/raid1/www/Hosts/bankrupt/TCRAP_Public/181204.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, December 4, 2018, Vol. 21, No. 240

                            Headlines


A U S T R A L I A

BORON INVESTMENTS: First Creditors' Meeting Set for Dec. 13
BUS-ABOUT CHARTERS: First Creditors' Meeting Set for Dec. 10
ENDEAVOUR INDUSTRIES: Second Creditors' Meeting Set for Dec. 12
K C S AGENCIES: Second Creditors' Meeting Set for Dec. 12
LAURA ASHLEY: Goes Into Administration for the Second Time

LAURA ASHLEY: First Creditors' Meeting Set for Dec. 13
NIVEAU PTY: First Creditors' Meeting Set for Dec. 13
RVF (CHILE): Second Creditors' Meeting Set for Dec. 12


C H I N A

DONGLING GROUP: S&P Lowers ICR to 'B-' Then Withdraws Rating
KWG GROUP: Fitch Puts Final BB- Rating to US$400M 9.85% Sr. Notes


I N D I A

A.P. ENTERPRISES: Insolvency Resolution Process Case Summary
ACADEMY FOR COUNSELING: Insolvency Resolution Process Case Summ.
ALPS LIESURE: Insolvency Resolution Process Case Summary
ANNAPURNA TRADERS: CARE Assigns B+ Rating to INR3.26cr LT Loan
AQUA RESORTS: CARE Assigns B+ Rating to INR9cr Long-term Loan

ASHTAVINAYAK AUTO: Insolvency Resolution Process Case Summary
AUM STRUCTBUILD: Insolvency Resolution Process Case Summary
AVK AUTOMALL: Insolvency Resolution Process Case Summary
AVK AUTOMART: Insolvency Resolution Process Case Summary
BALAJIDHAM BUILDSTATES: Insolvency Resolution Process Case Summ.

BHAGWAN MAHAVEER: Ind-Ra Assigns 'BB' Rating to INR465.91MM Loan
BLUE COAST: Insolvency Resolution Process Case Summary
BRAHMAPUTRA METALLICS: CARE Assigns D Rating to INR10cr LT Loan
CINDA ENGINEERING: Insolvency Resolution Process Case Summary
CLIFTON EXPORT: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'

D4N TECHNOLOGIES: Insolvency Resolution Process Case Summary
DEEPAK PNEUMATICS: Insolvency Resolution Process Case Summary
DN SIRCAR: Insolvency Resolution Process Case Summary
EMC LTD: Insolvency Resolution Process Case Summary
EVERWIN TEXTILE: Insolvency Resolution Process Case Summary

EXCLUSIVE OVERSEAS: Insolvency Resolution Process Case Summary
GAJANAND FOODS: Ind-Ra Withdraws 'B+' Long Term Issuer Rating
GEETANJALI SPICES: Ind-Ra Affirms 'B+' LT Rating, Outlook Stable
GMR WARORA: Ind-Ra Raises Rating on INR750MM NCDs to 'BB'
GRANITE PRODUCTS: CARE Assigns B Rating to INR0.38cr LT Loan

HIPPOCAMPUS INFOTECH: Insolvency Resolution Process Case Summary
IL&FS: Employees Being Held Hostage in Ethiopia Over Unpaid Wages
IND-BARATH POWER: Insolvency Resolution Process Case Summary
IND-BARATH THERMAL: Insolvency Resolution Process Case Summary
JAIHIND PROJECTS: Insolvency Resolution Process Case Summary

JANA HOLDINGS: Ind-Ra Rates INR1.45MM Loan 'IND PP-MLD emr B+'
JINDAL AGRO: CARE Migrates D Rating to Not Cooperating Category
KALPANA IMPEX: ICRA Maintains 'B' Rating in Not Cooperating
KRISHNA SAHAKARI: ICRA Reaffirms B Rating on INR229cr LT Loan
KUSALAVA BATTERIES: Insolvency Resolution Process Case Summary

LATHA RICE: CARE Lowers Rating on INR9.39cr LT Loan to D
LINERS INDIA: Insolvency Resolution Process Case Summary
M.I. BUILDTECH: Insolvency Resolution Process Case Summary
MAA MAHAMAYA: Insolvency Resolution Process Case Summary
NOSLAR INTERNATIONAL: Insolvency Resolution Process Case Summary

PNB REALTY: ICRA Maintains D Rating in Not Cooperating Category
PRAGATI COTTON: ICRA Maintains 'D' Rating in Not Cooperating
RANA EDUCATION: CARE Assigns 'B' Rating to INR12.90cr LT Loan
RIZON LAMINATES: ICRA Withdraws D Rating on INR6.87cr Loan
ROOPCHAND HOTELS: CARE Migrates B+ Rating to Not Cooperating

S.G.S. MOTORS: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
SAGAYAM HOSPITALITIES: Insolvency Resolution Process Case Summary
SAI WARDHA: Insolvency Resolution Process Case Summary
SCOTTS GARMENTS: Insolvency Resolution Process Case Summary
SHREE BAJRANG: CARE Migrates B Rating to Not Cooperating Category

SHREE SANTOSH: ICRA Maintains 'D' Rating in Not Cooperating
SHRI VARDHMAN: CARE Reaffirms B+ Rating on INR2.84cr LT Loan
SKYHIGH INFRALAND: Insolvency Resolution Process Case Summary
SREEKARA ORGANICS: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
SRI BALAJI: Insolvency Resolution Process Case Summary

SRI SRIVATHSA: Insolvency Resolution Process Case Summary
SRS MEDITECH: Insolvency Resolution Process Case Summary
SUNSHINE CATERERS: Insolvency Resolution Process Case Summary
SUSHEELA TEXFAB: Insolvency Resolution Process Case Summary
TANEJA AEROSPACE: CARE Reaffirms D Rating on INR36.10cr LT Loan

TARA JEWELS: Insolvency Resolution Process Case Summary
TECHNOVAA PLASTIC: Insolvency Resolution Process Case Summary
THRIVE SOLAR: Insolvency Resolution Process Case Summary
UJALA PUMPS: Insolvency Resolution Process Case Summary
USHA IMPEX: CARE Migrates D Rating to Not Cooperating Category


M A L A Y S I A

PERISAI PETROLEUM: Shareholders Block Related Party Transactions
PERISAI PETROLEUM: Books MYR22.41MM Net Loss in Q1 Ended Sept. 30
UTUSAN MELAYU: Posts MYR33.9MM Net Loss in Qtr Ended Sept. 30


N E W  Z E A L A N D

LATITUDE NEW ZEALAND: Fitch Rates Class E Notes 'BB(EXP)sf'
PING AN FINANCE: CA Appoints Barrister to Aid banned Director


X X X X X X X X

* BOND PRICING: For the Week Nov. 26 to Nov. 30, 2018


                            - - - - -


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


BORON INVESTMENTS: First Creditors' Meeting Set for Dec. 13
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Boron
Investments Pty Ltd will be held at the offices of GTS Advisory,
at Level 27, 44 St Georges Terrace, in Perth, WA, on Dec. 13,
2018, at 10:00 a.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Boron Investments on Dec. 3, 2018.


BUS-ABOUT CHARTERS: First Creditors' Meeting Set for Dec. 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Bus-About
Charters & Tours Pty Ltd, trading as Australian Patient Transport
and JR Mechanical and Air Conditioning Solutions, will be held at
the offices of Artemis Insolvency, at Level 1, 190 Edward Street,
in Brisbane, Queensland, on Dec. 10, 2018, at 2:30 p.m.

Peter Dinoris of Artemis Insolvency was appointed as
administrator of Bus-About Charters on Nov. 28, 2018.


ENDEAVOUR INDUSTRIES: Second Creditors' Meeting Set for Dec. 12
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Endeavour
Industries Ltd has been set for Dec. 12, 2018, at 11:00 a.m. at
Club Maitland City, 14 Arthur St, in Rutherford, NSW, on Dec. 12,
2018, at 11:00 a.m.

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 Dec. 11, 2018, at 4:00 p.m.

Mitchell Griffiths and Chad Rapsey of Rapsey Griffiths Insolvency
+ Advisory were appointed as administrators of Endeavour
Industries Ltd on June 4, 2018.


K C S AGENCIES: Second Creditors' Meeting Set for Dec. 12
---------------------------------------------------------
A second meeting of creditors in the proceedings of K C S
Agencies Pty Ltd, formerly Trading As Partnership Planing, Living
Insurance Consultants, Mates Rates Finance & Living Financial
Services, has been set for Dec. 12, 2018, at 10:00 a.m. at the
offices of McLeod & Partners, at Level 9, 300 Adelaide Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 11, 2018, at 4:00 p.m.

Jonathan Paul McLeod of McLeod & Partners was appointed as
administrator of K C S Agencies on Nov. 7, 2018.


LAURA ASHLEY: Goes Into Administration for the Second Time
----------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that British
homeware and fashion brand Laura Ashley's Australian business has
gone into administration - the second time it has collapsed in
two just years.

According to SMH, the company appointed KordaMentha as voluntary
administrators on Dec. 3, which has put its 18 stores and the
licence to operate the brand locally up for sale, and has started
clearing stock.

"The business has been hurt by the same factors affecting many
other fashion retailers -- a becalmed retail environment, rising
fixed costs and fierce competition from online retailers," the
report quotes KordaMentha's Tony Shepard as saying.  "The capital
requirements to revive and grow the business became too
burdensome as retail conditions became tougher."

Laura Ashley has operated in Australia since 1971, and had 45
stores at its peak, SMH discloses.

SMH says Laura Ashley Australia also went into administration in
2016 when under the ownership of retailer Daryl Chait, who also
owned the FAT fashion chain.

The report relates that the company's current owners -- whose
identities have not been revealed -- took on the brand's local
license out of that administration process.

Laura Ashley has stores in all Australian states and the ACT, and
employs about 100 people. The brand was founded in England in
1953, selling en vogue head-scarves before moving into tea towels
and placemats. Today, it sells mostly feminine furnishings and
classic-style fashion.


LAURA ASHLEY: First Creditors' Meeting Set for Dec. 13
------------------------------------------------------
A first meeting of the creditors in the proceedings of L Ashley
Pty Ltd as Trustee for the L Ashley Unit Trust, trading as Laura
Ashley, will be held at the offices of Chartered Accountants ANZ,
at Level 18, 600 Bourke Street, in Melbourne, Victoria, on
Dec. 13, 2018, at 2:00 p.m.

Craig Peter Shepard and Leanne Chesser of KordaMentha were
appointed as administrators of L Ashley on Dec. 3, 2018.


NIVEAU PTY: First Creditors' Meeting Set for Dec. 13
----------------------------------------------------
A first meeting of the creditors in the proceedings of Niveau Pty
Ltd will be held at the offices of GTS Advisory, at Level 27,
44 St Georges Terrace, in Perth, WA, on Dec. 13, 2018, at
11:00 a.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Niveau Pty on Dec. 3, 2018.


RVF (CHILE): Second Creditors' Meeting Set for Dec. 12
------------------------------------------------------
A second meeting of creditors in the proceedings of RVF (Chile)
Pty Ltd has been set for Dec. 12, 2018, at 11:00 a.m. at the
offices of PCI Partners Pty Ltd, at Level 8, 179 Queen Street, in
Melbourne, Victoria, on Dec. 12, 2018, at 11:00 a.m.

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 Dec. 11, 2018, at 5:00 p.m.

P Newman of PCI Partners Pty Ltd was appointed as administrator
of RVF (Chile) on Nov. 5, 2018.



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


DONGLING GROUP: S&P Lowers ICR to 'B-' Then Withdraws Rating
------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on Dongling Group Inc. Co. to 'B-' from 'B'. It
then withdrew the rating at the company's request. The outlook at
the time of withdrawal was negative.

Dongling Group is a metals and mining, smelting, trading, and
distribution company based in Baoji city of Shaanxi province,
China.

S&P said, "We downgraded Dongling Group because we expect the
company's financial performance to remain weak over the next 12
months. Our view is based on the company's lower EBITDA margins,
increased debt, and high working capital requirements.

"We expect Dongling Group's debt-to-EBITDA ratio to deteriorate
to above 8x in 2018 and 2019, while its EBITDA interest coverage
will fall to slightly less than 1x, as margins in its trading
business shrink this year. Both the company's debt and working
capital outflows have continued to rise to fund its trading
business.
Dongling Group's financial performance will remain weak unless
its overall margins improve. We estimate that the company's
revenue and EBITDA will decline in 2018-2019, mainly because of
likely lower commodity prices and slimmer margins in the
company's non-ferrous trading and distribution business.

"In our view, Dongling Group's liquidity has also tightened. As
of Sept. 30, 2018, the company's unrestricted cash balance
remains lower than its short-term debt maturities, which have
increased. More than 50% of the company's cash is restricted
because it serves as security deposit for bank draft acceptances.
We also forecast the company's funds from operations (FFO) to
decline over the next 12 months, given the likely reduction in
revenue and EBITDA margin. We anticipate that the company will
continue to be able to roll over its bank loans and other loans.
It has Chinese renminbi (RMB) 200 million of domestic bonds due
in 2019. We expect the company to be able to repay this
obligation."

An increase in bills payable may further stress Dongling Group's
cash balance if it cannot manage its receivables effectively. The
company has advanced cash to its suppliers and customers as a
form of financing. This will lead to cash losses if the
recoverability of these receivables becomes doubtful.

S&P said, "The negative outlook at the time of withdrawal
reflected our view that Dongling Group's credit quality could
weaken over the next 12 months if its operating performance
continues to deteriorate. It also reflected our expectation that
Dongling Group's liquidity may further tighten such that the
company may require favorable conditions to meet its debt
obligations."


KWG GROUP: Fitch Puts Final BB- Rating to US$400M 9.85% Sr. Notes
-----------------------------------------------------------------
Fitch Ratings has assigned China-based KWG Group Holdings
Limited's (BB-/Stable) USD400 million 9.85% senior notes due 2020
a final rating of 'BB-'. The company also issued an additional
USD150 million of the bonds, which Fitch says will not affect the
rating.

The notes and the tap issuance are rated at the same level as
KWG's senior unsecured rating because they constitute its direct
and senior unsecured obligations. The assignment of the final
rating follows the receipt of documents conforming to information
already received. The final rating is in line with the expected
rating assigned on November 14, 2018.

KWG's ratings are supported by its established homebuilding
operations in Guangzhou, strong brand recognition in higher-tier
cities across China, consistently high margin, strong liquidity
and healthy maturity profile. The ratings are constrained by the
small scale of the company's development and investment property
business as well as its higher leverage after land purchases in
2016.

KEY RATING DRIVERS

Diverse Coverage: KWG's landbank is diversified across China's
Greater Bay Area, which includes Guangzhou, Foshan and Hong Kong,
as well as eastern and northern China. KWG ranked among the top-
10 homebuilders by sales in Guangzhou, the capital of Guangdong
province, in 2017. The company had 20 million square metres (sq
m) of attributable land at August 2018, spread across 39 cities
in mainland China and Hong Kong, which had an average cost of
CNY4,800/sq m (excluding Hong Kong) and was sufficient for four
to five years of development.

KWG has a prudent approach when entering new cities, conducting
due diligence for around three years, usually with one or two
projects in partnership with reputable local developers.

Strong Brand Name: KWG has established strong brand recognition
in its core cities by focusing on first-time buyers and
upgraders. It appeals to these segments by engaging international
architects and designers and setting high building standards.
KWG's 1H18 pre-sales rose by 82% yoy to CNY32.4 billion after a
29% yoy increase in 2017, with the average selling price reaching
CNY17,089/sq m (2017: CNY16,819/sq m).

High Margin through Cycles: KWG's EBITDA margin has remained at
30%-35% through various business cycles and is one of the highest
among Chinese homebuilders. Protecting the margin is one of KWG's
key business objectives and is achieved by maintaining higher-
than-average selling prices through consistently high-quality
products. The company's experienced project teams also ensure
strong execution capability and strict cost control.

Moreover, KWG has a low unit land cost of 20%-25% of its average
selling price due to its strong foothold in Guangzhou, where land
prices have not increased as much as in other tier 1 cities.
KWG's EBITDA margin was at 34% in 2017 and Fitch expects the
margin to remain above 35% in the next two years as the product
mix improves.

Worsening Leverage: KWG's leverage on an attributable basis, as
measured by net debt/adjusted inventory, was around 36% in 1H18
(2017: 34%). Fitch expects leverage to continue increasing
gradually, as it is correlated with KWG's contracted sales growth
rate and land bank replenishment strategy.

Joint Ventures with Leading Peers: KWG's prudent expansion
strategy has created a long record of partnerships with leading
industry peers, including Sun Hung Kai Properties Limited
(A/Stable), Hongkong Land Holdings Limited, Shimao Property
Holdings Limited (BBB-/Stable), China Vanke Co., Ltd.
(BBB+/Stable), China Resources Land Ltd (BBB+/Stable) and
Guangzhou R&F Properties Co. Ltd. (BB-/Negative). These
partnerships helped KWG achieve lower project financing costs,
reduce competition in land bidding and improve operational
efficiency. Joint venture pre-sales made up 52% of KWG's total
attributable pre-sales in 2017 and 47% in 2016.

Joint venture cash flow is well-managed and investments in new
joint venture projects are mainly funded by excess cash from
mature joint ventures. Leverage is also lower at the joint-
venture level because land premiums are usually funded at the
holding company level and KWG pays construction costs only after
cash is collected from pre-sales.

DERIVATION SUMMARY

KWG's ratings are supported by its established homebuilding
operations in Guangzhou and strong higher-tier cities across
China, consistently high margin, strong liquidity and healthy
maturity profile. KWG has maintained one of the highest margins
among Chinese homebuilders throughout the cycle. Its 30%-35%
EBITDA margin is comparable with that of Yuzhou Properties
Company Limited (BB-/Stable) and Logan Property Holdings Company
Limited (BB-/Stable) and some investment-grade peers, such as
Poly Developments and Holdings Group Co., Ltd. (BBB+/Stable) and
China Jinmao Holdings Group Limited (BBB-/Stable), and is higher
than some 'BB' peers, including Future Land Holdings Co., Ltd.
(BB/Stable) and CIFI Holdings (Group) Co. Ltd. (BB/Stable).

