/raid1/www/Hosts/bankrupt/TCRAP_Public/190625.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, June 25, 2019, Vol. 22, No. 126

                           Headlines



A U S T R A L I A

ANIMAL ANGELS: First Creditors' Meeting Set for July 2
BYTELINE PTY: First Creditors' Meeting Set for July 3
CAIRNS TOUR: ASIC Disqualifies Director for Five Years
DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
FAUNCE INVESTMENT: Second Creditors' Meeting Set for June 28

KRANECREW MANAGEMENT: Second Creditors' Meeting Set for July 1
MIDLAND Z: Second Creditors' Meeting Set for July 1
SBC HOLDINGS: First Creditors' Meeting Set for July 2
ZOMAY HOLDINGS: Second Creditors' Meeting Set for July 3


B A N G L A D E S H

CITY BANK: Moody's Lowers Deposit Rating to B1, Outlook Stable
NCC BANK: Moody's Affirms B1 Deposit Ratings, Outlook Stable


C H I N A

CBAK ENERGY: Transfers Listing to Nasdaq Capital Market
FOSUN INTERNATIONAL: S&P Rates New Guaranteed US Dollar Notes 'BB'
HOPSON DEVELOPMENT: Fitch Rates $500MM Sr. Notes Final B+
SHANDONG HI-TECH: Fitch Lowers LT IDRs to BB-, Outlook Stable


I N D I A

ARIISTO DEVELOPERS: Lone Bidder Offers Lenders INR250cr Upfront
ASHTAVINAYAK AUTO: CARE Maintains D Rating in Not Cooperating
AVK AUTOMALL: CARE Maintains D Rating in Not Cooperating
BALWAN POULTRY: CARE Maintains D Rating in Not Cooperating
BETA INFRATECH: Insolvency Resolution Process Case Summary

DHANVANTARI MILK: CARE Downgrades Rating on INR20.51cr Loan to D
DIABARI TEA: Insolvency Resolution Process Case Summary
GEETA EDUCATIONAL: CARE Maintains D Rating in Not Cooperating
IDHASOFT LIMITED: Insolvency Resolution Process Case Summary
IENERGY WIND: Ind-Ra Cuts Bank Loan Rating to 'D', Not Cooperating

JAIN IRRIGATION: Fitch Cuts LT IDR to B-; Puts Rating on Watch Neg.
JET AIRWAYS: Employees Receive 1st Letter from IRP
JEYENKAY PETROGELS: CARE Assigns B+ Rating to INR4.40cr Loan
MAURIA UDYOG: CARE Lowers Rating on INR55cr LT Loan to D
PRATIBHA KRUSHI: CARE Lowers Rating on INR202.78cr Loan to D

PRATIBHA MILK: CARE Downgrades Rating on INR54.93cr Loan to D
PREMIER STEELS: Ind-Ra Migrates B Issuer Rating to Non-Cooperating
RAGHUVIR OIL: CARE Maintains D Rating in Not Cooperating
RAIN AUTOMOTIVE: Insolvency Resolution Process Case Summary
RANCHHOD OIL: CARE Maintains D Rating in Not Cooperating

RELIANCE INFRASTRUCTURE: Ind-Ra Cuts Issuer Rating to D, Not Coop.
SANDHU FARMS: CARE Maintains D Rating in Not Cooperating
SHIV METTALICKS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
SHREE BAALAJI: CARE Lowers Rating on INR50.29cr LT Loan to D
SHUBHAM PROPMART: CARE Maintains D Rating in Not Cooperating

SRIPATHI PAPER: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Neg.
TATA MOTORS: Moody's Downgrades CFR to Ba3, Outlook Negative
TATA STEEL: Fitch Affirms BB LT IDR, Outlook Stable
UNNATI FORTUNE: Insolvency Resolution Process Case Summary
VINTAGE HOME: CARE Maintains D Rating in Not Cooperating

WINDSOR EDIFICES: CARE Withdraws D Rating on INR50cr Term Loan


M A L A Y S I A

1MALAYSIA: Goldman's Case Hearing Set for Sept. 30


P H I L I P P I N E S

VALIANT BANK: Creditors' Claim Filing Deadline Set for August 5


S I N G A P O R E

JASC PTE: Hour Glass Co-Founder Jannie Chan Declared Bankrupt


S R I   L A N K A

SRI LANKA: S&P Rates Proposed US Dollar Sr. Unsec. Notes 'B'


X X X X X X X X

[*] BOND PRICING: For the Week June 17, 2019 to June 21, 2019

                           - - - - -


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

ANIMAL ANGELS: First Creditors' Meeting Set for July 2
------------------------------------------------------
A first meeting of the creditors in the proceedings of Animal
Angels Wellness and Fertility Clinic Pty Ltd will be held on July
2, 2019, at 11:30 a.m. at Level 4, 26 Wharf Street, in Brisbane,
Queensland.

Travis Pullen of B&T Advisory was appointed as administrator of
Animal Angels on June 20, 2019.

BYTELINE PTY: First Creditors' Meeting Set for July 3
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Byteline
Pty. Ltd. will be held on July 3, 2019, at 11:00 a.m. at the
offices of RSM Australia Partners, Equinox Building 4, Level 2, at
70 Kent Street, in Deakin, ACT.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners were
appointed as administrators of Byteline Pty on June 21, 2019.

CAIRNS TOUR: ASIC Disqualifies Director for Five Years
------------------------------------------------------
The Australian Securities and Investments Commission has
disqualified Mr. Leigh Jorgensen of Cairns, Queensland, from
managing companies for the maximum period of five years as a result
of his involvement in three failed companies.

