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       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, January 29, 2019, Vol. 22, No. 020

                            Headlines


A U S T R A L I A

APPSTER: Liquidator Reveals "Red Flags" in Firm's Final Days
DHARF PTY: Second Creditors' Meeting Set for Feb. 7
GAZELLE RENTALS: Liquidators Chase Senator Over Failing Business
SGB Trading: Second Creditors' Meeting Set for Feb. 5
SIDWAY CONSTRUCTIONS: Second Creditors' Meeting Set for Feb. 1

TULLA DRILLING: First Creditors' Meeting Set for Feb. 6


C H I N A

CHINA: Offshore Syndicated Loan Issuers Expected to Pay High
GREENSTOWN CHINA: Moody's Rates Sr. Unsec. Debt Ba3, Outlook Pos.
MIE HOLDINGS: Fitch Affirms CC LT Issuer Default Rating
OFO: Demise Highlights Risks of Chinese Tech Model
YANZHOU COAL: Moody's Alters Outlook on Ba3 CFR to Positive

YUZHOU PROPERTIES: Fitch Rates USD Sr. Unsec. Notes 'BB-(EXP)'


I N D I A

AGLON INDUSTRIES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
AIRCEL LIMITED: Seeks More Time for Fresh Bids
APPU HOTELS: CARE Reaffirms D Rating on INR196.34cr LT Loans
BALAJI ENTERPRISES: CARE Lowers Rating on INR9.50cr Loan to B
BHAGYANAGAR STRIPS: ICRA Assigns B+ Rating to INR15cr LT Loan

BHALKESHWAR SUGAR: ICRA Assigns D Rating to INR200cr Loans
CONTINENTAL MILKOSE: Ind-Ra Affirms BB- Rating on INR150MM Loan
CRYSTAL CABLE: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
ELEMENT CHEMILINK: Ind-Ra Migrates BB+ Rating to Non-Cooperating
EURO PANEL: ICRA Withdraws 'B' Rating on INR18.65cr Loans

GEEKAY STEEL: ICRA Assigns B+ Rating to INR15cr LT Loan
GURUNANK RICE: CARE Migrates B+ Rating to Not Cooperating
GVK JAIPUR: ICRA Lowers Rating on INR534.51cr Loan to B
IL&FS TRANSPORTATION: Ind-Ra Withdraws 'D' Rating on NCDs
JAI MATA: CARE Migrates B Rating to Not Cooperating Category

JAYASWAL NECO: ICRA Reaffirms D Rating on INR4,106.79cr Loan
KRUSHIRAJ SUGAR: CARE Migrates B+ Rating to Not Cooperating
M B AGRO: CARE Assigns B+ Rating to INR10.70cr LT Loan
MAHAMANAV ISPAT: CARE Assigns B+ Rating to INR12cr LT Loan
MANSAROVAR HOLIDAYS: CARE Assigns B+ Rating to INR6.37cr Loan

MAYUR ENTERPRISE: ICRA Maintains B+ Rating in Not Cooperating
NIRMAL TRADERS: ICRA Maintains B+ Rating in Not Cooperating
PANDA AND COMPANY: CARE Assigns B+ Rating to INR25cr LT Loan
RATHAM FARMS: CARE Assigns B+ Rating to INR6cr LT Loan
RENNY STRIPS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating

RIDHAM TEXPORT: CARE Lowers Rating on INR7.51cr LT Loan to B
SARAN ALLOYS: CARE Migrates B+ Rating to Not Cooperating
SIDDHARTHA BRONZE: ICRA Withdraws B+ Rating on INR7.5cr Loan
SILVER STAR: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
SRI SHARADHA: ICRA Lowers Rating on INR2.0cr Loan to D

SRI VAIBHAVA: CARE Assigns B+ Rating to INR40cr LT Loan
VADIM INFRASTRUCTURE: ICRA Cuts Rating on INR2.30cr Loan to D


N E W  Z E A L A N D

NELSON BUILDING: Fitch Alters Outlook on BB+ LT IDR to Negative


S I N G A P O R E

HYFLUX LTD: Remains Committed to 'Fair' Restructuring Plan
INTERPLEX HOLDINGS: Fitch Withdraws BB-(EXP) Rating on MTN Notes


X X X X X X X X

* BOND PRICING: For the Week Jan. 21, 2019 to Jan. 25, 2019


                            - - - - -


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


APPSTER: Liquidator Reveals "Red Flags" in Firm's Final Days
------------------------------------------------------------
Charlotte Grieve at The Sydney Morning Herald reports that the
liquidator of fallen tech outfit Appster has revealed a number of
"red flags" in the company's demise particularly the payment of
hundreds of thousands of dollars from customers in the days
leading up to its collapse.

On the sidelines of a creditors meeting on Jan. 18, liquidator
Paul Vartelas said the speed of Appster's collapse was unusual
and pointed to the plight of several customers who made payments
just before the company went under, according to SMH.

Before its demise last year, Appster was a tech industry darling
offering to build apps from scratch for businesses, the report
says.  It was founded by young rich listers Mark McDonald and
Josiah Humphrey and had a publicly stated ambition to turnover
AUD100 million by last year, the report relays.

"I've never been involved in a liquidation where two weeks before
the company is healthy, and two weeks later it's insolvent," the
report quotes Mr. Vartelas, who was appointed liquidator in
December, as saying.

He said that in most cases where a company announces a shock
liquidation, a natural disaster or death of the director had been
the cause.

SMH relates that Mr. Vartelas said "insolvency creeps in slowly".

"Insolvency is something that you can see, you report on, and
then it's best to act on that."

Creditors in attendance at the meeting in Melbourne were furious,
the report says.

One of those was Tony Rallis, who flew down from Sydney for the
meeting. Mr. Rallis said his company transferred AUD160,000 to
Appster 12 days before the liquidation was announced, according
to SMH.

SMH adds that the liquidator said it was his job to "represent
creditors" and those clients who paid money to Appster in the
last two to three weeks were in a position to take their own
legal action against the directors.

"In Tony's position, having paid the money in the last two to
three weeks before announcing insolvency, it's highly unlikely
that Tony will not succeed," SMH quotes Mr. Vartelas as saying.

Mr. Vartelas said there were further former clients of Appster
who were in a similar situation.

SMH adds that Mr. Vartelas described creditor Ross Britton, also
in attendance, as an "amber flag". Mr. Britton engaged Appster to
build an app that assists companies deliver freight. He said he
paid Appster AUD250,000 and after "thirty iterations" has
received no workable product. Mr. Britton has spent the last
three weeks engaging lawyers to obtain the code work from
Appster.

Appster founder Mark McDonald attended the creditors meeting by
telephone. Josiah Humphrey did not attend.

The liquidator is expected to release a three month report in
February to give the creditors an overview of what went wrong
with Appster, SMH adds.


DHARF PTY: Second Creditors' Meeting Set for Feb. 7
---------------------------------------------------
A second meeting of creditors in the proceedings of Dharf Pty Ltd
has been set for Feb. 7, 2019, at 11:30 a.m. at Qantas Meeting
Rooms, Qantas Terminal, Sydney Domestic Airport (Terminal 3), in
Mascot, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2019, at 4:30 p.m.

Brendan Nixon of SM Solvency was appointed as administrator of
Dharf Pty on Jan. 3, 2019.


GAZELLE RENTALS: Liquidators Chase Senator Over Failing Business
----------------------------------------------------------------
Guardian Australia reports that liquidators said they have spent
eight months unsuccessfully chasing Queensland senator Fraser
Anning for documents about a failing business, which the senator
has also not disclosed to parliament.

Mr. Anning's business, Gazelle Rentals Pty Ltd, has been in
liquidation since April 2016, and in May 2018, owed AUD216,000 to
creditors, Guardian Australia discloses citing documents filed to
the corporate regulator.

Mr. Anning is currently listed as the company's secretary,
director and one of two shareholders, but has not disclosed his
involvement with Gazelle Rentals to parliament in his register of
interests, the report says.

The business is under external administration and the liquidation
was meant to be complete by the end of last year, Guardian
Australia notes.

But the liquidator, BRI Ferrier principal Alan Scott, said it has
been delayed because Mr. Anning has failed to hand over documents
related to the business, the report relays.

"Mr. Anning has been somewhat remiss in providing me with the
material I've been asking for," Mr. Scott told Guardian
Australia.  "We've been asking him for about six to eight months
for documents and he keeps saying 'oh yes I'll get you them', but
they never appear."

Gazelle Rentals lists its current principal place of business as
Mr. Anning's old residential property in Maroochydore,
Queensland.

Mr. Anning previously faced bankruptcy proceedings in the federal
circuit court, launched by a subsidiary of the Adelaide and
Bendigo Bank, over debts owed by Gazelle Rentals, according to
Guardian Australia.

Guardian Australia relates that Mr. Anning and his wife had acted
as guarantors for a loan taken out by Gazelle Rentals in 2005,
but court documents said the agreed loan payments were stopped in
February 2008 and the company "ceased making any payments from
January 18, 2012".

The bank's subsidiary, ABL Nominees, claimed it was owed
AUD239,393.49.

But creditors withdrew the bankruptcy case in October 2017, and
Mr. Anning avoided any finding against him, Guardian Australia
says.

Despite the withdrawal of the legal proceedings, ASIC and BRI
Ferrier confirmed to Guardian Australia that Gazelle Rentals
remains in external administration.


SGB Trading: Second Creditors' Meeting Set for Feb. 5
-----------------------------------------------------
A second meeting of creditors in the proceedings of SGB Trading
Pty. Ltd., trading as Pivotal Solar Solutions, has been set for
Feb. 5, 2019, at 3:00 p.m. at the offices of Restructuring Works
Pty Ltd, at Level 8, 80 Clarence Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 4, 2019, at 5:00 p.m.

Clifford John Sanderson of Restructuring Works Pty Ltd were
appointed as administrators of SGB Trading on Dec. 20, 2018.


SIDWAY CONSTRUCTIONS: Second Creditors' Meeting Set for Feb. 1
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Sidway
Constructions Pty Ltd has been set for Feb. 1, 2019, at 12:30
p.m. at the offices of O'Brien Palmer, at Level 9/66 Clarence
Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2019, at 4:30 p.m.

Christopher John Palmer of O'Brien Palmer was appointed as
administrator of Sidway Constructions on Dec. 17, 2018.


TULLA DRILLING: First Creditors' Meeting Set for Feb. 6
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Tulla
Drilling Pty Limited will be held on Feb. 6, 2019, at 12:00 p.m.
at the offices of DW Advisory, at Level 2, 32 Martin Place, in
Sydney, NSW.

Cameron Hamish Gray and Anthony Wayne Elkerton of DW Advisory
were appointed as administrators of Tulla Drilling on Jan. 24,
2019.



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


CHINA: Offshore Syndicated Loan Issuers Expected to Pay High
------------------------------------------------------------
Carol Zhong, Annie Lee, Mariko Ishikawa, and Anurag Joshi at
Bloomberg News report that after sliding for six straight years,
borrowing costs of Chinese companies from the offshore syndicated
loan market are expected to grow in 2019 as lenders' funding
costs rise and defaults from the country surge, according to a
Bloomberg survey.

Bloomberg relates that here's what the survey of 32 bankers in
the region shows:

   * Some 14 of 32 loan bankers said their banks need more
     returns to get through internal threshold from syndicated
     lending to Chinese firms this year compared with 2018

   * Among the 14 bankers, nine require at least 20 basis points
     more

   * Some 23 of the respondents want at least 150 basis points
     of an all-in pricing, which includes an interest rate and
     a one-off handling fee

With Chinese offshore syndicated loan costs still near a decade-
low, lenders are seeking higher pricing to cushion margins
squeezed by rising competition, Bloomberg says. Such demand is
getting louder as default risks deepen amid a faltering economy
and trade tensions with the U.S.

"Pricing on marginal names should be widening as they have less
access to liquidity and banks are trying to request higher
returns now," Bloomberg quotes Sheau Huei Wang, head of
syndicated finance at China Minsheng Banking Corp.'s Hong Kong
branch, as saying. "For better names, banks will still try to
accommodate even if they offer similar pricing compared with
previous years."

The average margin of China Inc.'s greenback- and Hong Kong
dollar-denominated syndicated loans slumped by 96 basis points to
207.65 basis points in 2018 from 2012, according to data compiled
by Bloomberg.

                          Squeezed Spread

According to Bloomberg, property developer China Overseas Land &
Investment Ltd. is currently offering 7 basis points more all-in
for a HK$20 billion (US$2.5 billion) five-year loan compared to
that of a HK$18 billion same-tenor facility from 2017. Financial
leasing firm Far East Horizon Ltd. also plans to pay a margin of
at least 10 basis points more for a three-year loan of $580
million-equivalent compared to its previous facilities.

Bloomberg relates that the survey findings on China are also a
stark contrast to those of its Australian and Southeast Asian
neighbors, where only about 20 percent of bankers said they are
looking for higher all-in pricing.

The 32 bankers from 30 lenders across China, Hong Kong, Taiwan,
India and South Korea were interviewed by Bloomberg News via
phone or email in January. Based in Hong Kong, Taiwan and
mainland China, their banks are among the most active
participants in Chinese offshore syndicated borrowings. Bloomberg
News also interviewed 38 other bankers in Southeast Asia and
Australia for the same survey.


GREENSTOWN CHINA: Moody's Rates Sr. Unsec. Debt Ba3, Outlook Pos.
-----------------------------------------------------------------
Moody's Investors Service has assigned a Ba3 senior unsecured
debt rating to the proposed USD senior perpetual capital
securities to be issued by Champion Sincerity Holdings Limited
and irrevocably and unconditionally guaranteed by Greentown China
Holdings Limited.

The new USD senior perpetual capital securities will be supported
by a Keepwell Deed and a Deed of Equity Interest Purchase,
Investment and Liquidity Support Undertaking provided by
Greentown's major shareholder, China Communications Construction
Group (Limited) (CCCG, unrated).

The company plans to use the proceeds of the new USD notes
issuance for refinancing existing indebtedness and for general
working capital purpose.

The outlook on the rating is positive.

RATINGS RATIONALE

"The proposed note issuance will extend Greentown's debt maturity
profile and will not have a material impact on its credit
metrics, as the proceeds will mainly be used to refinance
existing debt," says Celine Yang, a Moody's Assistance Vice
President and Analyst.

Greentown's Ba3 corporate family rating (CFR) continues to
reflect its standalone credit strength and a two-notch rating
uplift, based on Moody's expectation that the company will
receive extraordinary financial support from China Communications
Construction Group (Limited) (CCCG), its largest shareholder, in
times of financial distress.

Greentown's B2 standalone credit strength reflects its (1) well-
established market position in property development in Hangzhou
City and Zhejiang Province, (2) long operating track record with
its established brand name, quality products and land bank with
70% saleable value located in first and second tier cities, (3)
improved financial management and access to funding as part of
CCCG; and (4) adequate liquidity.

However, the B2 standalone credit strength is constrained by its
improving, but still moderate financial metrics, as a result of
debt-funded growth and operating challenges stemming from its
growth through joint ventures and associates.

The Ba3 rating for the notes reflects the following factors:

(1) Moody's considers the proposed perpetual securities as pure
debt instruments and accordingly does not apply any equity
treatment to these securities.

(2) the perpetual securities will be irrevocably and
unconditionally guaranteed by Greentown, which implies that the
rating on the perpetual securities is closely linked to
Greentown's rating;

(3) the securities will rank pari passu with all other present
and future senior obligations of Greentown;

(4) the expected parental support provided by CCCG, given the
offering of the Keepwell Deed and Deed of Equity Interest
Purchase, Investment and Liquidity Support Undertaking.

The positive ratings outlook reflects Moody's expectation that
Greentown will maintain financial discipline, generate steady
growth in contracted sales and control its debt growth, while
pursuing an expansion strategy in the coming 12-18 months.

Greentown's rating could be upgraded if the company (1) continues
to show prudence in its financial management and land acquisition
strategy; and (2) improves its debt leverage, such that
revenue/adjusted debt (including its share in joint ventures and
associates) is maintained above 60%-70% and EBIT/interest
(including shares in joint ventures and associates) is maintained
above 2.5x.

A downgrade of Greentown's ratings is unlikely in the near term,
given the positive ratings outlook. However, the outlook could
return to stable if the company's credit metrics are unlikely to
improve to levels that will support an upgrade over the next 12-
18 months.

Greentown China Holdings Limited is a major property developer in
China, with a primary focus in Hangzhou City and Zhejiang
Province. At the end of June 2018, the company had 106 projects
with a total gross floor area (GFA) of 32.97 million square
meters (sqm), with 20.73 million sqm attributable to the company.

China Communications Construction Co. Ltd. (CCCC, A3 stable) is a
core subsidiary of CCCG. CCCC accounted for around 85.6 % of
CCCG's total revenue and around 71.2% of its total assets as of
December 2017.


MIE HOLDINGS: Fitch Affirms CC LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed China-based MIE Holdings Corporation
(MIE) Long-Term Issuer Default Rating (IDR) at 'CC'. The rating
on MIE's 2019 senior unsecured bonds has also been affirmed at
'C' with a Recovery Rating of 'RR6'.

The ratings reflect MIE's weak liquidity and imminent redemption
risk related to the HKD340 million (CNY294 million) of
convertible bonds due on February 28, 2019 and USD316 million
(CNY2.1 billion) of senior notes due on April 25, 2019. The
Recovery Rating of 'RR6' for the senior unsecured bonds reflects
Fitch's expectations for poor recovery prospects in the event of
a default.

KEY RATING DRIVERS

Imminent Redemption Risk: MIE had unrestricted cash balance of
CNY83.6 million at end-June 2018 and minimal operating cash flow
generation after interest payment, which fall well short of the
amount needed to repay the outstanding HKD340 million of
convertible bonds in February 2019 and USD316 million of senior
notes due in April 2019. The company has very limited access to
new funding given the tight credit conditions in China, which are
compounded by its weak capital structure and operating losses due
to low oil prices and high interest obligations. MIE's FFO
adjusted net leverage at end-June 2018 was 12x.

Convertible Bond Redemption Deferred: The holder of the HKD340
million of convertible bonds exercised an option for full
redemption. The payment was originally due on January 26, 2019
but it has been deferred to February 28, 2019 with the
bondholder's consent. The company has earmarked USD150 million in
cash from the planned sale of Canada-based Maple Marathon to meet
this obligation. The completion of this transaction is crucial to
avoid non-payment. In Fitch's view, the payment deferral does not
amount to a distressed debt exchange as it involved the extension
of put option redemption rather than an extension of the bonds'
legal maturity date. All the terms and conditions of the
convertible bonds remain unchanged.

Downgrade if Repayment Missed: If MIE fails to repay the
convertible bonds due on February 28, 19, Fitch may downgrade
MIE's IDR to 'RD' from 'CC' given there is no grace period. The
rating on the USD316 million of senior notes due April 2019 would
remain at 'C'. Even if MIE is able to repay the convertible bonds
in full, the IDR would remain at 'CC' because the company still
faces the repayment of the USD316 million of senior notes in
April 2019.

Most Assets Encumbered: MIE has minimal unencumbered assets to
raise new funds. Its remaining operating asset, the Daan oilfield
in China, has already been pledged for secured loans. MIE is keen
to divest its 40% investment in Emir Oil and 34% stake in its
South China Sea business, although interest from investors in
these two assets has been weak because of the absence of
controlling stakes.

Steep Financing Costs: MIE's domestic operation has benefitted
from the recovery of crude oil prices in 2018. The company has
also carried out other small asset disposals to shore up cash.
However, the 44% yoy rise in EBITDA to CNY241 million in 1H18 and
cash raised have been mainly absorbed by steep interest costs.
The borrowings added in 2018 to repay its US dollar bonds due
that year carry substantially higher interest costs than the
bonds previously redeemed.

Single Operating Asset After Disposal: The Daan oilfield will be
MIE's sole operating asset after it sells Maple Marathon. MIE's
daily production in China dropped 10% yoy in 1H18 after it sold
its 90% stake in Moliqing oilfield in 1H18 and due to low
investments in previous years. Fitch expects the company's
investments to continue to be minimal given its tight liquidity,
which is likely to result in flat or mild contraction in
production. Fitch still expects the Daan field to generate EBITDA
of around CNY500 million-450 million a year, based on Fitch's oil
price deck assumption before considering corporate and
unallocated expenses.

DERIVATION SUMMARY

The ratings on MIE and its bonds are driven by the company's very
tight liquidity position and high redemption risk given its
looming debt maturities. MIE's production volume of around 5,000
barrels of oil equivalent per day (boepd), excluding Maple
Marathon, is weaker than that of 'B' rated peers. MIE's financial
profile faces imminent liquidity challenges from its prolonged
cash burn and very weak capital structure compared to peers such
as Anton Oilfield Services Group (B/Stable). MIE has limited
financial flexibility, similar to Jones Energy Holdings, LLC
(CC).

KEY ASSUMPTIONS

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

  - Maple Marathon disposal raises cash proceeds of
    USD150 million in 2019

  - Limited access to new funding

  - Flat to low-single-digit decline in oilfield production in
    China

  - Fitch oil price assumptions for Brent: USD65/bbl in 2019 and
    USD62.5/bbl in 2020

Key Assumptions for Fitch's Bespoke Recovery Analysis

  - MIE's domestic operations would be liquidated rather than
    reorganised in a bankruptcy.

  - Fitch has applied a 20% advance rate to accounts receivable,
    60% to inventory and 60% to net property, plant and
    equipment.

  - Fitch then applied a 50% discount to MIE's residual equity
    value in Emir Oil, which is valued based on its last sale
    price in 2016.

  - Completion of Maple Marathon disposal and USD150 million of
    cash will be received for debt reduction.

  - MIE's adjusted liquidation value after 10% administrative
    claims is estimated at CNY2.26 billion. The recovery estimate
    for senior unsecured debt, including the 2019 US dollar
    senior notes and the HKD340 million of convertible bonds,
    is below 5%, which corresponds to a Recovery Rating of 'RR6'.

RATING SENSITIVITIES

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

  - No positive rating action envisaged until MIE's liquidity
    position and capital structure improves materially.

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

  - The IDR will be downgraded to 'C' if a default or default-
    like process begins.

LIQUIDITY

Weak Liquidity: The proceeds from the Maple Marathon disposal, if
they materialise, MIE's limited cash balance and weak internal
cash flow generation remain insufficient to fully repay the
outstanding US dollar senior notes.


OFO: Demise Highlights Risks of Chinese Tech Model
--------------------------------------------------
The Financial Times reports that when Ofo launched in Beijing in
2015, it had seemingly everything going for it: a brilliant idea,
a stash of cash and impeccable Communist party connections. But
just four years later, the bike-sharing service has been reduced
to empty offices, graveyards of disused bright yellow bikes and
virtual queues of disenchanted customers demanding their deposits
back. Venerable investors, including tech giant Alibaba, are
braced for writedowns and the company's founder, Dai Wei, has
warned that bankruptcy is on the horizon, the FT says.

The FT notes that rival Mobike is still in operation, but
generating huge losses for parent company Meituan Dianping which
has now rebranded its orange bicycles as Meituan Bike. Other
competitors, Wukong and Bluegogo, have already folded.

According to the FT, China's bike-sharing start-ups have followed
a strategy that is common among the country's tech companies,
from ride-sharing to food delivery to online payments. Companies
raise significant funds and funnel the investment into
subsidising consumers, with the aim of dominating the market and
ultimately ramping up prices.

The FT says the business model is so prevalent that bankers have
coined a new term to describe it: rather than B2B - business to
business - or B2C - business to consumer - the start-ups are
dubbed VC2C - venture capital to consumer.

But many in the industry are now questioning whether the strategy
is sustainable, especially as bike-sharing looks to be on its
last legs.

"The whole subsidised-till-you-are-profitable model, everyone is
going to look at that and say, 'Does it make sense any more?'"
the FT quotes one banker as saying.

The FT adds that at Ofo's Beijing headquarters, the demise has
been slow and painful. One recently-departed staffer said phones
had been ringing off the hook as suppliers clamoured for payment
and public officials demanded the removal of piled up bikes.

"It's dreary," he said. "Colleagues who were sharing my area were
still there one Friday, and when I went in the next Monday it was
all empty . . . the various equipment used in research and
development are still piled on the table and covered in dust."

Ofo's satellite offices across the globe are similarly hollowed
out, the FT notes. At the peak of its expansion, the company
opened offices in the US, Israel, Europe and India, with an
estimated 15 million bikes around the world. There were 12,000
employees as of May last year.

But last July, it put its US operation into "sleep mode",
slashing 70 of the 100 or so jobs there in the process, the FT
recounts. Last summer, it laid off 90 per cent of its staff in
London, according to one former employee. One person close to the
company said the fewer than five remaining employees are now
"preparing for the close-down" but still holding out hopes for
being acquired, the FT relays.

Earlier this month, Ofo's mobile app showed fewer than 10 bikes
for hire across the whole of its central London coverage zone. At
its peak, there were 3,000 of the company's bright yellow bikes
in the capital, the FT notes.

While the company admitted to struggling with vandalism and
customers hoarding bikes, one former Ofo executive in Europe said
the "big issue" was "management and decision making" in Beijing,
the FT relays.


YANZHOU COAL: Moody's Alters Outlook on Ba3 CFR to Positive
-----------------------------------------------------------
Moody's Investors Service has changed to positive from stable the
outlook on Yanzhou Coal Mining Company Limited's Ba3 corporate
family rating and the Ba3 senior unsecured rating on the bonds
issued by Yancoal International Resources Development Co.,
Limited and guaranteed by Yanzhou Coal.

Moody's has also affirmed the aforementioned ratings.

RATINGS RATIONALE

"The positive ratings outlook reflects our expectation that
Yanzhou Coal's improved credit profile will likely be sustained
at levels that are strong for its Ba3 rating over the next 12-18
months," says Gerwin Ho, a Moody's Vice President and Senior
Credit Officer, and also the International Lead Analyst for
Yanzhou Coal.

Yanzhou Coal's adjusted debt/EBITDA improved to 3.6x for the 12
months to June 2018 from 4.4x in 2017, on the back of a 19%
increase in adjusted EBITDA and reduced debt level over the same
period.

These improvements stemmed from a stable domestic coal price in
2018 and increased production volume. In the first three quarters
of 2018, Yanzhou Coal's self-produced coal materially increased
by 30.77% when compared to the same period in 2017, mainly
because of the ramp up of Moolarben Mine Phase II and integration
of Coal & Allied in Australia.

The higher production volumes resulted in the generation of
strong operating cash flow in 1H 2018. Yanzhou Coal was able to
use the surplus cash flow to reduce its adjusted debt level to
RMB85 billion as of June 30, 2018 from RMB87 billion at the end
of 2017, which contributed to the lower debt leverage levels.

Moody's expects that Yanzhou Coal's improved credit metrics will
be sustainable in the next 12 months, with adjusted debt/EBITDA
below 4.0x and EBIT/interest at around 3.0x-3.5x; results which
will position the company's standalone credit strength at a
comparable level to that of B1 rated global mining peers.

"Yanzhou Coal's improved credit metrics will be sustained because
of its continued production growth and sufficient financial
buffer; factors which will partly offset the impact of a likely
decline in coal prices for 2019," says Cindy Yang, a Moody's Vice
President and Senior Analyst, and also the Local Market Analyst
for Yanzhou Coal.

Moody's expects average thermal coal prices in China will decline
by around 10% in 2019 from the levels seen in 2018, due to the
slower growth in domestic coal demand. Nevertheless, the Chinese
government's measures to regulate the supply side will prevent a
deep and prolonged domestic price decline.

Moody's expects that Yanzhou Coal's production volume will
continue to grow moderately in 2019 after a significant jump last
year, mainly due to the continued ramp up in its new domestic
mines, including Ordos and Haosheng. In January 2019, the new
mine in Ordos announced an additional five million tons of
production capacity approved by the China National Development
and Reform Commission.

The company's financial buffer also improved, after Yancoal
Australia - an Australian-listed subsidiary of Yanzhou Coal -
raised approximately HKD1.5 billion from its IPO on the Hong Kong
Stock Exchange in December 2018.

The global offering strengthens Yanzhou Coal's capital structure
and reduces Yancoal Australia's reliance on debt for future
development.

Yanzhou Coal's Ba3 CFR incorporates a two-notch uplift, based on
Moody's expectation of extraordinary financial support from the
Chinese government (A1 stable) to the company in times of need,
through Yanzhou Coal's parent, Yankuang Group Corporation
Limited.

Moody's support assumption takes into consideration (1) Yankuang
Group's 100% ownership by the Shandong Provincial Government; (2)
Yanzhou Coal's dominant position and strategic importance as the
group's flagship company; (3) the importance of Yanzhou Coal's
mining assets to Shandong Province in terms of economic
contributions and employment; (4) Yankuang Group's 51.81% direct
and indirect stake in Yanzhou Coal as of June 30, 2018, and the
control that the parent company has over Yanzhou Coal's board of
directors and the appointment of senior management; and (5)
Yankuang Group's track record and ability of providing financial
support to Yanzhou Coal.

Yankuang Group's leverage is higher than Yanzhou Coal, which
reflects Yankuang Group's business exposure beyond the coal
business. Such a leverage situation weighs on the group's
financial metrics. Nevertheless, Yankuang Group's credit profile
has improved in tandem with Yanzhou Coal, with the subsidiary
contributing high levels of profit to the group. The disposals of
nonperforming assets by Yankuang Group also help with
deleveraging on a group level.

Yanzhou Coal's standalone credit profile is underpinned by (1)
its diversified coal mining assets and related strong
infrastructure; (2) the company's good quality coal and low cost
mining operations in Shandong Province; and (3) the improved
performance of Yancoal Australia.

These strengths are partly offset by (1) the volatility in coal
prices; (2) the company's moderately high debt leverage following
years of expansion and acquisitions; and (3) execution risk
associated with investments in the financial sector.

Moody's could upgrade Yanzhou Coal's ratings if (1) the company
demonstrates the sustainability of its improved financial
profile; and (2) there is no material change in its overall
business profile, its strategic importance to Yankuang Group and
Yankuang Group's ability to provide support.

The credit metrics that Moody's will consider for an upgrade
include adjusted debt/EBITDA below 4.0x on a sustained basis.

The two-notch uplift for expected government support through
Yankuang Group is unlikely to be increased, given the primarily
commercial nature of Yanzhou Coal's operations.

The outlook on the ratings could return to stable if the
company's credit metrics are unlikely to consistently exceed
upgrade triggers over the next 12 months.

The principal methodology used in these ratings was Mining
published in September 2018.

Yanzhou Coal Mining Company Limited listed on the Shanghai and
Hong Kong stock exchanges in 1998. At June 30, 2018, it was
51.81%-owned by Yankuang Group Corporation Limited, a state-owned
enterprise that is in turn wholly owned by the Shandong
Provincial Government.

At June 30, 2018, Yanzhou Coal owned and operated various coal
mines across China and Australia, including in Shandong and
Shanxi provinces and the Inner Mongolia Autonomous Region in
China, as well as in the Australian states of Queensland, New
South Wales and Western Australia.


YUZHOU PROPERTIES: Fitch Rates USD Sr. Unsec. Notes 'BB-(EXP)'
--------------------------------------------------------------
Fitch Ratings has assigned Yuzhou Properties Company Limited's
(Yuzhou; BB-/Stable) proposed US dollar senior unsecured notes an
expected 'BB-(EXP)' rating.

The notes are rated at the same level as Yuzhou's senior
unsecured rating because they constitute direct and senior
unsecured obligations of the company. Yuzhou intends to use net
proceeds from the issue to primarily refinance its existing
indebtedness. The final rating is subject to the receipt of final
documentation conforming to information already received.

Yuzhou's ratings are supported by strong contracted sales growth
and regional diversification. The China-based company has a good-
quality low-cost land bank, which upholds its favourable margin
compared with peers. Yuzhou's active land acquisition will
increase contracted sales in the medium term, although it may
have driven leverage, as defined by net debt/adjusted inventory,
above 40% by end-2018. Fitch believes leverage of 40%-45% is
reasonable as the company's operating scale will be larger.
Fitch's assessment of Yuzhou's ratings will depend on whether it
can manage its contracted sales growth without significantly
impairing leverage and margins.

KEY RATING DRIVERS

More Diversified Land Bank: Yuzhou continued to expand its land
bank outside the Yangtze River Delta and West Strait Economic
Zone, where it is well-established. The company had more than 110
projects spread across 17.3 million square metres of land bank in
25 cities as of June 2018. Contracted sales from the Greater Bay
area started in 2017 and Fitch expects some sales from central
China in the short term, as 5% of its land bank is located in
Wuhan.

Fitch believes Yuzhou's acquisition of seven projects from
Coastal Greenland Limited in 2018 will enhance its geographical
diversification, as they include properties in three cities where
it does not yet operate; Beijing, Foshan and Shenyang. The
acquisition will also enable Yuzhou to expand into northern and
central China, as some projects are also located in Tianjin and
Wuhan.

Expansion Pressures Leverage: Fitch believes a rise in leverage,
as defined by net debt/adjusted inventory, to 40%-45% (end-2017:
around 40%) in the short-term would still be reasonable due to
Yuzhou's good-quality land purchases. Fitch expects Yuzhou to use
an average of 55% of its annual presale proceeds to acquire land.
The company remains in expansion mode and is increasing its
investment in joint ventures. Yuzhou's total contracted sales
increased by 38.9% to CNY56.0 billion in 2018, 9% higher than
Fitch's estimate, after rising 73.7% to CNY40.3 billion in 2017.

Slowing Land Acquisitions: Fitch expects Yuzhou to reduce its
land bank life to three to four years, from nearly five years at
end-2016 and four years at end-2017, as it better utilises its
resources to control leverage. The company spent 35% of its
attributable contracted sales, totalling CNY5.7 billion, on land
bank acquisitions in 1H18 and management expected to spend no
more than CNY25.0 billion on land acquisitions in 2018. Yuzhou
spent 49% of its attributable contracted sales on land purchases
in 2017, compared with 86% in 2016.

Better-than-Peer Margin: Yuzhou is cautious about cost control
amid its national expansion. Fitch expects its 2018 land
acquisition costs to have remained below 50% of contracted sales,
partly due to the low average land cost it paid for the
acquisition of seven projects in China from Coastal Greenland in
August 2018. Fitch expects its land cost to remain at around 30%
of its average selling price and forecast an EBITDA margin of
around 28%-31%, which is high relative to that of 'BB-' category
peers. Its strong margin stems from good-quality land purchases,
with 70% of its land bank in tier 1 and 2 cities, and low
selling, general and administrative expenses.

DERIVATION SUMMARY

CIFI Holdings (Group) Co. Ltd. (BB/Stable) is Yuzhou's closest
peer in terms geography, as both companies focus on the Yangtze
River Delta region, although Yuzhou is also strongly positioned
in the West Strait Economic Zone and has less exposure to the
Bohai Rim region. CIFI has higher attributable contracted sales
and lower leverage, which explains the one notch rating
difference against Yuzhou. CIFI has higher sales efficiency than
Yuzhou but a lower EBITDA margin.