KWG's ratings are constrained by the small scale of its
development and investment property business as well as higher
leverage, following its high-cost land purchase in 2016. Fitch
expects KWG's leverage, measured by net debt/adjusted inventory,
to reach 36% by end-2018 (2017: 34%) due to high land premiums as
the company expands.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

  - Contracted sales gross floor area to rise by 25% in 2018
    (2017: 29%)

  - Average selling price to increase by 5% in 2018 due to better
    sales mix in higher-tier cities and then remain flat (2017:
    19%)

  - EBITDA margin, excluding capitalised interest, to remain
    stable at 33%-34% in 2018-2020

  - Land replenishment rate of 1.5x contracted sales gross floor
    area (attributable) in 2018-2021 (2016-2017: 1.6x-2.1x)

  - Leverage to deteriorate to about 36%-38% for 2018-2019

RATING SENSITIVITIES

Developments that may individually or collectively, lead to
positive rating action include:

  - EBITDA margin sustained above 30%

  - Net debt/adjusted inventory sustained below 35%

Developments that may individually or collectively, lead to
negative rating action include:

  - EBITDA margin below 25% for a sustained period

  - Net debt/adjusted inventory above 45% for a sustained period

LIQUIDITY

Adequate Liquidity: KWG has well-established diversified funding
channels and strong relationships with most foreign, Hong Kong
and Chinese banks. KWG has strong access to both domestic and
offshore bond markets and was among the first few companies to
issue panda bonds. KWG had available cash of CNY42 billion in
1H18, including restricted cash, which was enough to cover the
repayment of its CNY9 billion in short-term borrowing and
outstanding land premiums. Fitch expects the group to maintain
sufficient liquidity to fund development costs, land premium
payments and debt obligations in 2018-2019 due to its diversified
funding channels, healthy maturity profile and flexible land
acquisition strategy.



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I N D I A
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A.P. ENTERPRISES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: A.P. Enterprises Private Limited

        Regional office:
        Plot No. 77, Industrial Area Phase II
        Chandigarh CH 160002

Insolvency Commencement Date: November 13, 2018

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 13, 2019
                               (180 days from commencement)

Insolvency professional: Somnath Gupta

Interim Resolution
Professional:            Somnath Gupta
                         1019, Lane No. 1, Ramsharnam Colony
                         Pathankot, Punjab 145001
                         E-mail: somgupta_62@rediffmail.com
                                 cirpapenterprise@gmail.com

Last date for
submission of claims:    November 28, 2018


ACADEMY FOR COUNSELING: Insolvency Resolution Process Case Summ.
----------------------------------------------------------------
Debtor: Academy For Counseling And Education Private Limited
        Gyandeep Bldg., Shop No. 15 & 16
        Ground Floor, Sector-3 & 4, Vashi
        Navi Mumbai 400701

Insolvency Commencement Date: October 31, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 28, 2019

Insolvency professional: Mr. Rakesh Rathi

Interim Resolution
Professional:            Mr. Rakesh Rathi
                         21, 2nd Floor, Hassan Ali Bldg.
                         Jijibhoy Dadabhoy Lane
                         Fort, Mumbai
                         Maharashtra 400001
                         E-mail: rakeshrrathi@yahoo.com
                                 ip4ace@gmail.com

Last date for
submission of claims:    November 17, 2018


ALPS LIESURE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: ALPS Liesure Holidays Private Limited
        Ground Floor, Pushit Complex
        Nr IRTI Stambh, Raj Mahel Road
        Baroda GJ 390001 IN

Insolvency Commencement Date: November 13, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 11, 2019

Insolvency professional: George Samuel

Interim Resolution
Professional:            George Samuel
                         9-B, Vardan Tower
                         Near Lakhudi Circle
                         Navrangpura
                         Ahmedabad 380014
                         E-mail: gsforgs@gmail.com
                                 alps.cirp@gmail.com

Last date for
submission of claims:    November 27, 2018


ANNAPURNA TRADERS: CARE Assigns B+ Rating to INR3.26cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Annapurna Traders (AT), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           3.26       CARE B+; Stable Assigned

   Short-term
   Facilities           6.00       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of AT are constrained
by its constitution as a proprietorship entity, small scale of
operation with low profitability margins, regulation by
government in terms of MSP, seasonal nature of availability of
raw material resulting in high working capital intensity and
exposure to vagaries of nature, intensely competitive nature of
the industry with presence of many unorganized players and
leveraged capital structure and moderate debt coverage
indicators. However, the aforesaid constraints are partially
offset by its experienced proprietor with satisfactory track
record of operations, close proximity to raw material sources and
stable demand outlook of the products.

The ability of the firm to grow its scale of operation and
profitability margins and ability to manage its working capital
effectively would be the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Constitution as a proprietorship entity: Annapurna Traders, being
a proprietorship entity, is exposed to inherent risk of the
proprietor capital being withdrawn at time of personal
contingency and entity being dissolved upon the death/insolvency
of the proprietor. Furthermore, proprietorship entities have
restricted access to external borrowing as credit worthiness of
proprietor would be the key factors affecting credit decision for
the lenders.

Small scale of operation with low profitability margins: AT is a
relatively small player in the rice milling and trading industry
with revenue and PAT of INR7.63 crore and INR0.18 crore
respectively, in FY17. Further, the capital and total capital
employed was low at INR0.93 crore and INR3.94 crore,
respectively, as on March 31, 2017. This apart, the PBILDT and
PAT margin were low at 8.86% and 2.30% respectively, during FY17.
This apart, the firm has achieved total operating income of
around INR8.93 crore during FY18.

Regulation by Government in terms of minimum support price (MSP):
The Government of India (GoI), every year decides a minimum
support price (MSP) to be paid to paddy growers which limits the
bargaining power of rice millers over the farmers. The MSP of
paddy increased during the crop year 2017-18 to INR1550/quintal
from INR1470/quintal in crop year 2016-17.The sale of rice in the
open market is also regulated by the government through levy of
quota, depending on the target laid by the central government for
the central pool. Given the market determined prices for finished
product vis-Ö-vis fixed acquisition cost for raw material, the
profit margins are highly vulnerable.

Seasonal nature of availability of raw material resulting in
working capital intensity and exposure to vagaries of nature: AT
is primarily engaged in the processing of rice products in its
rice mills. Paddy is mainly a 'kharif' crop and is cultivated
from June-July to September-October and the peak arrival of crop
at major trading centers begins in October. The cultivation of
paddy is highly dependent on the monsoon. Unpredictable weather
conditions could affect the output of paddy and result in
volatility in price of paddy. In view of seasonal availability of
paddy, working capital requirements remain high at season time
owing to the requirement for stocking of paddy in large quantity.
Also, agro products cultivation is highly dependent on monsoons,
thus exposing the fate of the firm's operation to vagaries of
nature.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling and agro product trading
industry is highly fragmented and competitive due to presence of
many small players operating in this sector owing to its low
entry barriers, due to low capital and technological
requirements.
Burdwan and nearby districts of West Bengal are a major paddy
growing area with many rice mills operating in the area. High
competition restricts the pricing flexibility of the industry
participants and has a negative bearing on the profitability.

Leveraged capital structure and moderate debt coverage
indicators:
The capital structure of the firm remained leveraged marked by
high overall gearing ratio of 4.22x as on March 31, 2017.
However, total debt to GCA remained moderate at 13.56 x in FY17.
The interest coverage ratio also remained adequate at 1.75x in
FY17.

Key Rating Strengths

Experienced proprietor with satisfactory track record of
operation
Annapurna Traders established in the year 2007 and thus has
satisfactory track record of operations. Mr. Manish Kumar Gilda,
having more than a decade of experience in the rice milling
industry and trading business, looks after the day to day
operations of the firm along along with a team of experienced
professionals who have rich experience in the similar line of
business.

Close proximity to raw material sources: AT's plant is located at
Bematara district, Chhattisgarh which is in the midst of paddy
growing states like Chhattisgarh, Jharkhand and Bihar. The entire
raw material requirement is met locally from the farmers (or
local agents) which helps the firm to save on substantial amount
of transportation cost and also procure raw materials at
effective prices.

Satisfactory demand outlook of the products: The firm deals in
both wheat and rice products. Wheat based products, viz. Maida,
Suji, flakes and Atta have large consumption across the country
in the form of bakery products, cakes, biscuits and different
types of food dishes in homes and restaurants. Furthermore, Rice
being one of the primary food articles in India, demand is high
throughout the country and with the change in life style and
health consciousness; by-products of the same like rice bran oil
etc. are in huge demand.

The demand of both of these products has been driven by the
rapidly changing food habits of the average Indian consumer,
dictated by the lifestyle changes in the urban and semi-urban
regions of the country.

The liquidity position of the company remained below moderate by
current ratio and quick ratios of 0.98x and 0.28x, respectively,
as on March 31, 2018. The cash and bank balance amounting to
INR0.79 crore remained outstanding as on March 31, 2018. The
Gross cash accruals also remained low at INR0.29 crore as on
March 31, 2018.

Annapurna Traders (AT) was established as a proprietorship firm
in 2007. The firm is primarily engaged in trading of wheat,
soyabean, chana and makka etc. Moreover, the firm is also in
milling of non-basmati rice as well as on job-work basis for Food
Corporation of India. The firm has two manufacturing units
located at Bematara and Nandul, Chhattisgarh with aggregate
processing capacity of 11,520 metric ton per annum (MTPA). AT
procures paddy from farmers & local agents and sells its products
through the wholesalers and distributors located in Chhattisgarh.

Mr. Manish Kumar Gilda, having more than a decade of experience
in the rice milling industry and trading business, looks after
the day to day operations of the firm along along with a team of
experienced professionals who have rich experience in the similar
line of business.


AQUA RESORTS: CARE Assigns B+ Rating to INR9cr Long-term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Aqua
Resorts and Spa Private Limited (ARPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.00       CARE B+; Stable Assigned

Rating Rationale

The rating assigned to the bank facilities of ARPL is constrained
by its small scale of operation with low capitalization, low
profitability margin, leveraged capital structure with weak debt
coverage indicators. The rating is further constrained by its
working capital intensive nature of operation and fragmented
nature of hospitality industry.

The rating, however, draws strength from the long track record of
the company with experienced promoters, strategic location of the
hotel and satisfactory long-term outlook for hospitality
industry.

The ability of the company to stabilize the operation and
generate the revenue as envisaged are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with negative net worth: Despite being
in operations for over one and half decades, the total operating
income of the company was low at INR14.52 crore in FY18 (refers
to a period from April 1 to March 31) and negative tangible net
worth base of -0.47 crore as on March 31, 2018 (Prov.). The
negative net worth was attributable to the losses registered by
the company in the past. However, the company has registered net
profit of INR0.25 crore and GCA remains positive and stood at
INR1.53 crore as on March 2018. Small scale of operations limits
the financial flexibility of the company in times of stress and
depriving the firm form the benefits of scale.

Low profitability margin: The PBILDT margin of ARPL though
decreased stood moderate in the range of 11.76%-13.06 in last
three years ended FY18 Provisional the same was on account of
increased consumption of food and beverages cost and employee
cost. Furthermore, the PAT margin of the company also decreased
and stood in range of -1.34%-1.71% in last three years in FY18 on
account of increased fixed capital charges (Depreciation and
interest cost).

Working capital intensive nature of operations: The operations of
the company are working capital intensive owing to seasonal
nature of operations. The tourist footfall is higher in October-
December months. The gross current asset days remained at 20 days
during FY18 (provisional). The working capital requirements of
the company are met by the cash credit facility and the average
utilization of the CC limit was on higher side in the peak
season.

Presence in highly competitive & fragmented industry: ARPL
operates in a highly fragmented in nature with presence of large
number of organized and unorganized players. Further, the
hospitality industry is highly sensitive towards the economic
cycle as it majorly depends on spending of the people and
organizations. Moreover, the company faces tough competition from
several four star, three star and budget hotels located in the
vicinity which also puts pressure on the profitability of the
company.

Key Rating Strengths

Long track record of the company with experienced promoters: ARPL
was established in the year 2001 and has an operational track
record of more than one and half decade in the hospitality
industry. Mr. Alfred Fernandes and Mr. Peter Socorro Vaz both
manage the day-to-day operations of ARPL in the strength of
director with adequate support from a team of experienced
personnel. Being in the industry for such a long period has
helped them in gaining adequate acumen about the industry and has
developed a strong relationship with the suppliers and customers.

Positive outlook for hospitality industry: The prospects of the
hospitality industry in India in the long term are bright. The
Indian hospitality industry especially the Mid-market/Budget
category is expected to witness a strong growth with the expected
improvement in investment cycle and with revival in the global as
well as Indian economy and subsequently the increase in
disposable income of the individuals, people are expected to
spend on events like marriages, parties, hangouts etc, which
augurs well for the hospitality industry.

ARPL was incorporated in February 2001 and is based out of Panaji
(Goa). ARPL is engaged in the business of managing a hotel. The
hotel ARPL is spread over 2700 sq mt and is situated in Panaji,
Goa. The promoters are also managing other entities namely Aqua
World, Model Real Estate Developers and Mystique Heights and
Marine Plaza.


ASHTAVINAYAK AUTO: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Ashtavinayak Auto Pvt. Ltd.
        Gala No. 5 & 6, Poonam Heights
        Opp MTNL, Goregaon (West)
        Mumbai MH 400062 IN

Insolvency Commencement Date: November 6, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 5, 2019
                               (180 days from commencement)

Insolvency professional: Navin Kanjwani

Interim Resolution
Professional:            Navin Kanjwani
                         1, New Maharaja Park
                         Maya Cinema Road
                         Kubernagar, Ahmadabad
                         Gujarat 382340
                         E-mail: navinskanjwani@yahoo.co.in

                            - and -

                         D/511 Kanakia Zillion
                         Junction of LBS Road and CST Road
                         BKC Annexe, Kalina / Kurla (West)
                         Mumbai 400070
                         E-mail: insolvency.avkautomart@gmail.com

Last date for
submission of claims:    November 30, 2018


AUM STRUCTBUILD: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Aum Structbuild Private Limited
        Office No. 6-10, 2nd Floor, Subhash Park
        Shopping Center, Nr. Sangam Char Rasta
        Harni Road Vadodara 390018

Insolvency Commencement Date: November 13, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 5, 2019

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/201 Siddhi Vinayak Towers
                         B/h DCP Office, Next to Kataria House
                         off S.G. Highway, Makaraba
                         Ahmedabad 380051, Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    November 26, 2018


AVK AUTOMALL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: AVK Automall Private Limited
        5/6, Poonam Heights
        S.V. Road, Goregaon (W)
        Mumbai, MH 400062 IN

Insolvency Commencement Date: November 6, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 5, 2019
                               (180 days from commencement)

Insolvency professional: Navin Kanjwani

Interim Resolution
Professional:            Navin Kanjwani
                         1, New Maharaja Park
                         Maya Cinema Road
                         Kubernagar, Ahmadabad
                         Gujarat, 382340
                         E-mail: navinskanjwani@yahoo.co.in

                            - and -

                         D/511 Kanakia Zillion
                         Junction of LBS Road and CST Road
                         BKC Annexe, Kalina / Kurla (West)
                         Mumbai 400070
                         E-mail: insolvency.avkautomart@gmail.com

Last date for
submission of claims:    November 30, 2018


AVK AUTOMART: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: AVK Automart Private Limited
        Gala No. 5 & 6, Poonam Heights
        Opp MTNL, Goregaon (West)
        Mumbai MH 400062 IN

Insolvency Commencement Date: November 6, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 5, 2019
                               (180 days from commencement)

Insolvency professional: Navin Kanjwani

Interim Resolution
Professional:            Navin Kanjwani
                         1, New Maharaja Park
                         Maya Cinema Road
                         Kubernagar, Ahmadabad
                         Gujarat 382340
                         E-mail: navinskanjwani@yahoo.co.in

                            - and -

                         D/511 Kanakia Zillion
                         Junction of LBS Road and CST Road
                         BKC Annexe, Kalina / Kurla (West)
                         Mumbai 400070
                         E-mail: insolvency.avkautomart@gmail.com

Last date for
submission of claims:    November 30, 2018


BALAJIDHAM BUILDSTATES: Insolvency Resolution Process Case Summ.
----------------------------------------------------------------
Debtor: Balajidham Buildstates Private Limited
        3rd Floor, E 295-296, Lalkhothi Scheme
        Behind New Vidhan Sabha
        Jaipur 302015

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, Jaipur Bench

Estimated date of closure of
insolvency resolution process: May 4, 2019

Insolvency professional: Ms. Sarita Duck

Interim Resolution
Professional:            Ms. Sarita Duck
                         D-120, Ambawadi
                         Near Ambawadi Post Office
                         Jaipur 302039, Rajasthan
                         E-mail: saritaduck30@gmail.com

Last date for
submission of claims:    November 19, 2018


BHAGWAN MAHAVEER: Ind-Ra Assigns 'BB' Rating to INR465.91MM Loan
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Bhagwan Mahaveer
Memorial Jain Trust's (BMMJT) additional bank facilities as
follows:

-- INR465.91 mil. Bank loans assigned with IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect BMMJT's high debt burden and weak debt
servicing capability. The trust's debt/CBBID improved to 11.24x
in FY18 (FY17: 27.30x) owing to an increase in CBBID to INR86.72
million in FY18 (INR35.18 million); although it remained high.
Debt/income was 78.08% in FY18 (FY17: 92.78%). Debt service
coverage ratio was weak at 0.39x in FY18 (FY17: 0.22x) and
interest service coverage ratio was 0.72x (0.33x). BMMJT serviced
its debt during FY17-FY18 through unsecured loans and donations
provided by the trustees.

