in the same over the past year. Thus, the available
buffer from bank lines in the event of a cash-flow mismatch
remains low at present. Moreover, while sales volumes have
increased in FY2018 and Q1 FY2019 on the back of growth in the
rail and oil segments, profit margins have been adversely
impacted by rising raw material and other input costs, leading to
an almost 300 basis point decline in operating profit margin and
130 basis point decline in net margins in FY2018. Thus, overall
business returns remain subdued. The ratings also continue to be
impacted by JMT's significant sales and client-concentration
risks, with Tata Motors Ltd. (TML) and its subsidiaries in the
cyclical automobile sector accounting for a large share of its
turnover, notwithstanding the sales diversification that the
company has achieved in recent years. The ratings however,
favourably factor in the positive demand outlook on the
automotive, rail and oil sectors at present, which has led to
substantial new order inflow for JMT. JMT's established
relationships with reputed clientele both in the domestic and
export markets, the proximity of its manufacturing facilities to
the plants of its largest customer, and the vertically-integrated
nature of its operations, with in-house casting and forging
facilities, which provide better control on quality and cost of
production, also support the ratings. Going forward, the
company's ability to execute its existing order book in a timely
manner and obtain new orders while maintaining adequate liquidity
would remain key rating sensitivities.

Outlook: Stable

The Stable outlook factors in the regularisation of the
devolvements of letters of credit, together with the increase in
the company's turnover in FY2018 and Q1 FY2019 on a YoY basis,
and its higher order book position. The outlook may be revised to
'Positive' if JMT successfully executes its existing order book
in a timely manner while maintaining adequate profitability and
liquidity. The outlook may be revised to 'Negative' in case
liquidity pressures worsen or weakness in end-user industries
adversely impacts sales volumes.

Key rating drivers

Credit strengths

Resolution of CIRP for parent company, AAL; monetization of
overseas assets expected to lead to some improvement in the
consolidated financial position of JMT going forward - The
"Corporate Insolvency Resolution Process (CIRP)", initiated with
respect to JMT's parent company, Amtek Auto Ltd. (AAL) has been
completed, with the National Company Law Tribunal (NCLT)
approving the resolution plan submitted by Liberty House Group
Pte. Ltd. in July, 2018. However, ICRA notes that the structure
of the acquisition, particularly with respect to the management
of JMT Auto Limited, remains uncertain at present.

Further, monetisation of overseas assets acquired by JMT's 100%
subsidiary in FY2016 is also expected to result in improvement in
the consolidated financial statements of JMT, although JMT is not
likely to retain any cash inflow from the same.

Established relationships with reputed clients both in the
domestic and export markets: JMT's established relationships with
reputed clientele has helped it in establishing its credentials
as a machined component manufacturer, thereby helping it to
secure orders in both the domestic and the export markets.

Vertically integrated nature of operations with in-house casting
and forging facilities provide better control on quality and
costs: JMT commenced operations in 1987 primarily as an ancillary
to erstwhile Telco, supplying various machined components for its
Medium and Heavy Commercial Vehicle (M&HCV) segment. The company
has eight manufacturing plants located in Jamshedpur, Dharwad and
Lucknow. JMT's existing operations are vertically integrated with
in-house casting and forging facilities which provide better
control on quality and costs.

Credit challenges

Tight liquidity position at present, although letters of credit
have regularized, with no instance of devolvement occurring since
September, 2017: High working capital and interest costs continue
to lead to pressures on JMT's liquidity, although ICRA notes that
devolvements of letters of credit have been regularized, with no
instance of devolvement occurring since September, 2017. The
devolvements were largely on account of delay in receipt of GST
refunds on export transactions during the months of July and
August, 2017, leading build-up in receivables of INR11.55 crore
by May-18. However, from Jun-18 onwards, considerable refund
amounts have been received, leading to a current outstanding of
INR6.27 crore. Despite the improvement arising from release of
GST refunds though, the overall liquidity position remains tight.
Thus, the available buffer from bank lines in the event of a
cash-flow mismatch remains low at present.

While sales volumes have increased in FY2018 and Q1 FY2019 on the
back of growth in the rail and oil segments, with the demand
outlook remaining favourable going forward as well, business
return indicators remain subdued: JMT's performance was adversely
impacted by the slowdown in the auto, rail and oil segments
during FY2016-FY2017. However, the M&HCV segment started showing
signs of recovery in FY2018, which along with pick-up in demand
in the rail and oil industries, led to some growth in JMT's
turnover during FY2018 and Q1 FY2019. In the current year, sales
growth is expected to be higher, given the healthy demand outlook
for these end-user industries.

Notwithstanding the growth in operating income though, a change
in the company's product mix, together with rising raw material
and other input costs adversely impacted profit margins in FY2018
and Q1 FY2019. Overall business return indicators also remain
subdued. Buoyancy in international steel prices following
capacity closures in China, and recovery in domestic demand have
resulted in increase in the prices of steel, JMT's key raw
material, over the last few quarters. While JMT's contracts with
most customers permit pass on of cost escalations, such
adjustments are made with a lag, leading to exposure to
volatility in raw material prices for the period of the lag.
High sales concentration in the cyclical automobile sector,
notwithstanding some diversification achieved in recent years -
The business prospects of the company remain closely linked with
the performance of the domestic automobile industry as major part
of the sales are made to the automobile segment. While JMT has
taken measures to de-risk its high dependence on the automobile
industry by increasing its focus on other industries like
tractors and farm equipment, oil and natural gas, railways and
capital goods, the overall concentration towards the automotive
sector remains high.

Significant client-concentration risks with Tata Motors Ltd.
(TML) and its subsidiaries accounting for a large share of the
turnover: The company faces significant client-concentration
risks, with TML and its subsidiaries accounting for 37% of its
turnover in FY2018. However, ICRA notes that while this high
client concentration limits JMT's bargaining power, it also helps
in eliminating counterparty risks.

JMT Auto Limited (JMT) is a 66.77% subsidiary of Amtek Auto Ltd.
(AAL), and is involved in manufacturing of machined components
for the automobile, tractor and farm equipment, oil and natural
gas and construction equipment sectors. The company was
incorporated in 1987 as Jamshedpur Metal Treat Private Limited
and operated as a dedicated ancillary to the erstwhile Tata
Engineering and Locomotive Company Limited (Telco), supplying
various machined components. The company's shares were listed in
1994 and are traded on both the Bombay Stock Exchange and
National Stock Exchange. Over the years, JMT has enhanced its
manufacturing capabilities by backward integrating into forging
and casting components. JMT has its manufacturing plants located
in Jamshedpur, Dharwad and Lucknow through eight production
units. In FY2016, JMT, through its subsidiary, AMSPL, has
acquired two automotive component-manufacturing companies, REGE
and ACS. REGE manufactures auto components, primarily for the
passenger cars segment, through its three manufacturing plants-
two in Germany and one in Romania. ACS manufactures components
for passenger and commercial vehicles through its facility in
Floby, Sweden. Both companies are however, being sold, given the
liquidity pressures in the group.

Continuous net losses reported by AAL over the period FY2015-
FY2017 led to a tight liquidity position of the group and
resulted in the "Corporate Insolvency Resolution Process (CIRP)"
being initiated with respect to AAL in July 2017. The National
Company Law Tribunal (NCLT) approved the resolution plan
submitted by Liberty House Group Pte. Ltd. in July, 2018, thus
completing the CIRP process. Payments to financial creditors are
expected to be made within October, 2018.

In FY2018, JMT reported a net profit of INR1.2 crore on an
operating income of INR347.8 crore, as compared to a net profit
of INR5.1 crore on an operating income of INR315.4 crore in the
previous year.


LOCKSMITHS INDUSTRIES: ICRA Removes Rating from Not Cooperating
---------------------------------------------------------------
ICRA has removed its earlier rating of [ICRA]B- (Stable)/
[ICRA]A4 from the 'ISSUER NOT COOPERATING' category as Locksmiths
Industries Private Limited has now submitted its 'No Default
Statement' ("NDS") which validates that the company is regular in
meeting its debt servicing obligations. The company's rating was
moved to the 'ISSUER NOT COOPERATING' category in September 2018.
The current rating derives comfort from company's established
track record of over two decades in manufacture of locking
systems in luggage bags and the reputed customer profile
comprising leading companies in the travel bags manufacturing
segment.


M.M. VORA: ICRA Reaffirms B+ Rating on INR10cr Cash Loan
--------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR10.72-crore fund-based limits of M.M. Vora Automobiles Private
Limited (MMVAPL) The outlook on the long-term rating is Stable.
ICRA has also reaffirmed the long-term of [ICRA]B+(Stable) to the
INR0.79-crore unallocated limits of MMVAPL.

                     Amount
   Facilities      (INR crore)   Ratings
   ----------      -----------   -------
   Fund-based-
   Cash Credit         10.00     [ICRA]B+(Stable) reaffirmed

   Fund-based-
   Term Loan            0.72     [ICRA]B+(Stable) reaffirmed

   Unallocated          0.79     [ICRA]B+(Stable) reaffirmed

Rationale

The rating reaffirmation continues to remain constrained by the
company's weak financial profile, characterised by low
profitability associated with dealership business, highly
leveraged capital structure, poor coverage indicators and high
working capital intensive operations. The rating continues to
take into account the intense competition faced by Mahindra &
Mahindra Limited (M&M) from other established and new Original
Equipment Manufacturers (OEMs) in the vicinity, and the
susceptibility of MMVAPL's operations to any slowdown in the
automobile industry.