In terms of scale, Times China Holdings Limited (BB-/Stable),
which is focussed in the Greater Bay area, had a similar level of
2017 attributable contracted sales as Yuzhou, at around CNY30
billion. Times China has adopted a faster churn strategy and thus
its EBITDA margin is lower than that of Yuzhou, as is its
leverage.

KWG Group Holdings Limited (BB-/Stable) has marginally smaller
attributable contracted sales than Yuzhou. KWG's focus is in
Guangzhou, although both companies have some exposure to Suzhou,
Shanghai and Tianjin. KWG has a slower churn model than Yuzhou,
which explains its slightly higher EBITDA margin. KWG's leverage
is rising towards the level of Yuzhou.

KEY ASSUMPTIONS

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

  - Consolidated contracted sales at CNY37 billion-59 billion
    a year in 2018-2021 (2017: CNY29 billion)

  - Contracted average selling price to drop by 15% in 2018 then
    rise by 5% each year in 2019-2021 (2017: 33% rise)

  - Contracted gross floor area sold to rise by 50% in 2018 and
    then 10% on average in 2019-2021 (2017: 30% rise)

  - Land acquisition costs to account for 48%-58% of total
    contracted sales in 2018-2021 (2017: 49%)

  - Land costs to fall by 20% in 2018 and rise with inflation by
    3% per year in 2019-2021 (2017: 31% fall)

RATING SENSITIVITIES

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

  - Attributable contracted sales sustained above CNY30 billion
    (2017: CNY30.3 billion)

  - Proportionally consolidated net debt/adjusted inventory
    sustained below 40% (2017: 39.7%)

  - Proportionally consolidated contracted sales/gross debt
    sustained above 1.2x (2017: 1.0x)

  - EBITDA margin sustained above 25% (2017: 33.7%)

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

  - Proportionally consolidated net debt/adjusted inventory
    above 45% for a sustained period

  - Proportionally consolidated contracted sales/gross debt
    below 1.0x for a sustained period

  - EBITDA margin below 20% for a sustained period

LIQUIDITY

Healthy Liquidity: Yuzhou has a healthy liquidity position. It
had unrestricted cash of CNY16 billion and uncommitted undrawn
facilities of CNY12 billion at end-2017, which was enough to
cover short-term debt of CNY17 billion and support its planned
expansion. Of the short-term debt, CNY10 billion was puttable
corporate bonds, with 20% due in 2018, 50% in 2019 and 30% in
2020.

Yuzhou stepped up the coupon rate for the puttable bonds in 2017
and 2018, and thus did not need to repay most of the principal
due during that period. Management is confident bondholders will
agree to accept a similar increase in the coupon rate in 2019 in
return for a deferment on principal repayment. The company has
diversified funding channels to ensure sustainable liquidity;
besides bank loans, it has established channels for onshore and
offshore bond issuance as well as equity placements.

Yuzhou issued USD500 million of three-year senior notes at a
coupon rate of 8.625% in January 2019. In 2018, it issued USD375
million of senior notes at a coupon rate of 6.375% and USD625
million at a coupon rate of 7.900%. Its onshore bond issuance
included CNY1.0 billion at 7.850% on August 28, 2018 as well as
CNY1.2 billion at 7.800% and CNY0.8 billion at 7.850% on
September 21, 2018. The company also issued CNY591 million in
supplier-chain asset-backed securities in October 2018.



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


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

The instrument-wise rating actions are:

-- INR509 mil. Term loan due on June 2024 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR350 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) / IND A4+
    (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 20, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established as a private limited company in Surat in 2015, Aglon
Industries manufactures nylon yarn with a total annual installed
capacity of 6,000 tons. The company is headed by Mr. Vishnu
Goenka, Mr. Abhishek Goenka, Mr. Pradeep Agarwal and Mr. Vinay
Agarwal.


AIRCEL LIMITED: Seeks More Time for Fresh Bids
----------------------------------------------
BloombergQuint reports that the resolution professional of Aircel
seeks more time to look for fresh bids for its remaining assets.

According to the report, the Insolvency and Bankruptcy Code-
mandated 270 days for a resolution is already over for the
bankrupt company and it wants the National Company Law Tribunal
to exclude the 127 days it spent in fighting the case against
government and Airtel at the apex court and won.

The Supreme Court in January last year directed Bharti Airtel to
pay INR453 crore immediately to Aircel, BloombergQuint recalls.
It asked the Department of Telecommunications to pay INR298 crore
to the operator.

This is yet another instance of the NCLT cases failing to meet
the law-mandated 270 days for resolution failing which the
company goes into liquidation, the report states.

BloombergQuint relates that the resolution professional said it
should be allowed to seek fresh bids for Aircel. But the NCLT
bench headed by MK Shrawat didn't offer relief and posted the
matter for further hearing on Feb. 8.

BloombergQuint says the Supreme Court order came on a contempt
petition filed by Aircel employees, who had accused both Airtel
and Department of Telecommunications of failing to repay INR751
crore. The licensor was holding about INR751 crore as bank
guarantees submitted when Aircel transferred its spectrum to
Bharti Airtel in April 2016.

Aircel had to pay Department of Telecommunications INR298 crore
in cash and INR453 crore in bank guarantees (totalling INR751
crore) as a pre-condition for clearing the spectrum transfer, the
report notes. These were arranged by Airtel, which was deducted
from the consideration price of INR3,500 crore.

According to the report, Aircel had contested Department of
Telecommunications' demand for INR751 crore before the Telecom
Disputes Settlement and Appellate Tribunal, which in a Jan. 9,
2018 order had directed that the bank guarantees should be
released within four weeks. But the TDSAT had permitted the
department to retain INR298 crore till another issue was settled.

Aircel and its subsidiaries Aircel Cellular and Dishnet Wireless
together owe around INR50,000 crore to creditors. The combined
liability of the firms towards financial creditors stands at
INR15,545 crore and around INR35,000 crore to operational
creditors, BloombergQuint discloses. The telco's assets,
including spectrum licences and fibre assets, are valued at
around INR32,362 crore.

BloombergQuint relates that Aircel group had on Dec. 1, 2017
informed the Telecom Regulatory Authority that it intended to
surrender its entire license in the Gujarat, Maharashtra,
Haryana, Himachal, MP and UP-West circles, following which the
company shut services in these circles from Jan. 31, 2018.

On Feb. 22, 2018, Aircel had informed Trai that it was facing
deep financial stress. Subsequently, Trai asked it to give time
to its subscribers to shift to other networks, BloombergQuint
notes.

                       About Aircel Limited

Aircel Limited, along with its subsidiaries Aircel Cellular
Limited and Dishnet Wireless Limited, is a telecom service
provider with a pan India presence. Aircel offers GSM-based 2G
services in all the 22 telecom circles and has also introduced 3G
services in select geographies.

As reported in the Troubled Company Reporter-Asia Pacific on
March 2, 2018, Reuters said Aircel Ltd filed for bankruptcy on
Feb. 28, 2018, pressured by a high debt pile and mounting losses
following a price war triggered by a telecom upstart. Talks
between Aircel, 74% owned by Malaysia's Maxis Communications Bhd,
and Reliance Communications Ltd (RCom) to combine their wireless
business was called off in late 2017 due to regulatory and legal
uncertainties and interventions by various parties, Reuters said.

Aircel, whose debt amounts to INR155 billion (US$2.38 billion),
then tried unsuccessfully to restructure its debt, Reuters
related.


APPU HOTELS: CARE Reaffirms D Rating on INR196.34cr LT Loans
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Appu Hotels Limited (AHL), as:

                        Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long term Bank        196.34       CARE D Reaffirmed
   Facilities
   (Term loan)

   Long term Bank          5.00       CARE C; Stable Revised
   Facilities-Fund                    from CARE D
   based (Cash Credit)

   Long Term/Short         9.00       CARE C; Stable/CARE A4
   Term Bank Facilities               Revised from CARE D/CARE D
   (Non-Fund based)

   Non-Convertible         30.15      CARE D Reaffirmed
   Debenture (NCD)
   Issue

Detailed Rationale & Key Rating Drivers

The rating assigned to the Bank Term Loans and Non-Convertible
Debenture issue of AHL takes into account instances of delays in
servicing debt obligation. The revision in the rating assigned to
the fund-based and non-fund based bank facilities takes into
account the satisfactory debt servicing track record.

Detailed description of the key rating drivers

Key Rating Weaknesses

Instances of delays in servicing term loans and NCD repayment
obligations: Continuing losses during the period FY13-FY18 along
with cash flow mismatches have led to tight liquidity position
for the company due to which there were instances of delays in
servicing the debt obligations (interest and principle) with
regards to term loans and NCD. The principal and interest due on
NCD issue amounting INR15.07 crore and INR5.07 crore which was
due on June 20, 2018 remains unpaid as on January 10, 2019.
However, the company has been regular in servicing fund-based
working capital where there has not been overdrawals for more
than 30 days and non-fund based facilities in the last six months
ended December 2018. During FY18, AHL registered net loss of
INR31 crore (PY: -32 crore) on a total income of INR90 crore (PY:
90 crore).

High competition and general slowdown hampering the Chennai
property and less than satisfactory response at the Coimbatore
property: AHL's principal property in Chennai, situated in close
proximity to the airport, has been in operations for more than
fifteen years. Since FY12, Chennai city has been witnessing the
launch of numerous luxury hotels resulting in intensified
competition. Among them, a few 5-star and 4-star hotels are
located within 5 km radius from AHL's property, leading to
moderation in the operational performance of the Chennai
property. The average room rental (ARR) marginally increased to
INR5,197 in FY18 from INR4,936 in FY16, however occupancy rate
(OR) declined to 51% in FY18 from 53% in FY16.

The Coimbatore property was officially inaugurated in November
2011 and is strategically positioned close to the airport and
major business centres, having the potential to attract business
travellers (mainly from the textile industry) as well as leisure
travellers. However, the property continues to witness less than
50% occupancy rates. In FY18, OR stood at 45% (PY: 44%). The
small resort type hotel named 'Hotel Riverside Resort & Spa'
located at Kumbakonam, taken on lease, continues with lower
occupancy rate and remained at 37% in FY18 (PY: 26%).

Key Rating Strengths

Experienced promoter and demonstrated financial support from the
group: The promoters and the group companies have demonstrated
financial support to AHL in the past, by infusion of funds
through unsecured loans. AHL is part of the PGP Group of
Companies, based in Chennai, founded and promoted by Dr Palani G
Periasamy, a prominent industrialist in Tamil Nadu. The other
companies of the PGP group include Dharani Sugar and Chemicals
Limited, Dharani Finance Limited, Ananthi Developers Limited,
Dharani Developers Limited (DDPL), Dharani Credit and Finance
Limited (DCFL), etc. Three group companies, namely, DSCL, DCFL
and DDPL together hold 22.82% stake in AHL as on March 31, 2018.

Appu Hotels Limited' (AHL) is a Chennai-based public limited
company engaged in the hospitality business in the state of Tamil
Nadu. AHL is part of the PGP Group of Companies which has
diversified business interests in sugar, chemicals, finance,
hospitality, and real estate etc. AHL is founded and promoted by
Dr Palani G Periasamy, Chairman of the group. The group companies
include Dharani Sugar and Chemicals Limited, Dharani Finance
Limited, Ananthi Developers Limited, Dharani Developers Limited,
Dharani Credit and Finance Limited among others. AHL owns two 5-
star deluxe category hotels in the name of 'Le Royal MÇridien'
(LRM), situated in Chennai (240-rooms property) and 'Le Meridien'
Coimbatore (254-rooms property) respectively. Both these
properties are operated under the license issued by Starwood (M)
International Inc., one of the leading and well recognized names
in the hospitality industry with presence across the world.


BALAJI ENTERPRISES: CARE Lowers Rating on INR9.50cr Loan to B
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Balaji Enterprises (BE), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.50      CARE B; Stable; Issuer Not
   Facilities                     Cooperating; Revised from
                                  CARE B+; Stable on the basis
                                  of best available information

   Short-term bank     11.25      CARE A4 Issuer Not Cooperating;
   Facilities                     on the basis of best available
                                  information

CARE has been seeking information from BE to monitor the
rating(s) vide e-mail communications/letters dated December 11,
2018, October 10 ,2018, October 5, 2018, September 20, 2018, etc.
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Balaji
Enterprises facilities will now be denoted as CARE B Outlook:
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 has been revised by taking into account non-
availability of information and no due-diligence conducted due to
non-cooperation by Balaji Enterprises with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment
of credit risk. The rating of Balaji Enterprises continued to be
constrained on account of its modest scale of operations,
inherent risk associated with contractual business and
constitution as a partnership concern. The ratings, further,
continues to be constrained on account of project implementation
risk associated with its real estate project and subdued outlook
of the cyclical real estate sector. The ratings, however,
continues to derive strength from experienced promoters and
moderate solvency position.

Detailed description of the key rating drivers

Credit Risk Assessment

Key Rating Weakness

Modest scale of operations: The scale of operations of BE stood
modest with Total Operating Income (TOI) of INR41.58 crore and
moderate profitability with PBILDT margin and PAT margin of 9.26%
and 3.67% respectively in FY17 (refers to the period April 01 to
March 31). The scale of operations witnessed fluctuating trend
owing to contractual nature of the business. The modest scale
limits the company's financial flexibility in terms of stress and
deprives it from scale benefits.

Project implementation risk: BE undertook residential real-estate
project named 'Landmark' with total saleable area of 123070 Sq.
Feet with an average sale value of INR3072 per sq. feet. The firm
has envisaged total project cost of INR31.60 crore to be funded
through owned capital of INR5.00 crore and remaining through
customer advances. It was envisaged that project to be completed
within one and a half year i.e. March 31, 2019. In the absence of
information, CARE is unable to comment on project status.

Inherent risk associated with contractual business: BE operates
in the industry where the income of the entity is primarily
dependent on collection of royalty and toll from the contracts
based on the renewal of old contracts as well as awarding of
fresh contracts. Further, BE has to pay fixed obligation on every
contract to awarding authority irrespective of the lower
collection of toll and royalty charges which exposes the firm to
short term liquidity mismatches.

Key Rating Strengths

Experienced Promoters: BE has been promoted by Mr. Navneet Kumar
Pandey, Mr. Nirmal Kumar Pandey and Mr. Vinay Kumar Pandey with
experience of more than a decade in toll collection and civil
construction industry. Further, the partners of the company are
assisted by professionally qualified and experienced team in the
field of manufacturing of transformers and control panels.

Comfortable solvency and liquidity position: The capital
structure of the firm stood comfortable marked by an overall
gearing of 0.52 times as on March 31, 2017. Further, total debt
to GCA stood at 4.56 times as on March 31, 2017. Subsequently,
interest coverage stood to 1.78 times during FY17. Current ratio
and quick ratio stood at 2.39 and 1.65 times respectively as on
March 31, 2017.

Lucknow, Uttar Pradesh (UP) based BE was established in 2008 as a
partnership concern by Mr Navneet Kumar Pandey, Mr Nirmal Kumar
Pandey and Mr Vinay Kumar Pandey. It is engaged in toll
collection activity at Dakshina Shekhpur, Aadityapur Kandra and
Maranga Toll Plaza in UP.


BHAGYANAGAR STRIPS: ICRA Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]B+ (Stable) ratings to the bank
facilities of Bhagyanagar Strips Private Limited (BSPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term:
   Unallocated         15.00       [ICRA]B+ (Stable); assigned

Rationale

The assigned rating is constrained by the thin operating margins
of 0.06% in FY2018 and 0.17% in H1 FY2019 in the steel trading
business; low networth of INR0.47 crore as on Sept 30, 2018; and
weak financial risk profile with TOL/ TNW of 37.99 times as on
Sept 30, 2018 owing to stretched creditor payments to part fund
its working capital requirement. The rating also considers
exposure of margins and cash flows to cyclicality in steel
industry; fragmented nature of steel trading industry exposing
the company to competition from several players; and high
geographic concentration with sales confined to Andhra Pradesh
and Telangana states.

The rating however favorably factors in the longstanding
experience of the promoters in the steel trading business;
established relationships with its customers and suppliers;
diversified customer profile with top 5 customers contributing to
23.4% of FY2018. The rating favorably factors in improvement in
sales volumes from 5,488 MT in FY2017 to 21,843 MT in FY2018 and
further to 10,514 MT in H1 FY2019.

Going forward, the ability of the company to improve the
operating profit margins along with timely equity infusion and
sanction of bank lines to support the working capital
requirements will be key rating monitorables.

Outlook: Stable

The stable outlook reflects ICRA belief that BSPL will benefit
from the experience of the promoters in the steel trading
business. The outlook may be revised to 'Positive' if the company
demonstrates its ability to improve its margins or in case of
higher than anticipated equity infusion by promoters. The outlook
may be revised to 'Negative' in case the liquidity position
further deteriorates.

Key rating drivers

Credit strengths

Longstanding experience of promoters: The promoters have
longstanding experience in the steel trading business resulting
in established relationships with its customers and suppliers.
Further, the customer concentration risk is low with top 5
customers contributing to 23.4% of FY2018 revenues and
diversified supplier base with top 5 suppliers contributing to
23.7% of FY2018 procurement.

Healthy improvement in sales volumes: The sales volume improved
from 5,488 MT in FY2017 to 21,843 MT in FY2018 and further to
10,514 MT in H1 FY2019 resulting in growth in revenues from
INR20.16 crore in FY2017 to INR86.62 crore in FY2018 and further
to INR48.82 crore in H1 FY2019.

Credit weaknesses

Weak financial risk profile: The operating margin is thin at
0.06% in FY2018 as is the case with steel trading business. The
net worth is also low at INR0.47 crore as on Sept 30, 2018. Given
the significant dependence on creditors for funding the working
capital requirements, the TOL/ TNW is high at 37.99 times as on
Sept. 30, 2018.

High geographic concentration risk: The geographic concentration
risk remains high with sales confined to Andhra Pradesh and
Telangana states.

Exposed to cyclicality in steel prices: The company's
profitability and cash flows remain vulnerable to cyclicality
inherent in the steel trading business. Moreover, the steel
trading industry is fragmented and is characterised by
competition from several organized and unorganized players
limiting its pricing flexibility.

Weak corporate governance: The company's name was struck-off MCA
vide circular dated July 2, 2018 for non-filing of annual returns
for two consecutive years. However, the case was contested in
NCLT and was referred to MCA to bring back its status to
"Active". The final approvals are pending.

Liquidity Position:
Remains inadequate, with part of the working capital requirements
met through stretching the creditor payments; also no sanctioned
lines as on date keeps the liquidity profile tight.

Bhagyanagar Strips Private Limited (BSPL) was incorporated in the
year 2002 by Ms. Rashmi Agarwal. The company was actively
involved in trading business till 2010, however the operations
were temporarily shut down till 2014. Subsequently, the company
started the trading of steel products including TOR Steel, flat,
HR strips, wire rods, angles, channels, beams, etc from 2017.
These products are majorly used in fabrication, cement,
infrastructure and machine manufacturing industry.


BHALKESHWAR SUGAR: ICRA Assigns D Rating to INR200cr Loans
----------------------------------------------------------
ICRA has assigned [ICRA]D ratings to the bank facilities of
Bhalkeshwar Sugar Limited (BSL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-
   Term Loan           175.50      [ICRA]D; Assigned

   Fund-based-
   Working Capital
   Facilities           20.00      [ICRA]D; Assigned

   Long Term
   Unallocated
   Limits                4.50      [ICRA]D; Assigned

Rationale

The assigned rating factors in the delay in debt servicing owing
to the company's stretched liquidity position. Moreover, there
were continuous overdrawls in the working capital limits over the
last 12 months. BSL's profitability was adversely impacted due to
high cane cost coupled with low recovery rate, which resulted in
modest contribution margin from sugar division in FY2018. BSL's
financial profile is weak in FY2018 as reflected by net losses,
weak capital structure and coverage metrics. Further, there are
large debt repayments in FY2020 and FY2021 and the ability to
meet these obligations hinges on the stabilisation of the
recently commissioned distillery unit, given the pressure on
sugar realisations in the near term owing to domestic sugar
surplus scenario. The ratings are also constrained by the risks
associated with inherent cyclicality in the sugar business; the
agro-climactic conditions related to cane production; the
Government policies on import duties and the pricing and offtake
of cogeneration power and ethanol.

However, ICRA takes note of the extensive experience of the
promoter in the sugar industry and BSL's forward integration into
cogeneration and distillery businesses, which provide cushion
against cyclicality in the sugar business.

Outlook: Not applicable

Key rating drivers

Credit strengths

Experience of promoter in sugar industry: The promoter, Mr.
Prakash Khandre and other key management personnel have extensive
experience in the sugar industry. The promoter has 20-year
experience in managing co-operative sugar mills in the region.

Forward-integrated sugar operations: BSL operates 4,000 tonne
crushed per day (TCD) sugar capacity, which is forward integrated
into power and alcohol business - co-generation capacity of 14
mega-watt (MW) and distillery capacity of 60 kilo litre per day
(KLPD). The integrated operations provide alternate revenues and
cushion profitability against cyclicality in sugar business.

Credit challenges

Delays in debt servicing: The delay in servicing its debt
obligations is due to BSL's stretched liquidity position. Despite
healthy realisations for most of FY2018, high cane cost along
with low recovery rate resulted in modest contribution margin
from sugar division in FY2018. This along with high interest
expenses resulted in losses at the net level.

Weak financial profile in FY2018: Recent debt-funded capex, along
with losses, has resulted in weak capital structure as on
March 31, 2018. BSL's financial profile is weak in FY2018 as
evident from net losses, weak capital structure and coverage
metrics.

Large debt repayments: BSL has relatively high debt repayments
(INR20.54 crore in FY2020 and INR25.08 crore in FY2021). BSL's
ability to meet these obligations is dependent on the
stabilisation of the distillery unit given the pressure on sugar
realisations in the near term owing to the domestic sugar surplus
scenario.

Vulnerability of profitability to agro-climatic risk and
regulatory risk: The profitability of sugar mills remains exposed
to the cyclicality of the sugar industry, the agro-climatic risks
related to cane production, the government policies related to
sugar trade and the counterparty credit risk associated with the
sale of power to the utility.

Liquidity position:

The company's liquidity position is stretched as reflected by the
continuous overdraw in the working capital limits over the last
12 months. High cane cost of production has resulted in under
performance in the sugar division. The cash flow from operations
in FY2018 is low at INR12.32 crore.

BSL was incorporated in 2000. At present, it operates an
integrated sugar plant at Bhalki in the Bidar district of North
Karnataka. The first phase of the sugar plant started commercial
operations on February 2014, with a capacity of 2500 TCD and
cogeneration capacity of 14 MW. In the second phase, the company
has expanded the sugar capacity to 4000 TCD in October 2017 and
set up a distillery capacity of 60 KLPD, which was commissioned
in October 2018.

In FY2018, the company reported a net loss of INR0.26 crore on an
operating income of INR123.49 crore, as compared to a net loss of
INR15.02 crore on an operating income of INR62.04 crore in the
previous year.


CONTINENTAL MILKOSE: Ind-Ra Affirms BB- Rating on INR150MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Continental
Milkose (India) Limited's (CMIL) Long-Term Issuer Rating at 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. (Reduced from INR 225 mil.) Fund-based working
     capital limit affirmed with IND BB-/Stable/IND A4+ rating;
     and

-- INR250 mil. (Increased from INR 125 mil.) Non-fund-based
     working capital limit affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects CMIL's continued medium scale of
operations, and modest EBITDA margins and weak credit metrics.
The latter is attributed to the nature of business and delays in
price increase from government authorities. Revenue dropped 23.4%
yoy to INR2,133 million in FY18, on account of a lower demand
from a customer who contributed around 30.91% to the total
revenue in FY18 (FY17: 44.61%). During April-October 2018, the
company has achieved revenue of INR1,677 million. EBITDA margin
declined to 2.80% in FY18 (FY17: 2.93%) due to an increase in
administrative expenses on account of additional transport costs,
with ROCE of 4.74% (6.81%). A decline in EBITDA led to
deterioration in net adjusted leverage (total adjusted net
debt/operating EBITDA) to 12.90x in FY18 (FY17: 9.50x) and gross
interest coverage (operating EBITDA/gross interest expense) to
1.05x (1.20x).

The ratings factor in CMIL's moderate liquidity position. Cash
flow from operations turned positive in FY18 at INR36.32 million
(FY17: negative INR11.44 million, FY16: negative INR227.72
million), on account of an improvement in the working capital
cycle. However, cash and cash equivalent declined to INR3.94
million in FY18 (FY17: INR68.83 million). Moreover, the company's
average use of the working capital limits was 88.5% during the 12
months ended December 2018. The promoters had infused interest
free unsecured loans of INR310.22 million in FY18 to support the
company's working capital requirements.

The ratings, however, continue to be supported by CMIL's
promoters' two-decade-long experience in the milk products
industry, leading to strong relationships with customers and
suppliers.

RATING SENSITIVITIES

Negative: Sustained deterioration in the credit profile or a
further stress on the liquidity position could lead to a negative
rating action.

Positive: A sustained improvement in the operating profitability
resulting in an improvement in the credit metrics will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 1992, CMIL manufactures and trades ready-to-eat
products, malted milk foods and dairy products at its
manufacturing facility is located in Village Habibpur, Greater
Noida (Uttar Pradesh) with an installed capacity of 1,40,000mtpa,
10,000mtpa and 17,000mtpa, respectively.


CRYSTAL CABLE: Ind-Ra Migrates 'D' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Crystal Cable
Industries Limited's (CCIL) Long-Term Issuer Rating at 'IND D'
while migrating the rating to the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND D
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR15.2 mil. Term loan (Long-term) due on June 2020 affirmed
    & migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR497.4 mil. Fund-based working capital limit (Long-term)
     affirmed & migrated to non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating; and

-- INR250 mil. Non-fund-based working capital limit (Short-term)
     affirmed & migrated to non-cooperating category with IND D
    (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by
CCIL during the 12 months ended December 2018.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.

COMPANY PROFILE

CCIL was incorporated in 1965 as a private limited company, and
was converted into a public limited company in 1989. The company
manufactures various types of electrical cables including cross-
linked polyethylene, poly vinyl chloride power, mining and
control, as well as aerial bunch cables. Its registered office is
located in Kolkata and manufacturing facility at Andul in Howrah,
West Bengal.


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

The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
     IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR10.8 mil. Term loan due on March 2021 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 2, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2006, Element Chemilink manufactures bromine-
based intermediaries at its two units in Ankaleswar (Gujarat),
with a combined capacity of 275 metric tons/month.


EURO PANEL: ICRA Withdraws 'B' Rating on INR18.65cr Loans
---------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B (Stable)
assigned to the INR18.65 crore bank limits of Euro Panel Products
Private Limited.

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


   Fund-based-
   Term Loan            8.65       [ICRA]B (Stable); Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and as desired by the company.

Incorporated in 2014, Euro Panel Products Private Limited (EPPL)
is engaged in the manufacturing of aluminium composite panels
(ACP), marketed under the brand name of 'Eurobond'. EPPPL
acquired the brand Eurobond in April 2014 from Eurobond
Industries Private Ltd of the 4mann group at a cost of INR30
lakhs. The 4mann Group was facing financial difficulty due to
losses in its palletisation and mining business because of which
the group decided to sell off the brand in order to pay off their
debts. The acquisition of the brand provided EPPPL with ready
access to around 100 fabricators, 45 distributors and various
reputed developers. Thus, with the help of Euro Bond brand, EPPPL
will be able to get easy access to market and quickly ramp up
capacity utilisation levels.


GEEKAY STEEL: ICRA Assigns B+ Rating to INR15cr LT Loan
-------------------------------------------------------
ICRA has assigned [ICRA]B+ (Stable) ratings to the bank
facilities of Geekay Steel Corporation (GSC).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term:
   Unallocated         15.00      [ICRA]B+ (Stable); assigned

Rationale

The assigned rating is constrained by the thin operating margins
of 0.11% in FY2018 and 0.21% in H1 FY2019 in the steel trading
business; negative networth of INR0.02 crore as on Sept. 30,
2018; and weak financial risk profile with negative TOL/ TNW as
on Sept. 30, 2018 owing to negative networth and stretched
creditor payments to part fund its working capital requirement.
The rating also considers exposure of margins and cash flows to
cyclicality in steel industry; fragmented nature of steel trading
industry exposing the firm to competition from several players;
and high geographic concentration with sales confined to Andhra
Pradesh and Telangana states.

The rating however favourably factors in the longstanding
experience of the proprietor in the steel trading business;
established relationships with its customers and suppliers;
diversified customer profile with top 5 customers contributing to
12.5% of FY2018. The rating favorably factors in improvement in
sales volumes from 8,650 MT in FY2017 to 38,300 MT in FY2018 and
further to 16,565 MT in H1 FY2019.

Going forward, the ability of the firm to improve the operating
profit margins along with timely infusion of capital and sanction
of bank lines to support the working capital requirements will be
key rating monitorables.

Outlook: Stable

The stable outlook reflects ICRA belief that GSC will benefit
from the experience of the proprietor in the steel trading
business. The outlook may be revised to 'Positive' if the firm
demonstrates its ability to improve its margins or in case of
higher than anticipated equity infusion. The outlook may be
revised to 'Negative' in case the liquidity position further
deteriorates.

Key rating drivers

Credit strengths

Longstanding experience of proprietor: The proprietor has
longstanding experience in the steel trading business resulting
in established relationships with its customers and suppliers.
Further, the customer concentration risk is low with top 5
customers contributing to 12.5% of FY2018 revenues and
diversified supplier base with top 5 suppliers contributing to
27.5% of FY2018 procurement.

Healthy improvement in sales volumes: The sales volume improved
from 8,650 MT in FY2017 to 38,300 MT in FY2018 and further to
16,565 MT in H1 FY2019 resulting in growth in revenues from
INR31.3 crore in FY2017 to INR149.3 crore in FY2018 and further
to INR70.8 crore in H1 FY2019.

Credit weaknesses

Weak financial risk profile: The operating margin is thin at
0.11% in FY2018 as is the case with steel trading business. The
net worth is negative at INR0.02 crore as on Sept 30, 2018; and
weak financial risk profile with negative TOL/ TNW as on Sept 30,
2018 owing to negative networth and stretched creditor payments
to part fund its working capital requirement.

High geographic concentration risk: The geographic concentration
risk remains high with sales confined to Andhra Pradesh and
Telangana states.

Exposed to cyclicality in steel prices: The firm's profitability
and cash flows remain vulnerable to cyclicality inherent in the
steel trading business. Moreover, the steel trading industry is
fragmented and is characterised by competition from several
organized and unorganized players limiting its pricing
flexibility.

Liquidity Position:

Remains inadequate, with part of the working capital requirements
met through stretching the creditor payments; also no sanctioned
lines as on date keeps the liquidity profile tight.

Geekay Steel Corporation (GSC) was founded in the year 2016 by
Mr. Gopal Kishan Agarwal as a sole proprietorship concern. The
firm is involved in the trading of steel products including iron
rods, flats, angles, scrap, etc. These products are majorly used
in fabrication, cement, infrastructure and machine manufacturing
industry.


GURUNANK RICE: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Gurunank Rice Industries (GRI) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       4.00       CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

   Short-term Bank      3.00       CARE A4; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

CARE has been seeking information from GRI to monitor the rating
vide e-mail communications/letters dated October 3, 2018,
December, 24, 2018, January 2, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. 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 GRI's bank facilities will now be denoted
as 'CARE B+; Stable; ISSUER NOT COOPERATING' and 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.

Detailed Description of Key Rating Drivers

At the time of last rating in January 18, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operation with moderate profit margins: The scale
of operations of the firm remained small marked by total
operating income of INR11.04 crore (INR8.12 crore in FY16) with a
PAT of INR0.24 crore (INR0.21 crore in FY16) in FY17.The firm has
booked turnover of around INR10.00 crore in 9MFY18. Further, the
net worth base and total capital employed were also low at
INR1.54 crore and INR4.09 crore, respectively, as on March 31,
2017. The small size restricts the financial flexibility of the
firm in times of stress and deprives it from benefits of
economies of scale. Furthermore, the profitability margins of the
firm remained low marked by PBILDT margin of 5.71% (7.40% in
FY16) and PAT margin of 2.15% (2.62% in FY16) in FY17.

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: GRI
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. Moreover, the average fund based working capital
utilisation remained high at 85% during the last twelve months
ended on December31, 2017. Also, agro products cultivation is
highly dependent on monsoons, thus exposing the fate of the
firm's operation to vagaries of nature.

Constitution as a partnership firm: GRI, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/insolvency of the partners. Furthermore,
partnership entities have restricted access to external borrowing
as credit worthiness of partners would be the key factors
affecting credit decision for the lenders.

Moderate capital structure and debt coverage indicators: The
capital structure of the firm remained moderate marked by debt
equity ratio of 0.02x (FY16: 0.04x) and overall gearing ratio of
1.66x (FY16: 1.65x) in FY17. The debt coverage indicators also
remained moderate marked by interest coverage of 1.96x (FY16:
1.97x) and total debt to GCA of 8.29x (FY16: 7.85x) in FY17.

Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling 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. Raipur and nearby
districts of Chhattisgarh 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.

Key Rating Strengths

Experienced partners with long track record of operations: The
firm is into rice milling business since 2004 and thus has long
operational track record. The key partner, Mr. Gurubhej Singh
Chawla have more than four decades of experience in rice milling
industry, looks after the overall management of the firm
supported by other partner, Mr. Ajit Singh Chawla who also have
more than two decades of experience in the same line of business.
The firm is deriving benefits out of the long experience of the
partners.

Close proximity to raw material sources and favorable industry
scenario: GRI's plant is located at Raipur, Chhattisgarh which is
close to the vicinity to a major rice growing area of
Chhattisgarh, thus, resulting in logistic advantage. Further,
rice being a staple food grain with India's position as one of
the largest producer and consumer, demand prospects for the
industry is expected to remain good in near to medium term.

Gurunank Rice Industries (GRI) was constituted as a partnership
firm in April 2004 by Mr. Gurubhej Singh Chawla, and Mr. Ajit
Singh Chawla. Since its inception, the firm has been engaged in
processing and milling of basmati, non-basmati rice (parboiled
rice), broken rice, rice bran and husk. The manufacturing
facility of the firm is located at Raipur, Chhattisgarh with
aggregate installed capacity of 17520 metric ton per annum.

Liquidity position

The liquidity position of the entity remained stretched marked by
high utilization of its working capital limits as confirmed by
its banker.


GVK JAIPUR: ICRA Lowers Rating on INR534.51cr Loan to B
-------------------------------------------------------
ICRA has revised the ratings on the bank facilities of GVK Jaipur
Expressway Private Limited to [ICRA]B (Stable).