The ratings are also constrained by BMMJT's tight liquidity
position during FY14-FY18 due to continuous capex incurred
towards expansion of its existing hospital and construction of a
new hospital during FY13-FY16. In FY18, the available fund (cash
and unrestricted investment) cover to meet the trust's total debt
was 1.13% (FY17: 0.93%) and operating expenditure was 0.94%
(0.90%). The available funds marginally increased to INR10.98
million in FY18 (FY17: INR8.97 million). The trust availed a cash
credit limit of INR47.80 million and the average utilization was
94.87% during the 12 months ended October 2018.

BMMJT's operating margins rebounded to 4.28% in FY18 (FY17:
1.39%, FY16: 5.15%) on the back of a 19.70% yoy increase in core
operating income to INR1,213.79 million, partially offset by a
16.19% yoy rise in staff cost and other operating expenditure to
INR1,161.79 million. During FY17, the operating margins declined
due to an increase in staff cost and other operating expenditure,
resulting from the ongoing capex. The trust increased its total
bed capacity to 600 beds in FY17 (FY16: 500 beds, FY15: 210 beds)
leading to a 20.4% yoy rise in staff costs to INR515.98 million
(FY16: up 14.27% yoy).

Despite the weak financial metrics, operating profitability is
likely to improve as the trust does not foresee any significant
increase in staff cost in the near term. Moreover, Ind-Ra expects
revenue to grow on account of a likely increase in occupancy
ratio in both the hospitals.

The ratings are, however, supported by BMMJT's increasing
revenue, which grew at a CAGR of 17.42% to INR1,248.51 million
over FY14-FY18 (FY17: INR1,035.12 million). Hospital income and
sale of medicine were the major source of income, which
contributed 75.84% and 19.96%, respectively, to the total income
during FY14-FY18. The hospital income increased at a CAGR of
18.66% to INR961.32 million and sale of medicine grew at 16.83%
to INR241.35 million during the same period.

The ratings are further supported by BMMJT's strong operational
track record of three decades and strong financial support from
trustees in the form of unsecured loans (FY18:  INR244.91
million, FY17: INR233.08 million) and donations of INR488.28
million received during FY14-FY18. Ind-Ra expects the support
from the trustees to continue, if required.

RATING SENSITIVITIES

Positive: A significant and sustained improvement in the
operating performance, coverage ratios and liquidity profile
could trigger a positive rating action.

Negative: A substantial fall in the revenue leading to weakening
of the operating profitability, tight liquidity and high debt
burden, all on a sustained basis, would trigger a negative rating
action.

COMPANY PROFILE

Established in 1975 as a public charitable trust in Bengaluru,
Karnataka, BMMJT operates a super specialty hospital in Vasanth
Nagar, Bengaluru. The hospital offers a wide range of specialty
services which include pulmonology, nephrology, gastroenterology,
cardiology, neurology, oncology, vascular surgery and pediatrics,
among others. In 2016, the trust constructed a second hospital
with 100-bed capacity in Giri Nagar, Bengaluru.


BLUE COAST: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Blue Coast Infrastructure Development Private Limited

        Regional office:
        7 Shoping Complex, Sector 1, Parwanoo
        District Solan, Himachal Pradesh

        Corporate office:
        415-417, Antriksh Bhavan 22, Kasturba
        Gandhi Marg, New Delhi

Insolvency Commencement Date: November 13, 2018

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 11, 2019
                               (180 days from commencement)

Insolvency professional: Mandeep Gujral

Interim Resolution
Professional:            Mandeep Gujral
                         House No. 3073, Sector 46 C
                         Chandigarh 160047
                         E-mail: mandeepgujral.ip@gmail.com
                         Mobile: 98142-28288

                            - and -

                         SCO-131, 2nd Floor, MDC
                         Sector-5, Panchkula
                         Haryana 134119
                         E-mail: ip.bluecoast@ducturus.com
                                 mandeepgujral.ip@gmail.com
                         Mobile: 73470-11150

Classes of creditors:    Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    1. Atul Grover
                            #1634, Sector 18-D
                            Chandigarh
                            E-mail: atulgrover@hotmail.com
                            Contact No.: 94140-40900

                         2. Suresh Kumar Bansal
                            23GF, HIG Flats
                            Rajguru Nagar
                            Ludhiana
                            E-mail: pnbbansal@rediffmail.com
                            Contact No.: 70094-70631

                         3. Vipul Garg
                            1st Floor, 779
                            Sector-21, Panchkula
                            Haryana 134116
                            E-mail: vipul_ca@rediffmail.com
                            Contact No.: 98960-46612

Last date for
submission of claims:    November 27, 2018


BRAHMAPUTRA METALLICS: CARE Assigns D Rating to INR10cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Brahmaputra Metallics Limted (BML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.00       CARE D Assigned

   Short-term Bank
   facilities           6.00       CARE D Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of BML takes into
account the on-going delays in debt servicing arising out of
stretched liquidity position.

Detailed description of the key rating drivers

Key Rating weaknesses

On-going delays in debt servicing: The bankers have confirmed
about the on-going delay in debt servicing. The delay is on
account of weak liquidity position of the company.

Moderate scale of operations: BML is a moderate sized player in
the iron and steel industry. The installed capacity stands at
1,05,000 tonnes per annum for sponge iron, 2,10,000 tonnes per
annum for billets & 20 MW captive power plant. Thus, it suffers
from lack of economies of scale in an industry marked by presence
of large organized players. Furthermore, the moderate size
restricts the financial flexibility of the company in times of
stress.

Weak Financial profile: SAPPL's total operating income increased
by 15.7% to INR310.09 cr in FY18 vis-Ö-vis FY17 on account of
rampup in scale of operations. The company reported operating
profit of INR13.39 cr in FY18 vis-Ö-vis INR0.71 cr in FY17 on
account of reduction in cost achieved through partial coal
linkage. However, the company has been incurring cash losses in
the last three years resulting in negative net worth. The company
has been servicing debt obligation with a delay mainly out of
equity infusion from the promoters. The entity remains highly
leveraged with negative net worth as on March 31, 2018 (Overall
Gearing: 56.10x as on March 31, 2017).

Key Rating strengths

Experienced Promoters: The promoters of the company have more
than two decades of experience in the steel manufacturing
industry. Besides, the promoters are involved in other businesses
including coking coal, retail, cement & paper.

Brahmaputra Metallics Limited (BML) is promoted by Guwahati based
Lohia Group and Jaiswal Group. The Company was initially
incorporated as Brahmaputra Breweries and Distilleries Pvt. Ltd.
on 29th October 1999. Subsequently the Company decided to enter
into the steel plant and consequently the name of the Company was
changed to Brahmaputra Metallics (P) Limited on 4th December
2006. The Company was converted into a public limited company and
rechristened as Brahmaputra Metallics Limited on 4th July 2007.
In May 2009, BML envisaged setting up an integrated steel plant
at Gola, Ramgarh District, Jharkhand. The installed capacity
stands at 1,05,000 tonnes per annum for sponge iron, 210,000
tonnes per annum for billets and a 20 MW captive power plant. The
directors of the company include Mr. Bajrang Lohia, Mr. Kaushik
Agarwal and Mr. Santosh Kumar Jaiswal.


CINDA ENGINEERING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Cinda Engineering & Construction Private Limited

        Registered office:
        B-92, 9th Floor, Himalaya House
        23 Kasturba Gandhi Marg
        New Delhi DL 110001 IN

        Principal office:
        6th Floor Correnthum
        Plot No. A-41 Tower-B
        Sector 62, Noida
        Uttar Pradesh 201301

Insolvency Commencement Date: November 14, 2018

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 12, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Vijender Sharma

Interim Resolution
Professional:            Mr. Vijender Sharma
                         Building No. 11, 3rd Floor
                         Hargovind Enclave, Vikas Marg
                         New Delhi 110092
                         E-mail: vijender@vsa.net.in

Last date for
submission of claims:    November 28, 2018


CLIFTON EXPORT: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Clifton Export
Private Limited's (CEXPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR520 mil. (increased from INR420 mil.) Fund based Limits
     downgraded with IND A4+ rating;

-- INR136.1 mil. (increased from INR134 mil.) Long-term loan due
     on March 31, 2023 downgraded with IND BB+/Stable rating; and

-- INR36.5 mil. (increased from INR11.5 mil.) Non-fund-based
     limits downgraded with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects the deterioration in CEXPL's net financial
leverage to 5.4x in FY18 (FY17: 5.2x) due to a capex of INR46
million for which the company had to take an additional INR8.3
million long-term loan. The total debt increased to INR739
million in FY18 (FY17: INR670 million). Also, CEXPL's gross
interest coverage was modest at 2.6x in FY18 (FY17: 2.6x). Ind-Ra
had expected the net financial leverage to improve during the
last rating review, as the company had not planned any debt-led
capex plans for FY18.

The downgrade also reflects CEXPL's lower-than-expected revenue
growth during FY17-FY18, because of a lower number of work orders
from its clients. The company booked revenue of INR1,851 million
in FY18 and INR1,799 million in FY17 as against over INR2,000
million and INR1,989 million, respectively.

The ratings continue to factor in CEXPL's tight liquidity
position. The net cash cycle elongated to 78 days in FY18 (FY17:
64 days), due to an increase in inventory holding days. This
resulted in negative cash flow from operations of INR19 million
for the company during FY18 (FY17: INR128 million). Also, its use
of the working capital limits was 92.46% on average for the 12
months ended October 2018.

The ratings however are supported by the company's modest EBITDA
margins, which rose to 7.2% in FY18 (FY17: 7%) on account of a
decrease in raw material cost and an increase in other operating
incomes. CEXPL's ROCE was 9% in FY18 (FY17: 11%).

The ratings are also supported by CEXPL's promoter's experience
of over two decades in garment manufacturing and exports.

RATING SENSITIVITIES

Positive: An improvement in the operating margin leading to an
improvement in credit metrics on a sustained basis may lead to a
positive rating action.

Negative: A further debt-led capex leading to deterioration in
the net financial leverage may lead to a negative rating action.

COMPANY PROFILE

CEXPL is an export-focused garment manufacturer. It largely
exports to European nations.


D4N TECHNOLOGIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: M/s D4N Technologies Private Limited
        Flat No. A-316, 3rd Floor
        Ansal Chambers-1, 3-Bhikaji Cama Place
        New Delhi 110066 India

Insolvency Commencement Date: October 29, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 27, 2019

Insolvency professional: Arun Jain

Interim Resolution
Professional:            Arun Jain
                         Villa No. 34, Block 4
                         2nd Floor, Charmwood Village
                         Faridabad 121009
                         E-mail: arjain1966@gmail.com

                            - and -

                         X-38, 2nd Floor
                         Okhla Industrial Area Phase-II
                         New Delhi 110020

Last date for
submission of claims:    November 17, 2018


DEEPAK PNEUMATICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Deepak Pneumatics Private Limited
        IInd Floor 8337 Arya Nagar, Pahar Ganj
        Delhi 110055

Insolvency Commencement Date: October 26, 2018

Estimated date of closure of
insolvency resolution process: April 24, 2019
                               (180 days from commencement)

Insolvency professional: Poonam Mehndiratta

Interim Resolution
Professional:            Poonam Mehndiratta
                         4206, Sant Nagar, Opp. MCD Parking
                         Rani Bagh, Delhi 110034

                            - and -

                         7/317, Lalita Park, Laxmi Nagar
                         New Delhi 110092
                         E-mail: capoonam2606@gmail.com

Last date for
submission of claims:    November 14, 2018


DN SIRCAR: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: DN Sircar S K Das Pvt Ltd.
        36/2, 'W' Road P.O. Dasnagar
        P.S. Liluah District Howrah
        Howrah 711105

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 1, 2019

Insolvency professional: Mohan Ram Goenka
                         Practicing Co. Secretary

Interim Resolution
Professional:            Mohan Ram Goenka
                         Practicing Co. Secretary
                         46, B.B. Ganguly Street
                         4th Floor, Room No. 6
                         Kolkata 700012
                         E-mail: goenkamohan@gmail.com

Last date for
submission of claims:    November 16, 2018


EMC LTD: Insolvency Resolution Process Case Summary
---------------------------------------------------
Debtor: EMC LTD

        Registered office:
        51, Canal East Road
        Kolkata 700085
        West Bengal
        India

Insolvency Commencement Date: November 12, 2018

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Mr. Rakesh Kumar Agarwal

Interim Resolution
Professional:            Mr. Rakesh Kumar Agarwal
                         20, N.S. Road
                         Room no. 15, Block-A
                         Kolkata 700001
                         E-mail: rakesh202@hotmail.com

Last date for
submission of claims:    November 26, 2018


EVERWIN TEXTILE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Everwin Textile Mills Private Limited
        4/12, Chithappa Avenue
        Royapuram Main Road
        Tirupur 641601, Tamil Nadu
        India

Insolvency Commencement Date: October 29, 2018

Court: National Company Law Tribunal, Single Bench, Chennai

Estimated date of closure of
insolvency resolution process: April 27, 2019
                               (180 days from commencement)

Insolvency professional: Manivannan. J

Interim Resolution
Professional:            Manivannan. J
                         Plot No. 53B, 8/330
                         Vishalakshi Nagar
                         Fourth Cross Street
                         Santhosapuram, Chennai
                         Tamil Nadu 600073
                         E-mail: equitablelegal@gmail.com

Last date for
submission of claims:    November 19, 2018


EXCLUSIVE OVERSEAS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Exclusive Overseas Private Limited

        Registered office:
        31/3203, Beadon Pura, Karol Bagh
        New Delhi 110005

        Works:
        Plot No.: 27, KIADB Sub Layout
        Bommasandra Industrial Area, Phase-IV
        Bangalore 560099

Insolvency Commencement Date: October 26, 2018

Court: National Company Law Tribunal, Panipat Bench

Estimated date of closure of
insolvency resolution process: April 24, 2019
                               (180 days from commencement)

Insolvency professional: Dinesh Kumar

Interim Resolution
Professional:            Dinesh Kumar
                         Room No. 7, First Floor
                         Chatarbhuj Leelawati Trust Building
                         Geeta Mandir Road
                         Panipat 132103, Haryana
                         E-mail: dkgc2004@yahoo.com

Last date for
submission of claims:    November 19, 2018


GAJANAND FOODS: Ind-Ra Withdraws 'B+' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Gajanand Foods
Pvt. Ltd.'s (GFPL) Long-Term Issuer Rating of 'IND B+ (ISSUER NOT
COOPERATING)'.

The instrument-wise rating actions are:

-- The IND B+ on the INR52.46 mil. Long-term loan are withdrawn;
     and

-- The IND B+ on the INR20 mil. Fund-based facilities are
     withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings based on the
receipt of a no dues certificate from the rated facilities'
lender. Ind-Ra will no longer provide analytical and rating
coverage for GFPL.

COMPANY PROFILE

Established by Mr. Natvarbhai Patel and Mr. Vijaybhai Patel in
1982, GFPL manufactures spices and instant food products.


GEETANJALI SPICES: Ind-Ra Affirms 'B+' LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Geetanjali
Spices' (GS) Long-Term Issuer Rating at 'IND B+'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR100 mil. Fund-based working capital limits affirmed with
     IND B+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects GS' continued small scale of operations
as indicated by revenue of INR572.69 million in FY18 (FY17:
INR791 million). The fall in revenue was due to fluctuations in
demand and production of coriander seeds. EBITDA margins were
average at 2.8% in FY18 (FY17: 3.1%) and the company's return on
capital employed was 16%.

However, the ratings continue to benefit from GS' comfortable
credit metrics. Interest coverage (operating EBITDA/gross
interest expense) improved to 1.8x in FY18 (FY17: 1.4x) due to
decline in interest expenses from INR17.77 million to INR9.11
million, resulting from lower utilization of fund-based limits.
While net leverage (adjusted net debt/operating EBITDAR)
deteriorated to 6.1x in FY18 (FY17: 2.4x) due to an increase in
unsecured borrowings.

The ratings are also supported by GS' strong liquidity position
as evident from 58% average utilization of its working capital
limits during the 12 months ended October 2018. Its cash flow
from operations turned positive to INR5.14 million in FY18 from
negative INR2.68million in FY17 owing to improvement in creditor
period to 65 days in FY18 (FY17: 164 days) .GS had a cash balance
of INR8.77 million at FYE18.

The rating also benefit from the firm's proprietor's experience
of more than 15 years in the trading of spices.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and overall
credit metrics could be positive for the ratings.

Negative: A decline in the operating profitability leading to
deterioration in the credit metrics could lead to a negative
rating action.

COMPANY PROFILE

Incorporated in 2010, Kumbhraj-based GS is engaged in the trading
of coriander seeds. Ram Kasat is the proprietor.


GMR WARORA: Ind-Ra Raises Rating on INR750MM NCDs to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded the rating on
GMR Warora Energy Limited's (GWEL) non-convertible debentures
(NCDs) as follows:

-- INR750 mil. NCDs* issued on September 24, 2014 coupon rate
     12.15% due on November 25, 2023 upgraded with IND BB/Stable
     rating.

* Details of NCDs given in annexure

KEY RATING DRIVERS

Modest Improvement in Operations: The upgrade reflects
satisfactory operating performance in the last 12 months despite
irregular and inadequate coal supply under the fuel supply
agreement. In 1HFY19, plant technical availability and plant load
factor (PLF) were 67.8% (1HFY18: 81.9%; FY18: 72.9%; FY17: 71.3%)
and 67.9% (1HFY18: 70.8; FY18: 71.4%; FY17: 70.5%), respectively.
GWEL has been able to declare a higher availability for billing
purpose by supplying power bought from the short-term market at
an average rate of INR3.5/kWh to counterparties. GWEL has
followed this approach for declaring the high availability for
Dadra and Nagar Haveli (DNH) and Tamil Nadu Generation and
Distribution Company Limited (TANGEDCO), thereby avoiding a
significant dent in revenue despite coal supply issues.

In 1HFY19, the availability declared to DNH for the billing
purpose was 81.0% (FY18: 84.9%). Although GWEL resorted to
procuring energy, volatile short-term power prices could affect
purchases. Therefore, comfortable coal availability at the plant
is crucial for the sustenance of the rating.