The rating, however, continues to favourably consider MMVAPL's
long-standing relationship with its principal (M&M) and its
strong presence in the Utility Vehicle/Sports Utility Vehicle
(UV/SUV) segment; the extensive experience of the promoters in
the auto dealership business with multiple showrooms in Gujarat
(Vadodara, Anand and Nadiad); and aligned servicing facilities.

Outlook: Stable

ICRA believes MMVAPL will continue to benefit from the
established relationship with M&M; the stable demand of its
vehicles; and the experience of the promoters in the auto
dealership business. The outlook may be revised to Positive if an
increase in sales and profitability improves the cash accruals
needed to support the repayment obligations or an equity infusion
or better working capital management which would improve the
capital structure and overall liquidity of the company. The
outlook may be revised to Negative if any decline in
profitability results in inadequate cash accruals to repay the
debt obligations, or any debt-funded capex resulting to
deterioration in capital structure or further stretch in working
capital intensity impacting the liquidity position of the
company.

Key rating drivers

Credit strengths

Extensive experience of promoters in auto dealership business:
Promoted by Vora family having experience in the automobiles
dealership business since 1932, M.M. Vora Automobiles Private
Limited (MMVAPL) is an authorised vehicle dealer of Mahindra &
Mahindra Limited. MMVAPL has its dealership network in Anand,
Nadiad and Vadodara. Along with car sales, some of the showrooms
also serve as servicing stations.

Dominant position of its principal M&M in domestic PV (Passenger
Vehicle) and UV (Utility Vehicle) segments: The top four players
in the automobiles industry -- Maruti Suzuki, Hyundai, Mahindra
and Mahindra, and Tata Motors -- accounted for 81.5% of the total
domestic PV industry volumes in Q1FY2019 (77.6% in FY2017). M&M
also has a dominant market share in the UV segment in India, with
market share of 25.4% in FY2018.

Credit challenges

Weak financial profile: MMVAPL's operating income declined by ~7%
to INR194.09 crore in FY2018 from INR209.75 crore in FY2017 due
to higher sales of lower priced vehicles. The operating margin
continued to remain low due to its dealership nature of business
and consequently the net margin stood weak at 0.01% because of
high interest expenses in FY2018. Because of high working capital
requirement and low net-worth of the company, the capital
structure continued to remain highly leveraged with gearing of
18.52 times as on March 2018-end. Further, due to low
profitability coupled with high interest expenses and debt
repayment obligations, the coverage indicators deteriorated to
TD/OPBDITA of 9.23 times (compared to 6.77 times in FY2017) and
DSCR of 0.81 times (compared to 1.07 times in FY2017) in FY2018.
The liquidity position has remained tight with the working
capital limits being fully utilised.

Intense competition among dealers of M&M and other OEMs: In
Vadodara, MMVAPL's faces competition from another M&M dealer-
Carabel Motors (having 3S facility), which accounts for ~50% of
the M&M Vehicle sales. Apart from that, the company also faces
competition from other four-wheeler OEMs. Further, the company's
operations also remain susceptible to any prolonged slowdown in
the automobile industry.

M.M. Vora Automobiles Private Limited (MMVAPL) is promoted and
managed by the Vora family of Vadodara (Gujarat). MMVAPL
currently is involved in the automobile dealership of Mahindra &
Mahindra Limited (M&M) and have showrooms and servicing
facilities in Vadodara, Anand and Nadiad in Gujarat. Prior to
becoming dealers for M&M, the promoters had varied business
interest spanning across business such as sale of spare parts,
transportation business, and sub-dealership of Ford Motors &
Lambretta Scooters etc.

In FY2018 (provisional financial statements), the company
reported a net profit of INR0.02 crore on an operating income of
INR194.09 crore, as compared to a net profit of INR0.08 crore on
an operating income of INR209.75 crore in the previous year.


PATEL WOOD: ICRA Lowers Rating on INR4cr Cash Loan to B-
--------------------------------------------------------
ICRA has revised the long-term rating to [ICRA]B- from [ICRA]B to
the INR4.00-crore cash credit facility (earlier INR4.50 crore),
which is a sub-limit of the short-term non-fund based facility of
Patel Wood Works & Timber Mart. The outlook on the long-term
rating is Stable. ICRA has also re-affirmed the short-term rating
of [ICRA]A4 to the INR10.00-crore letter of credit (LC) facility
(earlier INR15.00 crore) and INR10.00-crore interchangeable limit
(earlier INR14.00 crore) within the non-fund based limit of
INR10.00 crore. Furthermore, ICRA has revised the ratings for the
unallocated amount of INR10.10 crore (earlier INR5.10 crore) to
[ICRA]B-/[ICRA]A4 from [ICRA]B/[ICRA]A4.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         (4.00)     [ICRA]B-(Stable); downgraded
   Cash Credit                    from [ICRA]B(Stable)

   Non-fund based-
   Letter of Credit    10.00      [ICRA]A4; re-affirmed

   Non-fund based-
   Buyers Credit      (10.00)     [ICRA]A4; re-affirmed

   Unallocated         10.10      [ICRA]B-(Stable)/[ICRA]A4;
   limits                         downgraded from
                                  [ICRA]B(Stable)/[ICRA]A4

Rationale

The revision of the long-term rating reflects PWTM's weak
financial profile as reflected in its modest scale of operations
with revenues declining since FY2017 due to slow demand, subdued
profit margin, weak coverage indicators and the working capital
intensive nature of its operations. The ratings also incorporate
the highly fragmented and competitive industry structure,
susceptibility of margins to fluctuation in timber prices and
adverse movements in foreign exchange, given the present
volatility in the currency market, coupled with high outstanding
payables. Furthermore, PWTM is a partnership firm and any
significant withdrawals from the capital account could affect its
capital structure. The ratings, however, factor in the
management's established track record in the timber industry and
sourcing support from the associate concern.

Outlook: Stable

ICRA believes PWTM will continue to benefit from the extensive
experience of its promoters in the timber trading business. The
outlook may be revised to Positive, if PWTM is able to report an
improvement in its scale of operations and profit margins, and
efficiently manage its working capital requirements. The outlook
may be revised to Negative, if the company's revenues and
profitability decline further, or if any delay in the recovery of
receivables and high inventory levels weakens the liquidity
profile.

Key rating drivers

Credit strengths

Established experience of promoters in the timber trading
business: PWTM was established in 1984 and is at present managed
by Mr. Dinesh Patel, Mr. Haresh Patel and Mr. Jagdish Patel. The
partners have been involved in the timber trading business for
more than three decades. The extensive experience of the partners
in this business has helped in establishing strong relationships
with customers and suppliers.

Operational support from associate concern in the form of
sourcing wood: The firm also enjoys sourcing support from its
associate concern, Ganeshprasad Impex Private Limited, which is
also involved in the same business sector. There are inter-group
transactions at times and whenever the LC limit of one firm is
fully utilised, the other firm imports by opening the LC and
sells it to the former.

Credit challenges

Financial profile characterised by decline in revenues and thin
profitability: PWTM's financial profile is characterised by
modest scale of operations with revenues declining in the past
two years due to the ongoing slowdown in the real estate and
construction sector vis-a-vis increase in prices of teakwood
following the ban on export of timber by the Myanmar Government.
The firm's profitability has remained modest, given the low value
additive nature of the business. The thin profit levels have also
led to weak coverage indicators for PWTM.

Working capital intensive nature of operations following high
inventory and receivables: The firm imports timber in
anticipation of demand, hence the inventory levels have remained
high with the average inventory holding period ranging from 100
to 300 days. The receivables outstanding during the period under
review have remained high as PWTM typically generates higher
sales in the last quarter of the year.

Profitability susceptible to movements in timber prices and to
adverse fluctuations in foreign exchange rates: As PWTM's
procurement is not against firm orders, its margins remain
vulnerable to volatility in timber prices. With the firm being a
net importer, the margins are also susceptible to the currency
fluctuation risk.

Highly fragmented industry with stiff competition restricts
pricing flexibility and keeps margins under check: The firm also
faces stiff competition from a large number of unorganised
players in the timber industry, given the low entry barriers and
low value addition, which restricts its pricing flexibility and
exerts pressure on the profitability.

Risk associated with the firm's legal status as a partnership
firm, including the risks of capital withdrawal: Being a
partnership firm, the risk of capital withdrawal remains inherent
and any significant withdrawal of capital by the partners may
necessitate additional borrowings and lead to a stressed capital
structure.

Established in 1984 as a partnership firm, PWTM is involved in
the import of round log and cut-to-size Burmese teak timber and
South African hardwood. It caters to the domestic market with
~70% revenues being generated from southern India. The firm
mainly deals in teak wood (~90-95% of total sales) and hard wood
(~5-10%). The timber traded is used for door frames, furniture,
and interiors, etc. It imports timber through Mumbai and
Tuticorin ports and caters to the saw millers in the domestic
market. PWTM's head office is at Reay Road in Mumbai.

Ganeshprasad Impex Pvt. Ltd. (GIPL) (rated [ICRA]B-
(Stable)/[ICRA]A4 in September 2018) is a Group concern involved
in the same business sector.

In FY2018, PWTM reported a net profit of INR0.10 crore on an
operating income (OI) of INR3.87 crore on a provisional basis,
over a net profit of INR0.13 crore on an OI of INR5.37 crore in
the previous year.


