/raid1/www/Hosts/bankrupt/TCRAP_Public/190409.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, April 9, 2019, Vol. 22, No. 71

                           Headlines



A U S T R A L I A

AESTHETIC CORPORATION: First Creditors' Meeting Set for April 16
AP HUMAN: Second Creditors' Meeting Set for April 15
AUSPODS PROPERTY: First Creditors' Meeting Set for April 16
CHIEN & LEDINGHAM: First Creditors' Meeting Set for April 18
LA TROBE 2016-1: S&P Raises Class F Notes Rating to BB-(sf)

NAPOLEON PERDIS: Creditors OK Deal to Save Firm from Liquidation
ONGARATTO CONSTRUCTIONS: 2nd Creditors' Meeting Set for April 15


C H I N A

RISESUN REAL ESTATE: S&P Assigns BB- Long-Term ICR, Outlook Stable


I N D I A

8K MILES: CARE Reaffirms 'C' Rating on INR20cr LT/ST Bank Loan
ABAN OFFSHORE: CARE Reaffirms D Rating on INR575.80cr LT Loan
ADHUNIK CORPORATION: Ind-Ra Hikes LT Rating to BB+, Outlook Stable
ALUMATIC CANS: CARE Migrates 'D' Rating from Not Cooperating
AMRIT LAL: Ind-Ra Lowers LT Issuer Rating to BB-, Outlook Stable

ARCADIA SHIPPING: CARE Moves D Rating to Not Cooperating Category
ATHULITHA LABORATORIES: Ind-Ra Hikes Rating to BB-, Outlook Stable
B.M. OVERSEAS: CARE Reaffirms B+ Rating on INR9.46cr LT Loan
BENAKA SPONGE: Insolvency Resolution Process Case Summary
BHOOMI GINNING: CARE Reaffirms B+ Rating on INR5.0cr LT Loan

CELESTIAL ESTATE: Insolvency Resolution Process Case Summary
CLOVER ENERGY: Ind-Ra Lowers Loan Rating to 'D', Outlook Negative
COROMANDEL AGRO: Ind-Ra Migrates BB- LT Issuer Rating to Non-Coop.
COSMOS INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
DHARANI DEVELOPERS: Insolvency Resolution Process Case Summary

EDUCOMP RAFFELS: Insolvency Resolution Process Case Summary
INDORE TABLE: Ind-Ra Maintains B Rating in Non-Cooperating Category
JAY AGRO: CARE Maintains D Rating in Not Cooperating Category
JET AIRWAYS: Creditors Seek Sale of Stake in Carrier
JSW STEEL: Fitch Rates Proposed USD Senior Unsec. Notes 'BB(EXP)'

JSW STEEL: Moody's Rates Proposed Senior Unsecured Notes 'Ba2'
LAKSHMI PRECISION: CARE Migrates D Rating to Not Cooperating
LAKSHMI TOBACCOS: CARE Lowers Rating on INR9.90cr Loan to D
LIFELINE MULTI: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
MALNADY TEA: Ind-Ra Lowers LT Issuer Rating to BB, Outlook Stable

MAPLE RENEWABLE: Ind-Ra Lowers Loan Rating to D, Outlook Negative
PINAKEE ENGINEERS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
RELIGARE HOUSING: Ind-Ra Corrects March 14 Rating Release
SAI REGENCY: Insolvency Resolution Process Case Summary
SAVIOUR MINES: CARE Cuts INR8.50cr LT Loan Rating to D, Not Coop.

SHIVALIK VYAPAAR: CARE Migrates C Rating to Not Cooperating
SHREE PADMAVATI: Insolvency Resolution Process Case Summary
SHRI SAKTHI: CARE Cuts INR49.50cr LT Loan Rating to D, Not Coop.
SRI GIRI: Insolvency Resolution Process Case Summary
SRI LAKSHMI: CARE Cuts INR8cr LT Loan Rating to D, Not Cooperating

TECHNO TRAK: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
TRENT CHEMICAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Now Pos.
VALECHA LM TOLL: Insolvency Resolution Process Case Summary
WOMEN'S NEXT: CARE Migrates 'D' Rating to Not Cooperating
YATHARTH HOSPITAL: Ind-Ra Cuts Issuer Rating to D, Outlook Stable



N E W   Z E A L A N D

EBERT CONSTRUCTION: Creditors Claims Rise to NZ$108 Million


S I N G A P O R E

HYFLUX LTD: MAS Sees No Impropriety by DBS in Bond Sale


V I E T N A M

VIETNAM: S&P Raises Long-Term Sovereign Credit Rating to 'BB'


X X X X X X X X

[*] BOND PRICING: For the Week April 1, 2019 to April 5, 2019

                           - - - - -


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

AESTHETIC CORPORATION: First Creditors' Meeting Set for April 16
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Aesthetic
Corporation Pty Ltd, trading as "Ella Rouge Beauty Kotara", "Ella
Rouge Beauty Erina", "Ella Rouge Beauty Tuggerah", "Australian Skin
Clinics Charlestown", "Australian Skin Clinics Greenhills", will be
held on April 16, 2019, at 10:00 a.m. at the offices of SV
Partners, at Suite 3, Level 3, 426 King Street, in Newcastle, West
NSW.

Joshua-Lee Robb and Daniel Jon Quinn of SV Partners were appointed
as administrators of Aesthetic Corporation on April 5, 2019.

AP HUMAN: Second Creditors' Meeting Set for April 15
----------------------------------------------------
A second meeting of creditors in the proceedings of AP Human
Resources Pty Ltd has been set for April 15, 2019, at 11:00 a.m. at
the offices of HoganSprowles Pty Ltd, at Level 9, 60 Pitt Street,
in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 12, 2019, at 4:00 p.m.

Christian Sprowles and Michael Andrew Hogan of HoganSprowles were
appointed as administrators of Regional Drilling on March 11, 2019.

AUSPODS PROPERTY: First Creditors' Meeting Set for April 16
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Auspods
Property Pty Ltd will be held on April 16, 2019, at 3:00 p.m. at
Auction Works, Mezzanine Level, at 50 Margaret Street, in Sydney,
NSW.

Alan Hayes of Hayes Advisory was appointed as administrator of
Auspods Property on April 4, 2019.

CHIEN & LEDINGHAM: First Creditors' Meeting Set for April 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Chien &
Ledingham Lawyers Pty Ltd will be held on April 18, 2019, at 2:00
p.m. at Level 8, 102 Adelaide Street, in Brisbane, Queensland.

Nikhil Khatri of Worrells was appointed as administrator of Chien &
Ledingham on April 8, 2019.

LA TROBE 2016-1: S&P Raises Class F Notes Rating to BB-(sf)
-----------------------------------------------------------
S&P Global Ratings raised its ratings on nine classes and affirmed
seven classes of notes issued by Perpetual Corporate Trust Ltd. as
trustee for La Trobe Financial Capital Markets Trust 2016-1 and La
Trobe Financial Capital Markets Trust 2017-1.

The rating actions reflect:

-- S&P's view of the credit quality of the underlying collateral
portfolios, including the fact that each of the portfolio is a
closed portfolio, which means no further loans have been assigned
to the respective trust after the closing date.

-- That the pool for the 2016-1 trust as of Feb. 28, 2019, has a
current balance of A$108.1 million and a pool factor of 43.2%, with
a weighted-average loan-to-value ratio of 66.3% and
weighted-average seasoning of 4.1 years. The pool for the 2007-1
trust has a current balance of A$165.3 million and a pool factor of
55.2%, with a current weighted-average loan-to-value ratio of 68.3%
and weighted-average seasoning of three years.

-- That each transaction has built up some additional credit
support to each class of rated notes due to the sequential
repayment of the structure at present. The amount of credit support
provided to each class of rated notes exceeds the minimum amount
assessed as commensurate with each respective rating level, and is
therefore sufficient to withstand the stresses commensurate with
the ratings.

-- That the turbo repayment of the most subordinated note in each
transaction has created overcollateralization, which provides
additional credit support for the rated tranches.

-- S&P's expectation that the various mechanisms to support
liquidity within each transaction, including a liquidity facility
equal to 3.0% of the outstanding balance of the notes and principal
draws, are sufficient under our stress assumptions to ensure timely
payment of interest.

-- That, on a more cautious note, arrears have been rising in both
transactions. As of Feb. 28, 2019, total arrears for the 2016-1
trust were 8.11%, up from 2.25% at close. About 4.13% of loans were
more than 60 days in arrears, up from 0.62% at close, and 3.34% of
loans were more than 90 days in arrears, up from 0%. Total arrears
for the 2017-1 trust were 5.80%, up from 1.88% at close. About
3.98% of loans were more than 60 days in arrears, up from 0.19% at
close, and 2.32% of loans were more than 90 days in arrears, up
from 0%. Loans more than 90 days in arrears are an indicator of
future potential loss patterns and S&P has particularly taken this
into account in the 2016-1 transaction. Additionally, S&P has
considered the potential volatility arising from a shrinking pool
and the accompanying potential tail-end risks.

  RATINGS RAISED

  La Trobe Financial Capital Markets Trust 2016-1

  Class       Rating To        Rating From
  B           AAA (sf)         AA (sf)
  C           AA+ (sf)         A (sf)
  D           A+ (sf)          BBB (sf)
  F           BB- (sf)         B+ (sf)

  La Trobe Financial Capital Markets Trust 2017-1

  Class       Rating To        Rating From
  B           AAA (sf)         AA (sf)
  C           AA (sf)          A (sf)
  D           A (sf)           BBB (sf)
  E           BBB- (sf)        BB (sf)
  F           B+ (sf)          B (sf)

  RATINGS AFFIRMED

  La Trobe Financial Capital Markets Trust 2016-1

  Class       Rating
  A1          AAA (sf)
  A2a-R       AAA (sf)
  A2b         AAA (sf)
  E           BB (sf)

  La Trobe Financial Capital Markets Trust 2017-1

  Class       Rating
  A1          AAA (sf)
  A2          AAA (sf)
  A3          AAA (sf)

NAPOLEON PERDIS: Creditors OK Deal to Save Firm from Liquidation
----------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that Australia's
"Daigou Queen", Livia Wang, has all but taken control of collapsed
cosmetics chain Napoleon Perdis, with its creditors approving her
bid to save the company from liquidation.

Ms. Wang, who rose to prominence marketing to Chinese personal
shoppers or "daigou", and former Witchery executive Henry Lee last
month threw a lifeline to Napoleon Perdis, which called in
administrators in January, SMH recalls.

Since its collapse, with debts of AUD22.8 million, 28 of the
brand's 56 stores have been shut, SMH says.

According to SMH, administrators from Worrells recommended Ms. Wang
and Mr. Lee's deed of company arrangement, saying creditors would
get more of their money back than if the company was shut down and
its remaining assets sold.

Creditors on April 8 voted to approve the deal, which is now
expected to be finalised today, April 9, SMH notes.

"The restructured company now sets a solid foundation for a
profitable and sustainable business going forward," the report
quotes Worrells administrator Simon Cathro as saying.

SMH says the company's eponymous founder and his wife, Soula-Marie
Perdis, will continue as the brand's "creative consultants". The
approval of Ms. Wang's offer puts an end to a reported alternative
bid by Mr. Perdis to stay in control of the company, SMH states.

At the time of the collapse, Mr. Perdis blamed high retail rents,
international competition and the growth of online shopping.

Ms. Wang is the managing director of Access Brand Management, which
manages and markets Australian and international brands to Chinese
shoppers. That drives sales in Australia from "daigou" shoppers,
who buy goods on behalf of clients in China.

Ms. Wang told the Sydney Morning Herald and The Age last week that
she planned to shore up Napoleon Perdis in Australia and then look
to expand overseas, including in China.

"I am in love with the brand," the report quotes Ms. Wang as
saying. "Napoleon Perdis is an iconic brand over 23 years. Like any
entrepreneurial journey, there will be an upside and a
downside--sometimes they will make bad decisions and be in
trouble.

"We think they are ready to grow, they just need more cash flow to
grow and we will do that."

                      About Napoleon Perdis

Based in Alexandria, Australia, Napoleon Perdis Cosmetics Pty. Ltd.
owns and operates stores that sell cosmetics. It offers makeup
products for face, lips, eyes, cheeks, and nails. The company also
provides skincare products, including auto pilot skincare, auto
pilot priming, cleansers, and body products. In addition, it offers
gifts and sets; and tools, such as brushes, brush sets, and books.
Further, the company operates a make-up academy in Australia and
California. Furthermore, it engages in the online retail of
cosmetics.

Simon Cathro, Chris Cook and Ivan Glavas of Worrells Solvency &
Forensic Accountants were appointed as administrators of Napoleon
Perdis on Jan. 31, 2019.

ONGARATTO CONSTRUCTIONS: 2nd Creditors' Meeting Set for April 15
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Ongaratto
Constructions Pty Ltd has been set for April 15, 2019, at 10:00
a.m. at the offices of Cor Cordis, at One Wharf Lane, Level 20, 171
Sussex 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 April 12, 2019, at 4:00 p.m.

Jason Tang & Andre Lakomy of Cor Cordis were appointed as
administrators of Ongaratto Constructions on March 14, 2019.



=========
C H I N A
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RISESUN REAL ESTATE: S&P Assigns BB- Long-Term ICR, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB-' long-term issuer credit
rating to Risesun Real Estate Development Co. Ltd. At the same
time, S&P assigned its long-term 'B+' issue rating to the senior
unsecured notes guaranteed by Risesun.

The rating on Risesun reflects the company's sizable operating
scale, long history as a listed company, good track record on
project execution and cash collection, and S&P's expectation that
the company will continue to control its leverage over the next 12
months. The rating is constrained by the company's fairly high
geographic concentration, exposure to lower-tier cities, and large
amount of short-term debt.

S&P said, "We believe Risesun will continue to focus on residential
property development outside of tier-1 cities, which have
historically supported the company's rapid growth. We estimate that
35% of the company's contracted sales and land reserves in 2018
were located in Hebei province, with 10% of sales coming from
Risesun's home base of Langfang, a prefecture-level city in the
province."

In recent years, Risesun has expanded into other municipalities and
provincial capitals, and has over 200 projects nationwide. The
company now has a reasonably diversified exposure across 12
tier-two provincial capitals or municipalities, including Nanjing,
Tianjin, Chongqing, and Chengdu. These areas accounted for about
44% of contracted sales in 2018. However, Risesun's track record
outside of Hebei is not fully established and could be tested in a
downturn, in our view.

That said, S&P believes the company pinpoints areas with good
demographics or economic foundation, such as the Yangtze River
Delta, the Mid-West Region, and the Greater Bay Area in south
China. Most of the company's chosen markets are satellite cities
near tier-one or strong tier-two economic circles with population
growth potential and established transport connections, such as a
high-speed railway network.

Another offset to the expansion risk is Risesun's established brand
name and market positions. The company has more than two decades of
development history in the "Bohai Rim," a region which includes
areas around Beijing and Tianjin as well as parts of Hebei
province. Risesun has shown consistent execution capability and
maintained relatively stable operating performance through past
industry cycles. In China's last market downturn over 2014-2015,
Risesun fared better than most peers', with moderate deterioration
in its margins and leverage.

Risesun's product positioning focuses on owner-occupier first-time
homebuyers locally as well as those from higher-tier cities, who
typically have stronger financial flexibility. This approach
provides relatively resilient demand due to China's ongoing
urbanization progress. The company's low-cost land reserves should
provide some downside buffer, in our view. S&P estimates Risesun's
EBITDA margin will be stable at 24%-27% in 2018-2020, compared with
about 27% in 2017.

S&P said, "We don't anticipate material growth in Risesun's
non-core industrial park business. The company has built 14
industrial parks, of which 11 are in Hebei province, with the other
three scattered across the country. In 2018, the industrial park
segment only accounted for about 6% of total revenue. We believe
Risesun's key incentive for entering the business is to strengthen
ties with local governments. Despite its limited scale, the
segment's business model is relatively stable. Its revenue is
mainly from subsidy-sharing with local governments, and to a lesser
extent, from property sales.

"We forecast Risesun will increase investments in land reserves
over the next two years, while maintaining satisfactory
profitability."