Favorable Regulatory Order: GWEL received favorable orders on
compensatory tariff claims in the last 12 months, and thus, it's
billing and additional cash flow increased. Pending petitions for
coal cost pass-through (estimated claim so far is INR1,090
million) are likely to receive favorable orders, given similar
claims have already been allowed to other projects. GWEL is
awaiting INR2,260 million in dues, based on already approved
compensatory claims.

Power Sale Tie-up: GWEL has long-term take-or-pay power purchase
agreements (PPAs) for 100% net capacity with DNH (200MW; valid
until June 2020), Maharashtra State Electricity Distribution
Company Limited (200MW; valid until March 2039) and TANGEDCO
(150MW; valid until September 2028). The PPAs have a two-part
tariff mechanism, comprising capacity and variable charges,
linked to Central Electricity Regulatory Commission's inflation
index (updated every six months). The estimated effective tariff,
inclusive of compensatory tariff expected by GWEL, for DNH,
MSEDCL and TANGEDCO are INR5.88/kWh, INR3.85/kWh and INR4.85/kWh,
respectively for March 2019.

The management is confident that the DNH PPA would be renewed on
time. Generally, distribution utilities have been unwilling to
sign long-term PPAs with thermal power producers. Therefore, lack
of clarity on contracting a new long-/medium-term PPA could
increase revenue uncertainty.

Fuel Supply Contracts: Coal supply is secured through a fuel
supply agreement with state-owned South Eastern Coal Fields, a
Coal India Limited subsidiary, for an annual contracted quantity
of 2.60 million tons. Since 2QFY18, non-pithead coal plants have
suffered due to continued irregular, inadequate coal supply and
low coal inventory at plants, indicating short supply situation
may not be addressed in the near term.

GWEL also buys coal through e-auction to improve availability
declaration. The cost of e-auction or imported coal used due to
the shortfall in the coal supply under the fuel supply agreement
will be passed on to the counterparties.

Reasonable Debt Structure: As on September 30, 2018, GWEL's total
long-term debt was INR30,820 million and it amortizes over 16
years in an even manner. Ind-Ra has considered the entire senior
debt in its analysis. The NCDs amortize in three tranches of
INR250 million each on September 25, 2022, September 25, 2023 and
November 25, 2023. Coupon payments on the NCDs are semi-annual.
GWEL has an INR6,200 million working capital facility, of which
the common sub-limit for cash credit and the letter of credit is
INR3,900 million.

Liquidity Concerns: GWEL used advances from GMR Energy Trading
Limited (GETL), the intermediary in the PPA with TANGEDCO, to
meet debt servicing at times of temporary cash flow mismatches
that were due to an increase in debtors. Such advances are repaid
on the receipt of pending dues from the counterparties. The
rating is constrained by the absence of a debt service reserve.
GWEL has again sought an extension for the creation of the debt
service reserve to March 31, 2019. The absence of internal
liquidity buffers such as debt service reserve and the reliance
of GWEL on external entities to manage cash flow mismatches
constrain the rating. GWEL had high working capital utilization
in the range of 84%-98% in the 12 months ended September 2018.
Thus, the working capital lines have limited buffer against any
increase in debtor position. Any significant delay in tariff
payments could impact the liquidity position, as the cash
reserves with the company are insignificant.

GWEL's receivable period increased to 81 days in FY18 from 68
days in FY17 due to a delay in payments from TANGEDCO and
compensatory tariff claims. MSEDCL and DNH pay regular tariff
bills in one month and a week from billing, respectively.
However, payments from TANGEDCO follow an irregular pattern as
large payments are made once in several months. It has been
observed that PPA counterparties take longer time to pay
compensatory tariff bills compared with regular tariff bills.

RATING SENSITIVITIES

Positive: The creation of the debt service reserve, consistent
operating performance, and adequate availability of domestic
coal, timely revenue realization and visibility in signing of
medium-/long-term PPA for 200MW ahead of the expiry of the DNH
PPA may result in an upgrade.

Negative: A prolonged delay in tariff receipts from the
counterparties and any operational issues affecting the financial
performance of GWEL may result in a downgrade.

COMPANY PROFILE

GWEL is a special purpose vehicle incorporated to build, maintain
and operate a 600MW (two units of 300MW each) coal-fired
subcritical technology-based thermal power plant in Warora,
Maharashtra. GMR Energy Limited is the primary sponsor of the
project, with 100% equity investment. GMR Energy is held by GMR
Infrastructure Limited (52%), Tenaga National Berhad (30%) and
private equity investors (18%).


GRANITE PRODUCTS: CARE Assigns B Rating to INR0.38cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Granite Products Corporation (GPC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           0.38       CARE B; Stable Assigned

   Short-term Bank
   Facilities           7.62       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GPC are tempered
by the small scale of operations with fluctuating total operating
income and profitability margins, erosion in net worth as the
proprietor withdrawn the capital, leveraged capital structure and
debt coverage indicators, profitability margins are susceptible
to fluctuation in foreign exchange prices, constitution of the
entity as proprietorship firm with inherent risk of withdrawal of
capital and presence in highly fragmented and competitive
industry. The ratings, however, derive its strengths from long
track record of the entity and the experience of the proprietor
for more than two decades in granite processing business,
satisfactory operating cycle and stable outlook of granite
industry.

Going forward, ability of the firm to increase its sales along
with improving the profit margins amidst competition, improving
its capital structure, debt coverage indicators and ability of
the entity to diversify its geographical reach are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with fluctuating total operating income
and profitability margins: Despite having a long track record,
the scale of operations are relatively small marked by operating
income (TOI) of INR17.34 crore during FY18 (provisional) with a
negative net worth base of INR0.70 crore as March 31, 2018
(provisional) as compared to other peers in the industry. The
total operating income has been fluctuating during review period
FY16-FY18. The firm witnessed decline in TOI from INR18.06 crore
in FY17 to INR17.34 crore in FY18 (provisional) as one of the
customers of GPC temporarily stopped buying granite monuments and
in the FY 19 that respective customer returned to GPC and it is
normalized.  The profitability margins are fluctuating during the
review period as the PBILDT stood at 7.95% in FY 18(Prov.) when
compared to FY17 is 8.26%. As one of the major customers
temporarily stopped purchasing from GPC in FY 18 because of
some internal issues, there is a decrease in sales and under
absorption of overheads resulting to decrease in PBILDT.
However, the same customer returned during FY19 resulting in
stabilization of TOI and PBILDT. Furthermore, the PAT
margin has been declined during the review period and stood at
1.54% in FY18 (Prov.) as compared to 2.30% in FY17 due
to increase in depreciation coupled with decrease in PBILDT in
absolute terms during FY18 (Prov.).

Erosion in net worth as the proprietor has withdrawn the capital
resulted in Leveraged capital structure: During last two balance
sheet ended March 31, 2018, there is erosion in net worth as the
proprietor withdrawn the capital from GPC as they had established
another entity, a Textile weaving unit by Mr.V.Veerendra Prabhu
and his father a year ago. As a result the overall gearing ratio
of the entity remained leveraged during the review period.

Weak debt coverage indicators: The debt coverage indicators of
the entity in relation to Total Debt/GCA is deteriorated and
remained weak i.e., from 6.18x as on March 31, 2016 to 10.63x as
on 31 March,2018 due to increase in debt levels as there is a
purchase of new machinery which is financed by debt. PBILDT
interest coverage ratio declined from 2.83x in FY16 to 2.49x in
FY18 due to increase in PBILDT in absolute terms. Total debt/ CFO
has improved as on March 31, 2018(prov.,) and stood at 89.4x due
to increase in net cash flow from operations at the back of
decrease in sundry debtors.

Profitability margins are susceptible to fluctuation in foreign
exchange prices: GPC has 100% export sales and imports the raw
blocks of granite from South Africa, Norway and also from other
states of India. So, the profitability margins are susceptible to
fluctuation in foreign exchange prices. The company receives
payment from its customers and makes payment to suppliers at
current exchange rate. The firm has no hedging policies to
mitigate foreign currency fluctuations risk. However, the firm
utilizes export packaging credit and inland letter of credit
facility to carry on its operations effectively.

Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital: Constitution as a proprietorship
has the inherent risk of possibility of withdrawal of the capital
at the time of personal contingency which can adversely affect
its capital structure. Furthermore, proprietorships have
restricted access to external borrowings as credit worthiness of
the proprietor would be key factor affecting credit decision for
the lenders. The proprietor has withdrawn the capital from GPC as
he established a weaving unit along with his father and
constituted
a partnership firm.

Presence in highly fragmented and competitive industry: The
granite industry is highly competitive and fragmented in nature.
GPC witnesses intense competition from both the organized and
largely unorganized players. Further, the industry is mainly
dependent on the demand from real estate and construction
sectors, which has direct linkage with the general macroeconomic
scenario, interest rates, level of disposable income available
with individuals etc.

Key Rating Strengths

Long track record of the entity and experience of the proprietor
for more than two decades in granite processing business: GPC was
established in the year 2003. Hence, the firm has long track
record. Mr. Vadivelu Veerendra Prabhu, is a qualified graduate,
aged 39, and proprietor of the firm has an experience of more
than two decades in granite business. Prior to GPC, the
proprietor was engaged in the similar kind of family business
under his father. The firm is expected to be benefited from the
long term experience of the promoter.

Satisfactory operating cycle days: The operating cycle of the
entity is satisfactory though there is an increase in average
collection period. The operating cycle days of the firm is seen
increasing y-o-y during FY16-18. The operating cycle increased
from 43 days in FY16 to 65 days in FY18 (Provisional) due to
increase in collection period. The average collection period
remained at 70 days in FY18 (Provisional) as the customer's from
USA and Europe of GPC want to extend the credit period to manage
the competition.

GPC usually receives payments from their customers within 15-180
days depending on the customer relationship. Also, it makes
payments to its suppliers within 15-90 days. The avg inventory
period is 10-45 days. To bridge the gap, the firm utilizes export
packaging credit and inland letter of credit and bank guarantee
being engaged in import of raw material and export of granite
monuments.

Stable outlook of granite industry: India is one of the largest
producers and exporters of granite in the world. The country has
one of the largest reserves of granite in the world with
abundance deposits available in Tamilnadu, Andhra Pradesh,
Karnataka, Rajasthan and Odisha. So far, only 3% of the granite
reserves have been explored. India's contribution is around 15%
of the global production. India has vast resources of granite
with more than 100 varieties of different colors mined and
explored so far. Out of
these 100 varieties, nearly 60 are processed to produce
monuments, building slabs, floor tiles and is exported. According
to industry data, about 85%-90% of the total granite produced in
India is exported. India's granite is exported to China, Taiwan,
Belgium, USA, Italy and Qatar. According to the latest market
report, the global granite market size was expected to reach
US$17.68 billion by 2021. Despite the global competition from the
countries like China, Brazil, and Saudi Arabia, the Indian
granite exports still maintain a 4% annual growth rate over the
last few years.

With the availability of number of new color of granites found
and with the cheap and skilled labor as well as the quality
coupled with, India will continue to dominate the granite world
in the coming years.

Liquidity Analysis: The current ratio of the entity is below
unity during the review period and stood at 0.62x as on March 31,
2018 due to lower current assets as compared to current
liabilities on account of high working capital bank borrowings on
closing
balance sheet date ended March 31, 2018. The firm has cash and
bank balances of INR0.02 crore as on March 31, 2018.

Salem based, Granite Products Corporation (GPC), was established
in the year 2003 as a proprietorship concern by Mr. Vadivelu
Veerendra Prabhu. The firm is engaged in cutting, polishing and
trading of granite monuments and GPC is 100% Export Oriented Unit
(EOU). The firm imports purchases granite blocks from South
Africa, Finland and Norway and indigenously from Andhra Pradesh,
Karnataka, Tamil Nadu, Kerala and Odhisa. The firm has its
customer base located at Europe and USA. The entity imports the
granite blocks process them and exports as granite monuments to
USA and Europe. The entity took an insurance policy from Export
Credit Guarantee Corporation of India (ECGC) which provides a
range of credit risk insurance covers to exporters against loss
in export of goods and services and is regular in paying the
insurance premium.


HIPPOCAMPUS INFOTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s Hippocampus Infotech Private Limited

        Regional office:
        MIG 55, Sector 1, MVP Colony
        Visakhapatnam 530017

        Corporate office:
        3rd Floor, #2
        HB Complex, 100 Ft Ring Road
        BTM Layout, 1st Stage
        Bengaluru 560068

Insolvency Commencement Date: November 12, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 11, 2019
                               (180 days from commencement)

Insolvency professional: Senapati Varaha Satyanarayana

Interim Resolution
Professional:            Senapati Varaha Satyanarayana
                         Flat-201, Pearl Block
                         Sri Sairam Manor Apartments
                         Yousufguda, Hyderabad 500045
                         E-mail: svsatya30@gmail.com

                            - and -

                         Atlas Financial Research & Consulting
                         Pvt. Ltd.
                         Plot No. 5, KPR Avenue
                         Jaihind Enclave, Madhapur
                         Hyderabad 500081
                         E-mail: ip.hippo@atlasfin.in

Last date for
submission of claims:    November 26, 2018


IL&FS: Employees Being Held Hostage in Ethiopia Over Unpaid Wages
-----------------------------------------------------------------
Nizar Manek and Iain Marlow at Bloomberg News report that
India's foreign ministry is investigating claims by expatriates
in Ethiopia who say they are being held hostage by local staff
that haven't been paid after the financier Infrastructure Leasing
& Financial Services Limited (IL&FS) began defaulting on $12.6
billion in debt.

Seven Indian workers from the shadow lender, which rocked
financial markets after it began missing debt payments earlier
this year, have been detained since Nov. 25 at three sites in
Ethiopia's Oromia and Amhara states by unpaid local staff,
Bloomberg relates citing an emailed letter from the employees.

They said the possible termination of some road projects being
built by Indian and Spanish joint ventures may have triggered
local employees to panic. The workers said police and officials
are taking the side of locals against the expatriate staff and
that they were caught in the "middle of corporate disagreements,
blame games and bureaucratic issues," Bloomberg relays.

According to Bloomberg, an official at the Indian embassy in the
capital Addis Ababa said it was "closely following up with local
Ethiopian authorities and IL&FS management to resolve the issue,"
while a separate official in the foreign ministry in New Delhi
confirmed they were looking into the matter.

"Concerns of project termination and absence of senior management
from project camps might have triggered panic in local employees
and led them to believe confining expat employees might force the
organization to pay their salaries," the employees wrote in a
letter addressed to the Indian and Spanish ambassadors, as well
as a number of Ethiopian ministries and the local World Bank
representative, Bloomberg adds.

According to Bloomberg, the son of detained IL&FS employee
Sukhvinder Singh Khokher said his father has been in touch with
the Indian embassy and there are efforts underway to try and get
the local Ethiopian staff paid.

"The local Ethiopian workers shut the gates and the local
policeman support them," Satinder Pal Singh Khokher, who works
for the Aditya Birla Group in Gujarat according to LinkedIn, said
in an interview. "I have tweeted my concern to the Prime Minister
of India."

According to the employees' letter, management cited restrictions
imposed by the Reserve Bank of India for its inability to send
funds, says Bloomberg. IL&FS had defaulted on paying both taxes
and local employee pensions for nine months, the letter, as cited
by Bloomberg, said. Ethiopian Revenue Ministry spokesman Addis
Yirga and Attorney General Office spokesman Zinabu Tunu said by
phone they couldn't comment on the employees' concerns expressed
in the letter, Bloomberg notes.

"We tried to reason with local employees and tried to assure that
salaries will be paid in due course and restricting expat
colleagues will not result in what they are trying to achieve,"
the employees said in the letter, Bloomberg relays.

Bloomberg says the detention of IL&FS employees in Ethiopia, who
were reported to be working on road construction projects for
joint ventures between IL&FS Transportation Networks Ltd. and
Spanish firms Elsamex S.A. and Ecoasfalt S.A., illustrates the
sprawling nature and global reach of the beleaguered
infrastructure lender. The firm hasn't stopped missing debt
payments even after the Indian government fired the lender's
board and tapped well-known Indian banker Uday Kotak to help lead
the firm's recovery as the company reeled under $12.6 billion of
debt, the report states.

                           About IL&FS

Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.

As reported in the Troubled Company Reporter-Asia Pacific on
Oct. 3, 2018, the Indian Express said that the government on
Oct. 1 stepped in to take control of crisis-ridden IL&FS by
moving the National Company Law Tribunal (NCLT) to supersede and
reconstitute the board of the firm which has defaulted on a
series of its debt payments over the last one month. This was
said to be an attempt to restore the confidence of financial
markets in the credibility and solvency of the infrastructure
financing and development group.


IND-BARATH POWER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Ind-Barath Power Gencom Limited

        Registered office:
        H No. 8-5-210/43, Plot No. 44
        Hiva Enclave Old Bowenpally Secunderabad
        Rangareddi TG 500011 IN

        Corporate office:
        Plot No. 30-A, Road No. 1
        Filmnagar Jubilee Hills, Hyderabad
        Telangana 500033

Insolvency Commencement Date: September 7, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 6, 2019
                               (180 days from commencement)

Insolvency professional: Anish Niranjan Nanavaty

Interim Resolution
Professional:            Anish Niranjan Nanavaty
                         2A 208 Raheja Classique
                         New Link Road, Anheri (W)
                         Mumbai 400053, Maharashtra
                         India
                         E-mail: anish.nanavaty.irp@gmail.com

                            - and -

                         Deloitte Touche Tohmatsu India LLP
                         Indiabulls Finance Centre
                         Tower 3, 27th Floor
                         Senapati Bapat Marg
                         Elphinstone Road (West)
                         Mumbai 400013, Maharastra
                         India
                         E-mail: inbarathip@deloitte.com

Last date for
submission of claims:    September 21, 2018


IND-BARATH THERMAL: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Ind-Barath Thermal Power Limited

        Registered office:
        H No. 8-5-210/43, Plot No. 44, Shiva Enclave
        Old Bowenpally, Secunderabad, Rangareddi
        Telangana 500011, India

Insolvency Commencement Date: September 7, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 6, 2019
                               (180 days from commencement)

Insolvency professional: Mr. Ajay Gaggar

Interim Resolution
Professional:            Mr. Ajay Gaggar
                         Gaggar & Co LLP
                         Temple Chamber, 3rd Floor
                         6, Old Post Office Street
                         Kolkata, West Bengal 700001
                         E-mail: ajay.gaggar@gmail.com

Last date for
submission of claims:    September 21, 2018


JAIHIND PROJECTS: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jaihind Projects Limited
        3rd Floor, Venus Aatlantis
        Nr. Reliance Petrol Pump
        Nr. Prahladnagar Garden
        Anandnagar Road, Vejalpur
        Ahmedabad, Gujarat, India 380015

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 1, 2019

Insolvency professional: Premnarayan Ramanand Tripathi

Interim Resolution
Professional:            Premnarayan Ramanand Tripathi
                         1449/1, 1st Floor, RMG House
                         Mithakhali Gam, Navrangpura
                         Ahmedabad, Gujarat 380006
                         E-mail: premnarayan.cs@gmail.com

Last date for
submission of claims:    November 16, 2018


JANA HOLDINGS: Ind-Ra Rates INR1.45MM Loan 'IND PP-MLD emr B+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jana Holdings
Limited's (JHL) debt instruments as follows:

-- INR1.45 mil. Principal protected market linked debentures
     assigned with IND PP-MLD emr B+/Stable rating.