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based-         534.51     [ICRA]B (Stable); Revised from
   Term Loan                      [ICRA]A- (Stable)

Rationale

The rating revision takes into account the recent delays in debt
servicing on INR150 crore top-up loan availed by GVKJEPL. These
loans were availed in FY2017 to fund cost over runs in group
companies. GVKJEPL could not secure no objection certificate
(NOC) from the existing consortium of lenders (with an
outstanding loan of INR534.51 crore being rated by ICRA) for the
top-up loan; however, still the same was drawn down. In the
absence of consent from existing lenders, GVKJEPL failed to honor
its repayment commitments towards this top-up loan in a timely
manner as the surplus funds from the escrow account after
servicing the repayments of existing lenders were not released.
It is to be noted that the escrow account has sufficient cash
balances (Rs. 47.4 crore as on March 31, 2018 and INR49.1 crore
as on September 30, 2018) in relation to debt servicing
requirements for top-up loan availed. Currently, the repayments
on the top-up loan is being serviced through funds infused by
promoters.

The rating also takes into account the depletion of liquid
reserves on account of dividend payout in the past coupled with
the SPV contracting additional debt which led to overall
deterioration of liquidity, financial flexibility and weakening
of coverage indicators. The company is required to undertake
major maintenance (MM) after every five years and hence will
undergo one more MM cycle before the end of concession period. In
the absence of MM reserve, any increase in costs pertaining to
periodic maintenance can significantly impact SPV's cash flows.

The rating remains constrained due to risks inherent in toll-
based projects which include uncertainties involved in regulatory
changes, estimating future traffic growth rates, acceptability of
annual toll rate hikes and the WPI-linked escalation in toll
rates, which could limit the growth in toll collections during
periods of low WPI rate as seen in the past.

The rating, however, factors in the long operational track record
of the toll road for more than a decade with healthy growth in
traffic at a CAGR of 6% during FY2006-FY2016 in terms of
Passenger Car Units (PCUs). From May 2016 onwards, the toll
collections on GVKJE's project stretch was split into two toll
plazas instead of one earlier. During FY2018, traffic grew by 5%
as compared to FY2017 in terms of PCU. However, H1FY2019
witnessed a y-o-y traffic de-growth of 1.2% due to decrease in
commercial traffic. The project corridor falls along the busy
Delhi-Mumbai corridor wherein the movement of commercial traffic
is high. Commercial traffic accounts for around 70% of which
Multi-Axle vehicles is the major segment. The rating also factors
in the low alternate route risk with minimal toll leakages and
established willingness of users to pay toll. ICRA assumes the
surplus cash generated from FY2019 onwards to remain in the
system till complete repayment of debt.

Going forward, securing NOC for the top-up loan from the existing
lenders and timely debt servicing thereafter will be the key
rating sensitivity. Further, any leakage of surplus cash, support
extended to group companies and contracting additional debt and
their consequent impact of SPV's debt coverage indicators will be
a key monitorable.

Outlook: Stable

ICRA believes GVKJEPL will continue to benefit from the
established traffic density and low alternate route risk, which
will continue to support the growth in traffic. The outlook may
be revised to 'Positive' if there is sustained uptick in the
traffic volume leading to higher revenues. The outlook may be
revised to 'Negative' if the traffic growth is lower than
anticipated or higher than anticipated O&M expenses, support to
group companies.

Key rating drivers Credit strengths

Long operational track record: The toll road is operational for
more than a decade with healthy growth in traffic at a CAGR of 6%
during FY2006-FY2016. During FY2018, traffic grew by 5% as
compared to FY2017 in terms of PCU. However, H1FY2019 witnessed a
y-o-y traffic de-growth of 1.2% due to decrease in commercial
traffic.

Important route: The project stretch is part of Delhi - Mumbai
Corridor (connects Delhi with Mumbai and Gujarat). Further the
alternate route risk is low with minimal toll leakages and
established willingness of users to pay toll.
Presence of DSRA: Debt Service Reserve Account (DSRA) equivalent
to one quarter's debt servicing is available in form of cash with
banks.

Credit challenges

Delays in servicing additional debt: Recent delays in debt
servicing on INR150 crore top-up loan availed by GVKJEPL. These
loans were availed in FY2017 to fund cost over runs in group
companies. GVKJEPL could not secure no objection certificate
(NOC) from the existing consortium of lenders (with an
outstanding loan of INR534.51 crore being rated by ICRA) for the
top-up loan; however, still the same was drawn down. In the
absence of consent from existing lenders, GVKJEPL failed to honor
its repayment commitments towards this top-up loan in a timely
manner as the surplus funds from the escrow account after
servicing the repayments of existing lenders were not released.
Currently, the repayments on the top-up loan is being serviced
through funds infused by promoters.

Weakening of coverage metrics: Depletion of liquid reserves on
account of dividend payout in the past coupled with the SPV
contracting additional debt has led to overall deterioration of
liquidity, financial flexibility and weakening of coverage
indicators.

Revenues dependent on traffic volume and movement in WPI: The
project remains exposed to the risks inherent in buildoperate-
transfer (BOT) toll road projects, including risks arising from
variation in traffic volume over the project stretch and its
dependence on the economic activity in the surrounding regions,
movement in WPI (for toll rate hike), political acceptability of
toll rate hike over the concession period,
development/improvement of alternate routes and likelihood of
toll leakages. Any reduction in either of these will have an
adverse impact on toll collections.

Ensuring regular and periodic maintenance expenditure within
budgeted levels: The company is required to undertake MM after
every five years and hence will undergo one more MM cycle before
the end of concession period. In the absence of MM reserve, any
increase in costs pertaining to regular/periodic maintenance can
significantly impact SPV's cash flows.

Liquidity Position:

GVKJEPL's liquidity position is comfortable for ICRA rated debt
with free cash balance of INR49.1 crore including debt service
reserve account (DSRA) as on September 30, 2018. However, in the
absence of consent from existing lenders, GVKJEPL is unable to
honor its repayment commitments towards the top-up loan in a
timely manner as the surplus funds from the escrow account after
servicing the repayments of existing lenders are not released.
Currently, the repayments on the top-up loan is being serviced
through funds infused by promoters.

GVKJE is a special purpose vehicle promoted by GVK Transportation
Pvt Ltd (GVKTPL) (100%) for widening the existing two lane
section of NH 8 between Jaipur and Kishangarh (from km 273.500 to
363.885) to six lane in the state of Rajasthan through Design,
Build, Finance, Operate and Transfer (DBFOT - Toll) model.
Concession period is 20 years (including a construction period of
2 years). The total project cost incurred was INR622.30 crore
which was funded through INR121.17 crore equity, INR211 crore of
grant from NHAI, INR7.8 crore of internal accruals and INR282.33
crore of debt. From May 2016 onwards, the toll collections on
GVKJE's project stretch was split into two toll plazas instead of
one earlier.


IL&FS TRANSPORTATION: Ind-Ra Withdraws 'D' Rating on NCDs
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following
rating actions on the instruments of IL&FS Transportation
Networks Limited (ITNL):

-- INR8 mil. Non-convertible debentures (NCDs)* downgraded with
     IND D rating; and

-- The IND D rating on the INR7 mil. Proposed NCDs*,# downgraded
     and withdrawn; and

-- The IND D rating on the INR4.31 mil. Proposed term loans,#
     downgraded and withdrawn.

*Details in annexure
#Downgraded to 'IND D' before being withdrawn. The rating has
been withdrawn as ITNL is not likely to proceed with the issuance
of the proposed instruments as envisaged earlier.

KEY RATING DRIVERS

The downgrade reflects ITNL's communication to the exchanges
about the non-payment of interest obligations on the rated NCDs
rated on the due date of January 21, 2019. The default was on
account of a continued stretched liquidity profile on account of
delays in the realization of pending claims from various
government authorities and delays in undertaking deleveraging
initiatives. ITNL's credit metrics thus are likely to remain
stretched over the medium term.

RATING SENSITIVITIES

Timely debt servicing for at least three consecutive months could
result in a positive rating action.

COMPANY PROFILE

ITNL is a surface transportation infrastructure company and the
largest private sector road operator in India under the build-
operate-transfer model.


JAI MATA: CARE Migrates B Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Jai
Mata Di Food Processing Private Limited (JMFP) to Issuer Not
Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.60       CARE B; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

CARE has been seeking information from JMFP to monitor the rating
vide letters/e-mails communications dated October 4, 2018,
October 22, 2018, November 9, 2018, and November 29, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the entity 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 fair rating. The rating on company's bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING. Further, banker could not be contacted.

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 take into account constitution as a, short track
record coupled with small scale of operation, fragmented and
competitive nature of industry, high regulation by government,
high working capital intensity and exposure to vagaries of nature
and leverage capital structure with moderate debt coverage
indicators. The ratings, however, continue to draw comfort from
its experienced promotors and proximity to raw material sources.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced promoters: The promoter of company is Mr. Sanjay
Kumar, Director, aged about 45 years, having around decade long
experience in the rice milling industry. He is being duly
supported by the other promoter director Mrs. Sabita Devi and
Mrs. Ruma Devi having experience of around 3 years in similar
line of business.

Proximity to raw material sources: Company's plant is located in
Patna District, Bihar which is in the midst of paddy growing
region. The entire raw material requirement is met locally from
the farmers (or local agents) which helps the company to save
substantial amount of transportation cost and also procure raw
materials at effective price.

Key Rating Weaknesses

Short track record coupled with small scale of operation: The
company started its commercial operation from January, 2017.
Hence, it has very short track record of operation. The company
is a small player vis-a-vis other players in the rice milling and
processing industry marked by its total operating income of
INR37.05 crore with a PAT of INR0.57 crore in FY18. Furthermore,
the profitability margins of the company remained low marked by
PBILDT margin of 8.47% and PAT margin of 1.54% in FY18.

Highly fragmented and competitive nature of industry: Company's
plant is located in Patna, Bihar which is one of the hubs for
paddy/rice cultivating region. Owing to the advantage of close
proximity to raw material sources, large numbers of small units
are engaged in milling and processing of rice in the region. This
has resulted in intense competition which is also fueled by low
entry barriers. Given that the processing activity does not
involve much of technical expertise or high investment, the entry
barriers are low.

High regulations by government: The Government of India (GoI)
decides a minimum support price (MSP-to be paid to paddy growers)
for paddy every year limiting the bargaining power of rice
millers over the farmers. The MSP of paddy was increased during
the crop year 2018-19 to INR1750/quintal from INR1550/quintal in
crop year 2017-18. Given the market determined prices for
finished product vis-Ö-vis fixed acquisition cost for paddy, the
profitability margins are highly volatile. Such a situation does
not augur well for the company, especially in times of high paddy
cultivation.

High working capital intensity and exposure to vagaries of
nature: Rice milling is a working capital intensive business, as
the rice millers have to stock paddy by the end of each season
till the next season since the price and quality of paddy is
better during the harvesting season. Further, while paddy is
sourced generally on cash payment, the millers are required to
extend credit period to their customers. Also, paddy cultivation
is highly dependent on monsoons, thus exposing the fate of the
entity's operation to vagaries of nature.

Leverage capital structure with moderate debt coverage
indicators: The capital structure of the entity has been
leveraged marked by debt equity ratio of 1.26x and overall
gearing ratio of 1.96x as on March 31, 2018. Furthermore, the
debt coverage indicator marked by total debt to GCA was moderate
and the same was 5.74x in FY18. The interest coverage ratio was
satisfactory at 3.10x in FY18.

Jai Mata Di Food Processing Pvt. Ltd. (JMFP) was incorporated in
November, 2014 by Mr. Sanjay Kumar, Mrs. Sabita Devi and Mrs.
Ruma Devi of Patna, Bihar. The company is engaged in processing
and milling of rice. The milling unit of JMFP is located at
Bihta, Patna.

Mr Sanjay Kumar, having around decade long experience in the rice
milling industry, looks after the day to day operations of the
company. He is supported by other directors Mrs Sabita Devi and
Mrs Ruma Devi and a team of experienced professionals.

Liquidity
The liquidity position of the company remained moderate marked by
current ratio and quick ratios of 1.36x and 0.17x, respectively,
as on March 31, 2018. The cash and bank balance amounting to
INR0.02 crore remained outstanding as on March 31, 2018. The
Gross cash accruals also remained at INR 1.94 crore in FY18.


JAYASWAL NECO: ICRA Reaffirms D Rating on INR4,106.79cr Loan
------------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of
Jayaswal Neco Industries Limited (JNIL) at [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund
   Based TL           3018.48      [ICRA]D; reaffirmed

   Long Term-Fund
   Based/CC            653.05      [ICRA]D; reaffirmed

   Short Term-Non
   Fund Based          435.26      [ICRA]D; reaffirmed

Rationale

The ratings reaffirmation take into account the continued delays
in debt servicing by Jayaswal Neco Industries Limited (JNIL) with
the bank account remaining a non-performing asset (NPA) by its
lenders. ICRA notes that while the delays in repayment of
principal component of term loans are continuing, the servicing
of working capital facilities and interest payment on term loans
is regular at present. The proposed implementation of a
restructuring scheme following the assignment of ~INR2811.7 crore
(or ~77% of total outstanding term loan and fund based working
capital facility as on October 31, 2018) to Assets Care &
Reconstruction Enterprise Limited (ACRE) in December 2018 is
likely reduce JNIL's overall indebtedness. However, its liquidity
profile would depend on the terms of proposed restructuring.

ICRA also notes that State Bank of India had filed an application
in the National Company Law Tribunal (NCLT) following the
rejection of debt restructuring plan by the Reserve Bank of
India. JNIL, in return, filed a writ petition in the Supreme
Court, which directed the NCLT to maintain status quo in its
order dated April 16, 2018. The matter is still at pre-admission
stage in NCLT. Additionally, JNIL has appealed to the Appellate
Authority against the provisional attachment of about INR307.6
crore-sponge iron facility by the Enforcement Directorate (ED).
Furthermore, JNIL's investment in the green-field sponge iron and
captive power projects in Bilaspur, Chhattisgarh remains stuck,
which adversely impacts its return on capital employed.

The ratings, however, favourably factor in the extensive track
record of JNIL's promoters in the steel and casting businesses
along with benefits from scale economies and locational advantage
of the company's plants. ICRA also takes into account the
improvement in the operating performance of the company on the
back of favourable demand and steel prices. However, any adverse
movement in the raw material prices could impact JNIL's
profitability and further impact its liquidity. Going forward,
the monetisation of some of its non-core assets and successful
restructuring of loans with favourable maturity profile can
improve its liquidity, and hence remain key rating sensitivities.

Key rating drivers

Credit strengths

Integrated nature of operations ensures cost and quality control:
JNIL is a mid-sized integrated steel manufacturer, specialising
in alloy steel products and steel castings catering to various
engineering, industrial, construction and automotive industries.
JNIL also generates power from its 54.5 MW-captive power plant
units, which fulfill the power requirement partially. Presence of
1.0 million ton per annum (mtpa)-captive iron ore mine, 0.8 mtpa-
sinter facility, 1.2 mtpa-pelletisation unit and 0.2 mtpa-coke
oven facility ensures adequate backward integration while
downstream facility includes 1.0 mtpa-rolling mill, which is
capable of producing long products including that of alloy steel
category. The steel division contributed 89% to the net sales in
H1 FY2019, while the balance was contributed by the casting
division.

Extensive experience of the promoters in the castings and steel
industry: JNIL was founded by Mr. B L Shaw and is co-promoted by
Mr. Arbind Kumar Jayaswal and Mr. Ramesh Kumar Jayaswal, who have
a long track record in the steel and foundry business. The
extensive experience of the promoters has facilitated the company
in establishment of long-term relationship with several reputed
customers.

Improved operating performance in the current year: JNIL's
operating income (OI) rose by ~25% (annualised) to INR2176.3
crore in H1 FY2019 from INR3477.4 crore in FY2018 on the back of
favourable demand and improved realisations. With the ramp up of
new rolling mill and SMS divisions in the current fiscal, the
share of rolled products increased to 64% in H1 FY2019 from 61%
in FY2018. Also, the foundry division turned profitable in H1
FY2019. As a result, JNIL's operating margin improved to 13.6% in
H1 FY2019 from 9.6% in FY2018. Rising share of value added
products in JNIL's sales mix is likely to support its
profitability in the near term.

Locational-specific advantage: JNIL's steel plant and casting
division are situated in Raipur and Nagpur respectively. The
presence of JNIL's plants at these locations provides it a ready
access to suppliers and customers, which entails significant
savings in freight cost.

Credit challenges

Continued delays in debt servicing; debt restructuring plan on
the anvil: JNIL's bank account remains an NPA with persistent
delays in repayment of term loans. However, servicing working
capital facilities and interest payment on term loans is regular
at present. ICRA also notes that State Bank of India, Union Bank
of India, UCO Bank and Punjab National Bank have assigned the
~Rs. 2811.7 crore (or ~77% of total outstanding term loan and
fund based working capital facility as on October 31, 2018) term
loan and fund-based working capital facility on their books to
ACRE, which will propose a restructuring of the loans. Post this,
overall indebtedness of JNIL is likely to reduce. However, its
liquidity profile would depend on the terms of restructuring.

Leveraged capital structure and depressed coverage indicators:
The total debt of JNIL increased from INR5084.6 crore as on March
31, 2018 to INR5279.4 crore as on September 30, 2018. The total
debt as on September 30, 2018 comprised term loans of INR3010.0,
accrued interest of INR1283.7 crore, working capital facilities
of INR597.5 crore and balance INR193.3 crore primarily from
intercorporate deposit, sales tax deferral scheme and financial
lease obligations. The elevated debt levels have led to an
adverse capital structure as indicated by increase in gearing to
5.6x as on September 30, 2018 from 4.4x as on March 31, 2018. The
coverage indicators also remained depressed in H1 FY2019 with
interest coverage of 0.8x and total-debt-to-operating-profit of
8.9x.

Raw material price risk due to limited captive sources: JNIL has
an iron ore self-sufficiency of up to 40% of its total
requirements but its entire coking coal requirement is met from
imports. Hence, the company's profitability remains exposed to
volatility exhibited by raw material prices. JNIL's practice of
maintaining high inventory levels accentuates such risks.

Provisional attachment of some of the assets: The ED
provisionally attached JNIL's INR101.0-crore sponge iron facility
in Chhattisgarh in July 2018 for alleged misuse of coal raised
from Gare Palma Coal Sub Block IV/6 at Chhattisgarh. The company
has approached the Appellate Authority to challenge the
provisional attachment. ICRA notes that the Appellate Authority
had directed the ED to not take any coercive actions in the
previous instance of such attachment of an asset worth INR206.6
crore in February 2018.

Stuck up investment in greenfield project impacts the business
return: JNIL's green field project of 0.3 mtpa sponge iron
facility and 50.0 MW captive power plant remains delayed for
various reasons including delays in land acquisition,
environmental clearance and funding constraints. In FY2018, the
company suspended the project and total investment as on March
31, 2018 date stood at ~Rs. 450 crore, which is likely to remain
unproductive in the near-to-medium term, thereby impacting its
return on capital employed.

Liquidity Position:

The cash flow from operations remained negative in H1 FY2019
owing to high interest costs. The company has an unencumbered
cash balance of ~INR50 crore as on September 30, 2018, which can
be used in case of any exigencies. The liquidity of the company
going forward would depend on the terms of the proposed
restructuring scheme by ACRE.

JNIL, incorporated in 1972, began operations with foundry units
at Nagpur and subsequently integrated backward by setting up a
pig iron (with captive power) manufacturing unit at Raipur in
1995. Following the mergers, expansions and group restructuring,
JNIL currently operates a 0.75 million tonne per annum (mtpa) pig
iron unit, 0.2 mtpa coke oven plant, 0.8 mtpa sinter plant, 0.255
mtpa sponge iron unit, 1.0 mtpa billet making unit and rolling
mills, 54.5 MW captive thermal/waste heat recovery-based power
plants and two iron ore mines in Laiondongri and Metabodeli,
Chhattisgarh. JNIL also has iron and steel castings capacity of
0.08 million tonnes, with its facilities located in Nagpur,
Bhilai and Anjora.

In H1 FY2019, on a provisional basis, the company reported a net
loss of INR184.4 crore on an operating income of INR2176.3 crore,
as compared to a net loss of INR491.4 crore on an operating
income of INR3477.4 crore in FY2018.


KRUSHIRAJ SUGAR: CARE Migrates B+ Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of
Krushiraj Sugar Limited (KSL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      14.79       CARE B+; Stable Issuer not
   Facilities                      cooperating based on best
                                   available information

CARE has been seeking information from KSL to monitor the
rating(s) vide e-mail communications dated July 17, 2018,
July 31, 2018, August 9, 2018, October 1, 2018, October 17, 2018
and letters dated December 17, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating 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(s).

The rating takes into account the completion of financial closure
in terms of tying up of project term debt and experienced
promoter. The rating continues to be constrained on account of
significant proportion of promoter's equity remaining to be
infused thereby having a bearing on the timely completion of the
project, cyclical and seasonal nature of sugar industry along-
with agro-climatic risk relating to availability of sufficient
sugarcane. The rating further takes in account postponement in
scheduled commissioning of the plant on account of the
anticipation of inadequate rainfall during FY17 (refers to the
period from April1 to March 31) resulting in a shortage of
sugarcane availability.

The rating, however, derives strength from the experienced
promoter group. The ability of KSL to ensure timely mobilization
of funds and successful commissioning of the project within the
estimated time and cost parameters and procurement of sugarcane
at envisaged prices post commercial operations are the key rating
sensitivities.

Detailed description of the key rating drivers

At the time of last rating on August 24, 2017, the following were
the rating strength and weaknesses

Key Rating Weakness:

Nascent stage of the project and related implementation risk: KSL
is setting up a 'Khandsari' unit with an installed capacity of
500 tone of cane crushed per day (TCD) in village Bhose, Dist.
Solapur, Maharashtra. The proposed project cost is INR20.00 crore
to be funded with equity share capital of INR6.00 crore and term
debt of INR14.0 crore, financial closure of which is achieved in
July 2017. Further, the company has applied for working capital
limits of INR0.79 crore to support the operations of the company.
The ability of KSL to ensure timely completion of the project
within estimated cost parameters is vital. KSL has already
acquired the required land of 5 acres for the proposed project in
December 2012. As on March 31, 2017, about 13.70% of the total
project cost has been incurred funded through promoters
contribution.

Seasonal and cyclical nature of sugar industry: Sugarcane is the
key raw material used for the manufacture of 'Khandsari'. The
availability and yield of sugarcane depends on factors like
rainfall, temperature and soil conditions, demand-supply
dynamics, government policies, etc. The production of sugarcane
and hence sugar is cyclical in nature, wherein production of
sugarcane is on an uptrend for two years and then declines over
the next two years, before trending up again, thereby making the
entities in the sugar industry suspectible to the vagaries.

Key Rating Strengths

Experienced promoters: Krushiraj Sugar Limited (KSL) is a closely
held Public Limited company promoted by Mr. Mahesh Yashwantrao
Patil, Chairman & Managing Director (CMD) and his brother
Mr.Baliram Yashwantrao Patil. The CMD has an experience of over
two decades in sugar industry and prior to KSL, he was associated
with Vitthal Sahakari Sakhar Karkhana Limited (7,500 TCD) as vice
chairman for five years. Mr. Mahesh has also served as former
president of Zila parishad, Solapur and former Chairman of Rayat-
Shikshan Sanstha, Satara. Mr. Mahesh is ably supported by his
brother Mr. Baliram Yashwantrao Patil. Mr. Baliram has an
experience of over a decade in sugar industry and prior to KSL,
he was has been associated with Vijay Sugar Limited (2,500 TCD)
as its founder director.

Location of the plant in a high recovery and sufficient cane
availability zone: KSL is setting up the project in village
Bhose, Dist. Solapur, Maharashtra.The command area of KSL falls
in Pandharpur Tehsil, which has a recovery rate ranging between
11.00% to 11.50% on account of favorable climatic conditions for
growing sugarcane. KSL proposes to procure about 90% of the
required sugarcane with 15kms area from the factory site. The
proposed sugar factory is located in close proximity to canals
from Nira and Bhima river, facilitating adequate irrigation in
the command area.

Krushiraj Sugar Limited (KSL) was incorporated in March 2012 to
undertake manufacturing of khandsari (unrefined sugar) at village
Bhose, District. Solapur, Maharashtra. KSL is promoted by Mr.
Mahesh Yashwantrao Patil, Chairman & Managing Director (CMD), and
his brother Mr. Baliram Yashwantrao Patil. Presently, KSL is in
the process of setting up a green field khandsari manufacturing
unit with an installed capacity of 500 tonnes of cane crushed per
day (TCD) and 1.5 mega-watt (MW) captive co-generation plant at a
total project cost of INR 20.00 crore funded through a debt to
equity proportion of 2.33:1.


M B AGRO: CARE Assigns B+ Rating to INR10.70cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of M B
Agro Industries LLP (MBAI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          10.70       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MBAI is constrained
by short track record of the firm with small scale of operations,
project stabilization risk and its presence in highly fragmented
and highly regulated industry. The rating is further constrained
by working capital intensive nature of operations, vulnerability
to fluctuation in raw material prices and constitution of entity
as a partnership firm limiting financial flexibility in times of
stress.

The rating however, derives strength from long experience of the
promoters and locational advantage emanating from proximity to
raw material.

The ability of the firm to stabilize its operations along with
efficient management of working capital requirement is the key
rating sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record coupled with small scale of operations: The
entity started its commercial operations in March 2018. In in its
first month of operations, the entity registered a total income
of INR 1.03 crore. The entity has posted operating loss in FY18
due to the teething problems faced by the entity in its first
year of operations. Furthermore, the capital employed of the
entity stood at INR8.42 crore as on March 31, 2018. The small
size restricts the financial flexibility of the entity in times
of stress and deprives it from scale benefits.

Project execution and stabilization risk: The firm is currently
in the process of construction of its third facility (tur dall
processing unit) in the same premises which will be funded with
DER of 1.44 times. The said expansion project will result in
increased installed capacity of 50 ton per day of tur dal
processing. MBAI is expected to commence its operations of its
third facility from March, 2019. The ability of firm to stabilize
its operations in the light of intense competition will be
critical from credit perspective.

Working capital intensive nature of business: Agro processing
businesses experience working capital intensive nature of
operations. As the raw material required by the firm are agro
products; the firm is required to carry high level of raw
material inventory to ensure uninterrupted production till the
next season, resulting in high inventory holding period and
storage costs which makes the operations being working capital
intensive. The working capital requirements are met by the cash
credit facility availed by the company utilization of which
remained high.

Presence in highly fragmented and highly regulated industry: The
competitive nature of agro-product processing industry due to low
entry barriers, high fragmentation and the presence of a large
number of players in the organized and unorganized sector
translate in inherent thin profitability margins. Further, the
raw material prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the millers.

Vulnerability to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting tenures. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and
lead to volatility in raw material prices.

Partnership nature of constitution: Being a partnership 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 promoter: MBAI is currently managed by Mr. Purshottam
B Bhansali. The promoter is well-versed with the intricacies of
the business on the back of an average experience of more than
three decades in agro based industries through the associate
concerns (M B traders, Dhiraj traders and M B Industries). He
looks after the overall function of the firm and is ably
supported by a team of qualified professionals. Long experience
of the promotors has supported the business risk profile of the
entity to a large extent. Further, the firm is in the business of
processing chana dal since a decade through M B Industries which
resulted in establishing good relationship with its customers and
suppliers.
Locational advantage emanating from proximity to raw material:
MBAI's unit has close proximity to local grain markets of beed,
major raw material procurement destinations for the firm.
Furthermore, the plant is having good transportation facilities
and other requirements like good supply of power, water etc.
Accordingly, the entity has locational advantage in terms of
proximity to raw material and connectivity.

MBAI established in July 2017 is based out of Pune, Maharashtra.
The overall management of the firm is managed by Mr. Purshottam
Bhagwandas Bhansali. MBAI is engaged in the business of
processing of chana dal at its processing facility located at
Ambajogai, Beed, Maharashtra, with an installed capacity to
process 50 ton of chana dal per day. The entity began its
commercial operations in March 2018. Brief Financials (INR crore)


MAHAMANAV ISPAT: CARE Assigns B+ Rating to INR12cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mahamanav Ispat Private Limited (MIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          12.00       CARE B+, Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MIPL are tempered
by small scale of operations with low net worth base, financial
risk profile marked by low profit margins, leveraged capital
structure and weak debt coverage indicators, working capital
nature intensive nature of operation with moderate liquidity
position , Cyclicality associated with steel industry and highly
fragmented industry with intense competition from large number of
players and vulnerability of profits to raw materials price
movements.

The rating takes into account established track record of
operations with experienced promoters in the sponge iron
industry, growth in operating income during review period and
location advantage.

Going forward, ability to improve its capital structure and debt
coverage indicators, ability to improve its profitability and
ability to improve its working capital requirement efficiently
would be the key rating factors.

Detailed description of the key rating drivers

Key Rating Weaknesses

Moderate scale of operations with low net worth base: Despite
being in business operations since 2006, the scale of operations
the company remained moderate marked by TOI of INR86.85 crore in
FY18 with a low net worth base of INR2.37 crore as on March 31,
2018. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits.

Financial risk profile marked by low profit margins and leveraged
capital structure and weak debt coverage indicators: The PBILDT
margin of the company has been declining year on year and stood
at 4.62% during FY18 as compared to 6.11% and 7.55% during FY17
and FY16 respectively mainly on account of increase in raw
material costs.

With increased operations due to improvement in industry outlook
and decrease in interest costs due to repayment of term loans,
the company earned net profit of INR0.28 crore with PAT margin
standing at 0.31% in FY18.

The capital structure of the company marked by overall gearing
ratio of 10.41x as on March 31, 2018 stood leveraged despite
improvement. As on March 31, 2018 the debt profile of the company
consists of term loan of INR1.81 crore, car loan of INR0.17
crore, working capital borrowings of INR11.95 crore and interest
free unsecured loans from directors of INR10.79 crore. The
company repaid the fixed deposit backed term loan of
approximately INR8.5 crore as on March 31, 2018. The net worth of
the company stood at INR2.37 crore.

The debt coverage ratios marked by TD/GCA and interest coverage
ratio stood weak at 15.27x and 1.74x respectively in FY18 as
compared to 20.79x and 15.27x respectively in FY17. The
improvement in coverage ratios is mainly on account of repayment
of term loan and improvement in gross cash accruals. The TD/CFO
improved and stood at 9.21x in FY18 as compared to 19.53x in FY17
due to decline in total debt and improvement in inventory
movement.

Working capital nature intensive nature of operations and
moderate liquidity position: The company operates in working
capital intensive nature of business. The company purchases raw
material when the price is lower and maintains raw material
inventory of about 60-100 days. It purchases its most of the raw
material against 100% advance and occasionally receives credit
period of 5-15 days. It receives its payments from debtors within
7-10 days. With improvement in inventory levels, the working
capital cycle improved and stood at 77 days as on March 31, 2018.
Further, the company's average working capital utilization
remained high at 95% during the last 12 months ending on November
30, 2018. The overall liquidity position of MIPL improved and
remained moderate as marked by current ratio at 1.39x as on March
31, 2018 as compared to 1.33x as on March 31, 2017.

Cyclicality associated with steel industry: The demand for sponge
iron and its prospects are dependent on the demand emanating from
the steel industry, which is the purchaser of sponge iron. The
steel industry is sensitive to the shifting business cycles,
including changes in the general economy, interest rates and
seasonal changes in the demand and supply conditions in the
market. Apart from the demand-side fluctuations, the highly
capital-intensive nature of steel projects along with the
inordinate delays in the completion hinders the responsiveness of
supply side to demand movements. This results in several steel
projects bunching-up and coming on stream at the same time
creating the oversupply, thus affecting the steel sales
realizations.

Highly fragmented industry with intense competition from large
number of players and vulnerability of profits to raw materials
price movements: MIPL faces stiff competition in the precision
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures.  Further, the
major raw material for manufacturing of sponge iron is iron ore
which is highly susceptible to price fluctuations. Since the raw
material is one of the major cost drivers (constituting about 70-
85% of the total operating income), the profitability margins of
the company is suspect to input price fluctuation.

Key Rating Strengths

Established track record of operations with experienced promoters
in the sponge iron industry: MIPL was incorporated in 2006 and
has been manufacturing sponge iron since then. It has established
a long track record of operation which enables the company to bag
repeat orders from its existing customers and acquire new
customers.

Mr P.V Srinivas Rao, Managing Director of the company has over 2
decades of experience as sponge iron consultant business of
machining while the other Director, Mr B.V.Suresh Babu has over
decade experience in the business of manufacturing of electronic
items. Their experience in the relevant industry and business
respectively has helped the company in establishing the customer
and supplier base and also with the required knowledge for the
production of products.

Growth in operating income during the review period: The TOI of
the company has grown at CAGR of 25.68% during the review period
from INR54.98 crore in FY16 to INR86.85 core in FY18 on back of
increase in sales prices of finished products and encouraging
industry outlook. The company is currently selling its products
in the range of INR20,000/MT-Rs 24,000/MT as compared to
INR13000/MT-Rs14000/MT in FY16 and FY17. During H1FY19, the TOI
of the company stood at INR61.31 crore and PAT of INR1.19 crore.

Location advantage: The plant is located in Ballary which is a
rich source of various varieties iron ore which enables the
company to procure good quality raw material. The proximity of
the plant to the mining belt also helps to lower transportation
costs on account of proximity to the mines.

Liquidity analysis:

The current ratio of the company stood moderate at 1.39x as on
March 31, 2018 mainly on account of high inventory on the closing
date of March 31, 2018. The cash balances stood at 0.24 crore as
on March 31, 2018. The company did not have any current
investments as on March 31, 2018. The unutilised working capital
limits stood at 5% as on November 29, 2018.

Ballary based Mahamanav Ispat Private Limited (MIPL) was
incorporated in 2006 as a Private Limited Company by Mr
P.V.Srinivas Rao and Mr B.V Suresh Babu. The company is involved
in the manufacturing of sponge iron and its by-products. It
procures its raw material, iron ore, domestically from Karnataka.
It has an installed capacity of approximately 35000 MTS per
annum. Currently, Mr.Suresh Babu, the Director of the company
looks after the day to day operations. Brief Financials (INR
crore) FY17 (A) FY18.


MANSAROVAR HOLIDAYS: CARE Assigns B+ Rating to INR6.37cr Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mansarovar Holidays (MHS), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           6.37       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MHS are
constrained by the small scale of operations with low
capitalisation, leveraged capital structure, presence in a
seasonal and fragmented business and its proprietorship nature of
constitution. The rating is further constrained on account of the
implementation and stabilisation risk associated with the on-
going debt funded capex.

The ratings however, derive strength from the extensive
experience of the promoters, location advantage healthy
profitability, moderate liquidity indicators and positive outlook
of the hospitality industry.

Ability of the company to increase its scale of operations,
profitability margins, strengthening its order book position
while maintaining its solvency position are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with low capitalization: The scale of
operations of the company is small with a total operating income
(TOI) of INR1.37 crore in FY18 and a capital base of INR1.72
crore as on March 31, 2018. The low capital base of the company
restricts the financial flexibility and deprives it from the
benefits of economies of scale. The hotel currently has 16 rooms
and has an average occupancy of 75%.