PEARL VISION: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Pearl Vision Private Limited

        Registered office:
        1/5783, Balbir Nagar
        Shahdara, Delhi 110032

        Prinicipal office:
        Unit no. 1-7, 19th Floor
        Lotus Business Park, Veera Desai Road
        Andheri, Mumbai 400054

Insolvency Commencement Date: October 12, 2018

Court: National Company Law Tribunal, Principal Bench, New Delhi

Estimated date of closure of
insolvency resolution process: April 10, 2019
                               (180 days from commencement)

Insolvency professional: Anil Kumar

Interim Resolution
Professional:            Anil Kumar
                         303, Chandra CGHS Limited
                         Golf Course Road, Plot No. 64
                         Sector 55, Gurgaon, Haryana 122011
                         E-mail: anil2566@gmail.com

                            - and -

                         C-360, Defence Colony
                         New Delhi 110024
                         E-mail: pearl.cirp@gmail.com

Last date for
submission of claims:    October 29, 2018


PROLINE INFRA-TRADING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Proline Infra-Trading Private Limited
        301, Gulab Building
        237, P.D' Mello Road, Fort
        Mumbai 400001
        Maharashtra, India

Insolvency Commencement Date: October 15, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 12, 2019

Insolvency professional: Dipti Mehta

Interim Resolution
Professional:            Dipti Mehta
                         201-206, Shiv Smriti, 2nd Floor
                         49 A, Dr. Annie Besant Road
                         A Above Corporation Bank, Worli
                         Mumbai 400018
                         Tel.: +91 (22) 6611 9696
                         Direct Extn.: 604
                         Mobile: +91 9820292415
                         E-mail: dipti@mehta-mehta.com

Last date for
submission of claims:    October 29, 2018


RIDDHI SIDDHI: ICRA Reaffirms B+ Rating on INR13cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ for the
INR15.85-crore fund-based facilities of Riddhi Siddhi Cotfiber
Private Limited. The outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-Cash
   Credit cum ODBD      13.00      [ICRA]B+ (Stable); Reaffirmed

   Fund-based-
   Term Loan             2.85      [ICRA]B+ (Stable); Reaffirmed

Rationale

The ratings, however, continue to be constrained by the low
profitability, stretched capital structure and weak coverage
indicators. The ratings also factor in the vulnerability of the
company's profitability to fluctuations in raw material prices
(raw cotton) considering the inherently low value-added nature of
the ginning business and the stiff competition. Further, it is
also exposed to the regulatory risks with regards to the minimum
support price (MSP), which is set by the Government.

The rating reaffirmation continues to favorably factor in the
extensive experience of the promoters in the cotton ginning
industry and proximity of the company's manufacturing unit to raw
material sources.

Outlook: Stable

ICRA believes that RSCPL will continue to benefit from the
longstanding experience of the promoters in the cotton ginning
industry. The outlook may be revised to Positive if substantial
growth in revenue and profitability leads to adequate net cash
accruals and better working capital management strengthens the
financial risk profile. Conversely, the outlook may be revised to
Negative if lower-than-expected sales and profitability lead to
lower-than-expected cash accruals; or stretch in the working
capital cycle weakens the capital structure and the overall
liquidity.

Key rating drivers


Credit strengths

Extensive experience of promoters in cotton ginning industry: The
promoters of RSCPL have over a decade of experience in the cotton
ginning industry, resulting in established relationships with
customers and suppliers.

Location-specific advantages: The company is based in Rajkot
(Gujarat), an area with high cotton acreage and quality
cotton crop. Hence, the company benefits in terms of lower
transportation cost and easy access to quality raw material
because of its proximity to raw material suppliers.

Credit challenges

Weak financial risk profile: The company's operating income
increased to INR85.00 crore in FY2018 from INR53.01 crore in
FY2017. However, because of the low value-added nature of the
cotton ginning operations and the stiff competition, the
profitability continues to remain low - the operating
profitability was 2.21% and net profit margins was 0.01% in
FY2018. The capital structure continued to remain leveraged, with
gearing at 2.60 times as on March 31, 2018.

Low profitability and high debt level resulted in weak debt
protection metrics: TD/OPBITDA of 7.55 times, DSCR of 0.93
times and an NCA/TD of 5% as on March 31, 2018.

Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins are exposed to
fluctuations in raw cotton prices, which depend on various
factors such as seasonality, climatic conditions, global demand
and supply situation, and export policy. Further, it is also
exposed to the regulatory risks with regard to the MSP set by the
Government.

Intense competition and fragmented industry structure: The cotton
ginning industry remains highly fragmented with presence of
numerous small to mid-sized players. Thus the company faces stiff
competition, which limits its bargaining power and exerts
pressure on its margins.

Incorporated in 2013, Riddhi Siddhi Cotfiber Private Limited is
in the business of ginning and pressing of raw cotton for
production of cotton bales and cotton seeds. The firm's
manufacturing facility is in Rajkot district, Gujarat, and is
equipped with 48 ginning machines and one automatic pressing
machine with a production capacity of 400 cotton bales per day
(24-hour operations). The company also has five crushing
machines.

In FY2017, the company reported a net profit of INR0.08 crore on
an operating income (OI) of INR53.01 crore as against a net
profit of INR0.15 crore on an OI of INR79.35 crore in FY2016. In
FY2018 (provisional financial statements), the company reported a
net profit of INR0.01 crore on an OI of INR85.00 crore.


RAYALA CORPORATION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Rayala Corporation Private Limited
        144/7, Old Mahabalipuram Road
        Kottivakkam, Madras-41

Insolvency Commencement Date: October 12, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 10, 2019
                               (180 days from commencement)

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         No: 10/17, Anandam Colony
                         South Canal Bank Road
                         Mandaveli, Chennai 600028
                         E-mail: Srirampcs@gmail.com
                         Contact: 9940336666

Last date for
submission of claims:    October 26, 2018


SHARPLINE AUTOMATION: ICRA Raises Rating on INR2.11cr Loan to B+
----------------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
for the INR1.55-crore (reduced from INR2.43-crore) cash credit
limit, INR2.11-crore (reduced from INR2.79-crore) term-loan
facility and INR0.16-crore (reduced from INR0.81 crore)
unallocated limits of Sharpline Automation Private Limited. ICRA
has also reaffirmed the short-term rating at [ICRA]A4 assigned to
the INR1.00-crore packing credit and INR7.21-crore (enhanced from
INR5.00-crore) non-fund based facilities of the company. The
outlook on the long-term rating is Stable.

                      Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Fund-based            1.55      [ICRA]B+(Stable); upgraded
   Cash Credit (CC)                from [ICRA]B(Stable)

   Term loan (TL)        2.11      [ICRA]B+(Stable); upgraded
                                   from [ICRA]B(Stable)

   Packing Credit (PC)   1.00      [ICRA]A4; reaffirmed

   Non-fund based        5.71      [ICRA]A4; reaffirmed
   Bank Guarantee (BG)

   Letter of Credit       1.50     [ICRA]A4; reaffirmed
   (LC)

   Unallocated            0.16     [ICRA]B+(Stable); upgraded
                                   from [ICRA]B(Stable)

Rationale

The rating upgrade reflects the significant growth in SAPL's
operating income (OI), although on a low base at INR20.8 crore in
FY2018 (P)3, attributable to the steady order inflow after
diversification. Apart from its regular business of retrofitting
and refurbishment of machines, the company now manufactures
special purpose machines (SPM) and ultra-testing equipment (UTE).
Further, the company's capital structure has improved due to the
repayment of term loans, thereby moderating the gearing level and
improving the coverage indicators as on March 31, 2018. The
ratings also draw comfort from the promoter's extensive
experience in the machine tool industry and the formidable entry
barriers in machine tool business because of high technical
requirement. Moreover, reputed clientele across diverse industry
segments reduces sector-specific risks.

The ratings, however, remain constrained by SAPL's small scale of
operation due to limited capacity. Moreover, the declining
operating profitability over the last three years; the stretched
liquidity position due to the elongated receivables cycle; and
high lead time in retrofitting and reconditioning process, which
has entailed high utilisation of the danctioned fund-based limits
are credit negatives. Further, ICRA notes the company's low
bargaining power, compared to its large and more established
clients, limits its pricing flexibility.

Outlook: Stable

ICRA expects SAPL to benefit from the promoter's extensive
experience, which has enabled it to establish a reputed customer
base over the years. The outlook may be revised to Positive if
the company increases its scale of operations and profitability,
while maintaining its liquidity profile. The outlook may be
revised to Negative if a decline in profitability, or significant
capital expenditure, or a stretch in the working capital cycle
weakens liquidity.

Key rating drivers

Credit strengths

Technically qualified management with extensive experience in
machine tool industry: The industry requires technically-
qualified professionals for retrofitting, reconditioning,
designing and manufacturing special purpose machines. The
company's efficient design-and-execution team provides a
competitive advantage over its peers. Further, the company's two-
decade long track record and demonstrated execution capabilities
across sectors ensures healthy order inflows.

Reputed clientele across diverse industry segments reduces sector
specific risks: SAPL has a reputed client portfolio comprising of
various government and private companies across sectors such as
steel, engineering, power generation, defence, aerospace, and
nuclear. The presence of the company's clientele across various
industries mitigates the sector-specific demand risk to some
extent.

Improvement in financial profile because of favourable capital
structure and moderate debt protection metrics in FY2018: SAPL's
financial profile has improved in FY2018 (P) as it endeavours to
reduce its dependence on outside debt and improve its net worth
position. The company's capital structure was comfortable with a
gearing of 0.7 times as on March 31, 2018 (P). Additionally,
reduction in the interest expenses improved the interest coverage
indicators to 2.3 times in FY2018 from 1.4 times in FY2017.