Risesun's contracted sales reached Chinese renminbi (RMB) 101.5
billion in 2018, and management targets moderate double-digit
growth annually through to 2020. S&P said, "In our view, the
company's total saleable resources of about RMB390 billion in land
reserves are sufficient to cover that target. We expect land
acquisition costs to reach RMB40 billion-RMB44 billion in 2019 and
2020, 40%-45% of expected attributable contracted sales."
Historically, the ratio of land acquisition costs to contracted
sales was 40%-60%.

S&P estimates Risesun's debt-to-EBITDA ratio will be 4.0x-4.5x in
the next two years, compared with our estimated 4.3x as of Dec. 31,
2018, and well improved from 5.3x as of Dec. 31, 2017. The
company's accelerated deleveraging in 2018 was partly helped by a
slower pace in land acquisitions.

Risesun faces liquidity pressure in the next 12 months with about
RMB27 billion short-term debt due as of Dec. 31, 2018, which
accounts for about 42% of total debt. The short-term maturities
consist of 74% of construction loans and 18.5% of trust loans, with
the balance comprising maturing corporate bonds. The comparatively
high proportion of short-term debt can be covered by about RMB30
billion cash on hand. Overall, S&P expects the company to be able
to refinance or repay maturing obligations based on its good
contracted sales and high cash-collection rate. In addition,
Risesun has sound funding access and banking relationships, given
its long operating history in Northern China, stemming from its
market leadership position in Langfang and other cities in Hebei
province, such as Shijiazhuang and Handan.

S&P said, "The stable outlook reflects our expectation that Risesun
will maintain gradual scale and EBITDA growth over the next 12
months. Its increase in land reserves will not lead to material
deterioration in leverage, with the company's ratio of
debt-to-EBITDA ratio at 4.0x-4.5x over the next two years.

"We may lower the rating if Risesun's debt leverage does not
sustain as we expected. This is likely to happen if: (1) the
company's sales and revenue are materially below our expectation;
or (2) its land acquisitions significantly exceed our forecast,
such that its adjusted debt-to-EBITDA ratio is above 5.0x for an
extended period.

"We may also lower the rating if Risesun incurs substantially more
short-term debt, such as alternative financing, which results in a
materially weakened liquidity profile.

"We may raise the rating if Risesun continues to expand, such that
its operating scale and diversification improve to be comparable to
larger peers'. We may also raise the rating if the company
meaningfully reduces leverage with an improved capital structure,
such that its debt-to-EBITDA ratio remains below 4.0x on a
sustained basis, and the company enhances liquidity buffer by
reducing short-term debt obligations."

Risesun is a large property developer in China, with contracted
sales of about RMB101 billion in 2018. The company is headquartered
in Langfang city, Hebei province, and has a presence in more than
40 cities across the country. Its product focus is on mass market
and end-user customers. The Shenzhen-listed company is also
involved in business activities of industrial park, property
management, hotel operations, and others such as cultural and
tourism.



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

8K MILES: CARE Reaffirms 'C' Rating on INR20cr LT/ST Bank Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
8K Miles Software Services Limited ("8k miles"), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term/Short-    20.00       CARE C; Stable/CARE A4
   Term Bank                       Reaffirmed
   Facilities          
                                   
Rating Rationale

The ratings assigned to the bank facilities of 8K Miles considers
auditor's qualification in the audit report dated Sept. 7, 2018
regarding the likelihood of material misstatement in the
consolidated financials and sharp decline in the market
capitalization of the company.  Other rating challenges includes
the concentration of revenue to a few geographies which in turn
could lead to the risk of exposure to adverse economic conditions
and government policies in the end-user market, vulnerability of
profitability to the intense competition in the IT service industry
and stressed liquidity position.  The rating considers the
experience of the promoters in cloud computing vertical.

Any unanticipated debt-funded acquisition by the company which may
impact the liquidity and weigh negatively on the credit profile of
the company is the key rating sensitivity.

CARE has withdrawn the rating assigned to the term loan facility of
8k miles with immediate effect, as the company has repaid the term
loan in full and there is no amount outstanding under the loan as
on date. Further, CARE has withdrawn the rating assigned to the
proposed Non-convertible debentures of 8k miles with immediate
effect as the company has not placed the instrument and there is no
amount outstanding under the issue as on date.

Detailed description of the key rating drivers

Key Rating Weakness

Weak corporate governance: The corporate governance of the company
stands weak reflected by the qualification in the audit report
dated Sept. 7, 2018 regarding the likelihood of material
misstatement in the consolidated financials.

Presence in industry characterised by growing competition from IT
Majors and other small and medium players: The growing competition
exposes the company to inherent industry risks such as ability to
bag large-sized contracts and attrition of personnel, which may
result in lower growth rates. The moderate scale of operations also
restricts financial flexibility to an extent. Furthermore, the
company remains exposed to industry specific risks of high
attrition rates, wage inflation and regulatory framework which can
also put pressure on the margins.

Stretched liquidity profile: The liquidity position of the company
is stretched due to long collection period of 2-3 months. The
average working capital utilisation for the past 12 months ending
February 2019 remains high at 89% thereby providing limited
liquidity cushion.

Key Rating Strength

Experienced Promoters: Mr. Venkatachari Suresh is the founder and
also the Managing Director and CEO of the company and has more than
26 years of experience in the outsourcing & consulting industry and
drives the company's strategy and business development function.
The company retains the promoters and employees of the acquired
companies to benefit from their experience in the system.

Analytical approach

Consolidated view on 8K miles and its subsidiaries is taken as they
are under the common management and have same business operations.
Following Subsidiaries have been considered for the consolidated
approach:

8k Miles Software Services Inc. USA
8K Miles Software Services FZE -UAE
8K Miles Health Cloud Inc. USA
Mentor Minds Solutions and Services Inc. USA
Mentor Minds Solutions and Services Private Ltd. India

8K Miles was originally promoted by Mr Venkatachari Suresh, Mr R.
S. Ramani and Mr M. V Bhaskar in the year 2008 with a view to
provide cloud computing and related services to companies in United
States of America (USA). The company also provides software design
and development, web services, consulting and other services
through its various subsidiaries. Over the years 8K Miles has
developed various proprietary platforms such as Cloud Ez Solution,
Federal Identity Management systems on Multi-Domain Identity
Service (MISP) and Cloud ID Exchange (CIE) platform among others
which helps the company provide cloud based solution to its
clients. The company has technological partnerships with Amazon Web
Services, Microsoft Azure, IBM, Google Cloud Platform and CA
Technologies. They are one of the preferred managed service
partners for Amazon Web Services.

ABAN OFFSHORE: CARE Reaffirms D Rating on INR575.80cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Aban Offshore Ltd (AOL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities          575.80      CARE D Reaffirmed

   Long-term/Short-
   term Bank
   Facilities           94.58      CARE D/CARE D Reaffirmed


   CRPS Issue
   Series I            105.00      CARE D (RPS) Reaffirmed

   CRPS Issue
   Series II           156.00      CARE D (RPS) Reaffirmed

   CRPS Issue
   Series III           20.00      CARE D (RPS) Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities and various preference
share issues of AOL factor in the instances of delays in debt
servicing on account of significant delays in realisation of
receivables and resultant tight liquidity position experienced by
AOL.

Detailed description of the key rating drivers

Key Rating Strengths

Experience of Promoters: AOL was promoted in 1986 by Aban
Constructions Private Limited, in collaboration with Chiles
Offshore Inc. (COI), USA, an offshore drilling company in the Gulf
of Mexico. Late Mr M A Abraham, a first generation entrepreneur was
the key promoter of AOL. The day-to-day affairs of the company are
managed by Mr Reji Abraham, the MD, who is the son of late
Mr M A Abraham. He is assisted by Mr C P Gopalakrishnan, (CFO&
Deputy MD) and Mr P Venkateswaran Deputy MD (in charge of
operations). Each rig is managed by a "Rig Manager", who in turn is
assisted by an offshore and onshore staff.

AOL is the largest private player in India in the offshore drilling
industry and is among the top players in the world. The
company and its wholly owned subsidiaries had a total of 18 assets
by the end of March 2018 including 15 Jack up rigs, two drill ships
and one off shore production unit. Out of these 18 assets, AOL
directly holds only seven rigs and rest of the assets held by its
step down subsidiaries. Out of 15 Jack up rigs, nine rigs are high
specification rigs which are capable of operating in water depth of
350+ feet.

Key Rating Weakness

Moderation in financial performance during FY18 & 9mFY19: During
FY18, income declined by 30% on account of fall in day rates and
fleet utilization. The PBILDT margin during FY18 dropped to 54.30%
as against 65.94% in FY17. Overall gearing continues to remain
stable at 0.22x as on March 31, 2018 as against 0.23x as on March
31, 2017. During 9mFY19, AOL reported PAT of INR8 crore (PY: INR35
crore) on a total income of INR349 crore (PY: INR490 crore). The
moderation in income was on account of further drop in fleet
utilization.

Deterioration in the performance of subsidiaries:  At the
consolidated level, the company posted before tax loss of INR2,518
crore (PY: INR870 crore loss). It is to be noted that during FY18,
AOL written off impairment of goodwill, property, plant to the
extent of INR1,237 crore due to which AOL reported higher losses.
The total income on the consolidated level has declined by around
16% to INR1,479 crore in FY18 due to declining demand for offshore
drilling services coupled with fall in oil prices globally. During
9MFY19 at consolidated level, the company registered before tax
loss of INR1,108 crore on total operating income of INR822 crore as
against after before tax loss of INR785 crore on total operating
income of INR1,144 crore during 9mFY18.
  
Aban Offshore Limited (AOL), the flagship company of Aban group,
provides offshore drilling services to companies engaged in
exploration and production of oil and gas. AOL is the largest
private player in India in the offshore drilling industry and is
one of the largest in the world. The company and its wholly owned
subsidiaries had a total of 18 assets by the end of March 2018
including 15 Jack up rigs, two drill ships and one off shore
production unit. Out of these 18 assets, AOL directly holds only
seven rigs and rest of the assets held by its step down
subsidiaries.

ADHUNIK CORPORATION: Ind-Ra Hikes LT Rating to BB+, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Adhunik
Corporation Ltd.'s (ACL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR550 mil. Fund-based limits upgraded with IND BB+/Stable
     rating; and

-- INR220 mil. Non-fund-based limits affirmed with IND A4+
     rating.

KEY RATING DRIVERS

The upgrade reflects the improvement in ACL's revenue and its
credit metrics. However, the scale of operation continues to be
medium.

The company's revenue grew by 7.9% yoy to INR2,878 million in FY18,
on account of an increase in sales volume to 132,008 metric tons
(mt) (FY17: 122,232mt). ACL's production volume increased to
133,526mt in FY18 (FY17:118024mt).

The net leverage (total adjusted net debt/operating EBITDAR)
improved to 3.89x in FY18 (FY17: 5.78x) due to a reduction in the
debt level to INR638 million (INR669 million), led by scheduled
repayment and lower working capital requirements.  The interest
coverage improved to 1.74x (1.34x) due to an increase in the
absolute EBITDA to INR152 million (INR106 million) because of
higher sales realizations. The EBITDA margin increased to 5.28%
(3.97%) due to an increase in sales realization and a fall in
manufacturing expenses on the back of higher capacity utilization.

The ratings reflect ACL's moderate liquidity position and elongated
working capital cycle. The net working capital cycle stretched to
188 days in FY18 (FY17: 136 days) on account of an increase in
inventory holding days as ACL maintains high levels of inventory of
a key raw material, iron ore and coal, because of its fluctuating
prices.  The cash flow from operation turned positive at INR29
million in FY18 (FY17: negative INR683 million) owing to the
increase in absolute EBITDA and efficient working capital
management. The average utilization of working capital limits stood
at 87% over the 12 months ended January 2019.

On the positive front, the Adhunik group companies - Adhunik Alloys
& Power Limited, Adhunik Metaliks Limited, Zion Steel Limited and
Orissa Manganese & Minerals Ltd – that had been referred to the
National Company Law Tribunal under the Insolvency and Bankruptcy
Code (IBC), 2016, are no longer a part of the group post resolution
under the IBC. Hence, ACL's financial flexibility will no longer be
affected by these companies.

RATING SENSITIVITIES

Positive: An increase in the scale of operations and EBITDA margin,
leading to an improvement in the credit metrics, on a sustained
basis, would be positive for the ratings.

Negative: Any decline in the revenue, operating EBITDA margin
and/or any deterioration in the networking capital cycle, leading
to any deterioration in the credit metrics, on a sustained basis,
would be negative for the ratings.

COMPANY PROFILE

Kolkata-based ACL operates a 60,000 metric-tons-per-annum sponge
iron facility and a 97,500 metric-tons-per-annum alloy steel billet
facility with five induction furnaces in West Bengal. In 1HFY19,
ACL's revenue was INR1,666.5 million.

ALUMATIC CANS: CARE Migrates 'D' Rating from Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Alumatic
Cans Private Limited (ACPL) from Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       3.73      CARE D; Revised from CARE D;
   Facilities                     ISSUER NOT COOPERATING
   
   Long/Short Term      4.00      CARE D; Revised from CARE D;
   Bank Facilities                ISSUER NOT COOPERATING

In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of ACPL
and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the company to 'CARE D; ISSUER NOT
COOPERATING'. However, the company has now submitted the requisite
information to CARE. CARE has carried out a full review of the
rating and the rating stands at 'CARE D '.

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of ACPL continues to
take into account the delays in servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing obligations: As per banker feedback and
term loan statements, there are delays in servicing debt
obligation in the term loan facility.

ACPL, incorporated in April 2011 is an Indian-based private limited
company, engaged into manufacturing of aluminum aerosol cans used
as a packaging material for perfumes and deodorants and it
commenced commercial operations in December 2012. ACPL has its
manufacturing facilities based out of Pargao in Khandala, District
Satara in Maharashtra with an installed capacity of manufacturing
of 65 lakh cans per month (as on February 28, 2019). The company is
promoted by Mr Danesh Sayani (Managing Director), Mr Yasin Sayani
(brother of Mr Danes h Sayani) and Mrs Meenaz Sayani (wife of Mr
Yasin Sayani). The same promoters are also engaged in manufacturing
of perfumes via Floressence Perfumes Private Limited (FPPL) (rated
'CARE D') and a Dubai -based company, Natural Fragrances LLC (NF).

AMRIT LAL: Ind-Ra Lowers LT Issuer Rating to BB-, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Amrit Lal
Khatri's (ALK) Long-Term Issuer Rating to 'IND BB-' from 'IND BB
(ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital Long-term rating
     downgraded; Short-term rating affirmed with IND BB-
     /Stable/IND A4+ rating; and

-- INR60 mil. Non-fund-based working capital affirmed with IND
     A4+ rating.

KEY RATING DRIVERS

The downgrade reflects ALK's deteriorated credit metrics. During
FY18, absolute EBITDA declined to INR10.39 million (FY17: INR12.91
million) and operating margin fell to 6.6% (7.9%) on account of an
increase in the cost of input materials, resulting in the interest
coverage reducing to 2.7x (3.8x) and net leverage increasing to
2.8x (negative 0.05x). The EBITDA margins are modest due to intense
competition from unorganized players with return on capital
employed at 8% in FY18 (FY17: 12%). Also, revenue declined to
INR157.58 million in FY18 (FY17: INR162.28 million), due to the
slow execution of work orders. The scale of operations remains
small and metrics moderate.

The ratings also reflect the company's tight liquidity position
with cash flow from operations turning negative INR15.49 million in
FY18 (FY17: INR17.74 million) on back of an increase in the working
capital requirements due to the elongation of net cash cycle days
to 64 days (negative 60 days). However, the use of the working
capital limits was comfortable at 86.84% during the 12 months ended
in February 2019.   

The ratings, however, continue to be supported from ALK's
proprietor's experience of more than four decades in the civil
construction business.

RATING SENSITIVITIES

Negative: A sustained decline in the revenue due to lack of work
orders or deterioration in the EBITDA margin leading to weaker
credit metrics will be negative for the ratings.

Positive: Significant growth in the revenue and EBITDA margin
leading to an improvement in the overall credit profile will be
positive for the ratings.

COMPANY PROFILE

ALK was established in 1980 and is engaged in civil construction
work, mainly for organizations such as National Highways Authority
of India ('IND AAA'/Stable), Public Works Department Jaipur,
Central Public Works Department, and various central and state
government bodies. The company is located in Barmer (Rajasthan).