Leveraged capital structure: The capital structure of the company
was leveraged with an overall gearing ratio of 4.10x as on March
31, 2018 (as compared to 1.89x as on March 31, 2017). The same
has deteriorated on account of term loan availed by the firm for
the expansion of its facility. Moreover, higher reliance on
external debt with moderate cash accruals is expected to
deteriorate the debt coverage indicators.

Project implementation and execution risk: The hotel currently
has 16 rooms and is in process of adding 18 more rooms by April
2019. The total cost of the project is INR6 crore which is to be
funded by term loan of INR3.80 crore and balance through
proprietor's contribution & internal accruals. As on November 30,
2018, the firm has incurred 75% of the total cost which was
funded by term loan and internal accruals. Timely completion of
the project will be critical from a credit perspective.

Presence in a seasonal and fragmented business: MHS operates in
the hospitality industry in Nainital which is characterized by
high competition due to low entry barriers, high fragmentation
and presence of a large number of players in the organized and
unorganized sector.

Proprietorship nature of constitution: Being a proprietorship
concern, it is exposed to the risk of withdrawal of capital by
the proprietor on personal emergencies, dissolution of firm due
to death and restricted financial flexibility due to inability to
explore cheaper sources of finance leading to limited growth
potential.

Key Rating Strengths

Extensive experienced of the promoter: MHS is managed by Mr.
Punit Goel having an experience of around two decades in various
businesses. Prior to MHS, he was associated with a group company
namely Battulal Radheshyan & Sons (engaged in the jewellery
business). Being in the business for so long has helped him in
gaining adequate acumen about the business and aids in smooth
operations of the firm.

Healthy profitability margins and location advantage: The PBILDT
margin has been healthy in the range of 75% - 78%, on account of
the location advantage with presence near the Jim Corbett
National Park, Nainital and moderate occupancy levels. Moreover,
PAT margin has also remained moderate in the range of 5% - 7% in
the last three years.

Moderate liquidity position: The liquidity position of the firm
is moderate with moderate comfortable gross current asset days of
15 and high credit period offered by the suppliers. Local
suppliers of grocery and related products offer a credit period
of around 45 days. The working capital requirements are met by
the internal accruals.

Positive outlook of 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, which augurs well for
the hospitality industry and for existing players such as MHS.

Nainital based, MHS was established in 2012 and is managed by the
Mr. Punit Goel. MHS is engaged in managing a hotel namely
Mansarovar at Nainital. The hotel is spread over an area
admeasuring 1 acre. It offers facilities such as banquet hall,
lawn, restaurant, bar and others along with lodging facility. The
hotel currently has 16 rooms for stay purpose and it is in
process of adding 18 more rooms by April 2019.


MAYUR ENTERPRISE: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR7.52 crore bank facilities of
Mayur Enterprise continues to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loan            0.97       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Cash Credit          4.55       [ICRA]B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund based       2.00       [ICRA]A4; ISSUER NOT
   limits                          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 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.

Mayur Enterprise (ME) was established in the year 1998 as a
partnership firm having four partners. The firm is engaged in the
processing of groundnut to manufacture groundnut seeds as well as
trading of groundnut and other agro commodities. The firm's
manufacturing facility is located at Junagadh, Gujarat. The firm
has capacity to manufacture 100 MT of groundnut seeds per day and
20 MT of roasted peanuts per day assuming the operations are
carried out 24 hours a day.

The raw material required by the firm is groundnut which it
procures from farmers and its major finished product is
'groundnut seed'. The firm sales are majorly concentrated in
overseas market.


NIRMAL TRADERS: ICRA Maintains B+ Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR8.35 crore fund based bank
facilities and INR1.65 crore of unallocated limits of Nirmal
Traders continues to remain in 'Issuer Not Co-operating'
category. The ratings are denoted as "[ICRA]B+(Stable); ISSUER
NOT CO-OPERATING" and "[ICRA]A4; ISSUER NOT CO-OPERATING". ICRA
had earlier moved the ratings of the company to the 'ISSUER NOT
CO-OPERATING' category due to non-submission of requisite
information by the entity to undertake surveillance of the
ratings.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term fund-      8.35       [ICRA]B+(Stable); ISSUER NOT
   based limits                    COOPERATING Rating continues
                                   to remain in 'Issuer Not
                                   Co-operating' Category

   Unallocated limits   1.65       [ICRA]B+(Stable)/[ICRA]A4;
                                   ISSUER NOT COOPERATING Rating
                                   continues to remain in 'Issuer
                                   Not Co-operating' Category

As part of its process and in accordance with its rating
agreement with NT, 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. In the absence of requisite information, and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

The ratings are based on limited information on the entity's
performance since the time it was last rated in October 2017. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
ratings do not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

Established in 2004, Nirmal Traders is a partnership concern
engaged in trading of agricultural produces which mainly include
soya bean, wheat, pigeon peas (toor dal), and Chickpeas (chana
dal). The firm is actively managed by two partners' viz. Mr.
Rahul Rampuriya and Mr. Vishal Sancheti. The firm also acts as a
liaising agent for Adani Wilmar Limited, Ruchi Soya Industries
Limited and ITC Limited's Agri Business Division. The firm has
its registered office in Nagpur.


PANDA AND COMPANY: CARE Assigns B+ Rating to INR25cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Panda
and Company, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facility            25.00       CARE B+; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of Panda and Company
are constrained by its partnership nature of constitution,
project implementation risk, small scale of operation and high
client concentration risk albeit reputed clientele. However, the
aforesaid constraints are partially offset by its experienced
partners with long track record of operation, healthy profit
margins, long term agreement with customers and satisfactory
leveraged ratios with satisfactory debt coverage indicators.
The ability of the entity to complete the ongoing project without
any cost and time overrun and achieve the projected scale of
operations and profitability as envisaged, increase in its client
base and increase in scale of operations would be the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced partners with long track record of operation: Panda
and Company was established in August 1964. Since its inception
the entity is engaged in lease rental business. Hence it has long
track of operation. Mr. Purna Chandra Panda (Partner) along with
Mr. Rajendra Prasad Panda (Partner), Mr. Prabhat Chandra Panda
(Partner), Mr. Prakash Chandra Panda (Partner) Mr. Bishnu Prasad
Panda (Partner) Mrs. Ava Panda (Partner) who have around 40
years, 40 years, 35 years, 35 years, 25 years and 25 years, of
experiences, respectively are looking after the day to day
operation of the entity.

Healthy profit margins and long term agreement with bank: The
profit margins of the entity remained healthy marked by PBILDT
margin of 65% and PAT margins at 45% in FY18. Going forward, the
ability of the entity to maintain its existing profitability will
be critical for the entity. The entity has an agreement with
State Bank of India and HDFC bank. The entity receives monthly
lease rentals from State bank of India and HDFC bank amounting to
INR1.64 lakh and 1.00 lakh respectively. Furthermore, the lease
rentals have an escalation clause of 15% after every three years
from the date of commencement of the lease agreement. Going
forward, the ability of the entity to increase clientele,
generate higher lease rentals to achieve higher revenue will be
critical for the entity.

Satisfactory leverage ratios with satisfactory debt coverage
indicators: Capital structure of the entity remained satisfactory
as marked by long term debt equity and overall gearing ratio of
0.28x and 0.28x respectively, as on March 31, 2018. Moreover, the
debt coverage indicators also remained satisfactory with total
debt to GCA ratio of 3.55x (3.19x in FY17) in FY18. Interest
coverage ratio remained satisfactory at 16.72x (391.77x in FY17)
in FY18.

Key Rating Weaknesses

Partnership nature of constitution: Panda and Company, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Furthermore, partnership firms have restricted access
to external borrowing as credit worthiness of partners would be
the key factors affecting credit decision for the lenders.

Project implementation risk: Panda and Company is developing a
commercial cum retail complex in two phases at an aggregate
project cost of INR44.36 crore, which is proposed to be financed
by way of partner's contribution of INR18.69 crore, unsecured
loan of INR0.67 crore and balance will be financed from Term Loan
of INR25.00 crore. The project cost for 1st phase is INR21.69
crore, which is expected to be financed from partner's
contribution of INR6.69 crore and term loan of INR15.00 crore.
The term loan of INR15.00 crore for 1st phase has been sanctioned
by the bank in December 2018. The entity has already spent around
INR3.50 crore towards land & site development, building, civil
works, machinery etc. till December 28, 2018 which is met through
from partner's contribution. 1st phase of the project is expected
to be operational from October 2020. After completion of 1st
Phase, the construction for 2nd Phase is expected to begin along
with sanction of term loan of INR10 crore for 2nd phase, and it
is expected to be operational from April 2022. The expected lease
rent from commercial complex will be INR70 per square feet per
month and INR75 per square feet per month from retail complex.
Furthermore, the lease rentals will have an escalation clause of
15% after every three years from the date of commencement of
lease agreement.

Small scale of operations: The entity is a small player vis-a-vis
other players in the lease rental business marked by its total
operating income of INR0.40 crore (INR0.39 crore in FY17) with a
PAT of INR0.18 crore (INR0.19 crore in FY17) in FY18. However,
the tangible net worth of the entity was low at INR2.37 crore as
on March 31, 2018. The small size restricts the financial
flexibility of the entity in terms of stress and deprives it from
benefits of economies of scale. Due to its relatively small scale
of operations, the absolute profit levels of the entity also
remained low. This apart, the entity achieved revenue of around
INR0.24 crore during 7MFY19.

High client concentration albeit reputed clientele: Panda and
Company has high client concentration risk, with only two clients
'State Bank of India' and HDFC bank which has contributed more
than 95% of its total revenues during FY18 and balance revenue is
derived from other income comprising of interest income. However
the client concentration risk is mitigated up to some extent as
the entity has long term agreement with State Bank of India and
HDFC bank.

Panda and Company was established in August 1964. Since its
inception the entity is engaged in lease rental business. The
entity has entered into lease agreement with State Bank of India
for the period of ten years starting since June 11, 2010. The
entity receives lease rent at the rate INR22 per square feet per
month for branch premises of 2712 square feet and INR11 per
square feet per month for staff vehicle and generator room of 493
square feet from State Bank of India. The entity also entered
into lease rent agreement with HDFC bank for the period of
fifteen years starting since August 13, 2014. The entity receives
lease rent from HDFC bank around INR1 lakh per month for 3365
square feet. Mr. Purna Chandra Panda (Partner) along with Mr.
Rajendra Prasad Panda (Partner), Mr. Prabhat Chandra Panda
(Partner), Mr. Prakash Chandra Panda (Partner) Mr. Bishnu Prasad
Panda (Partner) Mrs. Ava Panda (Partner) who have around 40
years, 40 years, 35 years, 35 years, 25 years and 25 years, of
experiences, respectively are looking after the day to day
operation of the entity.

Liquidity
The liquidity position of the entity remained satisfactory marked
by current ratio and liquid ratios at 2.00x and 1.48x as on
March 31, 2018. The cash and bank balance amounting to INR 0.09
crore remained outstanding as on March 31, 2018. The Gross cash
accruals also remained at INR 0.20 crore as on March 31, 2018.


RATHAM FARMS: CARE Assigns B+ Rating to INR6cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Ratham
Farms and Feeds (RFF), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.00       CARE B+; Stable Assigned
   Facilities

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RFF are tempered by
small scale of operations during the review period, Increase in
PBILDT margin albeit thin and fluctuating PAT margins, leveraged
capital structure and weak debt coverage indicators, elongated
Operating Cycle and working capital intensive nature of
operations, constitution of the entity as a proprietorship firm
with inherent risk of withdrawal of capital, highly fragmented
industry with intense competition from large number of players,
cyclical nature of poultry industry and Project execution and
stabilization risk.

The rating, however, derives strengths from experience of the
proprietor for more than two decades in Poultry business,
fluctuating Total operating Income with geographical
concentration and Stable outlook demand of poultry products.

Going forward, ability of the firm to increase its scale of
operations and profitability margins, ability of the firm to
improve its capital structure and debt coverage indicators with
proper management of working capital utilization and ability of
the entity to diversify its geographical are the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations during the review period: RFF was
established in the year 1990. However, the scale of operations of
the entity is small by Total operating income (TOI) stood at
INR4.93 crore in FY18 with low networth of INR1.10 crore as
compared to other peers in this industry. The small scale limits
the financial flexibility in times of stress and deprives it from
scale benefits.

Increase in PBILDT margin albeit thin and fluctuating PAT
margins: The PAT margin of the firm has been fluctuating during
the review period in the range of 0.84%-2.00% (FY16-FY18) due to
absorption of other overheads and financial expenses. The PBILDT
margins of the entity increased from 3.88% in FY16 to 8.84% in
FY18 due to decrease in employee and other expenses albeit
decrease in scale of operations.

Leveraged capital structure and weak debt coverage indicators:
RFF has leveraged capital structure marked by the debt equity and
overall gearing ratio, deteriorated from 0.93x and 1.70x
respectively as on March 31, 2016 to 2.42x and 3.11x respectively
as on March 31, 2018 due to increase in debt levels The entity
has weak debt coverage indicators during review period. Total
debt/GCA improved from 13.30x in FY16 to 11.40x in FY18 due to
increase in gross cash accruals. Despite increase in interest
cost on account of increase in utilization of working capital
facility and availing of term loan, the PBILDT interest coverage
ratio improved from 1.51x in FY16 to 3.36x in FY18 due to
improved PBILDT levels. Total debt/Cash flow from operations
stood at -8.86x as on March 31, 2018 due to negative cash flow
from operation on account of increased sundry debtors and
creditors.

Elongated Operating Cycle and working capital intensive nature of
operations: The operations of the firm are working capital
intensive in nature due to utilization of working capital bank
borrowings in order to meet the day to day expenses of the entity
i.e., the firm is required to keep high inventory level of parent
bird in different growing stages and raw material stock to feed
the birds in order to mitigate fluctuation in raw material
prices. Further, the operating cycle of the entity is elongated
during review period and remained at 116 days in FY18 against 111
days in FY17 due to increase in creditor and collection period.
RFF operates on cash & carry model. In respect of few customers
it extends one week credit period. RFF makes payment to its
suppliers on cash basis. The average utilization of working
capital facility is 80-90% during past twelve months ended with
November 30, 2018.

Constitution of the entity as a proprietorship firm with inherent
risk of withdrawal of capital: The firm being a proprietorship
firm is exposed to inherent risk of capital withdrawal by
proprietor due its nature of constitution. Any substantial
withdrawals from capital account would impact the net worth and
thereby the gearing levels. The proprietor has withdrawn the
capital of INR0.02 crore in FY18.

Highly fragmented industry with intense competition from large
number of players: RFF faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the company.

Project execution and stabilization risk: The firm is expanding
its capacity from 1,25,000 layer birds to 2,50,000 layer birds
for which it is constructing a shed which is under WIP. The
estimated project cost of INR 6.67 crore which is financed by
term loan of INR 4.90 crore and INR 1.12 crore through
proprietor's capital. The firm has incurred a total cost of INR
5.00 crore as on December 31, 2018 which is funded by the term
loan of INR 4.89 crore and proprietor's own funds INR 0.11 crore.
Therefore ability of the firm to complete the project within any
cost or time overrun will remain critical from credit risk
perspective.

Key Rating Strengths

Established track record and Experience of the proprietor for
more than two decades in Poultry business: RFF was promoted by
Mr. Krishnasamy Ramesh Kumar in the year 1990, resulting to
established track record of entity. Mr. Krishnasamy Ramesh Kumar,
proporietor has more than two decade of experience in the poultry
business. Due to long term presence in the market, the proprietor
has established good relationships with suppliers and customers.

Fluctuating total operating Income with geographical
concentration: The total operating income of the entity seen
fluctuating during the review period. In FY17, the TOI of the
firm decreased to INR 4.48 crore as compared against INR10.09
crore in FY16 on account of virus infection spread among birds.
However there is a marginal increase in TOI in FY18 amounting to
INR 4.93 crore as compared to INR 4.48 crore in FY17 due to
increased sales in eggs and cull birds on account of y-o-y
increase in market price of eggs to an extent of 5%-10% when
compared to previous year. The entity sells its products only in
Kerala resulting to geographical concentration risk.

Liquidity Analysis

The current ratio of the firm is above unity during the review
period and stood at 2.17x as on March 31, 2018 due to relatively
high current assets as compared to current liabilities mainly on
account of high sundry debtors and closing stock as on closing
balance sheet date. The cash and cash equivalents of the firm is
INR 0.01 crore and on & average 10-20% of cash credit facility to
meet the liquidity requirements.

Ratham Farms and Feeds (RFF) was established in the year 1990 by
Mr. Krishnasamy Ramesh Kumar. The proprietor has more than two
decade of experience in poultry business. The firm is engaged in
farming of egg, laying poultry birds (chickens) and trading of
eggs, cull birds & their Manure. The firm mainly buys chicks from
Venkateshwara Hatcheries, TamilNadu and raw materials for feeding
of birds like broken rice, maize, sun flower oil cake, shell
grit, minerals and soya from Mahindra Feeds and other local
suppliers. The firm sells all its products like eggs and cull
birds to retailers located at Kerala through own sales personnel
and dealers. The firm is expanding its capacity from 1,25,000
layer birds to 2,50,000 layer birds for which it is constructing
a shed which is under WIP with project cost of INR 6.67 crore
which is financed by term loan (75% - INR 5.00 crore) and balance
25 % is his own capital.


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

The instrument-wise rating actions are:

-- INR130 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 30, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1996 in Ludhiana, Punjab, by Dev Raj Gupta and
Binny Gupta, Renny Strips manufactures mild steel wires, coil and
rods at its 25,000MTPA unit.


RIDHAM TEXPORT: CARE Lowers Rating on INR7.51cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ridham Texport Private Limited (RTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.51       CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

The revision in the long term rating assigned to the bank
facilities of RTPL factors in decline in scale of operations
along with decline in operating margin and net losses incurred in
FY18 and deterioration in working capital cycle. The ratings
however continue to be constrained by its leveraged capital
structure and weak debt coverage indicators and presence in
highly fragmented industry leading to stiff competition. These
factors far offset the benefits derived from experienced
promoters.

Detailed description of the key rating drivers (Updated for FY18)

Key Rating Weaknesses

Decline in scale of operations along with decline in operating
margin and net losses incurred in FY18: During FY18, the total
income declined by 10.27% to INR 10.49 crore (vis-Ö-vis INR 11.69
crore in FY17). Further the operating margin declined and stood
at 15.75% in FY18 vis-Ö-vis 18.30% in FY17 owing to increase in
material cost, manufacturing expenses and various expenses.
Furthermore, the company incurred net losses amounting to INR
0.99 crore in FY18 vis-Ö-vis APAT of INR 0.45 crore in FY17 owing
to declined operating profitability and increase in the interest
expense.

Deterioration in working capital cycle: RTPL's working capital
cycle deteriorated and remained elongated during FY18 and stood
at 376 days in FY18 as against 319 days in FY17 mainly on account
of high debtors and inventory days. The collection period
improved marginally and stood at 113 days in FY18 vis-Ö-vis 124
days in FY17. Further, the inventory days elongated and stood at
289 days in FY18 vis-Ö-vis 238 days in FY17. Due to the same,
working capital limits were utilized at 100% for the past twelve
months ending December 2018 (vis-Ö-vis 98% utilization for the
past twelve months ending May 2018).

Leveraged capital structure and weak debt coverage indicators:
The overall gearing has declined to 4.46x as on March 31, 2018
vis-Ö-vis 3.26x as on March 31, 2017 owing to increase in the
debt level on the back of increase in term loan along with
unsecured loans availed from related parties. Further the total
debt /GCA has remained weak and stood at 628.69x in FY18 vis-Ö-
vis 19.61x in FY17 on account of increase in debt level as stated
above and due to significant decline in gross cash accruals in
FY18 as against FY17.

Key Rating Strengths

Experienced promoters: RTPL is a closely-held promoter-driven
company incorporated in 1997, Mr Chetan V. Bafna has been in the
textile business for over two decades and had previously been
working as a trader in the textile industry.

Incorporated in 1997, Ridham Texport Private Limited (RTPL) is
primarily engaged in the weaving of cotton fabrics for shirting
purposes. Currently, it has 52 looms installed (with capacity to
manufacture 20,59,200 meters of fabric per annum) at its factory
located at MIDC Tarapur, Maharashtra. RTPL is primarily a
domestic player and sells fabric to various garment manufacturers
in the domestic market; however the company has recently started
exports which formed minor part of the total operating income.


SARAN ALLOYS: CARE Migrates B+ Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Saran
Alloys Private Limited (SAPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       6.35       CARE B+; Stable; Issuer not
   Facilities                      cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SAPL to monitor the rating
vide e-mail communications/letters dated October 3, 2018,
December, 12, 2018, December, 18, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the rating. 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 SAPL's bank facilities 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.

Detailed description of the key rating drivers

At the time of last rating in December 13, 2017, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Small scale of operations with low profit margins: The scale of
operations of the company remained small marked by total
operating income of INR22.85 crore (INR24.69 crore in FY16) with
a PAT of INR0.09 crore (INR0.10 crore in FY16) in FY17,
Provisional. Further, the total operating income of the company
witnessed erratic trend during last three years (FY15-FY17) and
declined in FY17 due to sluggish demand of its products.
Furthermore, the total capital employed has also remained low at
INR10.30 crore as on March 31, 2017. The profit margins of the
company remained low marked by PBILDT margin of 6.66% and PAT
margin of 0.40% in FY17, provisional. The PBILDT margin
deteriorated in FY17 due to higher increase in raw material
costs. Furthermore, PAT margin also deteriorated in FY17 in line
with the PBILDT margin.

Volatility in raw material prices: The company does not have
backward integration for its basic raw-materials (iron ore,coal
etc.) and it procures the same from open market at spot prices.
Since the raw-material is the major cost driver and the prices of
which are volatile in nature, the profitability of the company is
susceptible to fluctuation in raw-material prices.

Working capital intensive nature of business: The operations of
the company remained working capital intensive marked by high
collection period. Due to delay by its customers like Baba Ispat
Private Limited, Baba Structural Private Limited, it stretches
its creditors which mitigate its working capital requirement to a
certain extent. Further, the company maintains adequate level of
raw material inventory for smooth running of its production
process. The average utilization of fund based limit remained on
the higher side at about 90% during last twelve months ending on
September 30, 2017.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked overall gearing ratios of 3.79x(4.10x as on
March 31, 2016) as on March 31, 2017. However, the overall
gearing ratio has improved as on March 31, 2017on account of
scheduled repayment of term loan, lower utilisation of working
capital and accumulation of surplus into reserve.The debt
coverage indicators of the company remained moderate marked by
interest coverage of 1.70x and total debt to CGA of 13.93x in
FY17.

Intensely competitive industry with sluggish growth in end user
industries and cyclical industry: SAPL is engaged in the
manufacturing of iron and steel products which is primarily
dominated by large players and characterized by high
fragmentation and competition due to the presence of numerous
players in India owing to relatively low entry barriers. High
competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability.
The fortunes of companies like SAPL from the iron & steel
industry are heavily dependent on the automotive, engineering and
infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel& alloys. Furthermore, all these
industries are susceptible to economic scenarios and are cyclical
in nature.

Key Rating Strengths

Experienced promoters with long track record of operations: SAPL
is into manufacturing of MS ingots since 2008 and thus has around
a decade of track record of operations. Being in the same line of
business since long period, the promoters have built up
established relationship with its clients and the company is
deriving benefits out of this. Mr. Sobhi Nath Rai (aged, 35
years) has more than two decade of experience in the same line of
business through his associates company 'Shivam Dhatu Pvt. Ltd.',
looks after the day to day operations of the company.

Saran Alloy Private Limited (SAPL) was incorporated on July 17,
2008, promoted by Mr. Sobhi Nath Rai and Mr. Aniket Gaurav of
Durgapur, West Bengal. Since its inception, SAPL has been engaged
in manufacturing of MS ingots. The manufacturing facility of the
company is located at industrial area, Durgapur, West Bengal with
an installed capacity of 24000metric tonnes per annum (MTPA).
Mr. Sobhi Nath Rai (aged, 35 years) has around a decade of
experience in the same line of business, looks after the day to
day operations of the company.

Liqudity position
The liquidity position of the entity remained stretched marked by
high utilization of its working capital limits as confirmed by
its banker.


SIDDHARTHA BRONZE: ICRA Withdraws B+ Rating on INR7.5cr Loan
------------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B+ with a Stable
outlook and short-term rating of [ICRA]A4 assigned to the
INR12.50 crore bank facilities of Siddhartha Bronze Product
Private Limited (SBPPL).

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-
   Cash Credit          7.50       [ICRA]B+ (Stable); Withdrawn

   Non Fund based-
   Letter of Credit     5.00       [ICRA]A4; Withdrawn

Rationale

The ratings assigned to Siddhartha Bronze Products Private
Limited have been withdrawn at its request based on the no
objection certificate provided by its banker.

Outlook: Not applicable

Incorporated in 1995, Siddhartha Bronze Product Private Limited
(SBPPL) is involved in cutting and trading of non-ferrous metal
scrap. Mr. K.K. Gupta, the key promoter of the company, has more
than two decades of experience in the non-ferrous scrap trading
business. The company's head office is in Bhavnagar, Gujarat,
with a branch office in Delhi. It procures ship propellers and
radiators from various ship breaking units located in and around
Bhavnagar.


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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR100 mil. Proposed term loan migrated to non-cooperating
     category with Provisional IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2013, Pune-based Silver Star Group is a
partnership firm engaged in the real estate business.


SRI SHARADHA: ICRA Lowers Rating on INR2.0cr Loan to D
------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Sri
Sharadha Timbers to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           2.00       [ICRA]D; Downgraded from
   Facility                        [ICRA]B+ (Stable)

   Non-fund based      16.75       [ICRA]D; Downgraded from
   Facility                        [ICRA]A4

Rationale

The ratings downgrade follows the irregularity in debt servicing
by Sri Sharadha Timbers as confirmed by its lender to ICRA.

Key rating drivers

Credit challenges Delays in debt servicing: As confirmed by the
firm's lender, there has been delays in debt servicing and there
has been excess utilization of the company's working capital
facilities for more than 30 days in the recent months due to cash
flow mismatches.

Liquidity position

The firm's liquidity position has deteriorated in the recent
past, as reflected by the over utilisation of its working capital
limit for more than 30 days.

Sri Sharadha Timbers is a proprietorship firm owned by Mr.
Narashia Manji Patel. It was established in 2002 and is involved
in the business of sawing and trading of timber, mainly imported
wood. The customers of SST include dealers, wholesalers and
retailers.


SRI VAIBHAVA: CARE Assigns B+ Rating to INR40cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Vaibhava Lakshmi Enterprises Private Limited (SVLEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           40.00      CARE B+; Stable Assigned

Detailed Rationale& Key Rating Drivers

The rating assigned to the bank facilities of SVLEPL are tempered
by small scale of operations with fluctuating profitability
margin, leveraged capital structure and debt coverage indicators
during review period, elongated operating cycle, highly
fragmented industry with intense competition from large number of
players and cyclical nature of poultry industry. The rating,
however, derives strength from satisfactory track record,
experienced and resourceful promoter, growth in total operating
income during review period and stable outlook demand of poultry
products.

Going forward, ability of the company to increase its scale of
operations profitability margins and improve its capital
structure and debt coverage indicators with proper management of
working capital are the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small Scale of operations with fluctuating profitability margins
The scale of operations of the entity remained small marked by
Total operating income (TOI) stood at INR37.47 crore in FY18 with
moderate networth of INR6.21 crore . However, in H1FY19 the
company achieved TOI of INR 23 crore.

The PBILDT margin of the company was fluctuating during review
period at the back of fluctuation in raw material prices. The
PBILDT margin stood in the range of 16.01%-12.18% during FY16-
FY18.

The PAT margins of the company declined from 3.14% in FY16 to
1.64% in FY18, due to increase in interest cost on account of
enhancement in bank facilities and higher depreciation cost,
which the company has taken from building an additional unit for
its production in FY17.

Leveraged capital structure and weak debt coverage indicators
SVLEPL has leveraged capital structure during review period. The
debt equity ratio of the company has deteriorated from 2.10x as
on March 31, 2016 to 3.91x as on March 31, 2018 due to increase
in total debt at the back of additional term loan, availed by the
company(for New unit for production) and enhancement of Cash
credit facility(to support business operations). Due to the above
said factors and also on back of increase in unsecured loan by
promoters to support the business, the Overall gearing ratio of
the company, deteriorated form 3.23x as on March 31, 2016 to
5.52x as on March 31, 2018.

The debt coverage indicators of SVLEPL remained weak during
review period. Total debt/GCA of remained fluctuating within the
range of 7.79x-11.25x during review period on account of
increased in debt levels, which the company has borrowed for
adding a new plant at Telangana and also the unit is operating
since FY18. Though on account of increase in debt levels, the
interest coverage ratio of the company improved from 2.18x in
FY16 to 2.69x in FY18 due to decrease in interest expense(on
account of repayment of term loan) coupled with increase in
PBILDT in absolute terms.

Elongated operating cycle: The operating cycle of the company
though improved during the review period, but remained elongated.
The operating cycle improved from 159 days in FY17 to 127 days in
FY18 due to improvement in inventory days from 168 days in FY17
to 141 days FY18 due to the nature of business operations where
in the company is required to keep high inventory level of parent
bird and raw material stock to feed the birds in different
growing stages and to mitigate fluctuation in raw material
prices. SVLEPL receives payment from its customers on cash and
carry basis. SVLEPL makes payment to its suppliers also within
15-30 days. The average utilization of working capital facility
is 100% during past twelve months ended with October 31, 2018.

Highly fragmented industry with intense competition from large
number of players: SVLEPL faces stiff competition in the poultry
business from large number of established and unorganized players
in the market. Competition gets strong with the presence of
unorganized players leading to pricing pressures. However,
improved demand scenario of poultry products in the country
enables well for the company.

Cyclical nature of poultry industry and risk associated to any
outbreaks of bird flu and other diseases: SVLEPL operates in a
cyclical industry on account of outbreaks of bird flu and other
diseases which van affect demand and cause prolonged impact on
margins and turnover. The company margins are also susceptible to
volatility in feed prices in the poultry business.

Key Rating Strengths

Satisfactory track record, experienced and resourceful promoter
Sri Vaibhava Lakshmi Enterprises Private Limited (SVLEPL) was
incorporated in the year 2011 and promoted by Mr. K.
Venkatanarayana (Managing Directors), Ms. K. Vasanta Sandhya Rani
(Director) along with other family members. Due to long term
presence in the market, the partners have good relations with
suppliers and customers. Furthermore the promoter have also
infused capital in the FY17 to support the business operations
and in FY18 to the tune of INR 1.27 crore to support the increase
in scale of business operations.

Growth in total operating income during review period: The total
operating income of the company has been increasing y-o-y at a
CAGR of 75.93% i.e., from INR 12.11 crore in FY16 to INR 37.47
crore in FY18 primarily on account of year on year increase in
production, along with addition of one more poultry farmingunit
established in FY17. The new unit is owned and located at
Telangana, with an area of 70 acres and also is in operational
since FY18. Furthermore, during H1FY19, the company has achieved
total operating income of INR 23 crore.

Stable demand outlook of poultry products: Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food
dishes in home and restaurants. The demand 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 demands for poultry products are
sustainable and accordingly, the kind of industry is relatively
insulated from the economic cycle.

Liquidity Analysis

The current ratio of the company is above unity during the review
period and stood at 1.39x as on March 31, 2018 due to relatively
high current assets as compared to current liabilities on account
of higher amount of inventory. The cash and cash equivalents of
the company stood at INR0.03 crore as on March 31, 2018.

Sri Vaibhava Lakshmi Enterprises Private Limited (SVLEPL) was
incorporated in the year 2011 and promoted by Mr. K.
Venkatanarayana (Managing Directors), Ms. K. Vasanta Sandhya Rani
(Director) along with other family members. The company is
engaged in farming of egg, laying poultry birds (chickens) and
trading of eggs, cull birds and their Manure. The company have
two units, one unit located in Telangana with an area of 70 acres
and second unit located at Nandigama with an area of 16 acres and
both the units are utilised for poultry business. The company has
recently started its production of second unit located at
Telangana in 2017.

The company sells its products like eggs and cull birds to
retailers through own sales personnel and through some dealers
located in Andhra Pradesh and Telangana.
The company mainly buys chicks (small chickens) from Tirumala
Hatcheries Private Limited and Srinivasa Hatcheries Private
Limited. The company purchases raw materials for feeding of birds
like rice broken, maize, sun flower oil cake from local farmers
in Telangana and soya from traders of Maharashtra.


VADIM INFRASTRUCTURE: ICRA Cuts Rating on INR2.30cr Loan to D
-------------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Vadim
Infrastructure Private Limited (VIPL) to [ICRA]D.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           2.30       [ICRA]D; Downgraded from
   Facility                        [ICRA]BB- (Stable)

   Fund based           2.00       [ICRA]D; Downgraded from
   facility                        [ICRA]A4

   Non-fund based       4.05       [ICRA]D; Downgraded from
   Facility                        [ICRA]A4

   Unallocated          1.65       [ICRA]D/[ICRA]D; Downgraded
   facility                        from [ICRA]BB- (Stable)/
                                   [ICRA]A4

Rationale

The ratings downgrade follows the irregularity in debt servicing
by VIPL, as confirmed by its lender to ICRA.

Outlook: Not Applicable

Key rating drivers

Credit challenges Delays in debt servicing: As confirmed by
VIPL's lender, there has been delays in debt servicing and there
has been excess utilisation of the company's working capital
facilities for more than 30 days in the recent months.

Liquidity position
VIPL's liquidity position has deteriorated in the recent past, as
reflected by the continuous over utilisation of its working
capital limit for more than 30 days.



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


NELSON BUILDING: Fitch Alters Outlook on BB+ LT IDR to Negative
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of Nelson Building Society
(NBS) and revised the Outlook to Negative from Stable.

Fitch had previously incorrectly used risk-weighted asset figures
that excluded market and operational risk in its analysis, which
resulted in overstated ratios for Fitch's core metrics relating
to earnings and profitability, and capitalisation and leverage.
This error does not affect NBS's regulatory or un-risk-weighted
capital ratios, which have remained relatively stable.

The correction of this Fitch error contributed to a weakening of
Fitch's assessment of NBS's capitalisation and leverage. This
reassessment and NBS's relatively strong balance sheet expansion
over recent years that has restricted improvement in its weak
capital position have led Fitch to revise the Outlook to
Negative. NBS has indicated it will increase its capital levels
over the next two years and Fitch will monitor its progress.
Failure to significantly increase its capital position over the
short term could trigger a rating downgrade.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

The institution's IDRs and Viability Rating reflect its weak
overall capital position and small buffers over regulatory
minimum requirements, which are offset by its simple business
model and conservative underwriting standards.