Credit challenges

High working capital intensity of operations; high lead time in
retrofitting and reconditioning process: The time needed to
retrofit or refurbish machines typically ranges between four to
eight months, which results in a high inventory holding. Further,
the stage-wise payments from clients result in high debtors
outstanding and full utilisation of the working capital limits.
As a result, SAPL relies on creditor funding to partially meet
its working capital requirements. The debtor position improved in
FY2018 as SAPL took advance payments from clients. Further,
faster execution of orders improved the company's inventory
levels, which reduced to 102 days in FY2018 (P) from 152 days in
FY2017. Although, the NWC/OI improved to 32% in FY2018 (P) from
47% in FY2017, it remained high.

Small scale of operations with limited capacity: Although SAPL's
OI grew by 41% to INR20.8 crore in FY2018 (P) from INR14.8 crore
in FY2017, the scale of operation remains small due to limited
capacity. The company was fully utilising its capacity which had
resulted in prolonged production cycles. Due to space constraints
and bulky nature of equipment prepared, the company was unable to
further scale up its operations. To overcome space constraints at
the current location, SAPL had acquired the adjacent land worth
INR2.89 crore in FY2014 out of internal accruals on which the
company incurred a further capex of INR1.8 crore in FY2017 and
FY2018 for construction of factory. The additional facility has
reduced the space constraint faced by SAPL and the company has
now increased its focus on manufacturing SPM's and UTE's.

Limited bargaining power restricts pricing flexibility: SAPL's
clientele comprises of reputed Government and private players
from the industry which results in limited bargaining power and
restricts pricing flexibility.

Vulnerability of profitability to change in product mix - SAPL
derives revenues from two segments; material and service and the
margins are primarily affected by the changes in the product mix.
While the service order is high margin yielding due to higher
customisation involved, the contribution from material orders is
relatively lower. In FY2018 (P), the company recorded 11%
revenues by way of sale of services against 28% in FY2017 which
led to a decline in the operating margin to 13.5% in FY2018 (P)
against 14.6% in FY2017. However, the net margin improved to 6.5%
in FY2018 (P) from 3.7% in FY2017 because of reduction in its
financial expenses caused by debt repayment.

Incorporated in 1995, Sharpline Automation Private Limited (SAPL)
is in the business of machine tool retrofitting, refurbishing,
reconditioning, and designing and manufacturing special purpose
machines as required by its clients. At present, SAPL operates
out of its manufacturing/assembling facilities, two of which are
located in Navi Mumbai, Maharashtra.

SAPL has two other Group companies, Forward Manufacturing Company
Pvt. Ltd. and Subala Engineering Pvt. Ltd., which are engaged in
the same business sector. In June 2008, SAPL formed a 50:50 joint
venture with Paul Christiani GmbH & Co., Germany, to start
Christiani Sharpline Technical Training Pvt. Ltd. for providing
training in the field of CNC technology.

In FY2018 (P), SAPL reported a profit after tax (PAT) of INR1.4
crore on an OI of INR20.8 crore compared to a net PAT of INR0.6
crore on an OI of INR14.8 crore in the previous year.


SHIVAM WATER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Shivam Water Treaters Private Limited
        3, Kahankpura Shopping Centre NR
        Vasna Bus Stop, Vasna Ahmedabad
        GJ 380007

Insolvency Commencement Date: October 15, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 13, 2019

Insolvency professional: CA Hema Manoj Shah

Interim Resolution
Professional:            CA Hema Manoj Shah
                         Purushottam Khandelwal & Co
                         216-Madhupura Vyapar Bhawan
                         NR. Gunj Bazar, Madhupura, Ahmedabad
                         Gujarat 380004
                         E-mail: ca.hemashah@gmail.com
                                 ip.hemashah@gmail.com

Last date for
submission of claims:    October 29, 2018


SUNWORLD RESIDENCY: ICRA Reaffirms D Rating on INR90cr Loan
-----------------------------------------------------------
ICRA has reaffirmed a long-term rating of [ICRA]D to the INR90.0-
crore bank facilities of Sunworld Residency Private Limited
(SRPL).

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund-based/          90.0        [ICRA]D; Reaffirmed
   Term Loan

Rationale

The assigned rating takes into account the delays in servicing of
debt obligations by the company. Further, the ratings were
constrained by SRPL's moderate to high execution risk and by the
weak scenario of the real estate market. Going forward,
regularization of debt servicing will be the key rating
sensitivities.

Key rating drivers

Credit challenges

Delays in debt service obligation: The company has had delays in
repayment of its debt service obligations due to delays in floor
area ratio approvals and construction work.

Moderate to high execution risk: Issues in previous funding as
well as heavy repayments might pressure on the company going
forward.

Weak market scenario: SRPL is susceptible to risks associated
with the currently weak real estate market scenario.

SRPL, incorporated in June 2010, had leased a 10 acre land parcel
from NOIDA to develop a residential housing in Sector 168, Noida.
The company is currently developing a residential housing project
on the ~10 acre land parcel in sector 168, Noida named Sunworld
Arista and launched in December, 2011. Sunworld Arista consists
of 10 towers and some commercial area.


TARINI MOTORS: ICRA Reaffirms B+ Rating on INR3.95cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ to the
INR0.60-crore1 (revised from INR0.86 crore) term loan, INR3.95-
crore (revised from INR3.25 crore) cash credit and INR2.39-crore
(revised from INR1.88 crore) unallocated limit of Tarini Motors
Private Limited (TMPL). ICRA has also reaffirmed the short-term
rating of [ICRA]A4 to the INR0.55-crore (revised from INR1.50
crore) non-fund based bank facility of TMPL. The outlook on the
long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan            0.60       [ICRA]B+ (Stable); Reaffirmed

   Fund-based-
   Cash Credit          3.95       [ICRA]B+ (Stable); Reaffirmed

   Unallocated Limit    2.39       [ICRA]B+ (Stable); Reaffirmed

   Non-fund Based-
   Bank Guarantee       0.55       [ICRA]A4; Reaffirmed

Rationale

The ratings continue to consider TMPL's weak financial profile
characterised by low margins on account of competitive industry
dynamics and the commission/incentive structure decided by the
principal, high gearing, modest debt coverage indicators and
limited financial flexibility, as reflected by high utilisation
of its working capital limits. The ratings also remain
constrained by the company's exposure to significant geographical
concentration risks as its operations are limited to Odisha, and
the vulnerability of demand of commercial vehicles to the
economic cycles, which are likely to keep TMPL's turnover and
cash flows volatile.

The ratings, however, continue to factor in the company's status
as an authorised dealer of Mahindra & Mahindra Limited's (M&M)
light commercial vehicle (LCV), medium & heavy commercial
vehicles (M&HCV), and construction equipment. The ratings also
consider the significant growth in TMPL's turnover over the last
few years, aided by increasing market penetration. Moreover, an
established market position of M&M in the commercial vehicle
segment provides scope for TMPL's further growth in the future.
Going forward, the company's ability to increase its sales volume
significantly while managing its working capital requirements
efficiently would remain the key rating sensitivities.

Outlook: Stable

ICRA believes that TMPL will continue to benefit from its
established position as a commercial vehicle dealer of M&M. The
outlook may be revised to Positive if substantial growth in
revenue and profitability and better working-capital management
strengthen its financial risk profile. The outlook may be revised
to Negative if cash accruals are lower than expected or stretch
in the working capital cycle aggravates the company's liquidity
position.

Key rating drivers

Credit strengths

Authorised dealership of the reputed vehicle manufacturer M&M:
TMPL is an authorised dealer of M&M's LCV, M&HCV and construction
equipment. ICRA notes that M&M's established market position
enhances TMPL's competitive advantage over dealers of other
commercial vehicle manufacturers and provides potential for
further growth, going forward.

Significant growth in operating income over the past few years:
The company started operation as a dealer of M&M in September
2012, and gradually increased market penetration by expansion of
sales and service network in its catchment area. This translated
into a significant growth in its operating income over the past
few years from INR5.66 crore in FY2013 to INR54.74 crore in
FY2018. Recently, the company has opened a new sales point in
Jaleswar, Odisha, and has plans to open a new 2S showroom in
Keonjhar in the near term, which are likely to boost its sales,
going forward.

Credit challenges

Low margins due to competitive industry dynamics and the
commission/incentive structure decided by the principal: The
operating profit margin of auto dealers, including TMPL, is
inherently low due to the nature of the industry, which is
characterised by intense competition among dealers. Besides, they
are regulated by the OEM to a large extent, wherein the
commission structure is decided by the principal, which also
restricts the margin.

High gearing and modest debt-coverage metrics: The company's
gearing declined to an extent in FY2018, though it still remained
high at 1.66 times as on March 31, 2018 because of significant
working capital borrowing vis-a-vis its modest net worth. TMPL's
high gearing and low profits at an absolute level resulted in
modest debt coverage metrics, as reflected by an interest
coverage of 2.04 times, total debt relative to OPBDITA of 3.72
times and net cash accrual relative to total debt of 11% in
FY2018 (as per provisional result).

Limited financial flexibility, as reflected by high utilisation
of working-capital limits: TMPL's average working capital
utilisation during the period July 2017 to August 2018 stood at a
high level of 98%, and the company had to avail additional limits
on ad-hoc basis from time to time to meet its working capital
requirement. This reflects the company's limited financial
flexibility. Nevertheless, recent enhancement in the company's
working capital limit is likely to ease pressure on its liquidity
to some extent.