Mr. Jorgensen was a former director of:

   -- A.C.N. 156 455 828 Pty Ltd - ACN 156 455 828, formerly
      known as North Trek Tours;

   -- Cairns Tour Bookings Pty Ltd - ACN 607 849 301; and

   -- Tudoods Pty Ltd - ACN 112 831 124.

Mr Jorgensen used the companies to operate a tour business in and
around the Cairns region.  The companies were placed into
liquidation between April 11, 2012 and Jan. 27, 2017.

The total amount of debts owed by the companies to creditors
amounted to approximately AUD1.1 million.

ASIC found that Mr. Jorgensen:

   * Failed to exercise his duties as a director with due
     care and diligence;

   * Failed to ensure that proper financial records were kept;

   * Failed to deliver books and records to the liquidators;

   * Failed to make the required lodgements with, or pay taxes
     to, the Australian Taxation Office.

In reaching its decision, ASIC relied on reports that were lodged
by the liquidators of the failed companies.

Mr. Jorgensen's disqualification took effect from April 27, 2019
and extends to April 26, 2024.

Section 206F of the Corporations Act allows ASIC to disqualify a
person from managing corporations for up to five years if, within a
seven-year period, the person was an officer of two or more
companies and those companies were wound up and a liquidator
provides a report to ASIC about the company's inability to pay its
debts.

ASIC also maintains a 'Banned and Disqualified Persons' register
that provides information about people who have been disqualified
from:

  * involvement in the management of a corporation;

  * auditing self-managed superannuation funds (SMSFs); or

  * practicing in the financial services of credit industry.

Following a separate investigation, Mr. Jorgensen was convicted of
making a false or misleading statement to ASIC when he lodged a
form 6010 to voluntarily deregister A.C.N. 156 455 828 which had
outstanding liabilities to the Commonwealth. Due to this
conviction, Mr. Jorgensen was automatically disqualified from
managing corporations, until he successfully appealed the
conviction on
Sept. 10, 2018.

DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Debt Ratings to B
----------------------------------------------------------------
Egan-Jones Ratings Company, on June 10, 2019, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diamond Offshore Drilling Inc. to B from BB-. EJR
also downgraded the rating on commercial paper issued by the
Company to B from A3.

Diamond Offshore Drilling, Inc. is an offshore drilling contractor.
The company is headquartered in Houston, Texas, United States, and
has major offices in Australia, Brazil, Mexico, Scotland,
Singapore, and Norway. The company operates 17 drilling rigs
including 13 semi-submersible platforms and 4 drillships.

FAUNCE INVESTMENT: Second Creditors' Meeting Set for June 28
------------------------------------------------------------
A second meeting of creditors in the proceedings of Faunce
Investment Pty Ltd has been set for June 28, 2019, at 10:00 a.m. at
the offices of WJ Hamilton & Co., Suites 508-509, at 147 King
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 28, 2019, at 9:00 a.m.

William James Hamilton of WJ Hamilton was appointed as
administrator of Faunce Investment on May 23, 2019.

KRANECREW MANAGEMENT: Second Creditors' Meeting Set for July 1
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Kranecrew
Management Australia Pty Ltd has been set for July 1, 2019, at
11:00 a.m. at the offices of O'Brien Palmer, Level 9, at  66
Clarence Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 28, 2019, at 4:00 p.m.

Daniel John Frisken of O'Brien Palmer was appointed as
administrator of Kranecrew Management on June 6, 2019.

MIDLAND Z: Second Creditors' Meeting Set for July 1
---------------------------------------------------
A second meeting of creditors in the proceedings of Midland Z Pty
Ltd has been set for July 1, 2019, at 2:00 p.m. at the offices of
Auxilium Partners, at Level 2, 949 Wellington Street, in West
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 28, 2019, at 4:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Midland Z on May 26, 2019.

SBC HOLDINGS: First Creditors' Meeting Set for July 2
-----------------------------------------------------
A first meeting of the creditors in the proceedings of SBC Holdings
Pty Ltd will be held on July 2, 2019, at 10:00 a.m. at the offices
of Chartered Accountants Australia & New Zealand, at Level 9, Bass
Room, 33 Erskine Street, in Sydney, NSW.

Patrick Loi of Greengate Advisory NSW was appointed as
administrator of SBC Holdings on June 21, 2019.

ZOMAY HOLDINGS: Second Creditors' Meeting Set for July 3
--------------------------------------------------------
A second meeting of creditors in the proceedings of Zomay Holdings
Pty Ltd, trading as Priceline Pharmacy Eastlands, has been set for
July 3, 2019, at 11:00 a.m. at the offices of Rodgers Reidy (Tas)
Pty Ltd, at Level 2, 15 Victoria Street, in Hobart, Tasmania.

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 July 2, 2019, at 4:00 p.m.

Shelley Brooks of Rodgers Reidy (Tas) was appointed as
administrator of Zomay Holdings on May 29, 2019.



===================
B A N G L A D E S H
===================

CITY BANK: Moody's Lowers Deposit Rating to B1, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service downgraded The City Bank Limited's
long-term local deposit rating to B1 from Ba3.

Moody's has also downgraded the bank's long-term local and foreign
currency issuer ratings to B1 from Ba3, long-term local and foreign
currency counterparty risk ratings (CRRs) to B1 from Ba3, long-term
counterparty risk (CR) assessment to B1(cr) from Ba3(cr), and
Baseline Credit Assessment (BCA) and Adjusted BCA to b2 from b1.

At the same time, Moody's has affirmed the bank's B1 long-term
foreign currency deposit rating, Not Prime (NP) short-term local
and foreign currency issuer and deposit ratings, NP short-term
local and foreign currency CRRs, and NP(cr) short-term CR
assessment.

The rating outlook, where applicable, is stable.

RATINGS RATIONALE

The rating actions are driven by the deterioration in CBL's
capitalization and profitability, which has weakened the bank's
standalone credit profile.

