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       T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, June 18, 2019, Vol. 22, No. 121

                           Headlines



A U S T R A L I A

458 HOLDINGS: First Creditors' Meeting Set for June 26
ANVIA HOLDINGS: Needs Adequate Capital to Remain as Going Concern
AOL EXPRESS: First Creditors' Meeting Set for June 26
ASCOT Z: First Creditors' Meeting Set for June 27
GEYER PTY: First Creditors' Meeting Set for June 25

HOSANNA PROFIT: Second Creditors' Meeting Set for June 21
RED CHILLI: First Creditors' Meeting Set for June 25
RETAIL FOOD: Faces Class Action Suit from Michel's Patisserie
SK FOODS: Court Fixes Liquidators' Remuneration for Winding Up
VENROY HOLDINGS: Second Creditors' Meeting Set for June 21

XERRI GROUP: Broadmeadows Aquatic Center Contractor in Liquidation


C H I N A

AMERICAN EDUCATION: Operating Results Cast Going Concern Doubt
CHINANET ONLINE: Lack of Funds, Financing Cast Going Concern Doubt
DBUB GROUP: Raises Substantial Going Concern Doubt
DEVELOPMENT CORP OF YANGZHOU: S&P Assigns BB+ ICR, Outlook Stable
HAREON SOLAR: Has Cheapest Shares in China Stock Market

HUAI'AN DEVELOPMENT: Fitch Affirms BB- LT IDRs, Outlook Stable
PRIME ACQUISITION: Marcum LLP Raises Going Concern Doubt
SHANDONG YUHUANG: S&P Cuts ICR to B- on Heightened Liquidity Risk
SUQIAN ECONOMIC: Fitch Affirms BB- LT IDRs, Outlook Stable
URBAN TEA: Accumulated Deficit Casts Going Concern Doubt

XUZHOU ECONOMIC: Fitch Affirms BB LT IDRs, Outlook Stable
YANGZHOU ECONOMIC: Moody's Assigns Ba1 CFR, Outlook Stable
YESTAR HEALTHCARE: Fitch Affirms BB- LT IDR, Outlook Stable


I N D I A

A. S. CARRIERS: CRISIL Cuts INR32cr Loan Rating to B+, Not Coop.
ACETEL ENTERPRISES: CRISIL Cuts INR15cr Loan Rating to B+, Not Coop
AKS MEDICAL: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
AL-NOOR AGRO: Insolvency Resolution Process Case Summary
AMRITA SAI: Ind-Ra Affirms 'BB' Rating on INR29.00MM Loan

AROMA RESTAURANTS: CRISIL Maintains B Rating in Not Cooperating
ARTIFACTS INDIA: CRISIL Cuts INR8cr Loan Rating to B+, Not Coop.
BIMLA MARU: CRISIL Maintains 'D' Rating in Not Cooperating
BOSS COMPUTERS: CRISIL Maintains 'D' Rating in Not Cooperating
D.V. EXPORT: CRISIL Maintains B+ Rating in Not Cooperating

DEV DENSO: Insolvency Resolution Process Case Summary
DIVINE INFRACON: CRISIL Maintains 'D' Rating in Not Cooperating
GORANTLA MULTIPLEX: CRISIL Maintains B Rating in Not Cooperating
HY-TUF STEELS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
ICHALKARANJI POWERLOOM: CRISIL Rates INR25.07cr Term Loan 'B+'

JAIPRAKASH ASSOCIATES: ICICI Moves NCLAT to Expedite Insolvency
NIZAM DECCAN: NCLT Enters Liquidation Order
PRAHLAD RAI: CRISIL Moves INR4.5 cr Loan Rating to B+ /Stable
RAAJCO SPINNERS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
RASHMI YARNS: Insolvency Resolution Process Case Summary

REON CAST: Insolvency Resolution Process Case Summary
SAJEEV MATHEW: CRISIL Reaffirms B Rating on INR15cr Cash Loan
SBT SPINTEX: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
SHIV DURGA: CRISIL Reaffirms B Rating on INR2.75cr Cash Loan
SHREYA LIFE: CRISIL Reaffirms D Rating on INR64.23cr Cash Loan

SIMPLEX CASTINGS: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
SMLASH ISPAT: CRISIL Hikes Rating on INR9cr Cash Loan to B-
SRI P.V.N.: CRISIL Migrates B+ Rating from Not Cooperating
SUNGRO SEEDS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
YS MARCHANDISE: Insolvency Resolution Process Case Summary



J A P A N

JAPAN DISPLAY: TPK Withdraws from Bailout Consortium


N E W   Z E A L A N D

REVIVE FITNESS: Closes Doors Indefinitely Without Warning


X X X X X X X X

[*] BOND PRICING: For the Week June 10, 2019 to June 14, 2019

                           - - - - -


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

458 HOLDINGS: First Creditors' Meeting Set for June 26
------------------------------------------------------
A first meeting of the creditors in the proceedings of 458 Holdings
Pty Ltd will be held on June 26, 2019, at 10:00 a.m. at the offices
of Hamilton Murphy, at Level 1, 255 Mary Street, in Richmond,
Victoria.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
458 Holdings on June 14, 2019.

ANVIA HOLDINGS: Needs Adequate Capital to Remain as Going Concern
-----------------------------------------------------------------
Anvia Holdings Corporation filed its quarterly report on Form 10-Q,
disclosing a net loss of $8,397,382 on $1,678,069 of revenue for
the three months ended March 31, 2019, compared to a net loss of
$33,943 on $17,839 of revenues for the same period in 2018.

At March 31, 2019, the Company had total assets of $5,225,618,
total liabilities of $14,214,006, and $8,988,388 in total
stockholders' deficit.

The Company has generated minimal revenue and has sustained
operating losses since inception to date and allow it to continue
as a going concern.  The continuation of the Company as a going
concern is dependent upon the ability of the Company to obtain
necessary financing to continue operations, and the attainment of
profitable operations.

The Company incurred a net loss of $8,397,382 for the period ended
March 31, 2019, incurred a net current liability or working capital
deficit is 13,285,705 and an accumulated loss of $11,246,233 as of
March 31, 2019.  These factors, among others, raise a substantial
doubt regarding the Company's ability to continue as a going
concern.  If the Company is unable to obtain adequate capital, it
could be forced to cease operations.

A copy of the Form 10-Q is available at:

                       https://is.gd/KBDgLk

Anvia Holdings Corporation provides vocational training and
education for construction tradesmen that need qualifications for
roofing, plumbing, home renovation, electrical, and carpentry in
Australia.  It offers construction induction training and white
card for plumber, stonemason, pipefitter, welder, plasterer, and
landscaper positions; and consulting services for development of
building inspection process.  The company also develops Anvia
Loyalty and Aniva Learning mobile applications to complement the
onsite learning experience.  In addition, it develops an integrated
learning and student management system, which can digitally track
learning time and offer a personalized training experience that is
customized for every student.  The company was formerly known as
Dove Street Acquisition Corporation and changed its name to Anvia
Holdings in January 2017.  Anvia was founded in 2016 and is
headquartered in Glendale, California.

AOL EXPRESS: First Creditors' Meeting Set for June 26
-----------------------------------------------------
A first meeting of the creditors in the proceedings of AOL Express
Pty Ltd will be held on June 26, 2019, at 10:00 a.m. at Level 17,
One International Towers Sydney, Watermans Quay, in Barangaroo,
NSW.

Daniel Walley and Martin Ford of PricewaterhouseCoopers were
appointed as administrators of AOL Express on June 14, 2019.

ASCOT Z: First Creditors' Meeting Set for June 27
-------------------------------------------------
A first meeting of the creditors in the proceedings of Ascot Z Pty
Ltd, trading as Ascot Zambrero, will be held on June 27, 2019, at
2:00 p.m. at the offices of Auxilium Partners, at Level 2, 949
Wellington Street, in West Perth, WA.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Ascot Z on June 17, 2019.

GEYER PTY: First Creditors' Meeting Set for June 25
---------------------------------------------------
A first meeting of the creditors in the proceedings of Geyer Pty
Ltd will be held on June 25, 2019, at 10:00 a.m. at the offices of
Hall Chadwick Chartered Accountants, at Level 40, 2 Park Street, in
Sydney, NSW.

David Allan Ingram of Hall Chadwick Chartered Accountants was
appointed as administrator of Geyer Pty on June 13, 2019.

HOSANNA PROFIT: Second Creditors' Meeting Set for June 21
---------------------------------------------------------
A second meeting of creditors in the proceedings of Hosanna Profit
Group Pty Ltd has been set for June 21, 2019, at 11:00 a.m. at the
offices of Quigley & Co, at Level 5, 231 Adelaide Terrace, in
Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 20, 2019, at 3:00 p.m.

Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Hosanna Profit on May 17, 2019.

RED CHILLI: First Creditors' Meeting Set for June 25
----------------------------------------------------
A first meeting of the creditors in the proceedings of Red Chilli
Sichuan Restaurant (Chatswood) Pty Ltd will be held on June 25,
2019, at 10:00 a.m. at the offices of Greengate Advisory, Suite
4.05, at Level 4, 130 Pitt Street, in Sydney, NSW.

Patrick Loi -- Patrick@ggadvisory.com.au -- of Greengate Advisory
NSW was appointed as administrator of Red Chilli on June 13, 2019.

RETAIL FOOD: Faces Class Action Suit from Michel's Patisserie
-------------------------------------------------------------
Dominic Powell at SmartCompany reports that embattled franchising
giant Retail Food Group (RFG) has taken another blow this week,
with law firm Corrs Chambers Westgarth announcing a possible class
action against the company over its conduct with current and former
Michel's Patisserie franchisees.

RFG copped criticism earlier this year over reports it had
instructed franchisees to extend the use-by dates on certain items
sold, which set off an investigation by various food safety bodies
across the country, SmartCompany says.

SmartCompany relates that the company later admitted to the
practise but said it had told "less than 1 per cent" of its
supplier network to extend the shelf life of products "where
appropriate and safe to do so".

"RFG follows strict standards with regard to food quality and any
product date extension was granted following written approval from
the supplier and with consumer safety top of mind," the company
said at the time, SmartCompany recalls.

However, on June 14, Corrs Chambers Westgarth announced it was
fielding interest for a potential class action against the company
for "conduct in relation to RFG's Michel's Patisserie franchise
system," SmartCompany reports.

"We intend to argue that if RFG had behaved lawfully, franchisees
would not have purchased their franchises and that RFG's conduct
caused franchisees (and other persons closely associated with
franchisees) loss or damage," the company said in a statement.
According to SmartCompany, the class action is being backed by
litigation funder Augusta, meaning franchisees do not need to pay
to participate, and Corrs is currently inviting former and current
Michel's Patisserie franchisees to register their interest.

Speaking to The Age, former franchisee Devi Trimuryani announced
she would be the lead plaintiff in the case, saying she could "take
them down". The former Michel's Patisserie owner said her
experience with the company had "ruined her life," SmartCompany
relays.

"My marriage, my financials. I can't sleep, I'm in a depression
because everyone is chasing me for money," she told the
publication.  "I never thought my life was going to be this hard by
owning a business in Australia, because I can't get justice until
now."

RFG has been in the wars for nearly two years now after a 2017
investigation prompted a parliamentary inquiry into the franchising
sector, which was released earlier this year and devoted an entire
chapter to the company, which also owns Donut King, Crust, Gloria
Jeans, Brumby's and Pizza Capers, SmartCompany notes.

In that chapter, the report alleged the company had profited at the
expense of its franchisees and operated a "particularly unjust
business model," SmartCompany discloses. It also claimed RFG and
its executives participated in insider trading, tax avoidance and
breaches of consumer law.

SmartCompany says the impending class action, if it goes ahead,
will add to an ever-increasing list of headaches for RFG, which
also lost a court case earlier this year where it was found RFG
breached Australian Consumer Law by misleading two Michel's
Patisserie franchisees about a store purchased in 2012.

It's also the second class action to be laid against the company in
as many years, with firm Bannister Law investigating a class action
in January last year over the "severe financial hardship"
experienced by Retail Food Group franchisees, SmartCompany states.

RFG shares were down 3% on June 14, and currently sit at 16 cents,
adds SmartCompany.

In a statement, a spokesperson for RFG said it had not been
contacted by Corrs Chambers Westgarth "in relation to any potential
class action," SmartCompany reports.

Retail Food Group Limited (ASX:RFG) -- http://rfg.com.au/--  
together with its subsidiaries, owns, develops, and manages
multi-brand retail food franchise in Australia. The company engages
in the ownership of intellectual property; development and
management of coffee roasting facilities; and the wholesale supply
of coffee and allied products. It is also involved in the
development and management of the procurement, warehousing,
manufacturing, and distribution business of various brands. The
company operates a network of approximately 2,500 outlets across 12
brand systems spanning 83 territories.  RFG owns the brands Gloria
Jeans, Donut King, Brumbies, Crust and Pizza Capers.

SK FOODS: Court Fixes Liquidators' Remuneration for Winding Up
--------------------------------------------------------------
Justice Besanko of the South Australian Division of the Federal
Court of Australia on June 12, 2019, fixed remuneration sought by
Adelaide liquidators John Sheahan and Ian Lock of Sheahan & Lock,
for the voluntary administration and liquidation of SK Foods
Australia Pty Ltd, Cedenco JV Australia Pty Ltd and SS Farms
Australia Pty Ltd.

Remuneration was fixed at AUD3.9 million compared to the AUD5.8
million sought by the liquidators, a reduction of AUD1.9 million
(33%). In addition, his Honour also ordered the liquidators to
repay this difference to the companies. His Honour also ordered
that the liquidators must pay interest on the monies repaid from
the date the fees were originally drawn to the date of repayment.
Interest to be at the Court's interest rates in GPN-INT.

ASIC said it intervened in the matter in 2015 following concerns
about the level of remuneration sought and the volume of work
undertaken. ASIC was also concerned about the hourly rates
charged.

Besanko J noted that '. . . it is difficult for me to see how there
could have been a proper review of the plaintiffs' remuneration
without the substantial role played by ASIC.'