Exposure to geographical concentration risk: TMPL has one 3S
showroom, two 2S showrooms and five 1S offices. However, all its
showrooms and sales/service centres are located in Odisha, thus
exposing the company to geographical-concentration risks.
Vulnerability of commercial vehicles' demand to economic cycles,
which would keep the turnover and cash flows of players like TMPL
variable: A significant portion of demand for the commercial
vehicles sold by TMPL is derived from the iron ore mining and
related industries in Odisha. The recent upturn in the iron ore
mining industry is likely to positively impact TMPL's scale of
operation. Nevertheless, the company's turnover and cash flows
would remain vulnerable to the economic cycle, as inherent in the
commercial vehicle segment.

Incorporated in 2010, TMPL is an authorised dealer of M&M's light
commercial vehicle (LCV), medium & heavy commercial vehicles
(M&HCV), and construction equipment division. TMPL has one 3S
(sales, service, spares) showroom in Keonjhar district of Odisha,
two 2S (service, spares) showrooms in Balasore (Odisha) and Joda
(Odisha) and five 1S (sales point) offices in Baripada, Bhadrak,
Basudevpur, Koida and Jaleswar in Odisha.

In FY2018, on a provisional basis, the company reported a net
profit of INR0.44 crore on an operating income of INR54.74 crore
compared to a net profit of INR0.43 crore on an operating income
of INR47.81 crore in the previous year.


TIRUPATI COTEX: ICRA Reaffirms B+ Rating on INR6cr Cash Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR7.00-crore fund-based facilities of Tirupati Cotex (TC).
The outlook on the long-term rating is Stable.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Term Loan            1.00       [ICRA]B+(Stable); Reaffirmed

   Fund based-
   Cash Credit          6.00       [ICRA]B+(Stable); Reaffirmed

Rationale

The reaffirmation of the rating takes into account the weak
financial profile of Tirupati Cotex, characterised by relatively
small scale of operations, thin profit margins and average debt
coverage indicators. The rating continues to take into account
the limited value addition in the cotton ginning business; the
commoditised nature of products; and the vulnerability of the
firm's profitability to adverse movements in cotton prices
subject to seasonality and crop harvest. The firm's operations
are also exposed to regulations governing the industry such as
restrictions on cotton exports and minimum support price (MSP).
ICRA also notes the highly fragmented industry structure, due to
the presence of a large number of manufacturers, which coupled
with low-entry barriers has led to high competition. Further, the
rating considers the potential adverse impact on net worth and
gearing levels in case of any substantial withdrawal from capital
accounts, given the company's constitution as a partnership firm.
The rating, however, favorably factors in the improvement in the
scale of operations in FY2018 and YTDFY2019. It continues to
derive comfort from the long experience of its promoters in the
cotton ginning industry and the proximity of the firm's
manufacturing unit to raw materials.

Outlook: Stable

ICRA believes TC will continue to benefit from the past
experience of its partners in the cotton industry. The outlook
may be revised to Positive if substantial improvement in profit
indicators or better working capital management strengthens the
overall financial risk profile. The outlook may be revised to
Negative if the firm reports substantial decline in scale and
profitability, leading to inadequate net cash accruals. Moreover,
any debt-funded capital expenditure or capital withdrawal that
weakens the overall liquidity of the firm would be a credit
negative.

Key rating drivers

Credit strengths

Experience of partners in cotton industry: TC was established in
2011 by partners who have extensive experience in the cotton
business through their association with other entities.
Location-specific advantage: The firm benefits in terms of lower
transportation cost and easy access to quality raw material
because of its proximity to raw material suppliers.

Credit challenges

Weak financial risk profile: The operating income of the firm
witnessed a healthy growth of ~40% in FY2018 to INR52.05 crore
from INR37.11 crore in FY2017, due to increase in sales volumes.
However, the company's overall scale remains small. The financial
risk profile of the company remains weak as evident from the thin
profit margins (OPBDITA/OI at 1.85% in FY2018), small net worth
base (Rs. 4.39 crore in FY2018) and average coverage indicators
(TD/OPBDITA at 4.31 times, Interest coverage at 3.61 times and
NCA/Debt at 6% for FY2018).

Profitability remains vulnerable to agro-climatic conditions and
regulatory changes: The cotton ginning business is low value
adding in nature. Moreover, the profit margins are also exposed
to fluctuations in raw material (raw cotton) prices, which depend
on various factors such as seasonality, climatic conditions,
international demand and supply situation, and export policy.
Further, the company's profitability is also exposed to
regulatory risks with regards to the Minimum Support Price (MSP),
which is set by the Government.

Intense competition and fragmented industry: The stiff
competition from various small and unorganised players limits the
company's bargaining power with customers and suppliers, exerting
pressure on its margins.

Incorporated in 2011, Tirupati Cotex (TC) is a partnership firm
engaged in the ginning and pressing of raw cotton. The firm
commenced commercial operations in February 2012 at its
manufacturing facility in Jamnagar, Gujarat. The facility is
equipped with 24 ginning machines and 1 pressing machine and has
a production capacity of 200 bales per day. The partners of
Tirupati Cotex have over a decade-long experience in cotton
cultivation and cotton ginning vide their association with other
ginning firms.


TURBOMACHINERY ENGINEERING: Insolvency Resolution Case Summary
--------------------------------------------------------------
Debtor: M/s Turbomachinery Engineering Industries Ltd
        309, IDA, Bachupally
        Miyapur, Bollaram Road
        Hyderabad 500072

           - and -

        M/s Turbomachinery Engineering Industries Ltd
        Sy.No. 141/3, S.V. Industrial Estate
        IDA Bollaram, Jinnaram Mandal
        Medak Dist 502325
        Website: www.turboindustries.com

Insolvency Commencement Date: October 10, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 7, 2019

Insolvency professional: Sivanagaraja Taduvai

Interim Resolution
Professional:            Sivanagaraja Taduvai
                         Plot. No. 16 (20-11-18)
                         Shop Cum Flat, Huda Coplex
                         Kothapet, Hyderabad 500035
                         E-mail: tsnraja@gmail.com

Last date for
submission of claims:    October 24, 2018


UNITED INDIA: A.M. Best Cuts Fin'l. Strength Rating to B (Fair)
---------------------------------------------------------------
A.M. Best has downgraded the Financial Strength Rating (FSR) to B
(Fair) from B++ (Good) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "bb+" from "bbb" of United India Insurance
Company Limited (United) (India). The outlook of the FSR has been
revised to stable from negative, while the outlook of the Long-
Term ICR remains negative.

The Credit Rating (rating) downgrades reflect United's diminished
risk-adjusted capitalization and its marginal enterprise risk
management (ERM). The negative Long-Term ICR outlook reflects the
downside risks to United's risk-adjusted capitalization and
operating performance.

The ratings reflect United's balance sheet strength, which A.M.
Best categorizes as strong, as well as its adequate operating
performance, neutral business profile and marginal ERM.

United's capital position has decreased to a lower-than-expected
level of INR 90 billion (USD 1.4 billion) as of March 2018
(compared with INR 95 billion in the prior year). Subordinated
debt of INR 9 billion helps to maintain United's risk-adjusted
capitalization at a strong level. However, the non-renewal of
quota-share reinsurance for health and motor third-party
business, as well as continued underwriting losses is expected to
further reduce United's capital position and risk-adjusted
capitalization. Lastly, rising equity investment leverage is
leaving the company's risk-adjusted capitalization more
vulnerable to equity market fluctuations.

The marginal ERM assessment reflects United's inadequate
capability to manage its reserves, as continued adverse
developments have contributed to United's capital erosion.
Frequent changes in senior leadership raise the execution risk
the company faces in implementing its turnaround strategy. It
also raises concerns about the company's ability to respond to
challenges in India's fast-growing non-life market in a timely
and effective manner. Lastly, A.M. Best is concerned about
United's ability to provide timely and accurate information.

Further negative rating actions could occur if the company fails
to maintain its risk-adjusted capitalization at a strong level
due to adverse equity market movement or unfavorable reserve
developments. Negative rating actions also could occur as a
result of weakening operating performance.



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


1MALAYSIA: Former Deputy Prime Minister Charged
-----------------------------------------------
Yantoultra Ngui at The Wall Street Journal reports that Malaysia
charged a former deputy prime minister with breaking money-
laundering and corruption laws as Mahathir Mohamad's government
steps up investigations into graft allegations plaguing the
former administration.

The Journal relates that Zahid Hamidi, who waved to supporters as
he arrived at court, pleaded not guilty to all 45 charges. The
charges involve a total of MYR114 million ($27.4 million), and
include allegations he used funds from a family-run charity to
pay off credit card debts. He was freed on bail.

According to the Journal, Mr. Zahid is the most significant
figure to be charged after former Prime Minister Najib Razak and
his wife Rosmah Mansor were arrested and charged with a combined
49 offenses relating to a multibillion-dollar scandal surrounding
1Malaysia Development Bhd., or 1MDB, a state investment fund that
Mr. Najib established in 2009.

The Journal says Mr. Najib has pleaded not guilty to his 32
charges, which include money laundering and abuse of power
centering on more than $600 million that was allegedly siphoned
from the fund and entered his personal bank accounts. Ms. Rosmah
has also pleaded not guilty to her 17 charges of violating anti-
money-laundering laws, including tax evasion. They are free on
bail.

The Journal relates that Mr. Zahid, 65 years old, served as Mr.
Najib's deputy prime minister until May's national election, when
their United Malays National Organization was voted out for the
first time since independence. Prime Minister Mahathir, a former
premier himself, had came out of retirement to lead an opposition
coalition to victory as the outcry over the 1MDB scandal grew.