CBL's Common Equity Tier 1 (CET1) ratio declined to 7.2% as of
December 31, 2018 from 8.2% a year ago, because of high cash
dividends and rapid growth in risk assets.

Nevertheless, the decline in CBL's capitalization should slow, as
the bank conserves capital to meet regulatory requirements. Moody's
points out that the bank recommended to cut its cash dividend
payout to 26.1% in May 2019, down from 53.8% last year. Moody's
also explains that starting this year, Bangladeshi banks are
subject to a minimum 7.0% CET1 ratio, which includes the fully
phased-in 2.5% conservation buffer.

The bank's return on assets fell to 0.7% in 2018 from 1.2% a year
ago, because of a fall in trading income, as well as higher credit
costs. Net interest margin also narrowed to 4.1% from 4.3% over the
same period, a result of higher deposit costs caused by tighter
liquidity conditions. Nevertheless, Moody's expects the decline in
CBL's profitability to stabilize over the next 12-18 months,
supported by higher asset yields. Specifically, the bank has been
repricing its loans and focusing on the higher-yielding consumer
segment to offset cost increases.

CBL's nonperforming loan ratio stood at 5.3% at the end of 2018,
largely in line with its private commercial peers. Part of the
problem loans are a result of weaknesses in its small and medium
enterprise segment, which is currently undergoing restructuring.
Meanwhile, performing loans that were previously rescheduled
constituted 2.9% of the bank's total gross loans at December 31,
2018. Moody's also considers these exposures when assessing asset
quality.

CBL is becoming increasingly reliant on borrowings to fund loan
growth amid tighter liquidity conditions, in part because of its
modest domestic franchise, which constrains in turn deposit
mobilization. Moody's points out that the bank's liquid asset ratio
fell to 18.1% as of March 31, 2019 from 21.9% at the end of 2018.

In assessing CBL's ratings, Moody's has maintained its assumption
of a moderate probability of government support for CBL in times of
need. This view is predicated on CBL's position as one of the
mid-sized banks in the country by deposits, as well as the strong
propensity of the Government of Bangladesh (Ba3 stable) to support
the banking system in times of need. The anticipation of government
support leads to a one-notch uplift on the deposit ratings from the
b2 Adjusted BCA.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could upgrade CBL's BCA and ratings if the bank's asset
quality or capitalization improves. Separately, a sustained easing
of liquidity conditions could result in an improvement of the
bank's funding and liquidity, as well as lower funding costs. These
factors could also exert upward pressure on the BCA and ratings.

Moody's could further downgrade CBL's BCA and ratings if the bank's
asset quality deteriorates. In addition, a further tightening of
liquidity conditions could weaken the bank's funding and liquidity,
and lead to higher funding costs and likely downward pressure on
the BCA and ratings.

The principal methodology used in these ratings was Banks published
in August 2018.

NCC BANK: Moody's Affirms B1 Deposit Ratings, Outlook Stable
------------------------------------------------------------
Moody's Investors Service affirmed NCC Bank Limited's B1 long-term
local and foreign currency deposit ratings.

Moody's has also affirmed the bank's B1 long-term local and foreign
currency issuer ratings, Not Prime (NP) short-term deposit and
issuer ratings, and b2 baseline credit assessment (BCA) and
adjusted BCA.

In addition, Moody's has affirmed the bank's B1/NP local and
foreign currency Counterparty Risk Ratings, and B1(cr)/NP(cr)
Counterparty Risk Assessment.

The rating outlook, where applicable, is stable.

RATINGS RATIONALE

The affirmation of NCC's B1 deposit and issuer ratings reflects the
bank's b2 BCA and one notch of rating uplift based on Moody's
assessment that the bank will receive support from the Government
of Bangladesh (Ba3 stable) in times of need.

NCC's b2 BCA incorporates the bank's modest asset quality and
capitalization, balanced against its low reliance on borrowings. At
the same time, Moody's also takes into consideration the bank's
heavier reliance on confidence-sensitive term deposits for funding,
relative to its rated domestic peers.

The bank's nonperforming loan ratio stood at 5.7% at the end of
2018, largely in line with its private domestic peers. Moody's
expects that NCC's asset quality will remain broadly stable,
supported by robust growth in the domestic economy. Meanwhile,
Moody's also considers performing loans that were previously
rescheduled when assessing asset quality. For NCC, its exposure to
these loans accounted for 2.3% of its total gross loans as of the
same date.

NCC's Common Equity Tier 1 (CET1) ratio declined to 9.2% at the end
of 2018 from 10.3% a year ago, because of rapid growth in risk
assets and high cash dividends.

Nevertheless, the decline in NCC's capitalization should slow, as
the bank conserves capital to ensure it maintains a sufficient
buffer above the regulatory requirement. Moody's points out that
the bank recommends to cut its cash dividend payout to 24.2% in May
2019, down from 62.2% last year. Moody's also explains that
starting this year, Bangladeshi banks are subject to a minimum 7.0%
CET1 ratio, which includes the fully phased-in 2.5% conservation
buffer.

NCC's return on assets fell slightly to 0.8% in 2018 from 0.9% a
year earlier, dragged down by higher credit costs. Meanwhile, the
bank maintained its net interest margin over the same period, by
passing on the higher deposit costs to its borrowers amid the
tighter liquidity conditions. Specifically, its interest rate
spread remained largely unchanged at 4.0% at the end of 2018
compared to 4.1% a year ago.

NCC is largely funded by deposits and does not rely much on
borrowings. However, because of its modest domestic franchise, the
bank's funding depends on market-sensitive term deposits, as seen
by its low current and savings account (CASA) ratio of 25.0% as of
December 31, 2018. Meanwhile, the bank's liquid asset ratio
declined to 20.2% as of March 31, 2019 from 22.0% a year earlier,
due to persistent tightness in domestic liquidity.