The society's risk- and un-risk-weighted ratios are towards the
lower end of the range for its peers and there are limited
sources of new capital. In addition to the Fitch Core Capital
ratio (FCC ratio), the agency also focusses on the regulatory
total capital, which has a regulatory minimum level of 8%. The
FCC ratio at end-March 2018 stood at 5.1%, while the total
capital ratio stood at 10.1%. The buffer over the regulatory
minimum was therefore only 2.1pp. NBS has the ability to issue
preference shares to bolster its regulatory capital position, but
these instruments only absorb large losses when the entity is
liquidated.

The changes proposed by the Reserve Bank of New Zealand to its
capital framework for registered banks in December 2018 could
indirectly provide a new common equity instrument for mutual non-
bank deposit takers such as NBS. This could help NBS bolster its
capital position and buffers in addition to retained earnings.

NBS's risk appetite and its conservative underwriting standards
provide important support to its asset quality and earnings,
which should subsequently underpin its retained earnings and
capital base. NBS's core business is residential mortgages with a
low loan-to-value ratio. Strong loan growth over the last three
years does not appear to have been at the expense of weakening
underwriting, but capital generation has been limited. NBS's risk
profile has increased in recent years due to growth in consumer
lending, but exposure to this segment remains below that of
peers.

NBS is reliant on retained earnings to generate capital to
support its loan growth due to its mutual structure. Fitch
expects NBS's earnings and profitability profile to remain above
that of its peers due to its conservative underwriting standards
and the quality of its loan book over the rating horizon.

Asset-quality ratios are strong, and Fitch expects impairments to
remain low over the next 12-24 months. NBS's small size exposes
it to single-name borrower concentration risk while geographical
concentration is also high, albeit less so than some of its
domestic peers. Increased profitability from its expanding
portfolio and size could be partly offset by competition and
increasing regulatory and operational costs. The growth in
consumer loans is likely to add some volatility to earnings
through a cycle.

NBS's funding structure is sound, comprising entirely of member
deposits. Geographic deposit concentration is high, reflecting
its business model. NBS's liquidity is appropriately managed and
its on-balance-sheet liquidity position compares favourably with
that of most domestic peers.

NBS has a moderate franchise with small system market share,
meaning it is generally a price taker. The society benefits from
strong community support through its service-orientated model,
although it remains susceptible to competition from larger
players.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor of NBS reflect its
view that while support from the New Zealand sovereign
(AA/Stable) is possible, it cannot be relied on. The institution
is not part of the open bank resolution scheme (OBR), which
allows for the imposition of losses on depositors and senior debt
holders to recapitalise failed institutions. However, Fitch
believes the existence of the OBR, in conjunction with the
institution's low systemic importance, will make sovereign
support unlikely.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

NBS's IDRs and Viability Rating would come under pressure if the
capital ratios do not improve materially over the next 12-18
months. Fitch typically sees a FCC ratio greater than 7.0% to be
commensurate with a capital assessment in the 'bb' range.

NBS's capital position is sensitive to an increase in its risk
appetite, possibly from weaker underwriting or excessive growth,
which could result in a deterioration of its asset quality,
profitability and capitalisation. Due to regulatory limits on the
amount of preference shares that can be included in the total
capital ratio (50% of the net regulatory capital) and the small
buffers over regulatory minimums, NBS's viability may be
challenged in case of large losses.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor are sensitive to any
change in assumptions around the propensity of the New Zealand
government to provide timely support.

The rating actions are as follows:

Long-Term Foreign-Currency IDR affirmed at 'BB+'; Outlook revised
to Negative from Stable

Short-Term Foreign-Currency IDR affirmed at 'B'

Long-Term Local-Currency IDR affirmed at 'BB+'; Outlook revised
to Negative from Stable

Short-Term Local-Currency IDR affirmed at 'B'

Viability Rating affirmed at 'bb+'

Support Rating affirmed at '5'

Support Rating Floor affirmed at 'No Floor'



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


HYFLUX LTD: Remains Committed to 'Fair' Restructuring Plan
----------------------------------------------------------
Channel NewsAsia reports that beleaguered water treatment firm
Hyflux said it stays committed to proposing a "fair"
restructuring plan next month as its aggrieved mom-and-pop
investors grow increasingly worried about how much money they can
recover.

CNA relates that anger and frustration among minority
shareholders have been building up since the second round of town
hall meetings on Jan. 18, where the company provided little
meaningful updates except for the mention of possible cash
payments and debt-to-equity conversions. Even then, specific
figures were not discussed, the report says.

This has got retail investors, who are at the bottom of the
priority list, losing sleep over the possibility of huge losses-
so much so that some have said they would rather see the company
liquidated, CNA says.

Knee deep in debt, Hyflux embarked on a restructuring exercise
last May and halted trading in all of its SGX-listed shares,
leaving tens of thousands of investors reeling, according to CNA.

It announced a potential lifeline by October when SM Investments-
a consortium made up of Indonesian conglomerate Salim Group and
energy giant Medco Group - proposed a SGD530 million investment
in exchange for a 60 per cent stake, the report recounts.

Comprising of a SGD400 million equity injection and a SGD130
million shareholder's loan, this new pile of cash will go towards
the "full and final" settlement of the company's debts and
working capital needs, said the company in a SGX filing.

However, Hyflux has a staggering debt of almost SGD3 billion, CNA
discloses.

Of which, unsecured bank creditors are owed SGD717 million, while
unsecured contingent creditors and medium-term noteholders have
claims of SGD915 million and SGD271 million, respectively.
Another SGD900 million is owed to holders of perpetual securities
and preference shares, the report notes.

A report put out by OCBC last October had noted a "significantly
large cash gap". "While new cash into Hyflux from the SM
Investment deal is welcomed, this amount appears heavily
conditional and is insufficient to pay out all the amounts owed
to various stakeholders."

Management retention shares may also be allotted to ensure
continuity of the business, according to Hyflux's SGX filing,
which means there could be less than 40 per cent equity stake
left for various stakeholders in the rescue plan, CNA relays.

According to CNA, some retail investors have begun doing their
own calculations and while these numbers remain speculative, the
main concern is that there is simply not enough to go around.

"Less than SGD400 million and 40 per cent equity to be split
among so many creditor groups, how is that sufficient?" lamented
a noteholder who said she has invested SGD250,000, CNA notes.

"I'm prepared to forgo my interests. I just want my principal
back but looking at this, I fear that we are all going to suffer
massive haircuts."

She, like some others, have been pinning on alternatives such as
an extension in the maturity dates of the notes, but her hopes
were dashed when that was met with a "no" from the chief
executive of SM Investments during the latest town hall session.

"With just a few hundred million, they want to wipe out all of us
to make the balance sheet clean and own Hyflux with assets
intact. The company is being taken cheap. How is that a white
knight?"

Another told Channel NewsAsia that many retail investors left the
meetings feeling "disappointed and helpless".

"It's not a good deal," said the investor who requested
anonymity. "My own calculation is that I will get back very
little (money). If it's so little then I might as well see Hyflux
liquidated."

In a liquidation scenario, senior unsecured creditors, which
include retail note holders, can expect returns of about 3.8 to
8.7 per cent. However, those holding on to perpetual securities
and preference share will not be able to recover a single cent,
CNA notes citing presentation slides shown at the town hall
session.

In response to Channel NewsAsia's queries, a Hyflux spokesperson
said there was a "careful assessment" of all options before the
company decided to proceed with the offer from SM Investments.

The offers it received ranged from a total investment of SGD400
million to SGD600 million, with equity portions varying from
SGD250 million to SGD530 million in exchange of equity stakes
ranging from about 51 per cent to 86.4 per cent.

"When assessing the offers presented, Hyflux considered the
conditions associated with each of the offers as well as other
factors such as the ability to complete and to do so within a
short period of time, given the current liquidity crunch," the
spokesperson told CNA.

The company also needed a "strategic investor that offered
synergies with its existing businesses".

SM Investments was picked "in the best interests of the Hyflux
group and its stakeholders", added the spokesperson.

On investor worries about steep haircuts, Hyflux said it will not
be commenting on any third party speculation for now, CNA relays.

"In relation to returns to the retail investors, the terms of the
intended scheme of arrangement are still being finalised and the
views expressed from the various stakeholder groups are taken
into account in the ongoing negotiations," it said in the emailed
response to CNA.

"The company remains committed to proposing a scheme that is fair
in all the circumstances and that is feasible so there is a
strong platform for long-term growth and stability."

                           About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.

As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses.  The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.


INTERPLEX HOLDINGS: Fitch Withdraws BB-(EXP) Rating on MTN Notes
----------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB-(EXP)' expected rating
assigned to Singapore-based Interplex Holdings Pte. Ltd.'s
proposed senior unsecured medium-term note programme.

The ratings were withdrawn with the following reason:

Forthcoming Debt Issue/Transaction Carrying An Expected Rating Is
No Longer Expected to Proceed As Previously Envisaged

KEY RATING DRIVERS

Fitch is withdrawing the expected rating as the proposed debt
issuance is no longer expected to convert to final ratings.
Interplex's management no longer plans to issue the notes under
the programme as it has agreed to a USD400 million syndicated
secured term loan facility to refinance its entire existing long-
term debt, excluding onshore working-capital loans. The expected
rating on the proposed notes was assigned on October 17, 2018.

Interplex's other ratings are not affected by this withdrawal.

RATING SENSITIVITIES

Not applicable



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


* BOND PRICING: For the Week Jan. 21, 2019 to Jan. 25, 2019
-----------------------------------------------------------

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


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50      04/01/19    USD      1.00
ARTSONIG PTY LTD            11.50      04/01/19    USD      1.00
CLIME CAPITAL LTD            6.25      11/30/21    AUD      0.99
KEYBRIDGE CAPITAL LTD        7.00      07/31/20    AUD      0.92
MIDWEST VANADIUM PTY LT     11.50      02/15/18    USD      0.08
MIDWEST VANADIUM PTY LT     11.50      02/15/18    USD      0.08