His Honour ordered that the liquidators were to bear their own
costs and were required to pay ASIC's costs (taxed if not agreed)
without any right of indemnity from the companies.

The liquidators were appointed voluntary administrators in 2010 and
subsequently appointed liquidators of the companies. The
liquidators recovered surplus funds from receivership appointments
over the companies that were sufficient to pay all creditors in
full plus interest and make distributions to shareholders. Apart
from these surplus funds, the liquidators only other recoveries
were taxation refunds.

ASIC was concerned about the remuneration sought of in excess
AUD5.8 million given the work that was undertaken or should have
been undertaken. Due to these concerns, ASIC intervened in the
proceedings.

ASIC objected to the remuneration sought on the basis that the
liquidators should not have undertaken certain 'work streams' or
where the work was necessary, it was performed to a greater extent
than required. ASIC also objected to the charge rates adopted by
Sheahan & Lock, the amount of time charged to travel and the amount
of work performed by senior staff.

On Feb. 11, 2019, Besanko J refused to grant orders validating
resolutions passed by creditors or shareholders approving or fixing
remuneration in relation to the companies.

As an alternative to the validation orders, the liquidators sought
orders under s449E and s511 of the Corporations Act approving or
fixing their remuneration.

To commence the process of determining the remuneration claim, His
Honour stated that the charge rates were excessive and ruled that
the partner and manager rates were to be discounted by 20% and the
senior manager rates discounted by 10%. Other charge rates were not
to be discounted.

His Honour further determined that there would be additional
reductions in remuneration related to identified work streams
ranging from 0% up to 65% depending on His Honour's view of whether
the work stream was necessary, or the extent of the work undertaken
was necessary.

His Honour raised some key issues for registered liquidators to
consider, including:

  * work in progress/timesheet entries must be reviewed, preferably
by the appointee, prior to seeking approval from creditors

  * when deciding whether to undertake a work stream, registered
liquidators need to consider what the benefit to stakeholders will
be prior to undertaking the work

  * where stakeholders express a view to not pursue a particular
line of enquiry or work stream, the registered liquidator needs to
justify why they would continue that work stream

  * work plans should be used to manage each work stream

  * remuneration for preparing non-compliant remuneration reports
would not be permitted to be approved/drawn

  * narrations in timesheets need to be sufficiently descriptive to
allow determination of which work stream or task the time related.

On May 1, 2019, the liquidators and ASIC made submissions to the
Court regarding interest on any monies to be repaid and on costs.

VENROY HOLDINGS: Second Creditors' Meeting Set for June 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Venroy Holdings
Pty Ltd has been set for June 21, 2019, at 9:30 a.m. at the offices
of Institute of Chartered Accountants in Australia and New Zealand,
Fraser Room, at Level 1, 33 Erskine 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 June 20, 2019, at 4:00 p.m.

David Joseph Levi of Levi Consulting was appointed as administrator
of Venroy Holdings on May 17, 2019.

XERRI GROUP: Broadmeadows Aquatic Center Contractor in Liquidation
------------------------------------------------------------------
Australasian Leisure Management reports that work on a AUD2.49
million upgrade program at Hume City Council's Broadmeadows Aquatic
and Leisure Centre has been halted as a result of the head
contractor, Xerri Group Pty Ltd, going into liquidation.

According to the report, the Council have advised that works to the
Centre, which was being undertaken between April and September
2019, are now suspended "while Council investigates the necessary
steps to finish the project".

With the Centre remaining largely operational during the building
works, as series of short term centre-wide shut downs have now been
postponed, the report says.

Responding to questions on social media about the appointment of
the Xerri Group, the Council advised "Council established the
contract with Xerri Group Pty Ltd through a detailed and thorough
tendering process, Australasian Leisure Management relates. It
showed the construction company to be financially-sound and a
best-fit for the job. This process included a rigorous procurement
procedure that included financial and referee checks.

"We are unsure why the company went into liquidation," the Council
said.

Paul Allen and Ross Blakeley of FTI Consulting were appointed as
liquidators of Xerri Group Pty Ltd and X Joinery Pty Ltd on June
11, 2019.



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

AMERICAN EDUCATION: Operating Results Cast Going Concern Doubt
--------------------------------------------------------------
American Education Center Inc. filed its quarterly report on Form
10-Q, disclosing a net income (attributable to American Education
Center) of $83,896 on $1,970,747 of revenues for the three months
ended March 31, 2019, compared to a net loss (attributable to
American Education Center) of $1,823,929 on $1,330,301 of revenues
for the same period in 2018.

At March 31, 2019, the Company had total assets of $9,434,759,
total liabilities of $7,456,045, and $1,978,714 in total
stockholders' equity.

The Company said, "Our current operating results indicate that
substantial doubt exists related to the Company's ability to
continue as a going concern.  We believe that the new education
platforms acquired may mitigate the substantial doubt raised by
our
current operating results and satisfying our estimated liquidity
needs 12 months from the date of the financial statements.
However, we cannot predict, with certainty, the outcome of our
actions to generate liquidity, including the availability of
additional debt financing, or whether such actions would generate
the expected liquidity as currently planned."

A copy of the Form 10-Q is available at:

                       https://is.gd/IEPf8j

American Education Center Inc., through its subsidiaries, provides
education consulting services in the People's Republic of China.

It operated in two segments, AEC New York and AEC Southern UK.  The
Company was founded in 1999 and is headquartered in New York, New
York.

CHINANET ONLINE: Lack of Funds, Financing Cast Going Concern Doubt
------------------------------------------------------------------
ChinaNet Online Holdings, Inc. filed its quarterly report on Form
10-Q, disclosing a net loss of $1,140,000 on $8,567,000 of total
revenues for the three months ended March 31, 2019, compared to a
net loss of $570,000 on $8,260,000 of total revenues for the same
period in 2018.

At March 31, 2019, the Company had total assets of $15,075,000,
total liabilities of $8,444,000, and $6,631,000 in total equity.

The Company does not currently have sufficient cash or commitments
for financing to sustain its operation for the twelve months from
the issuance date of these financial statements.  The Company plans
to optimize its internet resources cost investment strategy to
improve the gross profit margin of its core business and to further
strengthen the accounts receivables collection management and
negotiate with vendors for more favorable payment terms, all of
which will help to substantially increase the cashflows from
operations.

Chief Executive Officer Handong Cheng and Chief Financial Officer
Zhige Zhang said, "If the Company fails to achieve these goals, the
Company may need additional financing to execute its business plan.
If additional financing is required, the Company cannot predict
whether this additional financing will be in the form of equity,
debt, or another form, and the Company may not be able to obtain
the necessary additional capital on a timely basis, on acceptable
terms, or at all.  In the event that financing sources are not
available, or that the Company is unsuccessful in increasing its
gross profit margin and reducing operating losses, the Company may
be unable to implement its current plans for expansion, repay debt
obligations or respond to competitive pressures, any of which would
have a material adverse effect on the Company's business,
prospects, financial condition and results of operations.  These
factors raise substantial doubt about the Company's ability to
continue as a going concern within one year after the date that the
financial statements are issued."

A copy of the Form 10-Q is available at:

                       https://is.gd/oTY4I5

                      About ChinaNet Online

ChinaNet Online Holdings, Inc., through its subsidiaries, provides
omni-channel advertising, precision marketing, and data analysis
services in the People's Republic of China. The company offers
Internet advertising, precision marketing, and related data and
value added services through its Internet advertising portals,
including 28.com; and liansuo.com. It also produces and distributes
television shows comprising advertisements. The company is also
involved in the research and development, and other technical
support services for the block chain business. It serves customers
in the food and beverage, women accessories, footwear, apparel and
garments, home goods and construction materials, environmental
protection equipment, cosmetic and health care, education network,
and other industries. ChinaNet Online Holdings, Inc. was founded in
2003 and is based in Beijing, the People's Republic of China.

DBUB GROUP: Raises Substantial Going Concern Doubt
--------------------------------------------------
DBUB Group, Inc. filed its quarterly report on Form 10-Q,
disclosing a net loss (attributable to DBUB Group) of $399,765 on
$0 of revenue for the three months ended March 31, 2019, compared
to a net loss (attributable to DBUB Group) of $194,550 on $0 of
revenue for the same period in 2018.

At March 31, 2019, the Company had total assets of $2,072,109,
total liabilities of $3,166,112, and $1,094,003 in total
stockholders' deficit.

The Company said, "We had net loss of $399,765 and $194,550 for
three months ended March 31, 2019 and 2018, respectively.  Our
accumulated deficit was $30.27 million as of March 31, 2019.  In
addition, our cash position substantially deteriorated from 2010,
and we have significant cash requirements for our restaurant
business.  These issues raise substantial doubt regarding our
ability to continue as a going concern."

A copy of the Form 10-Q is available at:

                       https://is.gd/X3cY54

                         About DBUB Group

DBUB Group, Inc., through its subsidiary, focuses on franchising or
operating restaurants. The company was formerly known as Yosen
Group, Inc. and changed its name to DBUB Group, Inc. in October
2018. DBUB Group Inc. was founded in 1998 and is based in Shanghai,
China.

DEVELOPMENT CORP OF YANGZHOU: S&P Assigns BB+ ICR, Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issuer credit
rating to The Development Corp. of Yangzhou Economic and
Technological Development Zone (YETDZ Dev. Corp.) with a stable
outlook. The creditworthiness of the Yangzhou municipal government,
the sole owner of YETDZ Dev. Corp., underpins the rating on the
company. S&P sees an extremely high likelihood of extraordinary
government support to YETDZ Dev. Corp. if the company faces
financial distress.

S&P said, "In our view, government support is the most important
credit factor for YETDZ Dev. Corp. in the near term. Our assessment
of extraordinary government support reflects the company's very
important role for, and integral link to, the government."

YETDZ Dev. Corp.'s very important role reflects the following
factors:

-- The company is the second largest local government financing
vehicle (LGFV) in Yangzhou in terms of total assets. It is
responsible for all of the major municipal construction, primary
land development, and subsidized housing within the Yangzhou
Economic and Technological Development Zone (E&T zone). These
businesses are all government-mandated and its operations are
not-for-profit. S&P believes these businesses cannot be easily
replaced by the private sector.

-- YETDZ Dev. Corp. has recently assumed the role as the sole
subsidized housing construction platform within the E&T zone,
enhancing its importance to the government. Currently around 40% of
Yangzhou city's subsidized housing projects are within the E&T
zone.

-- The company has also taken up the role to provide financial
intermediation and third-party financial guarantees to some
Yangzhou state-owned enterprises (SOEs). S&P views it as instructed
by the Yangzhou municipal government, instead of on a commercial
basis.

-- The integral link reflects the following features:

-- YETDZ Dev. Corp. is solely owned by the Yangzhou municipal
government. S&P expects the government is highly unlikely to divest
its full ownership in the near term.

-- The Administrative Committee of Yangzhou Economic and
Technological Development Zone, an extended arm of the municipal
government, has been assigned the responsibility to solely focus on
day-to-day management of YETDZ Dev. Corp. and the development of
the E&T zone.

-- The government plays a decisive role in YETDZ Dev. Corp.'s
business strategy, operational oversight, and key financing
decisions. The government has been providing ongoing operating and
interest subsidy to the company, and making capital injections.

Yangzhou municipal government's credit quality is supported by the
city's exceptional liquidity, while being constrained by a very
high debt burden and high level of contingent liabilities due to
the government-related entity (GRE) sector being highly levered.
Yangzhou's satisfactory financial management, average budgetary
performance, and average economy are neutral to the city's credit
profile. S&P weighs these credit factors against the backdrop of
China's "evolving but unbalanced" intergovernmental system.

YETDZ Dev. Corp.'s small operational scale, even comparing with its
LGFV peers, and the high geographical concentration of its
infrastructure development business constrains its business risk
profile. The company undertakes all the major infrastructure
development projects within the E&T zone, including urban roads,
primary land development, subsidized housing, and public
facilities, under the government mandate. YETDZ Dev. Corp.'s
overall profitability is low, given that these government-led
projects typically operate with a cost plus 8% model.

YETDZ Dev. Corp. also provides a significant amount of financial
intermediation and third-party financial guarantees to some other
Yangzhou SOEs. Any credit loss or repayment delay by those SOEs
could hinder the company's liquidity. At end-2018, the company has
Chinese renminbi (RMB) 15.3 billion in financial intermediation and
RMB9.3 billion in external guarantees to SOEs in Yangzhou. This
aggregate amount represents more than half of the company's total
asset value. S&P expects the government to support the company to
lower such exposures over the coming two years as a means to
replenish liquidity and meet its working capital needs on
government-related projects.

Ongoing government support to YETDZ Dev. Corp. on the other hand
has been adequate, and we expect that will continue over the coming
two years. In 2016-2018, the company received annual operating and
interest subsidies of RMB1.0 billion-RMB1.4 billion from the
government, as well as annual capital injections of RMB0.4
billion-RMB2.5 billion. Such financial support helps the company to
meet its interest and debt obligations. Nevertheless, we forecast
YETDZ Dev. Corp.'s leverage to remain high over the next two years,
even after incorporating financial support from the government. The
company is also likely to sustain a zero to slightly negative funds
from operations (FFO) and a ratio of FFO to interest at 0.9x-1.0x
over the next 12 months.

S&P said, "The stable outlook on YETDZ Dev. Corp. reflects our view
of the stable credit profile of the Yangzhou municipal government.
We expect Yangzhou's economy will continue to grow at about 7%-8% a
year and, as a result, that it will be able to maintain its current
fiscal position. We also expect Yangzhou to maintain its
exceptional liquidity profile in the near term.

"The stable outlook also reflects our expectation of an extremely
high likelihood of extraordinary government support for YETDZ Dev.
Corp. over the next 12 months. We expect the company's leverage
will remain very high to support its increasing cash outgoings for
its subsidized housing, primary land development, and
infrastructure construction projects within the E&T zone.