Moody's assumes that the government will provide a moderate level
of support to NCC in times of crisis. This view is predicated on
the bank's position as one of the country's mid-sized banks by
deposits, as well as the strong propensity of the government to
support the banking system.

WHAT COULD CHANGE THE RATING UP/DOWN

Moody's could upgrade NCC's BCA and ratings if there is a sustained
improvement in the bank's asset quality and capitalization. An
easing of liquidity conditions could result in an improvement in
its funding and liquidity, as well as lower funding costs. These
factors could exert upward pressure on the BCA and ratings.

Moody's could downgrade NCC's BCA and ratings if the bank's asset
quality deteriorates. A further tightening of liquidity conditions
could weaken its funding and liquidity, and lead to higher funding
costs, exerting in turn downward pressure on the BCA and ratings.

The principal methodology used in these ratings was Banks published
in August 2018.



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

CBAK ENERGY: Transfers Listing to Nasdaq Capital Market
-------------------------------------------------------
CBAK Energy Technology, Inc., received on June 19, 2019, approval
from the Listing Qualifications of The Nasdaq Stock Market to
transfer the listing of the Company's common stock from the Nasdaq
Global Market to the Nasdaq Capital Market.  This transfer was be
effective at the opening of business on June 21, 2019. The Nasdaq
Capital Market operates in substantially the same manner as the
Nasdaq Global Market, and listed companies must meet certain
financial requirements and comply with Nasdaq's corporate
governance requirements.  The Company's common stock will continue
to trade under the symbol "CBAT."

As previously reported, the Company was notified by Nasdaq on April
24, 2019 that it no longer complied with the $50 million in total
assets and total revenue standard for continued listing on The
Nasdaq Global Market under Nasdaq's Listing Rule 5450(b)(3)(A) and
that the Company also did not comply with either of the two
alternative standards of Listing Rule 5450(b), the equity standard
and the market value standard.  In response to this notification,
the Company applied to transfer the listing of its common stock to
The Nasdaq Capital Market as the Company fully complies with The
Nasdaq Capital Market's continued listing standards.

                       About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly
China BAK Battery, Inc. -- http://www.cbak.com.cn/--  
is engaged in the business of developing, manufacturing and selling
new energy high power lithium batteries, which are mainly used in
the following applications: electric vehicles; light electric
vehicles; and electric tools, energy storage, uninterruptible power
supply, and other high power applications.

CBAK Energy reported a net loss of $1.95 million for the year ended
Dec. 31, 2018, compared with a net loss of $21.46 million for the
year ended Dec. 31, 2017.  As of March 31, 2019, CBAK Energy had
$123.24 million in total assets, $120.28 million in total
liabilities, and $2.95 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated April 16, 2019, on the Company's consolidated financial
statements for the year ended Dec. 31, 2018, citing that the
Company has a working capital deficiency, accumulated deficit from
recurring net losses and significant short-term debt obligations
maturing in less than one year as of Dec. 31, 2018.  All these
factors raise substantial doubt about its ability to continue as a
going concern.


FOSUN INTERNATIONAL: S&P Rates New Guaranteed US Dollar Notes 'BB'
------------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes that Fosun
International Ltd. will unconditionally and irrevocably guarantee.
Fortune Star (BVI) Ltd., a special purpose entity, will issue the
notes. The rating is subject to our review of the final issuance
documentation.

The rating on the notes is the same as the issuer credit rating on
Fosun (BB/Positive/--) because of credit substitution under the
guarantee. As an investment holding company, Fosun's secured debt
at the parent level is less than 50% of the total debt at the
parent level. Therefore, S&P does not notch down the issue rating
for structural subordination risk.

Fosun will use the proceeds from the proposed notes for
refinancing, working capital, and other general corporate
purposes.

The positive rating outlook on Fosun reflects S&P's view that the
company's portfolio liquidity is likely to improve. This could
result from an appreciation in the value of existing listed assets
or from IPOs of unlisted portfolio companies. The outlook also
reflects Fosun's track record of focused investment strategy and
value creation.


HOPSON DEVELOPMENT: Fitch Rates $500MM Sr. Notes Final B+
---------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Hopson
Development Holdings Limited's (B+/Stable) USD500 million 7.5%
senior notes due 2022 a final rating of 'B+' with a Recovery Rating
of 'RR4'. The notes are unconditionally and irrevocably guaranteed
by Hopson and are rated at the same level as the company's Issuer
Default Rating because they constitute direct and senior unsecured
obligations of the company.

The assignment of the final rating follows the receipt of documents
conforming to information already received and is in line with the
expected rating assigned on June 18, 2019.

Hopson's ratings are supported by the company's high-quality land
bank and consistently moderate leverage. The growing
investment-property (IP) portfolio also supports Hopson's ratings
and gives it an additional funding channel to expand its assets.
The company has maintained a low asset churn - measured by
contracted sales/gross debt - of below 0.3x since 2014, with churn
at 0.2x in 2018. Hopson's ratings are constrained by poor sales
visibility; its sales have been low, averaging around CNY9.5
billion (HKD11.3 billion) a year in the past five years, and it has
a high level of short-term debt maturities relative to available
liquidity, which leaves creditors with a lower margin of safety.

KEY RATING DRIVERS

Large, Well-Located Land Bank: Fitch believes Hopson's high-quality
land bank will support the company's sales growth over the next
three years. Hopson had 20.9 million sq m of residential land bank
at end-2018 and a total land bank of 29.2 million sq m, including
its IP portfolio. The land bank included 16.7 million sq m in
Beijing, Shanghai and Guangzhou, with 10.3 million sq m of
development-property (DP) land in the central locations of these
cities. Hopson is committed to acquiring land primarily in
first-tier cities.