After the election loss, Mr. Zahid succeeded Mr. Najib as head of
UMNO and is now effectively Malaysia's opposition leader, the
report says.

"The charges against the ex-deputy PM [prime minister] is serious
and this can only bring further turmoil to UMNO," the Journal
quotes James Chin, a political analyst and director of the Asia
Institute Tasmania at the University of Tasmania in Australia, as
saying. "It is clear that UMNO cannot recover as long as Najib
and Zahid are on trial," he told The Wall Street Journal on
Oct. 19.

He added that "if Najib and Zahid are found guilty, then UMNO is
gone politically and will not be able to recover for some time to
come."

The charges against Mr. Zahid largely stem from prosecutors'
allegations that he used money from a family-run charity called
Yayasan Akal Budi to pay off his and his wife's credit card
bills, the Journal notes.

The Journal relates that Mr. Zahid has denied any wrongdoing,
saying one of the organization's employees mistakenly made the
payment and the money had since been returned to the foundation.

Mr. Zahid is also charged with illegally receiving money from
companies to help secure government contracts.

If found guilty, he faces up to 20 years in prison for abuse of
power, while the maximum penalty for money laundering is 15
years. Heavy fines can also be levied, says the Journal.

                            About 1MDB

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

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

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

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

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

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

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



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


CAPITAL GENERAL: A.M. Best Affirms C++ (Marginal) FS Rating
-----------------------------------------------------------
A.M. Best has removed from under review with negative
implications and affirmed the Financial Strength Rating (FSR) of
C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term
ICR) of "b+" of Capital General Insurance Company Limited (CGI).
Concurrently, A.M. Best has removed from under review with
negative implications and affirmed the FSR of C- (Weak) and Long-
Term ICR of "cc" of Capital Life Insurance Company Limited (CLI).
The outlook assigned to CLI's Credit Ratings (ratings) is
negative. The outlook assigned to the ratings of CGI is stable.
Both CGI and CLI are subsidiaries of Capital Insurance Group
Limited (CIGL) and domiciled in Papua New Guinea.

The latest rating actions follow the conclusion of A.M. Best's
full assessment of the rating fundamentals of CLI and CGI, which
had been placed under review as part of rating actions taken on
June 22, 2018.

The ratings of CLI reflect its balance sheet strength, which A.M.
Best categorizes as weak, as well as its adequate operating
performance, limited business profile and weak enterprise risk
management (ERM). The ratings of CGI reflect its balance sheet
strength, which is categorized as strong, as well as its strong
operating performance, limited business profile and weak ERM. No
rating lift or drag has been applied to either CLI's or CGI's
ratings in respect of their 100% ownership by CIGL.

CLI's risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), has deteriorated to a very weak level
following an internal control failure relating to the processing
of medical claims. While preparing its full-year 2017 financial
statements, CLI's management team became aware that a large
volume of medical claims had not been appropriately processed
through its internal systems, which led to notable reserve
strengthening and to a change in the view of this portfolio's
performance. While the extent of the issue was fully understood
and accounted for, the company delayed finalizing its full-year
financial statements.

CLI's year-end accounts have now been filed, with gross
outstanding claim provisions having increased to PGK 12.6 million
(USD 4.0 million) at the end of 2017 as compared with PGK 3.9
million in 2016, and the pre-tax operating result falling to a
loss of PGK 6.7 million in 2017 (2016: profit of PGK 2.5
million). The company's shareholders' equity also deteriorated to
PGK 11.5 million at year-end 2017 from PGK 19.3 million in 2016.
Additionally, based on unaudited financials for the first six
months of 2018, the company recorded a pre-tax loss of PGK 2.6
million, driven by the continued under-performance of the
company's medical portfolio.

Since the incident at CLI, the CIGL group has made key management
and personnel changes, sought to rapidly re-price and adjust the
scope of cover afforded by its core medical portfolio, as well as
strengthen its approach to governance and risk management with
the support of third-party consultants. Whilst A.M. Best views
these steps favorably, a time lag is expected between these
actions being implemented and notable improvements in earnings
and balance sheet strength fundamentals arising.

The negative outlook assigned to the ratings of CLI reflects the
company's very small absolute capital base, which is viewed to be
highly sensitive to any further deterioration in earnings,
reserves or other balance sheet items. In addition, while recent
events have not resulted in any regulatory action to-date, any
change in this position could further impede the rating
fundamentals of CLI.

CGI's strong balance sheet strength assessment is underpinned by
its very strong level of risk-adjusted capitalization. The
company continues to report strong operating performance, as
evidenced by a five-year average return on equity of 30% (2013-
2017). Despite CGI being a leader in the Papua New Guinea non-
life market, it remains small when compared internationally.
Whilst no contagion of the recent issues at CLI is expected at
CGI, both companies operate under a common risk management
framework, which is currently considered under-developed.



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


NOBLE GROUP: Chapter 15 Case Summary
------------------------------------
Chapter 15 Debtor: Noble Group Limited
                   Clarendon House, Church Street
                   Hamilton HM 11
                   Bermuda

Business Description: Noble Group -- http://www.thisisnoble.com
                      manages a portfolio of global supply chain
                      across a range of industrial and energy
                      products.  The Company markets, processes,
                      finances, and transports key commodities,
                      connecting low-cost producing regions with
                      high-demand growth markets.

Foreign Proceeding
in Which Appointment
of the Foreign
Representative
Occurred:             Proceeding before the High Court of
                      Justice of England and Wales

Chapter 15 Petition Date: October 17, 2018

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

Chapter 15 Case No.: 18-13133

Judge: Hon. Stuart M. Bernstein

Chapter 15 Petitioner: Paul J. Brough
                       11th Floor, 33 Cavendish Square
                       Marylebone, London, W1 G 0PW
                       United Kingdom

Chapter 15
Petitioner's
Counsel:      James H.M. Sprayregen, P.C.
              Marc Kieselstein, P.C.
              KIRKLAND & ELLIS LLP
              KIRKLAND & ELLIS INTERNATIONAL LLP
              601 Lexington Avenue
              New York, New York 10022
              Tel: (212) 446-4800
              Fax: (212) 446-4900
              E-mail: mkieselstein@kirkland.com
                      marc.kieselstein@kirkland.com
                      james.sprayregen@kirkland.com

                     - and -

              Adam C. Paul, P.C.
              Catherine Jun, Esq.
              Gerardo Mijares-Shafai, Esq.
              KIRKLAND & ELLIS LLP
              KIRKLAND & ELLIS INTERNATIONAL LLP
              300 North LaSalle Street
              Chicago, Illinois 60654
              Tel: (312) 862-2000
              Fax: (312) 862-2200
              E-mail: adam.paul@kirkland.com
                      catherine.jun@kirkland.com
                      gerardo.mijaresshafai@kirkland.com

Estimated Assets: Unknown

Estimated Debts: Unknown

A full-text copy of the Chapter 15 petition is available for free
at:

           http://bankrupt.com/misc/nysb18-13133.pdf


NOBLE GROUP: Seeks U.S. Recognition of $3.5-Bil. Restructuring
--------------------------------------------------------------
Commodities trader Noble Group Ltd. filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its $3.5 billion
debt restructuring plan that's being worked out in other
jurisdictions.

Noble Group's business operations have two primary segments:

   (a) Energy Business.  The Energy Business transacts in two
groups of energy commodities: energy coal and liquefied natural
gas ("LNG").  The energy coal business primarily deals with
physical thermal coal sourced predominantly from Indonesia and
Australia based on long-term coal offtake and marketing
contracts.  Such coal is usually sold to end-user coal-fired
power plants located throughout Asia.  Noble Group's LNG
franchise focuses on trading and providing supply chain and risk
management services in seaborne LNG, while building out its
portfolio of existing relationships with Asian energy customers
and developing longer term contracts in the emerging markets.

   (b) Metals, Minerals, and Ores (the "MMO Business").  The MMO
Business transacts in two groups of industrial products: non-
ferrous metals and carbon steel materials.  Noble Group is a
leading participant in the non-ferrous metals market, sourcing
from producers worldwide through long and short-term offtake
agreements and marketing arrangements, then distributing these
products to industrial consumers.  Furthermore, Noble Group's
carbon steel materials business provides raw materials to the
steel manufacturing industry; particularly iron ore, chrome ore
and concentrate, manganese ore, metallurgical coal, and
metallurgical coke.  The MMO business also includes Noble Group's
freight business.

As of June 30, 2018, Noble had $3.85 billion in funded
indebtedness.  As of the Petition Date, this consists of:

   * $2.306 billion in principal amount of indebtedness due under
     the Existing Notes;

   * $1.143 billion in principal amount of indebtedness under the
     Existing RCF Loans; and

   * $400 million in principal amount of perpetual capital
     securities.

              Events Leading Up to the Restructuring

From 2014 through early 2017, Noble Group faced an industry-wide
fall in commodity prices and a corresponding reduction in the
availability of bank and other financing sources as lenders
reduced their exposure to the sector.  In addition to reduced
access to financing, Noble Group suffered downgrades from credit
rating agencies and a resulting increased cost of financing of
its physical commodities trading.

For the financial years ended Dec. 31, 2013, 2014, 2015, and
2016, Noble Group had reported declining earnings of
profit/(loss) for the respective financial years of $238.5
million, $132.5 million, $(1.7) billion and $8.1 million.  In
particular, in 2015, Noble Group reported a net loss of $1.7
billion, including non-cash asset impairments and write-downs in
the accounting value of its long-term physical commodity
contracts.  In early 2016, Noble Group lost its investment grade
credit rating, causing Noble Group's financing arrangements to
become increasingly more restrictive, via additional financial
covenants and higher costs.  In the first quarter of 2017, Noble
Group reported a $129.5 million loss.