ARCADIA SHIPPING: CARE Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Arcadia
Shipping Limited (ASL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term Bank      129.12     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Based on best available
                                  Information

   Short Term Bank      10.00     CARE A4; ISSUER NOT COOPERATING;
   Facilities (BG)                Based on best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ASL to monitor the rating(s)
vide e-mail communications/letters dated February 15, 2019,
February 28, 2019 and March 1, 2019, March 5, 2019 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 ASL's bank facilities will now be denoted as
CARE D/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(s).

The ratings take into account delays in servicing of debt
obligations. The short term Bank Guarantee (BG) facility has been
re-affirmed since there is no invocation of BG.

Detailed description of the key rating drivers

At the time of last rating on January 15, 2018 the following were
the key rating drivers: Delay servicing of debt obligation is on
account of significant decline in freight rates in view of
unfavorable industry scenario which has affected the company's cash
accruals significantly

Established by Mr. M.N. Shah in 1981, ASL is engaged in ship owning
& management, shipping agents/liner operations, ship
broking/chartering, lighterage contractors, coastal cargo movements
and support for offshore activities in the oil and gas sector. The
company owns and operates two dry bulk vessels with an aggregate
capacity of 102,400 Dead Weight Ton (DWT). Both these dry bulk
vessels are mainly deployed with Department of Fertilizers, Govt.
of India (GOI).

ATHULITHA LABORATORIES: Ind-Ra Hikes Rating to BB-, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Athulitha
Laboratories Private Limited's (ALPL) Long-Term Issuer Rating to
'IND BB-' from 'IND B- '. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR45 mil. Fund-based working capital limits upgraded with IND

     BB- /Stable rating;

-- INR30.2 mil. (reduced from INR42 mil.) Term loan due on
     December 2022 upgraded with IND BB-/Stable rating;

-- INR30 mil. Non-fund-based working capital limits upgraded with

     IND A4+ rating;

-- INR115 mil. Proposed fund-based working capital limits*
     assigned with Provisional IND BB-/Stable rating; and

-- INR30 mil. Proposed non-fund-based working capital limits* A
     assigned with Provisional IND A4+ rating.

* The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by ALPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The upgrade reflects an improvement in ALPL's scale of operations
and operating margins during FY18-11MFY19. The company's scale of
operations is small-to-medium.

ALPL's revenue grew by a significant 45.3% YoY to INR264.1 million
in FY18, driven by an increase in the orders for antiretroviral
drugs intermediates. During 11MFY19, it achieved a turnover of
INR637 million, driven by the 64% contribution from the drug
intermediaries manufacturing unit with a capacity of 200MTPA that
was installed in FY18.

The EBITDA margin rose to a modest 16.3% in FY18 (FY17: 13.2 %) on
account of an improvement in realization. The return on capital
employed was 7% (6%).

The ratings factor in ALPL's moderate credit metrics, primarily due
to high debt levels (FY18: INR397.0 million; FY17:INR121.2 million)
The company's net leverage (adjusted net debt/operating EBITDA)
deteriorated in line with Ind-Ra's expectations to 9.2x in FY18
(FY17: 5.0x), as the debt levels were high due to the debt-led
capex of INR329.2 million incurred during the year. The interest
coverage (operating EBITDA/gross interest expense) improved to 3.3x
(2.1x), as the absolute EBITDA rose to INR43 million (INR24
million) owing to a reduction in raw material costs. Ind-Ra expects
the company's credit metrics to improve gradually over the medium
term on the back of an increase in the scale of operations as well
as operating EBITDA.

Moreover, ALPL's liquidity position is tight, as evident from the
average maximum utilization of cash credit limits of around 99.1%
during the 12 months ended February 2019. Moreover, the working
capital cycle lengthened to 152 days in FY18 (FY17: 143 days),
driven by an increase in inventory and debtor days; as a result,
the cash flow from operations turned negative at INR47 million
(INR20.1 million). The cash and cash equivalents stood at INR2.7
million in FY18 (INR0.3 million) as of March 2018.

The ratings, however, continue to be supported by ALPL's promoters'
experience of over two decades in the manufacturing of active
pharmaceutical ingredients and intermediaries, which has led to
established relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: Deterioration in the overall liquidity, leading to a
decline in the overall credit metrics, all on a sustained basis,
could be negative for the ratings.

Positive: Any substantial improvement in the top-line while
maintaining profitability, along with an improvement in the
liquidity and credit metrics, on a sustained basis, will be
positive for the ratings.

COMPANY PROFILE

Incorporated in October 2011 in Hyderabad, ALPL manufactures drug
intermediates.

B.M. OVERSEAS: CARE Reaffirms B+ Rating on INR9.46cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
B.M. Overseas Private Limited (BMO), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           9.46       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of BMO continue to be
constrained by its small scale of operations with net losses in
FY18 (refers to period from April 1 to March 31), leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained by company's presence in highly competitive and
fragmented nature of industry and contract renewability risk. The
rating, however, derives strength from experienced promoters,
location advantages and moderate operating cycle.

Going forward, the ability of the company to profitably scale up
its operations while improving its profitability margins and
overall solvency position would remain the key rating
sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with net losses in FY18: Owing to the
first full year of operations, the total operating income (TOI) of
BMO stood small at INR2.82 crore in FY18. The small scale of
operations limits the company's financial flexibility in times of
stress and deprives it of scale b enefits. The company has reported
total operating income of INR 8.68 crore for 11MFY19 (Provisional).
The PBILDT margin of stood comfortable at 43.38% for FY18. However,
the company incurred net losses of INR0.56 crore in FY18 due to
high interest and depreciation costs.

Leveraged capital structure and weak debt coverage indicators
BMO has a leveraged capital structure marked by overall gearing
ratio of 39.23x as on 31 March, 2018 mainly on account of company's
high reliance on borrowings to fund various business requirements
coupled with low net-worth base of the company.

The debt coverage indicators of the company stood weak as marked by
interest coverage ratio of 1.94x in FY18 and total debt to GCA of
27.51x for FY18. The interest coverage ratio stood weak due to high
interest expenses owing to high reliance on borrowings to fund
various business requirements. Furthermore, high depreciation and
interest costs resulted into net losses and consequently low GCA
which coupled with high debt levels lead to a weak total debt to
GCA ratio.

Contract renewability risk: The company enters into an agreement
with Adani Wilmar Limited (CARE A; Stable/CARE A1) for processing
of paddy on job work basis for a period of one year i.e. from
October 1 to September 30. Thus, the company is exposed to risk
pertaining to non renewability of contract with Adani Wilmar
Limited.

Competitive and fragmented industry: The commodity nature of the
product makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation. There are several small scale operators which are
not into end-to-end processing of rice from paddy, instead they
merely complete a small fraction of processing and dispose-off
semi-processed rice to other big rice millers for further
processing.

Key Rating Strengths

Experienced promoters: Mr. Pawan Kumar Gupta and Mr. Anil Kumar
have work experience of around three decades which they have gained
through their association with BMO and other group concerns. The
directors have adequate acumen about various aspects of business
which is likely to benefit BMO in the long run. Further, the
management is supported by a team of experienced and qualified
professionals having varied experience in the technical, financ e
and marketing fields.

Location advantages: BMO is engaged in processing of paddy. The
company's processing facility is situated in District Karnal,
Haryana which is one of the hub of processing of paddy in India.
The firm benefits from the location adva ntage in terms of easy
accessibility to large customer base. Additionally, various raw
materials required in sorting & grading of rice is readily
available owing to established supplier base in the same location
as well.

Moderate operating cycle: The average operating cycle of BMO stood
at 26 days for FY18. Since the company undertakes processing of
paddy on job work basis for Adani Wilmar Limited (CARE A; Stable/
CARE A1), the average inventory period stood at 16 days for FY18.
The company extends credit period of around two and a half months
to its customers owing to the highly competitive and fragmented
nature of industry which resulted in an average collection period
of 65 days for FY18. On the supplier side, BMO receives a credit
period of upto two months. The average utilization of working
capital limits remained at 95% for the past 12 months period ended
February, 2019. The liquidity position of the company stood
moderate marked by the current ratio and quick ratio of 1.97x and
1.89x, respectively as on March 31, 2018. The company has free cash
and bank balance of INR 0.94 crore as on March 31, 2018.

B.M. Overseas Private Limited (BMO) was incorporated in July 2014
as a private limited company and is currently being managed by Mr.
Pawan Kumar Gupta and Mr. Anil Kumar as its directors. BMO is
incorporated with an aim to set up a manufacturing facility at
Karnal, Haryana for processing of paddy with an installed capacity
of processing 48000 tonnes of paddy per annum as on December 31,
2018. The commercial operations of the company commenc ed in
December, 2017. Besides this, the promoters are also engaged in
another group concerns namely Sunrise Riceland Private Limited and
Shankar Bhatta Company.

BENAKA SPONGE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Benaka Sponge Iron Private Ltd
        10th Mile Old Madras Road
        Bandapura Village
        Bengaluru 560049

Insolvency Commencement Date: March 7, 2019

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: September 2, 2019
                               (180 days from commencement)

Insolvency professional: Smt. Manjula B.S.

Interim Resolution
Professional:            Smt. Manjula B.S.
                         #1, 4th Floor, 1st Main Road
                         8th Cross, Prashanthnagar
                         Bengaluru 560079
                         E-mail: bs99ma@hotmail.com

Last date for
submission of claims:    March 20, 2019

BHOOMI GINNING: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bhoomi Ginning and Seeds Processing Plant (BGSPP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities           5.00       CARE B+, Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of BGSPP continues to
remain constrained on account of financial risk profile marked by
modest scale of operations, thin profitability during FY18
(Audited, refers to period April 1 to March 31), leveraged capital
structure with weak debt coverage indicators and modest liquidity.
The rating also continues to remain constrained on account of its
presence in highly fragmented cotton ginning industry along with
seasonality associated with cotton availability and susceptibility
of margins to cotton price fluctuations & government regulations
and partnership nature of constitution.

The ratings, however, continue to draw strength from, experienced
promoters and proximity to cotton growing area of Gujarat.

DRIPL's ability to increase its scale of operations and improvement
in overall financial risk profile along with efficient
working capital management are key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Modest scale of operations with thin profitability: The scale of
operation marked by total operating income deteriorated remained
modest at INR4.25 crore in FY 18 as against INR16.86 crore in FY17
due to lower manufacturing activity undertaken during the year on
account of not getting better realization. In place undertaking
manufacturing on its own BDSPP had processed raw cotton on job work
basis for government department. Further, the profitability of
BGSPP remained thin as marked by PAT margin 0.04% during FY18
owing to low value addition nature of business with presence in
competitive industry.

Leveraged capital structure and weak debt coverage indicators:
Owing to high debt level with low net-worth base, BGSPP's capital
structure stood leveraged marked by an overall gearing ratio of
4.08 times as on March 31, 2018 (A) as against 3.48 times as on
March 31, 2017. The debt coverage indicators of the firm remained
weak marked by total debt to GCA of 73.89 times and interest
coverage of 1.17 times in FY18 (A) owing to thin profitability with
leveraged capital structure.

Modest liquidity: Liquidity remained modest marked by current ratio
at 1.15 times as on March 31, 2018 (A). During FY 18, cash flow
from operating activities (CFO) remained low at INR0.99 crore.
Further the average utilization of its working capital limit
remained high at 98% for past one year ended January 2019 and cash
on hand remained low at INR0.59 crore as on March 31, 2018.

Presence in highly fragmented textile industry: BGSPP operates in
textile industry characterized by low entry barriers, high
fragmentation, the presence of a large number of players in the
organized and unorganized sector and very low bargaining power
against its customers, puts pressure on the profitability margins.

Seasonality associated with cotton availability and susceptibility
of margins to cotton price fluctuations and government regulations:
Prices of raw material i.e. raw cotton are highly volatile in
nature and depend upon factors like, area under production, yield
for the year, international demand supply scenario, export quota
decided by government and inventory carry forward of last year.
Further, cotton being a seasonal crop as it is available mainly
from November to February results into a higher inventory holding
period for the business. Thus, aggregate effect of both the above
factors results in exposure of ginners to price volatility risk.

Furthermore, the cotton prices in India are highly regulated by
government through MSP (Minimum Support Price) fixed by government,
though due to huge demand supply mismatch the prices have rarely
been below the MSP. Hence, any adverse change in government policy
may negatively impact the prices of raw cotton in domestic market
and could result in lower realizations and profit.

Partnership nature of constitution: Being a partnership firm, BGSPP
is exposed to inherent risk of partners' capital being withdrawn at
time of personal contingency, and firm being dissolved upon the
death/retirement/insolvency of partners.

Key rating strengths

Experienced partners: BGSPP was established by five partners namely
Ms. Gargi Shah, Ms. Gitaben Shah, Mr. Parimal Shah, Mr.Satyam Shah
and Mr.Sharadkumar Shah. At present it is owned and managed by four
partners namely Mr. Nilambhai Shah, Mr. Satyam Shah, Mr.
Vallabhbhai Ahir and Mr. Vijaybhai Ahir. Mr, Satyam Shah is key
partner and possess experience of more than two decades.

Proximity to cotton growing area of Gujarat: BGSPP's plant is
located in cotton-producing belt of Gujarat region which is the
largest producer of raw cotton in India. BGSPP's presence in
cotton-producing region results in benefit derived from lower
logistics expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price
and consistent demand for finished goods resulting in sustainable
revenue visibility.

Established in 2006, Bhoomi Ginning and Seed Processing Plant
(BGSPP) is a partnership firm established by five members of shah
family. In April 2018, the partnership deed was changed while
removing 4 members of shah family and adding three members one from
shah family and two from Ahir family. At present the firm is owned
and managed by four partners named Mr. Nilambhai Shah, Mr.Satyam
Shah, Mr. Vallabhbhai Ahir and Mr. Vijaybhai Ahir. BGSPP is engaged
in ginning and pressing of raw cotton.

BGSPP's manufacturing facility is located at Sankheda in Vadodara
District of Gujarat. BGSPP has an installed raw cotton processing
capacity of 36,000 Metric Tonne per Annum (MTPA) as on March 31,
2018.

CELESTIAL ESTATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Celestial Estate Private Limited
        26, First Floor, Pusa Road
        Opp. Karol Bagh Metro Station
        New Delhi 1100045 Delhi

Insolvency Commencement Date: March 11, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 7, 2019
                               (180 days from commencement)

Insolvency professional: Vivek Parti

Interim Resolution
Professional:            Vivek Parti
                         A-166, 2nd Floor, Defence Colony
                         New Delhi 110024 Delhi
                         E-mail: v_parti@yahoo.com
                         E-mail: irpcepl@celestialestate.in

Last date for
submission of claims:    April 10, 2019

CLOVER ENERGY: Ind-Ra Lowers Loan Rating to 'D', Outlook Negative
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Clover Energy Private Limited's (CEPL) debt facilities to 'IND D'
from 'IND BB'. The Outlook was Negative.

The details are:

-- INR 776.9 mil. (reduced from INR 939.4 mil.) Rupee term loan
     due on September 2025 downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects CEPL's delays in debt servicing in March
2019, due to cash flow mismatches and the strained liquidity of the
sponsor. Also, the debt service reserve was depleted in February
2019 because of delayed realization of payments and the use of the
reserve for purposes other than debt servicing.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the rating.

COMPANY PROFILE

CEPL owns and operates a combined wind power capacity of 71.50MW
across Tamil Nadu. It recorded a total income of INR441.48 million
in 1HFY19, with EBITDA of INR304.68 million and a cash balance of
INR15.72 million.

COROMANDEL AGRO: Ind-Ra Migrates BB- LT Issuer Rating to Non-Coop.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Coromandel Agro
Products and Oils Ltd.'s Long-Term Issuer Rating at 'IND BB-' and
simultaneously migrated the rating to the non-cooperating category.
The Outlook is Stable. 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 the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR10.14 mil. Term loan due on March 2019 affirmed and
     migrated to Non-Cooperating Category with IND BB- (ISSUER NOT

     COOPERATING) / Stable rating;

-- INR220 mil. Fund-based limits affirmed and migrated to Non-
     Cooperating Category with IND BB- (ISSUER NOT COOPERATING) /
     Stable rating; and

-- INR1 mil. Non-fund-based limits affirmed and migrated to Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

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

KEY RATING DRIVERS

The affirmation reflects Coromandel Agro Products and Oils' 9MFY19
performance in line with Ind-Ra's expectations. According to 9MFY19
financials, the company's EBITDA was INR23 million (FY18: EBITDA
loss INR41 million; 1HFY18: EBITDA loss INR13.4 million) and
revenue was INR546 million (INR682 million; INR228 million).