The suffix 'emr' denotes the exclusion of the embedded market
risk from the rating. Ratings of the market-linked debentures is
an ordinal assessment of the underlying credit risk of the
instrument and do not factor in the market risk that investors in
such instruments will assume. This market risk stems from the
fact that coupon payment on these instruments will be based on
the performance of a reference index or equity share (detailed in
the information memorandum of the issue).

PP-MLD refers to full principal protection in the equity linked
notes wherein the issuer is obligated to pay the full principal
upon maturity.

Analytical Approach: JHL's PP-MLDs are junior to its existing
debt and will mature after the maturities of the existing debt.
The rating is based on the profiles of both JHL and Jana Small
Finance Bank's (JanaSFB). The two companies have limited
financial strength. JHL is a non-operating financial holding
company (NOFHC) of JanaSFB and the value of its investments is
derived solely from its 42% shareholding in JanaSFB. The
investment value is largely subject to incremental performance of
JanaSFB (banking operations commenced in July 2018) and the
ability of the bank to manage the credit costs emanating out of
its legacy portfolio.

KEY RATING DRIVERS

Holding Company of JanaSFB, Bank's Legacy Asset Quality Overhang:
JanaSFB commenced its banking operations in July 2018 and
inherited significant asset quality issues from when it operated
as a non-banking financial company(NBFC)-microfinance institution
(Janalakshmi Financial Services Limited; JFSL). JFSL grew its
loan book to INR109.8 billion in FY16 from INR37.7 billion in
FY15 and was among the largest microfinance NBFC in terms of its
asset size. However, some of its growth came from moderate
controls on the lending system and conflicting targets for the
field staff. As a result, demonetization exposed these
shortcomings and JFSL was more severely affected than its peers.
Its 0 days past due (dpd) in FY17 increased to 39% (FY16: 1%). It
had to focus on collections on priority and had to write-
off/provide INR26.2 billion over FY17, FY18 and 1HFY19. However,
the company managed to raise substantial capital (INR29.42
billion) over the same period and this helped it survive. In
addition, the management plans to raise INR6 billion of equity
for JanaSFB (INR3 billion that JHL is raising through PPMLD and
another INR3 billion by other investors directly in the bank).

The bank's gross NPAs in 1HFY19 were about 35% while net NPAs we
are about 13%. Based on the partial payment and recovery
analysis, the agency expects a recovery of INR2 billion-3 billion
during November 2018-March 2019. The credit costs in 2HFY19 could
be significantly lower than observed in 1HFY19 (INR10 billion,
13.8%).

Bank to face Medium-term Profitability Pressures: In the agency's
assessment, the bank may not see significantly higher credit
costs on the newly originated portfolio (post-December 17
disbursement); however, it could face profitability issues in the
medium term as there is a need to achieve a certain scale to
cover operating costs out of gross income. Ind-Ra expects
marginal profitability in FY21 under the business as usual
scenario, i.e. 45% growth in the loans under management over
FY20-FY21; most of the growth in the secured asset classes and
other non-microfinance products. At net profit levels, the
company had made a profit of INR1.7 billion in FY17, and losses
of INR25.0 in FY18 and INR12.9 billion in 1HFY19. Ind-Ra also
expects the bank to suffer net losses in FY19 and FY20.

Setting up Governance and Monitoring Structures within Bank: Post
demonetization, JanaSFB has attempted to set its house in order;
tightening monitoring by setting up monitoring systems at various
levels, independent risk vertical, technology-based checkpoints
at the front-end and limiting operating geographies of the
branches among others. The monthly reviews provide opportunities
to various sub-committees of the Board Risk Committee to analyses
and narrow down the problems. Almost the entire top management
has changed over the last two years and the incumbents are
strengthening the processes. Ind-Ra expects these systems have
been put in place to avoid 'growth at any cost', given the growth
compulsions to achieve profitability.

Bank's Liquidity Management Challenging; Deposits See Traction:
In a bank form, liquidity management is more complex; especially
when the access to certificates of deposits is restricted either
by the credit rating of the bank or it is awaiting 'scheduled'
status. At end-September 2018, the asset funding gap of the bank
was in a modest surplus in the short term (0.1% of total assets).
However, the bank would need to continue to operate with a
surplus, given that microfinance is likely to constitute bulk of
its loans under management over the medium term. The bank has
excess statutory liquidity reserves of about INR2.3 billion in
addition to the cash reserves that it needs to maintain. It has
also intensely focused on the marketing of longer tenor deposits
which has been successful; in the five months of bank's
operations since July 2018, it has mobilized INR21 billion of
deposits, of which 46% are of tenor more than 1 year.

Bank's Asset Diversification Positive; but Segments are
Competitive and Yields Could be Lower: The bank expects to grow
largely in non-microfinance loan products. Although these are
capital-conserving products, there is reasonable competition
among them as the number and size of NBFCs and banks serving this
segment has increased in the last few years. As a result, the
bank could see a decline in yields; depending on the asset mix,
the bank would have to grow at a faster pace and at lower yields
to achieve profitability; early delinquencies for the bank in
these products would be a key monitorable.

Bank Capital Constrained: Ind-Ra is of the view that microfinance
heavy institutions should operate at low leverage (advances to
net worth). JanaSFB's net worth was INR5.4 billion in 1HFY19 with
advances of INR50 billion, which indicates a leverage ratio of
10x which is higher than most other SFBs. Divestment ability is
limited as JHL has to hold at least 40% in the bank for a minimum
of five years. Also, the bank may have substantial accruals only
by FY22 and hence leverage may only increase. A significant
increase in leverage without a commensurate improvement in the
asset quality could result in a negative rating action.

High Refinance and Valuation Risk: The proposed five-year PPMLDs
face refinance risk; there are limitations to JHL diluting its
shareholding in the bank on account of regulatory requirements
and share pledges (6% pledged to existing lenders). The PPMLD
would have to be refinanced to the extent of principal and the
rate of return promised to the investors. The NOFHC is required
to hold at least 40% of the bank for a minimum of five years. Any
increase in JHL's shareholding on account of a proposed infusion
may not be enough to pay off the existing obligations and hence,
the valuation risk is significant.

RATING SENSITIVITIES

Positive: A significant improvement in the bank's asset quality,
the capitalization and leverage (advances to equity) of and
achievement of material profitability earlier than expected could
result in a positive rating action.

Negative: A significant increase in the bank's leverage ratio
without a commensurate improvement in the asset quality, its
inability to raise equity as per plans, capital levels close to
the regulatory minimum or a breach of the regulatory conditions
if any and large funding gaps that in the agency's opinion prove
challenging for the bank to meet repayment obligations could
result in a negative rating action. Any unrelated diversification
by the holding company could also result in a downgrade.

COMPANY PROFILE

JHL is registered as an NOFHC according to the regulatory
guidelines and is promoted by Jana Capital Ltd., to hold the
promoter stake in JanaSFB. JanaSFB commenced banking operations
in July 2018 and microfinance loans (small group loan, individual
loan and agri-loans) constituted 76% of its assets under
management at end-September 20 18. The other loan products
offered by the bank are small business loans, affordable housing,
gold loans etc.


JINDAL AGRO: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Jindal
Agro Mills Private Limited (JAMPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       8.50      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

   Short-term Bank     37.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JAMPL to monitor the
rating vide e-mail communications/letters dated August 17, 2018,
September 4, 2018, September 19, 2018, October 18, 2018,
October 26, 2018, November 6, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Jindal Agro Mills Private Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Jindal Agro Mills
Private Limited (JAMPL) takes into account overutilization in the
Cash Credit (CC) limit, for more than 30 days, because of weak
liquidity position of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

Overutilization in the CC limit: On account of tight liquidity
position of JAMPL, the CC limit availed by the company remained
overutilized for more than 30 days. Exposure to raw material
price volatility and foreign exchange fluctuation risk: The major
raw materials required for the operations of the company are non-
ferrous metals prices of which are highly fluctuating in nature.
Limited ability to pass on adverse fluctuations to the customer
exposes the profitability margins to volatility in raw material
prices. Furthermore, while the income is achieved from domestic
sales, the company procures its raw materials primarily via.
imports. This exposes the profitability margins to a foreign
exchange fluctuation risk.

Highly fragmented and competitive nature of the industry: The
non-ferrous metal industry is highly fragmented and competitive
in nature characterised by the presence of numerous players in
India. This leads to low pricing power with the entities engaged
in the industry and a downward pressure on profitability.

Incorporated in 1989, Jindal Agro Mills Private Limited (JAMPL)
is engaged in the trading and manufacturing & selling of non-
ferrous metals at its single operating facility in Ludhiana,
Punjab. In FY17 (refers to the period April 01 to March 31), the
company derived majority of its income (about 65%) from the
trading of goods. Usha Impex (rated, 'CARE D; ISSUER NOT
COOPERATING*'), is a group concern of JAMPL, which is engaged in
the trading of non-ferrous metals since 1998.


KALPANA IMPEX: ICRA Maintains 'B' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for INR6.15 crore bank facilities of
Kalpana Impex continue to remain under 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/A4; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Term Loan            4.00      [ICRA]B (Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Cash Credit/         2.00      [ICRA]B (Stable); ISSUER NOT
   EPC/FBD                        COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Credit Exposure      0.15      [ICRA]A4; ISSUER NOT
   Limit                          COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

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

Kalpana Impex (KI) was established in August 2012 by the Suyani
family and is engaged in processing of marine products. The
manufacturing site is located at GIDC Estate, Veraval (Gujarat)
with processing capacity of around 6000 Metric Tonne per annum
(MTPA). The promoters of KI belong to the fishermen community and
have been engaged in business of supplying marine engine, boat's
gearbox, lubricant oil etc used in fishing boats.


KRISHNA SAHAKARI: ICRA Reaffirms B Rating on INR229cr LT Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR311.0-crore (enhanced from INR10.0 crore) fund-based
facilities of The Krishna Sahakari Sakkare Karkhane Niyamit
(KSSKN) at [ICRA]B. The outlook on the long-term rating is
'Stable'.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund
   Based/CC             229.0      [ICRA]B (Stable) Reaffirmed

   Long Term-Fund
   Based/ TL             82.0      [ICRA]B (Stable) Reaffirmed

Rationale

The rating reaffirmation is constrained by KSSKN's weak financial
profile characterized by a stretched capital structure and weak
debt protection metrics. The rating also considers the de-growth
in KSSKN's revenues and profitability in FY2018. The ratings are
also constrained by the high working capital intensity of
operations due to high inventory holdings and the exposure of the
business to agro-climatic risks and demand-supply cyclicality
associated with the sugar industry. Further, the margins are
expected to be under pressure in the near term given the decrease
in the sugar realisations in the ongoing sugar season.
Consequently, the liquidity position is also expected to be
constrained due to significant near-term repayment obligations on
the term loans.

The rating, however, draws comfort from the favorable location of
the plant in the North Karnataka region which reports high sugar
recovery rates. The rating also considers the extensive
experience of the management in the sugar industry, along with
forward integration of the plant into co-generation which results
in partial de-risking from the volatilities of sugar industry.

Outlook: Stable

The Stable outlook reflects ICRA's expectation that KSSKN will
continue to benefit from the extensive experience of its
management in the sugar industry. The outlook may be revised to
"Positive" if KSSKN's financial risk profile improves
considerably primarily in the areas of capital structure and
coverage indicators, along with improvement in liquidity and
working capital intensity. The outlook may be revised to
"Negative" if the liquidity position is affected due to stretch
in the working capital cycle or there is a prolonged period of
soft sugar realisations, impacting the profitability of the core
sugar business.

Key rating drivers

Credit strengths

Favourable plant location: The sugar plant is located in Athani
Taluk of Belgaum district in North Karnataka. The area reports
higher cane recovery rates as compared to the state average
recovery, owing to favourable soil and climatic conditions, and
KSSKN stands to benefit from this.

Extensive experience of management in the industry: KSSKN
commenced its commercial operations in FY2003 and the promoters
have more than 20 years of experience in the sugar industry. The
extensive experience of the promoters and the management team
helps it manage its business risks effectively.

Partial forward integration with cogen power plant: KSSKN is
partially forward integrated with 27 MW cogeneration power plant
which protects profitability to an extent in case of downturn in
the sugar industry. In addition to sale of power, it derives
revenues from sale of bagasse and molasses, supporting its
revenues and margins to some extent.

Credit challenges

Weak financial profile characterised by stretched capital
structure & weak debt coverage metrics: The gearing is high at
7.2 times as on March 31, 2018 owing to high debt levels due to
high working capital intensity and debt-funded capital
expenditure undertaken in the recent past. The decrease in
KSSKN's operating income along with the increase in operational
costs resulted in modest debt servicing indicators in FY2018.

Working capital intensive nature of operations: KSSKN operates
its sugar mill during the cane harvesting season which typically
runs from October/November to March/April. It stocks the sugar
produced during this season and sells them during the subsequent
months. The high inventory holdings during this season leads to
high working capital intensity of operations. The NWC/OI stood
high at 59.2% for FY2018, notwithstanding the improvement from
FY2017 levels of 71.3%.

Exposure to agro-climatic risks and regulatory risks associated
with the sugar business: The sugar industry, being directly
dependent on the sugarcane crop and its yield, is susceptible to
agro-climatic risks. Climatic conditions, more specifically the
monsoons, influence various operational parameters for a sugar
entity, such as the crushing period and sugar recovery levels.
This apart, the sugar industry is highly regulated, with various
Government Acts governing virtually all aspects of the business,
which include the availability and pricing of sugarcane, sugar
trade and by-product pricing.

Sizeable debt repayment obligation in FY2019 likely to pressurise
liquidity position: The decline in sugar realisations in the
ongoing sugar season is expected to result in subdued profits and
cash accruals for KSSKN. This will pressurise its liquidity
position given that it has significant repayment obligation of
INR16.5 crore in FY2019 towards the term loans availed for its
expansion projects.

The Krishna Sahakari Sakkare Karkhane Niyamit (KSSKN), a co-
operative society registered under the Karnataka Co-operative
Societies Act, 1959, operates a sugar mill with a capacity of
5,500 tonne of cane per day (TCD), integrated with a 27-megawatt
(MW) cogen power plant, in Athani Taluk of Belgaum district in
Karnataka. Registered in March 1981, the entity commenced its
commercial operations during FY2003 with 2,500-TCD crushing
capacity. During FY2012, the entity expanded its processing
capacity to 4,000 TCD and also installed a 12-MW cogen plant. The
cogen capacity was increased to 27 MW in FY2017 and the sugar-
mill capacity was increased to 5,500 TCD in FY2018. The
Government of Karnataka holds a 58.5% stake in the entity as on
March 31, 2018.

In FY2018 (on a provisional basis), the firm reported a net
profit of INR1.2 crore on an operating income (OI) of INR221.7
crore compared to a net profit of INR19.3 crore on an OI of
INR243.6 crore in the previous year.


KUSALAVA BATTERIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Kusalava Batteries Private Limited
        Kusalava Hundai Building
        M G Road, Labbipet
        Vijayawada AP 520010 IN

Insolvency Commencement Date: November 16, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 15, 2019

Insolvency professional: Vijay Kumar Gunda

Interim Resolution
Professional:            Vijay Kumar Gunda
                         #2-1-392/1/6, 3rd Floor
                         Opp: Fever Hospital
                         Nallakunta, Hyderabad
                         Telangana, 500044
                         E-mail: gvkumarassociates@gmail.com

Last date for
submission of claims:    November 30, 2018


LATHA RICE: CARE Lowers Rating on INR9.39cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Latha Rice Industries (LRI), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       9.39      CARE D; Issuer Not Cooperating;
   Facilities                     Revised from CARE B; Stable
                                  Issuer Not Cooperating

Detailed Rationale& Key Rating Drivers

CARE had, vide its press release dated April 4, 2018 placed the
rating of LRI under the 'issuer non-cooperating' category as LRI
had failed to provide information for monitoring of the rating.
LRI continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter dated November 20, 2018. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised on account of delays in debt
servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delay in debt servicing obligations: There are ongoing delays in
repayment of principal and interest obligation of term loan and
cash credit facility for more than 30 days.

LRI was established as a partnership firm in the October 2015 by
Mr. Mahendra Muppavarappu and Mr. Nagayya Muppavarappu. The firm
has set up a fully automated rice mill at Nagpur, Maharashtra.
The major raw material for the firm is paddy, which is partly
procured from farmers and partly from the Vidarbha Region in
Maharashtra, Chhattisgarh, Madhya Pradesh and Andhra Pradesh. The
finished product of LRI is sold under the brand name Bahubali.