  CHINA
  -----

AKESU XINCHENG ASSET IN      6.40      04/20/22    CNY     73.06
ALAER XINXIN STATE-OWNE      6.80      06/16/22    CNY     62.00
ALAER XINXIN STATE-OWNE      6.80      06/16/22    CNY     72.63
ANHUI CHIZHOU CITY TIAN      7.40      10/23/20    CNY     40.70
ANHUI PROVINCE TONGLING      7.30      05/13/21    CNY     61.35
ANHUI PROVINCE TONGLING      7.30      05/13/21    CNY     61.91
ANHUI SHENGYUN ENVIRONM      6.98      03/23/20    CNY     45.00
ANJI COUNTY STATE-OWNED      8.30      04/24/21    CNY     61.56
ANJI COUNTY STATE-OWNED      8.30      04/24/21    CNY     61.57
ANKANG DEVELOPMENT & IN      6.35      03/06/20    CNY     40.55
ANSHUN STATE-RUN ASSETS      6.98      01/10/20    CNY     40.01
ANSHUN STATE-RUN ASSETS      6.98      01/10/20    CNY     40.17
ANYANG INVESTMENT GROUP      8.00      04/17/19    CNY     20.12
BAODING NATIONAL HI-TEC      7.33      12/24/19    CNY     20.19
BAOJI NEW HI TECH INDUS      8.25      04/21/21    CNY     61.23
BAOJI NEW HI TECH INDUS      8.25      04/21/21    CNY     61.23
BAOSHAN STATE-OWNED ASS      7.30      12/10/19    CNY     20.05
BAOTOU STATE OWNED ASSE      7.03      09/17/19    CNY     20.13
BAYAN ZHUOER HETAO WATE      8.54      03/31/22    CNY     62.79
BAYANNUR LINHE DISTRICT      7.90      11/13/20    CNY     40.72
BAZHONG STATE-OWNED ASS      8.50      04/25/21    CNY     60.00
BAZHONG STATE-OWNED ASS      8.50      04/25/21    CNY     62.74
BEIJING BIOMEDICINE IND      6.35      07/23/20    CNY     40.77
BEIJING BIOMEDICINE IND      6.35      07/23/20    CNY     40.80
BEIJING CAPITAL DEVELOP      5.95      05/29/19    CNY     20.16
BEIJING CAPITAL DEVELOP      6.50      02/27/21    CNY     61.29
BEIJING CAPITAL DEVELOP      7.19      01/15/21    CNY     61.52
BEIJING CAPITAL DEVELOP      7.19      01/15/21    CNY     61.72
BEIJING CHANGXIN CONSTR      6.74      04/22/21    CNY     61.70
BEIJING CHANGXIN CONSTR      6.74      04/22/21    CNY     61.94
BEIJING CHAOYANG STATE-      5.25      03/27/20    CNY     40.18
BEIJING CHAOYANG STATE-      5.25      03/27/20    CNY     40.30
BEIJING CONSTRUCTION EN      5.95      07/05/19    CNY     20.16
BEIJING FUTURE SCIENCE       6.28      09/22/19    CNY     25.32
BEIJING GUCAI GROUP CO       6.60      09/06/20    CNY     40.20
BEIJING GUCAI GROUP CO       6.60      09/06/20    CNY     40.21
BEIJING HAIDIAN STATE-O      5.50      08/07/20    CNY     40.56
BEIJING HAIDIAN STATE-O      5.50      08/07/20    CNY     40.70
BEIJING JINGMEI GROUP C      6.14      09/09/20    CNY     40.30
BEIJING JINGMEI GROUP C      6.14      09/09/20    CNY     40.72
BEIJING JINLIYUAN STATE      7.00      10/28/20    CNY     41.42
BEIJING SHIJINGSHAN STA      6.08      08/18/21    CNY     60.77
BEIJING SHIJINGSHAN STA      6.08      08/18/21    CNY     61.76
BEIJING XINCHENG INFRAS      7.50      04/21/21    CNY     61.70
BEIJING XINCHENG INFRAS      7.50      04/21/21    CNY     61.83
BEIJING XINGZHAN INVEST      6.48      08/31/19    CNY     20.17
BEIJING XINGZHAN INVEST      6.48      08/31/19    CNY     20.22
BEIJING XINGZHAN INVEST      6.66      04/24/21    CNY     61.20
BEIJING XINGZHAN INVEST      6.66      04/24/21    CNY     61.95
BENGHU HI NEW TECH INVE      8.70      04/17/21    CNY     61.54
BENGHU HI NEW TECH INVE      8.70      04/17/21    CNY     61.55
BIJIE KAIYUAN CONSTRUCT      7.78      02/25/21    CNY     61.23
BIJIE KAIYUAN CONSTRUCT      7.78      02/25/21    CNY     62.89
BINZHOU HI-TECH DEVELOP      8.60      01/10/21    CNY     61.16
BINZHOU HI-TECH DEVELOP      8.60      01/10/21    CNY     61.17
BORALA MONGOL AUTONOMOU      7.18      08/09/20    CNY     40.37
C&D REAL ESTATE CORP LT      6.15      04/03/20    CNY     40.49
CANGZHOU CONSTRUCTION &      6.72      01/23/20    CNY     40.30
CANGZHOU CONSTRUCTION &      6.72      01/23/20    CNY     40.57
CHANGCHUN MODERN AGRICU      7.00      07/25/21    CNY     60.75
CHANGDE ECONOMIC DEVELO      7.19      09/12/19    CNY     20.27
CHANGDE ECONOMIC DEVELO      7.19      09/12/19    CNY     20.36
CHANGDE ECONOMIC DEVELO      7.00      03/24/21    CNY     61.86
CHANGDE ECONOMIC DEVELO      7.00      03/24/21    CNY     61.87
CHANGDE URBAN CONSTRUCT      6.50      02/25/20    CNY     40.65
CHANGRUN INVESTMENT & G      6.88      09/16/20    CNY     40.24
CHANGRUN INVESTMENT & G      6.88      09/16/20    CNY     40.84
CHANGSHA CITY CONSTRUCT      6.95      04/24/19    CNY     20.13
CHANGSHA COUNTY XINGCHE      8.35      04/06/19    CNY     20.15
CHANGSHA COUNTY XINGCHE      8.35      04/06/19    CNY     20.20
CHANGSHA COUNTY XINGCHE      7.90      03/25/22    CNY     74.21
CHANGSHA COUNTY XINGCHE      7.90      03/25/22    CNY     74.67
CHANGSHA ECONOMIC & TEC      8.45      04/13/22    CNY     63.07
CHANGSHA METRO GROUP CO      6.20      04/23/23    CNY     73.01
CHANGSHA METRO GROUP CO      6.20      04/23/23    CNY     73.22
CHANGSHA PILOT INVESTME      6.70      12/10/19    CNY     20.40
CHANGSHA YUHUA URBAN CO      7.17      04/18/21    CNY     60.93
CHANGSHA YUHUA URBAN CO      7.17      04/18/21    CNY     61.76
CHANGSHU BINJIANG URBAN      6.85      04/27/19    CNY     20.09
CHANGSHU BINJIANG URBAN      6.85      04/27/19    CNY     20.09
CHANGSHU BINJIANG URBAN      6.39      09/11/21    CNY     60.23
CHANGSHU BINJIANG URBAN      6.39      09/11/21    CNY     61.38
CHANGSHU CITY OPERATION      8.00      01/16/19    CNY     20.01
CHANGSHU DEVELOPMENT IN      5.80      04/19/20    CNY     40.42
CHANGSHU TRANSPORTATION      7.00      04/29/21    CNY     61.79
CHANGXING COUNTY TRANSP      6.75      06/16/21    CNY     60.00
CHANGXING COUNTY TRANSP      6.75      06/16/21    CNY     61.10
CHANGXING COUNTY TRANSP      7.88      04/30/21    CNY     61.55
CHANGXING COUNTY TRANSP      7.88      04/30/21    CNY     62.14
CHANGXING URBAN CONSTRU      6.80      11/30/19    CNY     20.12
CHANGXING URBAN CONSTRU      6.80      11/30/19    CNY     20.33
CHANGXING URBAN CONSTRU      6.00      12/03/21    CNY     60.95
CHANGXING URBAN CONSTRU      6.00      12/03/21    CNY     61.14
CHANGZHI CITY CONSTRUCT      6.46      02/26/20    CNY     40.38
CHANGZHOU BINHU CONSTRU      8.04      12/12/20    CNY     41.90
CHANGZHOU BINHU CONSTRU      8.04      12/12/20    CNY     62.43
CHANGZHOU HI-TECH GROUP      6.18      03/21/20    CNY     40.48
CHANGZHOU HI-TECH GROUP      6.18      03/21/20    CNY     40.48
CHANGZHOU JINTAN DISTRI      8.30      03/14/19    CNY     20.05
CHANGZHOU JINTAN DISTRI      6.38      04/26/20    CNY     40.47
CHANGZHOU PUBLIC HOUSIN      6.64      07/02/21    CNY     61.74
CHANGZHOU PUBLIC HOUSIN      6.64      07/02/21    CNY     61.76
CHENGDU CITY DEVELOPMEN      6.18      01/14/20    CNY     39.50
CHENGDU CITY DEVELOPMEN      6.18      01/14/20    CNY     40.36
CHENGDU ECO &TECH DEVEL      6.90      05/30/21    CNY     61.81
CHENGDU ECO &TECH DEVEL      6.90      05/30/21    CNY     61.82
CHENGDU ECONOMIC&TECHNO      6.55      07/17/19    CNY     20.16
CHENGDU ECONOMIC&TECHNO      6.55      07/17/19    CNY     20.24
CHENGDU HI-TECH INVESTM      6.28      11/20/19    CNY     20.35
CHENGDU HI-TECH INVESTM      6.28      11/20/19    CNY     20.38
CHENGDU LONGBO INVESTME      8.10      04/24/21    CNY     57.50
CHENGDU LONGBO INVESTME      8.10      04/24/21    CNY     61.39
CHENGDU PIDU DISTRICT S      7.25      10/15/20    CNY     38.50
CHENGDU PIDU DISTRICT S      7.25      10/15/20    CNY     40.52
CHENGDU XINCHENG XICHEN      8.35      03/19/19    CNY     20.18
CHENGDU XINGCHENG INVES      6.17      01/28/20    CNY     39.10
CHENGDU XINGCHENG INVES      6.17      01/28/20    CNY     40.34
CHENGDU XINGJIN URBAN C      7.30      11/27/19    CNY     20.45
CHENGDU XINGJIN URBAN C      7.30      11/27/19    CNY     20.47
CHENGDU XINKAIYUAN URBA      7.43      08/12/21    CNY     61.77
CHENGDU XINKAIYUAN URBA      7.43      08/12/21    CNY     62.37
CHENGFA INVESTMENT GROU      6.87      04/30/21    CNY     61.36
CHENGFA INVESTMENT GROU      6.87      04/30/21    CNY     61.86
CHENZHOU BAIFU INVESTME      6.54      08/28/21    CNY     61.25
CHENZHOU BAIFU INVESTME      6.54      08/28/21    CNY     61.47
CHENZHOU XINTIAN INVEST      6.30      07/17/20    CNY     39.66
CHINA ENERGY RESERVE AN      6.25      12/21/18    USD     33.66
CHINA WANDA GROUP CO LT      5.20      09/08/21    CNY     59.50
CHINA YIXING ENVIRONMEN      7.10      10/18/20    CNY     40.26
CHINA YIXING ENVIRONMEN      7.10      10/18/20    CNY     40.73
CHONGQING BANAN ECONOMI      7.00      08/20/21    CNY     60.50
CHONGQING BANAN ECONOMI      7.00      08/20/21    CNY     61.96
CHONGQING BEICHENG CONS      7.30      10/16/20    CNY     41.00
CHONGQING BEICHENG CONS      7.30      10/16/20    CNY     41.13
CHONGQING BEIFEI INDUST      7.13      12/25/19    CNY     20.46
CHONGQING CHANGSHOU DEV      7.45      09/25/19    CNY     20.13
CHONGQING CHANGSHOU DEV      7.45      09/25/19    CNY     20.13
CHONGQING CHANGSHOU ECO      7.20      07/15/21    CNY     60.90
CHONGQING CHANGSHOU ECO      7.20      07/15/21    CNY     60.91
CHONGQING CHANGSHOU ECO      7.10      06/19/21    CNY     60.75
CHONGQING CHANGSHOU ECO      7.10      06/19/21    CNY     60.76
CHONGQING CITY CONSTRUC      5.12      05/21/20    CNY     40.10
CHONGQING CITY CONSTRUC      5.12      05/21/20    CNY     40.28
CHONGQING DASUN ASSET D      6.98      09/10/20    CNY     40.92
CHONGQING DAZU DISTRICT      6.75      04/26/20    CNY     40.20
CHONGQING DAZU DISTRICT      6.75      04/26/20    CNY     40.44
CHONGQING FULING DISTRI      8.40      03/23/19    CNY     40.16
CHONGQING FULING DISTRI      8.40      03/23/19    CNY     40.17
CHONGQING FULING DISTRI      7.89      03/20/21    CNY     61.16
CHONGQING FULING DISTRI      7.89      03/20/21    CNY     61.79
CHONGQING FULING STATE-      6.39      01/21/20    CNY     40.22
CHONGQING FULING STATE-      6.39      01/21/20    CNY     40.45
CHONGQING GAOXIN ZONE D      7.80      04/25/21    CNY     62.02
CHONGQING GAOXIN ZONE D      7.80      04/25/21    CNY     62.03
CHONGQING GARDENING IND      8.45      06/03/21    CNY     62.93
CHONGQING GARDENING IND      8.45      06/03/21    CNY     62.93
CHONGQING HAOJIANG CONS      7.99      11/22/20    CNY     40.94
CHONGQING HAOJIANG CONS      7.99      11/22/20    CNY     40.97
CHONGQING HAOJIANG CONS      8.05      03/06/21    CNY     61.13
CHONGQING HAOJIANG CONS      8.05      03/06/21    CNY     61.24
CHONGQING HECHUAN INDUS      6.19      06/17/20    CNY     40.28
CHONGQING HECHUAN INDUS      6.19      06/17/20    CNY     40.30
CHONGQING HECHUAN URBAN      7.30      07/07/21    CNY     61.51
CHONGQING HECHUAN URBAN      7.30      07/07/21    CNY     61.76
CHONGQING HONGRONG CAPI      7.20      10/16/19    CNY     20.11
CHONGQING HONGRONG CAPI      7.20      10/16/19    CNY     20.30
CHONGQING HONGYE INDUST      6.30      06/03/20    CNY     40.39
CHONGQING HONGYE INDUST      6.30      06/03/20    CNY     40.39
CHONGQING JIANGBEIZUI C      6.50      07/21/21    CNY     62.14
CHONGQING JIANGJIN HUAX      7.46      09/21/19    CNY     20.23
CHONGQING JIANGJIN HUAX      7.46      09/21/19    CNY     20.40
CHONGQING JINYUN ASSET       6.75      06/18/19    CNY     20.04
CHONGQING JINYUN ASSET       6.75      06/18/19    CNY     20.18
CHONGQING JIULONG HI-TE      6.60      08/19/21    CNY     60.00
CHONGQING JIULONG HI-TE      6.60      08/19/21    CNY     61.65
CHONGQING LAND PROPERTI      7.35      04/25/19    CNY     20.13
CHONGQING LAND PROPERTI      7.35      04/25/19    CNY     20.13
CHONGQING LAND PROPERTI      6.30      08/22/20    CNY     40.77
CHONGQING LAND PROPERTI      6.30      08/22/20    CNY     40.85
CHONGQING LIANGJIANG NE      5.88      09/16/21    CNY     61.83
CHONGQING LIANGJIANG NE      6.70      04/25/21    CNY     62.08
CHONGQING MAIRUI CITY I      6.82      08/17/19    CNY     20.31
CHONGQING NAN'AN URBAN       8.20      04/09/19    CNY     20.10
CHONGQING NANCHUAN DIST      7.35      09/06/19    CNY     20.23
CHONGQING NANCHUAN DIST      7.35      09/06/19    CNY     20.23
CHONGQING NANFA URBAN C      6.43      04/27/20    CNY     40.51
CHONGQING NANFA URBAN C      6.43      04/27/20    CNY     40.54
CHONGQING QIANJIANG CIT      8.00      03/21/21    CNY     61.70
CHONGQING QIANJIANG CIT      8.00      03/21/21    CNY     61.82
CHONGQING QIJIANG EAST       6.75      01/29/20    CNY     39.61
CHONGQING QIJIANG EAST       6.75      01/29/20    CNY     40.10
CHONGQING SHUANGFU CONS      7.49      10/23/20    CNY     40.00
CHONGQING SHUANGFU CONS      7.49      10/23/20    CNY     40.51
CHONGQING SHUANGQIAO EC      6.75      04/26/20    CNY     40.00
CHONGQING SHUANGQIAO EC      6.75      04/26/20    CNY     40.23
CHONGQING SHUANGQIAO EC      5.99      11/19/21    CNY     58.95
CHONGQING SHUANGQIAO EC      5.99      11/19/21    CNY     59.34
CHONGQING TAX FREE PORT      7.50      04/24/21    CNY     61.80
CHONGQING TAX FREE PORT      7.50      04/24/21    CNY     62.25
CHONGQING TEA GARDEN IN      7.70      05/20/21    CNY     60.86
CHONGQING THREE GORGES       6.40      01/23/19    CNY     25.01
CHONGQING WANSHENG ECO       6.39      04/17/20    CNY     40.20
CHONGQING WANSHENG ECO       6.39      04/17/20    CNY     40.29
CHONGQING WANSHENG ECO       6.95      08/25/21    CNY     60.72
CHONGQING WANSHENG ECO       6.95      08/25/21    CNY     60.73
CHONGQING WANSHENG ECO       8.19      04/08/21    CNY     61.44
CHONGQING WANSHENG ECO       8.19      04/08/21    CNY     62.01
CHONGQING WESTERN MODER      7.08      10/18/20    CNY     41.21
CHONGQING WESTERN MODER      7.08      10/18/20    CNY     41.25
CHONGQING XINGRONG HOLD      8.35      04/19/19    CNY     20.15
CHONGQING XINGRONG HOLD      8.35      04/19/19    CNY     20.26
CHONGQING XIYONG MICRO-      6.76      07/25/19    CNY     20.15
CHONGQING XIYONG MICRO-      6.76      07/25/19    CNY     20.22
CHONGQING XIYONG MICRO-      6.58      07/25/21    CNY     61.00
CHONGQING XIYONG MICRO-      6.58      07/25/21    CNY     61.66
CHONGQING YONGCHUAN HUI      7.33      10/16/19    CNY     20.32
CHONGQING YONGCHUAN HUI      7.33      10/16/19    CNY     20.45
CHONGQING YONGCHUAN HUI      7.28      05/30/21    CNY     61.45
CHONGQING YONGCHUAN HUI      7.28      05/30/21    CNY     61.49
CHONGQING YUFU HOLDING       6.50      09/04/19    CNY     20.10
CHONGQING YUFU HOLDING       6.50      09/04/19    CNY     20.33
CHONGQING YULONG ASSET       6.87      05/31/19    CNY     20.21
CHONGQING YUNAN ASSET M      7.05      06/17/21    CNY     60.87
CHONGQING YUNAN ASSET M      7.05      06/17/21    CNY     61.19
CHONGQING YUXING CONSTR      7.30      12/10/19    CNY     20.23
CHONGQING YUXING CONSTR      7.30      12/10/19    CNY     20.39
CHONGQING YUZHONG STATE      7.25      02/26/21    CNY     61.40
CHONGQING YUZHONG STATE      7.25      02/26/21    CNY     61.52
CHUXIONG AUTONOMOUS DEV      6.60      03/29/20    CNY     36.77
CHUXIONG AUTONOMOUS DEV      6.60      03/29/20    CNY     40.27
CHUZHOU CITY CONSTRUCTI      6.81      11/23/19    CNY     20.35
CHUZHOU CITY CONSTRUCTI      6.81      11/23/19    CNY     20.48
CHUZHOU CITY CONSTRUCTI      6.40      08/22/21    CNY     60.80
CHUZHOU CITY CONSTRUCTI      6.40      08/22/21    CNY     61.94
CHUZHOU TONGCHUANG CONS      7.05      01/09/20    CNY     40.47
CIXI CITY CONSTRUCTION       6.18      08/18/21    CNY     61.76
CIXI CITY CONSTRUCTION       6.18      08/18/21    CNY     61.98
CIXI STATE OWNED ASSET       6.60      09/20/19    CNY     20.28
CIXI STATE OWNED ASSET       6.60      09/20/19    CNY     20.40
DALI ECONOMIC DEVELOPME      8.80      04/24/19    CNY     20.12
DALI ECONOMIC DEVELOPME      8.30      12/11/20    CNY     41.53
DALI ECONOMIC DEVELOPME      7.90      03/04/21    CNY     60.00
DALI ECONOMIC DEVELOPME      8.30      12/11/20    CNY     60.70
DALI ECONOMIC DEVELOPME      7.90      03/04/21    CNY     61.27
DALIAN DETA HOLDING CO       6.50      11/15/19    CNY     20.29
DALIAN PUWAN ENGINEERIN      7.09      02/20/21    CNY     59.60
DALIAN RONGDA INVESTMEN      5.69      12/05/21    CNY     61.20
DALIAN RONGDA INVESTMEN      5.69      12/05/21    CNY     61.41
DALIAN RONGQIANG INVEST      8.60      03/30/19    CNY     40.31
DALIAN RONGQIANG INVEST      7.92      04/14/21    CNY     60.98
DALIAN RONGQIANG INVEST      7.92      04/14/21    CNY     60.99
DALIAN RONGQIANG INVEST      8.60      01/20/21    CNY     61.17
DALIAN RONGQIANG INVEST      8.60      01/20/21    CNY     61.18
DANGYANG XINYUAN INVEST      7.99      05/23/21    CNY     61.00
DANGYANG XINYUAN INVEST      7.99      05/23/21    CNY     61.56
DANYANG INVESTMENT GROU      8.10      03/06/19    CNY     20.07
DANYANG INVESTMENT GROU      8.10      03/06/19    CNY     20.10
DANYANG INVESTMENT GROU      6.81      10/23/19    CNY     25.24
DANYANG INVESTMENT GROU      6.81      10/23/19    CNY     25.31
DANYANG INVESTMENT GROU      6.90      10/23/20    CNY     40.92
DAQING GAOXIN STATE-OWN      6.88      12/05/19    CNY     20.14
DAQING GAOXIN STATE-OWN      6.88      12/05/19    CNY     20.15
DAYE CITY CONSTRUCTION       7.95      11/27/20    CNY     41.45
DAYE CITY CONSTRUCTION       7.30      03/03/21    CNY     61.42
DAYE CITY CONSTRUCTION       7.30      03/03/21    CNY     61.65
DAZHOU INVESTMENT CO LT      6.99      12/25/19    CNY     20.40
DAZHOU INVESTMENT CO LT      6.99      12/25/19    CNY     20.41
DEYANG ECONOMIC DEVELOP      7.90      04/28/21    CNY     61.12
DEYANG ECONOMIC DEVELOP      7.90      04/28/21    CNY     61.29
DONGTAI UBAN CONSTRUCTI      7.10      12/26/19    CNY     20.36
DONGTAI UBAN CONSTRUCTI      7.58      04/23/21    CNY     61.04
DONGTAI UBAN CONSTRUCTI      7.58      04/23/21    CNY     61.86
DONGTAI UBAN CONSTRUCTI      8.65      01/13/21    CNY     62.15
ELION CLEAN ENERGY CO L      6.42      07/19/20    CNY     64.00
ENSHI URBAN CONSTRUCTIO      7.55      10/22/19    CNY     20.32
ENSHI URBAN CONSTRUCTIO      7.50      06/03/21    CNY     60.58
ENSHI URBAN CONSTRUCTIO      7.50      06/03/21    CNY     61.44
EZHOU CITY CONSTRUCTION      7.08      06/19/19    CNY     20.16
EZHOU CITY CONSTRUCTION      7.76      05/15/21    CNY     61.18
EZHOU CITY CONSTRUCTION      7.76      05/15/21    CNY     61.19
EZHOU CITY CONSTRUCTION      6.68      09/19/21    CNY     61.52
EZHOU CITY CONSTRUCTION      6.68      09/19/21    CNY     61.97
FANGCHENGGANG CITY GANG      8.09      04/16/21    CNY     61.37
FANGCHENGGANG CITY GANG      8.09      04/16/21    CNY     64.50
FAR EAST SMARTER ENERGY      5.33      05/24/21    CNY     70.20
FUGU COUNTY STATE-OWNED      8.69      12/16/20    CNY     41.25
FUGU COUNTY STATE-OWNED      8.69      12/16/20    CNY     61.90
FUJIAN JINJIANG INDUSTR      7.08      06/27/21    CNY     60.10
FUJIAN JINJIANG INDUSTR      7.08      06/27/21    CNY     62.25
FUJIAN JINJIANG URBAN C      6.35      04/26/20    CNY     40.71
FUJIAN LONGYAN CITY CON      7.45      08/14/19    CNY     20.16
FUJIAN NANPING HIGHWAY       6.69      01/28/20    CNY     40.40
FUJIAN NANPING HIGHWAY       6.69      01/28/20    CNY     40.51
FUNING URBAN INVESTMENT      7.19      08/15/21    CNY     60.81
FUQING CITY STATE-OWNED      6.66      03/01/21    CNY     55.09
FUQING CITY STATE-OWNED      5.94      11/26/22    CNY     69.18
FUZHOU INVESTMENT DEVEL      6.78      01/16/20    CNY     40.30
FUZHOU INVESTMENT DEVEL      6.78      01/16/20    CNY     40.40
FUZHOU JIANGONG GROUP C      6.80      12/10/19    CNY     40.70
FUZHOU JIANGONG GROUP C      6.80      12/10/19    CNY     40.84
GANSU PROVINCIAL STATE-      5.40      03/06/20    CNY     70.44
GANSU PROVINCIAL STATE-      5.40      03/06/20    CNY     70.66
GANZHOU DEVELOPMENT ZON      8.15      12/31/19    CNY     25.78
GANZHOU DEVELOPMENT ZON      8.15      12/31/19    CNY     25.80
GANZHOU DEVELOPMENT ZON      7.40      02/19/20    CNY     50.78
GANZHOU DEVELOPMENT ZON      7.40      02/19/20    CNY     50.90
GANZHOU DEVELOPMENT ZON      7.43      02/19/21    CNY     61.66
GANZHOU DEVELOPMENT ZON      7.43      02/19/21    CNY     61.72
GAOMI STATE-OWNED ASSET      6.70      11/15/19    CNY     20.27
GAOMI STATE-OWNED ASSET      6.70      11/15/19    CNY     20.37
GOLMUD INVESTMENT HOLDI      8.70      12/30/20    CNY     40.62
GOLMUD INVESTMENT HOLDI      8.70      12/30/20    CNY     40.81
GOOCOO INVESTMENT CO LT      7.20      02/01/21    CNY     50.00
GREENLAND HOLDING GROUP      6.24      05/23/20    CNY     49.89
GREENLAND HOLDING GROUP      6.24      05/23/20    CNY     50.50
GUANG ZHOU PANYU COMMUN      6.30      04/12/19    CNY     25.11
GUANG ZHOU PANYU COMMUN      6.30      04/12/19    CNY     25.12
GUANGAN DEVELOPMENT AND      8.18      04/25/19    CNY     20.14
GUANGAN DEVELOPMENT AND      8.18      04/25/19    CNY     20.20
GUANGAN ECONOMIC & TECH      7.10      09/22/21    CNY     60.43
GUANGAN ECONOMIC & TECH      7.10      09/22/21    CNY     61.48
GUANGXI BAISE DEVELOPME      6.50      07/04/19    CNY     20.04
GUANGXI BAISE DEVELOPME      6.50      07/04/19    CNY     20.18
GUANGXI BAISE DEVELOPME      7.27      06/20/21    CNY     61.91
GUANGXI LAIBIN INDUSTRI      5.97      11/26/21    CNY     60.23
GUANGXI LAIBIN INDUSTRI      5.97      11/26/21    CNY     60.57
GUANGXI LAIBIN URBAN CO      8.36      03/14/19    CNY     40.24
GUANGXI QINZHOU LINHAI       7.68      02/20/21    CNY     60.66
GUANGXI QINZHOU LINHAI       7.68      02/20/21    CNY     60.67
GUANGXI URBAN CONSTRUCT      7.59      04/14/21    CNY     62.41
GUANGXI URBAN CONSTRUCT      7.59      04/14/21    CNY     63.00
GUANGYUAN INVESTMENT HO      7.30      04/22/21    CNY     61.49
GUANGYUAN INVESTMENT HO      7.30      04/22/21    CNY     61.94
GUANGYUAN YUANQU CONSTR      8.35      08/26/21    CNY     62.02
GUANGYUAN YUANQU CONSTR      8.35      08/26/21    CNY     63.06
GUILIN CITY INVESTMENT       6.90      06/13/21    CNY     60.61
GUILIN CITY INVESTMENT       6.90      06/13/21    CNY     60.62
GUIYANG HI-TECH HOLDING      6.01      12/01/19    CNY     24.90
GUIYANG URBAN CONSTRUCT      5.23      12/02/22    CNY     88.00
GUIYANG URBAN DEVELOPME      6.20      02/28/20    CNY     37.56
HAICHENG URBAN JINCAI L      8.56      12/19/20    CNY     40.76
HAICHENG URBAN JINCAI L      8.17      04/16/21    CNY     61.43
HAICHENG URBAN JINCAI L      8.56      12/19/20    CNY     69.00
HAINAN HARBOR & SHIPPIN      6.80      10/18/19    CNY     40.66
HAINAN HARBOR & SHIPPIN      6.80      10/18/19    CNY     70.57
HAINAN JINHAI PULP & PA      6.10      04/15/20    CNY     70.51
HAINAN JINHAI PULP & PA      6.10      04/15/20    CNY     70.54
HAINING CITY DEVELOPMEN      5.58      10/22/21    CNY     60.74
HAINING CITY DEVELOPMEN      5.58      10/22/21    CNY     61.47
HAINING CITY JIANSHAN D      6.90      11/04/20    CNY     41.00
HAINING CITY JIANSHAN D      6.90      11/04/20    CNY     41.24
HAINING STATE-OWNED ASS      6.08      03/06/20    CNY     40.45
HAIXI STATE DEVELOPMENT      8.60      01/02/21    CNY     41.39
HAIXI STATE DEVELOPMENT      8.60      01/02/21    CNY     41.43
HAIYAN COUNTY STATE-OWN      7.00      09/04/20    CNY     41.10
HANGZHOU CANAL COMPREHE      6.00      04/02/20    CNY     40.35
HANGZHOU CANAL COMPREHE      6.00      04/02/20    CNY     40.53
HANGZHOU FUYANG CITY CO      7.20      03/19/21    CNY     61.79
HANGZHOU FUYANG CITY CO      7.20      03/19/21    CNY     61.81
HANGZHOU GONGSHU DISTRI      6.90      07/21/21    CNY     61.68
HANGZHOU GONGSHU DISTRI      6.90      07/21/21    CNY     62.00
HANGZHOU HIGH-TECH INDU      6.45      01/28/20    CNY     39.50
HANGZHOU HIGH-TECH INDU      6.45      01/28/20    CNY     40.34
HANGZHOU XIAOSHAN ECO&T      6.90      05/13/21    CNY     61.72
HANGZHOU XIAOSHAN ECO&T      6.90      05/13/21    CNY     61.89
HANGZHOU YUHANG CITY CO      7.55      03/29/19    CNY     20.15
HANGZHOU YUHANG CITY CO      7.00      03/03/21    CNY     61.90
HANGZHOU YUHANG CITY CO      7.00      03/03/21    CNY     61.95
HANGZHOU YUHANG ECONOMI      7.45      03/03/21    CNY     61.60
HANGZHOU YUHANG ECONOMI      7.45      03/03/21    CNY     62.01
HANGZHOU YUHANG INNOVAT      6.50      03/18/20    CNY     40.00
HANGZHOU YUHANG INNOVAT      6.50      03/18/20    CNY     40.62
HANGZHOU YUHANG TRANSPO      7.19      04/18/21    CNY     61.54
HANGZHOU YUHANG TRANSPO      7.19      04/18/21    CNY     62.23
HANJIANG STATE-OWNED-AS      8.12      01/12/19    CNY     20.00
HANJIANG STATE-OWNED-AS      8.12      01/12/19    CNY     20.01
HANJIANG STATE-OWNED-AS      7.30      11/11/20    CNY     41.40
HANJIANG STATE-OWNED-AS      7.30      11/11/20    CNY     41.55
HEBI ECONOMIC CONSTRUCT      7.88      08/01/21    CNY     61.51
HEBI ECONOMIC CONSTRUCT      7.88      08/01/21    CNY     61.97
HEFEI BINHU NEW ZONE CO      6.35      06/13/19    CNY     40.24
HEFEI BINHU NEW ZONE CO      6.35      06/13/19    CNY     40.40
HEFEI GAOXIN DEVELOPMEN      7.98      03/22/19    CNY     40.13
HEFEI GAOXIN DEVELOPMEN      7.98      03/22/19    CNY     40.14
HEFEI GAOXIN DEVELOPMEN      6.90      03/12/20    CNY     71.05
HEFEI HAIHENG INVESTMEN      7.30      06/12/19    CNY     20.15
HEFEI INDUSTRIAL INVEST      6.30      03/20/20    CNY     40.41
HEFEI INDUSTRIAL INVEST      6.30      03/20/20    CNY     40.54
HEFEI XINCHENG STATE-OW      7.88      04/23/19    CNY     20.13
HEGANG KAIYUAN CITY INV      6.50      07/19/19    CNY     20.16
HEIHE CITY CONSTRUCTION      8.48      03/23/19    CNY     40.28
HEILONGJIANG HECHENG CO      5.60      11/11/21    CNY     58.84
HEILONGJIANG HECHENG CO      5.60      11/11/21    CNY     58.87
HEILONGJIANG HECHENG CO      7.05      06/21/22    CNY     59.89
HEILONGJIANG HECHENG CO      7.05      06/21/22    CNY     60.43
HEILONGJIANG POST-DISAS      7.06      11/20/20    CNY     49.84
HEILONGJIANG POST-DISAS      7.10      11/19/20    CNY     51.01
HEILONGJIANG POST-DISAS      7.10      11/19/20    CNY     51.20
HEILONGJIANG POST-DISAS      7.06      11/20/20    CNY     74.60
HENAN JIYUAN CITY CONST      7.50      09/25/19    CNY     20.31
HENGYANG BAISHAZHOU DEV      6.87      08/22/21    CNY     58.77
HENGYANG BAISHAZHOU DEV      6.87      08/22/21    CNY     60.06
HENGYANG CITY CONSTRUCT      7.06      08/13/19    CNY     20.22
HENGYANG CITY CONSTRUCT      7.06      08/13/19    CNY     20.25
HENGYANG HONGXIANG STAT      6.20      06/19/20    CNY     40.41
HENGYANG HONGXIANG STAT      6.20      06/19/20    CNY     40.58
HENGYANG XIANGJIANG WAT      7.40      04/23/21    CNY     61.91
HENGYANG XIANGJIANG WAT      7.40      04/23/21    CNY     61.96
HEYUAN CITY RUNYE INVES      6.20      12/03/21    CNY     60.07
HEYUAN CITY RUNYE INVES      6.20      12/03/21    CNY     61.14
HEZE INVESTMENT DEVELOP      7.14      03/24/21    CNY     62.07
HEZHOU URBAN CONSTRUCTI      8.16      05/16/21    CNY     61.50
HONGHEZHOU ROAD DEVELOP      6.27      05/06/20    CNY     40.56
HUACHEN ENERGY CO LTD        6.63      05/18/20    USD     53.32
HUAIAN CITY URBAN ASSET      6.87      12/26/19    CNY     20.54
HUAIAN CITY URBAN ASSET      6.87      12/26/19    CNY     39.30
HUAIAN CITY WATER HOLDI      8.25      03/08/19    CNY     20.14
HUAIAN CITY WATER HOLDI      8.25      03/08/19    CNY     20.20
HUAI'AN DEVELOPMENT HOL      7.20      09/06/19    CNY     20.05
HUAI'AN DEVELOPMENT HOL      7.30      03/10/21    CNY     61.67
HUAI'AN DEVELOPMENT HOL      7.30      03/10/21    CNY     61.85
HUAI'AN NEW CITY INVEST      6.95      07/28/21    CNY     61.08
HUAI'AN NEW CITY INVEST      7.45      03/04/21    CNY     61.27
HUAI'AN NEW CITY INVEST      7.45      03/04/21    CNY     61.38
HUAI'AN NEW CITY INVEST      6.95      07/28/21    CNY     61.49
HUAIAN QINGHE NEW AREA       6.68      01/24/20    CNY     40.15
HUAIAN QINGHE NEW AREA       6.68      01/24/20    CNY     40.21
HUAIHUA CITY INDUSTRIAL      7.70      10/29/20    CNY     40.44
HUAINAN URBAN CONSTRUCT      6.79      07/09/21    CNY     60.54
HUAINAN URBAN CONSTRUCT      6.79      07/09/21    CNY     60.55
HUANGGANG CITY CONSTRUC      8.60      12/25/20    CNY     42.25
HUANGGANG CITY CONSTRUC      8.60      12/25/20    CNY     42.47
HUANGGANG CITY CONSTRUC      7.45      03/04/21    CNY     61.81
HUANGGANG CITY CONSTRUC      7.45      03/04/21    CNY     62.00
HUANGSHI CIHU HIGH-TECH      8.70      12/05/20    CNY     42.09
HUANGSHI CIHU HIGH-TECH      9.30      01/21/21    CNY     62.12
HUANGSHI URBAN CONSTRUC      6.96      10/25/19    CNY     20.28
HUBEI QUANZHOU YANGTZE       6.50      04/02/20    CNY     70.25
HUBEI QUANZHOU YANGTZE       6.50      04/02/20    CNY     70.92
HUIAN STATE ASSETS INVE      7.50      10/15/19    CNY     20.13
HUIAN STATE ASSETS INVE      7.50      10/15/19    CNY     20.16
HULUDAO INVESTMENT GROU      7.05      10/18/20    CNY     40.44
HULUDAO INVESTMENT GROU      7.05      10/18/20    CNY     40.89
HULUDAO INVESTMENT GROU      7.50      10/18/23    CNY     72.19
HUNAN CHANGDE DEYUAN IN      6.50      06/16/21    CNY     61.16
HUNAN CHANGDE DEYUAN IN      6.50      06/16/21    CNY     61.37
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY     41.78
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY     61.52
HUNAN TIER GROUP CO LTD      7.10      03/03/21    CNY     61.80
HUNAN TIER GROUP CO LTD      8.00      12/23/20    CNY     62.72
HUNAN XIANGJIANG NEW AR      7.36      03/17/21    CNY     62.39
HUNAN XIANGJIANG NEW AR      7.36      03/17/21    CNY     62.64
HUNNAN JINYANG INVESTME      5.70      11/27/21    CNY     60.63
HUNNAN JINYANG INVESTME      5.70      11/27/21    CNY     78.60
HUZHOU CITY INVESTMENT       6.70      12/14/19    CNY     20.35
HUZHOU NANXUN STATE-OWN      8.15      03/31/19    CNY     20.12
HUZHOU URBAN CONSTRUCTI      6.48      08/28/21    CNY     60.31
HUZHOU URBAN CONSTRUCTI      6.48      08/28/21    CNY     61.92
HUZHOU WUXING NANTAIHU       8.79      01/16/21    CNY     61.72
HUZHOU XISAISHAN DEVELO      7.80      04/29/21    CNY     61.22
HUZHOU XISAISHAN DEVELO      7.80      04/29/21    CNY     62.02
INNER MONGOLIA KE'ERQIN      7.75      09/24/19    CNY     20.21
INNER MONGOLIA SHENGXIA      8.18      08/21/21    CNY     58.91
INNER MONGOLIA SHENGXIA      8.18      08/21/21    CNY     60.31
INNER MONGOLIA ZHUNGEER      6.54      12/31/21    CNY     62.12
INNER MONGOLIA ZHUNGEER      6.54      12/31/21    CNY     62.49
JIAN CITY CONSTRUCTION       7.80      04/20/19    CNY     20.09
JIAN CITY CONSTRUCTION       7.80      04/20/19    CNY     20.14
JIAN CITY JINGANGSHAN D      7.99      06/03/21    CNY     61.00
JIAN CITY JINGANGSHAN D      7.99      06/03/21    CNY     61.27
JIANAN INVESTMENT HOLDI      7.68      09/04/19    CNY     20.32
JIANAN INVESTMENT HOLDI      7.68      09/04/19    CNY     40.00
JIANAN INVESTMENT HOLDI      6.85      05/23/21    CNY     61.95
JIANAN INVESTMENT HOLDI      6.85      05/23/21    CNY     62.26
JIANGDONG HOLDING GROUP      6.90      03/27/19    CNY     20.12
JIANGDONG HOLDING GROUP      7.14      04/24/21    CNY     61.54
JIANGDONG HOLDING GROUP      7.14      04/24/21    CNY     61.59
JIANGMEN BINJIANG CONST      6.60      02/28/20    CNY     37.93
JIANGMEN BINJIANG CONST      6.60      02/28/20    CNY     40.50
JIANGMEN NEW HI-TECH IN      7.39      11/04/20    CNY     41.40
JIANGSU FURUDONGHAI DEV      7.09      09/13/20    CNY     40.00
JIANGSU FURUDONGHAI DEV      7.09      09/13/20    CNY     40.88
JIANGSU HANRUI INVESTME      8.16      03/01/19    CNY     19.99
JIANGSU HUAJING ASSETS       6.00      05/16/20    CNY     40.30
JIANGSU HUAJING ASSETS       6.00      05/16/20    CNY     40.35
JIANGSU JINGUAN INVESTM      6.40      01/28/19    CNY     25.00
JIANGSU JINGUAN INVESTM      6.40      01/28/19    CNY     25.02
JIANGSU JINGUAN INVESTM      7.90      04/08/21    CNY     60.00
JIANGSU JINGUAN INVESTM      7.90      04/08/21    CNY     61.18
JIANGSU JINTAN GUOFA IN      6.85      05/30/21    CNY     61.87
JIANGSU JINTAN GUOFA IN      6.85      05/30/21    CNY     62.03
JIANGSU JURONG FUDI BIO      8.70      04/26/19    CNY     40.29
JIANGSU LIANYUN DEVELOP      6.10      06/19/19    CNY     20.02
JIANGSU LIANYUN DEVELOP      6.10      06/19/19    CNY     20.05
JIANGSU NANTONG NO2 CON      8.10      07/10/21    CNY     59.64
JIANGSU NEWHEADLINE DEV      7.00      08/27/20    CNY     40.48
JIANGSU NEWHEADLINE DEV      7.00      08/27/20    CNY     40.51
JIANGSU SUHAI INVESTMEN      7.20      11/07/19    CNY     20.20
JIANGSU SUHAI INVESTMEN      7.20      11/07/19    CNY     20.34
JIANGSU SUHAI INVESTMEN      7.28      05/29/21    CNY     60.88
JIANGSU SUHAI INVESTMEN      7.28      05/29/21    CNY     61.64
JIANGSU TAICANG PORT DE      7.66      05/16/19    CNY     20.25
JIANGSU TAICANG PORT DE      7.40      04/28/21    CNY     60.73
JIANGSU TAICANG PORT DE      7.40      04/28/21    CNY     61.92
JIANGSU WANGTAO INVESTM      6.82      09/15/20    CNY     51.10
JIANGSU WANGTAO INVESTM      6.82      09/15/20    CNY     51.17
JIANGSU WUZHONG ECONOMI      5.49      11/19/21    CNY     61.06
JIANGSU WUZHONG ECONOMI      5.49      11/19/21    CNY     61.12
JIANGSU XISHAN ECONOMIC      6.99      11/01/19    CNY     20.14
JIANGSU XISHAN ECONOMIC      6.99      11/01/19    CNY     20.14
JIANGSU YIXING ECONOMIC      7.69      04/18/21    CNY     60.74
JIANGSU YIXING ECONOMIC      7.69      04/18/21    CNY     61.04
JIANGSU ZHANGJIAGANG EC      6.98      11/16/19    CNY     20.50
JIANGSU ZHUFU INDUSTRIA      4.93      12/29/20    CNY     69.27
JIANGXI HEJI INVESTMENT      8.00      09/04/19    CNY     20.16
JIANGXI HEJI INVESTMENT      8.00      09/04/19    CNY     20.34
JIANGXI PINGXIANG CHANG      8.18      05/22/21    CNY     61.59
JIANGXI PINGXIANG CHANG      8.18      05/22/21    CNY     62.63
JIANGXI PROVINCE SITONG      8.20      04/18/21    CNY     60.43
JIANGXI PROVINCE SITONG      8.20      04/18/21    CNY     61.17
JIANGYIN CITY CONSTRUCT      7.20      06/11/19    CNY     20.19
JIANGYIN GAOXIN DISTRIC      6.60      02/27/20    CNY     40.27
JIANGYIN LINGANG NEW CI      7.10      11/07/20    CNY     40.80
JIANGYIN LINGANG NEW CI      7.10      11/07/20    CNY     40.88
JIANHU COUNTY DEVELOPME      7.29      09/25/21    CNY     61.17
JIANHU COUNTY DEVELOPME      7.29      09/25/21    CNY     61.42
JIANHU URBAN CONSTRUCTI      6.50      02/22/20    CNY     40.44
JIASHAN ECONOMIC DEVELO      7.05      12/03/19    CNY     20.39
JIASHAN ECONOMIC DEVELO      7.05      12/03/19    CNY     20.40
JIASHAN STATE-OWNED ASS      6.80      06/06/19    CNY     20.16
JIAXING CITY CULTURE MI      8.16      03/08/19    CNY     20.11
JIAXING ECONOMIC&TECHNO      6.78      06/14/19    CNY     20.15
JIAXING ECONOMIC&TECHNO      6.78      06/14/19    CNY     20.18
JIAXING ECONOMIC&TECHNO      7.89      03/05/21    CNY     60.87
JIAXING ECONOMIC&TECHNO      7.89      03/05/21    CNY     62.15
JIAXING NANHU INVESTMEN      7.45      02/26/21    CNY     61.91
JIAYUGUAN CITY INFRASTR      7.83      09/23/21    CNY     61.89
JIAYUGUAN CITY INFRASTR      7.83      09/23/21    CNY     61.92
JIEYANGSHI CHENGSHI TOU      6.55      08/27/21    CNY     62.04
JILIN CITY CONSTRUCTION      6.34      02/26/20    CNY     40.01
JILIN CITY CONSTRUCTION      6.34      02/26/20    CNY     40.23
JILIN LIYUAN PRECISION       7.00      09/22/19    CNY     16.00
JILIN RAILWAY INVESTMEN      7.18      03/04/21    CNY     61.22
JINAN CITY CONSTRUCTION      6.80      03/20/21    CNY     61.90
JINAN CITY CONSTRUCTION      6.80      03/20/21    CNY     62.06
JINAN HI-TECH HOLDING G      6.38      06/19/21    CNY     62.08
JINAN XIAOQINGHE DEVELO      7.15      09/05/19    CNY     20.27
JINCHANG CONSTRUCTION I      6.79      12/21/22    CNY     53.67
JINCHENG CITY STATE OWN      4.99      11/11/21    CNY     58.10
JINCHENG CITY STATE OWN      4.99      11/11/21    CNY     60.50
JINGDEZHEN STATE-OWNED       6.59      06/25/20    CNY     40.39
JINGDEZHEN STATE-OWNED       6.59      06/25/20    CNY     40.53
JINGHONG STATE-OWNED AS      8.08      05/23/21    CNY     55.80
JINGHONG STATE-OWNED AS      8.08      05/23/21    CNY     60.57
JINGJIANG HARBOUR GROUP      7.30      08/05/21    CNY     61.28
JINGJIANG HARBOUR GROUP      7.30      08/05/21    CNY     61.77
JINGMEN CITY CONSTRUCTI      7.00      10/17/20    CNY     41.29
JINGMEN CITY CONSTRUCTI      6.85      07/09/22    CNY     60.95
JINGMEN CITY CONSTRUCTI      6.85      07/09/22    CNY     62.73
JINGZHOU ECONOMIC TECHN      8.20      12/09/20    CNY     41.08
JINGZHOU ECONOMIC TECHN      8.20      12/09/20    CNY     41.17
JINGZHOU URBAN CONSTRUC      7.98      04/24/19    CNY     20.24
JINHU COUNTY STATE-OWNE      7.75      08/25/21    CNY     61.51
JINHU COUNTY STATE-OWNE      7.75      08/25/21    CNY     62.77
JINSHAN STATE-OWNED ASS      6.65      11/27/19    CNY     20.47
JINZHONG CITY PUBLIC IN      6.50      03/18/20    CNY     40.10
JINZHONG CITY PUBLIC IN      6.50      03/18/20    CNY     40.52
JINZHOU CITY INVESTMENT      7.08      06/13/19    CNY     20.07
JINZHOU CITY INVESTMENT      7.08      06/13/19    CNY     20.09
JINZHOU CITY INVESTMENT      8.50      12/27/20    CNY     41.48
JINZHOU CITY INVESTMENT      6.44      08/18/21    CNY     60.28
JINZHOU CITY INVESTMENT      6.44      08/18/21    CNY     61.35
JINZHOU CITY INVESTMENT      8.50      12/27/20    CNY     61.95
JINZHOU HUAXING INVESTM      8.38      02/25/21    CNY     61.57
JINZHOU HUAXING INVESTM      9.10      01/21/21    CNY     61.75
JIUJIANG CITY CONSTRUCT      8.49      02/23/19    CNY     20.09
JIUJIANG STATE-OWNED AS      6.68      03/07/20    CNY     40.65
JIUQUAN ECONOMIC DEVELO      7.40      02/26/21    CNY     60.96
KAIFENG DEVELOPMENT INV      6.47      07/11/19    CNY     20.03
KANGMEI PHARMACEUTICAL       5.47      09/15/22    CNY     49.55
KANGMEI PHARMACEUTICAL       5.29      08/16/22    CNY     59.62
KANGMEI PHARMACEUTICAL       5.20      07/17/22    CNY     64.82
KANGMEI PHARMACEUTICAL       6.10      03/28/21    CNY     74.81
KASHGAR SHENKA INVESTME      7.08      07/07/20    CNY     50.10
KASHGAR SHENKA INVESTME      7.08      07/07/20    CNY     50.77
KASHI URBAN CONSTRUCTIO      7.18      11/27/19    CNY     20.28
KASHI URBAN CONSTRUCTIO      7.18      11/27/19    CNY     40.15
KUERLE CITY CONSTRUCTIO      6.99      05/20/20    CNY     50.88
KUNMING DIANCHI INVESTM      6.50      02/01/20    CNY     40.21
KUNMING DIANCHI INVESTM      6.50      02/01/20    CNY     40.35
KUNMING DONGJUN REAL ES      4.50      11/02/21    CNY     73.36
KUNMING EXPRESSWAY CONS      7.50      01/21/20    CNY     70.42
KUNMING INDUSTRIAL DEVE      6.46      10/23/19    CNY     20.18
KUNMING INDUSTRIAL DEVE      6.46      10/23/19    CNY     20.19
KUNSHAN CHUANGYE HOLDIN      6.28      11/07/19    CNY     20.10
KUNSHAN CHUANGYE HOLDIN      6.28      11/07/19    CNY     20.38
KUNSHAN COMMUNICATION D      6.95      05/22/21    CNY     61.99
KUNSHAN COMMUNICATION D      6.95      05/22/21    CNY     62.97
KUNSHAN HIGH TECHNOLOGY      7.10      03/26/21    CNY     60.99
KUNSHAN HIGH TECHNOLOGY      7.10      03/26/21    CNY     62.20
LAIWU CITY ECONOMIC DEV      7.08      02/28/21    CNY     61.63
LAIWU CITY ECONOMIC DEV      7.08      02/28/21    CNY     61.79
LANZHOU NATIONAL CAPITA      6.32      09/10/21    CNY     59.41
LANZHOU NATIONAL CAPITA      6.32      09/10/21    CNY     59.42
LEIYANG CITY AND RURAL       7.80      04/10/22    CNY     74.32
LEQING CITY STATE OWNED      6.50      06/29/19    CNY     20.10
LEQING CITY STATE OWNED      6.50      06/29/19    CNY     20.21
LEQING CITY STATE OWNED      5.99      10/20/21    CNY     60.00
LEQING CITY STATE OWNED      5.99      10/20/21    CNY     61.38
LESHAN STATE-OWNED ASSE      5.68      10/22/21    CNY     60.64
LESHAN STATE-OWNED ASSE      5.68      10/22/21    CNY     61.20
LIANYUNGANG TRANSPORT G      5.47      11/17/21    CNY     59.57
LIANYUNGANG TRANSPORT G      5.47      11/17/21    CNY     60.08
LIAONING COASTAL ECONOM      8.90      04/01/21    CNY     11.65
LIAONING COASTAL ECONOM      8.90      04/01/21    CNY     11.73
LIAOYUAN STATE-OWNED AS      8.17      03/13/19    CNY     20.00
LIAOYUAN STATE-OWNED AS      8.17      03/13/19    CNY     20.03
LILING LUJIANG INVESTME      7.18      09/05/21    CNY     60.85
LILING LUJIANG INVESTME      7.18      09/05/21    CNY     61.08
LILING LUJIANG INVESTME      8.10      05/22/21    CNY     61.33
LINCANG STATE-OWNED ASS      6.58      04/11/20    CNY     40.27
LINFEN CITY INVESTMENT       6.20      05/23/20    CNY     40.35
LINFEN CITY INVESTMENT       6.20      05/23/20    CNY     40.52
LINFEN CITY INVESTMENT       7.23      02/22/19    CNY     50.12
LINFEN CITY INVESTMENT       7.23      02/22/19    CNY     50.13
LINFEN YAODU DISTRICT I      6.99      09/27/20    CNY     40.00
LINFEN YAODU DISTRICT I      6.99      09/27/20    CNY     40.20
LINHAI CITY INFRASTRUCT      6.30      03/21/20    CNY     40.12
LINHAI CITY INFRASTRUCT      6.30      03/21/20    CNY     40.26
LINYI ECONOMIC DEVELOPM      8.26      09/24/19    CNY     20.34
LINZHOU ECONOMIC & TECH      8.30      04/25/20    CNY     51.01
LINZHOU ECONOMIC & TECH      8.30      04/25/20    CNY     51.03
LISHUI CITY CONSTRUCTIO      6.00      05/23/20    CNY     40.24
LISHUI CITY CONSTRUCTIO      6.00      05/23/20    CNY     40.30
LIUYANG URBAN CONSTRUCT      6.98      08/22/21    CNY     61.63
LIUYANG URBAN CONSTRUCT      6.98      08/22/21    CNY     62.16
LIUZHOU CITY INVESTMENT      7.18      12/31/22    CNY     61.90
LIUZHOU CITY INVESTMENT      7.18      12/31/22    CNY     62.57
LIUZHOU DONGCHENG INVES      8.30      02/15/19    CNY     20.06
LIUZHOU DONGCHENG INVES      8.30      02/15/19    CNY     20.20
LIUZHOU DONGCHENG INVES      7.40      10/29/20    CNY     41.29
LIUZHOU DONGCHENG INVES      7.40      10/29/20    CNY     41.37
LIUZHOU INVESTMENT HOLD      6.98      08/15/19    CNY     20.30
LIYANG CITY CONSTRUCTIO      6.20      03/08/20    CNY     40.29
LIYANG KUNLUN URBAN CON      5.90      10/24/21    CNY     61.08
LIYANG KUNLUN URBAN CON      5.90      10/24/21    CNY     61.18
LONGHAI STATE-OWNED ASS      6.58      08/15/21    CNY     61.19
LOUDI CITY CONSTRUCTION      7.95      04/15/21    CNY     62.19
LOUDI CITY CONSTRUCTION      7.95      04/15/21    CNY     62.30
LOUDI TIDU INVESTMENT D      7.18      08/27/21    CNY     61.41
LUOHE CITY CONSTRUCTION      6.99      10/30/19    CNY     20.36
LUOHE CITY CONSTRUCTION      6.99      10/30/19    CNY     40.38
LUOHE CITY CONSTRUCTION      5.25      09/11/20    CNY     70.41
MA'ANSHAN CIHU HIGH TEC      6.85      09/09/21    CNY     60.78
MA'ANSHAN CIHU HIGH TEC      6.85      09/09/21    CNY     61.96
MAANSHAN ECONOMIC TECHN      7.10      12/20/19    CNY     20.30
MEISHAN CITY ASSET OPER      7.84      02/26/21    CNY     61.90
MEISHAN HONGDA CONSTRUC      6.56      06/19/20    CNY     40.54
MEIZHOU KANGDA HIGHWAY       6.95      09/10/20    CNY     40.70
MEIZHOU KANGDA HIGHWAY       6.95      09/10/20    CNY     41.13
MIANYANG INVESTMENT HOL      7.70      03/26/19    CNY     40.21
MIANYANG INVESTMENT HOL      7.70      03/26/19    CNY     40.22
MIANYANG SCIENCE TECHNO      7.16      05/15/19    CNY     20.07
MUDANJIANG STATE-OWNED       7.70      04/14/21    CNY     61.11