Stable and Moderate Leverage: Fitch expects limited changes in
Hopson's financial profile in 2019, in line with the company's
maintenance of moderate leverage - measured by adjusted net
debt/adjusted inventory - at just under 40% in the past five years.
Its financial policy is moderately aggressive as Hopson relied on
debt to fund expansion in 2013 and 2017. However, the company cut
net debt by HKD5 billion between 2014 and 2016. The IP portfolio
during this period increased by HKD6 billion to HKD31 billion,
substantially funded by HKD12 billion in net DP liquidation.

Completed Properties Support Liquidity: Fitch estimates that Hopson
has a large stock of completed properties for sale with a saleable
value in excess of HKD50 billion, based on selling prices of
similar projects. The stock is carried on its balance sheet at
HKD30 billion. This supports Hopson's liquidity and selling the
properties can substantially reduce leverage since they do not
require further investment. This asset pool is a strong financial
buffer to support its rating. However, it is up to management to
decide whether to cut the stock of completed properties. Hopson
held 1.3 million sq m in gross floor area (GFA) of stock in
2014-2018, more than its average annual contracted sales GFA of 0.8
million sq m.

Stability from Investment Properties: Hopson's completed IP GFA
increased by 38.4% between 2014 and 2018, supporting a CAGR of
37.8% in rental income. Rental income rose by 69% to HKD2.3 billion
and average rental rates increased by 65% to HKD163 per sq m a
month in 2018 after the Hopson One mall in Beijing opened at
end-2017. Hopson's average rental rate is comparable with China's
largest IP company, Dalian Wanda Commercial Management Group Co.,
Ltd. (BB+/Stable) and other peers with strong IP portfolios, such
as China Resources Land Ltd (BBB+/Stable), Longfor Group Holdings
Limited (BBB/Stable) and Red Star Macalline Group Corporation Ltd.
(BBB-/Stable).

Fitch believes Hopson's IPs still have room for positive rental
reversion because of their growing maturity and prime locations.
Fitch expects Hopson's IP rental income to increase by 20% in 2019
and 2020 in light of the company's target of opening one to two new
projects each year. Fitch estimates that Hopson will continue to
spend around CNY3 billion (HKD3.4 billion) a year based on its IP
roll-out plan.

Lack of Sales Track Record: Fitch believes Hopson may fall short of
the company's targeted contracted sales of HKD30 billion in 2019
despite having sellable resources of HKD50 billion at end-2018.
Hopson is yet to establish a track record of pursuing sales over
land appreciation, with management choosing to make minimum sales
of its development properties as it prefers to benefit from rising
land prices. Hopson's contracted sales have remained low, with an
annual average value of CNY9.5 billion over 2014 to 2018, including
a 62% rise to CNY15.0 billion in 2018. The 2018 increase was in
line with its sales target at the start of the year but fell short
of its enlarged sales target in 2H18 of CNY20.0 billion.

Low Shareholder Risk: Fitch believes Hopson has sufficient
corporate governance safeguards as a Hong Kong-listed company,
evident from its clean record on related-party transactions for the
past five years after checks from independent directors. Hopson's
largest transaction was the purchase of services from related
parties and the average value was less than 4% of its total cost of
sales in the past three years. Hopson's internal corporate
governance is an important safeguard as its sister companies, such
as Pearl River Life Insurance Co., Ltd. and Guangdong Pearl River
Investment Holding, are much more leveraged than Hopson and may
need support from the Chu family that owns 70% of Hopson.

DERIVATION SUMMARY

Hopson's ratings incorporate its high-quality land bank and the
company's consistency in maintaining moderate leverage of less than
40%. The expansion in its IP portfolio also supports Hopson's
ratings and helps the company in gaining new funding sources to
increase its assets.

Hopson's credit profile remains weaker than 'BB-' rated
homebuilders because of its poorer sales visibility. KWG Group
Holdings Limited (BB-/Stable), Times China Holdings Limited
(BB-/Stable) and Hopson have comparable asset-portfolio quality,
although Hopson's portfolio is smaller in scale. KWG and Hopson
also have similar leverage of below 40%, lower than Times' 40%-45%.
However, Hopson's significantly slower sales churn and the lack of
a track record in generating high sales growth mean its financial
profile may face greater uncertainty amid the company's IP business
expansion.

Hopson's IP portfolio is much larger and better located than that
of Hong Yang Group Company Limited (B/Positive), but is comparable
with that of LVGEM (China) Real Estate Investment Company Limited
(B/Stable). Hopson's credit profile, relative to Hong Yang, is
weighed down by its poor asset churn and uncertain sales visibility
that leaves creditors with a lower margin of safety. However, this
is sufficiently mitigated by Hopson's HKD77 billion of unencumbered
property assets. Hopson is also less leveraged than both Hong Yang
and LVGEM by a wide margin, while the three have a similar
recurring EBITDA/gross interest ratio of around 0.4x.

KEY ASSUMPTIONS

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

- Sales collection rate in the low 80% area after 2018 (2018:
75%-80%)

- Rental rates average around 5% higher than 2018 over the next
three years

- Average funding cost for new borrowings at 7%

- Dividend payout ratio of 25%

RATING SENSITIVITIES

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

Fitch believes there is unlikely to be positive rating action in
the next 24 months due to the lack of a track record of sustainable
contracted sales.

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

- Net debt/adjusted inventory above 50% for a sustained period.

- Failure to grow contracted sales above 2018 level.

- Material increase in related-party asset transactions that do
not significantly enhance Hopson's business or financial profile
and are beyond the company's business scope.