LINERS INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Liners India Ltd
        R.S No. 205/2A, Kanuru
        7th Cross Road, Jawhar Auto Nagar
        Vijayawada 520007
        Andrapradesh

Insolvency Commencement Date: October 30, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 27, 2019
                               (180 days from commencement)

Insolvency professional: S. Sivarama Krishnan

Interim Resolution
Professional:            S. Sivarama Krishnan
                         F142/5, 8th Street
                         Anna Nagar East
                         Chennai 600102
                         Mobile: 98842 73151
                         E-mail: csdrsiva@gmail.com
                                 irp.liners@gmail.com

Last date for
submission of claims:    November 12, 2018


M.I. BUILDTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M.I. Buildtech Private Limited

        Registered office:
        T-196, Gali No.1, Guatampuri
        Delhi 110053 (India)

Insolvency Commencement Date: November 12, 2018

Court: National Company Law Tribunal, New Delhi Bench - IV

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

Insolvency professional: Anil Tayal

Interim Resolution
Professional:            Anil Tayal
                         1028, Roots Tower
                         District Centre Laxmi Nagar
                         Delhi 110092
                         E-mail: caaniltayal@gmail.com
                                 irp.mibuildtech@gmail.com

Last date for
submission of claims:    November 26, 2018


MAA MAHAMAYA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Maa Mahamaya Steels Private Limited
        1st Floor, "Office Space"
        Masrani Bhawan, Mehadiya Chowk
        Dhantoli, Nagpur
        MH 440012

Insolvency Commencement Date: November 1, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: April 29, 2019

Insolvency professional: Yash Jeet Basrar

Interim Resolution
Professional:            Yash Jeet Basrar
                         A-71, Golf View Apartments
                         Sapatpami CGHS Ltd.
                         Plot No. 4, Sector-19B
                         Dwarka, New Delhi 110075
                         E-mail: ybasrar@gmail.com
                                 irp.mahamaya@gmail.com

Last date for
submission of claims:    November 15, 2018


NOSLAR INTERNATIONAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Noslar International Limited
        3/14, Palmohan Apartments
        N.W.A. Punjabi Bagh (W)
        Delhi 110026

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 1, 2019
                               (180 days from commencement)

Insolvency professional: Sajeve Bhushan Deora

Interim Resolution
Professional:            Sajeve Bhushan Deora
                         606, New Delhi House
                         27, Barakhamba Road
                         New Delhi 110001
                         E-mail: sajeve.deora@deora.com
                                 in.noslar.sbd@gmail.com

Last date for
submission of claims:    November 16, 2018


PNB REALTY: ICRA Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
ICRA said the long-term rating for the bank facilities of PnB
Realty Ltd (PnB) continues to remain in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-Fund       0.35      [ICRA]D ISSUER NOT COOPERATING
   Based (CC)                     Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Long Term-Term       5.97      [ICRA]D ISSUER NOT COOPERATING
   Loan                           Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

   Long Term-           2.18      [ICRA]D ISSUER NOT COOPERATING
   Unallocated                    Rating continues to remain in
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating takes into account the continued delays in debt
servicing by PnB to its lender, as confirmed by them to ICRA.
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance.

PnB Realty Ltd. (PnB), a part of the PnB Group of Companies, was
incorporated in March 2008 as a public limited company. The group
is promoted by Mr. VGP Babudas, a second-generation entrepreneur,
with a track record of more than 20 years in real estate and
hospitality sectors. The company operates a hotel named Aurick
Hotel and is also involved in real-estate projects.


PRAGATI COTTON: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the ratings for the INR6.55 crore bank facilities of
Pragati Cotton Industries continue to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund Based-        5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating continues to remain under
                                'Issuer Not Cooperating' category

   Fund Based-        1.55      [ICRA]D; ISSUER NOT COOPERATING;
   Term Loan                    Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Established in 2011, Pragati Cotton Industries, as partnership
firm, is engaged in the business of ginning and pressing of raw
cotton and crushing of cottonseeds. The manufacturing facility of
the firm is located at Hirapar, Gujarat. The entire plant is
equipped with 24 ginning machines, 1 pressing machine and 4
expellers. The installed capacity of the plant is 220 cotton
bales and 2.5 MT of cottonseeds oil per day (24 hours operation).


RANA EDUCATION: CARE Assigns 'B' Rating to INR12.90cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rana
Education Society (RES), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term bank
   facilities           12.90      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RES is constrained
on account of nascent stage of operation and project execution
risk as significant portion of project is debt funded.

The rating is also constrained on account of increasing
competition and limited reach and susceptibility to adverse
regulatory changes in education sector and risk of non-
procurement of CBSE Board affiliations.

The rating however derives strength from experienced management
in the education sector and qualified trustees The ability to
maintain the student enrolment along with increased student
capacity as envisaged by the trust and attracting experienced
faculty for its institutes shall be critical in term of credit
perspective.

Detailed description of Key rating drivers

Key rating Weakness

Nascent stage of operation: The overall operation of the RES is
at nascent stage since the construction work of school building
has not been finalized yet and the interior construction work is
in process. The entity has now received approval, for
establishment of schools under The Maharashtra Self-Financed
Schools (Establishment and Regulation) Act, 2012, by Department
of Education (Primary), Amravati District. Going forward, the
successful completion of project along with the ability to
improve the student enrolment as envisaged by the trust shall be
critical in terms of credit perspective Project execution risk as
significant portion of project is debt funded: RES is
constructing its school building at its 2 acres' open land owned
by trust. The expected cost of the project is INR25.00 crore
which are proposed to be funded through debt and equity. The
schools shall be constructed in ground floor + 3 upper floors.
Each floor will have six classrooms and two other rooms beside
toilets. The lower ground floor will have two kids play rooms.
The entrance lobby/ assembling area on ground floor will have
double heights. The construction work has already started from
Jan 2016. Total 22 classrooms have been projected, out of which
total 10 classrooms have already been constructed for
accommodating students and for the remaining classrooms is
expected to get finalize by the end of the Dec 2018. The overall
project has been significantly debt funded, thus its ability to
operate its facilities at envisaged and generate sufficient
accruals will be critical for its credit profile.

Increasing competition and limited reach: The institutes of RES
are located in Amravati which limits the reach penetration level
for the society to tap opportunities. Further, due to increasing
focus on education in India, a number of prime schools have been
opened up in well-developed locations. This exposes the revenue
of RES to fierce competition from other schools. Moreover, RES
presently provides courses from class nursery to eight which
restricts the scope of revenue visibility. Going forward,
attracting experienced faculty for its institutes and courses is
the key rating sensitivity.

Susceptibility to adverse regulatory changes in education sector:
The operations of primary/secondary/higher secondary and higher
educational institutes are governed by various governmental and
quasi-governmental agencies such as University Grants Commission
(UGC), All India Council for Technical Education (AICTE),
universities and state governments. Each body has detailed
procedures for granting permissions to set up new institutions,
and approvals which need to be renewed. Thus, the society needs
to regularly invest in its workforce and infrastructure. Also the
course fee charged from the students is not decided entirely by
the society, but by the affiliating state government and other
regulatory bodies. Thus the regulated nature of industry
restricts any substantial increase in revenues for RES.

Risk of non-procurement of CBSE Board affiliations: Since the RES
is an educational institution and operates school in the name of
Delhi Public School, Amravati (recognized by CBSE Board) at
Saturna village in Amravati which provides education from Nursery
to Eight standards. it has applied for the affiliation to the
CBSE Board; however the same is not yet approved. However, it has
received approval, for establishment of schools under The
Maharashtra Self-Financed Schools (Establishment and Regulation)
Act, 2012, by the Department of Education (Primary), Amravati
District. Going forward, non-procurement of affiliations from the
board shall be the critical point for the availing admissions in
the school.

Key rating Strengths

Experienced management in the education sector and qualified
trustees: The trustees of RES consists of well qualified and are
involved in the business and social work. The day-to-day
administration of the trust is managed by a governing council
which consists of the experienced and qualified executives having
good amount of experience in the education sector.

Founded in the year 2005, the Rana Education Society (RES) is an
educational trust registered under the Society Registration Act
1860 for operating educational institutions. RES is operates
school in the name of Delhi Public School, Amravati; which is
situated at Saturna village, Kranti Colony Road, Amravati. The
entity M/s Rana Education Society (RES) has received approval,
for establishment of schools under The Maharashtra Self-Financed
Schools (Establishment and Regulation) Act, 2012, by the
Department of Education (Primary), Amravati District and the FY19
would be the first full year of operation.


RIZON LAMINATES: ICRA Withdraws D Rating on INR6.87cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term and short- term ratings of
[ICRA]D assigned to the INR13.45 crore bank facilities of
Rizon Laminates Private Limited (RLPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit          3.00       [ICRA]D; Withdrawn

   Fund based-
   Term Loan            3.58       [ICRA]D; Withdrawn

   Non Fund based-
   Letter of credit    (2.00)      [ICRA]D; Withdrawn

   Fund/Non Fund
   based-Unallocated
   Limits               6.87       [ICRA]D; Withdrawn

Rationale

The ratings assigned to the bank limits of Rizon Laminates
Private Limited have been withdrawn at its request and banker's
no objection certificate.

Incorporated in 2012, Rizon Laminates Private Limit d (RLPL) is
engaged in manufacturing decorative laminates sheets having 0.7
mm to 1.0 mm thickness. The company's manufacturing facility is
located at Morbi in Gujarat and has a production capacity of
11,50,000 sheets per annum. The company is promoted By Mr.
Dharamsingh Boda and Mr. Savji Boda, who have more than two
decades of experience in the furniture trading industry.
Currently, Mr. Nilesh Boda looks after the day-to-day operations
of the ccompany.


ROOPCHAND HOTELS: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of
Roopchand Hotels Private Limited (RHPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank
   Facilities           5.58      CARE B+; Stable, Issuer Not
                                  Cooperating; Based on best
                                  Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RHPL to monitor the rating
vide e-mail communications/letters dated May 29, 2018, June 4,
2018, June 11, 2018, July 11, 2018, October 4, 2018 and
November 14, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on RHPL's
bank facility and will now be denoted as CARE B+; Stable, ISSUER
NOT COOPERATING.

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

The rating takes into account modest scale of operations cash
accruals, highly leveraged capital structure and weak debt
coverage indicators. The rating is further constrained by working
capital intensive nature of operations along with fragmented
nature of hospitality and trading sectors.

The rating, however, derives strength from the extensive track
record of entity in the trading and hospitality sector, long
experience of the promoter and positive outlook for hospitality
industry.

Detailed description of the key rating drivers

At the time of last rating on October 05, 2017 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations: RHPL has registered total sale of
INR5.08 crore in FY17 (Prov.) and INR4.89 crore in FY16 showing a
4 percent increase led by increase in volume of seasonal fruits
sold and higher revenue from room rent of the hotel.

Leveraged capital structure with weak debt service coverage
indicators: Capital structure of the company was highly leveraged
as reflected by the overall gearing ratio of 6.18 as on March 31,
2017 vis a vis 5.83x as on March 31, 2016. Further, due to high
dependency on external borrowings has resulted in weak debt
coverage.

Working capital intensive nature of business: The operations
remained working capital intensive in nature with cash credit
utilized at an average of 90 percent in the 12 month period ended
August 31, 2017. Further, net working capital as a percent of
capital employed stood at 100 percent as on March 31, 2017.

Fragmented nature of industry: The company operates in a highly
fragmented hospitality and trading industry. The industry are
characterized with low entry barriers and high number of players
operational. Hence, this limits bargaining power of entities
operating in the sector.

Key Rating Strengths

Extensive track record of entity: RHPL has been operational in
the hospitality and trading sector since April 1992. Further over
its long years of operations, RHPL has fostered relations with
customers and suppliers.

Experienced promoters: The directors have an experience of 25
years in Hospitality segment through RHPL. Being in the industry
for more two decades has helped the promoter in gaining adequate
acumen about hospitality and trading industry and has helped in
the smooth operations of the KHPL.

Positive long-term outlook for hospitality industry: The
prospects of the hospitality industry in India in the long term
are bright. The Indian hospitality industry especially the Mid-
market/Budget category is expected to witness a strong growth of
about 15% going ahead thereby surpassing the growth in inventory
additions in the segment. With the expected improvement in
investment cycle and with revival in the global as well as Indian
economy and subsequently the increase in disposable income of the
individuals, people are expected to spend on events like
marriages, parties, hang-outs etc, which augurs well for the
hospitality industry and for existing players such as RHPL.

RHPL was incorporated in April 1992 and is managed by the Mr.
Ramchand Chabbrani, Mr. Tikamdas Chabbrani and Mr. Ottanlal
Chabbrani. RHPL is engaged in managing a hotel namely Gomati and
trading of seasonal fruits segment. The hotel Gomati is spread
over 2500 sq mt and is situated in Nagpur, Maharashtra.


S.G.S. MOTORS: Ind-Ra Affirms 'BB+' LT Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S.G.S Motors Pvt
Ltd.'s (SMPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR300 mil. Fund-based working capital limit affirmed with
    IND BB+/Stable rating; and

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

KEY RATING DRIVERS

The affirmation reflects SMPL's continued moderate scale of
operations. In FY18, revenue was INR4,285 million (FY17: INR2,080
million). The revenue grew substantially in FY18 due to an
increase in the number of vehicles sold. SMPL booked revenue of
INR2,201 million for April-October 2018.

The ratings continue to reflect SMPL's tight liquidity, indicated
by an average maximum working capital utilization of 95.8% for
the 12 months ended October 2018. Its cash flow from operations
was negative INR242 million in FY18, with available cash balance
standing at INR3 million.

The ratings remain constrained by SMPL's modest credit metrics
due to average operating profitability as a result of the trading
nature of operations. EBITDA margin fell to 1.9% in FY18 (FY17:
2.2%) owing to lower incentives received on vehicle and spare
parts sales from Tata Motors Limited and return on capital
employed was 12% (8%). Interest coverage (operating EBITDA/gross
interest expense) increased to 2.0x in FY18 (FY17: 1.4x) and
leverage (adjusted net debt/operating EBITDAR) improved to 7.8x
(8.1x) due to an improvement in absolute EBITDA.

The ratings, however, continue to be supported by SMPL being the
sole authorized dealer of Tata Motors' commercial vehicles in
Gwalior and six other surrounding locations in Madhya Pradesh. In
addition, the company's promoter has over six decades of
experience in operating vehicle showrooms and service stations.

RATING SENSITIVITIES

Negative:  Deterioration in the interest coverage due to revenue
or EBITDA margin contraction on a sustained basis will be
negative for the ratings.

Positive: Substantial revenue growth leading to an improvement in
credit metrics on a sustained basis will be positive for the
ratings.

COMPANY PROFILE

SMPL was initially incorporated as SG Motors, a partnership firm,
in August 1989 by the Sanghi Group of Indore. Later, it was
reconstituted as a private limited company and renamed SMPL.

The company has been engaged in automobile dealership since 1954.


SAGAYAM HOSPITALITIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s Sagayam Hospitalities Private Limited (OPC)
        New No. 220, Old No. 32
        Periyar Pathai, Choolaimedu
        Chennai TN 600094 IN

Insolvency Commencement Date: September 26, 2018

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 25, 2019
                               (180 days from commencement)

Insolvency professional: CA. Vasudevan Navneeth

Interim Resolution
Professional:            CA. Vasudevan Navneeth
                         No. 12, 1st Street
                         Raghavan Colony, Ashok Nagar
                         Chennai 600083
                         E-mail: navneethv@gmail.com

                            - and -

                         "Sai Prasad", First Floor
                         No. 11, 12th Avenue, Ashok Nagar
                         Chennai 600083
                         E-mail: sagayamirp@gmail.com

Last date for
submission of claims:    November 19, 2018


SAI WARDHA: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sai Wardha Power Generation
        8-2-293, 82A, 431A, Road No. 22
        Jubilee Hills, Hyderabad
        Telangana, India
        Pin Code 500033

Insolvency Commencement Date: November 9, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 8, 2019
                               (180 days from commencement)

Insolvency professional: V. Venkatachalam

Interim Resolution
Professional:            V. Venkatachalam
                         12-13-205, Street No. 2
                         Tarnaka, Secnderabad
                         Telangana, India
                         Pin Code 500017
                         E-mail: vaaranasivkchalam@gmail.com
                             irp.sai@ibcprofessionalsolutions.com

Last date for
submission of claims:    November 23, 2018


SCOTTS GARMENTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Scotts Garments Limited
        No. 481-B, IV Phase
        Peenya Industrial Area
        Bangalore, Karnataka 560058

Insolvency Commencement Date: September 14, 2018

Court: National Company Law Tribunal, Perundurai Bench

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

Insolvency professional: Shri N Sivakumaar

Interim Resolution
Professional:            Shri N Sivakumaar
                         No. 39/82, R.S. Road
                         Thoppu Palayam, Perundurai
                         Erode 638052
                         Tamil Nadu
                         E-mail: nsivakumar66@yahoo.com

Last date for
submission of claims:    September 28, 2018


SHREE BAJRANG: CARE Migrates B Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shree
Bajrang Sales Private Limited (SBPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       5.00      CARE B; Stable, Issuer Not
   Facilities                     cooperating; Based on best
                                  available information

   Short term Bank     13.00      CARE A4; Issuer Not Cooperating
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SBPL to monitor the rating
vide e-mail communications/letters dated July 11, 2018,
September 25, 2018, October 4, 2018 and November 14, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on SBPL's bank facility and
will now be denoted as CARE B; Stable/CARE A4, ISSUER NOT
COOPERATING.

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

The rating takes into account modest scale of operations with low
capitalization, thin profit margins, highly leveraged capital
structure with weak debt coverage indicator and working capital
intensive nature of operation. The ratings are also constrained
on account of its exposure to raw material price volatility,
foreign exchange fluctuation risk with presence in highly
competitive and fragmented industry.

The rating, however, derives strength from the long track record
of operation and experienced promoters in the industry and
reputed clientele.

Detailed description of the key rating drivers

At the time of last rating on November 27, 2017 the following
were the rating strengths and weaknesses.

Key Rating Weaknesses

Modest scale of operations with thin profit margin: The scale of
operations of SBPL remained modest with low networth base
limiting financial flexibility of the entity. Further the
operating profit margin remained thin and in the range of 0.92%-
2.70% for the period of FY14-17.