"We would lower the rating on YETDZ Dev. Corp. if we believe the
creditworthiness of the Yangzhou government has weakened. In our
view, the government's credit profile could weaken if Yangzhou's
economic and revenue growth is lower than expected and management
fails to adjust spending accordingly, leading to the balance after
capital accounts exceeding 10% of adjusted total revenues.

"We could also lower the rating on YETDZ Dev. Corp. if we assess
that the likelihood of extraordinary government support to the
company has weakened. This could happen if the Yangzhou
government's strategy or priorities change unfavorably, such that
the company's role to, or linkage with, the Yangzhou government
diminishes significantly. Loosened management control or a
significant reduction in the government's ownership could indicate
declining commitment of support from the government. Opening up of
the company's core businesses under the government mandate to other
state-owned or private companies could also trigger a downgrade.

"We could also lower the rating if YETDZ Dev. Corp.'s progress in
taking back its outstanding financial intermediation to other
Yangzhou SOEs is significantly slower than we expect or the company
suffers credit loss without timely reimbursement from the
government.

"The rating upside is limited over the coming 12 months. However,
in a remote scenario, we would raise the rating on YETDZ Dev. Corp.
if we assess the creditworthiness of the Yangzhou city government
as having improved. Indicators of an improved credit profile could
include: (1) better-than-expected GDP growth, which would improve
the revenue base and reduce the balance after capital accounts to
below 5% of adjusted total revenues; or (2) Yangzhou adopts a less
investment-driven model of growth, which would also reduce the debt
burden and contingent risk posed by the GRE sector."

YETDZ Dev. Corp. is a China-based LGFV of the Yangzhou municipal
government. The company is the second largest LGFV in Yangzhou,
responsible for all of the municipal construction, primary land
development, and subsidized housing within the E&T zone.



HAREON SOLAR: Has Cheapest Shares in China Stock Market
-------------------------------------------------------
The South China Morning Post reports that a struggling manufacturer
of components for solar panels has set a new record for having the
cheapest ever shares in China's stock market.

According to the Post, shares of Hareon Solar Technology, which is
set to be stripped of its listing status, were trading at CNY0.18
(2.6 US cents) on June 17 after declining for 14 consecutive days,
making it the least valuable stock among the 3,000-plus companies
on the mainland Chinese exchanges.

The Post says the solar cell and module maker's stock price is a
mere 0.02 per cent that of liquor distiller Kweichow Moutai, which
retains the title of the priciest stock in China.

The report relates that traders have been dumping Hareon Solar en
masse after the Shanghai Stock Exchange decided last month to
delist the company from the main board because it had notched up
three straight years of annual losses. The stock can still trade on
the bourse for 30 days after the delisting decision, and the last
trading day is expected to be July 8, the Post says.

The Post notes that China's stock-market regulator has been getting
tougher when it comes to expelling unqualified companies from
exchange trading as part of its drive to crack down on misconduct
such as insider trading and manipulation. Companies with poor
profitability are often targeted by speculative traders, with
shares often skyrocketing on speculation about reverse mergers and
asset restructurings, the report states. A total of 97 companies
have been delisted since China's stock market launched in 1990, the
Post discloses.

A gauge of 139 companies with delisting risks has dropped 8.9 per
cent this year, the Post discloses citing data provider Shanghai
DZH. That compared with a 16 per cent gain on the Shanghai
Composite Index in the period.

Hareon Solar dropped by the 10 per cent daily limit on June 17,
taking its decline to 79 per cent over the past three weeks, the
report notes. The company carried out a back-door listing in 2011,
and at its peak it was valued at CNY27.1 billion (US$3.92 billion).
Its latest market capitalisation was CNY850.5 million, the Post
says.

After delisting, trading of Hareon's shares will be moved to the
over-the-counter market, the company said in an earlier exchange
statement, adds the Post.

China-based Hareon Solar Technology Co., Ltd. is engaged in the
design, manufacture and sales of solar cells and modules. The
Company's main products include solar cells and modules,
polycrystalline silicon wafers and monocrystalline silicon wafers.
The Company is also engaged in power generation and engineering
construction business. The Company distributes its products in
domestic market and to overseas markets.

HUAI'AN DEVELOPMENT: Fitch Affirms BB- LT IDRs, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Huai'an Development Holdings Co.,Ltd's
Long-Term Foreign- and Local-Currency Issuer Default Ratings at
'BB-' with a Stable Outlook. Fitch has also affirmed the 'BB-'
rating on the USD300 million 4.75% senior unsecured notes due 2019
issued by Xiangyu Investment (BVI) Co., Ltd., a wholly owned
subsidiary of HAD.

HAD is fully owned by Huai'an municipality in China's Jiangsu
province. It is mainly responsible for infrastructure development,
primary-land financing, social and commercial housing development
and industry-cluster promotion and SME support within Huai'an
Economic and Technology Development Zone. The zone, established in
1992, is the flagship economic and technology development zone in
Huai'an municipality.

The ratings on HAD are assessed under Fitch's Government-Related
Entities Rating Criteria, reflecting Huai'an municipality's
ownership and the local government's strong control and support of
HAD. Fitch has also factored in the strategic importance of HAD to
the municipality.

KEY RATING DRIVERS

'Strong' Legal Status and Control: HAD is registered as a 100%
municipality owned limited liability company under China's company
law. The government monitors its financing plan and debt levels and
it is required to regularly report its operational and financial
results. Major decisions, including M&A, spin-offs, bankruptcy and
liquidation, require government verification and approval. However,
HAD's actual operation is more closely monitored and guided by the
zone's management committee, which represents the Huai'an municipal
government, as HAD specialises in urban development within the
zone.

'Strong' Support Funding Record: HAD has a solid, although
irregular, support record, which is based on the government's
budget and project progress. The government has provided frequent
and significant capital injections and subsidies and has purchased
services to monetarily support HAD's business. There are no
regulatory or policy restriction stopping the government from
supporting the company. It injected CNY2 billion in cash capital to
HAD in 2017 and the company continued to receive subsides in 2018,
but no cash or assets injections.

'Moderate' Social-Political Impact of Default: HAD is one of
Huai'an municipality's urban-development companies and the sole
investment and financing platform of the municipal government's
flagship zone. The company has been designated to develop
large-scale urban infrastructure projects in the zone, however,
similar urban developers outside the region may act as an immediate
substitute in the event of default.

'Strong' Financial Consequences of Default: HAD has substantial
government receivables due to its contracted works and provides
external guarantees to other state-owned enterprises under the
direction of Huai'an government. It also has various funding
channels and regularly issues bonds in the onshore market and has
also has one offshore issuance. Some of its banking facilities come
from China's large SOE banks. As such, a default by HAD would
impair the government's credibility and significantly affect its
access to and the cost of domestic and foreign financing. However,
given HAD's actual operation is more closely guided by the zone's
management committee and large account receivables are from the
zone's finance department rather than the municipal government,
direct financial implications for Huai'an municipality could be
slightly cushioned by its geographic concentration within the
zone.

'b' Category Financial Profile: HAD's financial profile has been
characterised by large capex and high leverage in the previous
three years. Fitch expects this to continue in the medium term,
driven by ongoing infrastructure investment in the zone. An
extended settlement period after project completion and large
account receivables due from the zone's finance department further
constrain HAD's liquidity, with net debt/EBITDA standing at 50x in
2018. A 'b' category standalone credit profile is appropriate for
HAD in light of the heavy leverage.

PRIME ACQUISITION: Marcum LLP Raises Going Concern Doubt
--------------------------------------------------------
Prime Acquisition Corp. filed with the U.S. Securities and Exchange
Commission its annual report on Form 20-F, disclosing a total
comprehensive income of $836,795 on $2,683,572 of total revenues
for the year ended Dec. 31, 2018, compared to a total comprehensive
loss of $2,874,129 on $2,937,871 of total revenues for the year
ended in 2017.

The audit report of Marcum LLP states that the Company has a
significant working capital deficiency, has incurred significant
losses and needs to raise additional funds to meet its obligations
and sustain its operations. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.

The Company's balance sheet at Dec. 31, 2018, showed total assets
of $30,276,062, total liabilities of $36,774,074, and $6,498,012 in
total deficit.

A copy of the Form 20-F is available at:

                       https://is.gd/RKMf6d

Prime Acquisition Corp. owns and operates real estate properties in
Italy. Its property portfolio comprises office, commercial, and
industrial properties. The company was founded in 2010 and is based
in Shijiazhuang, the People's Republic of China.

SHANDONG YUHUANG: S&P Cuts ICR to B- on Heightened Liquidity Risk
-----------------------------------------------------------------
On June 14, 2019, S&P Global Ratings lowered its long-term issuer
credit rating on Shandong Yuhuang Chemical Co. Ltd. (Yuhuang) to
'B-' from 'B+'. S&P also lowered its long-term issue rating on the
senior unsecured notes that the China-based oil refiner and
chemicals manufacturer guarantees to 'B-' from 'B+'.

S&P said, "We lowered the rating on Yuhuang because we see
heightened refinancing risk for the company over the next 12
months. Yuhuang's liquidity is weak due to a prolonged restricted
access to capital market as the company's cross-guarantee on the
debt issued by Hongye remains unresolved.

"In our view, Yuhuang will face a widening liquidity deficit over
the next 12 months. The company's unrestricted cash on hand and
cash flow from operations are unlikely to fully cover its near-term
bond maturities. Major debt coming due includes a total of Chinese
renminbi (RMB) 1 billion in onshore puttable bonds (next puttable
date is in in November and December 2019) and US$300 million in
notes due in March 2020.

"A deterioration in Yuhuang's operating cash flow will further
reduce its liquidity buffer, in our view. A lower average selling
price (ASP) on petrochemical products owing to retreating oil
prices and less favorable economic conditions will likely dent the
company's cash flow in 2019. Yuhuang's 2018 operating cash flow was
weaker than we expected due to lower profitability and higher
working capital outflow."

Yuhuang's ability to access the capital market is likely to remain
impaired over the next 12 months with refinancing channels for
long-term funding shut down. Management expects Hongye's
restructuring to be complete by the end of June 2019. However, S&P
cannot rule out the possibility of a further delay.

S&P believes the Heze municipal government will continue to be
closely involved in Hongye's restructuring. This is to prevent
Hongye's counterparties from facing an imminent liquidity crisis,
resulting in systemic risk in the Shandong region, especially for
companies such as Yuhuang in Heze. During the past two years, the
Heze government has supported Yuhuang's debt servicing in the form
of capital injections and by coordinating negotiations with
creditors to maintain the company's bank relationships. Therefore,
S&P believes Yuhuang will be able to roll over its short-term bank
loans. As of Dec. 31, 2018, Yuhuang has provided total external
guarantees of RMB1.95 billion, of which about RMB810 million is to
Hongye.

Yuhuang's receipt of RMB1.5 billion in October 2018 for sale of 39%
stake in one of its subsidiaries Shandong Yuhuang Shengshi Chemical
Co. to a local government financing vehicle (LGFV) of Heze City
only temporarily eased the liquidity pressure. The company has used
the proceeds and has also been depleting its cash on hand to repay
its domestic bond due in the second half of 2018 and in the first
half of 2019, given its inability to secure other long-term
funding.

S&P said, "We expect Yuhuang's adjusted gross debt leverage to
deteriorate to more than 6.0x due to the company's weakening
earnings and increasing debt. In 2019, we assume the company will
generate EBITDA of RMB2.7 billion-RMB2.8 billion, less than about
RMB2.9 billion in 2018.

"We anticipate Yuhuang's adjusted debt will moderately increase to
about RMB17 billion over the next two years (versus RMB16 billion
in 2018) owing to the company's investment in a U.S. methanol
project. We factored in the outstanding US$600 million U.S. project
syndicated bank loan in our adjusted debt calculation. We believe
Yuhuang will have the obligation to assume the liability of Yuhuang
Chemical Industries Inc. (the U.S. methanol project company) if the
latter fails to repay the loan. That is because Yuhuang is the
guarantor of the loan. Meanwhile, Yuhuang Chemical Industries' debt
is off-balance-sheet because the project company is treated as an
unconsolidated affiliate (classified as a joint venture) in
Yuhuang's 2018 financial statements. The project company is 60%
owned by Yuhuang and 40% owned by Koch Industrial Inc., but it is
jointly controlled by both parties.

"The negative outlook reflects our view that Yuhuang's liquidity
could further deteriorate over the next 12 months if the company's
access to the capital market remains constrained and it faces
difficulty in refinancing.

"Yuhuang's access to long-term funding is likely to remain shut
until the resolution of Hongye's restructuring. We believe the
company will be able to roll over its short-term bank loans, but it
is unlikely to get additional loans from banks, especially
long-term ones. Government assistance can be another source of
funding. However, we see this as uncertain and have not included in
our base case.

"We could lower the rating if Yuhuang's liquidity further
deteriorates. This could happen if: (1) the company's banking
relationships weaken such that it is unable to roll over its
short-term debt; or (2) the company's access to long-term funding
remains restricted due to delays in Hongye's restructuring or even
after the restructuring is completed; or (3) the company has to pay
down debt on behalf of Hongye.

"We may revise the outlook to stable if Yuhuang's liquidity
improves. This could happen if the company is able to refinance its
upcoming notes maturities with long-term funding."


SUQIAN ECONOMIC: Fitch Affirms BB- LT IDRs, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed China-based Suqian Economic Development
Corporation's Long-Term Foreign- and Local-Currency Issuer Default
Ratings at 'BB-'. The Outlook is Stable. Fitch has also affirmed
the 'BB-' rating on the USD150 million 5.375% senior unsecured
notes due 2019 issued by Suqian Economic Development Co., Limited.


The ratings on SEDC are assessed under its Government-Related
Entities Rating Criteria, reflecting the Suqian municipality's
ownership of the entity via the Suqian Economic and Technological
Development Zone's (ETDZ) management committee, and the
municipality's control and support record of SEDC. Fitch has also
factored in the strategic importance of SEDC and Suqian ETDZ to the
Suqian municipality.