LIQUIDITY

Tight Liquidity Profile: Hopson's liquidity is still tight,
although it has improved from end-2017. Hopson has a cash balance
of HKD7.5 billion (2017: HKD5.4 billion) and another HKD483.2
million (2017: HKD405.8 million) in pledged cash. This is small
compared with short-term debt of HKD13.4 billion (2017: HKD15.6
billion). Among the HKD13.4 billion in short-term debt, only CNY2.0
billion (HKD2.3 billion, repayable in June) is corporate bonds and
the rest is loans, of which 70% is development loans that can be
repaid with project cash flow.

Fitch believes Hopson has sufficient banking facilities in 2019 to
meet its funding needs, although its total banking facilities fell
to HKD81 billion in 2018 from HKD91 billion a year earlier. The
company raised CNY5.6 billion (HKD6.5 billion) through the issuance
of commercial mortgage-backed securities in June 2018 and it has an
unused US dollar debt quota of USD600 million and asset-backed
securities quota of USD500 million. Hopson also had HKD32.3 billion
in unused banking facilities at end-2018 (2017: HKD38 billion).

SHANDONG HI-TECH: Fitch Lowers LT IDRs to BB-, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has downgraded Shandong Hi-tech Innovation
Construction Investment Group Co., Ltd.'s (SDHIC) Long-Term
Foreign- and Local-Currency Issuer Default Ratings (IDR) to 'BB-'
from 'BB'. The Outlook is Stable. Fitch has also downgraded the
expected rating on SDHIC's proposed senior unsecured US dollar
bonds to 'BB-(EXP)', from 'BB(EXP)'. All ratings have been removed
from Rating Watch Negative.

The downgrade follows Fitch's re-assessment of the sponsoring
government--Weifang Hi-Tech Industrial Development Zone (Weifang
HTIDZ)--in line with its revised global Rating Criteria for
International Local and Regional Governments, on April 9, 2019.
Under the revised criteria, Fitch lowered its perception of Weifang
HTIDZ's ability to provide legitimate support to SDHIC.

Fitch downgraded SDHIC's expected bond rating as it constitutes the
company's direct, general, unconditional, unsubordinated and
unsecured obligations. The IDRs and expected bond rating were put
on Rating Watch Negative on April 10, 2019 after the release of the
revised criteria.

SDHIC ratings are assessed using a top-down approach, as set out in
Fitch's Government-Related Entities (GRE) Rating Criteria. This
reflects the entity's control and ownership by Weifang HTIDZ, the
government of Weifang HTIDZ's support record as well as the
socio-political and financial impact on the government from a
default by SDHIC.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: SDHIC is directly
owned by the Weifang HTIDZ government via Weifang HTIDZ State-owned
Asset Administration Bureau. The bureau fully owns SDHIC after
acquiring a stake from CITIC Trust Co., Ltd. in 2018. The
government supervises SDHIC's operations and appoints its board
members and senior management. All major decisions and projects,
financing and investment plans require government approval. SDHIC
is required to regularly report its operational and financial
results to the government, which also sets audit criteria and
conducts annual assessments of SDHIC's performance.

'Strong' Support Record and Expectations: SDHIC has received
support via capital and asset injections, project funds, subsidies
and share transfers from the Weifang HTIDZ government to partly
finance its capital expenditure. Government support of all forms
totalled CNY0.5 billion in 2018 (2017: CNY0.9 billion) of which
CNY0.5 billion (CNY0.7 billion) was a cash injection. The
government has injected cash into the company since 2015.

'Moderate' Socio-Political Implications of Default: SDHIC is
Weifang HTIDZ's major urban developer and is responsible for urban
infrastructure development, shanty-town renovation, centralised
heating-facility construction and real-estate development. The
company's failure could jeopardise Weifang HTIDZ's policy duties
and services, although SDHIC may be substituted by a competing GRE
outside the zone.

'Very Strong' Financial Implications of Default: Weifang HTIDZ is a
major engine of Weifang municipality's economic development,
accounting for about 7.7% of gross regional product in 2017. SDHIC
raises funds for Weifang HTIDZ and a failure of timely government
support leading to a default could limit the government's financing
options.

'b' Category Standalone Profile: Fitch expects SDHIC to maintain
its large capex, leading to high leverage and low debt and interest
servicing ability in the medium term. Its total debt, including
perpetual bonds, rose by 22% to CNY10.4 billion in 2017. Capex has
caused a high net debt/Fitch-calculated EBITDA ratio, which
averaged around 30x from 2014 to 2017. Cash flow from operation
improved in 2017 due to an increase in revenue collection and
advance payments. However, cash flow from operation/debt and
interest coverage remained below 1x.

RATING SENSITIVITIES

A revision in Fitch's perception of Weifang HTIDZ's ability to
provide subsidies, grants or other legitimate resources allowed
under China's policies and regulations to SDHIC would lead to a
change in the ratings. Positive rating action may be triggered by a
revised assessment of the socio-political implications of a
default, enhancing the government's incentive to provide legitimate
support.

A downgrade may result from a weakening of the socio-political or
financial implications of a default or its assessment of the
government's support record as well as a dilution of the
government's ownership.

A change in SDHIC's standalone credit profile or liquidity position
could also result in a rating change.

Rating action on SDHIC would lead to similar action on the proposed
US dollar notes.



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

ARIISTO DEVELOPERS: Lone Bidder Offers Lenders INR250cr Upfront
---------------------------------------------------------------
The Economic Times reports that realty developer Rustomjee Group
has emerged as the sole bidder for Ariisto Developers, one of the
first Mumbai based builders to be admitted by the National Company
Law Tribunal (NCLT) for undertaking insolvency proceedings, said
persons with direct knowledge of the development.

Total claims of lenders and other stakeholders, including lenders
and operational creditors, stand at INR2,500 crore. NCLT had
admitted and initiated insolvency proceedings against the developer
last November.