MUDANJIANG STATE-OWNED       7.70      04/14/21    CNY     61.12
NANCHANG CITY CONSTRUCT      6.19      02/20/20    CNY     40.40
NANCHANG CITY CONSTRUCT      6.19      02/20/20    CNY     40.48
NANCHANG COUNTY URBAN C      6.50      07/17/19    CNY     25.15
NANCHANG COUNTY URBAN C      6.50      07/17/19    CNY     25.20
NANCHANG ECONOMY TECHNO      6.88      01/09/20    CNY     40.35
NANCHANG MUNICIPAL PUBL      5.88      02/25/20    CNY     40.43
NANCHANG MUNICIPAL PUBL      5.88      02/25/20    CNY     40.49
NANCHANG WATER CONSERVA      6.28      06/21/20    CNY     40.70
NANCHANG WATER CONSERVA      6.28      06/21/20    CNY     40.81
NANCHONG ECONOMIC DEVEL      8.16      04/26/19    CNY     20.11
NANCHONG ECONOMIC DEVEL      8.28      04/21/21    CNY     61.53
NANCHONG ECONOMIC DEVEL      8.28      04/21/21    CNY     61.55
NANJING JIANGBEI NEW AR      6.94      09/07/19    CNY     20.26
NANJING JIANGBEI NEW AR      6.94      09/07/19    CNY     20.30
NANJING JIANGNING SCIEN      7.29      04/28/19    CNY     20.11
NANJING LISHUI ECONOMIC      6.27      09/22/21    CNY     61.94
NANJING LISHUI ECONOMIC      6.27      09/22/21    CNY     61.99
NANJING LISHUI URBAN CO      5.80      05/29/20    CNY     40.37
NANJING PUKOU ECONOMIC       7.10      10/08/19    CNY     20.30
NANJING PUKOU ECONOMIC       7.10      10/08/19    CNY     20.36
NANJING STATE OWNED ASS      5.40      03/06/20    CNY     40.20
NANJING STATE OWNED ASS      5.40      03/06/20    CNY     40.38
NANJING STATE OWNED ASS      5.60      03/06/23    CNY     72.12
NANJING STATE OWNED ASS      5.60      03/06/23    CNY     72.32
NANJING TANGSHAN CONSTR      6.80      06/30/21    CNY     61.25
NANJING TANGSHAN CONSTR      6.80      06/30/21    CNY     61.93
NANJING XINGANG DEVELOP      6.80      01/08/20    CNY     40.50
NANJING XINGANG DEVELOP      6.80      01/08/20    CNY     40.53
NANNING LVGANG CONSTRUC      7.30      06/27/21    CNY     60.86
NANNING LVGANG CONSTRUC      7.30      06/27/21    CNY     61.93
NANPING CITY WUYI NEW D      6.70      08/06/20    CNY     40.90
NANTONG CHONGCHUAN URBA      7.15      04/18/21    CNY     61.29
NANTONG CHONGCHUAN URBA      7.15      04/18/21    CNY     61.76
NANTONG CITY GANGZHA DI      7.15      01/09/20    CNY     39.80
NANTONG CITY GANGZHA DI      7.15      01/09/20    CNY     40.59
NANTONG CITY TONGZHOU D      6.80      05/28/19    CNY     20.09
NANTONG CITY TONGZHOU D      6.80      05/28/19    CNY     20.09
NANTONG ECONOMIC & TECH      5.80      05/17/20    CNY     40.25
NANTONG ECONOMIC & TECH      5.80      05/17/20    CNY     40.46
NANYANG INVESTMENT GROU      7.05      10/24/20    CNY     40.90
NANYANG INVESTMENT GROU      7.05      10/24/20    CNY     41.49
NEIJIANG INVESTMENT HOL      7.99      04/24/21    CNY     61.89
NEIJIANG INVESTMENT HOL      7.99      04/24/21    CNY     61.97
NINGBO CITY HAISHU GUAN      7.75      03/06/21    CNY     62.34
NINGBO CITY HAISHU GUAN      7.75      03/06/21    CNY     62.35
NINGBO CITY ZHENHAI INV      5.85      12/04/21    CNY     61.37
NINGBO CITY ZHENHAI INV      5.85      12/04/21    CNY     61.64
NINGBO EASTERN NEW TOWN      6.45      01/21/20    CNY     40.44
NINGBO ECONOMIC & TECHN      7.09      04/21/21    CNY     61.32
NINGBO ECONOMIC & TECHN      7.09      04/21/21    CNY     61.33
NINGBO SHUNNONG GROUP C      7.20      10/16/19    CNY     20.27
NINGBO YINCHENG GROUP C      6.50      03/18/20    CNY     40.50
NINGBO YINCHENG GROUP C      6.50      03/18/20    CNY     40.59
NINGGUO CITY STATE OWNE      8.70      04/28/21    CNY     61.84
NINGGUO CITY STATE OWNE      8.70      04/28/21    CNY     62.69
NINGHAI COUNTY URBAN IN      8.00      01/02/21    CNY     40.81
NINGHAI COUNTY URBAN IN      8.00      01/02/21    CNY     41.77
NINGHAI COUNTY URBAN IN      7.99      04/16/21    CNY     61.10
NINGHAI COUNTY URBAN IN      7.99      04/16/21    CNY     62.12
NINGXIANG ECONOMIC TECH      8.20      04/16/21    CNY     62.29
NINGXIANG ECONOMIC TECH      8.20      04/16/21    CNY     62.70
PANZHIHUA STATE OWNED A      7.60      03/05/21    CNY     60.68
PANZHIHUA STATE OWNED A      7.60      03/05/21    CNY     62.19
PEIXIAN STATE-OWNED ASS      7.20      12/06/19    CNY     20.28
PEIXIAN STATE-OWNED ASS      7.20      12/06/19    CNY     20.29
PINGDINGSHAN DEVELOPMEN      7.86      05/08/19    CNY     20.00
PINGDINGSHAN DEVELOPMEN      7.86      05/08/19    CNY     20.18
PINGHU CITY INVESTMENT       7.20      09/18/19    CNY     20.28
PINGHU ECONOMIC DEVELOP      7.99      04/17/21    CNY     61.02
PINGHU ECONOMIC DEVELOP      7.99      04/17/21    CNY     61.04
PINGLIANG CHENGXIANG CO      7.10      09/17/20    CNY     41.08
PINGTAN COMPOSITE EXPER      6.58      03/15/20    CNY     40.44
PINGTAN COMPOSITE EXPER      6.58      03/15/20    CNY     40.62
PINGXIANG URBAN CONSTRU      6.89      12/10/19    CNY     19.99
PINGXIANG URBAN CONSTRU      6.89      12/10/19    CNY     40.12
PIZHOU CITY HENGRUN INV      6.46      12/05/21    CNY     61.12
PIZHOU CITY HENGRUN INV      6.46      12/05/21    CNY     61.72
PIZHOU RUNCHENG ASSET O      7.55      09/25/19    CNY     20.35
PIZHOU RUNCHENG ASSET O      7.88      04/16/21    CNY     61.98
PIZHOU RUNCHENG ASSET O      7.88      04/16/21    CNY     62.09
PUER CITY STATE OWNED A      7.38      06/20/19    CNY     20.11
PUYANG INVESTMENT GROUP      8.00      12/11/20    CNY     41.01
PUYANG INVESTMENT GROUP      8.00      12/11/20    CNY     41.02
QIANAN URBAN CONSTRUCTI      7.19      08/11/21    CNY     62.10
QIANAN URBAN CONSTRUCTI      7.19      08/11/21    CNY     62.11
QIANAN URBAN CONSTRUCTI      8.88      01/23/21    CNY     62.44
QIANAN URBAN CONSTRUCTI      8.88      01/23/21    CNY     62.45
QIANDONG NANZHOU DEVELO      8.80      04/27/19    CNY     20.09
QIANDONGNAN TRANSPORTAT      5.79      12/21/22    CNY     74.31
QIANDONGNANZHOU KAIHONG      7.80      10/30/19    CNY     19.68
QIANJIANG URBAN CONSTRU      8.38      04/22/21    CNY     61.00
QIANJIANG URBAN CONSTRU      8.38      04/22/21    CNY     61.25
QIANXI NANZHOU HONGSHEN      6.99      11/22/19    CNY     20.14
QIDONG STATE-OWNED ASSE      7.30      11/20/22    CNY     62.24
QIDONG STATE-OWNED ASSE      7.30      11/20/22    CNY     62.60
QIDONG URBAN CONSTRUCTI      7.90      04/28/21    CNY     62.32
QIDONG URBAN CONSTRUCTI      8.20      04/04/21    CNY     62.39
QINGDAO CHINA PROSPERIT      7.30      04/18/19    CNY     20.11
QINGDAO CITY CONSTRUCTI      6.89      02/16/19    CNY     20.05
QINGDAO CITY CONSTRUCTI      6.89      02/16/19    CNY     20.07
QINGDAO CONSON DEVELOPM      6.40      12/12/22    CNY     62.72
QINGDAO HICREAT DEVELOP      6.88      04/25/21    CNY     61.77
QINGDAO HICREAT DEVELOP      6.88      04/25/21    CNY     61.95
QINGDAO JIAOZHOU CITY D      6.59      01/25/20    CNY     40.61
QINGDAO JIAOZHOU CITY D      6.20      08/21/21    CNY     61.07
QINGDAO JIAOZHOU CITY D      6.20      08/21/21    CNY     61.08
QINGDAO JIAOZHOUWAN DEV      6.33      09/18/21    CNY     61.69
QINGDAO JIAOZHOUWAN DEV      6.33      09/18/21    CNY     62.00
QINGDAO JIMO CITY TOURI      5.47      11/17/21    CNY     61.05
QINGDAO JIMO CITY TOURI      5.47      11/17/21    CNY     61.22
QINGDAO JIMO CITY URBAN      8.10      12/17/19    CNY     25.86
QINGDAO JIMO CITY URBAN      8.10      12/17/19    CNY     25.87
QINGDAO LAIXI CITY ASSE      7.50      03/06/21    CNY     61.13
QINGDAO LAIXI CITY ASSE      7.50      03/06/21    CNY     62.75
QINGYANG CITY ECONOMIC       7.98      04/16/21    CNY     61.03
QINGYUAN TRANSPORTATION      8.20      12/19/20    CNY     41.75
QINGZHOU HONGYUAN PUBLI      6.50      05/22/19    CNY      9.98
QINGZHOU HONGYUAN PUBLI      6.50      05/22/19    CNY     10.01
QINGZHOU HONGYUAN PUBLI      7.35      10/19/19    CNY     20.27
QINGZHOU HONGYUAN PUBLI      7.35      10/19/19    CNY     20.33
QINGZHOU HONGYUAN PUBLI      7.59      05/29/21    CNY     62.26
QINHUANGDAO DEVELOPMENT      8.00      12/17/20    CNY     41.01
QINHUANGDAO DEVELOPMENT      8.00      12/17/20    CNY     41.02
QINHUANGDAO DEVELOPMENT      8.45      04/18/21    CNY     61.65
QINHUANGDAO DEVELOPMENT      8.45      04/18/21    CNY     61.66
QINZHOU BINHAI NEW CITY      7.00      08/27/20    CNY     41.06
QINZHOU BINHAI NEW CITY      6.99      07/07/21    CNY     60.92
QINZHOU BINHAI NEW CITY      6.99      07/07/21    CNY     62.01
QINZHOU CITY DEVELOPMEN      7.10      10/16/19    CNY     40.50
QINZHOU CITY DEVELOPMEN      7.10      10/16/19    CNY     40.71
QUJING DEVELOPMENT INVE      7.25      09/06/19    CNY     20.24
QUJING DEVELOPMENT INVE      7.25      09/06/19    CNY     20.26
QUJING DEVELOPMENT INVE      7.48      04/28/21    CNY     61.70
QUJING DEVELOPMENT INVE      7.48      04/28/21    CNY     61.96
QUJING ECO TECH DEVELOP      7.48      07/21/21    CNY     60.48
QUZHOU STATE OWNED ASSE      7.20      04/21/21    CNY     62.24
QUZHOU STATE OWNED ASSE      7.20      04/21/21    CNY     62.27
RENHUAI CITY DEVELOPMEN      8.09      05/16/21    CNY     62.33
RENHUAI CITY DEVELOPMEN      8.09      05/16/21    CNY     62.34
RIGHT WAY REAL ESTATE D      7.30      07/15/21    CNY     69.00
RIZHAO CITY CONSTRUCTIO      5.80      06/06/20    CNY     40.40
RUCHENG COUNTY HYDROPOW      6.65      04/25/20    CNY     70.83
RUDONG COUNTY DONGTAI S      7.45      09/24/19    CNY     20.32
RUDONG COUNTY DONGTAI S      7.45      09/24/19    CNY     20.35
RUDONG COUNTY DONGTAI S      6.99      06/20/21    CNY     61.54
RUDONG COUNTY DONGTAI S      6.99      06/20/21    CNY     61.94
RUDONG COUNTY JINXIN TR      8.08      03/03/21    CNY     61.76
RUDONG COUNTY JINXIN TR      8.08      03/03/21    CNY     61.77
RUGAO CITY ECONOMIC TRA      8.30      01/22/21    CNY     62.09
RUGAO COMMUNICATIONS CO      8.51      01/26/19    CNY     25.04
RUGAO COMMUNICATIONS CO      6.70      02/01/20    CNY     40.19
RUGAO COMMUNICATIONS CO      6.70      02/01/20    CNY     40.45
RUGAO YANJIANG DEVELOPM      8.60      01/24/21    CNY     61.83
RUGAO YANJIANG DEVELOPM      8.60      01/24/21    CNY     62.31
RUIAN STATE OWNED ASSET      6.93      11/26/19    CNY     20.08
RUIAN STATE OWNED ASSET      6.93      11/26/19    CNY     20.08
RUZHOU CITY XINYUAN INV      6.30      09/16/21    CNY     74.77
SANMEN COUNTY STATE-OWN      6.85      10/29/21    CNY     60.30
SANMEN COUNTY STATE-OWN      6.85      10/29/21    CNY     60.51
SHAANXI ANKANG HIGH TEC      8.78      09/17/21    CNY     61.95
SHAANXI ANKANG HIGH TEC      8.78      09/17/21    CNY     63.06
SHAANXI XIXIAN NEW AREA      6.85      08/15/21    CNY     60.82
SHAANXI XIXIAN NEW AREA      6.89      01/05/22    CNY     61.21
SHANDONG BOXING COUNTY       8.00      12/22/21    CNY     62.23
SHANDONG BOXING COUNTY       8.00      12/22/21    CNY     62.88
SHANDONG CENTURY SUNSHI      8.19      07/21/21    CNY     61.65
SHANDONG CENTURY SUNSHI      8.19      07/21/21    CNY     62.66
SHANDONG HONGHE HOLDING      8.50      06/23/21    CNY     57.27
SHANDONG HONGHE HOLDING      8.50      06/23/21    CNY     62.39
SHANDONG PUBLIC HOLDING      7.18      01/22/20    CNY     40.39
SHANDONG RENCHENG RONGX      7.30      10/18/20    CNY     41.16
SHANDONG RENCHENG RONGX      7.30      10/18/20    CNY     41.25
SHANDONG SNTON GROUP CO      5.18      09/08/21    CNY     45.00
SHANDONG TAIFENG HOLDIN      5.80      03/12/20    CNY     39.00
SHANDONG TAIFENG HOLDIN      5.80      03/12/20    CNY     40.04
SHANDONG WEISHANHU MINI      6.15      03/13/20    CNY     68.95
SHANDONG YUHUANG CHEMIC      6.00      11/21/21    CNY     71.00
SHANGHAI BUND GROUP DEV      6.35      04/24/20    CNY     40.50
SHANGHAI BUND GROUP DEV      6.35      04/24/20    CNY     40.68
SHANGHAI CAOHEJING HI-T      7.24      04/09/21    CNY     62.23
SHANGHAI CAOHEJING HI-T      7.24      04/09/21    CNY     62.25
SHANGHAI CHENJIAZHEN CO      7.18      11/06/19    CNY     25.54
SHANGHAI CHONGMING CONS      6.40      06/13/20    CNY     50.90
SHANGHAI CHONGMING CONS      6.40      06/13/20    CNY     51.01
SHANGHAI FENGXIAN NANQI      6.25      03/05/20    CNY     40.50
SHANGHAI JIADING ROAD C      6.80      04/23/21    CNY     61.30
SHANGHAI JIADING ROAD C      6.80      04/23/21    CNY     61.82
SHANGHAI JINSHAN URBAN       6.60      12/21/19    CNY     20.36
SHANGHAI JINSHAN URBAN       6.60      12/21/19    CNY     20.39
SHANGHAI LUJIAZUI DEVEL      5.79      02/25/19    CNY     40.06
SHANGHAI LUJIAZUI DEVEL      5.79      02/25/19    CNY     40.08
SHANGHAI LUJIAZUI DEVEL      5.98      03/11/19    CNY     40.08
SHANGHAI LUJIAZUI DEVEL      5.98      03/11/19    CNY     40.20
SHANGHAI MINHANG URBAN       6.48      10/23/19    CNY     20.21
SHANGHAI MINHANG URBAN       6.48      10/23/19    CNY     20.38
SHANGHAI MUNICIPAL INVE      4.63      07/30/19    CNY     20.10
SHANGHAI NANFANG GROUP       6.70      09/09/19    CNY     25.23
SHANGHAI NANFANG GROUP       6.70      09/09/19    CNY     25.29
SHANGHAI NANHUI URBAN C      6.04      08/20/21    CNY     61.70
SHANGHAI URBAN CONSTRUC      5.25      11/30/19    CNY     20.23
SHANGHAI YONGYE ENTERPR      6.84      05/21/20    CNY     51.06
SHANGLUO CITY CONSTRUCT      6.75      09/09/19    CNY     25.00
SHANGLUO CITY CONSTRUCT      6.75      09/09/19    CNY     25.29
SHANGLUO CITY CONSTRUCT      7.05      09/09/20    CNY     40.39
SHANGLUO CITY CONSTRUCT      7.05      09/09/20    CNY     41.00
SHANGQIU DEVELOPMENT IN      6.60      01/15/20    CNY     40.35
SHANTOU CITY CONSTRUCTI      8.57      03/23/22    CNY     63.33
SHANTOU CITY CONSTRUCTI      8.57      03/23/22    CNY     63.48
SHANTOU GARDEN GROUP CO      5.30      09/29/21    CNY     69.31
SHAOGUAN JINYE DEVELOPM      7.30      10/18/19    CNY     20.39
SHAOXING CHENGZHONGCUN       6.50      01/24/20    CNY     40.08
SHAOXING CITY INVESTMEN      6.40      11/09/19    CNY     20.21
SHAOXING CITY INVESTMEN      6.40      11/09/19    CNY     20.32
SHAOXING CITY KEQIAO DI      6.40      08/20/21    CNY     61.58
SHAOXING CITY KEQIAO DI      6.40      08/20/21    CNY     61.65
SHAOXING KEQIAO DISTRIC      6.30      02/26/19    CNY     25.08
SHAOXING KEQIAO ECONOMI      7.00      12/10/21    CNY     60.85
SHAOXING KEQIAO ECONOMI      7.00      12/10/21    CNY     62.02
SHAOXING PAOJIANG INDUS      6.90      10/31/19    CNY     20.25
SHAOXING PAOJIANG INDUS      6.98      05/29/21    CNY     61.20
SHAOXING PAOJIANG INDUS      6.98      05/29/21    CNY     61.57
SHAOXING SHANGYU COMMUN      6.70      09/11/19    CNY     20.26
SHAOXING SHANGYU HANGZH      6.95      10/11/20    CNY     41.09
SHAOXING SHANGYU URBAN       6.80      08/07/21    CNY     62.20
SHAOXING SHANGYU URBAN       6.80      08/07/21    CNY     62.64
SHAOYANG CITY CONSTRUCT      8.58      01/17/21    CNY     60.86
SHAOYANG CITY CONSTRUCT      6.12      08/27/20    CNY     69.90
SHENGZHOU INVESTMENT HO      7.60      07/17/21    CNY     62.94
SHENMU CITY STATE-OWNED      7.28      06/23/21    CNY     60.95
SHENMU CITY STATE-OWNED      7.28      06/23/21    CNY     61.02
SHENYANG SUJIATUN DISTR      6.40      06/20/20    CNY     38.72
SHENYANG SUJIATUN DISTR      6.40      06/20/20    CNY     40.52
SHENZHEN METRO GROUP CO      5.40      03/25/23    CNY     71.08
SHENZHEN METRO GROUP CO      5.40      03/25/23    CNY     71.90
SHIJIAZHUANG HUTUO NEW       5.28      12/24/25    CNY     70.78
SHIJIAZHUANG HUTUO NEW       5.28      12/24/25    CNY     72.09
SHIJIAZHUANG REAL ESTAT      5.65      05/15/20    CNY     40.33
SHIJIAZHUANG REAL ESTAT      5.65      05/15/20    CNY     40.47
SHIYAN CITY INFRASTRUCT      7.98      04/20/19    CNY     20.23
SHIYAN CITY INFRASTRUCT      6.88      10/11/20    CNY     41.05
SHIYAN CITY INFRASTRUCT      6.88      10/11/20    CNY     41.15
SHIYAN CITY INFRASTRUCT      6.58      08/20/21    CNY     60.75
SHIYAN CITY INFRASTRUCT      6.58      08/20/21    CNY     61.54
SHOUGUANG CITY CONSTRUC      7.10      10/18/20    CNY     40.47
SHOUGUANG CITY CONSTRUC      7.10      10/18/20    CNY     41.13
SHUANGLIU COUNTY WATER       7.40      02/26/20    CNY     50.30
SHUANGLIU COUNTY WATER       6.92      07/30/20    CNY     50.30
SHUANGLIU COUNTY WATER       7.40      02/26/20    CNY     50.74
SHUANGLIU COUNTY WATER       6.92      07/30/20    CNY     51.12
SHUANGLIU SHINE CHINE C      8.40      03/16/19    CNY     40.26
SHUANGLIU SHINE CHINE C      8.48      03/16/19    CNY     40.30
SHUANGLIU SHINE CHINE C      8.40      03/16/19    CNY     40.51
SHUANGYASHAN DADI CITY       6.55      12/25/19    CNY     20.35
SHUYANG JINGYUAN ASSET       6.50      12/03/19    CNY     20.29
SHUYANG JINGYUAN ASSET       6.50      12/03/19    CNY     20.29
SHUYANG JINGYUAN ASSET       7.39      04/14/21    CNY     61.57
SHUYANG JINGYUAN ASSET       7.39      04/14/21    CNY     61.85
SICHUAN CHENGDU ABA DEV      7.18      09/12/20    CNY     40.00
SICHUAN COAL INDUSTRY G      7.70      01/09/18    CNY     45.00
SICHUAN NAXING INDUSTRI      7.17      09/11/21    CNY     58.96
SIPING SITONG CITY INFR      7.25      04/29/19    CNY     70.49
SLENDER WEST LAKE TOURI      6.80      06/25/21    CNY     61.64
SLENDER WEST LAKE TOURI      6.80      06/25/21    CNY     61.95
SONGYUAN URBAN DEVELOPM      5.79      12/04/21    CNY     59.18
SONGYUAN URBAN DEVELOPM      5.79      12/04/21    CNY     59.44
SUINING CITY HEDONG DEV      8.36      04/17/21    CNY     61.55
SUINING CITY HEDONG DEV      8.36      04/17/21    CNY     61.57
SUINING COUNTY RUNQI IN      7.10      06/25/21    CNY     60.45
SUINING DEVELOPMENT INV      6.62      04/25/20    CNY     39.50
SUINING DEVELOPMENT INV      6.62      04/25/20    CNY     40.42
SUINING FUYUAN INDUSTRY      6.39      03/17/22    CNY     73.71
SUINING KAIDA INVESTMEN      8.69      04/21/21    CNY     61.56
SUIZHOU CITY URBAN CONS      7.18      09/02/21    CNY     60.50
SUIZHOU CITY URBAN CONS      7.18      09/02/21    CNY     61.09
SUIZHOU DEVELOPMENT INV      7.50      08/22/19    CNY     20.30
SUIZHOU DEVELOPMENT INV      7.50      08/22/19    CNY     20.34
SUIZHOU DEVELOPMENT INV      8.50      12/20/20    CNY     42.10
SUIZHOU DEVELOPMENT INV      8.50      12/20/20    CNY     42.11
SUIZHOU DEVELOPMENT INV      8.40      04/30/21    CNY     61.91
SUIZHOU DEVELOPMENT INV      8.40      04/30/21    CNY     62.73
SUNSHINE KAIDI NEW ENER      6.12      08/23/20    CNY     62.66
SUNSHINE KAIDI NEW ENER      6.12      08/23/20    CNY     70.40
SUQIAN CITY CONSTRUCTIO      6.88      10/29/20    CNY     40.90
SUQIAN CITY CONSTRUCTIO      6.88      10/29/20    CNY     40.97
SUQIAN ECONOMIC DEVELOP      7.50      03/26/19    CNY     20.15
SUQIAN WATER GROUP CO        6.55      12/04/19    CNY     20.34
SUZHOU CITY CONSTRUCTIO      7.45      03/12/19    CNY     20.09
SUZHOU CITY CONSTRUCTIO      6.40      04/17/20    CNY     40.54
SUZHOU CITY CONSTRUCTIO      6.40      04/17/20    CNY     40.62
SUZHOU FENHU INVESTMENT      7.49      02/28/21    CNY     61.45
SUZHOU FENHU INVESTMENT      7.49      02/28/21    CNY     61.47
SUZHOU INDUSTRIAL PARK       5.79      05/30/19    CNY     20.12
SUZHOU INDUSTRIAL PARK       5.79      05/30/19    CNY     20.19
SUZHOU NEW DISTRICT ECO      6.20      07/22/21    CNY     61.70
SUZHOU NEW DISTRICT ECO      6.20      07/22/21    CNY     61.70
SUZHOU URBAN CONSTRUCTI      5.79      10/25/19    CNY     20.24
SUZHOU URBAN CONSTRUCTI      5.79      10/25/19    CNY     20.24
SUZHOU WUJIANG COMMUNIC      6.80      10/31/20    CNY     41.25
SUZHOU WUJIANG COMMUNIC      6.80      10/31/20    CNY     41.47
SUZHOU XIANGCHENG URBAN      6.95      09/03/19    CNY     20.12
SUZHOU XIANGCHENG URBAN      6.95      09/03/19    CNY     20.31
SUZHOU XIANGCHENG URBAN      6.95      03/19/21    CNY     61.47
SUZHOU XIANGCHENG URBAN      6.95      03/19/21    CNY     61.78
TAIAN TAISHAN INVESTMEN      6.76      01/25/20    CNY     40.37
TAIAN TAISHAN INVESTMEN      6.76      01/25/20    CNY     40.45
TAICANG ASSETS MANAGEME      7.00      02/27/21    CNY     60.44
TAICANG HENGTONG INVEST      7.45      10/30/19    CNY     20.24
TAICANG URBAN CONSTRUCT      6.75      01/11/20    CNY     40.43
TAIXING CITY CHENGXING       8.30      12/12/20    CNY     41.55
TAIXING CITY CHENGXING       8.30      12/12/20    CNY     41.78
TAIYUAN ECONOMIC TECHNO      7.43      04/24/21    CNY     62.20
TAIYUAN ECONOMIC TECHNO      7.43      04/24/21    CNY     62.46
TAIYUAN HIGH-SPEED RAIL      6.50      10/30/20    CNY     41.23
TAIYUAN HIGH-SPEED RAIL      5.18      09/06/20    CNY     70.60
TAIYUAN LONGCHENG DEVEL      6.50      09/25/19    CNY     20.31
TAIYUAN LONGCHENG DEVEL      6.50      09/25/19    CNY     20.33
TAIYUAN STATE-OWNED INV      7.20      03/19/21    CNY     62.08
TAIYUAN STATE-OWNED INV      7.20      03/19/21    CNY     62.09
TAIZHOU CITY CONSTRUCTI      6.92      10/16/23    CNY     72.50
TAIZHOU CITY JIANGYAN D      8.50      04/23/20    CNY     50.86
TAIZHOU CITY JIANGYAN D      8.50      04/23/20    CNY     50.98
TAIZHOU CITY JIANGYAN U      7.10      09/03/20    CNY     40.26
TAIZHOU CITY JIANGYAN U      7.10      09/03/20    CNY     40.60
TAIZHOU CITY NEW BINJIA      7.60      03/05/21    CNY     61.05
TAIZHOU CITY NEW BINJIA      7.60      03/05/21    CNY     61.10
TAIZHOU HAILING ASSETS       8.52      03/21/19    CNY     20.11
TAIZHOU HAILING ASSETS       8.52      03/21/19    CNY     20.15
TAIZHOU INFRASTRUCTURE       6.53      07/11/21    CNY     61.40
TAIZHOU INFRASTRUCTURE       6.53      07/11/21    CNY     62.03
TAIZHOU JIANGYAN STATE       6.85      12/03/19    CNY     19.80
TAIZHOU JIANGYAN STATE       6.85      12/03/19    CNY     20.20
TAIZHOU JIAOJIANG STATE      7.46      09/13/20    CNY     41.51
TAIZHOU TRAFFIC INDUSTR      6.15      03/11/20    CNY     40.02
TAIZHOU TRAFFIC INDUSTR      6.15      03/11/20    CNY     40.47
TANGSHAN CAOFEIDIAN DEV      7.50      10/15/20    CNY     39.98
TIANJIN BAOXING INDUSTR      7.10      10/17/20    CNY     40.80
TIANJIN BAOXING INDUSTR      7.10      10/17/20    CNY     41.09
TIANJIN BEICHEN DISTRIC      7.00      04/21/21    CNY     61.20
TIANJIN BEICHEN DISTRIC      7.00      04/21/21    CNY     61.63
TIANJIN BEICHEN TECHNOL      6.87      08/20/21    CNY     61.01
TIANJIN BEICHEN TECHNOL      6.87      08/20/21    CNY     61.02
TIANJIN BINHAI NEW AREA      5.19      03/13/20    CNY     40.29
TIANJIN DONGLI CITY INF      6.05      06/19/20    CNY     40.07
TIANJIN ECO-CITY INVEST      6.76      08/14/19    CNY     20.13
TIANJIN ECONOMIC TECHNO      6.20      12/03/19    CNY     20.20
TIANJIN ECONOMIC TECHNO      6.20      12/03/19    CNY     20.20
TIANJIN ECONOMIC TECHNO      6.50      12/03/22    CNY     62.14
TIANJIN ECONOMIC TECHNO      6.50      12/03/22    CNY     62.44
TIANJIN GUANGCHENG INVE      7.45      07/24/21    CNY     59.81
TIANJIN GUANGCHENG INVE      7.45      07/24/21    CNY     59.92
TIANJIN GUANGCHENG INVE      6.97      02/22/23    CNY     68.92
TIANJIN GUANGCHENG INVE      6.97      02/22/23    CNY     68.94
TIANJIN HI-TECH INDUSTR      7.80      03/27/19    CNY     19.98
TIANJIN HI-TECH INDUSTR      7.80      03/27/19    CNY     20.09
TIANJIN HI-TECH INDUSTR      6.65      09/12/21    CNY     60.89
TIANJIN HUANCHENG URBAN      7.20      03/21/21    CNY     61.89
TIANJIN INFRASTRUCTURE       5.70      02/26/23    CNY     72.08
TIANJIN JINNAN CITY CON      6.95      06/18/19    CNY     20.13
TIANJIN JINNAN CITY CON      6.95      06/18/19    CNY     20.14
TIANJIN JINNAN CITY CON      6.50      06/03/21    CNY     61.49
TIANJIN LINGANG INVESTM      7.75      02/26/21    CNY     61.90
TIANJIN LINGANG INVESTM      7.75      02/26/21    CNY     62.04
TIANJIN NINGHE DISTRICT      7.00      05/30/21    CNY     60.65
TIANJIN NINGHE DISTRICT      7.00      05/30/21    CNY     62.04
TIANJIN REAL ESTATE TRU      8.59      03/13/21    CNY     60.37
TIANJIN REAL ESTATE TRU      8.59      03/13/21    CNY     61.31
TIANJIN RESIDENTIAL CON      8.00      12/19/20    CNY     40.72
TIANJIN TEDA CONSTRUCTI      6.89      04/27/20    CNY     40.63
TIANJIN WATER INVESTMEN      6.60      07/28/21    CNY     57.50
TIANJIN WATER INVESTMEN      6.60      07/28/21    CNY     59.39
TIANJIN WUQING STATE-OW      8.00      12/17/20    CNY     41.84
TIANJIN WUQING STATE-OW      8.00      12/17/20    CNY     41.87
TIANJIN WUQING STATE-OW      7.18      03/19/21    CNY     60.00
TIANJIN WUQING STATE-OW      7.18      03/19/21    CNY     61.76
TIANMEN CITY CONSTRUCTI      8.20      08/28/21    CNY     63.18
TIANMEN CITY CONSTRUCTI      8.20      08/28/21    CNY     63.19
TIANRUI GROUP CEMENT CO      8.00      02/04/21    CNY     74.61
TONGLING CONSTRUCTION I      6.98      08/26/20    CNY     40.34
TONGLING CONSTRUCTION I      6.98      08/26/20    CNY     40.74
TONGLU STATE-OWNED ASSE      8.09      04/18/21    CNY     61.54
TONGLU STATE-OWNED ASSE      8.09      04/18/21    CNY     62.39
TONGXIANG CITY CONSTRUC      6.10      05/16/20    CNY     40.43
TONGXIANG CITY CONSTRUC      6.10      05/16/20    CNY     40.59
TULUFAN DISTRICT STATE-      7.20      08/09/19    CNY     25.08
TULUFAN DISTRICT STATE-      7.20      08/09/19    CNY     25.29
URUMQI CITY CONSTRUCTIO      6.35      07/09/19    CNY     20.11
URUMQI CITY CONSTRUCTIO      6.35      07/09/19    CNY     20.14
URUMQI GAOXIN INVESTMEN      6.18      03/05/20    CNY     40.20
URUMQI GAOXIN INVESTMEN      6.18      03/05/20    CNY     40.53
VANZIP INVESTMENT GROUP      7.92      02/04/19    CNY     24.76
WAFANGDIAN STATE-OWNED       8.55      04/19/19    CNY     20.20
WEIFANG BINHAI INVESTME      6.16      04/16/21    CNY     55.35
WEIFANG DONGXIN CONSTRU      6.88      11/20/19    CNY     20.33
WEIFANG DONGXIN CONSTRU      6.88      11/20/19    CNY     20.48
WENLING CITY STATE OWNE      7.18      09/18/19    CNY     20.29
WENLING CITY STATE OWNE      7.18      09/18/19    CNY     20.35
WENZHOU ANJUFANG CITY D      7.65      04/24/19    CNY     20.20
WENZHOU ECONOMIC-TECHNO      6.49      01/15/20    CNY     40.37
WENZHOU ECONOMIC-TECHNO      6.49      01/15/20    CNY     40.41
WENZHOU HIGH-TECH INDUS      7.30      05/30/21    CNY     61.30
WENZHOU HIGH-TECH INDUS      7.95      03/21/21    CNY     61.70
WENZHOU HIGH-TECH INDUS      7.95      03/21/21    CNY     62.24
WENZHOU HIGH-TECH INDUS      7.30      05/30/21    CNY     62.62
WENZHOU LUCHENG CITY DE      5.58      11/03/21    CNY     59.38
WENZHOU LUCHENG CITY DE      5.58      11/03/21    CNY     59.39
WINTIME ENERGY CO LTD        7.50      03/30/19    CNY     35.00
WINTIME ENERGY CO LTD        7.50      07/07/19    CNY     35.50
WINTIME ENERGY CO LTD        7.50      05/19/19    CNY     36.00
WUHAI CITY CONSTRUCTION      8.19      04/21/21    CNY     62.42
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY     61.96
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY     61.97
WUHAN HUANPO DISTRICT U      6.43      09/17/21    CNY     61.72
WUHAN HUANPO DISTRICT U      6.43      09/17/21    CNY     62.06
WUHAN JIANGXIA URBAN CO      8.99      01/20/21    CNY     62.29
WUHAN METRO GROUP CO LT      5.70      02/04/20    CNY     40.00
WUHAN METRO GROUP CO LT      5.70      02/04/20    CNY     40.35
WUHAN REAL ESTATE DEVEL      5.90      03/22/19    CNY     25.10
WUHAN REAL ESTATE DEVEL      5.90      03/22/19    CNY     25.14
WUHAN URBAN CONSTRUCTIO      5.60      03/08/20    CNY     40.36
WUHU COUNTY CONSTRUCTIO      6.60      12/08/21    CNY     60.57
WUHU COUNTY CONSTRUCTIO      6.60      12/08/21    CNY     61.64
WUHU JINGHU CONSTRUCTIO      6.68      05/16/20    CNY     40.03
WUHU JIUJIANG CONSTRUCT      8.49      04/14/21    CNY     62.39
WUHU JIUJIANG CONSTRUCT      8.49      04/14/21    CNY     63.01
WUHU YIJU INVESTMENT GR      6.45      08/11/21    CNY     61.45
WUHU YIJU INVESTMENT GR      6.45      08/11/21    CNY     61.76
WUJIANG ECONOMIC TECHNO      6.88      12/27/19    CNY     20.52
WUJIANG ECONOMIC TECHNO      6.88      12/27/19    CNY     40.45
WUWEI CITY ECONOMY DEVE      8.20      12/09/20    CNY     40.91
WUWEI CITY ECONOMY DEVE      8.20      12/09/20    CNY     41.08
WUWEI CITY ECONOMY DEVE      8.20      04/24/21    CNY     58.72
WUWEI CITY ECONOMY DEVE      8.20      04/24/21    CNY     60.91
WUXI CONSTRUCTION AND D      6.60      09/17/19    CNY     20.25
WUXI CONSTRUCTION AND D      6.60      09/17/19    CNY     20.37
WUXI HUISHAN ECONOMIC D      6.03      04/22/19    CNY     25.13
WUXI MUNICIPAL DEVELOPM      6.10      10/11/20    CNY     41.01
WUXI TAIHU INTERNATIONA      7.60      09/17/19    CNY     20.30
WUXI TAIHU INTERNATIONA      7.60      09/17/19    CNY     20.39
WUXI XIDONG NEW TOWN CO      6.65      01/28/20    CNY     40.40
WUXI XIDONG NEW TOWN CO      6.65      01/28/20    CNY     40.41
WUZHONG URBAN RURAL CON      7.18      10/12/20    CNY     40.49
WUZHONG URBAN RURAL CON      7.18      10/12/20    CNY     40.50
WUZHOU DONGTAI STATE-OW      7.40      09/03/19    CNY     20.32
XIAMEN TORCH GROUP CO L      7.49      04/21/21    CNY     61.76
XIAMEN TORCH GROUP CO L      7.49      04/21/21    CNY     61.93
XIAMEN XINGLIN CONSTRUC      6.60      02/22/20    CNY     40.10
XIAMEN XINGLIN CONSTRUC      6.60      02/22/20    CNY     40.50
XI'AN AEROSPACE CITY IN      6.96      11/08/19    CNY     20.46
XIAN CHANBAHE DEVELOPME      6.89      08/03/19    CNY     20.19
XI'AN HI-TECH HOLDING C      5.70      02/26/19    CNY     25.03
XI'AN HI-TECH HOLDING C      5.70      02/26/19    CNY     25.06
XI'AN INTERNATIONAL HOR      6.20      10/21/21    CNY     59.72
XI'AN INTERNATIONAL HOR      6.20      10/21/21    CNY     59.94
XI'AN URBAN INDEMNIFICA      7.31      03/18/19    CNY     40.21
XI'AN URBAN INDEMNIFICA      7.31      03/18/19    CNY     40.22
XI'AN URBAN INDEMNIFICA      7.31      04/18/19    CNY     40.29
XI'AN URBAN INDEMNIFICA      7.31      04/18/19    CNY     40.30
XIANGSHAN COUNTRY STATE      7.95      04/25/21    CNY     62.50
XIANGSHAN COUNTRY STATE      7.95      04/25/21    CNY     62.60
XIANGTAN HI-TECH GROUP       6.90      01/15/20    CNY     40.04
XIANGTAN HI-TECH GROUP       6.90      01/15/20    CNY     40.24
XIANGTAN HI-TECH GROUP       8.16      02/25/21    CNY     60.53
XIANGTAN HI-TECH GROUP       8.16      02/25/21    CNY     61.28
XIANGTAN JIUHUA ECONOMI      7.15      10/15/20    CNY     39.49
XIANGTAN LIANGXING SOCI      7.89      04/23/21    CNY     62.10
XIANGTAN ZHENXIANG STAT      6.60      08/07/20    CNY     40.05
XIANGTAN ZHENXIANG STAT      6.60      08/07/20    CNY     40.65
XIANGYANG HIGH TECH STA      7.00      05/29/21    CNY     61.47
XIANGYANG HIGH TECH STA      7.00      05/29/21    CNY     61.59
XIANNING HIGH-TECH INVE      5.80      06/05/20    CNY     40.24
XIANNING HIGH-TECH INVE      5.80      06/05/20    CNY     40.38
XIANTAO CITY CONSTRUCTI      8.15      02/24/21    CNY     61.00
XIAOGAN GAOCHUANG INVES      7.43      06/23/21    CNY     61.21
XIAOGAN GAOCHUANG INVES      6.87      09/22/21    CNY     61.41
XIAOGAN GAOCHUANG INVES      6.87      09/22/21    CNY     61.67
XIAOGAN GAOCHUANG INVES      7.43      06/23/21    CNY     62.03
XIAOGAN URBAN CONSTRUCT      8.12      03/26/19    CNY     20.15
XIAOGAN URBAN CONSTRUCT      6.89      05/29/21    CNY     61.93
XINGHUA URBAN CONSTRUCT      7.36      07/15/20    CNY     50.66
XINGHUA URBAN CONSTRUCT      7.36      07/15/20    CNY     51.01
XINING CITY INVESTMENT       7.70      04/27/19    CNY     20.20
XINING ECONOMIC DEVELOP      5.90      06/04/20    CNY     40.41
XINJIANG HUIFENG URBAN       6.10      05/23/20    CNY     40.35
XINJIANG HUIFENG URBAN       6.10      05/23/20    CNY     40.41
XINJIANG KAIDI INVESTME      7.80      04/22/21    CNY     61.96
XINJIANG KAIDI INVESTME      7.80      04/22/21    CNY     62.03
XINJIANG RUNSHENG INVES      7.15      07/10/20    CNY     50.27
XINJIANG RUNSHENG INVES      7.15      07/10/20    CNY     50.28
XINJIANG WUJIAQU CAIJIA      7.50      05/21/21    CNY     60.80
XINXIANG INVESTMENT GRO      5.85      04/15/20    CNY     39.90
XINXIANG INVESTMENT GRO      5.85      04/15/20    CNY     40.42
XINYANG HUAXIN INVESTME      6.95      06/14/19    CNY     20.09
XINYANG HUAXIN INVESTME      6.95      06/14/19    CNY     20.15
XINYANG HUAXIN INVESTME      7.55      04/15/21    CNY     61.73
XINYANG HUAXIN INVESTME      7.55      04/15/21    CNY     62.23
XINYI CITY INVESTMENT &      7.39      10/15/20    CNY     41.32
XINYI CITY INVESTMENT &      7.39      10/15/20    CNY     60.50
XINYU CHENGDONG CONSTRU      8.48      05/27/21    CNY     60.52
XINYU CITY SHANTYTOWN Z      6.42      12/09/20    CNY     71.19
XINYU URBAN CONSTRUCTIO      7.08      12/13/19    CNY     20.32
XINZHENG NEW DISTRICT D      6.52      06/28/19    CNY     24.90
XINZHENG NEW DISTRICT D      6.52      06/28/19    CNY     25.22
XINZHOU ASSET MANAGEMEN      8.50      12/18/20    CNY     41.27
XINZHOU ASSET MANAGEMEN      8.50      12/18/20    CNY     42.04
XINZHOU ASSET MANAGEMEN      7.90      02/21/21    CNY     61.12
XINZHOU ASSET MANAGEMEN      7.90      02/21/21    CNY     62.03
XUANCHENG CITY ECONOMY       7.95      09/22/21    CNY     63.08
XUANCHENG CITY ECONOMY       7.95      09/22/21    CNY     63.08
XUANCHENG STATE-OWNED A      7.99      03/20/19    CNY     30.17
XUANCHENG STATE-OWNED A      7.95      03/27/21    CNY     61.97
XUANCHENG STATE-OWNED A      7.95      03/27/21    CNY     62.40
XUZHOU CITY TONGSHAN DI      6.60      08/08/20    CNY     40.66
XUZHOU CITY TONGSHAN DI      6.60      08/08/20    CNY     40.72
XUZHOU ECONOMIC TECHNOL      8.20      03/07/19    CNY     20.05
XUZHOU ECONOMIC TECHNOL      8.20      03/07/19    CNY     20.08
XUZHOU ECONOMIC TECHNOL      7.35      04/21/21    CNY     62.00
XUZHOU HIGH SPEED RAILW      7.09      05/15/21    CNY     62.37
XUZHOU HI-TECH INDUSTRI      7.86      04/22/21    CNY     61.23
XUZHOU HI-TECH INDUSTRI      7.86      04/22/21    CNY     62.14
YA'AN DEVELOPMENT INVES      7.00      09/13/20    CNY     40.78
YAAN STATE-OWNED ASSET       7.39      07/04/19    CNY     20.14
YANCHENG CITY DAFENG DI      7.08      12/13/19    CNY     20.36
YANCHENG CITY DAFENG DI      7.08      12/13/19    CNY     40.00
YANCHENG CITY DAFENG DI      8.50      12/30/20    CNY     42.08
YANCHENG CITY DAFENG DI      8.50      12/30/20    CNY     62.00
YANCHENG CITY DAFENG DI      8.70      01/24/21    CNY     62.34
YANCHENG CITY TINGHU DI      7.95      11/15/20    CNY     40.84
YANCHENG CITY TINGHU DI      7.95      11/15/20    CNY     58.30
YANCHENG ORIENTAL INVES      6.99      10/26/19    CNY     20.14
YANCHENG ORIENTAL INVES      6.48      09/15/21    CNY     59.70
YANCHENG ORIENTAL INVES      6.48      09/15/21    CNY     60.69
YANCHENG SOUTH DISTRICT      6.93      10/26/19    CNY     20.31
YANCHENG SOUTH DISTRICT      6.70      07/30/21    CNY     62.14
YANGJIANG HENGCAI CITY       6.85      09/09/20    CNY     40.80
YANGJIANG HENGCAI CITY       6.85      09/09/20    CNY     40.87
YANGZHOU CHEMICAL INDUS      8.58      01/24/21    CNY     61.15
YANGZHOU CHEMICAL INDUS      8.58      01/24/21    CNY     61.15
YANGZHOU HANJIANG URBAN      6.20      03/12/20    CNY     40.32
YANGZHOU HANJIANG URBAN      6.20      03/12/20    CNY     40.44
YANGZHOU JIANGDU YANJIA      7.48      07/29/20    CNY     50.74
YANGZHOU JIANGDU YANJIA      7.48      07/29/20    CNY     51.21
YANGZHOU LONGCHUAN HOLD      8.10      03/23/19    CNY     20.07
YANGZHOU LONGCHUAN HOLD      8.10      03/23/19    CNY     20.11
YANGZHOU URBAN CONSTRUC      6.30      07/26/19    CNY     20.22
YICHANG URBAN CONSTRUCT      6.85      11/08/19    CNY     20.34
YICHANG URBAN CONSTRUCT      6.85      11/08/19    CNY     20.40
YICHUN URBAN CONSTRUCTI      7.09      05/15/21    CNY     60.72
YICHUN URBAN CONSTRUCTI      7.09      05/15/21    CNY     61.86
YILI KAZAKH AUTONOMOUS       7.68      02/28/21    CNY     61.00
YILI KAZAKH AUTONOMOUS       7.68      02/28/21    CNY     62.07
YINCHUAN URBAN CONSTRUC      6.88      05/12/21    CNY     61.86
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY     63.77
YINGTAN INVESTMENT CO        7.50      12/12/22    CNY     64.00
YINING CITY STATE OWNED      8.90      01/23/21    CNY     62.41
YINING CITY STATE OWNED      8.90      01/23/21    CNY     62.46
YINYI CO LTD                 7.03      06/21/21    CNY     72.00
YIWU URBAN & RURAL NEW       4.25      11/24/21    CNY     74.22
YIXING CITY DEVELOPMENT      6.90      10/10/19    CNY     20.25
YIXING CITY DEVELOPMENT      6.90      10/10/19    CNY     20.37
YIXING TUOYE INDUSTRIAL      7.60      05/28/21    CNY     61.69
YIXING TUOYE INDUSTRIAL      7.60      05/28/21    CNY     62.02
YIYANG CITY CONSTRUCTIO      7.36      08/24/19    CNY     20.25
YIYANG CITY CONSTRUCTIO      7.36      08/24/19    CNY     20.50
YIZHENG CITY CONSTRUCTI      7.78      06/14/19    CNY     20.19
YIZHENG CITY CONSTRUCTI      7.78      06/14/19    CNY     20.21
YIZHENG CITY CONSTRUCTI      8.60      01/09/21    CNY     61.41
YIZHENG CITY CONSTRUCTI      8.60      01/09/21    CNY     62.16
YONGJIA INVESTMENT GROU      6.50      11/12/21    CNY     60.94
YONGJIA INVESTMENT GROU      6.50      11/12/21    CNY     60.95
YONGZHOU CITY CONSTRUCT      7.30      10/23/20    CNY     40.57
YONGZHOU CITY CONSTRUCT      7.30      10/23/20    CNY     41.20
YUEYANG HUILIN INVESTME      5.50      11/03/21    CNY     59.73
YUEYANG HUILIN INVESTME      5.50      11/03/21    CNY     60.20
YUEYANG URBAN CONSTRUCT      6.05      07/12/20    CNY     40.54
YUEYANG URBAN CONSTRUCT      6.05      07/12/20    CNY     40.72
YUHUAN CITY COMMUNICATI      7.15      10/12/19    CNY     20.20
YUHUAN CITY COMMUNICATI      7.15      10/12/19    CNY     20.35
YUHUAN CITY COMMUNICATI      5.65      11/03/21    CNY     59.48
YUHUAN CITY COMMUNICATI      5.65      11/03/21    CNY     60.88
YULIN URBAN CONSTRUCTIO      6.88      11/26/19    CNY     20.27
YULIN URBAN CONSTRUCTIO      6.88      11/26/19    CNY     40.00
YUNCHENG URBAN CONSTRUC      7.48      10/15/19    CNY     20.32
YUNNAN METROPOLITAN CON      6.77      05/23/21    CNY     60.50
YUNNAN METROPOLITAN CON      6.77      05/23/21    CNY     61.39
YUYAO CITY CONSTRUCTION      7.09      05/19/21    CNY     61.40
YUYAO CITY CONSTRUCTION      7.09      05/19/21    CNY     62.20
YUYAO ECONOMIC DEVELOPM      6.75      03/04/20    CNY     40.39
YUYAO ECONOMIC DEVELOPM      6.75      03/04/20    CNY     40.40
ZHANGJIAGANG FREE TRADE      7.10      08/23/20    CNY     41.02
ZHANGJIAGANG FREE TRADE      7.10      08/23/20    CNY     41.10
ZHANGJIAGANG JINCHENG I      6.88      04/28/21    CNY     61.69
ZHANGJIAGANG JINCHENG I      6.88      04/28/21    CNY     62.06
ZHANGJIAGANG MUNICIPAL       6.43      11/27/19    CNY     20.32
ZHANGJIAGANG MUNICIPAL       6.43      11/27/19    CNY     20.40
ZHANGJIAJIE ECONOMIC DE      7.40      10/18/19    CNY     20.48
ZHANGJIAJIE ECONOMIC DE      7.80      04/17/21    CNY     61.77
ZHANGYE CITY INVESTMENT      6.92      09/22/21    CNY     60.54
ZHANGYE CITY INVESTMENT      6.92      09/22/21    CNY     60.55
ZHANGZHOU CITY CONSTRUC      6.60      03/26/20    CNY     40.68
ZHANGZHOU JIULONGJIANG       6.48      06/20/21    CNY     61.50
ZHANGZHOU JIULONGJIANG       6.48      06/20/21    CNY     61.85
ZHANJIANG INFRASTRUCTUR      6.93      10/21/20    CNY     41.30
ZHAOYUAN STATE-OWNED AS      6.64      12/31/19    CNY     20.12
ZHEJIANG CHANGXING VIA       7.99      03/03/21    CNY     60.98
ZHEJIANG CHANGXING VIA       7.99      03/03/21    CNY     70.00
ZHEJIANG FUCHUN SHANJU       7.70      04/28/21    CNY     61.69
ZHEJIANG FUCHUN SHANJU       7.70      04/28/21    CNY     61.75
ZHEJIANG GUOXING INVEST      6.94      08/01/21    CNY     61.85
ZHEJIANG GUOXING INVEST      6.94      08/01/21    CNY     62.39
ZHEJIANG HUZHOU HUANTAI      6.70      11/28/19    CNY     20.33
ZHEJIANG PROVINCE DEQIN      6.40      02/22/20    CNY     40.15
ZHEJIANG PROVINCE XINCH      6.60      04/24/20    CNY     40.31
ZHEJIANG PROVINCE XINCH      6.60      04/24/20    CNY     40.37
ZHEJIANG PROVINCE XINCH      5.88      10/30/21    CNY     60.04
ZHEJIANG PROVINCE XINCH      6.95      12/31/21    CNY     61.09
ZHEJIANG PROVINCE XINCH      5.88      10/30/21    CNY     61.11
ZHEJIANG PROVINCE XINCH      6.95      12/31/21    CNY     62.38
ZHENGZHOU MOUZHONG DEVE      7.48      12/11/21    CNY     61.73
ZHENGZHOU MOUZHONG DEVE      7.48      12/11/21    CNY     62.29
ZHENGZHOU PUBLIC HOUSIN      5.98      07/17/20    CNY     40.34
ZHENGZHOU PUBLIC HOUSIN      5.98      07/17/20    CNY     40.40
ZHENJIANG CITY CONSTRUC      7.90      12/18/20    CNY     41.54
ZHENJIANG CITY CONSTRUC      7.90      12/18/20    CNY     41.65
ZHENJIANG CITY CONSTRUC      8.20      01/13/21    CNY     61.89
ZHENJIANG CITY CONSTRUC      8.20      01/13/21    CNY     71.00
ZHENJIANG CULTURE TOURI      6.60      01/30/20    CNY     40.32
ZHENJIANG DANTU DISTRIC      5.89      11/03/21    CNY     59.25
ZHENJIANG NEW AREA URBA      8.35      02/26/21    CNY     61.33
ZHENJIANG NEW AREA URBA      8.99      01/16/21    CNY     61.55
ZHENJIANG TRANSPORTATIO      7.29      05/08/19    CNY     20.00
ZHONGSHAN TRANSPORTATIO      5.25      11/26/21    CNY     59.08
ZHONGSHAN TRANSPORTATIO      5.25      11/26/21    CNY     59.85
ZHOUKOU INVESTMENT GROU      7.49      04/21/21    CNY     61.73
ZHOUSHAN DINGHAI STATE-      7.25      08/31/20    CNY     40.55
ZHOUSHAN DINGHAI STATE-      7.25      08/31/20    CNY     41.33
ZHOUSHAN DINGHAI STATE-      7.13      08/04/21    CNY     60.57
ZHOUSHAN DINGHAI STATE-      7.13      08/04/21    CNY     61.15
ZHOUSHAN ISLANDS NEW DI      6.98      10/22/22    CNY     72.33
ZHOUSHAN ISLANDS NEW DI      6.98      10/22/22    CNY     72.44
ZHOUSHAN PUTUO DISTRICT      7.18      06/20/22    CNY     72.44
ZHOUSHAN PUTUO DISTRICT      7.18      06/20/22    CNY     72.53
ZHUHAI HUAFA GROUP CO L      5.50      06/05/19    CNY     25.14
ZHUHAI HUAFA GROUP CO L      5.50      06/05/19    CNY     25.15
ZHUHAI HUIHUA INFRASTRU      7.15      09/17/20    CNY     40.84
ZHUHAI HUIHUA INFRASTRU      7.15      09/17/20    CNY     41.15
ZHUJI CITY CONSTRUCTION      6.92      12/19/19    CNY     20.52
ZHUJI CITY YUEDU INVEST      8.20      12/12/20    CNY     41.30
ZHUJI CITY YUEDU INVEST      8.20      12/12/20    CNY     41.44
ZHUZHOU CITY CONSTRUCTI      6.95      10/16/20    CNY     40.90
ZHUZHOU CITY CONSTRUCTI      6.95      10/16/20    CNY     41.18
ZHUZHOU CITY CONSTRUCTI      8.36      11/10/21    CNY     63.37
ZHUZHOU GECKOR GROUP CO      7.50      09/10/19    CNY     20.18
ZHUZHOU GECKOR GROUP CO      7.50      09/10/19    CNY     20.20
ZHUZHOU GECKOR GROUP CO      6.95      08/11/21    CNY     61.18
ZHUZHOU GECKOR GROUP CO      6.95      08/11/21    CNY     61.31
ZHUZHOU YUNLONG DEVELOP      6.78      11/19/19    CNY     20.28
ZHUZHOU YUNLONG DEVELOP      6.78      11/19/19    CNY     20.29
ZIBO CITY PROPERTY CO L      5.45      04/27/19    CNY     11.99
ZIYANG CITY CONSTRUCTIO      7.58      01/09/19    CNY     24.99
ZIYANG WATER INVESTMENT      7.40      10/21/20    CNY     41.30
ZJ HZ QINGSHAN LAKE SCI      7.90      04/23/21    CNY     60.97
ZJ HZ QINGSHAN LAKE SCI      7.90      04/23/21    CNY     61.48
ZUNYI CITY HUICHUAN DIS      6.75      04/24/19    CNY     25.04