The notes are unconditionally and irrevocably guaranteed by Suqian
Economic Development (HK) Co., Limited (SEDC HK), a wholly owned
subsidiary of SEDC. SEDC has granted a keepwell and liquidity
support deed and a deed of equity interest purchase undertaking to
ensure that SEDC HK has sufficient assets and liquidity to meet its
obligations under the guarantee for the notes.

SEDC is a state-owned enterprise, and it is mainly engaged in
infrastructure construction in the Suqian ETDZ, which is in eastern
China's Jiangsu province.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: SEDC is a limited liability
company directly and wholly owned by Suqian ETDZ management
committee and ultimately by the Suqian municipal government. Fitch
regards this attribute to be 'Strong' instead of 'Very Strong'
considering the committee has full ownership and strong control of
SEDC instead of the municipal government. SEDC's major decisions,
including mergers and acquisitions, restructuring or spin-offs,
major investments or financing, require approval from the
committee.

'Strong' Support Track Record and Expectation: SEDC's profitability
is dependent on the government's schedule for the repurchase of
projects and settlement of payment as most of the company's revenue
is generated from infrastructure construction in the Suqian ETDZ.
Besides, SEDC has swapped about CNY3.8 billion of debt as of
end-2016 into government debt, and received around CNY400 million
operating subsidy a year during 2016-2018, accounting for around
13% of annual turnover.

'Moderate' Socio-Political Implications of Default: Fitch expects
temporary disruption in construction if the issuer faces any
financial difficulties in light of SEDC being the sole company
providing infrastructure and social housing construction in the
Suqian ETDZ. Existing infrastructure would require limited
additional funding if there was a default by SEDC.

'Strong' Financial Implications of Default: Fitch regards this
attribute to be 'Strong' instead of 'Very Strong' as the company's
business operation is limited to the Suqian ETDZ and thus is not
deemed by Fitch to be a proxy funding vehicle for the sponsor, the
Suqian municipality. A default by SEDC would strongly constrain
local GREs' funding capacity as it is the largest public-sector
entity in Suqian municipality by total assets, with the majority of
its profit generated from services to the government.

'b' Standalone Credit Profile: Fitch assesses SEDC's revenue
defensibility to be 'Weaker' and operating risk to be 'Midrange',
as more than 90% of its revenue is from contracted work with local
government, with a pre-defined profit margin and payment schedule.
Its business operation scope is limited to the Suqian ETDZ. The
financial profile remains weak and Fitch does not expect
significant improvement in the next two or three years in net debt
to Fitch-adjusted EBITDA, which was high at 28x as of end-2018.

URBAN TEA: Accumulated Deficit Casts Going Concern Doubt
--------------------------------------------------------
Urban Tea, Inc. filed its Form 6-K, disclosing a net loss of
$8,772,832 on $51,189 of revenue for the six months ended Dec. 31,
2018, compared to a net loss of $13,335,731 on $0 of revenue for
the same period in 2017.

At Dec. 31, 2018, the Company had total assets of $56,293,213,
total liabilities of $85,558,509, and $29,265,296 in total
shareholders' deficit.

The Company has generated a net loss of $8,772,832 for the six
months ended December 31, 2018 and an accumulated deficit of
$92,051,996 as of December 31, 2018.  The Company will need to
raise capital to fund its operations until it is able to generate
sufficient revenue to support the future development.  Moreover,
the Company may be continuously raising capital through the sale of
debt and equity securities.

Chief Executive Officer Long Yi said, "The Company's ability to
achieve these objectives cannot be determined at this stage.  If
the Company is unsuccessful in its endeavors, it may be forced to
cease operations.  These consolidated financial statements do not
include any adjustments that might result from this uncertainty
which may include adjustments relating to the recoverability and
classification of recorded asset amounts, or amounts and
classifications of liabilities that might be necessary should the
Company be unable to continue as a going concern."

The CEO further stated, "These factors have raised substantial
doubt about the Company's ability to continue as a going concern.
There can be no assurances that the Company will be able to obtain
adequate financing or achieve profitability.  These financial
statements do not include any adjustments that might result from
the outcome of this uncertainty."

A copy of the Form 6-K is available at:

                       https://is.gd/A2vom7

                       About Urban Tea

Urban Tea, Inc. engages in the specialty tea product distribution
and retail business in China. It offers tea-based beverages,
including fresh milk tea, fruit tea, milk cap tea, etc.; light
meals comprising salads, sandwiches, pasta, steak, burritos, and
other healthy options; and pastries consisting of fresh baked
bread, fresh baked cakes, frosting cakes, etc. The company sells
its products through its owned stores. The company was formerly
known as Delta Technology Holdings Limited and changed its name to
Urban Tea, Inc. in February 2019. Urban Tea, Inc. was incorporated
in 2011 and is based in Changsha City, China.

XUZHOU ECONOMIC: Fitch Affirms BB LT IDRs, Outlook Stable
---------------------------------------------------------
Fitch Ratings has affirmed Xuzhou Economic and Technology
Development Zone State-Owned Assets Management Co., Ltd.'s (XETZ)
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
at 'BB' with a Stable Outlook.

Fitch has also affirmed the 'BB' rating of the USD250.95 million
(as of May 23, 2019) 4.50% notes due 2019 issued by XETZ's wholly
owned subsidiary, Xuzhou Economic and Technology Development Zone
International Investment Co., Ltd., and the USD400 million 6.75%
notes due 2021 issued by another wholly owned subsidiary, Jinshine
International Co., Ltd.

XETZ is a wholly state-owned company founded by the management
committee of Xuzhou Economic and Technology Zone (ETZ). It mainly
carries out primary-land development, relocation-housing
construction, infrastructure development and construction as well
as related ancillary services within the Xuzhou ETZ in China's
Jiangsu province.

XETZ's ratings are assessed under Fitch's Government-Related
Entities (GRE) Rating Criteria, reflecting the Xuzhou
municipality's ownership via the Xuzhou ETZ management committee,
and the municipality's control and support of XETZ, as well as the
socio-political and financial impact on the government if XETZ
defaults.

KEY RATING DRIVERS

'Strong' Status, Ownership and Control: XETZ is registered as a
wholly state-owned limited liability company under China's Company
Law. The company's legal status requires its major decisions such
as M&As, spin-offs, bankruptcy or liquidation to be verified and
approved by the government. The state had no plan to dilute its
shareholding in XETZ as of June 2019, according to Xuzhou
State-owned Assets Supervision and Administration Commission.

'Strong' Support Track Record, Expectations: The government has
been providing capital injections, financial subsidies and
repurchasing to monetarily support XETZ's business. Returns on
land-development costs remain the major form of support from the
government. Xuzhou ETZ injected CNY300 million in capital into XETZ
in 2017. Subsidies, part of XETZ's revenue sources, increased by
47% in 2018, which helped to keep the company profitable.

'Moderate' Socio-Political Implications of Default: XETZ is
integrated within the city's flagship economic development zone,
Xuzhou ETZ. It is the sole entity involved in the zone's
development of large-scale urban infrastructure projects, providing
ancillary services and inviting investment. XETZ also helps
implement the blueprint of the Xuzhou municipal government and
Xuzhou ETZ's management committee. The company's failure could
jeopardise Xuzhou ETZ's policy duties and services, although XETZ
may be substituted by other GREs outside the zone.

'Strong' Financial Implications of Default: XETZ, as the zone's
sole developer, also raises funding for the government's
public-welfare projects. The government's failure to offer timely
support for XETZ, an important government financing platform,
leading to a default could cause the government financial
difficulty and limit its financing options.

'b' Category Standalone Credit Profile: XETZ has large capex, high
leverage and limited cash flow debt-servicing ability.
Capital-intensive public-work investments and its weak cash
generation weigh on its leverage, leading to high net debt to
Fitch-calculated EBITDA (including perpetual bonds) of 15x in 2018,
with cash flow from operations to debt and interest coverage
consistently below 1x. Net leverage has improved since 2016, but
the company's net debt to Fitch-calculated EBITDA is likely to
remain above 20x under the rating case in the foreseeable future
due to its capex plan. Nevertheless, its stable contractual
framework and the local government's consistent financial support
will mitigate the risks.

'Weaker' Revenue Defensibility: The majority of XETZ's revenue
comes from industrial-park and residential development, and related
sales and leasing services. The revenue is reliant on the
government reimbursing its cost and repurchasing its projects,
resulting in potential fluctuations depending on the amount it
receives from the government each year. The actual timing of
repurchases is highly dependent on the scale and nature of the
projects as well as the government's budget for the year. XETZ's
revenue base also depends on the demand of companies that establish
their business in the district. The number of companies entering
the Xuzhou ETZ is ultimately affected by competition from similar
ETZs close to the municipality, the Chinese economy, the synergy
and supply value-chain support they can get from existing
industrial clusters within the economic zone.

XETZ's pricing ability is rather limited as it has to consider the
prices offered by competitive high-tech innovation zones in nearby
regions, the overall industry development strategy of the
government as well as the bargaining power of the companies in the
area. The Xuzhou municipal government also has priorities for
industrial development. XETZ would therefore have to offer
incentives to leading market players in the industries preferred by
the municipal government.

'Mid-Range' Operating Risk: The majority of XETZ's costs are
construction costs and the maintenance cost of its existing
facilities. The construction industry is a fully competitive sector
in China and Fitch believes XETZ has sufficient bargaining power to
manage the potential volatility in costs. In addition, there is an
adequate supply of construction companies and labour, limiting
volatility.

RATING SENSITIVITIES

XETZ's ratings could change if Fitch revises its perception of the
Xuzhou municipality's ability to provide subsidies, grants or other
legitimate resources allowed under China's policies and
regulations.

An increased incentive for the Xuzhou municipality to provide
support to XETZ, including greater socio-political and financial
implications of a default by XETZ and a stronger support track
record and expectations, may trigger positive rating action on
XETZ. On the other hand, the rating may be downgraded if there is a
significant weakening in the socio-political and financial
implications of a default by XETZ, a diminished municipal support
track record and expectations or a dilution of the government's
shareholding.

An improvement or deterioration of XETZ's standalone credit profile
or liquidity position would also affect the ratings.

Any change in XETZ's IDR will result in a similar change in the
rating of the notes.

YANGZHOU ECONOMIC: Moody's Assigns Ba1 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to Yangzhou Economic and Technological Development
Zone Development Corporation.

Moody's has also assigned a Ba1 rating to the proposed USD senior
unsecured notes to be issued by YETDC.

The ratings outlook is stable.

The proceeds of the notes will be used by YETDC for general
corporate purposes.

RATINGS RATIONALE

YETDC's Ba1 CFR primarily combines (1) its b1 Baseline Credit
Assessment (BCA); and (2) Moody's assessment that there is a strong
likelihood that the company will receive support from, and a high
level of dependence on, the Government of China (A1 stable), when
in need, which results in a CFR that is three notches above its
BCA.

Moody's support assessment reflects YETDC's primary role in
developing the Yangzhou Economic and Technological Development Zone
(the Development Zone), its ultimate 100% ownership by the Yangzhou
Government, and track record of receiving strong government
support.

YETDC historically was mainly engaged in two businesses: (1)
primary land development; and (2) infrastructure construction in
the Development Zone as an agent on behalf of the government.
Starting from 2019, YETDC has also undertaken social housing
construction in the Development Zone.

The Yangzhou Economic and Technological Development Zone was
established in 1992, and elevated to a national level Economic
Technological Development Zone in 2009. There are currently 219
national level Economic Technological Development Zones in China.
Such zones benefit from favorable policies on foreign investments.

The Yangzhou Economic and Technological Development Zone plays an
important role in the upgrading of Yangzhou's industries and is
also a key driver of the city's economic development. For example,
it accounted for 21% of Yangzhou's total export and import volume
and ranked best in attracting foreign direct investment among the
10 districts in Yangzhou in 2017.

The support assessment also considers the reputational and
contagion risks that could arise if YETDC were to default, given
YETDC's status as the second largest government-owned entity in
Yangzhou City, and its sizeable amount of domestic bonds
outstanding of RMB12.7 billion at the end of 2018.

As such, Moody's believes the central government would support
efforts by Yangzhou City and the Jiangsu Provincial Government in
preventing YETDC from defaulting; thereby avoiding disruption to
the domestic financial market. This support can take various forms,
including government subsidies, capital or asset injections, as
well as loans from policy and state-owned banks.

The high dependence level reflects the fact that YETDC and the
central government are exposed to common political and economic
event risks.

YETDC's BCA is driven by 1) its monopoly position for primary land
development, infrastructure and social housing construction within
the Development Zone; 2) the strong and recurring government cash
payments to cover the company's investments and debt service; and
3) YETDC's good access to domestic funding.

YETDC has a monopoly position in primary land development and
infrastructure construction in the Development Zone. It is also
appointed by the government as the only platform to undertake
social housing projects in the zone starting in 2019.

YETDC received on average around RMB4 billion in government cash
payments per annum during 2013-2018, in the form of operating
subsidies, capital injections and project repurchases. However, the
cash payment from the government varied considerably, due to the
timing of project completion. For example, the company received
around RMB2 billion, RMB4 billion and RMB9 billion in cash payments
respectively in 2016, 2017 and 2018.

Moody's expects that YETDC will receive around RMB3 billion in cash
payments from the government in 2019.

YETDC's BCA is constrained by its large investment need, and the
sizable amount of external guarantees and lending to other
state-owned enterprises (SOEs) in Yangzhou City, which entails
significant contingent liabilities.

The company's external guarantees accounted for around 33% of
YETDC's adjusted total debt, and lending to other SOEs accounted
for around 32% of YETDC's total assets at the end of 2018. Although
the counterparties are all SOEs and most of the guarantees and
lending were mandated by the city government, such a situation
raises the risk profile of YETDC, given the lack of transparency of
the counterparties' credit profile.

Moody's estimates that YETDC's adjusted total debt grew to RMB29
billion at the end of 2018 from RMB22 billion at the end of 2016,
because of infrastructure investments and lending to other SOEs in
Yangzhou. Moody's expects that YETDC's debt level will stay at
around RMB30 billion at the end of 2019.