In response to its challenges, Noble commenced a strategic review
in May 2017 and retained Kirkland & Ellis LLP and Moelis &
Company to provide restructuring advice and engage in
negotiations with its lenders.

Noble also engaged Moelis and Morgan Stanley to assist with
reviewing various strategic alternatives.  Noble further engaged
PJT Partners (UK) Limited and Comprador Limited as financial
advisors in connection with the proposed Restructuring.

Noble took steps to sell its North American gas and power
business and global oil liquids business, which together were
expected to generate significant cash proceeds and allow Noble
Group to retire certain secured borrowing base revolving credit
facilities.  The sale of its North American gas and power
business and its global oil liquids business was announced in
July 2017 and October 2017, respectively.

In spite of the sales, Noble Group's operations continued to
deteriorate, with Noble Group reporting a total net loss of $4.9
billion for the year ended Dec. 31, 2017.

The loss included further write-downs in the accounting value of
Noble Group's long-term physical commodity contracts --
reflecting reserves and valuation adjustments to account for
increased risks relating to Noble Group's operating environment,
trading terms, and current access to financing.

In anticipation of these losses, the Debtor commenced discussions
in October 2017 with members of Noble's creditor groups who had
formed into an ad hoc group of Existing Senior Creditors for the
purpose of formulating and negotiating restructuring proposals
with Noble.

                  Agreement With Stakeholders

An in-principle agreement with the Ad Hoc Group was announced on
January 29, 2018 to restructure the Existing Senior Claims (the
"Initial Proposal").

On Feb. 19, 2018, Noble announced that further to the Initial
Proposal, it had reached an in-principle agreement with the Ad
Hoc Group and ING Bank N.V. (as a fronting bank, "ING") for the
provision of a three-year committed $700 million trade finance
facility to be made available to New Noble in the event that the
Restructuring is successful.

On March 14, 2018, Noble announced that it had entered into the
Restructuring Support Agreement ("RSA") with both the Ad Hoc
Group and Deutsche Bank AG ("DB"), which was one of the Fronting
Banks, Existing Trade Finance Providers, and Existing Senior
Creditors in connection with the proposed Restructuring. On
March 27, 2018, ING, as one of the Fronting Banks, Existing Trade
Finance Providers, and Existing Senior Creditors, acceded to the
RSA.

On April 16, 2018, Noble announced that Existing Senior Creditors
representing over 83 percent of the Existing Senior Claims had
acceded to the RSA. Among other things, the RSA, which is
governed by English law, provides for a moratorium on all
enforcement action by acceding creditors against Noble.  The RSA
was subsequently amended on Sept. 28, 2018 to extend the
moratorium to Nov. 27, 2018.  As of the Petition Date,
approximately 88 percent of the holders of Existing Senior Debt
Instruments have acceded to the RSA in support of the
Restructuring.  In addition, the Restructuring has been approved
by 99.96 percent of Noble's shareholders, as formally recognized
by a vote of the shareholders on August 27, 2018.

In addition to approving the Restructuring, the independent
shareholders agreed to waive their rights, under Singapore law,
to receive a mandatory general offer from the Senior Creditor SPV
(the "Whitewash Waiver"), which is necessary because: (a) the
Restructuring calls for the transfer of substantially all of
Noble's assets to New Noble and transfer of the listing status
from Noble to New Noble; and (b) as a result of the
Restructuring, Senior Creditor SPV shall hold 70% of the shares
in New Noble.

Importantly, the Securities Industry Council in Singapore (the
"SIC") made its approval of the Whitewash Waiver conditional upon
Noble completing the Restructuring by Nov. 27, 2018.

                        About Noble Group

Noble Group has been in operation since 1986 and, today, is one
of the world's largest commodity traders by volume.  Noble
maintains its corporate office in London, England, and is listed
on the Singapore Exchange Limited (SGX: CGP).  Though its
registered office is located in Bermuda, Noble engages in no
activities or operations there.

Noble Group Limited functions as the ultimate holding company of
Noble Group, holding shares in a number of intermediate holding
companies incorporated in several jurisdictions including
Bermuda, the British Virgin Islands, Singapore, and Hong Kong,
which in turn own shares in additional holding companies and
operating companies in various jurisdictions.

In March 2018, Noble reached terms of a restructuring plan that
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders.  In August, 99.96 percent of shareholders approved
the plan, and as of October 2018, 88% of the holders of existing
senior debt instruments have acceded to the RSA.

To effectuate the restructuring, the restructuring support
agreement contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales.  The English Scheme will be the primary
proceeding to restructure Noble's funded debt.

On Sept. 21, 2018, Noble notified its creditors of its intention
to propose the English Scheme.  The English Court will conduct
the English Scheme Sanction Hearing on Nov. 12, 2018 to consider
approving the English Scheme.

Noble has obtained an order from the Supreme Court of Bermuda,
pursuant to section 99 of the Companies Act 1981 of Bermuda
granting leave to convene meetings of creditors to consider and
approve a Bermudan scheme of arrangement for Noble.

Noble Group on Oct. 17, 2018, filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its
restructuring (Bankr S.D.N.Y. Case No. 18-13133).  Kirkland &
Ellis LLP serves as U.S. counsel.


NOBLE GROUP: Terms of Proposed Financial Restructuring
------------------------------------------------------
Commodities trader Noble Group Ltd. says its proposed
restructuring has the support of 88 percent of the holders of
existing senior debt instruments and 99.96 percent of
shareholders.

As provided in the restructuring support agreement, Noble has
agreed to pursue two inter-conditional schemes of arrangement
under section 99 of the Companies Act 1981 of Bermuda and Part 26
of the Companies Act 2006 of England and Wales to seek approval
of a restructuring that calls for:

   a. the transfer of substantially all of Noble's assets to
newly incorporated subsidiaries of a new Bermuda holding company,
Noble Group Holdings Limited ("New Noble").

   b. the separation of New Noble's assets into two silos. The
Trading Co Group will operate New Noble's core businesses,
consisting of hard commodities, freight, and LNG businesses
located primarily in the Asia-Pacific region, while the Asset Co
Group will hold New Noble's interests in Harbour Energy, Jamalco,
Noble Plantations, and certain vessels.

   c. the provision of new trade finance and hedging facilities
to the subsidiaries of New Noble in an amount of $800 million,
being the aggregate of sums advanced under the terms of the New
Trade Finance Facility and the New Hedging Support Facility
(which together make up the New Money Debt) and the Increase
Trade Finance Facility.

   d. the release by Scheme Creditors of their Scheme Claims in
return for an entitlement to be issued with a combination of, (i)
various new debt instruments and (ii) equity in a
newly-incorporated company (the "Senior Creditor SPV").

   e. the offer of an exchange solicitation to the Existing
Perpetual Capital Securities Holders, which will give all such
holders the right to transfer their securities for a pro rata
share of $25 million of perpetual capital securities to be issued
by New Noble, provided that the Existing Perpetual Capital
Securities Holders have passed an extraordinary resolution with a
requisite majority of not less than 75 percent of votes cast at a
duly convened meeting

                          Scheme Claims

To effectuate the Restructuring with respect to the Scheme
Claims, the RSA contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales (the "English Scheme"), with the English Scheme
as the primary proceeding to restructure Noble's funded debt.

The Schemes contemplate compromise of the claims (the "Scheme
Claims") held by two classes of Scheme Creditors.  The first
class comprises holders of the following financial indebtedness:

   * the 2018 Notes, which are governed by English law, issued by
Noble, and constituted pursuant to the Existing 2018 Notes Trust
Deed, and of which $379,000,000 in aggregate principal amount was
outstanding as of Sept. 21, 2018;

   * the 2020 Notes, which are governed by New York law, issued
by Noble, and constituted pursuant to the Existing 2020 Notes
Indenture, and of which $1,176,920,000 in aggregate principal
amount was outstanding as of Sept. 21, 2018;

   * the 2022 Notes, which are governed by English law, issued by
Noble, and constituted pursuant to the Existing 2022 Notes Trust
Deed, and of which $750,000,000 in aggregate principal amount is
outstanding  as  of  Sept. 21, 2018; and

   * the Existing RCF Loans under the $2,294,600,000 revolving
credit facility agreement, governed under English law, dated May
18, 2015, between, among others, Noble as borrower, the Existing
RCF Lenders, and Madison Pacific Trust Limited as agent and
swing-line agent, as amended pursuant to amendment letters dated
Aug. 2, 2017 and Dec. 19, 2017, and as further supplemented,
amended and restated from time to time.

In addition, the first class of Scheme Creditor includes any
persons whatsoever that hold any Claim other than a claim in
respect of the Existing Senior Debt Instruments or an Excluded
Claim (the " Other Scheme Claims").

The second class under the Scheme is composed of DB with respect
to the DB Excluded Claim and the DB Surplus Claim.

All Scheme Creditors (except for DB with respect to the DB
Excluded Claim) will be entitled to receive a pro rata share of
new trade finance and hedging facilities to be issued by certain
subsidiaries of New Noble and equity in New Noble (held via the
Senior Creditor SPV), as follows:

    * Priority Debt Exchange: For each $1,000 of qualifying
Scheme Claims held by a Participating Creditor (i.e., a Scheme
Creditor that agrees to risk participate in a new first lien
trade finance facility (the "New Trade Finance Facility")), such
Participating Creditor shall be entitled to $1,000 of Tranche B
New Asset Co Bonds or New Trading Co Bonds, as applicable, in a
particular ratio, provided, however, that if the aggregate of
such accepted Scheme Claims exceeds the specified cap, then a pro
rata allocation.