Highly leveraged capital structure and weak debt coverage
indicators: The capital structure of the company stood highly
leveraged owing to low net worth and high dependence on external
borrowings to support the operations. Further debt coverage
indicators remained weak with low profitability anf high gearing
levels.

Working capital intensive nature of operations: The operations of
SBPL are working capital intensive owing to funds being blocked
in debtors and inventory. Being into trading business, SBPL has
to keep inventory to meet immediate requirement of customers. The
collection period stood at around 80 to 90 days due to low
bargaining power against customers and intense competition in the
industry.

Exposure to material price volatility and highly competitive and
fragmented industry: SBPL deals into trading of metals products
where material costs has always been a major contributor to total
operating cost constituting around 90% in the past three
financial years (FY15-FY17). Accordingly, any volatility in input
prices may adversely affect the margins in absence of escalation
clause.

Key Rating Strengths

Experienced promoters: Mr. SantkumarBhartia and Mr.
DevendraBhartia are directors of the company and have been
associated with SBPL from past 28 years. Extensive experiences of
directors have helped SBPL to develop long term relationship with
many reputed clients and have helped to bring more business for
the company. The directors are assisted by experienced management
team to carry out day to day operations of the company.

Long track record of operation and reputed clientele base: SBPL
is into existence for about three decades in trading industry and
since 1989 it is engaged into trading of Ferro alloys, aluminum
shots, low carbon Ferro chrome & Ferro Sulphur lumps with
effective & timely delivery. The entity is dealing with Bhushan
Steel Limited, Jindal Steel & Power Limited [CARE BBB-;
Stable/CARE A3 (press relase dated April 4, 2018)] and Jayaswal
Neco Ltd. Long track record enables SBPL to developed strong and
cordial business relationship with some of the reputed & well
established clients.

SBPL is a private limited company incorporated on January 05,
1989 by Mr. SantkumarBhartia and Mr. DevendraBhartia. SBPL is
engaged into trading of metal and non- metal items.


SHREE SANTOSH: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the rating for INR13.00 crore bank facilities of Shree
Santosh Cotton Spin Pvt. Ltd. continues to remain under 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D;
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit       10.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

   Term Loan          3.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                'Issuer Not Cooperating' category

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

Incorporated in February 2013, Shree Santosh Cotton Spin Private
Limited (SSCSPL) is engaged in cotton ginning and pressing
business. The company started commercial operations from April
2014 at its plant located at Gondal, Rajkot in Gujarat. The plant
is equipped with 44 ginning machines and 1 pressing machine with
a total installed capacity of producing ~450 bales per day
(considering 24 hours of operations). The promoters have
extensive experience in cotton industry and are also involved in
the operations of a few other cotton ginning companies namely
Shree Raghuvanshi Fibers Private Limited, Gopal Enterprise, Gopal
Trading Co. and Gopal Cotton Corporation.


SHRI VARDHMAN: CARE Reaffirms B+ Rating on INR2.84cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shri Vardhman Industries (SVI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           2.84       CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities           4.00       CARE A4; Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SVI continues to
remain constrained by the small scale of operations with moderate
profit margins, weak solvency position and working capital-
intensive operations due to seasonal availability of paddy. The
ratings are further constrained by the fragmented and competitive
nature of industry, high level of government regulations and
constitution of the entity as a proprietorship firm.

The rating derives strength from the long operational track
record of the entity, wide experience of the proprietor in rice
milling business and locational advantage emanating from
proximity to paddy growing area.

The ability of firm to increase its scale of operations along
with overall improvement in the financial risk profile is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with moderate profit margins: The scale
of operation of the entity remained small with a total operating
income (TOI) of INR10.47 crore and capital employed of Rs 6.27
crore as on March 31, 2018 (Audited). The small size restricts
the financial flexibility of the entity in times of stress and
deprives it from scale benefits. The profit margins declined and
remained low during the year owing to limited value addition
nature of operations.

Leveraged capital structure with weak debt service coverage
indicators: The capital structure of the firm deteriorated and
remained leveraged marked by overall gearing ratio of 4.17x as on
March 31, 2018 on account of higher reliance on external
borrowings. Moreover, higher reliance on debt with lower accruals
resulted in weak debt coverage indicators.

Working capital intensive nature of operations: The operations of
the entity remained working capital intensive owing to
seasonality associated with availability of raw material. The
gross current asset days remained at 94 days during FY18. The
working capital requirements of the entity are met by the cash
credit facility and the average utilization of the CC limit was
on higher side in the peak season.

Susceptibility to adverse changes in government regulations and
climatic condition: The price of paddy is highly volatile in
nature owing to its seasonal nature and the price is regulated
through function of minimum support price (MSP) by the
government. Hence, any adverse change in government policy and
climatic condition may negatively impact the prices of paddy in
domestic market and could result in lower realizations and profit
for SVI.

Presence in highly fragmented and competitive industry: The
entity operates in an industry characterized by high competition
with presence of few established players and a large number of
unorganized players in view of low investment and technological
requirements. Intense competition which is also fuelled by low
entry barriers has a negative impact on margins of the rice
mills. Further, it lowers the bargaining power of the firm
against its suppliers and customers.

Proprietorship nature of constitution: Being proprietorship
nature of constitution, the firm is exposed to the risk of
withdrawal of capital due to personal exigencies, dissolution of
firm due to retirement or death of promoter and restricted
financial flexibility due to inability to explore cheaper sources
of finance leading to limited growth potential.

Key Rating Strengths

Experienced proprietor with established track record of
operations of the firm: SVI was established in the year 2006 and
has an operational track record of more than a decade in the rice
processing sector. Mr Neeraj Bakliwal manages the day-to-day
operations of SVI in the strength of proprietor with adequate
support from a team of experienced personnel. He has an
experience of more than a decade in the rice processing sector
through SVI. Being in the industry for such a long period has
helped him in gaining adequate acumen about the industry and has
developed a strong relationship with the suppliers and customers.

Locational advantage emanating from proximity to paddy growing
areas: Rice is among the most important crops in Chhattisgarh
grown in an area of more than 37 Lakh Hectares and contributes
more than 5% of the total rice production in India. SVI's plant
is located at Durg, Chattisgarh which is in proximity to the
paddy growing areas. Hence, SVI's presence in the paddy growing
region results in benefits derived from a lower logistic
expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices.

SVI, based out of Durg (Chattisgarh), is a proprietorship entity
promoted by Mr.Neeraj Bakliwal, commenced operation in 2006. The
entity is engaged in processing & milling of rice, broken rice
and sale of its by-products like husk, rice bran etc. The
processing facility is located at Durg, Chattisgarh spread over
an area of 15000 sq. feet with an installed capacity to process
1.44 lakh quintals of paddy per annum while the warehouse with
area of about 16000 sq. feet having storage capacity of 20,000
quintals.


SKYHIGH INFRALAND: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Skyhigh Infraland Private Limited

        Registered office:
        SCO 41, Randhir Lane
        Karnal 132001, Haryana

        Head office:
        Sector 32, Near Noor Mahal
        Karnal 132001, Haryana

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: April 30, 2019
                               (180 days from commencement)

Insolvency professional: Jalesh Kumar Grover

Interim Resolution
Professional:            Jalesh Kumar Grover
                         c/o Ductrus Resolution Professionals Pvt
                         Ltd
                         SCO-131, 2nd Floor, MDC
                         Sector-5, Panchkula
                         Haryana 134119
                         E-mail: jk.grover27@gmail.com
                                 ip.shipl@ducturus.com
                         Mobile: 073470-11150

Classes of creditors: Home buyers

Insolvency
Professionals
Representative of
Creditors in a class:    1.) Atul Grover
                             #1643, Sector 18-D
                             Chandigarh
                             E-mail: atulgrover@hotmail.com
                             Contact No.: 9414040900

                         2.) Vipul Garg
                             #779, Sector 21, Panchkula
                             Haryana 134116
                             E-mail: vipul_ca@rediffmail.com
                             Contact No.: 9896046612

                         3.) Tarun Batra
                             1085, Sector 6, Karnal
                             Haryana 132001
                             E-mail: batratarun@gmail.com
                             Contact No.: 9416202010

Last date for
submission of claims:    November 16, 2018


SREEKARA ORGANICS: Ind-Ra Assigns 'BB' LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sreekara
Organics (SO) a Long-Term Issuer Rating of 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR65 mil. Fund-based working capital limits assigned with
    IND BB/Stable/IND A4+ rating; and

-- INR20 mil. Non-fund-based limits assigned with IND A4+
    rating.

KEY RATING DRIVERS

The ratings reflect SO's small scale of operations, although its
revenue rose at a CAGR of 26.9% to INR449.4 million over FY15-
FY18, driven by product launches over FY16-FY18. It booked
INR269.5 million in revenue for 1HFY19.

The ratings also reflect SO's volatile, albeit healthy, EBITDA
margin of 8.3% in FY18 (FY17: 8.4%; FY16: 10.2%). The firm's
margin ranged between 8.3% and 14.8% during FY15-FY18. The fall
in the margin in FY17 and FY18 on a year-on-year basis was due to
volatility in raw material cost. Its return on capital employed
was 23% in FY18 (FY17: 23%; FY16: 21%).

The ratings further reflect the firm's modest credit metrics. In
FY18, its net leverage was 1.6x (FY17: 1.9x; FY16: 1.9x) and
EBITDA interest coverage was 2.4x (FY17: 2.3x; FY16: 2.0x). The
improvement in the metrics in FY18 was primarily driven by a
decrease in debt and an increase in absolute EBITDA.

The ratings are constrained by the partnership nature of the
firm.

The ratings, however, are supported by SO's comfortable
liquidity, indicated by a 77% average fund-based working capital
limit utilization for the 12 months ended October 2018 and a cash
balance of INR0.2 million at FYE18  (FYE17: INR0.1 million). Its
fund flow from operations and cash flow from operations have been
positive since FY16.

The ratings are further supported by SO's operating track record
of around a decade and its partners' experience of more than two
decades in the pharmaceutical industry.

RATING SENSITIVITIES

Negative: Any debt-led capex or margin pressure, leading to any
deterioration in the credit metrics, could lead to negative
rating action.

Positive: A substantial rise in the revenue, while maintaining
the credit metrics, could lead to a positive rating action.

COMPANY PROFILE

Established in 2000, SO manufactures active pharmaceutical
ingredients and related intermediates at its site in IDA
Bollaram, Sangareddy District, Telangana.


SRI BALAJI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Balaji Metallics Private Limited
        BG-2, SDDC Complex
        Rourkela 769012, India

Insolvency Commencement Date: October 31, 2018

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 29, 2019

Insolvency professional: Nihar Ranjan Nayak

Interim Resolution
Professional:            Nihar Ranjan Nayak
                         Salarpuria and Partners
                         7, Chittaranjan Avenue
                         3rd Floor, Laha Paint House
                         Kolkata, West Bengal 700072
                         E-mail: banpur65@yahoo.co.in

Last date for
submission of claims:    November 14, 2018


SRI SRIVATHSA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Sri Srivathsa Paper Mills Pvt Ltd, Coimbatore
        2nd Floor, 1-5, Sreevasta Square
        Mettupalayam Road, Vellakinar
        Coimbatore 641034
        Paper mills at udumalaipettai

Insolvency Commencement Date: November 13, 2018

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Arumugam Arumugam

Interim Resolution
Professional:            Arumugam Arumugam
                         1/56, Market Road
                         Devi Stores 1st floor
                         Kelambakkam
                         Chennai 603103
                         E-mail: arumuru2008@gmail.com

Last date for
submission of claims:    December 1, 2018


SRS MEDITECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: SRS Meditech Limited

        Regional office:
        Plot No. 08, Sector-05
        Main Mathura Road, Ballabhgarh
        Haryana 121004

        Works:
        #1-14, Site-V
        UPSIDC, Kasna
        Greater Noida 201306
        Uttar Pradesh, India

Insolvency Commencement Date: November 15, 2018

Court: National Company Law Tribunal, Karnal Bench

Estimated date of closure of
insolvency resolution process: May 13, 2019
                               (180 days from commencement)

Insolvency professional: Tarun Batra
                         #1085, Sector-6
                         Karnal
                         Haryana 132001
                         E-mail: batratarun@gmail.com
                         Mobile: 097298-70010

Last date for
submission of claims:    November 29, 2018


SUNSHINE CATERERS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Sunshine Caterers Pvt Ltd

        Registered office:
        Opposite Railway Station
        Station Road, Durg
        Chhattisgarh 491001

        Principle office:
        401, Safalya Building
        Near Jai Gopal Industrial Estate
        Baburao Parulekar Marg
        Dadar (W) 400028
        Maharashtra

Insolvency Commencement Date: November 2, 2018

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 1, 2019
                               (180 days from commencement)

Insolvency professional: Shailesh Bhalchandra Desai

Interim Resolution
Professional:            Shailesh Bhalchandra Desai
                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         1006, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: ip10362.desai@gmail.com
                                 cirpsunshine@gmail.com

Last date for
submission of claims:    November 27, 2018


SUSHEELA TEXFAB: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Susheela Texfab Private Limited

        Registered office:
        D-404, 4th Floor
        Jeevan Ashray Apartment, Sector-62
        Noida, Gautam Buddha Nagar 201309
        Uttar Pradesh

Insolvency Commencement Date: November 1, 2018

Court: National Company Law Tribunal, Gurgaon Bench

Estimated date of closure of
insolvency resolution process: April 29, 2019

Insolvency professional: Mr. Punit Handa

Interim Resolution
Professional:            Mr. Punit Handa
                         1005, Sector 31-32A
                         Gurugram 122001
                         Haryana
                         Email: cs@punithanda.com
                                punithanda@gmail.com
                                irpsusheela@gmail.com

Last date for
submission of claims:    November 14, 2018


TANEJA AEROSPACE: CARE Reaffirms D Rating on INR36.10cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Taneja Aerospace and Aviation Limited (TAAL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank
   Facilities           36.10      CARE D Reaffirmed

   Short Term Bank
   Facilities           12.19      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of TAAL takes into
account ongoing delays in servicing its debt obligation.

Timely repayment of debt going forward is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: Due to stressed liquidity there have
been delays in debt servicing. Timely receipt of rental income
and thus timely repayment of debt is key rating monitorable. Low
cash flow generation as compared to the debt servicing obligation
is leading to stressed liquidity for the company.

TAAL headquartered in Bangalore, was established on July 22, 1988
as a private limited company. The company was converted into a
public company in April 1994, and got listed on the Pune Stock
Exchange (PSE) with its maiden public issue of equity shares.
Thereafter, the company was listed on the Bombay Stock Exchange
(BSE) on January 15, 2001. TAAL is a part of Indian Seamless
Metals & Tubes Ltd. (ISMT, IND D, withdrawn in December 2016))
group engaged in the manufacturing of alloy and non-alloy rods
and billets, tubes and hollows.

The company currently operates under two business segments within
the aviation space, and trading division. The business include:
1) Aircraft Manufacturing and Maintenance Division (AMM) - deals
with the designing and manufacturing of tailor made aero
components, aero structures, aircraft modifications, maintenance
and upgrades. 2) Airfield Division - The company owns an
airfield, comprising an airstrip, with night landing and hangar
facilities, which is leased out to Airworks India (Engg) Pvt Ltd
(AWIPL), at Hosur, near Bangalore. 3) Trading in electrical
goods.


TARA JEWELS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Tara Jewels Limited
        Plot No. 22, 15th Road, Near IDBI Bank
        M.I.D.C. Andheri (E)
        Mumbai 400093

Insolvency Commencement Date: November 1, 2018

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: April 30, 2019

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/201 Siddhi Vinayak Towers
                         B/h DCP Office
                         Next to Kataria House
                         Off S.G. Highway, Makaraba
                         Ahmedabad 380051, Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    November 15, 2018


TECHNOVAA PLASTIC: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Technovaa Plastic Industries Private Limited
        Survey No. 1256 & 1261
        Rajpur Zulasan Road, Rajpur
        Taluka Kadi Mahesana
        GJ 382715

Insolvency Commencement Date: October 26, 2018

Court: National Company Law Tribunal, Surat Bench

Estimated date of closure of
insolvency resolution process: April 23, 2019
                               (180 days from commencement)

Insolvency professional: Narayan Gajanan Vidvans

Interim Resolution
Professional:            Narayan Gajanan Vidvans
                         604-B, Shivkartik Enclave
                         Opp. Shrungar Residency
                         VIP Road, Vesu
                         Surat 395007
                         E-mail: v_id_vans@hotmail.com

Last date for
submission of claims:    November 25, 2018


THRIVE SOLAR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Thrive Solar Energy Private Limited

        Registered office:
        38/B, Phase I
        IDA, Cherlapally
        Hyderabad 500051, TS

Insolvency Commencement Date: October 31, 2018

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 28, 2019

Insolvency professional: Mr. Ritesh Mittal

Interim Resolution
Professional:            Mr. Ritesh Mittal
                         Sanjay Kumar Kothari & Co.
                         205, Doshi Chambers
                         Basheerbagh
                         Hyderabad 500029
                         E-mail: mrriteshmittal@gmail.com

Last date for
submission of claims:    November 16, 2018


UJALA PUMPS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Ujala Pumps Private Limited

        Registered address:
        G-27, East Gokulpuri Loni Road
        Shahdra New Delhi 110094

Insolvency Commencement Date: November 14, 2018

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Ashish Kumar Batta
                         K.G. Somani & Co. (Chartered
Accountants)

Interim Resolution
Professional:            Ashish Kumar Batta
                         K.G. Somani & Co. (Chartered
Accountants)
                         Delite Cinema Building
                         3rd Floor, Asaf Ali Road
                         New Delhi 110002
                         E-mail: ashishbatta@gmail.com
                                 kgs.ujalapumps@gmail.com

Last date for
submission of claims:    November 28, 2018


USHA IMPEX: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Usha
Impex (UI) to Issuer Not Cooperating category.