YETDC held cash and cash equivalents of around RMB3 billion at the
end of 2018. Together with expected cash payments from the
government of around RMB3 billion in 2019, these cash resources are
enough to cover the RMB3.5 billion in planned investments and
projected cash interest expense of around RMB1.2 billion.

As a key local SOE in Yangzhou City, YETDC has demonstrated good
access to the onshore debt capital markets and diversified funding
channels from domestic banks. Moody's expects that YETDC will be
able to refinance maturing debt of around RMB5.2 billion over the
next 12 months.

The stable ratings outlook reflects (1) the stable outlook on
China's A1 sovereign rating; and (2) Moody's expectation that YETDC
will continue to receive strong and recurring government support.

Moody's could upgrade the ratings if (1) the likelihood of
government support for YETDC increases; and/or (2) Moody's upgrades
YETDC's BCA.

Moody's could upgrade YETDC's BCA if the company's business or
financial profile improves, such as better stability and visibility
of cash flow from the government, and if YETDC materially reduces
lending and guarantees to other SOEs in Yangzhou.

Credit metrics indicative of upward pressure on its BCA include: 1)
a decrease in adjusted debt, and/or adjusted debt/capitalization
falling below 50% on a sustained basis; and/or 2) adjusted (FFO
from non-government transactions + government cash payments +
interest)/interest rising above 5.0x for a prolonged period.

Moody's could downgrade the ratings if (1) the likelihood of
government support for YETDC decreases; and/or (2) Moody's lowers
YETDC's BCA.

Moody's could lower YETDC's BCA if there is a material
deterioration in its business or financial profile, such as cash
flow from the government that is lower in amount than Moody's
expects, a much larger investment plan than Moody's expects, and
continued increase in lending and guarantees to other SOEs in
Yangzhou.

Credit metrics indicative of a downgrade of its BCA include: 1)
adjusted debt/capitalization rising above 65% for a prolonged
period; and/or 2) adjusted (FFO from non-government transactions +
government cash payments + interest)/interest falling below 3.5x
for a prolonged period.

The methodologies used in these ratings were Business and Consumer
Service Industry published in October 2016, and Government-Related
Issuers published in June 2018.

Yangzhou Economic and Technological Development Zone Development
Corporation is 100% owned by the Yangzhou City Government.

The company is mandated by the Yangzhou Government to develop and
operate the Yangzhou Economic Technological Development Zone,
including infrastructure construction, primary land development, as
well as social housing construction in the Development Zone.

In 2018, the company reported assets of RMB43.1billion and revenue
of RMB1.87 billion.

YESTAR HEALTHCARE: Fitch Affirms BB- LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Yestar Healthcare Holdings Company
Limited's Long-Term Foreign-Currency Issuer Default Rating and
senior unsecured rating at 'BB-'. The Outlook is Stable. Fitch has
also affirmed Yestar's USD200 million 6.9% senior unsecured notes
due 2021 at 'BB-'.

The affirmation reflects Yestar's large exposure to China's growing
in-vitro diagnostics market and established partnership with IVD
industry leader, Roche Diagnostics. The rating also takes into
account rising leverage over the past few years and weakened cash
flow generation due to volatile working capital. Its current
leverage is below its downgrade trigger, but its rating headroom is
very limited. Yestar's leverage may rise because of acquisition
payments due in the next few years, though the timing of these
payments is highly uncertain.

KEY RATING DRIVERS

Acquisition Payments May Lift Leverage: Yestar has acquired several
subsidiaries since 2014 with the agreement to purchase the
remaining 30% stakes at a later date. The timing for making payment
for the stakes is uncertain as the transactions are contingent upon
certain conditions being met, including specific profit targets up
to 2019.

Fitch believes these approaching obligations may put pressure on
Yestar's financial profile over the next two to three years. Its
rating case assumes that these acquisition payments will be spread
over 2019-2022, which should allow Yestar's FFO adjusted net
leverage to remain around 2.5x over the next few years. However,
under the most pessimistic scenario, leverage can rise temporarily
to more than 4x in 2020 before gradually declining.

Timing of Payments Unclear: The most immediate put option is the
CNY675 million for the remaining 30% stake of Anbaida, an IVD
distributor acquired by Yestar, which minority interests had the
option to exercise as early as 2018 but negotiations are still
underway for the stake purchase. Additional considerations of up to
CNY793 million plus distribution of retained earnings could be owed
to non-controlling shareholders of other acquired subsidiaries in
2020. Management says these stake purchases will not take place
until 2022 as there is room for negotiation and the undistributed
net profits need to be paid before the remaining 30% stakes can be
transferred.

Potentially Lumpy 2021 Maturities: Fitch believes the near-term
financial pressure is limited if management is able to spread out
the acquisition payments over the next few years. However, if the
payments are concentrated around 2021 or 2022, they may coincide
with the maturity of the US dollar bond due September 2021, which
may pressure the company's liquidity at that time. The company's
liquidity position could also deteriorate if the acquisition
payments are faster than management's expectation.

Expanding IVD Business: Yestar's ratings are supported by its
position in China's IVD market. Fitch expects the IVD business to
expand by a mid-teen percentage and continue to increase as a
proportion of the group's earnings. Yestar entered the IVD market
in 2014 and has acquired other IVD distributors to expand its
market share. These distributors have established partnerships with
Roche Diagnostics, and Yestar has expanded its foothold in IVD
distribution across important markets in northern, eastern and
southern China.  

Volatile Working Capital: Fitch expects positive free cash flow in
2019-2021 although it may not be sufficient for meaningful
deleveraging. Operating cash flow weakened in 2018 primarily due to
a change in working capital. Fitch believes hospitals have longer
payment terms than the customers for Yestar's imaging business,
resulting in longer account receivable days of 113 by end-2018
compared with 104 at end-2017. Fitch has assumed that receivable
days will not worsen, in line with the trend observed with other
medical distributors, but uncertainty remains over the balancing of
the company's receivables collection with its growth.  

Modest Equity Support: Yestar has been supported slightly by
equity-related transactions over the past year but they have been
inconsistent. The company received proceeds of CNY362 million from
Fujifilm for the issuance of a 10% equity stake in 2018, which have
been included in Fitch's analysis along with the company's decision
to not propose a final dividend for 2018. These moves may help to
preserve some capital this year, although they will be offset
slightly by the CNY15 million the company spent on share buybacks
this year (as of June 12, 2019).

Regulatory Risk Remains: A two-invoice system, introduced in 2017
and aimed at reducing the layers of distributors between
manufacturers and hospitals, has so far focused on drug
distribution. The implementation of the two-invoice system in
medical-device distribution is still in the early stages. Progress,
which varies among provinces, has been slow. Fitch sees regulatory
change as a medium-term risk to Yestar as the company may lose some
revenue from lower-tier distributors, which could be partially
offset by increasing direct sales to hospitals as lower-tier
distributors exit the market. Also, profitability may be pressured
as the competitive landscape changes and direct sales incur higher
selling and distribution costs.

DERIVATION SUMMARY

Yestar's ratings are supported by its exposure to China's rapidly
growing IVD market and the established partnership with Roche
Diagnostics, but constrained by the company's small operating scale
and potentially higher leverage following acquisitions. Yestar has
a similar scale as 361 Degrees International Limited (BB-/Stable)
in terms of operating EBITDA and both have seen volatility in cash
flows due to working-capital movements, but Yestar has a weaker
financial profile as 361 Degrees is in a net cash position. Yestar
has lower leverage than Jubilant Pharma Limited (BB-/Stable), a
generic pharmaceutical company based in Singapore, but it has a
smaller scale, weaker free cash flow generation and less geographic
diversification.

KEY ASSUMPTIONS

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

- Low-to-mid teen revenue growth for IVD business and 17%-18%
EBITDA margin in 2019-2020

- Revenue for the traditional imaging business to decline by low
single digit in 2019-2020

- Company to acquire remaining 30% interest in IVD distributor
Anbaida in 2019 for CNY675 million and payments are settled in two
tranches in 2019 and 2020

- Company to acquire remaining 30% interest in IVD distributors
Guangzhou Honggen, Shenzhen Derunlijia, Guangzhou Shengshiyuan and
Beijing Kaihongda in 2021 for a total of CNY793 million and
distribute CNY166 million in dividend to minority shareholders
before the completion of the acquisitions

- No dividend payment in 2019. The company spent CNY15 million
year to date on share buybacks.

RATING SENSITIVITIES

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

- Significant increase in operating scale, brand partners and
geographic diversification while keeping FFO adjusted net leverage
below 2.5x on a sustained basis

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

- FFO adjusted net leverage above 2.5x on a sustained basis (2018:
2.3x)

- EBITDA margin below 15% on a sustained basis (2018: 18.2%)

- Adverse regulatory changes

- Weakening in liquidity position due to
faster-than-Fitch-expected payments for acquisitions

- Sustained deterioration in operating cash flow generation

LIQUIDITY

Adequate Liquidity: The company's cash and cash equivalents of
CNY764 million as of end-2018 were sufficient to cover its
short-term debt obligations of CNY304 million. Management said the
company's unutilised banking facilities and its available cash on
hand are sufficient for making the CNY675 million acquisition
payment to Anbaida.



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

A. S. CARRIERS: CRISIL Cuts INR32cr Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of A. S. Carriers
Private Limited (ASCP) revised to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental           32        CRISIL B+/Stable (ISSUER NOT
   Discounting Loan                 COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ASCP for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ASCP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ASCP is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of ASCP revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

ASCP, established in 1993, runs warehouses, which are located in
several industrial regions and are leased. It is promoted by Mr
Amar Rahman and his family.

ACETEL ENTERPRISES: CRISIL Cuts INR15cr Loan Rating to B+, Not Coop
-------------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of ACETEL
Enterprises Private Limited (AEPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            15        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AEPL for obtaining
information through letters and emails dated February 26, 2019 and
May 28, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AEPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of AEPL revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

AEPL was incorporated in August 2015, promoted by Mr. Harish
Dhingra. The Company has been appointed as the exclusive regional
distributor for Reliance Jio in Punjab and Jammu & Kashmir from
September 2015.

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

The instrument-wise rating action is:

-- INR500 mil. Term loan due on March 2027 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

AKS, managed by Dr. Kapil Tyagi and Dr. Ajay Tyagi, is setting up a
150-bed multi-specialty hospital in Greater Noida.

AL-NOOR AGRO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Al-Noor Agro & Farm Products Pvt Ltd
        Shop No. 08, Mahatma Fule
        Macchi Market, Kalyan
        Thane 421301

Insolvency Commencement Date: May 30, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: November 25, 2019

Insolvency professional: Mr. Bhaskar Gopal Shetty

Interim Resolution
Professional:            Mr. Bhaskar Gopal Shetty
                         C-77, Shanti Shopping Centre
                         Mira Road East 401107
                         Thane District, Maharashtra
                         E-mail: cabgshetty@gmail.com
                                 alnooragroip@gmail.com

Last date for
submission of claims:    June 28, 2019


AMRITA SAI: Ind-Ra Affirms 'BB' Rating on INR29.00MM Loan
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Amrita Sai
Educational Improvement Trust's (ASEIT) bank facilities as
follows:

-- INR29.00 mil. Working capital facilities affirmed with IND
     BB/Stable rating.

KEY RATING DRIVERS

The affirmation reflects ASEIT's continued ability to attract
students despite sluggish demand for engineering courses across the
country. The student headcount was fairly stable at 2,187 in FY19
(FY18: 2,200; FY17: 2,048). The capacity utilization ranged between
53.22%-60.61% during FY15-FY19; it stood at 59.36% in FY19. The
capacity utilization is likely to increase over the medium term due
to affiliations and the memorandums of understanding signed with
industries and universities.

ASEIT's liquidity position remained tight during FY17-FY19. The
available funds (cash and unrestricted investments) provided a
moderate financial cushion to both total debts (18.62%) and
operating expenditure (8.16%) in FY19. The collection period
remained high at 141 days in FY19 (FY18: 87 days) due to delays in
fee reimbursement from the state government. Ind-Ra expects the
liquidity position to improve over the medium term due to an
improvement in the operating performance.

ASEIT's operating margins remained modest. The margin fell by 2.12
percentage points to 16.14% in FY19 (FY18: 18.25%), as a key
expenditure (staff cost and operating expenses) rose by 9.98% YoY,
whereas operating income increased only by 7.20% YoY. The trust
reported a current balance margin of 1.60% in FY19 (FY18: 0.23%).

The trust's debt ratios remained moderate during FY18-FY19.  The
debt/current balance before interest and depreciation (CBBID) ratio
reduced marginally to 2.28x in FY19 (FY18: 2.57x), as the total
debt fell by 16.03% YoY INR51.38 million. The debt/income ratio was
at 36.74% in FY19 (FY18: 46.90%). Furthermore, the total debt of
INR51.38 million in FY19 comprised working capital limits of
INR22.66 million, vehicle loans of INR13.11 million and unsecured
loans of INR15.61 million.

Although ASEIT's debt service coverage ratio declined marginally in
FY19, it remained comfortable at 1.28x (FY18: 1.35x). The ratio
decreased due to a 5.24% YoY decline in CBBID to INR22.57 million
in FY19. Also, the interest service coverage ratio remained
comfortable at 3.82x in FY19 (FY18: 3.40x); the ratio improved as
the interest costs declined by 15.70% YoY to INR5.90 million.

ASEIT's revenue continued to be dominated by tuition fee income,
which accounted for 99.66% of the total revenue in FY19 (99.21% on
an average over FY14-FY19). The trust's revenue increased to
INR139.86 million in FY19 (FY18: INR130.46 million) on the back of
7.28% YoY growth in tuition fee income.

RATING SENSITIVITIES

Negative: A substantial increase in the debt burden and fall in
debt service capability with a limited increase in the operating
income could result in a negative rating action.

Positive: The ratings could be upgraded if the demand for the
trust-offered courses increases in conjunction with an improvement
in the liquidity position.