The ratings have been migrated to the non-cooperating category as
the company did not provide Ind-Ra a management certificate about
timely debt servicing, working capital utilization details for the
last 12 months, projections and latest sanction letter, despite
continuous requests and follow-ups.

RATING SENSITIVITIES

Positive: An improvement in profitability leading to a sustained
improvement in the credit metrics will be positive for the ratings.


Negative: Inability to generate operating profit and a further
decline in revenue will be negative for the ratings.

COMPANY PROFILE

Coromandel Agro Products and Oils are primarily engaged in the
processing of cottonseed oil at its facility in Chirala (Andhra
Pradesh). Its key products include cottonseed oil, defiled cakes,
hulls, linters, soapstock, acid oil, and sludge oil.

In addition, it has a windmill each in Tamil Nadu and Gujarat, with
a capacity of 0.65MW and 0.80MW, respectively. It is part of the
Maddi Lakshmaiah Group of Andhra Pradesh (ML group).

COSMOS INDUSTRIES: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Cosmos
Industries Limited's (CIL) Long-Term Issuer Rating to 'IND D' from
'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR620 mil. Fund-based working capital limit (long- and short-
     term) downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by CIL during the
three months ended February 2019 owing to a stressed liquidity
position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Established in 1955, CIL manufactures sugar at its manufacturing
unit, with a daily capacity of 4,000 tons, in Dhuri, Sangrur
district, Punjab.

DHARANI DEVELOPERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Dharani Developers Private Limited
        1, Venus Colony II Street, Alwarpet
        Chennai 600018, Tamil Nadu

Insolvency Commencement Date: March 25, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 20, 2019
                               (180 days from commencement)

Insolvency professional: Ms. Santhanam Rajashree

Interim Resolution
Professional:            Ms. Santhanam Rajashree
                         Flat No. 6, Old No. 20 New No. 6
                         Ramakrishna Street, T. Nagar
                         Chennai 600017
                         E-mail: rajashrees66@gmail.com

                            - and -

                         New No. 10 Old No. 41
                         Kirubashankari Street, West Mambalam
                         Chennai 600033
                         E-mail: cirpdharani@gmail.com

Last date for
submission of claims:    April 12, 2019

EDUCOMP RAFFELS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Educomp Raffels Higher Education Limited

        Registered address:
        Plot No. 9B, Rajendra Park
        Pusa Road, New Delhi 110060

Insolvency Commencement Date: April 2, 2019

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

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

Insolvency professional: Mr. Rakesh Kumar Gupta

Interim Resolution
Professional:            Mr. Rakesh Kumar Gupta
                         House No. 246/1, Sector-1
                         Shastri Nagar Meerut
                         UP 250003
                         E-mail: rakesh.pnb@gmail.com

                            - and -

                         1E, 505, School Block, Shakarpur
                         Delhi 110092
                         E-mail: erhe.cirp@gmail.com

Last date for
submission of claims:    April 15, 2019

INDORE TABLE: Ind-Ra Maintains B Rating in Non-Cooperating Category
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indore Table
Tennis Trust's bank facilities' ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the ratings. The ratings will
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR72.2 mil. Term loans due on April 2019 maintained in Non-
     Cooperating Category with IND B (ISSUER NOT COOPERATING)
     rating; and

-- INR0.54 mil. Working capital facility maintained in Non-
     Cooperating Category with IND B (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Formed in December 1994, Indore Table Tennis Trust runs the Abhay
Prashal Sports Club, which provides table tennis and other indoor
game facilities. In addition, it has a swimming pool, banquet
halls, and an upcoming auditorium. The trust recently began
accepting members and is working on expanding its facilities.

JAY AGRO: CARE Maintains D Rating in Not Cooperating Category
-------------------------------------------------------------
CARE had, vide its press release dated January 4, 2018 placed the
ratings of Jay Agro Industries under the 'issuer non-cooperating'
category as RCO had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. JAI continues to
be non-cooperative despite repeated requests for submission of
information through phone calls and emails dated February 19, 2019,
February 20, 2019, February 21, 2019, February 28, 2019, March 4,
2019 and numerous phone calls. 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.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       16.51     CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  information

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

Detailed description of the key rating drivers

At the time of last rating on November 20, 2017, the following were
the rating weaknesses:

Key Rating Weaknesses

Delay in Debt Servicing: The rating assigned to the bank facilities
of Jay Agro Industries (JAI) is primarily due to irregularity in
servicing its deb t
obligations

Vadodara-based (Gujarat) JAI was promoted by Mr Nimmagadda Prasad
and Ms Aruna Prasad for manufacturing of Pesticides in 2003. JAI's
manufacturing plant is located in Vadodara district of Gujarat
having an installed capacity of 2,400 metric tons per annum (MTPA)
& 600 kilo liter per annum (KLPA) as on March 31, 2015 for
production of Agrochemicals, Pesticides and Insecticides. JAI is an
ISO 9001: 2008 and UKAS Quality Management certified firm.

JET AIRWAYS: Creditors Seek Sale of Stake in Carrier
----------------------------------------------------
The Financial Times reports that Jet Airways Ltd's creditors have
launched a last-ditch attempt to find an investor to bail out the
beleaguered Indian airline, which is in severe financial crisis
after months of negotiations failed to secure fresh funds.

In a statement released on April 4, a group of lenders said that
they intended to follow a bank-led rescue plan and invited
expressions of interest to buy a stake in the carrier, setting a
short window of April 6-9 for submissions, the FT relates. The
lenders warn that if no investor comes forward "other options may
be considered".

"The lenders are cognisant that the outcome of the efforts of the
lenders will depend on the interest shown by the parties on [the]
sale of [a] stake in the company," said the statement, which came
after the State Bank of India-led group met to review Jet's
operations, the FT relays.

"Whilst all efforts will be made for the stake sale by the lenders,
other options may be considered by the lenders should these efforts
not result in an acceptable outcome," the statement added.

The FT notes that Jet, India's oldest private carrier, is saddled
with net debt of more than $1.2 billion and has defaulted on loan
payments to lessors and creditors, while pilots have not been paid
in months.

After months of negotiations, Jet failed to convince Abu Dhabi's
Etihad Airways, which bought a 24 per cent stake for $379 million
in 2013, to inject fresh capital, the FT says. Earlier talks with
India's Tata Group about an acquisition also ran into the ground.

Jet is operating just 26 aircraft of its original 123-plane fleet,
and this week two subsidiaries of Dublin-based Avolon, one of the
world's biggest lessors, applied to deregister their planes with
the company, the FT discloses citing a report by Reuters.

On March 25, Jet Airways chairman and founder Naresh Goyal stepped
down from the board, ceding control to the lenders as part of an
agreed debt restructuring plan, the FT says. Analysts said his
departure might lead to renewed interest from investors who had
been reluctant to back the airline when Mr Goyal was at the helm.

According to the FT, lenders now hold a majority stake in Jet and
have agreed to provide additional funding of up to INR15 billion
($218 million), secured against the company's assets, according to
a stock exchange filing. But the lenders have yet to release the
whole amount without bringing an investor on board, the report
notes.

"The company needs an immediate injection of cash which it's not
getting [and] the immediate concern for the banks is to understand
if there are any buyers at all," the FT quotes Ashish Nainan, an
aviation analyst at Care Ratings, as saying. "Any money released
from them would depend on the fact if there are buyers."

The FT says Prime Minister Narendra Modi's government is loath to
let Jet Airways collapse just as India's elections, which run from
April 11 to May 19, are set to get under way. Mr. Modi has come
under pressure for failing to realise his promise to create
millions of jobs and a shutdown of the airline, which will entail
thousands of job losses, may amplify that criticism, the report
adds.

                         About Jet Airways

Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/ -- provides passenger and cargo air
transportation services. It also provides aircraft leasing
services. It operates flights to 66 destinations in India and
international countries.  

As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2018, ICRA revised the ratings on certain bank facilities
of Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating
downgrade considers delays in the implementation of the proposed
liquidity initiatives by the management, further aggravating its
liquidity, as reflected in the delays in employee salary payments
and lease rental payments to the aircraft lessors. Moreover, the
company has large debt repayments due over the next four months
(December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5
crore) and FY2021 (INR2,167.9 crore). The company is undertaking
various liquidity initiatives, which includes, among others, equity
infusion and a stake sale in Jet Privilege Private Limited (JPPL),
and the timely implementation of these initiatives is a key rating
sensitivity.  Moreover, the company continues to witness a stress
in its operating and financial performance.

JSW STEEL: Fitch Rates Proposed USD Senior Unsec. Notes 'BB(EXP)'
-----------------------------------------------------------------
Fitch Ratings has assigned a 'BB(EXP)' expected rating to
India-based JSW Steel Limited's (JSWS, BB/Stable) proposed US
dollar senior unsecured notes.

The company says it will use the proceeds from the issuance to
repay debt, for capex or any other purpose in accordance with
regulations. The final rating is subject to the receipt of final
documentation conforming to information already received.

JSWS's ratings reflect its highly competitive conversion costs and
position as one of the largest steel producers in India, which is
one of the fastest-growing steel markets globally. However, rating
headroom is limited as Fitch expects an increase in leverage and
negative free cash flow (FCF) in FY20-FY21 (financial years ending
March 31, 2020 and 2021). These forecasts are driven by Fitch's
expectation of a moderation in steel industry margins in 2019 and
an increase in capital spending as key projects near completion. A
further increase in planned capex, following a jump in planned
capex in 2018, or significant weakening of global steel industry
fundamentals could weaken its financial profile.

Fitch has not consolidated debt related to JSWS's acquisition of
stakes in distressed assets in India, based on management's
strategy of acquiring minority stakes and ring-fencing itself from
liabilities until asset performance improves. Fitch also has not
factored in any further acquisitions. A consolidation of
acquisition-related debt and evidence of weak investment discipline
leading to weaker financial metrics are additional risks to JSWS's
credit profile.

KEY RATING DRIVERS

Strong Margins; Likely to Moderate: Standalone EBITDA per tonne of
steel sales in 9MFY19 increased by over 60% yoy to around
INR12,300/tonne driven by higher steel prices even as sales volumes
were almost flat. JSWS's standalone operations account for more
than 90% of its consolidated EBITDA. Fitch expects global steel
prices and producers' margins to decline in 2019 and have assumed a
20% decrease in standalone EBITDA/tonne in FY20 in US dollar terms.
Margins are likely to be lower, but it does not forecast an abrupt
squeeze such as that seen in 2015. It expects that restrained
exports from China are likely to be a key support for the global
steel sector. However, weak global economic growth and volatile raw
material prices are key risks.

Several Acquisitions, Some Risk: JSWS acquired stakes in several
assets in India and overseas in FY19. In India, the company
acquired 23% of Monnet Ispat and Energy Ltd (Monnet), and has
emerged as the highest bidder for Bhushan Power and Steel Ltd
(BPS). Monnet and BPS have steelmaking capacity of around 1.5
million tonnes per annum (mtpa) and 2.5mtpa, respectively, and
provide exposure to eastern India where JSWS lacks a significant
presence. JSWS also acquired assets in Italy (Aferpi) and the US
(Acero Junction), which give the company a meaningful presence in
Europe and increased capacity in the US. Aferpi has 1.3mtpa of
rolling-mill capacity for rail bars and wire rods, while Acero
Junction has a 3mtpa hot strip mill in Ohio.

JSWS had earlier revised its offer for BPS, and intends to employ a
structure similar to the Monnet acquisition by assuming a minority
stake. Fitch intends to account for BPS using the equity method
after factoring in investment outflows, similar to Monnet, if the
structures are similar. JSWS has yet to secure regulatory approvals
for the BPS acquisition and announce details regarding the
transaction structure. Fitch has not factored in further
acquisitions in its forecasts; more acquisitions could pressure
JSWS's financial metrics and indicate weaker financial discipline.

Substantial Capex Planned: JSWS intends to spend around INR400
billion over FY19-FY21 in India. Around 50% of the spending is
intended for expansion of crude steel capacity to 24mtpa from
18mtpa, followed by cost-saving and downstream projects. The
additional capacity is due to be commissioned by March 2020. It
will also invest USD500 million in its plate and pipe mill in
Texas, US, mainly for backward integration. These projects should
generate substantial earnings within two years, mitigating risks to
JSWS's financial profile. However, JSWS increased its capex plans
in 2018, and another significant increase could weaken its credit
profile.

Cost-Efficient Operations: JSWS has a dominant market share in
southern and western India, where its plants are located, supported
by a rising share of value-added products. Its highly efficient
operations partly offset its lack of significant vertical
integration. JSWS's main plant at Vijayanagar placed in the second
quartile of CRU's cost curve for flat steel products for 2018. The
company has won mining rights for six iron ore mines in Karnataka,
and it has started production from three mines. It aims to produce
4.5 million-5 million tonnes of iron ore, or about 20% of the
amount needed by its Vijayanagar plant, in FY20. This should
improve supply certainty for JSWS and moderately reduce costs.

Increase in Leverage, Negative FCF: Fitch estimates JSWS's gross
adjusted debt to EBITDAR leverage to increase to above 3.5x in
FY20-FY21, from around 3x in FY19, based on a decline in margins
and an increase in capex as capacity-expansion and other projects
near completion. This is also likely to result in significantly
negative FCF over the next two years. Thereafter, Fitch expects the
increase in output and lower capex to drive a reduction in leverage
and improvement in FCF. Fitch has switched to using a leverage
metric based on EBITDAR rather than funds from operations to allow
adjustments to better reflect the company's increasing minority
stakes.

DERIVATION SUMMARY

JSWS can be compared with domestic peer Tata Steel Limited (TSL,
BB/Rating Watch Evolving), which is rated at 'BB-' on a standalone
basis excluding potential support from Tata Group. TSL's ratings
remain on watch pending the completion of a JV with thyssenkrupp AG
(BB+/Rating Watch Negative) in Europe, which should significantly
improve TSL's operating profile by reducing exposure to structural
weaknesses in Europe.

TSL's standalone rating is based on a combination of robust
operations in India and a much weaker operating profile in Europe,
where the company is on track to cut exposure. Vertical integration
is a key advantage for TSL in India, which is only partly
counterbalanced by JSWS's cost-efficient operations. However, TSL's
leverage was higher than that of JSWS in FY17 and FY18.

ArcelorMittal S.A. (AM, BBB-/Stable) is rated higher than JSWS,
based on ArcelorMittal's position as the world's largest as well as
most diversified steel producer by product type and geography.
ArcelorMittal benefits from a solid and increasing level of
vertical integration into iron ore, with over 50% of its iron ore
needs met by its own output. ArcelorMittal also has significantly
better leverage and coverage metrics than JSWS. These strengths are
partly offset by its thinner margins due to having manufacturing
facilities globally, including large operations in geographies with
structurally high costs such as Europe and the US.

JSWS has a larger EBITDAR scale and better margins than United
States Steel Corporation (BB-/Positive). U.S. Steel's leverage and
coverage metrics are significantly better than those of JSWS, but
its significant exposure to the U.S. oil and gas sector results in
higher demand and earnings volatility than for JSWS.

KEY ASSUMPTIONS

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

  - Standalone sales volume to have CAGR of 6% over FY19-FY22

  - Average of annual standalone EBITDA per tonne of around
INR9,500 over FY20-FY22

  - Cumulative consolidated capex of around INR570 billion over
FY19-FY22

  - Average annual dividend pay-out of INR9 billion over FY19-FY22

RATING SENSITIVITIES

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

  - Total adjusted debt to EBITDAR leverage below 3.0x on a
sustained basis.

  - Sustained neutral or positive FCF

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

  - Total adjusted debt to EBITDAR leverage above 4.0x for a
sustained period

  - Negative FCF for a sustained period

  - Evidence of shift away from maintaining investment discipline

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: JSWS reported cash and cash equivalents of
INR15 billion at end-December 2018, and had debt (including revenue
and capital acceptances) of INR589 billion. It also had available
undrawn working-capital facilities (fund and non-fund based) of
around INR114 billion and undrawn lines for capex of INR89billion.
Short-term debt, including the current portion of acceptances,
comprised INR186 billion of the total debt while the current
portion of long-term debt was INR96 billion. Fitch expects JSWS to
rely on drawdown of unutilised lines and refinancing to address its
long-term debt maturities over the next 12 months while its
short-term facilities are rolled over. JSWS's ability to refinance
is supported by its banking relationships and access to diverse
funding sources.