HONG KONG
---------

CHINA SOUTH CITY HOLDIN      7.25      11/20/22    USD     70.09
CHINA SOUTH CITY HOLDIN      6.75      09/13/21    USD     73.44
DR PENG HOLDING HONGKON      5.05      06/01/20    USD     74.35


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25      03/13/17    USD     48.00
BERAU COAL ENERGY TBK P      7.25      03/13/17    USD     48.00
DAVOMAS INTERNATIONAL F     11.00      12/08/14    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      12/08/14    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      05/09/11    USD      0.44
DAVOMAS INTERNATIONAL F     11.00      05/09/11    USD      0.44
EXPRESS TRANSINDO UTAMA     12.25      06/24/19    IDR     30.50
PERUSAHAAN PENERBIT SBS      6.10      02/15/37    IDR     73.20


INDIA
-----

3I INFOTECH LTD              2.50      03/31/25    USD     10.36
ACME FAZILKA POWER PVT       0.01      09/07/46    INR      8.82
AMPSOLAR SOLUTION PVT L      0.01      11/03/37    INR     18.25
AMPSOLAR SOLUTION PVT L      0.01      10/27/37    INR     18.28
APG INTELLI HOMES PVT L      1.25      02/04/35    INR     31.35
APG INTELLI HOMES PVT L      1.25      02/04/35    INR     34.74
ASHOKA HIGHWAYS BHANDAR      2.00      09/19/22    INR     72.98
AUTOMOTIVE EXCHANGE PVT      4.00      06/01/30    INR     54.90
AUTOMOTIVE EXCHANGE PVT      4.00      10/11/30    INR     55.06
BENGAL AEROTROPOLIS PRO      5.00      12/01/29    INR     65.89
BENGAL AEROTROPOLIS PRO      5.00      12/01/28    INR     67.55
BENGAL AEROTROPOLIS PRO      5.00      12/01/27    INR     69.44
BENGAL AEROTROPOLIS PRO      5.00      12/01/26    INR     71.55
BRIGHT BUILDTECH PVT LT      1.00      09/01/23    INR     65.42
BRIGHT BUILDTECH PVT LT      1.00      09/01/23    INR     65.42
CORE EDUCATION & TECHNO      7.00      05/07/49    USD      0.28
CUMULUS TRADING CO PVT       0.01      05/21/32    INR     29.31
CUMULUS TRADING CO PVT       0.01      12/29/29    INR     35.93
CUMULUS TRADING CO PVT       0.01      01/23/30    INR     49.32
DAYAKARA SOLAR POWER PV      0.10      04/05/26    INR     49.93
EDELWEISS ASSET RECONST      2.00      10/07/28    INR     49.27
EDELWEISS ASSET RECONST      2.00      11/20/27    INR     51.96
EDELWEISS ASSET RECONST      2.00      03/28/27    INR     53.66
GREEN URJA PVT LTD           0.01      02/14/30    INR     35.94
GTL INFRASTRUCTURE LTD       6.73      10/26/22    USD      4.00
HIMGIRI ENERGY VENTURES      1.00      09/30/22    INR     69.13
HINDUSTAN CONSTRUCTION       0.01      01/05/27    INR     46.20
HITODI INFRASTRUCTURE L      0.01      06/30/27    INR     41.97
IL&FS PARADIP REFINERY       1.50      08/29/22    INR     74.90
JAIPRAKASH ASSOCIATES L      5.75      09/08/17    USD     55.13
JAIPRAKASH POWER VENTUR      7.00      02/13/49    USD      5.00
JASPER AUTO SERVICES PV      0.01      02/11/23    INR     67.54
JCT LTD                      2.50      04/08/11    USD     25.75
JSM CORP PVT LTD             0.01      08/31/36    INR     20.14
KANAKADURGA FINANCE LTD      0.01      04/15/36    INR     18.78
KVK ENERGY & INFRASTRUC      0.01      01/25/24    INR     60.37
MARIS POWER SUPPLY CO P      2.00      04/18/28    INR     54.70
MYAASHIANA MANAGEMENT S      0.25      02/02/23    INR     67.89
MYTRAH AADHYA POWER PVT      0.01      07/05/35    INR     22.75
MYTRAH ADVAITH POWER PV      0.01      07/13/36    INR     20.76
MYTRAH AKSHAYA ENERGY P      0.01      07/13/36    INR     20.76
ORIGAMI CELLULO PVT LTD      0.01      11/14/36    INR     19.71
PAN INDIA INFRAPROJECTS      0.10      01/25/24    INR     58.63
PRAKASH INDUSTRIES LTD       5.25      04/30/15    USD     22.63
PUNJAB INFRASTRUCTURE D      0.40      10/15/33    INR     32.87
PUNJAB INFRASTRUCTURE D      0.40      10/15/32    INR     35.33
PUNJAB INFRASTRUCTURE D      0.40      10/15/31    INR     38.06
PUNJAB INFRASTRUCTURE D      0.40      10/15/30    INR     41.05
PUNJAB INFRASTRUCTURE D      0.40      10/15/29    INR     44.32
PUNJAB INFRASTRUCTURE D      0.40      10/15/28    INR     47.87
PUNJAB INFRASTRUCTURE D      0.40      10/15/27    INR     51.74
PUNJAB INFRASTRUCTURE D      0.40      10/15/26    INR     55.92
PUNJAB INFRASTRUCTURE D      0.40      10/15/25    INR     60.44
PUNJAB INFRASTRUCTURE D      0.40      10/15/24    INR     65.32
PYRAMID SAIMIRA THEATRE      1.75      07/04/12    USD      1.00
R L FINE CHEM PVT LTD        0.10      08/19/36    INR     20.48
REDKITE CAPITAL PVT LTD      2.50      01/15/28    INR     60.21
REI AGRO LTD                 5.50      11/13/14    USD      0.32
REI AGRO LTD                 5.50      11/13/14    USD      0.32
RELIANCE COMMUNICATIONS      6.50      11/06/20    USD     25.48
SURBHI INVESTMENTS & TR      2.50      10/21/28    INR     55.79
SVOGL OIL GAS & ENERGY       5.00      08/17/15    USD      1.55
TN URJA PVT LTD              0.10      02/22/36    INR     23.53
VIDEOCON INDUSTRIES LTD      2.80      12/31/20    USD     29.75
WATSUN INFRABUILD PVT L      4.00      10/16/37    INR     49.31


JAPAN
-----

AVANSTRATE INC               0.05      10/29/32    JPY      9.75
TKJP CORP                    1.02      12/15/17    JPY      0.50
TKJP CORP                    0.85      03/06/19    JPY      2.02
TKJP CORP                    0.58      03/26/21    JPY      2.02


KOREA
-----

HEUNGKUK FIRE & MARINE       5.70      12/29/46    KRW     50.43
INDUSTRIAL BANK OF KORE      3.84      03/10/45    KRW     40.22
KIBO ABS SPECIALTY CO L      5.00      02/26/21    KRW     66.89
KIBO ABS SPECIALTY CO L      5.00      12/25/19    KRW     72.53
KIBO ABS SPECIALTY CO L      5.00      08/29/19    KRW     73.44
KIBO ABS SPECIALTY CO L      5.00      02/26/19    KRW     74.76
KIBO ABS SPECIALTY CO L      5.00      02/25/19    KRW     75.05
SAMPYO CEMENT CO LTD         7.50      04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      07/20/14    KRW     70.00
SAMPYO CEMENT CO LTD         7.50      09/10/14    KRW     70.00
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      12/21/20    KRW     65.80
SINBO SECURITIZATION SP      5.00      03/21/21    KRW     66.82
SINBO SECURITIZATION SP      5.00      02/23/22    KRW     68.79
SINBO SECURITIZATION SP      5.00      01/26/22    KRW     68.93
SINBO SECURITIZATION SP      5.00      09/27/21    KRW     70.72
SINBO SECURITIZATION SP      5.00      08/25/21    KRW     70.98
SINBO SECURITIZATION SP      5.00      06/23/20    KRW     71.19
SINBO SECURITIZATION SP      5.00      07/27/21    KRW     71.20
SINBO SECURITIZATION SP      5.00      03/15/20    KRW     71.93
SINBO SECURITIZATION SP      5.00      02/28/21    KRW     72.38
SINBO SECURITIZATION SP      5.00      01/27/21    KRW     72.64
SINBO SECURITIZATION SP      5.00      12/22/20    KRW     72.91
SINBO SECURITIZATION SP      5.00      09/23/20    KRW     73.65
SINBO SECURITIZATION SP      5.00      08/26/20    KRW     73.88
SINBO SECURITIZATION SP      5.00      06/24/19    KRW     73.95
SINBO SECURITIZATION SP      5.00      07/28/20    KRW     74.10
SINBO SECURITIZATION SP      5.00      03/13/19    KRW     74.82


MALAYSIA
--------

AEON CREDIT SERVICE M B      3.50      09/15/20    MYR      1.33
ASIAN PAC HOLDINGS BHD       3.00      05/25/22    MYR      0.58
BERJAYA CORP BHD             2.00      05/29/26    MYR      0.31
BERJAYA CORP BHD             5.00      04/22/22    MYR      0.33
BRIGHT FOCUS BHD             2.50      01/22/31    MYR     62.55
ELK-DESA RESOURCES BHD       3.25      04/14/22    MYR      0.85
HIAP TECK VENTURE BHD        5.00      06/23/21    MYR      0.29
I-BHD                        3.00      10/09/19    MYR      0.29
IRE-TEX CORP BHD             1.00      06/10/19    MYR      0.01
PERODUA GLOBAL MANUFACT      0.50      12/17/25    MYR     70.46
PMB TECHNOLOGY BHD           3.00      07/12/23    MYR      3.25
PUC BHD                      4.00      02/15/19    MYR      0.05
REDTONE INTERNATIONAL B      2.75      03/04/20    MYR      0.07
SENAI-DESARU EXPRESSWAY      1.35      06/30/31    MYR     60.56
SENAI-DESARU EXPRESSWAY      1.35      12/31/30    MYR     61.73
SENAI-DESARU EXPRESSWAY      1.35      06/28/30    MYR     62.91
SENAI-DESARU EXPRESSWAY      1.35      12/31/29    MYR     64.08
SENAI-DESARU EXPRESSWAY      1.35      12/29/28    MYR     66.48
SENAI-DESARU EXPRESSWAY      1.35      06/30/28    MYR     67.79
SENAI-DESARU EXPRESSWAY      1.35      12/31/27    MYR     69.11
SENAI-DESARU EXPRESSWAY      1.35      06/30/27    MYR     70.41
SENAI-DESARU EXPRESSWAY      1.35      06/30/26    MYR     73.17
SENAI-DESARU EXPRESSWAY      1.15      06/30/25    MYR     75.01
SOUTHERN STEEL BHD           5.00      01/24/20    MYR      0.82
THONG GUAN INDUSTRIES B      5.00      10/10/19    MYR      2.17
VIZIONE HOLDINGS BHD         3.00      08/08/21    MYR      0.07
YTL LAND & DEVELOPMENT       3.00      10/31/21    MYR      0.35


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

PRECINCT PROPERTIES NEW      4.80      09/27/21    NZD      1.03


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     68.00
PHILIPPINE GOVERNMENT B      4.63      09/09/40    PHP     70.57


SINGAPORE
---------

APL REALTY HOLDINGS PTE      5.95      06/02/24    USD     69.05
ASL MARINE HOLDINGS LTD      6.00      03/28/20    SGD     51.38
ASL MARINE HOLDINGS LTD      6.35      10/01/21    SGD     51.38
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD      0.76
BAKRIE TELECOM PTE LTD      11.50      05/07/15    USD      0.76
BERAU CAPITAL RESOURCES     12.50      07/08/15    USD     47.01
BERAU CAPITAL RESOURCES     12.50      07/08/15    USD     47.02
BLD INVESTMENTS PTE LTD      8.63      03/23/15    USD      4.88
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
BLUE OCEAN RESOURCES PT      4.00      12/31/21    USD     38.52
ENERCOAL RESOURCES PTE       9.25      08/05/14    USD     44.50
EZION HOLDINGS LTD           0.25      11/20/27    SGD     60.55
EZRA HOLDINGS LTD            4.88      04/24/18    SGD      5.00
HYFLUX LTD                   4.60      09/23/19    SGD     45.01
HYFLUX LTD                   4.25      09/07/18    SGD     45.38
HYFLUX LTD                   4.20      08/29/19    SGD     45.79
INDO INFRASTRUCTURE GRO      2.00      07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT      6.00      12/11/24    USD     61.21
ITNL OFFSHORE PTE LTD        7.50      01/18/21    CNY     48.08
ORO NEGRO DRILLING PTE       7.50      01/24/19    USD     45.32
OSA GOLIATH PTE LTD         12.00      10/09/19    USD     62.63
PACIFIC RADIANCE LTD         4.30      09/30/19    SGD     10.00
RICKMERS MARITIME            8.45      05/15/17    SGD      5.00
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD     69.05
SOECHI CAPITAL PTE LTD       8.38      01/31/23    USD     69.20
SWIBER CAPITAL PTE LTD       6.25      10/30/17    SGD      4.20
SWIBER CAPITAL PTE LTD       6.50      08/02/18    SGD      4.20
SWIBER HOLDINGS LTD          7.13      04/18/17    SGD      7.75
SWIBER HOLDINGS LTD          7.75      09/18/17    CNY      7.75
SWIBER HOLDINGS LTD          5.55      10/10/16    SGD     12.25
THETA CAPITAL PTE LTD        6.75      10/31/26    USD     68.24
THETA CAPITAL PTE LTD        7.00      04/11/22    USD     74.21
TRIKOMSEL PTE LTD            5.25      05/10/16    SGD     16.00
TRIKOMSEL PTE LTD            7.88      06/05/17    SGD     16.00


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35      03/01/26    LKR     69.96
SRI LANKA GOVERNMENT BO      8.00      01/01/32    LKR     74.02


THAILAND
--------

G STEEL PCL                  3.00      10/04/15    USD      0.56
MDX PCL                      4.75      09/17/03    USD     30.00


VIETNAM
-------

DEBT AND ASSET TRADING       1.00      10/10/25    USD     68.14
DEBT AND ASSET TRADING       1.00      10/10/25    USD     68.81



                             *********

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 2019.  All rights reserved.  ISSN: 1520-9482.

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

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



                 *** End of Transmission ***