COMPANY PROFILE

ASEIT was formed in 2007 as a charitable trust. The chief object of
the trust is to serve as an educational institution without a
profit motive by starting a school or engineering college. The
college is situated about 25km from Vijayawada.

AROMA RESTAURANTS: CRISIL Maintains B Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aroma Restaurants And
Resorts Private Limited (AROMA) continues to be 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan              4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AROMA for obtaining
information through letters and emails dated
November 30, 2018 and May 13, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AROMA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AROMA is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 1999 and promoted by Mr. Sachin Mehndiratta and his
elder brother, Aroma operates 16 restaurants in Chennai.

ARTIFACTS INDIA: CRISIL Cuts INR8cr Loan Rating to B+, Not Coop.
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Artifacts
India (AI) to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing          8        CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AI for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AI is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of AI revised to be 'CRISIL B+/Stable Issuer not
cooperating'.

AI is a Delhi-based proprietorship firm started by Mr Ravindra
Saran in 1994. The firm manufactures paper handicraft products and
is a 100% export unit. Its manufacturing units are located in Delhi
and Kundli, Haryana.

BIMLA MARU: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Bimla Maru Fashions
Private Limited (BMFPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            25        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       14        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term      1.25     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with BMFPL for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BMFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BMFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of BMFPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

BMFPL, incorporated in 1999, trades in garments and upholstery
fabric; it imports fabric, primarily from China, and markets the
garments in India. The company also manufactures trousers, and has
an in-house design team, which provides specifications to weavers.
The manufacturing facility is located at Noida. The company has set
up an office in Bangladesh to coordinate imports of fabric from
China, for re-export (in the form of garments) to India.

BOSS COMPUTERS: CRISIL Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Boss Computers
Private Limited (BOSS) continue to be 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit       3.5        CRISIL D (ISSUER NOT COOPERATING)
   Term Loan         3.5        CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Boss for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BOSS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BOSS is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of BOSS continues to be 'CRISIL D Issuer not
cooperating'.

Boss incorporated in 2008 is a Chandigarh based company promoted by
Mr. Narinder Pal Singh. It is engaged in trading of computer
hardware. The company have dealerships of Dell, Asus, HP, Lenovo
and Acer.

D.V. EXPORT: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of D.V. Export (DVE)
continue to be 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         19        CRISIL B+/Stable (ISSUER NOT
   Credit                           COOPERATING)

CRISIL has been consistently following up with DVE for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DVE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DVE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

Based on the last available information, the ratings on bank
facilities of DVE continues to be 'CRISIL B+/Stable Issuer not
cooperating'.

Established in 2007, DVE is engaged in trading of cotton bales,
seeds and hull. The firm is based in based in Sendhwa, district
Barwani (Madhya Pradesh) with offices in Indore, Aurangabad and
Adilabad. It is owned and managed by Mr Sanchit Rajpal and belongs
to Manjeet group.

DEV DENSO: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s Dev Denso Power Limited
        B-3, H.No. 40, Ground Floor
        Sector-16, Rohini
        New Delhi, North West DL 110085

        Also at:
        CS, Ansal Plaza
        Sector-1, Vaishali
        Ghaziabad 201010

Insolvency Commencement Date: June 11, 2019

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

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

Insolvency professional: Pooja Bahry

Interim Resolution
Professional:            Pooja Bahry
                         59/27, Prabhat Road
                         New Rohtak Road
                         New Delhi 110005
                         E-mail: pujabahry@yahoo.com
                                 rp.devdensopower@gmail.com

Last date for
submission of claims:    June 26, 2019


DIVINE INFRACON: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Divine Infracon
Private Limited (DIPL) continue to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             373        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Divine Infracon
Private Limited (DIPL) for obtaining information through letters
and emails dated November 30, 2018 and May 13, 2019 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

Based on the last available information, the ratings on bank
facilities of DIPL continues to be 'CRISIL D Issuer not
cooperating'.

Incorporated in 2006, DIPL operates a five-star hotel, Radisson
Blu, in Dwarka (New Delhi) under the Radisson brand managed by its
O&M partner, Carlson. DIPL commenced operations in April 2011 and
recorded revenue of INR238 million for the first half of fiscal
2013. The company incurred an operating loss of INR424 million in
the first half of fiscal 2013, mainly because of low occupancy rate
resulting in low cash generation. The company is promoted by Mr.
Sant Lal Aggarwal and Mr. Satish Kumar Pahwa, who have experience
in the real estate industry.

GORANTLA MULTIPLEX: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Gorantla Multiplex
(GM) continue to be 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        9.75       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GM for obtaining
information through letters and emails dated November 30, 2018 and
May 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of GM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GM is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Incorporated in the year 2006, Gorantla Multiplex (GM) is
propertiorship firm that currently own and operates a multiplex in
ongole district of Andhra Pradesh. The operations of the
propertiorship firm started in 2009.The multiplex is owned by Mr.
G.V.N Babu.

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

The instrument-wise rating actions are:

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

-- INR34.8 mil. Term loan due on July 2019 - October 2021
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING) rating; and

-- INR8 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 18, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994, HTSPL is a Vadodara-based manufacturer of TMT
bars. The plant has a production capacity of 32,000mtpa for a
single shift.

ICHALKARANJI POWERLOOM: CRISIL Rates INR25.07cr Term Loan 'B+'
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Ichalkaranji Powerloom Mega Cluster Limited
(IPMCL).

                         Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility       4.93      CRISIL B+/Stable (Assigned)

   Term Loan               25.07      CRISIL B+/Stable (Assigned)

The rating reflects the exposures to risks related to stabilization
of operations and average demand risk. These weaknesses are partly
offset by the extensive industry experience of the management and
low project implementation risk.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to stabilization of operations:
Business risk profile is constrained on account of its start-up
nature of operations. The unit is expected to commence operations
in October, 2019. Timely stabilisation of operations and
commensurate ramp up will be critical and any significant delay in
starting commercial operations will remain key rating sensitivity
factor.

* Exposure to intense competition: IPMCL is exposed to market risks
associated with slowdown in demand, overcapacity in the domestic
industry, and stiff industry competition, which restrict growth
opportunities and pricing power with customers and suppliers.

Strengths:
* Extensive industry experience of the management: The management
have an experience of over 15 years in textile industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

* Low project implementation risk: IPMCL has completed 90 percent
set-up of the project and has received all the required approvals.
Commercial operations are scheduled to commence from October, 2019.
The project is funded through government grant of INR50 crores of
which INR30 crores is received. The term loan is also sanctioned
and disbursed. Hence, funding and implementation risk is low.

Liquidity
IPMCL has average liquidity driven by expected cash accruals of
more than INR9.19 crore and INR18.63 crore per annum in fiscal 2020
and fiscal 2021 respectively. IPMCL has long term repayment
obligations around INR1.25 crore and INR6.00 crore annually in
fiscal 2020 and fiscal 2021 respectively. CRISIL expects internal
accruals and cash & cash equivalents to be sufficient to meet its
repayment obligations and incremental working capital
requirements.

Outlook: Stable

CRISIL believes IPMCL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may be
revised to 'Positive' if successful commissioning of the project
leads to higher than expected revenue and profitability and better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if any significant time or cost over runs, or
significantly low cash accruals weakens financial risk profile,
particularly liquidity.

IPMCL, incorporated in 2012, is currently setting up a unit for
sizing, warping, processing of fabric and yarn dyeing in
Ichalkaranji, Maharashtra. The plant is expected to be commissioned
in October 2019.  The company is promoted by Mr. Prakash K. Awade
and managed by Mr. Sunil S. Patil, Mr. Satish S. Koshti, Mr.
Satyanarayan Dalya, Mr. Laximikant Purohit and Mr. Jadhavji Patel.

JAIPRAKASH ASSOCIATES: ICICI Moves NCLAT to Expedite Insolvency
---------------------------------------------------------------
Livemint.com reports that private sector lender ICICI Bank on June
17 approached the National Company Law Appellate Tribunal (NCLAT),
seeking a direction to NCLT, Allahabad to expedite the hearing on
its insolvency petition against Jaypee group firm Jaiprakash
Associates Ltd (JAL).

In September 2018, ICICI Bank had filed a petition before the
Allahabad bench of National Company Law Tribunal (NCLT) seeking to
start insolvency proceedings of JAL, which is into infrastructure
and real estate.

In its plea before the appellate tribunal, ICICI Bank submitted
that there has been no progress in its petition filed before the
NCLT Allahabad in last nine months, Livemint relates.

Hearing the matter, a single member NCLT bench of Justice Bansi Lal
Bhat directed to list ICICI Bank's plea on July 1 for hearing.

JAL's subsidiary Jaypee Infratech is already going through a
corporate insolvency resolution process (CIRP), the report notes.

According to the report, ICICI Bank said JAL owes around INR1,296
crore and the bank had approached NCLT to recover the dues, by
filing an insolvency plea against JAL, under section 7 of
Insolvency & Bankruptcy Code (IBC).

However, JAL challenged the ICICI Bank petition before the
Allahabad High Court but the same was rejected.

JAL then moved Supreme Court, which too refused to stay the
application, the report notes.

"However, despite this, there is no development in this matter,"
the report quotes ICICI Bank counsel as saying.  "We want direction
to NCLT to expedite the matter," the counsel said, adding that the
proceedings before NCLT are being played into the hands of the JAL
promoters.

The counsel further alleged that JAL is creating legal hurdles in
the IBC proceedings, the report says.

                    About Jaiprakash Associates

Jaiprakash Associates Limited is a diversified infrastructure
company. The Company's principal business activities include
engineering, construction and real estate development, and
manufacture of cement. Its segments include Construction, which
includes civil engineering construction/engineering, procurement
and construction (EPC) contracts/expressway; Cement, which
includes manufacture and sale of cement and clinker;
Hotel/Hospitality, which includes hotels, golf course, resorts
and spa; Sports Events, which includes sports-related events;
Real Estate, which includes real estate development; Power, which
includes generation and sale of energy; Investments, which includes
investments in subsidiaries and joint ventures for cement, power,
expressway and sports, among others, and Others, which includes
coal, waste treatment plant, heavy engineering works, hitech
castings and man power supply, among others. It has operations in
Haryana, Madhya Pradesh, Gujarat and Jharkhand, among others.

JAL featured in Reserve Bank of India's second list of at least 26
defaulters with which it wants creditors to start the process of
debt resolution before initiating bankruptcy proceedings.

NIZAM DECCAN: NCLT Enters Liquidation Order
-------------------------------------------
The Hindu BusinessLine reports that the National Company Law
Tribunal (NCLT), Hyderabad, has passed an order for liquidation of
ailing Nizam Deccan Sugar Factory Ltd, after efforts to find a
suitor for revival under the Insolvency and Banking Code (IBC)
failed.

K Anaantha Padmanabha Swamy, Member Judicial, NCLT Hyderabad, in
its order passed recently, has approved a petition moved by debtors
of the sugar factory for liquidation, the report says.

Established at Bodhan in Telangana in 1938 during the Nizam era,
the sugar factory is one of the biggest factories with units at
Bodhan, Metpally and Mambojipally. The factory was a hub of
economic activities in the past, the Hindu BusinessLine discloses.

While the Telangana government holds 49 per cent equity stake, the
erstwhile unified Andhra Pradesh State had divested 51 per cent
stake to a private company as a part of the restructuring process
of State-owned enterprises, the report says.

According to the report, the Telangana Rastriya Samithi leadership
headed by K Chandrasekhar Rao, during 2014 election campaign, had
assured to take over the ailing Nizam Sugars and after the
government formation it had issued an order to continue the factory
under the cooperative sector.

With the sugar units getting closed, the private management knocked
at NCLT for liquidation of the company, the report says.

Thereafter in 2017, the Corporate Insolvency Resolution Process was
initiated, inviting creditors to submit their claims.

The Hindu BusinessLine notes that the Committee of Creditors
(Andhra Bank, Syndicate Bank and Indian Overseas Bank), held 11
meetings, which included seeking Expression of Interest as per the
provisions of the IBC.

It had received interest from Phoenix ARC private Limited, Mumbai,
and Hindustan infrastructure Projects & Engineering Private
Limited, Bengaluru, but there wasn't much progress thereafter, the
report notes.

The Hindu BusinessLine relates that the Resolution Professional
approached the Industries and Commerce Department of Telangana and
requested the Government to consider the Government Order issued in
2015, wherein the Government had decided to annul the joint venture
agreement of NDSL and private firm DPML and manage the functioning
of the factory in the cooperative sector.

However, as on July 2018, for the Adjudicating Authority there was
no Resolution Plan from the Telangana government, the report
notes.

According to the Hindu BusinessLine, the Counsel representing
Telangana had said that it requires 12 weeks to prepare a
comprehensive plan.  However, as more than the 270 days elapsed
without any concrete plan, the NCLT took up the petition and passed
orders for its liquidation.

The Adjudicating Authority appointed R Ramakrishna Gupta, who had
served as the Insolvency Professional, as the liquidator and
directed follow up action, the Hindu BusinessLine adds.

NDSL, incorporated in 2002, manufactures sugar and extra neutral
alcohol, and generates power. NDSL has three sugar plants in
Telangana. The company also has a distillery unit, and a 20-
megawatt biomass-based power generation plant.

PRAHLAD RAI: CRISIL Moves INR4.5 cr Loan Rating to B+ /Stable
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Prahlad Rai Agrawal (PRA) to
'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating'. However, the
management has subsequently started sharing requisite information,
necessary for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the rating on bank facilities of
PRA from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not Cooperating' to
'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         7.5       CRISIL A4 (Migrated from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit             .5       CRISIL B+/Stable (Migrated
                                    from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Bank          4.5       CRISIL B+/Stable (Migrated
   Guarantee                        from 'CRISIL BB-/Stable
                                    ISSUER NOT COOPERATING')

CRISIL ratings to the bank facilities of PRA continues to reflect
the promoters' extensive experience. This rating strength is
partially offset by modest scale of operations and tender based
nature of operation along with working capital-intensive
operations.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital intensive operation: Working capital intensity
persists, with sizeable gross current assets of 124 days majorly on
account of high receivables of 48 days.