SUMMARY OF FINANCIAL ADJUSTMENTS

Key financial statement adjustments that depart materially from
those contained in the published financial statements include:

  - A multiple of 6.6x times has been used to capitalise JSWS's
lease expenses based on the weighted average of expenses in India
and the US.

  - JSWS's acceptances, which have been reported under trade
payables (FY18: INR90.3 billion), have been removed from trade
payables and treated as debt. In addition, acceptances related to
payables for capital projects (FY18: INR12.2billion) have been
treated as debt.

  - Unamortised upfront fees on borrowing and premium on redemption
of debentures (FY18: INR5.8billion) have been added back to debt.

  - JSWS's bank balances in term deposit accounts (FY18: INR1.7
billion) have been treated as readily available while those related
to unclaimed dividends and margin money (FY18: INR3.2 billion) have
been treated as restricted.

  - The increase in capital acceptances has been added to capex
while the fall in acceptances related to trade payables has been
adjusted in working-capital flows.

  - Fitch has calculated change in working capital based on
balance-sheet values for trade receivables, inventories, trade
payables, advances from customers, advances to suppliers and
prepayments.

  - Depreciation and amortisation expenses have been adjusted for
export obligation deferred income amortisation (FY18: INR0.7
billion)

JSW STEEL: Moody's Rates Proposed Senior Unsecured Notes 'Ba2'
--------------------------------------------------------------
Moody's Investors Service has assigned a Ba2 rating to the proposed
senior unsecured notes to be issued by JSW Steel Limited (Ba2
positive).

The outlook is positive.

The proposed notes rank pari passu with JSW's existing senior
unsecured notes and are therefore rated at the same level as these
notes, and also at the same Ba2 rating as JSW's corporate family
rating (CFR).

RATINGS RATIONALE

"The Ba2 CFR continues to reflect JSW's large scale and strong
position in its key markets, good product and end-market
diversification, and increasing focus on value-added products and
retail sales," says Kaustubh Chaubal, a Moody's Vice President and
Senior Credit Officer.

"The company's credit metrics retain their improving trajectory,
principally due to competitive and efficient production costs,
solid domestic demand conditions and a supportive price
environment, even as input costs register a slight increase," adds
Chaubal.

The CFR also incorporates the inherent cyclical nature of the steel
industry and JSW's limited raw material integration. Moreover, the
company's large capital spend aggregating INR150 billion each year
will constrain free cash flow generation over the next 12-18
months.

The proposed issuance constitutes JSW's proactive approach in
raising long term financing before incurring capex, diversifying
funding sources, and optimizing interest costs.

The proposed notes are rated Ba2 and rank pari passu to the
company's $500 million senior unsecured notes maturing in November
2019 and the $500 million senior unsecured bonds maturing in April
2022.

The bond issuing entity has significant operations, and its role is
as the holding company for the group. As such, there is no
structural subordination for bondholders.

At December 31, 2018, secured debt constituted 50% of total debt,
down from 71% in March 2014. With the proposed bond issuance,
Moody's expects that the proportion of secured debt to total debt
will fall further. The improving split between secured and
unsecured debt in JSW's capital structure results in the unsecured
bonds being rated at the same level as the CFR.

Proceeds from the issuance will be used towards retiring some of
the company's debt, as well as funding capital expenditure and
other purposes, in accordance with the Reserve Bank of India's
External Commercial Borrowings regulations.

Moody's estimates that JSW's adjusted debt/EBITDA at 31 March 2019
will remain flat versus the level at 31 March 2018 of 2.6x. Based
on sustainable EBITDA/ton of INR9,500, Moody's estimates the
company's leverage will reach around 2.8x-3.2x in the fiscal year
ending March 2020, comfortably below its upgrade trigger for a Ba1
CFR.

The positive ratings outlook reflects the improving trajectory of
JSW's credit metrics, principally due to its competitive and
efficient production costs.

The positive outlook also incorporates Moody's expectation that the
company will remain selective in its acquisitions — funding them
with a prudent mix of debt and equity — and that any such
acquisition will be earnings accretive and help in rapid
deleveraging, leading to at most only a temporary spike in adjusted
debt/EBITDA.

Moody's would consider upgrading the ratings if the company
maintains adjusted debt/EBITDA below 3.5x and EBIT/interest in
excess of 3.0x.

A downgrade of the ratings is unlikely in the near term, given the
positive ratings outlook.

Nevertheless, a sharp shift in industry conditions that triggers
declining sales volumes and dents pricing and profitability would
pressure the ratings. Specific metrics indicative of downward
ratings pressure include adjusted debt/EBITDA in excess of 4.0x,
EBIT/interest coverage below 2.0x and EBIT margins below 12%.

Downward ratings pressure could also build if the company
undertakes a large debt-financed acquisition without an immediate
and meaningful counterbalancing effect on earnings, thereby
resulting in a sustained increase in leverage. Execution risks
related to the timely and seamless integration of the acquired
business also pressure the ratings.

The principal methodology used in this rating was Steel Industry
published in Septemeber 2017.

JSW Steel Limited is one of the largest producers of steel products
in India, with an installed steelmaking capacity of 18 million
tonnes per annum.

LAKSHMI PRECISION: CARE Migrates D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Lakshmi
Precision Screws Limited (LPS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      115.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short Term Bank      77.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LPS to monitor the rating
vide e-mail communications/letter dated February 1, 2019; February
7, 2019; February 25, 2019; February 26, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the society 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 best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Lakshmi Precision Screws Limited's bank
facilities will now be denoted as CARE D/CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on August 03, 2018 the following were
the rating weaknesses:

Key Rating Weaknesses

Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the debt obligations by the company on account of its
weak liquidity position. The company has been classified as
Non-Performing Asset (NPA) by the banks.

Initiation of Corporate Insolvency Resolution Process (CIRP): By
the order of the National Company Law Tribunal (NCLT), CIRP has
been initiated against LPS under the provisions of Insolvency and
Bankruptcy Code, 2016 (IBC). The petition for initiation of the
CIRP was filed by an operational creditor of the company. An
Insolvency Resolution Professional (IRP) has also been appointed by
the NCLT, with respect to the company.

Lakshmi Precision Screws Ltd (LPS) was incorporated in January 1968
as a private limited company. Subsequently, the company was
reconstituted as a public limited company in 1972. LPS is engaged
in the manufacturing of high -tensile fasteners with total
installed capacity of 28,432 Metric Tonnes Per Annum (MTPA), as on
March 31, 2017. The company currently has four manufacturing units,
three are situated in Rohtak and one in Gurgaon, Haryana. The
company caters to various sectors such as wind Energy, Oil & Gas,
Locomotives, Automobiles, Agriculture Equipments (tractors) and
different industrial requirements. Apart from this, the company is
also engaged in trading of high-tensile fasteners.

LAKSHMI TOBACCOS: CARE Lowers Rating on INR9.90cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lakshmi Tobaccos (LT), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       9.90      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information; Revised from
                                  CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from LT to monitor the rating
vide e-mail communications/letters dated March 6, 2019, March 8,
2019, March 9, 2019, March 11, 2019, March 12, 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 best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Lakshmi Tobaccos bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 13, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

On-going delays: The firm was unable to generate sufficient cash
flows leading to strained liquidity position resulting in ongoing
delays in the working capital facility.

Small scale of operations with low net worth base: The firm has a
track record of around eighteen years, however, the total operating
income (TOI) of the firm remained low at INR40.36 crore in FY17
with a low net worth base of INR3.76 crore as on March 31, 2017 as
compared to other peers in the industry.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm marked by debt equity and overall
gearing stood leveraged during the review period. However, the debt
equity and the overall gearing of the firm improved from 1.04x and
3.15x respectively as on March 31, 2015 to 0.38x and 2.82x as on
March 31, 2017 due to increasing net worth at the back of accretion
of profits to reserves. The PBILDT interest coverage ratio has
deteriorated from 1.43x in FY 15 to 1.23x in FY17 due to increase
in interest cost at back of high utilization of working capital
limits. The total debt to GCA (TD/GCA) has deteriorated from 45.63x
in FY15 to 51.40x in FY17 due to decrease in gross cash accruals
(GCA) levels.

Declining profitability margins: Profitability margins of the firm
are seen declining during the review period. The PBILDT margin of
the firm has decreased from 4.39% in FY15 to 3.74% in FY17 due to
increase in raw material cost. The PAT margin has been declining
year-on-year from 0.92% in FY15 to 0.48% in FY17 due to increase in
interest cost at back of availing term loans and increase in
utilization of working capital bank facilities as the operations of
the firm are working capital intensive owing to trading nature of
business.

Vulnerability of the tobacco business to government regulations and
to climatic risks affecting tobacco availability: Tobacco products
form a major source of revenue in the form of taxes to both central
as well as state government and hence there are regular
modifications in taxation laws/tax rates with respect to the same.
Due to the harmful nature of the product, the various state
governments have banned

Manufacture and sale of various tobacco products under the Food
Safety and Standards (Prohibition and Restrictions on Sales)
Regulations, 2011 and availability of tobacco is highly susceptible
to the factors like area under cultivation, Climatic
risk, crop yield. Hence, the profitability margins of the firm are
vulnerable to government regulations on tobacco products and
availability of tobacco.

Working capital intensive nature of operations due to high
inventory holding period: The firm has working capital intensive
nature of operations due to high inventory holding period. Owing to
trading nature of business and availability of tobacco is seasonal
in nature (susceptible to climatic risks), the firm has to buy the
tobacco depending on availability. Due to market demand
fluctuations, the firm holds the inventory till it gets better
pricing.  Hence the firm has elongated inventory holding period of
106 days in FY17.

As the firm is purchasing Virginia tobacco (VFC) on auction
platforms, the average creditor's payment period is 7 -10 days.
The firm also purchases Virginia tobacco (VFC) from small dealers
and pays within 1 month from the date of invoice.

However for purchase of Non-VFC from farmers the firm pays within
1-7 days from the date of invoice. The firm receives the payment
from its customers within 1-15 days from the date of invoice. The
operating cycle of the firm is stood at 81 days in FY17. Average
working capital utilization of the firm during the last 12 months
period ended Feb. 28, 2018 is 85%.

Proprietorship nature of constitution with inherent risk of
withdrawal of capital: Constitution as a proprietorship has the
inherent risk and possibility of withdrawal of capital at a time of
personal contingency which can adversely affect the capital
structure of the firm. Furthermore, proprietorships have restricted
access to external borrowings as credit worthiness of the
proprietor would be a key factor affecting the credit decision of
lenders.

Key Rating Strengths

Long track record and experience of the Proprietor for more than
three decades in tobacco business: Lakshmi Tobaccos (LT) was
established in 2000 as a proprietorship firm, by Mr.S.Narayana Rao.
Mr.Jayakumar is a graduate (B.Sc) and having around 35 years of
experience in same line of business. The above factor helped the
firm in approaching tobacco boards for purchasing tobacco in
auction platforms and to establish relationship with customers.

Growth in total operating income during the review period: The
total operating income of the firm increased steadily y-o-y at a
CAGR of 32.18% i.e., from INR23.10 crore in FY15 to INR40.36 crore
in FY17, at back of increase in sales volume supported by enhanced
working capital limits as the operations of the firm are working
capital intensive coupled with repetitive orders from existing
customers. The firm is also deriving strength to increase sales
value by further processing the Virginia tobacco, which involves
conditioning of tobacco with heat and moisture, and finally
re-drying the Virginia tobacco. Through this process, the firm can
store the tobacco and sell the same when the market demand is
high.

Favorable location for doing tobacco business: The firm has ease of
approaching the suppliers of tobacco as the firm is having its
administrative office cum godown at Tangutur (Andhra Pradesh) which
is located in the major tobacco growing area in Andhra Pradesh.

Stable outlook of tobacco industry: Cigarettes currently represent
one of the most popular forms of tobacco, accounting for nearly 90%
of the global tobacco sales value. The global cigarette market
today represents a multi -billion dollar market and according to
IMARC group, its total revenues reached values worth US$ 816
Billion in 2017, representing a CAGR of around 7% during 2009-2017.


Despite falling volumes in developed markets as a result of an
increasing awareness on the harmful effects of cigarette smoking,
manufacturers have been able to increase value growth. Factors
driving the cigarette market include a continuous increase in the
prices of cigarettes and an increasing popularity of premium
products. Another major factor driving the growth is the rising
consumption of cigarettes in developing countries. Owing to the
aforementioned reasons, the outlook for tobacco industry looks
stable for the medium term.

Andhra Pradesh based, Lakshmi Tobaccos (LT) was established in the
year 2000 as a proprietorship concern by Mr. S.Narayana Rao.
Lakshmi Tobaccos (LT) is an authorized licensed dealer in tobacco
registered with Tobacco Board for trading of Virginia tobacco
(VFC). LT is mainly engaged in trading of Virginia tobacco. The
firm also does trading of Non-VFC tobacco. The firm purchases the
raw material i.e., Wet Virginia tobacco through the competitive
bidding process conducted by Tobacco Board (TB) at Andhra Pradesh
location. The TB collects the tobaccos from farmers, who are
licensed holder to grow any particular tobacco. Further, these
tobaccos are put in tender process. After successfully winning the
tender, the firm processes the Virginia tobacco manually by
separating the tobacco leaves, with the help of local contractual
workers. After separation of tobacco leaves, the firm outsources
the process like threshing. Threshing process involves conditioning
of tobacco with heat and moisture, and finally re-drying the
Virginia tobacco. The processing unit for separation of tobacco
leaves is located at Tangutur which is 20 km away from Ongole,
where tobacco is one of the major crops. The firm purchases Non-VFC
tobacco from the local farmers. The firm sells the tobacco majorly
to Maruthi Tobacco Suppliers.

LIFELINE MULTI: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lifeline Multi
Ventures Private Limited's (LMVPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR350 mil. Term loans due on December 2025 affirmed with IND
     BB+/Stable rating.

Analytical Approach: Ind-Ra has factored in strong support from
LMVPL's parent, D.N. Homes Private Limited (DHPL) while arriving at
the ratings on account of strong operational and financial linkages
between the entities in terms of common promoters and fungible cash
flows. Both entities have been collectively referred to as the DN
Group.

KEY RATING DRIVERS

The affirmation reflects the time and cost overrun risk involved in
the ongoing construction of the hotel that is scheduled to be
launched in December 2019. The company had incurred only 45%
((INR361 million) of the project cost for the hotel as of February
2019.

The rating factor in the 90.0% occupancy of the total leasable area
of the mall. Moreover, the construction of the multiplex has been
completed on time and it was launched in December 2018.

The ratings also reflect LMVPL's strong association with its
parent, DHPL, which has been operational in Odisha for more than 15
years and has developed around 1.7 million square feet of space
under its 11 (residential and commercial) projects.

The company's cash and cash equivalents stood at INR8.99 million at
FYE18 (FYE17: INR5.55 million). Ind-Ra expects LMVPL's liquidity
profile to be comfortable over FY19-FY22, with the debt service
coverage ratio likely to be above 1.4x during this period.
The ratings continue to benefit from the promoters' experience of
more than two decades in the real estate industry.

RATING SENSITIVITIES

Negative: Any delay in the commercialization of the hotel will be
negative for the ratings.

Positive: Timely project completion within projected cost outlay
will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1989, Bhubaneswar-based LMVPL is engaged in the
construction of a commercial project on a leasehold 2.71-acre land.
It is managed by Mr. Jagadish Prasad Naik, Mrs. Ratnamala Swainand
and Mrs. Shyam Sundar Padhy.  

MALNADY TEA: Ind-Ra Lowers LT Issuer Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Malnady Tea
Estate Private Limited's (MTEPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR0.870 mil. (reduced from INR1.65 mil.) Term loan due on
     March 31, 2020, downgraded with IND BB/Stable rating;

-- INR15 mil. Fund-based limits downgraded with IND BB/Stable
     rating;

-- INR25 mil. Proposed fund-based limits* assigned with
     Provisional IND BB/Stable rating; and

-- INR30 mil. (reduced from INR90 mil.) Non-fund-based limits
     affirmed with IND A4+ rating.

* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
SPWPL to the satisfaction of Ind-Ra.

KEY RATING DRIVERS

The downgrade reflects deterioration in MTEPL's credit metrics,
with interest coverage ratio remaining low 2.5x (FY17: 2.7x) and
net leverage ratio continuing to be high at 5.14x (4.95x), due to
an increase in net borrowings.

The ratings remain constrained by the company's small scale
operations, despite an improvement in revenue to INR116.19 million
in FY18 (FY17: INR87.60 million) on the back of an increase in the
trade of veneer. The company booked revenue of INR149.49 million
during April-February 2019.

The rating factor in MTEPL's modest EBITDA margins of 10.2% in FY18
(FY17: 11.3%) with ROCE of 10% (10%). The decline in operating
margins in FY18 was driven by volatile raw material prices.

Moreover, the liquidity position remains tight with average working
capital utilization being 98.31% for the 12 months ended in
February 2019. Also, the cash flow from operations remained
negative at INR4.86 million in FY18 (FY17: negative INR6.71
million) and the cash balance in hand was INR2.82 million (FY17:
INR2.59 million).

The ratings, however, are supported by MTEPL's promoter's
experience of over four decades in the tea trading business.

RATING SENSITIVITIES

Positive: A sustained improvement in the overall credit profile and
liquidity will lead to a positive rating action.

Negative: A sustained decline in the revenue and overall credit
profile will lead to a negative rating action.

COMPANY PROFILE

MTEPL was incorporated in 1973 under the flagship of Mr. Ashok
Garg. MTEPL has its registered office in Kolkata and a tea garden
in Malbazar, Jalpaiguri. The total area under cultivation of
Malnady Tea Estate is around 98ha. MTEPL manufactures green tea and
trades veneer.

MAPLE RENEWABLE: Ind-Ra Lowers Loan Rating to D, Outlook Negative
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating on
Maple Renewable Power Private Limited's (MRPPL) debt facilities to
'IND D' from 'IND BB'. The Outlook was Negative.

The details are:

-- INR722.5 mil. (reduced from INR850 mil.) Rupee term loan due
     on December 2025 downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects MRPPL's delays in debt servicing in March
2019, due to cash flow mismatches and the strained liquidity of the
sponsor. Also, the debt service reserve was depleted in February
2019 because of delayed realization of payments and the use of the
reserve for purposes other than debt servicing.

RATING SENSITIVITIES

Positive:  Timely debt servicing for three consecutive months will
be positive for the rating

COMPANY PROFILE

MRPPL owns and operates a combined wind power capacity of 61.50MW
across Tamil Nadu. MRPPL recorded a total income of INR328.8
million in 1HFY19, with EBITDA of INR207.31 million and a cash
balance of INR3.5 million.

PINAKEE ENGINEERS: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Pinakee Engineers
& Developers' (Pinakee) Long-Term Issuer Rating at 'IND B+' and
simultaneously migrated it to the non-cooperating category. The
Outlook is Stable 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 the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating action is:

-- INR90 mil. Fund-based working capital limit affirmed and
     migrated to non-cooperating category with IND B+ (ISSUER NOT
     COOPERATING) /Stable/IND A4 (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects Pinakee's small scale of operations due to
a low revenue base. Revenue for FY18 was INR150 million (FY17:
INR120 million).

Also, the credit metrics of the company are weak with the coverage
ratio (operating EBITDA/gross interest expense) 1.5x in FY18 (FY17:
1.5x) whereas leverage ratio (adjusted net debt/operating EBITDAR)
was 5.4x (5.9x). Moreover, the liquidity of the company is modest
with the average fund-based limit utilization of 97% during the 12
months ended in January 2019.

However, the ratings are supported by the company's healthy EBITDA
margins, an absence of term debt in its books of account and
promoters' three decades of experience in the civil construction
business. EBITDA margin was 13.6% in FY18 (FY17: 14.9%).

RATING SENSITIVITIES

Negative: Deterioration in credit metrics will lead to a negative
rating action.

Positive: Any substantial revenue growth while maintaining
profitability leading to strong liquidity will lead to a positive
rating action.

COMPANY PROFILE

Incorporated in October 2014. Pinakee is a partnership firm engaged
in civil construction works as a subcontractor for J Kumar
Infraprojects Ltd ('IND A+'/RWN), Prime Civil Infrastructures and
Noble Construction Co.

RELIGARE HOUSING: Ind-Ra Corrects March 14 Rating Release
---------------------------------------------------------
This announcement corrects the version published March 14, 2019, to
clearly mention that Religare Housing Development Finance
Corporation Limited's Long-term bank loan rating of 'IND BB-' was
maintained on Rating Watch Negative (RWN) and non-convertible
debenture (NCD) and commercial paper (CP) ratings were withdrawn.

An amended version is:

India Ratings and Research (Ind-Ra) has undertaken the following
rating actions on RHDFC's debt instruments:

-- INR4.900 bil. (reduced from INR10.0 bil.) Long-term bank
     loan maintained on RWN with IND BB-/RWN;


-- INR1.0 bil. NCDs* withdrawn (paid in full);

-- INR2.0 bil. CP** withdrawn (no debt outstanding); and

-- INR2.0 bil. Short-term bank loan withdrawn (no debt
     outstanding).

* Details in annexure

** Unutilized

KEY RATING DRIVERS

The rating factor in RHDFC's intrinsic credit profile as well as
the overhang of stress at its 87.5% parent, Religare Finvest
Limited (RFL; 'IND B+'/RWN) level. RHDFC's operations and
flexibility on the external funding front have been affected by the
financial challenges faced by the Religare group. Ind-Ra has
changed its rating approach for RHDFC to a standalone view; the
earlier approach was based on RFL's credit strength according to
the rating criteria for FI Subsidiaries and Holding Companies. This
change is in light of RFL's much-weakened credit profile and
consequently, it's reduced ability to provide support to RHDFC.

RHDFC contributes to the expansion of RFL's product portfolio. Its
loan book reduced to INR7.9 billion at end-9MFY19 (1QFY19: INR8.7
billion; 1HFYE18: INR10 billion) due to reduced disbursements. This
along with declining operating leverage has reduced its
pre-provisioning operating profitability over the years.
Pre-provisioning operating profitability to earning assets ratio
was 1.76% in 9MFY19 (FY18: 1.65%, FY17: 3.16%). Moreover, its
delinquencies have increased as reflected in a rise in gross NPAs
(90 days past due) to 6% in 9MFY19 (1QFY19: 4.2%; FY17: 2.4%).
Also, RHDFC has minor gaps in short-term (up to 1 year) buckets in
its asset-liability maturity profile. RHDFC had an equity base of
INR2 billion at end-9MFY19, with an equity to assets ratio of 24.3%
which provides buffer towards an asset quality shock.

While RHDFC has been meeting its scheduled debt repayments, it has
not paid the increased amount of interest rate implemented by its
lenders since last few months. RHDFC is contesting the increase in
interest rates and is in talks with banks to get these reversed.
Ind-Ra would monitor the developments as the outcome and the
subsequent stance of RHDFC could have a material impact on its
credit profile.

RATING SENSITIVITIES

RHDFC's ratings could be upgraded if the overhang on funding and
liquidity front is reduced leading to an increase in business
volumes along with maintaining stable asset quality. The ratings
could be downgraded in case of delays in the resolution of the
funding challenges, which could further shrink the business and
financial profile of the company.

COMPANY PROFILE

RHDFC provides housing loans to low-/middle-income borrowers in the
unorganized sector. In addition, it provides loans for commercial
real estate (FYE17: 13% share in the loan portfolio) and loans
against property (17% share in the loan portfolio).

SAI REGENCY: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sai Regency Power Corporation Private Limited
        II Floor, Crown Court No. 128
        Cathedral Road, Chennai
        Tamil Nadu, India 600086

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 23, 2019

Insolvency professional: G. Ramachandran

Interim Resolution
Professional:            G. Ramachandran
                         F-10, Syndicate Residency
                         No. 3, Dr. Thomas First Street
                         Off South Boag Road, T. Nagar
                         Chennai 600017
                         E-mail: ramgcs@gmail.com

                            - and -

                         C/o M/s Brahmayya & Co.
                         48 Masilamini Road
                         Balaji Nagar, Royapettah
                         Chennai 600014
                         E-mail: irp.regency@
                                 ibcprofessionalsolutions.com

Last date for
submission of claims:    April 10, 2019

SAVIOUR MINES: CARE Cuts INR8.50cr LT Loan Rating to D, Not Coop.
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Saviour Mines and Minerals Private Limited (SMMPL), as:

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SMMPL to monitor the rating
vide e-mail communications/letters dated March 6, 2019, March 7,
2019, March 8, 2019, March 9, 2019, March 11, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the company
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 best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Saviour Mines and Minerals Private Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Saviour Mines and
Minerals Private Limited (SMMPL) factors in ongoing delays in
servicing debt obligations. The rating continues to be tempered by,
Small Scale of operations with short track record of business and
low net worth base, Leveraged capital structure and weak debt
coverage indicators, declining profitability margins and working
capital intensive nature of operations. However, the rating also
takes into account significant increase in total operating income
during FY18, experience of the promoters for more than three
decades in mining industry and stable outlook of mining industry.

Key Rating Weakness

On-going delays in servicing debt obligations: There are ongoing
delays in debt servicing for more than 30 days in term loan
facility availed by the firm due to stressed liquidity position.

Small Scale of operations with short track record of business and
low net worth base: The TOI of the company stood at INR24.97 crore
in FY18 with networth of INR3.99 crore.

Declining profitability margins: The PBILDT and PAT margins
declined and stood at 4.45% and 0.30% respectively as on March 31,
2018.

Leveraged capital structure and weak debt coverage indicators:
Overall gearing ratio improved from 2.62x as on March 31, 2017 to
1.96x as on March 31, 2018. The total debt/GCA of the company has
deteriorated from 33.59x in FY17 to 26.17x in FY18. The interest
coverage ratio of the compa ny marginally improved from 1.37x in
FY17 to 1.48x in FY18.

Working capital intensive nature of operations: The operating cycle
stood elongated at 112 days in FY18, improved from 122 days in
FY17.

Exposure to adverse change in government regulation: As per the
Western Ghats Ecology Expert Panel (WGEEP), roughly 37 percent of
the total area defined as the boundary of the Western Ghats is
ecologically sensitive. Over this area of some 60,000sq km, spread
over the states of Gujarat, Maharashtra, Goa, Karnataka, Kerala and
Tamil Nadu, the working group has recommended a prohibitory regime
on those activities with maximum interventionist and destructive
impact on the environment. Therefore mining was
permanently restricted in western ghat areas. There are
environmental restrictions also on mining of bauxite ore.

Highly fragmented industry with intense competition from large
number of players: The company is engaged in mining of granite and
manufacturing of granite slabs which is highly fragmented industry
due to presence of large number of organized and unorganized
players in the industry the company faces huge competition.

Key Rating Strengths

Experience of the promoters for more than three decades in mining
industry: SMMPL was incorporated in 2007 by Mr. Rama Kris hnaiah
Alam and Mr. U. Bhargav. Mr. Ramakrishnaiah has done his M.Sc
(Tech) in Applied Geology and joined Geological Survey of India, in
1982. He took retirement as Senior Geologist from Geological survey
of India, Hyderabad in July 2013 and has taken over M/s. Saviour
Mines and Minerals Private Limited as a Managing Director. He has
got vast experience in exploration of Bauxite, Limestone, Iron ore,
Manganese ore, Beach sands and Magnesite among others. Mr. U.
Bhargav is graduate by qualification and has 4 years of experience
in mining industry.

Increasing total operating income: The TOI of the company stood at
INR24.97 crore in FY18 with networth of INR3.99 crore as of
March 31, 2018.

Stable outlook of mining industry: The GDP contribution of the
mining industry varies from 2.20% to 2.50% only but going by the
GDP of the total industrial sector it contributes around 10% to
11%.The Indian mining industry is the backbone of industries in the
country. The mining industry is the main source of raw material for
most of the industries producing as many as 84 minerals. India
ranks 3rd in coal, lignite and bauxite contribution in the mineral
production in the world.

Saviour Mines and Minerals Private Limited (SMMPL) was incorporated
in the year 2007 and taken over by Mr.Rama Krishnaiagh Alam and
Mr.U. Bhargav in 2013. The company is engaged in mining of granite
and pr ocessing of granite slabs. SMMPL started its commercial
operations from 2014 October. SMMPL has installed capacity of 15
tonnage p.a. The company has entered into lease agreement with
Telangana State Government for mining under 4 hectares of granite
land area located at Warangal for a tenure of 15 years .The
clientele of the company covers Maharashtra, Karnataka, Andhra
Pradesh, Tamilnadu and Orissa.

SHIVALIK VYAPAAR: CARE Migrates C Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shivalik
Vyapaar Private Limited (SVPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       9.00      CARE C; Stable; Issuer not
   Facilities                     cooperating; Based on basis
                                  of best available information

Detailed Rationale& Key Rating Drivers

SVPL has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on SVPL's bank facilities will now be
denoted as CARE C; 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 assigned to the bank facilities of SVPL is primarily
constrained on account of fluctuating total operating income along
with continuous net and cash losses, weak solvency position and
stressed liquidity and competitive and fragmented nature of
industry along with vulnerability to fluctuation in raw material
prices.  The rating, however, derives strength from experienced
management.

Detailed description of the key rating drivers

At the time of last rating on January 10, 2018, the following were
the rating strengths and weaknesses (Updated from FY18).

Key Rating Weakness

Fluctuating total operating income along with continuous net and
cash losses, weak solvency position and stressed liquidity: Total
Operating Income of SVPL has shown increasing trend over the past
three financial years ended FY18 owing to its presence in a
competitive industry. During FY18, TOI of the company improved by
32.21% over FY17 due to higher increase in sales of manufactured
goods.

PBILDT margin of the company stood comfortable at 9.60% in FY18,
improved by 691 bps over FY17 mainly due to decline in consumable
stores and power power and fuel expenses. However, the company has
registered continuous net loss and cash loss in last three
financial years ended FY18 mainly on account of higher depreciation
and interest and finance cost.

The capital structure of the company stood leveraged marked by
overall gearing at 2.72 times as on March 31, 2017, deteriorated
from 2.34 times as on March 31, 2017 mainly on account of
continuous losses in the company. However, the repayment of term
loan is done by infusion of unsecured loans from the related
parties. Further, the debt coverage indicators stood weak with
total debt to GCA at 95.64 times in FY18 mainly on account of low
gross cash accruals couples with higher debt.

The company gets the payment from customers around 4-5 months and
makes the payment to its suppliers within 5-6 months. The company
maintains inventory of 8-8.5months due to higher value addition in
the product.

Due to higher inventory holding, current ratio of the company stood
at 1.20 times whereas quick ratio remained at below unity level at
0.47 times as on March 31, 2018.

Competitive and fragmented nature of industry along with
vulnerability to fluctuation in raw material prices: The company is
engaged in the trading of steel and aluminium scrap where many
players are operating in the same business with many unorganized
players and few organized players. Further, the profitability
margins of the company remain lower due to trading nature of
operations and its inability to pass on rise in prices to its
customers due to highly fragmented and competitive nature of the
industry. The prices of scrape have exhibited volatile trend in the
past and same volatility is expected to continue in future on
account of domestic and international demand scenario.

Key Rating Strengths

Experienced management: Mr. Rajendra Agrawal, director has wide
experience of more than two decade in the auto component industry
and looks after overall affairs of the company. He is assisted by
his son, Mr. Goldi Agrawal who has experience of 7 years in the
auto component industry. Due to longstanding presence in the
industry, the promoters of the company have established better
relations with customers and suppliers.

Indore (Madhya Pradesh) based Shivalik Vyapaar Private Limited
(SVPL) was incorporated in 2006 by Mr. Rajendra Agrawal along with
his family members. SVPL is engaged in the business of
manufacturing of batteries and lead. The manufacturing unit of the
company is located around Indore with total installed capacity of
45 lakh batteries and 3250 Metric Ton Per Annum (MTPA) of lead as
on March 31, 2017. The company procure raw material from local
market. The company markets its product under the brand name of
"Copro". SVPL sells its products in Maharashtra, Gujarat,
Hyderabad, Delhi, Kolkata and Uttar Pradesh. The company is also
engaged in the business of trading of batteries which it procures
from local markets.