    * Further Debt Exchange: Following the Priority Debt
Exchange, each qualifying Scheme Creditor shall be entitled to an
amount of New Trading Hold Co Bonds (i.e., notes to be issued by
a newly-created holding company within the Trading Co Group).

    * Debt for Equity Swap: Following the Further Debt Exchange,
each qualifying Scheme Creditor shall be entitled to a pro rata
share of stock in the Senior Creditor SPV, which, in turn, will
own approximately 70 percent of the equity in New Noble.

With respect to the DB Excluded Claim, DB will be the sole
recipient of certain priority bonds to be issued by the primary
operating company within the Asset Co Group.  This different
treatment of the DB Excluded Claim arises as a result of DB's
continued trade finance support leading up to the Restructuring,
without which Noble could not function.

ING, also a trade financier, will receive certain priority bonds
as part of the Restructuring pursuant to a separate agreement
outside of the Schemes.

The Schemes also provide releases to those parties essential to
the implementation of the RSA and the Restructuring.
Specifically, as of the Restructuring Effective Date, each Scheme
Creditor (i) waives, releases, and discharges each and every
claim which it ever had, may have or hereafter can, shall or may
have against the Released Parties for any Liability in respect of
the preparation, negotiation, sanctioning or implementation of
this Scheme and/or the Restructuring; and (ii) agrees not to
commence or continue, or instruct, direct or authorize any other
person to commence or continue, any Prohibited Proceedings in
respect of or arising from any Scheme Claims or any Liability in
respect of: (a) the preparation, negotiation and sanctioning of
the English Scheme, the Restructuring and the Restructuring
Documents; and (b) the execution of the Restructuring Documents
and the carrying out of the steps and transactions contemplated
therein in accordance with their terms.

The releases are an integral part of the Schemes and the broader
restructuring.

                        About Noble Group

Noble Group has been in operation since 1986 and, today, is one
of the world's largest commodity traders by volume.  Noble
maintains its corporate office in London, England, and is listed
on the Singapore Exchange Limited (SGX: CGP).  Though its
registered office is located in Bermuda, Noble engages in no
activities or operations there.

Noble Group Limited functions as the ultimate holding company of
Noble Group, holding shares in a number of intermediate holding
companies incorporated in several jurisdictions including
Bermuda, the British Virgin Islands, Singapore, and Hong Kong,
which in turn own shares in additional holding companies and
operating companies in various jurisdictions.

In March 2018, Noble reached terms of a restructuring plan that
will hand over a bulk or 70 per cent of the equity to senior
creditors, 10 per cent to management and the rest to existing
shareholders.  In August, 99.96 percent of shareholders approved
the plan, and as of October 2018, 88% of the holders of existing
senior debt instruments have acceded to the RSA.

To effectuate the restructuring, the restructuring support
agreement contemplates two inter-conditional schemes of
arrangement under section 99 of the Companies Act 1981 of Bermuda
(the "Bermudan Scheme") and Part 26 of the Companies Act 2006 of
England and Wales.  The English Scheme will be the primary
proceeding to restructure Noble's funded debt.

On Sept. 21, 2018, Noble notified its creditors of its intention
to propose the English Scheme. The English Court will conduct the
English Scheme Sanction Hearing on Nov. 12, 2018 to consider
approving the English Scheme.

Noble has obtained an order from the Supreme Court of Bermuda,
pursuant to section 99 of the Companies Act 1981 of Bermuda
granting leave to convene meetings of the Scheme Creditors of
Bermuda to consider and approve a Bermudan scheme of arrangement
for Noble.

Noble Group on Oct. 17, 2018, filed a Chapter 15 bankruptcy
petition in New York to seek U.S. recognition of its
restructuring (Bankr S.D.N.Y. Case No. 18-13133).  Kirkland &
Ellis LLP serves as U.S. counsel.



====================
S O U T H  K O R E A
====================


GM KOREA: KDB Not 'Unconditionally' Opposed to Spin-Off Plan
-------------------------------------------------------------
Yonhap News Agency reports that the head of the state-run Korea
Development Bank (KDB) said on Oct. 22 he is not
"unconditionally" opposed to a controversial plan by General
Motors Co.'s Korean unit to spin off its research unit.

According to the report, Lee Dong-gull, governor of the KDB, also
told a parliamentary audit meeting that GM Korea notified the KDB
of the spin-off plan earlier this year when the two sides were in
talks over a rescue package for GM Korea.

Yonhap relates that GM Korea's shareholders approved the spin-off
plan on Oct. 19, sparking concerns that the U.S. carmaker may
keep only its research facility in South Korea and eventually
shut down its manufacturing facilities there.

"We are not unconditionally opposed to the spin-off," the report
quotes Mr. Lee as saying. The spin-off plan could benefit GM
Korea, he added.

However, the KDB filed an injunction, which was rejected, against
Oct. 19's shareholder meeting to try to prevent GM Korea from
unilaterally pushing ahead with a spin-off plan, Mr. Lee said,
Yonhap relays.

According to the report, Mr. Lee said the KDB is asking GM Korea
to submit a business plan after the spin-off, and the bank will
take legal action against GM Korea unless the carmaker does so.

In February this year, GM unveiled a restructuring plan for the
loss-making GM Korea, including shuttering one of its four plants
in South Korea, Yonhap recalls.

GM and the KDB, the second-largest shareholder of GM Korea,
signed a binding pact in May on the rescue package for GM Korea.
Under the agreement, the KDB injected US$750 million, while GM
will provide $3.6 billion in fresh loans to keep GM Korea afloat.

Yonhap says the agreement prohibits GM from selling any stake in
GM Korea over the next five years and limits GM's right to sell
shares or assets for 10 years.

Of the $750 million, KDB injected $375 million into GM Korea in
June and the remaining half will be provided by the end of this
year, Mr. Lee, as cited by Yonhap, said.

Yonhap says Mr. Lee told lawmakers that KDB could not inject the
remaining $375 million into GM Korea but emphasized the lender's
top priority is to ensure that GM remains in South Korea at least
for 10 years.

Asked whether he agrees with concerns that the spin-off plan is
GM's efforts to exit South Korea, Lee replied, that he did not
share the assessment, adds Yonhap.

GM Korea Co. is the South Korean unit of General Motors Co.
The U.S. automaker owns 77 percent of GM Korea while KDB owns a
17 percent stake. GM's main Chinese partner, SAIC Motor Corp,
controls the remaining 6.0 percent.

GM Korea continued to post net losses worth an accumulated
KRW3.134 trillion from 2014-2017 due to lower demand for its
models, according to Yonhap.



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


* BOND PRICING: For the Week Oct. 15 to Oct. 19, 2018
-----------------------------------------------------

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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

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


INDONESIA
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


MALAYSIA
--------

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


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

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


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      6.35     10/01/21    SGD    45.01
ASL MARINE HOLDINGS LTD      6.00     03/28/20    SGD    51.47
AUSGROUP LTD                 8.45     10/20/18    SGD    51.38
BAKRIE TELECOM PTE LTD      11.50     05/07/15    USD     0.83
BAKRIE TELECOM PTE LTD      11.50     05/07/15    USD     0.83
BERAU CAPITAL RESOURCES P   12.50     07/08/15    USD    48.89
BERAU CAPITAL RESOURCES P   12.50     07/08/15    USD    49.25
BLD INVESTMENTS PTE LTD      8.63     03/23/15    USD     4.82
ENERCOAL RESOURCES PTE LT    9.25     08/05/14    USD    38.13
EZRA HOLDINGS LTD            4.88     04/24/18    SGD     4.84
HYFLUX LTD                   4.20     08/29/19    SGD    55.16
INDO INFRASTRUCTURE GROUP    2.00     07/30/10    USD     1.00
INNOVATE CAPITAL PTE LTD     6.00     12/11/24    USD    70.00
ITNL OFFSHORE PTE LTD        7.50     01/18/21    CNY    70.28
MICLYN EXPRESS OFFSHORE P    8.75     11/25/18    USD    30.02
ORO NEGRO DRILLING PTE LT    7.50     01/24/19    USD    43.75
OSA GOLIATH PTE LTD         12.00     10/09/18    USD    62.63
PACIFIC RADIANCE LTD         4.30     08/29/18    SGD    11.13
RICKMERS MARITIME            8.45     05/15/17    SGD     5.00
SWIBER CAPITAL PTE LTD       6.50     08/02/18    SGD     4.20
SWIBER CAPITAL PTE LTD       6.25     10/30/17    SGD     4.20
SWIBER HOLDINGS LTD          7.75     09/18/17    CNY     7.75
SWIBER HOLDINGS LTD          7.13     04/18/17    SGD     7.75
SWIBER HOLDINGS LTD          5.55     10/10/16    SGD    12.25
THETA CAPITAL PTE LTD        6.75     10/31/26    USD    73.64
TRIKOMSEL PTE LTD            7.88     06/05/17    SGD    16.00
TRIKOMSEL PTE LTD            5.25     05/10/16    SGD    16.00


THAILAND
--------

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


VIETNAM
-------

DEBT AND ASSET TRADING CO    1.00     10/10/25    USD    68.69
DEBT AND ASSET TRADING CO    1.00     10/10/25    USD    69.75



                             *********

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

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

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


                            *********


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 ***