* Modest scale of operation and tender-based nature of operations
Scale of operations remains small, with expected operating income
of INR22.3 crores in fiscal 2019. As sales is almost entirely
tender-based, revenue remains dependent on ability to bid
successfully for tenders. The modest scale limits bargaining power
with customers, and constrains operating margin.

Strengths:
* Extensive experience of the promoter: Benefits from the
promoter's experience of over three decades, and track record at
executing several projects should continue to support the business.
The experience has helped get regular orders, as reflected in the
moderate unexecuted orders.

Liquidity
Bank limit utilisation is high with multiple instances of 100%
utilisations. CRISIL believes that bank limit utilization is
expected to remain high on account large working capital
requirement. The net cash accruals are negative due to significant
withdrawals by partners. However, there are no repayment
obligations. Further, the liquidity is supported by unsecured loans
by promoters and related parties of INR2.3 crores as on March 31,
2019.

Outlook: Stable

CRISIL believes PRA will continue to benefit over the medium term
from the promoter's extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations, operating profitability and cash accrual, coupled with
geographical diversification in revenue strengthens credit metrics.
Conversely, the outlook may be revised to 'Negative' if decline in
operating margin and topline, stretch in working capital cycle, or
any large debt-funded capital expenditure, constrains financial
risk profile, especially liquidity.

Set up in 1985, PRA undertakes civil construction projects mainly
related to construction of roads and bridges. The company is based
at Surguja, Chattisgarh.

RAAJCO SPINNERS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raajco Spinners
Private Limited (RSPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR256.2 mil. Term loan due on June 2024 assigned with IND
     BB/Stable rating; and

-- INR200.0 mil. Fund-based limit assigned with IND BB/Stable/IND

     A4+ rating.

KEY RATING DRIVERS

The ratings reflect RSPL's medium scale of operations as indicated
by revenue of INR1,137 million in FY19 (FY18: INR1,068 million).
The growth in revenue was led by an increase in the number of
orders received and executed. As of May 2019, RSPL had an order
book of INR61.3 million, to be executed by end-June 2019. FY19
financials are provisional in nature.

The company's return on capital employed was 5% in FY19 (FY18: 2%)
and EBITDA margin was modest at 8.8% (5.7%). The improvement in
margin was due to a decrease in variable cost.

The ratings also factor in RSPL's modest credit metrics as
reflected by gross interest coverage (operating EBITDA/gross
interest expense) of 2.3x in FY19 (FY18: 1.5x) and net leverage
(total adjusted net debt/operating EBITDA) of 8.4x (10.0x). The
improvement in credit metrics was driven by an increase in
operating EBITDA to INR100.0 million in FY19 (FY18: INR61.4
million).

The ratings are also constrained by the company's tight liquidity
position as indicated by 98% average maximum use of its fund-based
working capital limits during the 12 months ended April 2019.
RSPL's cash flow from operations turned negative to INR123.0
million in FY19 from positive INR65.0 million in FY18, on account
of an increase in working capital requirement.

In FY19, the working capital cycle elongated to 146 days (FY18: 86
days) on account of increase in inventory holding period to 122
days (94 days), resulting from a higher stock of raw materials held
at the end of the year. The debtor collection period increased to
33 days in FY19 (FY18: 5 days) as the company started direct
exports to the East Asian region, for which the credit period was
extended to retain the customers. At FYE19, RSPL had cash and cash
equivalents of INR1.0 million (FYE18: INR 3.0 million).

At FYE19, the company had total debt of INR841 million, including
INR398 million of unsecured non-interest bearing loan from the
promoters. The company has repayment obligations of INR51.6 million
and INR51.6 million for FY20 and FY21, respectively, which will be
met through net cash accruals and funds from the promoters.

However, the ratings are supported by the promoters' more than a
decade-long experience in the textile industry.

RATING SENSITIVITIES

Positive: A substantial growth in the revenue and EBITDA margin, as
well as the liquidity position, leading to an improvement in the
credit metrics,  could be positive for the ratings.

Negative: A substantial decline in the revenue and EBITDA margins
and sustained deterioration in the overall credit metrics or
deterioration in the overall liquidity profile, could lead to
negative rating action.

COMPANY PROFILE

Incorporated in 2015, Tamil Nadu-based RSPL is engaged in yarn
spinning. The company's product portfolio includes combed compact
hosiery and warp yarn in the count range of the 20s, 24s, 30s, 40s,
50s and up to 60s. Currently, the company has 29 ring frames with
30,576 spindles.

The company sells its product through sales agents, merchant
exporters and direct sales in Tamil Nadu, Kanpur, West Bengal,
Gujarat, Maharashtra, Kerala, among others.

RASHMI YARNS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Rashmi Yarns Ltd.
        405, Metro Tower
        Ring Road, Surat
        Gujarat 395002

Insolvency Commencement Date: May 31, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Manish Kumar Bhagat

Interim Resolution
Professional:            Manish Kumar Bhagat
                         103-104, Panchdeep Complex
                         Mithakhali Six Road
                         Navrangpura
                         Ahmedabad 380009
                         E-mail: mbhagat2003@gmail.com

Last date for
submission of claims:    June 25, 2019


REON CAST: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Reon Cast Private Limited

        Registered office:
        SR. No. 68, Plot No. 2, Near Umiya Ind.
        B/H Dharti Agro Rajkot Gondal Highway
        Tal: Kotda Sangani Shapar Rajkot 360024
        Gujarat, India

Insolvency Commencement Date: May 30, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 26, 2019
                               (180 days from commencement)

Insolvency professional: Manish Santosh Buchasia

Interim Resolution
Professional:            Manish Santosh Buchasia
                         306, 3rd Floor, (Part-A)
                         "Gala Mart", Nr Sobo Centre
                         Before Safal Parisar
                         Above SBI/Union Bank/Hindmart
                         South Bopal, Ahmedabad
                         Gujarat 380058
                         Tel.: 9898055367
                         E-mail: manishbuchasiacs@gmail.com

Last date for
submission of claims:    June 26, 2019

SAJEEV MATHEW: CRISIL Reaffirms B Rating on INR15cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Sajeev Mathew and Co. (SMC).

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        6         CRISIL A4 (Reaffirmed)
   Cash Credit          15         CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect its small scale of operations and
exposure to intense competition. These weakness are partially
offset by extensive experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Small scale of operations and exposure to intense competition:
With the revenue of INR20.54 Crores in fiscal 2018, the company is
a small player in the highly competitive civil construction
industry. The firm executes its projects majorly in Kerala

Strengths
* Extensive experience of promoters and moderate order book
position: SMC benefits from the extensive experience of its
promoter in the civil construction industry. The promoter has
established significant relationships with suppliers who are raw
material suppliers. Further the firm has a proven track record of
execution for projects for various public entities on account of
which it derives benefits during the future tendering process of
the project.

Liquidity
SMC has maintained an average liquidity profile. Bank limits were
highly utilized at 95% for the past 12 months ended March, 2019.
Going forward, the SMC is expected to generate sufficient cash
accruals to meet the repayment obligations. Further, current ratio
stood at 1.75 times as on March 31, 2018.

Outlook: Stable

CRISIL believes that SMC will continue to benefit over the medium
term from the industry experience of its promoter, in the civil
construction industry and its moderate order book position. The
outlook may be revised to 'Positive' if SMC registers larger than
expected cash accruals leading to improvement in financial risk
profile and improves its working capital management. Conversely,
the outlook may be revised to 'Negative' if the firm's revenues or
operating profitability declines sharply or its working capital
management deteriorates resulting in stretched liquidity.

Established as a proprietorship firm in 1992, SMC is engaged in
execution of civil contracts for Public Works Department in Idukki
district throughout Kerala.

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

The instrument-wise rating actions are:

-- INR21.5 mil. Long-term loan due on August 2022 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR65 mil. Fund-based limit migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 15, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

SBTSPL, a part of Sambhav group, was established in 2011 for
manufacturing cotton and polyester yarn.

SHIV DURGA: CRISIL Reaffirms B Rating on INR2.75cr Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Shiv Durga Constructions and Engineerings
Private Limited (SDCEPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        8          CRISIL A4 (Reaffirmed)
   Cash Credit           2.75       CRISIL B/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    1.25       CRISIL B/Stable (Reaffirmed)
   Term Loan              .50       CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect a small scale of operations with
high geographical concentration, and large working capital
requirement. These weaknesses are partially offset by the extensive
experience of the promoter in the civil construction industry.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations with high geographical concentration:
Despite being operational for about a decade, the scale of
operations remains small because of exposure to intense competition
and high geographical concentration in revenue. Low entry barriers
in the civil construction sector and the tender-based nature of
business expose the company to competitive pressure. Also,
operations are confined to Bihar and Jharkhand, and the company
depends on infrastructure investment and new government projects in
the region. Revenue was modest at INR24 crore in fiscal 2018 and is
estimated at around INR14.85 crore for fiscal 2019 on account of
lower orders.

* Large working capital requirement: The Company has substantial
receivables, and has to maintain performance guarantee deposits and
fixed deposits against bank guarantee and cash credit limit. It
receives payments from government authorities in 30-45 days after
raising bills. However, inflow of funds at the year-end keeps
receivables low at that time.

Strength:
* Extensive industry experience of the promoter: The promoter, Mr
Sanjeev Chowdhary, has been in the construction business since
2001. He began operations by setting up Shiv Durga Stone Industries
in 2001 for undertaking small projects. Over the years, he has
undertaken increasingly large projects.

Liquidity
Liquidity is weak. Cash accrual is estimated at INR0.8-0.9 crore,
against repayment obligation of INR0.15 crore, in fiscal 2019.
Average bank limit utilization was high at 101% during the 12
months through April 2019.

Outlook: Stable

CRISIL believes SDC will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised to
'Positive' in case of a significant increase in the scale of
operations with stable profitability, leading to higher cash
accrual and improved liquidity. The outlook may be revised to
'Negative' if liquidity weakens because of low cash accrual, large
working capital requirement, or significant, debt-funded capital
expenditure.

SDC was incorporated in 2011 to take over the business of Shiv
Durga Stone Industries. The company is promoted by Mr. Sanjeev
Chowdhary. It undertakes road construction contracts in Jharkhand
and Bihar, primarily for Rural Engineering Organisation and Rural
works Department of Bihar, and National Building Constructions
Corporation Ltd.

SHREYA LIFE: CRISIL Reaffirms D Rating on INR64.23cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank
facilities of Shreya Life Sciences Private Limited (SLPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           64.23      CRISIL D (Reaffirmed)
   Funded Interest
   Term Loan              8.95      CRISIL D (Reaffirmed)

   Letter of Credit      11.25      CRISIL D (Reaffirmed)     
   Long Term Bank
   Facility              41.25      CRISIL D (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility    39.12      CRISIL D (Reaffirmed)     
   Working Capital
   Demand Loan            4.00      CRISIL D (Reaffirmed)
   Working Capital
   Term Loan             21.20      CRISIL D (Reaffirmed)

The ratings continue to reflect delays by the company in servicing
its debt obligations because of stretched liquidity.

The company faces intense competition in the pharmaceuticals sector
and has large working capital cycle. However, it benefits from its
promoter's extensive experience and its diversified product
portfolio.

Key Rating Drivers & Detailed Description

Weakness

* Susceptibility to intense competition in the pharmaceuticals
sector: The Indian formulation industry has a large number of
organized and unorganized players, which limits pricing flexibility
of players and bargaining power with customers and suppliers.

* Large working capital requirements: Company is into capital
intensive business reflected by high Gross Current Asset Days (GCA)
of 624 days, high GCA days are due to stretched receivables and
high inventory.

Strengths
* Extensive experience of the promoter in the pharmaceuticals
industry: Promoter's extensive experience in pharmaceutical
industry for more than two decades has helped the company to
diversify into various therapeutic segments and now has over 200
products. SLPL also has a strong marketing network, covering over
200,000 doctors of major specialties.

Liquidity
Liquidity is weak reflected by net accruals of INR3.05 Crores
reported in fiscal 2018. This is insufficient against large debt
obligations. Also, stretched working capital cycle leads to highly
utilized bank lines.

SLPL, set up in 2001 by Mr Sujit Kumar Singh, manufactures and
markets a wide range of pharmaceutical products, such as tablets,
capsules, liquid orals, and lozenges, across diverse categories of
medicine.

SIMPLEX CASTINGS: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Simplex
Castings' (SCL) Long-Term Issuer Rating to 'IND BB- (ISSUER NOT
COOPERATING)' from 'IND BB+ (ISSUER NOT COOPERATING)'. The issuer
did not participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Thus, the rating is on the
basis of the best available information. The rating will now appear
as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR500 mil. Fund-based limits downgraded with IND BB- (ISSUER
     NOT COOPERATING) rating;

-- INR550 mil. Non-fund-based limits affirmed with IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR146.4 mil. Term loan due on February 2020 - April 2021
     downgraded with IND BB- (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects a sharp deterioration in SCL's credit
profile. The revenue fell to INR1,830 million in FY19 (FY18:
INR2,244million) due to low revenue booking of INR503.73 million in
4QFY19 (4QFY18: INR871.46million). The company posted an EBITDA
loss in 2HFY19 because of an increase in raw material costs. The
EBITDA margin declined to less than 1% in FY19 (FY18: 11.6%). The
interest coverage (EBITDA/gross interest expenses) fell below 1x in
FY19 (FY18: 2.2x) and the net financial leverage (total adjusted
net debt/EBITDA) escalated to 493.4x (3.4x).

The ratings have been maintained in the non-cooperating category as
bank limit utilization details, no-dues certificates, and other
information are pending despite continuous requests and
follow-ups.

RATING SENSITIVITIES

Negative: Sustained deterioration in the credit metrics or
liquidity profile will be negative for the ratings.