SHREE PADMAVATI: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Shree Padmavati Sortex Pvt. Ltd.
        126/1/Q AT & Post Lodriyal
        Bavla Sanand Road, Bavla
        Ahmedabad 382230

Insolvency Commencement Date: March 29, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Vinodkumar Surendralal Shah

Interim Resolution
Professional:            Vinodkumar Surendralal Shah
                         206/1, Pramukh Cyprus
                         Opp. Aashka Hospital
                         Sahpur Sargasan Road
                         Gandhinagar 382421
                         E-mail: ipvinodshah@rediffmail.com
                                 cirp.pspl@gmail.com

Last date for
submission of claims:    April 15, 2019

SHRI SAKTHI: CARE Cuts INR49.50cr LT Loan Rating to D, Not Coop.
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Sakthi Papers India Private Limited (SSP), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       49.50     CARE D Issuer Not Cooperating
   Facilities                     Revised from CARE BB-; Stable
                                  on the basis of best available
                                  information

   Short-term Bank       4.70     CARE D Issuer Not Cooperating   
   Facilities                     Revised from CARE A4 on the
                                  basis of best available
                                  information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSP to monitor the rating
vide e-mail communications dated January 12, 2019, March 2, 2019,
March 4, 2019 and March 7, 2019 and numerous phone calls. However,
despite CARE's repeated requests, the company 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 best available information which however, in CARE's opinion is
not sufficient to arrive at fair rating. The rating on Shri Sakthi
Papers India Private Limited's bank facilities will now be denoted
as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of Shri Sakthi Papers
India Private Limited (SSP) is on account of ongoing delays in the
servicing of interest and principal amount of term loan facility.

Key Rating Weakness

Ongoing delays in meeting debt obligation: The company was unable
to generate sufficient cash flows leading to strained liquidity
position resulting in ongoing delays in meeting interest and
principal debt obligation.

Decline in total operating income: The total operating income
declined from INR 68.42 crore in FY17 to INR 66.55 crore in FY18
Leveraged capital structure and weak debt-coverage indicators
The capital structure marked by overall gearing continues to be
leveraged deteriorating from 3.07x as of March 31, 2017 to 3.26x as
of March 31, 2018. Furthermore, the debt equity also deteriorated
from 2.07x as of March 31, 20 17 to 2.19x as of  March 31, 2018.
Debt coverage indicators stood weak marked by interest coverage
ratio of 1.60x in FY18 as against 1.68x in FY17. TD/GCA also stood
weak at 39.99x in FY18 as against 25.20x in FY17.

Working capital intensive nature of operations: The working capital
cycle days elongated to 155 days in FY18 as against 145 days in
FY17.

Decline in profitability margins: The PBILDT margin declined from
8.70% in FY17 to 6.94% in FY18, while the PAT margin also declined
from 1.17% in FY17 to 1.12% in FY18.

Key Rating Strengths

Experienced promoters and long track record of operations:
Experienced promoters along with long track record of operations
SSP, having commenced operations in the year 1968 has a track
record of being engaged in the paper industry for more than five
decades. SSP is being promoted by Mr. P. Swaminathan, his wife, Ms.
S. Ruckmani, Mr. P. Balakrishnan (brother) and Mr. V. Chandramouli
based out of Tamilnadu. Mr. P. Swaminathan, Undergraduate, aged 57
years, with an experience of more than three decade in the paper
industry manages the overall operations of the company.

Shri Sakthi Papers (India) Private Limited (SSP) originally
incorporated as Sakthi Saradha Papers (India) Private Limited in
May 2004 by Mr. P. Swaminathan and family based out of Coimbatore,
Tamilnadu, is engaged in the manufacture of paper for newsprint,
writing paper for note books, white paper for printing and book
publication. The business was originally constituted as a
proprietorship entity in 1968 by Mr. P. Panchapakesaiyer (father of
Mr. P. Swaminthan) by name Shakthi Paper Mart (SPM), which was into
trading of imported paper. SSP has own sales depot in Tirupur,
Salem, Kolikode and in Ernakulum whereas sales in Chennai, Madurai
and Sivakasi are carried out through dealers.

SRI GIRI: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Sri Giri Travels Private Limited
        No. 918, Ground Floor, Shop No. 2 & 3
        9th Cross, 26th Main
        HSR Layout, Sector-I
        Bangalore 560102

Insolvency Commencement Date: March 27, 2019

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: September 23, 2019

Insolvency professional: Pawan Kumar Agrawal

Interim Resolution
Professional:            Pawan Kumar Agrawal
                         L-2/37A, Ground Floor, Ekta Sqaure
                         DDA, Kalkaji
                         New Delhi 110019
                         E-mail: irp@ppglegal.com

Last date for
submission of claims:    April 10, 2019

SRI LAKSHMI: CARE Cuts INR8cr LT Loan Rating to D, Not Cooperating
------------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Lakshmi Enterprises (SLE), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term Bank       8.00      CARE D; Issuer not cooperating;
   Facilities                     Based on best available
                                  Information; Revised from
                                  CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Sri Lakshmi Enterprises to
monitor the rating vide e-mail communications/letters dated March
8, 2019, March 9, 2019, March 11, 2019, March 12, 2109 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 best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Sri Lakshmi Enterprises bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 18, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weakness

On-going delays in servicing debt obligations: There are ongoing
delays in debt servicing for more than 30 days in working capital
facility availed by the firm due to stressed liquidity position.

Small scale of operations with fluctuating total operating income
and y-o-y declining profitability margins during the review period
(FY15-FY17): The scale of operations of the firm was marked small
in nature as reported by total operating income of the firm, which
remained fluctuating during the review period, on account of
fluctuation in sales of nestle food products in the local market.
However, in 11M FY18 (refers to the period from April 1 to February
28), the firm has achieved a TOI of INR 35 crore. Further, the
PBILDT margins were declining y-o-y from 8.87% in FY15 to 5.41% in
FY17 on account of increasing overhead expenses. Further the APAT
margin remained thin and was declining in line with decline in
PBILDT in absolute terms.

High inventory risk associated with trading nature of business:
The firm is exposed to high inventory risk associated with the
distribution and trading nature of business, as the firm has to
maintain high level of inventory i n order to meet its local
demand. Any changes in the desirability of Nestle's products in the
local market may directly affect the profitability of the firm.

Geographical concentration risk: The factors that contribute to the
small scale of operations of SLE aregeographic concentration risk
of customers i.e. within Prakasam District, negligible value
addition in business and lean profitability margins.

Leveraged capital structure and weak debt coverage indicators:
Despite of the increased amount of net worth of the firm y-o-y,
overall gearing ratio of the firm stood high at 3.45x as on March
31, 2017 at the back of high utilization of working capital
facilities. The debt coverage indictors marked by interest coverage
and TD/GCA have been also weak whi ch deteriorated from 1.94x and
8.33x respectively in FY16 to 1.02x and 610.36x respectively in
FY17 mainly due to fluctuating profit levels and increasing debt
levels.

Working capital intensive nature of operations: The firm has a
working capital intensive nature of business. In FY17, the firm had
a high working capital cycle of 142 days. The average inventory
period of the SLE was around 89 days during review period
essentially contributed by its trading operations while the
distribution segment followed a cash and carry policy where FMCG
products were sold from the warehouse and invoices were settled on
spot by the customers. The firm received the payments from its
customers in trading business within 30-70 days depending on the
customer relationship. Also, the firm made 100% advance payments to
its FMCG creditors and to the edible oil companies, payment was
made within a week or two. The average utilization of the cash
credit facility during the review period was around 90%.

Key Rating Strengths

Experienced promoter: Mrs. Jayasree, the proprietor of the firm has
more than one decade of experience in distribution business. She is
well supported by her husband to look after the day to day
operations of the firm. Due to long term presence in the market,
she has gained a fine reputation in the district.

Authorized wholesaler for reputed FMCG companies: SLE is an
authorized wholesaler for Nestle India Limited. It entered an
agreement with Nestle India Limited and the same is being adhered
to on mutual consent by both the parties till date. SLE also
distributes edible oil products of local companies. SLE's main
assets are its sales force, transportation and storage facilities.
It has an experienced team of salesmen associated with the firm for
more than a decade. The firm uses road transport as its major means
of transportation given the geographical concentration of its
supplier and customers. It has 2 warehouses in Prakasam District
measuring 3000 and 7000 square feet each.

Ongole based, Sri Lakshmi Enterprises (SLE) was established in the
year 2010 as a proprietorship concern by Mrs. Jayasree. The firm is
engaged in distribution of FMCG goods, in Prakasam District. It has
been recognized as an authorized distributor for the Prakasam
District by Nestle India Limited. Further, the firm also engages in
trading of edible oil procured from local companies and traded to
retailers across Andhra Pradesh.

TECHNO TRAK: Ind-Ra Hikes Long Term Issuer Rating to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Techno Trak
Engineers' (TTE) Long-Term Issuer Rating to 'IND BB' from 'IND B+
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based working capital limit upgraded with IND
     BB/Stable rating;

-- INR8.3 mil. (reduced from INR12.5 mil.) Non-fund-based working

     capital limit upgraded with IND A4+ rating;

-- INR5.96 mil. Term loan due on March 2023 assigned with IND
     BB/Stable rating; and

-- INR1.8 mil. Term loan due on April 2018 withdrawn (paid in
     full.)

KEY RATING DRIVERS

The upgrade reflects a significant increase in TTE's revenue,
leading to an improvement in its credit metrics in FY18. Revenue
surged to INR209.2 million in FY18 (FY17: INR92.4 million) on
account of strong domestic and global petroleum product demand. The
firm booked revenue of INR237.5 million during 11MFY19. Its scale
of operations is medium. TTE's gross interest coverage (operating
EBITDA/gross interest expense) improved to 2.7x in FY18 (FY17:
1.5x) and net financial leverage (total adjusted net debt/operating
EBITDAR) to 2.1x (2.5x) largely driven by a decrease in term debt
and the consequent decline in interest cost. Despite the
improvement, the credit metrics are modest.

The company's return on capital employed was 13% in FY18 (FY17:
12%) and EBITDA margin was average at 14.8% (30.0%). Despite the
growth in revenue, the EBITDA margin declined on account of an
increase in the cost of raw materials consumed.

However, the ratings are constrained by the firm's tight liquidity
position as reflected by 95% average use of its fund-based
facilities for the 12 months ended February 2019. The working
capital cycle elongated to 156 days in FY18 (FY17: 411 days), owing
to a long inventory holding period to 130 days (358 days). Cash
flow from operations remained positive at INR22.2 million in FY18
(FY17: INR30.9 million). Cash and cash equivalents stood at INR6.6
million at FYE18 (FYE17: INR0.3 million).

The ratings are, however, supported by TTE's partners' more than
two decades of experience in manufacturing of couplings and pup
joints.

RATING SENSITIVITIES

Positive: A sustained increase in the revenue and EBITDA margin
while maintaining the liquidity position, leading to a sustained
improvement in the interest coverage could be positive for the
ratings.

Negative: Any significant deterioration in the EBITDA margin or
pressures on the working capital cycle, leading to deterioration in
the interest coverage could be negative for the ratings.

COMPANY PROFILE

TTE is a Maharashtra-based partnership concern, established in
1986. It manufactures couplings and pup joints which are majorly
used in the petroleum industry.

TRENT CHEMICAL: Ind-Ra Affirms BB+ Issuer Rating, Outlook Now Pos.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Trent Chemical
Industries' (TCI) Outlook to Positive from Stable while affirming
its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR75 mil. Fund-based working capital limits affirmed; Outlook

     revised to Positive from Stable with IND BB+/Positive rating;

-- INR307.5 mil. (reduced from INR410 mil.) Term loans due on
     June 2021 affirmed; Outlook revised to Positive from Stable
     With IND BB+/Positive rating; and

-- INR55 mil. Non-fund-based working capital limits affirmed with

     IND A4+ rating.

KEY RATING DRIVERS

The Outlook revision reflects TCI's better-than-expected operating
performance. The firm is likely to have recorded moderate revenues
of around INR1,300  million in FY19 (FY18: INR768 million) and
healthy EBITDA margins of over 20% (FY18: EBITDA loss) owing to
ramping up of production volumes, stable raw material cost, and the
closure of polluting chemical plants in China. The RoCE is
estimated to around 30% in FY19 (FY18: negative RoCE). The credit
metrics are also estimated to be commensurately healthy in FY19,
with EBITDA/interest cover of over 5x (-1.6x) and net leverage of
about 2x (-8.6x). However, the upward traction in the performance
started from FY19 only, and the sustainability of the same remains
to be seen.

As per the management, the main products manufactured by the
company - H acid and Daimio Stilbene Disulfonic Acid (DASDA) - have
been in short supply globally, as there are only a few
manufacturers and some of the plants have been shut down due to
environmental concerns. The resultant surge in demand has bolstered
TCI's performance. Ind-Ra believes TCI would maintain its improved
performance over the medium term, as 75% of its production will be
utilized by its group companies - Meghmani Industries Ltd and
Meghmani Dyes and Intermediaries Ltd. Moreover, the company's
receivable and inventory risk would be low as the group companies
are financially sound.

The ratings are constrained by TCI's exposure to volatility in raw
material prices, as they are linked to crude prices.

The ratings also factor in the company's short track record of
operations.

The ratings continue to be supported by TCI's strong strategic and
operational linkages with Meghmani Dyes and Intermediates Ltd, and
Meghmani Industries Ltd. The group entities, which are among the
largest dyes and pigment manufactures in India, have strong credit
profiles, thereby reducing counterparty risks.

In 11MFY19, TCI is estimated to have generated cash accruals of
more than INR280 million, which would have been adequate to service
its debt obligations of INR102.5 million during the same period.
Hence, the support of group companies for repayment obligations may
not be required over the medium term. The utilization of bank
limits has also been comfortable at 87% for the 12 months ended in
March 2019.

The ratings also factor in the promoters' experience of more than
four decades in the chemicals industry.

RATING SENSITIVITIES

Positive: Maintaining the EBITDA margins and the credit profile at
the current levels on a sustained basis could lead to an upgrade in
ratings.

Negative: Any substantial decline in the revenue or profitability,
or lower-than-agreed purchases from group entities could lead to
the Outlook being revised to Stable.

COMPANY PROFILE

Trent Chemical Industries was established in September 2014 to
manufacture H acid and DASDA, which are used as raw materials for
manufacturing dyes and pigments. The company now manufactures H
acid and DNS, which is a feedstock for DASDA. The firm was formed
as part of the Meghmani group's backward integration strategy,
wherein 70%-75% of production will be sold to the three group
entities. The Meghmani group has been selling dyes and pigments
under the brand names, Reactobond, and Mega white, across the world
for more than three decades.

VALECHA LM TOLL: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Valecha LM Toll Private Limited

        Registered address:
        Valecha Chambers
        4th Floor New Link Road
        Andheri (W) Mumbai 400053
        Maharashtra

Insolvency Commencement Date: April 1, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Udayraj Patwardhan

Interim Resolution
Professional:            Mr. Udayraj Patwardhan
                         Sumedha Management Solutions Private
                         Limited
                         C703, Marathon Innova
                         Off Ganapatrao Kadam Marg
                         Lower Parel West, Mumbai
                         Maharashtra 400013
                         E-mail: udayraj_patwardhan@
                                 sumedhamanagement.com
                                 vlmtpl@sumedhamanagement.com

Last date for
submission of claims:    April 15, 2019

WOMEN'S NEXT: CARE Migrates 'D' Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Women's
Next Loungeries Limited (WNLL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           12.50      CARE D; ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from WNLL to monitor the ratings
vide e-mail communications/letters dated February 18, 2019,
February 24, 2019, February 25, 2019, March 1, 2019 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on Women's Next Loungeries Limited's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 22, 2018, the following were
the rating strengths and weaknesses (updated for the
information available from MCA website and banker).

Key rating Weakness

Delay in servicing of debt obligation: As per banker interaction,
there are overdues in cash credit account and the account is
classified as SMA.