"According to Rustomjee's proposal, lenders will get over INR250
crore upfront and have been offered up to 25% revenue share in the
company's only project spread over 32 acres in Mulund, a suburb of
Mumbai," ET quotes one of the persons mentioned as saying.

According to ET, the company was earlier in talks with realty
developers, including Lodha Developers and Shapoorji Pallonji Real
Estate, to enter into a joint development agreement and monetise
the underconstruction project with a total of over four million sq
ft space. However, given the current liquidity concerns, the talks
did not materialise.

Jayesh Sanghrajka, interim resolution professional (IRP) appointed
by the NCLT to manage the company, declined to comment on the story
stating that the matter is currently under insolvency proceedings,
ET notes.

Currently, the proposal is being discussed among the Committee of
Creditors (CoC) and the process is expected to take over 15 days,
the report says. In the event of financial creditors rejecting
Rustomjee's bid, the resolution professional can invite fresh bids
for the company, ET notes.

ET says lenders are expected to take a haircut as value of the
asset is not much compared to the total claims of INR2,350 crore.
Also, the response to the insolvency proceedings has remained weak
given the complexity of agreements the company has already entered
into," said another person mentioned above, ET relays.

Out of total 32 acres, Arristo Developers has entered into a joint
venture with a local landlord for the development, while certain
vacant land has been acquired by the company independently.

As the land parcel also had a slums portion, the company is
executing part of the project as rehabilitation work approved by
the Slum Rehabilitation Authority (SRA), the report says.

As reported in Troubled Company Reporter-Asia Pacific on Nov. 30,
2018, The Economic Times said the Mumbai bench of the National
Company Law Tribunal (NCLT) has admitted and initiated insolvency
proceedings against Mumbai-based Ariisto Developers and has
appointed an interim resolution professional (IRP) to manage the
company.

ASHTAVINAYAK AUTO: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of
Ashtavinayak Auto Private Limited (AAPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      13.75       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 21, 2018, placed the
rating(s) of AAPL under the 'issuer non-cooperating' category as
Ashtavinayak Auto Private Limited had failed to provide information
for monitoring of the rating. Ashtavinayak Auto Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated April 22, 2019. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 21, 2018, the following were the
rating strengths and weaknesses (Updated for the information
available from the banker).

Key rating weaknesses:

Delay in debt servicing: As per interaction with the banker, there
have been delays in debt servicing and the account has been
classified as NPA.

Ashtavinayak Auto Private Limited (AAPL) was set-up in 2007 by Mr.
Lalit Kumar and his son, Mr. Puneet Kumar. The company is an
authorized dealer of Chevrolet cars in Mumbai having a showroom
located at Andheri and a service center at Oshiwara. AAPL is the
sole Chevrolet dealer for the region extending from Andheri (West)
to Borivali (West).

AVK AUTOMALL: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AVK
Automall Private Limited (AAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      18.26       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 27, 2018, placed the
rating(s) of AAPL under the 'issuer non-cooperating' category as
AVK Automall Private Limited had failed to provide information for
monitoring of the rating. AVK Automall Private Limited continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter dated April
22, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 27, 2018, the following were the
rating strengths and weaknesses (Updated for the information
available from the banker).

Key rating weaknesses:

Delay in debt servicing: As per interaction with the banker, there
have been delays in debt servicing and the account has been
classified as NPA.

AAPL was set-up in 2010 by Mr. Lalit Kumar and his son, Mr. Puneet
Kumar and is an authorized dealer of Ford India Private Limited in
Mumbai. The company has a showroom located at Powai (Mumbai; 8000
sq. ft.) with two workshops at Chandiwali and Powai.

BALWAN POULTRY: CARE Maintains D Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Balwan
Poultry & Breeding Farm continues to remain in the 'Issuer Not
Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 9, 2018, placed the
rating of Balwan Poultry & Breeding Farm under the 'issuer
non-cooperating' category as Balwan Poultry & Breeding Farm had
failed to provide information for monitoring of the rating. Balwan
Poultry & Breeding Farm continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated May 29, 2019, May 21, 2019 and
May 17, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The rating has been reaffirmed by taking into account
non-availability of requisite information and no due-diligence
conducted by banker due to non-cooperation by Balwan Poultry &
Breeding Farm with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information availability risk as a
key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on January 9, 2018, the following were
the rating weakness:

On-going delays: The rating takes into account the ongoing delays
in debt servicing due to stressed liquidity position.

Balwan Poultry and Breeding Farm (BPB) was established in 2000 as a
proprietorship firm. The operations of the firm are currently being
managed by Mr. Balwan Singh. BPB is engaged in poultry farming
business which involves growing of 1 day chick into egg laying
birds. Subsequently, the eggs laid by them are artificially
incubated into chicks (incubation time is 21 days). The processing
facility of the firm is located at Karnal, Haryana. BPB sells the
day-old chick mainly through the commission agents located in
Haryana and Punjab. The firm procures day-old chicks from
Venkateshwara Hatcheries and feeding materials for the chicken viz.
maize, soyabean and defatted rice bran from traders located in
Haryana and near regions.