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

   Short-term Bank     24.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UI to monitor the rating
vide e-mail communications/letters dated August 17, 2018,
September 4, 2018, September 19, 2018, October 18, 2018,
October 26, 2018, November 6, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Usha Impex's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Usha Impex (UI)
takes into account overutilization in the Cash Credit (CC) limit,
for more than 30 days, because of weak liquidity position of the
firm.

Detailed description of the key rating drivers

Key Rating Weaknesses

Overutilization in the CC limit: On account of tight liquidity
position of UI, the CC limit availed by the company remained
overutilized for more than 30 days.

Exposure to raw material price volatility and foreign currency
fluctuations risk: The prices of raw materials are highly
fluctuating in nature and move in tandem with global demand-
supply factors. Furthermore the firm procures its raw materials
primarily via imports. The profitability margins therefore remain
exposed to any adverse fluctuations in the prices of the raw
material and foreign exchange.

Highly fragmented and competitive nature of the industry: The
spectrum of the non-ferrous metal industry in which the firm
operates is highly fragmented and competitive marked by the
presence of numerous players in India. The trading of ferrous and
non-ferrous raw materials industry is highly fragmented and
competitive with majority of the total number of players being
unorganized. Hence the players in the industry do not have any
pricing power and are exposed to competition induced pressures on
profitability.


Incorporated in 1998, Usha Impex (UI) is engaged in the trading
of non-ferrous metals from its main office in Ludhiana, Punjab.
In addition, the firm has three warehouse-cum-sales offices, one
each in Gurugram, Mumbai and Bangalore. The traded products
include non-ferrous metals like Zinc, Nickel, Tin, Copper, Lead
etc. in the form of wires, rods, bars, sheets, ingots, cathodes
etc. The products find application in automobile, bicycle and
electrical components with end users located throughout India.
The firm has Jindal Agro Mills Private Limited (rated, 'CARE D;
ISSUER NOT COOPERATING*'), as its group concern, which is engaged
in the trading and manufacturing of non-ferrous metals since
1989.



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


PERISAI PETROLEUM: Shareholders Block Related Party Transactions
----------------------------------------------------------------
Tan Xue Ying at The Edge Financial Daily reports that Perisai
Petroleum Teknologi Bhd's shareholders have declined to give a
mandate on the company's related party transactions (RPT) in
which its managing director Datuk Zainol Izzet Mohamed Ishak and
controlling shareholder Ezra Holdings Ltd are involved, at the
annual general meeting (AGM) on Nov. 29.

According to the report, the Practice Note 17 (PN17) company
announced to Bursa Malaysia that all the resolutions were carried
at the AGM except for Ordinary Resolution 6 on the Proposed
Renewal of Shareholders' Mandate for Recurrent Related Party
Transactions of a Revenue or Trading Nature.

"The Perisai board would like to inform that it will seek legal
advice on the above and further announcement will be made to
Bursa Malaysia in due course," read the filing with Bursa
Malaysia, the report relays.

The Edge Financial Daily notes that the said resolution refers to
the proposed renewal of shareholders' mandate for recurrent RPT
of a revenue or trading nature, which was set out in an
announcement on Oct. 26.  This includes Intan Offshore Group's
monthly receipt of income of RM4.1 million for bareboat charter
of vessels to Emas Offshore (M) Sdn Bhd.

Intan Offshore is 51%-owned by Perisai while Emas Offshore is
linked to Perisai's largest shareholder Ezra Holdings Ltd, which
owns 22.32% stake in the group through Emas Offshore Ltd and HCM
Logistics Ltd as at end-September, The Edge Financial Daily
discloses.

In addition to that, Perisai will be paying agency fees of
RM540,000 per month in aggregate to three agents - Larizz
Petroleum Services Sdn Bhd (LPS), Larizz Energy Services Sdn Bhd
(LES), and Perisai Offshore Sdn Bhd (POSB), The Edge Financial
Daily says.

LPS is a 40% associate company of Perisai, while LES and POSB are
51%-owned units of Perisai.

Zainol owns all remaining shares in the agencies, the report
notes.

The Edge Financial Daily relates that Perisai had earlier
explained that agency fee as the consideration for the services
rendered by the related party which include the use of its
Petronas licence, render support, business development, market
intelligence and contract management.

Perisai's management declined to speak to The Edge Financial
Daily after its AGM.

Perisai has been loss-making for three straight years since its
financial year ended Dec. 31, 2015 and continues to bleed, the
report says.

                      About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

Perisai Petroleum has been classified as a Practice Note 17
(PN17) company after its unit Perisai Capital (L) Inc defaulted
on SGD125 million debt notes due on Oct. 3, 2016.


PERISAI PETROLEUM: Books MYR22.41MM Net Loss in Q1 Ended Sept. 30
-----------------------------------------------------------------
Perisai Petroleum Teknologi Bhd reported a net loss of
MYR22.41 million on MYR32.35 million of net revenue for the first
quarter ended Sept. 30, 2018, compared with a net loss of
MYR44.54 million on MYR39.89 million of revenue for the first
quarter ended Sept. 30, 2017.

The decrease in revenue was mainly due to the expiry of the
charter contract for the eight (8) offshore support vessels in
August 2017.

As at September 2018, the capital deficiency had increased to
MYR289.35 million from MYR258.58 million as at June 30, 2018 was
mainly due to loss incurred for the financial period ended
Sept. 30, 2018 and lower foreign translation reserve as a result
of weakening of Ringgit Malaysia on net liabilities of certain
subsidiaries.

"The capital deficiencies will be dealt with as part of the
regularization plan of the Company," Perisai said in a filing
with Bursa Malaysia.

Total borrowings of the Group increased to MYR1,254 million as at
Sept. 30, 2018 against MYR1,229 million as at June 30, 2018
mainly due to unfavorable conversion exchange rate despite the
repayment of term loans.

                      About Perisai Petroleum

Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.

Perisai Petroleum has been classified as a Practice Note 17
(PN17) company after its unit Perisai Capital (L) Inc defaulted
on SGD125 million debt notes due on Oct. 3, 2016.


UTUSAN MELAYU: Posts MYR33.9MM Net Loss in Qtr Ended Sept. 30
-------------------------------------------------------------
Utusan Melayu (Malaysia) Berhad posted a net loss of MYR33.9
million on MYR40.11 million of net revenue for the three months
ended Sept. 30, 2018, compared with a net loss of MYR31.44
million on MYR93.43 million for the three months ended Sept. 30,
2017.

For the nine months ended Sept. 30, 2018, the Company reported a
net loss of MYR42.39 million on MYR159.49 of net revenue compared
to a net loss of MYR2.07 million on MYR188.78 million of net
revenue for the same period during the prior year.

As of Sept. 30, 2018, the Company had MYR371.78 million in total
assets, MYR318.56  million in total liabilities, and MYR53.22
million in total shareholders' equity.

Utusan Melayu (Malaysia) Berhad engages in the publication,
printing and distribution of newspapers. The Company's segments
include Publishing, distribution and advertisements, which is
engaged in publishing and distribution of newspapers, magazines
and books, and also indoor and outdoor advertising; Printing,
which is engaged in printing of magazines and books; Information
technology and multimedia, and Investment holding, management
services and others. It publishes newspapers, which include
Utusan Malaysia, Mingguan Malaysia, Kosmo! and Kosmo! Ahad. Its
magazines include Mastika, Saji, Infiniti and Wanita. The
Company, through its subsidiary, publishes educational books that
cover all levels of education, from pre-school to university. It
also publishes children's books and other general titles covering
subjects, such as religion and women's titles. Its other services
include transportation, audio video production and series, and
archive and research information services.

Utusan Melayu was classified as a PN17 company on Aug. 21, as it
had failed to provide a solvency declaration to Bursa Malaysia
after defaulting on its principal and profit payment to Maybank
Islamic Bhd and Bank Muamalat Malaysia Bhd.

On Aug. 30, Utusan Melayu said it will have the Corporate Debt
Restructuring Committee (CDRC), under the purview of Bank Negara
Malaysia, mediate between the group and its respective
financiers.

The company said it is in the midst of formulating a
regularisation plan to address its PN17 status.



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


LATITUDE NEW ZEALAND: Fitch Rates Class E Notes 'BB(EXP)sf'
-----------------------------------------------------------
Fitch Ratings has assigned expected ratings to the Latitude New
Zealand Credit Card Master Trust's notes. The issuance consists
of notes backed by a pool of New Zealand consumer sales finance
and credit card receivables originated by Latitude Financial
Services Limited. The trust has a master trust structure that
permits purchase of eligible receivables on a revolving basis,
which will be funded through potential issuance of additional
series of notes from time to time.

NZD TBD million Series 2018-1 Class A notes: 'AAA(EXP)sf';
Outlook Stable

NZD TBD million Series 2018-1 Class B notes: 'AA(EXP)sf'; Outlook
Stable

NZD TBD million Series 2018-1 Class C notes: 'A(EXP)sf'; Outlook
Stable

NZD TBD million Series 2018-1 Class D notes: 'BBB(EXP)sf';
Outlook Stable

NZD TBD million Series 2018-1 Class E notes: 'BB(EXP)sf'; Outlook
Stable

NZD TBD million Series 2018-1 Originator VFN Subordination notes:
'NR(EXP)sf'

NZD TBD million 2018-VFN notes: 'BBB(EXP)sf'; Outlook Stable

NZD TBD million Series 2018-VFN Originator VFN Subordination
notes: 'NR(EXP)sf'

The notes issued constitute Series 2018-1 and will be issued by
The New Zealand Guardian Trust Company Limited as trustee for
Latitude New Zealand Credit Card Master Trust.

At the June 30, 2018 cut-off date, the total collateral pool
consisted of 331,161 accounts with a total receivables balance of
NZD1.0 billion.

KEY RATING DRIVERS

Stable Receivables Performance: Portfolio performance has been
stable, with gross charge-offs averaging at 3.70%, yield-
excluding merchant service fees - averaging at 14.50% and the
monthly payment rate (MPR) averaging at 11.80% over the previous
year. Based on observed past performance Fitch set base cases of
4.25% for charge-offs, 13.00% for yield and 10.75% for the MPR.
Performance is expected to be stable and supported by New
Zealand's strong economic environment.

Satisfactory Originator and Servicer Quality: Fitch believes
Latitude is an effective and capable originator and servicer due
to its long and consistent record. Latitude, through previous
ownership, has been managing large consumer receivable portfolios
for over a decade in Australia and New Zealand. Fitch reviewed
Latitude's underwriting and servicing capabilities and found them
satisfactory. Latitude is not rated and servicer risk is
mitigated through back-up arrangements.

Added Flexibility: The structure employs an originator VFN
purchased and held by Latitude to add funding flexibility that is
typical and necessary for credit-card trusts. It provides series-
specific credit enhancement to the rated notes, adds protection
against dilution and meets risk-retention requirements. A
separate VFN provides funding flexibility for the trust.

Mitigated Counterparty Risk: The notes' ratings are dependent on
the financial strength of certain counterparties. Fitch believes
this risk is mitigated based on the counterparties' ratings and
the legal documentation covering their roles.

Mitigated Interest-Rate Risk: Interest rate risk is mitigated by
available credit enhancement.

Rated Above Sovereign: Structured finance notes can be rated up
to six notches above New Zealand's Long-Term Local-Currency
Issuer Default Rating of 'AA+', supporting the 'AAAsf' rating on
the class 'A' notes.

EXPECTED RATING SENSITIVITIES
Unanticipated increases in charge-offs or reductions in purchase
rates or yield could produce loss levels higher than Fitch's base
case and is likely to result in a decline in credit enhancement
and remaining loss-coverage levels available to the notes.
Decreased credit enhancement may make certain note ratings
susceptible to negative rating action, depending on the extent of
coverage decline. Hence, Fitch conducts sensitivity analysis by
stressing a transaction's initial steady-state assumptions. The
results should only be considered as one potential outcome as the
transaction is exposed to multiple dynamic risk factors.

Expected impact on ratings from increased charge-offs:

Expected rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Increase base case by 25%: AA+sf / AA-sf / A-sf / BBBsf / BBsf

Increase base case by 50%: AA+sf / A+sf / BBB+sf / BBB-sf / BB-sf

Increase base case by 75%: AAsf / Asf / BBB+sf / BB+sf / B+sf

Expected impact on ratings from decreased payment rates:

Expected rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Decrease base case by 15%: AA+sf / AA-sf / A-sf / BBB-sf / BBsf

Decrease base case by 25%: AAsf / Asf / BBB+sf / BB+sf / BB-sf

Decrease base case by 35%: A+sf / A-sf / BBBsf / BBsf / B+sf

Expected impact on ratings from decreased yield:

Expected rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Decrease base case by 15%: AAAsf / AAsf / Asf / BBBsf / BBsf

Decrease base case by 25%: AAAsf / AAsf / Asf / BBBsf / BB-sf

Decrease base case by 35%: AA+sf / AA-sf / A-sf / BBB-sf / B+sf

Expected impact on ratings from increased charge-offs and
decreased payment rates:

Expected rating: AAAsf / AAsf / Asf / BBBsf / BBsf

Increase charge-offs by 25% / Decrease payment rates by 15%:
AAsf / Asf / BBB+sf / BB+sf / BB-sf

Increase charge-offs by 50% / Decrease payment rates by 25%:
Asf / BBB+sf / BBB-sf / BBsf / Bsf

Increase charge-offs by 75% / Decrease payment rates by 35%:
BBB+sf / BBB-sf / BBsf / B+sf /

Sensitivity testing was also completed on the 2018-VFN note:

Expected impact on ratings from increased charge-offs:

Expected rating: BBBsf

Increase base case by 25%: BBBsf

Increase base case by 50%: BBB-sf

Increase base case by 75%: BB+sf

Expected impact on ratings from decreased payment rates:

Expected rating: BBBsf

Decrease base case by 15%: BBB-sf

Decrease base case by 25%: BB+sf

Decrease base case by 35%: BBsf

Expected impact on ratings from decreased yield:

Expected rating: BBBsf

Decrease base case by 15%: BBBsf

Decrease base case by 25%: BBBsf

Decrease base case by 35%: BBB-sf

Expected impact on ratings from increased charge-offs and
decreased payment rates:

Expected rating: BBBsf

Increase charge-offs by 25% / Decrease payment rates by 15%: BBB-
sf

Increase charge-offs by 50% / Decrease payment rates by 25%: BBsf

Increase charge-offs by 75% / Decrease payment rates by 35%: B+sf

Key rating drivers and expected rating sensitivities are further
discussed in the corresponding presale report entitled "Latitude
New Zealand Credit Card Master Trust".


PING AN FINANCE: CA Appoints Barrister to Aid banned Director
-------------------------------------------------------------
Sam Hurley at New Zealand Herald reports that a barrister who
specialises in cases involving company collapses has been
appointed to assist a banned Auckland finance director's appeal
after a multi-million dollar fine for his "calculated and
contemptuous disregard" for the law.

Former Queen St broker Xiaolan Xiao was left bankrupt when a
precedent-setting High Court ruling saw his money exchange
company, Ping An Finance, fined NZ$5.3 million, according to the
Herald.

The Herald relates that a Department of Internal Affairs (DIA)
investigation, which began in 2015, uncovered more than 1500
transactions -- totalling NZ$105.4 million -- where Xiao had
failed to meet anti money-laundering laws.

The Herald later revealed he was also criminally charged,
convicted and sentenced over laundering NZ$500,000 for what
police said was an effort to conceal a major New Zealand drug
trade.

Now, the Court of Appeal has directed barrister Stephen Hunter to
help Xiao prepare an appeal after the 61-year-old struggled to
understand the legal steps due to a language barrier.

According to the Herald, Mr. Hunter has acted in several civil
and criminal cases following finance company collapses.

"Mr Xiao is unrepresented and has a very poor grasp of English,"
the Herald quotes Justices Mark Cooper, Helen Winkelmann and
Murray Gilbert as saying in their judgment on Dec. 3.

"He explained that he had sought representation but could not
afford a lawyer, nor find one willing to represent him on legal
aid.

"It is very difficult for any unrepresented litigant to make
their way through the procedural thicket of waiver of security
for costs, waiver of fees and the requirements of [the law]."

The Herald relates that the Beijing-born man's proficiency with
English has already been commented on by a judge when Xiao
unsuccessfully attempted to set aside his bankruptcy notice.

Associate Judge Peter Andrew said a lawyer who speaks Mandarin
would have been an advantage for Xiao at the hearing but "far
from necessary".

"Mr Xiao represented himself before me. He presented submissions
in English in a competent fashion and with minimal assistance
from his interpreter," the report quotes Judge Andrew as saying.

"Mr Xiao has lived in New Zealand since 1989 and I find that he
has exaggerated the extent to which his lack of proficiency in
English might have prejudiced him."

Mr. Xiao wishes to argue that the High Court reached its decision
on the financial penalty and his disqualification without all the
relevant facts, the Court of Appeal decision reads, the Herald
relays.

Justice Kit Toogood's High Court decision, the first of its kind
under the Anti Money-Laundering and Countering Financing of
Terrorism Act, ended Mr. Xiao's 20-year career with the ban from
offering financial services, according to the Herald.

The Herald says the Court of Appeal judges attempted to get
further details of Mr. Xiao's proposed defence, but without the
assistance of an interpreter said "communicating with Mr. Xiao
about such complex matters was very difficult".

The judges, however, were not prepared to conclude Mr. Xiao's
challenge has no prospect of success and said "there is a risk"
that without the aid of Hunter he would not be given the
opportunity to pursue a tenable appeal ground, the report adds.

Mr. Xiao was the director and sole shareholder of Ping An, which
is now in liquidation, the Herald discloses.

He earlier challenged the NZ$5.3 million fine and lost, the
Herald notes.



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


* BOND PRICING: For the Week Nov. 26 to Nov. 30, 2018
-----------------------------------------------------


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


  AUSTRALIA
  ---------

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


  CHINA
  -----

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


HONG KONG
---------

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


INDIA
-----

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


JAPAN
-----

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


KOREA
-----

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


SRI LANKA
---------

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


MALAYSIA
--------

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


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


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

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


SINGAPORE
---------

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


THAILAND
--------

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


VIETNAM
-------

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



                             *********

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

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

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


                            *********


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

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

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

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

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



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