Incorporated in December 2010 as Shiv Lingeries Private Limited by
Mr Bhavesh Bhanushali, & Mrs Premila Bhanushali and subsequently
converted to public limited company in 2012 with its name changed
to Women's Next Loungeries Ltd. (WNLL) and listed with Bombay Stock
Exchange in 2014. WNLL is engaged in the business of manufacturing
of lingerie, loungerie, pajamas, t-shirts and night suits and
trading of fabric. The company sells ~70% of products to Ashapura
Intimates Fashion Ltd.(AIFL) under their brand name of 'Valentine'
and rest is sold to its other distributors through organized retail
chains and distributors under the own brand name of 'Women 's Nex
t'. Further company procures 65% of its total raw materials viz.
grey fabric and elastic from Momai Apparels Ltd. (subsidiary of
AIFL) and rest of the raw materials viz. buttons, buckles, hooks,
etc. from domestic suppliers. WNLL has manufacturing unit which is
located at Bhiwandi, Thane.

YATHARTH HOSPITAL: Ind-Ra Cuts Issuer Rating to D, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Yatharth
Hospital and Trauma Care Services Private Limited's (YHTCSPL)
Long-Term Issuer Rating to 'IND D' from 'IND BB+'. The Outlook was
Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limit (Long-term/Short-
     term) downgraded with IND D rating; and

-- INR430 mil. Term loan (Long-term) due on October 31, 2025
     downgraded with IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by YHTCSPL during
the three months ended February 2019 owing to a stressed liquidity
position, resulting from the ongoing CapEx for hospital expansion.

RATING SENSITIVITIES

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

COMPANY PROFILE

YHTCSPL was formed in 2008 by Dr. Ajay Tyagi, Dr. Kapil Tyagi, Dr.
Neena Tyagi, and Dr. Manju Tyagi. It operates a 350-bed hospital in
Greater Noida and a 340-bed hospital in Noida.



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

EBERT CONSTRUCTION: Creditors Claims Rise to NZ$108 Million
-----------------------------------------------------------
Madison Reidy at Radio New Zealand reports that liquidators from
BDO, Iain Shepherd and Jessica Kellow, said they had received 336
unsecured claims totalling NZ$108.8 million, compared with NZ$24.5
million six months ago.

This included NZ$757,000 related to employee entitlements, RNZ
says.

In addition, the liquidators expected at least another NZ$10.9
million of additional unsecured claims to be filed, according to
RNZ.

"The liquidators have received several large breach of contract
claims from contract principals," they said in a report, RNZ
relays.

However, Ebert co-receiver Lara Bennett from PricewaterhouseCoopers
said earlier last week there would be no funds left over from the
receivership to distribute to creditors.

According to the report, the liquidators indicated they had found
Ebert's directors had possibly breached their duties.

"[Liquidators] have formed a preliminary view that there may have
been breaches of directors' duties and have put the directors on
notice of a potential claim."

RNZ relates that the liquidators said they were also preparing
legal action against one unnamed creditor who had received some
priority payments.

No end date on the liquidation was given, RNZ notes.

                      About Ebert Construction

New Zealand-based Ebert Construction Limited provided construction
management services. It offered design management, value
engineering, cost planning, programming, construction management,
health and safety management, quality management, and project
reporting services.

Lara Bennett, John Fisk and Richard Longman from PwC were appointed
receivers to Ebert Construction Limited in July 2018 as a result of
a request made by the Ebert Board of Directors to its bank.

At the time of PwC's appointment, the company was involved in 15
active projects, employed 100 staff and was forecasting turnover of
NZ$171 million in the year through March 2019, according to NZ
Herald.

Some NZ$640,000 was owed to staff as preferential creditors, with a
further NZ$1.3 million owed to employees on an unsecured basis, NZ
Herald disclosed citing receivers' first report.

NZ Herald said Ebert co-founder and managing director Kevin Hale is
also a secured creditor, owed NZ$3.5 million, which he loaned to
the business on July 24 as a short-term measure before new capital
was raised from other shareholders.



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

HYFLUX LTD: MAS Sees No Impropriety by DBS in Bond Sale
-------------------------------------------------------
Bloomberg News reports that Singapore's financial regulator said it
hasn't uncovered any impropriety by DBS Group Holdings Ltd. in
arranging the sale of securities by troubled Singaporean water and
power company Hyflux Ltd. in 2016.

DBS, Southeast Asia's biggest lender, complied with regulatory
requirements as both manager and distributor of the perpetual
securities, the Monetary Authority of Singapore said on April 8 in
a reply to Bloomberg questions.

Hyflux last week scrapped a pact with its would-be savior SM
Investments Pte after disputes, Bloomberg says. The group of
Indonesian businessmen agreed last year to rescue Hyflux in return
for a majority stake, and the development prolongs the plight of
about 34,000 retail investors who stand to lose almost everything.

"As the issue manager, DBS conducted due diligence checks to ensure
that material information relating to Hyflux was highlighted in the
offering document," the MAS said, Bloomberg relays. While
distributing the bonds via its automatic-teller machines, the bank
also reminded investors to read the disclosure documents before
making their applications, the regulator added.

"All investments carry risks," the MAS, as cited by Bloomberg,
said. "The deterioration in Hyflux's financial conditions that led
to losses for investors illustrates this."

                           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.  It employs 2,300
people worldwide and has business operations across Asia, Middle
East and Africa.

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.




=============
V I E T N A M
=============

VIETNAM: S&P Raises Long-Term Sovereign Credit Rating to 'BB'
-------------------------------------------------------------
On April 5, 2019, S&P Global Ratings raised its long-term sovereign
credit rating on Vietnam to 'BB', from 'BB-' previously. S&P also
affirmed its short-term rating at 'B'. The outlook remains stable.
In addition, S&P revised its transfer and convertibility assessment
on Vietnam upward at 'BB', from 'BB-'.

OUTLOOK

S&P said, "The stable outlook reflects our expectation that
Vietnam's economy will continue to expand rapidly, exemplifying
gradual improvements in its policymaking settings and underpinning
credit metrics.

S&P may raise its rating if Vietnam's strong economy and improving
institutional settings translate into better-than-expected fiscal
outcomes, and its banking systemic risks recede further.

S&P may lower the rating if:

-- There is a significant, unexpected slowdown in the economy.
Potential causes for such a slowdown could include a material
downturn in the global economy, or the emergence of considerable
banking system stress domestically; and

-- Fiscal performance deteriorates markedly, leading to a higher
annual change in net general government debt relative to GDP.

RATIONALE

The upgrade reflects continued improvements in the government's
institutional settings, which S&P believes are supporting
consistently strong economic growth and development outcomes. These
improvements are weighed against Vietnam's lower middle-income
economy, legacy banking sector weaknesses, and limited fiscal
space. Vietnam's external settings, which feature broadly balanced
external accounts, strong foreign direct investment (FDI) inflow,
and a manageable external debt burden, provide further support to
the rating.

Institutional and Economic Profile: Strong economic outturns
reflect improving institutional settings

-- Vietnam has a low-income but fast-growing economy, with per
capita GDP estimated at approximately US$2,572 as of the end of
2018.

-- S&P expects export-led growth and robust domestic demand to
keep the trend growth for real per capita GDP above average for the
forecast period.

-- Despite the highly centralized nature of Vietnam's policy
environment, S&P believes that institutional settings in the
country are improving.

The Vietnam government's socioeconomic development plans provide
useful policy anchors that have improved macroeconomic stability
and inflation management over recent years. At the same time, the
economy has achieved impressive development outcomes, including
consistently high real GDP growth. The government has built a
strong record of promoting balanced economic growth, with real GDP
growth averaging 6.2% annually since 2012.

Importantly, the Vietnam government has delivered strong
development outcomes since the global financial crisis and its own
domestic banking sector crisis at the beginning of this decade.
Although checks and balances, in S&P's opinion, are limited within
the government itself, it observes a strong social compact between
the government and Vietnamese citizens. The party's mandate is
contingent upon its ability to provide broad-based improvements in
income levels and quality of life on a consistent basis. On the
basis of this relationship, S&P believes the government faces
limited challenge to its legitimacy in the medium term.

The government has developed a track record of regular, peaceful
transitions of power, ensuring stable policymaking settings through
multiple leadership renewals. S&P believe the government's
accession as a founding signatory to the Comprehensive and
Progressive Agreement to Trans-Pacific Partnership (CPTPP) in late
2018 reflects the government's willingness to adopt and implement
necessary reforms, especially in the state sector, over the long
term.

According to the World Bank's Worldwide Governance indicators, the
Vietnam government's rankings improved for the following:
effectiveness (53rd percentile in 2017 from 47th in 2007),
political stability and absence of terrorism (60th percentile in
2017; 52nd in 2007), and rule of law (56th percentile in 2017; 38th
in 2007). Meanwhile, Vietnam's ranking in the World Bank's annual
Doing Business survey has surged to 69th in the world this year,
from 99th in 2013, with strong gains in contract enforcement and
regulatory environment. Vietnam's per capita income has increased
to an estimated US$2,572 in 2018 from approximately US$1,754 in
2012.

S&P said, "Although decision-making, in our opinion, remains highly
centralized under the one-party system, and transparency is
somewhat impaired, we observe the tangible improvements as evidence
that Vietnam's institutions are strengthening. The country still
faces relatively high levels of corruption, but we observe that the
Communist Party has adopted a much more aggressive approach toward
corrupt practices over the past two years, and we expect this
approach to continue beyond 2019. We believe these improvements
will support strong and balanced economic growth over the coming
years.

"Although Vietnam has a lower middle-income economy, with GDP per
capita that we project at approximately US$2,695 in 2019, the
economy is relatively diversified. Continued improvements in
macroeconomic stability have supported a strong performance in the
sizable foreign-owned and export-focused manufacturing sector
(electronics, mobile phones, and textiles). The robust FDI-oriented
economy is fueling stronger domestic activity, particularly through
the private consumption channel. Low household leverage provides
space for this trend to continue.

Despite strong credit growth over recent years, and the
considerable scale of banking sector assets relative to GDP, we do
not observe credit being the primary driver of economic growth.
Likewise, we believe the risk of potentially destabilizing asset
bubbles is limited, even in view of rising land prices and strong
real estate development trends in major cities such as Hanoi and Ho
Chi Minh. We expect real GDP per capita growth at approximately
5.7% through 2022, higher than the average of Vietnam's peers at a
similar income level.

"Although we expect Vietnam's strong economic performance to
continue over the next few years, the country faces a variety of
domestic and external risks." On the external front, trade disputes
between major economies could undermine export momentum over the
short term. Given the extraordinarily large share of trade relative
to the size of Vietnam's economy, the country would face additional
headwinds in the event of an acute external slowdown. Domestically,
elevated fiscal deficits and public indebtedness mean that new
sources of funding will likely be needed to continue to spur strong
infrastructure investment. Relatively weak banks in Vietnam,
characterized by low levels of capitalization and poor asset
quality, also pose a degree of risk to the economic outlook.

Flexibility and Performance Profile: Despite debt stabilization,
fiscal profile reflects risks

-- Although we forecast roughly stable debt levels relative to GDP
at the general government level, S&P believes structural fiscal
reform progress has been limited.

-- Fiscal deficits are unlikely to recede further, and the
government will be challenged to maintain budgetary support from
its equitization program (sale of shares) beyond 2020.

-- Vietnam's external profile remains a strength for the ratings,
and its foreign exchange buffers should continue to grow.

S&P said, "We view Vietnam's shortfall in basic services to the
population and in infrastructure to be a constraint on fiscal
performance. This factor is likely to result in spending pressure
for a long time. We observe that officials have successfully
curtailed growth in government guarantees, which has stabilized
Vietnam's broader measure of public and public-guaranteed debt
(PPG) below the self-mandated cap of 65% of GDP. However, stricter
standards for the provision of these guarantees may constrain
financing conditions for infrastructure projects, especially
electricity generation.

"We expect the Vietnam Asset Management Co. (VAMC) to begin to
issue debt for the funding of bad asset purchases in 2019. We have
included this debt in our calculation of general government
indebtedness in the forecast years." The VAMC was empowered by
legislation in 2017 to purchase and resolve nonperforming assets
with cash; the VAMC's previous process relied solely on exchanging
special bonds for troubled assets from banks. Over time, this
should contribute to the development of more sophisticated bad debt
markets in Vietnam, contributing to greater financial market
stability.

In S&P's opinion, Vietnam's fiscal settings will face additional
stress over the medium term, in the absence of more structural
consolidation measures. Although the equitization of state-owned
firms has provided significant budgetary support in recent years,
we do not believe this mechanism represents a sustainable long-term
revenue source.

Vietnam's external metrics are supportive of the rating. Its
current account is likely to remain in modest surplus annually to
2022. Robust manufacturing and services (mainly tourism), exports,
and large (and rising) remittances will counteract strong growth in
the import of capital and consumption goods.

Strong FDI in manufacturing continued in 2018 despite a more
challenging external environment; this speaks to the resilience of
Vietnam's investment environment. The country's competitive unit
labor costs, improving educational standards, and constructive
demographics imply continued growth in FDI and goods exports.
Participation in free trade agreements, including the recently
established Comprehensive and Progressive Agreement for
Trans-Pacific Partnership (CPTPP), could provide further upside to
Vietnam's export earnings. S&P expects Vietnam to continue to
pursue enhanced market access via bilateral and multilateral free
trade initiatives, including the Regional Comprehensive Economic
Partnership.

Vietnam's external metrics are generally sound and stable. The
country's external debt stock position, as measured by narrow net
external debt (the ratio of gross external debt less official
reserves and financial sector external assets to current account
receipts [CARs]) has improved, and we expect it to average 9.4%
over 2018-2021.

S&P said, "At the same time, we project external liquidity needs
(measured by the ratio of gross external financing needs to CARs
and usable reserves) to remain below 90% over the period. We do not
expect a marked deterioration in Vietnam's external financing due
to a reduction in disbursements from donors, or a destabilizing
shift in foreign direct investments or portfolio equity
investments."

Although the government's external indebtedness stood just above
40% of total borrowings as of end-2017, these are mainly long-term
official borrowings; external commercial public debt is limited.
That said, gross external indebtedness, at the economy-wide level,
has grown markedly in recent years. While S&P expects rising
reserve buffers and Vietnam's unusually high current account
receipts to largely mitigate the risk of such borrowings, the
economy bears rising risk in the unlikely event of an acute
external downturn, especially in the context of unexpected currency
fluctuations. Vietnam's external data lack consistency, with
persistently high errors and omissions in its balance of payments.


Vietnam's domestic banks benefit from being in an external net
asset position, with still-limited linkages to global markets.
However, its system stability is hampered by high nonperforming
assets and cross-ownership, connected lending, and legacy exposure
to borrowers still affected by the 2009-2012 real estate downturn.
Capital adequacy is in some cases borderline, and may be pressured
further amid the planned implementation of stricter Basel II
standards. Unclear loan classification and provisioning, combined
with government policies directed at the resolution of distressed
banks through the VAMC, weigh on a fuller assessment of the
condition and outlook for Vietnam's financial system.

Relative to GDP, the total banking system size is large for a
sovereign at this development level. S&P said, "We classify
Vietnam's banking sector in group '9' under our Banking Industry
Credit Risk Assessment (with '1' being the highest assessment and
'10' being the lowest). For these reasons, we deem the sovereign to
face moderate contingent liability risk from the banking sector.
System credit growth declined notably in 2018; we view this trend
as constructive for the stability of the banking sector, should it
continue."

In S&P's view, the State Bank of Vietnam has a limited ability to
support sustainable economic growth while attenuating economic or
financial shocks. This reflects chiefly its limited independence,
which weakens its ability to calibrate monetary policies with
fiscal, economic, and development policies; use of
market-orientated instruments to conduct policy; and record in
maintaining low inflation, which we believe has strengthened in
recent years.

In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the methodology
applicable. At the onset of the committee, the chair confirmed that
the information provided to the Rating Committee by the primary
analyst had been distributed in a timely manner and was sufficient
for Committee members to make an informed decision. After the
primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.

The committee's assessment of the key rating factors is reflected
in the Ratings Score Snapshot above.

The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision. The
views and the decision of the rating committee are summarized in
the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating action.


  RATINGS LIST
  Upgraded; Ratings Affirmed
                                  To                 From
  Vietnam
   Sovereign Credit Rating        BB/Stable/B        BB-/Stable/B

  Upgraded
                                  To                 From
  Vietnam
   Transfer & Convertibility Assessment
    Local Currency                BB                 BB-

  Vietnam
   Senior Unsecured               BB                 BB-




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

[*] BOND PRICING: For the Week April 1, 2019 to April 5, 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


                           *********


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.



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