COMPANY PROFILE

SCL was established in 1970 and was reconstituted as a private
limited company in 1980. In 1993, SCL became a public limited
company and was listed on the Bombay Stock Exchange. The company
manufactures iron and steel casting products, which are used in
various industries such as railways, steel, and defense, at its
three manufacturing units, one each in Bhilai, Urla and Tedsara.

SMLASH ISPAT: CRISIL Hikes Rating on INR9cr Cash Loan to B-
-----------------------------------------------------------
CRISIL has revised its rating on the long-term bank facilities of
Smlash Ispat Private Limited (SMLASH) from 'CRISIL B-/Stable' to
'CRISIL C' and simultaneously upgraded back to 'CRISIL B-/Stable'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          9         CRISIL B-/Stable (Revised
                                  from 'CRISIL B-/Stable' to
                                  'CRISIL C' and simultaneously
                                  upgraded to 'CRISIL B-/Stable')

The rating action takes into account the instance of delays in the
repayment of unrated loans from non-banking industrial development
corporation in fiscal 2018. The simultaneous rating upgrade
reflects subsequent extension approval received from lender for the
repayment.

The rating continues to reflect the firm's modest scale of
operations and weak financial risk profile marked by its negative
net worth, high gearing and below average debt protection metrics.
These weaknesses are partially offset by extensive experience of
its promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations and operating losses: SPLASH's scale
of operations is modest, as reflected in revenues of around INR19
crore in Fiscal 2018. Modest scale of operations constrains
company's ability to take advantages associated with economies of
scale that other big companies are able to leverage upon.
Furthermore, fragmented industry, modest scale of operations and
low capacity utilization results in operating losses.

* Weak financial risk profile: Financial risk profile is weak
marked by negative networth, below average debt protection metrics
and high gearing. Gearing was high due to weak networth and high
debt availed for working capital. Debt protection metrics were weak
due to losses over the past two years.

Strength:
* Extensive industry experience of promoters: The company is
promoted by Mr. A. I. Shalimar, Mr. P. A. Mohammed Hazeem, Mr. A.
P. Asad, Mr. E. S Mohammed Ali and Mr. P. K Abdul Rahman. Over the
years the promoters have stablished strong relationship with raw
material suppliers and customers resulting in uninterrupted supply
of raw material and repeated orders. CRISIL believes that SMLASH
will continue to benefit from extensive experience of promoters
over the medium term.

Liquidity
Liquidity profile is weak marked by fully utilised bank limits and
negative accruals till fiscal 2018. Accruals over medium term are
expected to be modest against moderate repayment obligations.

Outlook: Stable

CRISIL believes SMLASH will continue to benefit over the medium
term from the promoters' extensive experience in the business. The
outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations and profitability resulting in
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile weakens
owing to decline in profitability, stretch in working capital
cycle, or any large debt-funded capital expenditure.

Incorporated in September 2012 and based out of Thrissur, Kerala,
SMLASH is engaged in production of Galvanised (GP) coil. The
company is promoted by Mr. A. I. Shalimar, Mr. P. A. Mohammed
Hazeem, Mr. A. P. Asad, Mr. E. S Mohammed Ali and Mr. P. K Abdul
Rahman.

SRI P.V.N.: CRISIL Migrates B+ Rating from Not Cooperating
----------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the rating on the
bank facilities of Sri P.V.N. R&B Rice Mill (SPVN) to 'CRISIL
B+/Stable/Issuer Not Cooperating'. However, management subsequently
started sharing information necessary for carrying out a
comprehensive rating review. Consequently, CRISIL is migrating the
rating on the long-term facilities to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The ratings continue to reflect the firm's weak financial risk
profile, modest scale of operations and susceptibility of its
profitability to changes in paddy prices and government
regulations. These weaknesses are partially offset by extensive
experience of its partners in the rice milling industry.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile: Financial risk profile is marked by
modest net worth, leveraged capital structure and weak debt
protection metrics. Networth remains modest at INR5.5 Cr
(estimated) as on March 31, 2019. Capital structure remains
leveraged with estimated gearing of above 2 times as on March 31,
2019 due to large working capital debt. Debt protection metrics
remain weak with estimated interest coverage below 1.5 times for
FY19.

* Modest scale of operations: SPVN's scale of operations is modest,
as indicated by estimated revenue of around INR55 Crore for
2018-19. The firm has witnessed modest growth in revenues over the
years. The firm has an installed milling capacity of 8 tonnes per
hour (tph), which is modest given the presence of players with
capacities of 50 to 70 tph in Andhra Pradesh. While large players
have better efficiencies and pricing power because of their scale
of operations, small players are exposed to intense competition.

* Susceptibility of its profitability margins to changes in
government regulations and paddy prices: Cost of paddy accounts for
about 85 to 90 % of the cost of producing rice. Availability of
paddy being an agriculture product is seasonal, and is dependent on
the monsoons/irrigation. This exposes the company to the risk of
limited availability of paddy in case of unfavorable climatic
conditions. The price of paddy has also been volatile in the past.
The rice milling business is marked by intense competition, which
restricts the ability of the players from fully passing on the
increase in paddy prices to customers or retaining any benefit of
lower paddy price.

Strengths:

* Experience of partners in rice milling industry: SPVN's managing
partner, Mr. Srinivasulu and his brother Mr. Chandrababu has been
in the rice milling business since past 15 years. After running
various rice mills with other partners, they set up SPVN with his
family members as partners in 2005. The firm has established strong
relationships with FCI and farmers. The promoters are high have
developed strong relationships with the lending community. CRISIL
believes that SPVN will maintain its business risk profile over the
medium term, backed by its highly experienced promoters.

Liquidity
Liquidity profile is marked by moderate cash accruals against no
long term debt obligations and high bank limit utilization.

SPVN is expected to generate cash accruals of INR0.40 Cr against no
repayment obligations for FY19. Due to large working capital
requirements, average bank limit utilization remains high at 99.5%
for the past 10 months ending March 2019.

Outlook: Stable

CRISIL believes SPVN will continue to benefit over the medium term
from the partners' extensive experience in the business. The
outlook may be revised to 'Positive' in case of substantial
improvement in scale of operations and profitability along with
improvement in financial risk profile. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile weakens
owing to decline in profitability, stretch in working capital
cycle, or any large debt-funded capital expenditure.

Incorporated in 2005, SPVN mills and processes paddy into rice. The
manufacturing plant is in Gudupallipadu, Andhra Pradesh. Mr
Srinivasulu, Mr Chandrababu and family are the partners.

SUNGRO SEEDS: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sungro Seeds
Private Limited's (SSPL) Long-Term Issuer Rating at 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR72 mil. (reduced from INR131.25 mil.) Term loan due on
     April 28, 2021 affirmed with IND BB+/Stable rating;

-- INR365 mil. (increased from INR250 mil.) Fund based working
     capital limits affirmed with IND BB+/Stable rating;

-- The 'IND BB+' rating on the INR10 mil. Non-fund-based working
     capital limits withdrawn (paid in full);

-- INR85 mil. Fund-based working capital limits^ assigned with
     IND BB+/Stable rating.

^The final ratings have been assigned following the receipt of
executed financing documents by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects SSPL's continued elongated working capital
cycle due to its working capital-intensive nature of operations. In
FY18, the company's net cash conversion cycle elongated to 442 days
(FY17: 326 days), on account of an increase in the inventory
holding period to 486 days (411 days). As per the management, the
net cash conversion cycle is likely to have improved in Fy19,
although remained stretched, on account of an increase in the
creditor days, driven by its longstanding relationships with the
suppliers. Ind-Ra expects the net cash conversion cycle to remain
elongated on account of higher inventory days.

The ratings continue to factor in the company's medium scale of
operations as indicated by revenue of INR949 million in FY19 (FY18:
INR983 million, FY17: INR992 million). The company reported EBITDA
profit of INR80 million in FY19 (FY18: EBITDA loss of INR16
million), with an EBITDA margin of 8.4%. As informed by the
management, the EBITDA turned positive in FY19 mainly on account of
a reduction in the operating expenses. In FY19, interest coverage
(operating EBITDA/gross interest expense) was 2.7x and net leverage
(total adjusted net debt/operating EBITDAR) was 12.1x. FY19
financials are unaudited.

However, the ratings are supported by SSPL's high value readily
monetisable assets (RMAs) worth INR1,200 million and comfortable
external debt/RMA ratio of 0.8x as on March 31, 2019. The company
also earned income from the sale of investments and property of
about INR48 million in FY19 (FY18: INR773.821 million, FY17:
INR254.756 million).

The ratings also benefit from SSPL's healthy liquidity position as
indicated by 32.8% average use of its working capital limits during
the 12 months ended May 2019.

The ratings also continue to be supported by the promoters' more
than two and a half decades of experience in the seed industry.

RATING SENSITIVITIES

Negative:  Inability to monetize the assets or any decline in the
operating revenue or EBITDA margins, leading to deterioration in
the credit metrics will be negative for the ratings.

Positive: An improvement in the operating revenue and EBITDA
margins, leading to improvement in the credit metrics, all on a
sustained basis, will be positive for the ratings.

COMPANY PROFILE

Established in 1991, SSPL is involved in the research and
development, and production of seeds. The company is a part of the
Barwale group, which owns Maharashtra Hybrid Seeds Company Limited
('IND A-'/Negative) one of the largest seed producing company in
India. SSPL produces both hybrid and open pollinated seeds. SSL has
an established presence in the industry across multiple states in
India.

YS MARCHANDISE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s YS Marchandise International Private Limited
        E-10, Lakshmi Nagar
        New Delhi 110092

Insolvency Commencement Date: June 6, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Sunil Kumar Agrawal

Interim Resolution
Professional:            Mr. Sunil Kumar Agrawal
                         E-29, South Extension-II
                         New Delhi 110049
                         E-mail: aggarwalsk21@yahoo.com

                            - and -

                         904, Sector-7C
                         Faridabad 121006
                         E-mail: irpysmarchandise2019@gmail.com
                                 ipsunilagrawal21@gmail.com

Last date for
submission of claims:    June 24, 2019




=========
J A P A N
=========

JAPAN DISPLAY: TPK Withdraws from Bailout Consortium
----------------------------------------------------
Nikkei Asian Review reports that Taiwanese electronics component
maker TPK Holding, a member of the Taiwan-China consortium that
planned to offer up to JPY80 billion ($736.8 million) in financial
aid to Japan Display, has notified the troubled company that it
would pull out of the consortium, Japan Display announced on
June 17.

The Nikkei notes that the consortium consists of TPK Holding,
Taiwanese financial group Fubon Group and China's Harvest Fund
Management. TPK and Fubon were planning to contribute nearly JPY40
billion to the bailout, with TPK as one of the biggest investors on
a voting rights basis, the report says.

It is likely that Fubon will withdraw from the deal too, as it had
been working closely with TPK in the bailout, sources said, the
Nikkei relates. Fubon was supposed to notify Japan Display, also
known as JDI, by June 14 about its official participation in the
bailout, but the Japanese maker has yet to receive word.

The Nikkei relates that JDI also said on June 17 that Harvest Fund
Management, which had planned to provide nearly JPY40 billion, had
postponed its official decision to June 27 from June 14.

The Japanese maker said that it is now in talks with Oasis
Management to make up for the loss of TPK, which planned to invest
JPY25.1 billion. The Hong Kong-based hedge fund is thinking of
offering JDI about JPY16 billion ($150 million).

JDI said other domestic and overseas investor groups have proposed
bailouts as well. Sources say that JDI is in talks with
Singapore-based investment fund Effissimo Capital Management and a
Japanese computer peripheral equipment maker.

In late May, the bailout appeared to be a sure thing. JDI told
investors that it had secured additional funding from top
shareholder INCJ, a Japanese public-private fund, as well as more
leeway for repaying money borrowed from its top client, Apple.

But the deal took a turn for the worse in May when TPK Chairman
Michael Chiang Chao-juei told Nikkei that there was some
disagreement with JDI and that it would withdraw if talks broke
down.

JDI's earnings deteriorated more than expected since the consortium
was formed in April, which could have influenced TPK's decision to
pull out. Sources also suggested that there was a leadership
dispute between TPK and Harvest Fund.

Japan Display Inc. is engaged in the development, design,
manufacture and sale of small and medium-size displays and related
products. The Mobile Field provides displays for mobile equipment,
such as smart phone and tab terminals. The In-Vehicle Consumer and
Industry (C&I) and Others Field provides in-vehicle equipment,
including automobile dashboard and car navigation systems, consumer
equipment, such as digital cameras, video cameras and mobile game
machine, medical equipment such as x-ray photo interpretation
monitors, as well as industrial machinery.



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

REVIVE FITNESS: Closes Doors Indefinitely Without Warning
---------------------------------------------------------
Debrin Foxcroft at Stuff.co.nz reports that members have been left
in the dark after a Wellington based women-only fitness chain
closed its doors without warning.

According to Stuff, the owners of Revive Fitness told customers via
an email and post on social media that the Lambton Quay and Lower
Hutt gyms would be closed indefinitely from June 11.

Stuff relates that the post said that all memberships were
cancelled and all automatic payments had stopped the previous week.


"We wanted to also let you know that your team have worked
tirelessly (and up to their capacity) to keep the doors open for
our members but in this instance, we were unsuccessful," the post
said, notes the report.

Attempts to contact Revive's director and majority owner, Cherie
Cooper, were unsuccessful, Stuff notes.

Stuff says Revive Fitness is still a registered company on the
Companies Office website.

But Fit Gyms, also owned by Ms. Cooper and of which she was sole
director, was liquidated on June 4.

According to Stuff, the Revive Fitness gyms were originally part of
the failed Configure Express chain.

In 2016, four Wellington based Configure Express gyms split from
the company and formed Revive.

The four gyms merged into the remaining two sites, Lambton Quay and
Lower Hutt, Stuff says.

Last year, the chain made news after a transgender woman was denied
entry to Revive Fitness for not having had gender reassignment
surgery, adds Stuff.



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

[*] BOND PRICING: For the Week June 10, 2019 to June 14, 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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