BETA INFRATECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/s Beta Infratech Private Limited

        Registered office:
        B-4/45, Safdarjung Enclave
        New Delhi 110029

        Admin. Office:
        Avenue-4, Banjara Hills
        Hyderabad 500034

        Project Site:
        Nand Nagar Industrial Area
        Phase II, Vil. Mahua Khera Ganj, Kashipur
        District Udham Singh Nagar
        Uttarakhand

Insolvency Commencement Date: June 14, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: Senapati Varaha Satyanarayana

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

                            - and -

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

Last date for
submission of claims:    June 28, 2019


DHANVANTARI MILK: CARE Downgrades Rating on INR20.51cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dhanvantari Milk Products Private Limited (DMPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       20.51      CARE D; Issuer Not Cooperating
   Facilities                      Revised from CARE BB; Stable
                                   Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated January 9, 2019 placed the
rating(s) of DMPPL under "Issuer non-cooperating" category as DMPPL
has failed to provide information for monitoring the rating. DMPPL
continues to be non-cooperative despite repeated request for
submission of information through mail, phone calls and a letter
dated January 3, 2019. In line with the extant SEBI guidelines CARE
has reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings to the bank facilities of DMPPL, factors in the delays
in debt servicing in group companies due to stressed liquidity
position of the group.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: As informed by the banker there have been
delays in debt servicing in its group companies due to stressed
liquidity of the overall group. Hence improvement in liquidity
position is a key rating monitorable.

The Chavan Group has its presence in the milk business since 2002,
and was majorly engaged in trading of milk and milk products and
government contract business till 2009. The company started
commercial production from December 18, 2011. DMPPL is a private
company held by Mr. Satish Chavan and his wife Mrs. Ashwini Chavan
is engaged in the processing of milk. The manufacturing facility of
the company is located at Nipani, Karnataka. It undertakes milk
procurement activity and operates milk chilling plants.

DIABARI TEA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Diabari Tea Co. Ltd.
        73, Metcalf Street
        Kolkata 700013
        West Bengal, India

Insolvency Commencement Date: June 17, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Chhedi Rajbhar

Interim Resolution
Professional:            Chhedi Rajbhar
                         40 Strand Road, Model House
                         2nd Floor, Room No. 49
                         Kolkata 700001
                         E-mail: crajbharco.ca@gmail.com
                                 diabari.cirp@gmail.com

Last date for
submission of claims:    July 1, 2019


GEETA EDUCATIONAL: CARE Maintains D Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Geeta
Educational Trust-Kurukshetra continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       7.75       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating drivers

CARE has been seeking no default statement from Geeta Educational
Trust-Kurukshetra to monitor the rating vide e-mail communications
dated May 29, 2019, May 22, 2019, May 15, 2019, April 30, 2019,
April 3, 2019, April 1, 2019, March 30, 2019, March 7, 2019, March
5, 2019, March 1, 2019, February 28, 2019, February 7, 2019,
February 5, 2019, February 1, 2019 and January 31, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided no default statement for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Geeta Educational
Trust-Kurukshetra's bank facilities will now be denoted as CARE D;
Issuer not cooperating.

IDHASOFT LIMITED: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Idhasoft Limited

        Registered office:
        BSEL Techpark, 4th Floor, Room No. 407
        Opposite Vashi Station, Navi Mumbai
        Mumbai MH 400703

Insolvency Commencement Date: June 17, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: December 14, 2019

Insolvency professional: Ravindra Chaturvedi

Interim Resolution
Professional:            Ravindra Chaturvedi
                         C/o Parekh Shah & Lodha
                         31E, BKC Centre, Laxmi Industrial Estate
                         New Link Road, Andheri (W)
                         Mumbai 400053
                         E-mail: ravinchaturvedi@hotmail.com
                                 ip2.ravinchaturvedi@gmail.com

Last date for
submission of claims:    July 1, 2019


IENERGY WIND: Ind-Ra Cuts Bank Loan Rating to 'D', Not Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded iEnergy Wind
Farms (Theni) Private Limited's bank loans' ratings to 'IND D
(ISSUER NOT COOPERATING)' from 'IND BB (ISSUER NOT COOPERATING)'.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the rating
is based on the best available information. Therefore, investors
and other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR680 mil. Senior project bank loans downgraded with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR25 mil. Working capital loans downgraded with IND D (ISSUER

     NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing by iEnergy Wind
Farms (Theni), the details of which are unavailable.

COMPANY PROFILE

iEnergy Wind Farms (Theni)  is sponsored by Indian Energy Ltd.
through intermediate holding companies. It has been operating a
16.5MW wind farm in Theni, Tamil Nadu, since August 2010.

JAIN IRRIGATION: Fitch Cuts LT IDR to B-; Puts Rating on Watch Neg.
-------------------------------------------------------------------
Fitch Ratings has downgraded India-based micro-irrigation company
Jain Irrigation Systems Limited's (JISL) Long-Term Issuer Default
Rating (IDR) to 'B-' from 'B+' and the rating on USD200 million
7.125% senior unsecured notes due in 2022 to 'B-'/'RR4' from
'B+'/'RR4'. Fitch has simultaneously placed the ratings on Rating
Watch Negative (RWN). The notes are issued by JISL's wholly owned
subsidiary, Jain International Trading B.V., and guaranteed by
JISL.

The downgrade reflects the deterioration in JISL's leverage and
liquidity following a weaker than expected operating performance,
stretched working capital position and management's aggressive
focus on growth in the financial year ending March 2019 (FY19).
JISL's leverage (defined as lease adjusted debt net of cash
adjusted for seasonality/EBITDAR) deteriorated to 4.9x by FYE19,
compared with 4.4x at FYE18. The deterioration in leverage was in
stark contrast with Fitch's previous expectation of improvement to
3.9x, as JISL continued to invest for growth amid weak demand
conditions and elongated receivable cycle in its key
micro-irrigation systems (MIS) segment.

JISL's liquidity headroom has reduced with increased debt levels
and its financial flexibility has worsened, as reflected in its
fixed charge coverage ratio declining below 2.0x in FY19. JISL's
ready cash reduced to a low INR0.2 billion as of FY19. JISL had
INR10.8 billion of undrawn limits mostly under short-term committed
facilities that may help to alleviate liquidity concerns. However,
there is also a risk of a further deterioration in JISL's cash
flows and liquidity if India receives deficient rainfalls from its
already delayed monsoons and if JISL's working capital remains
stretched. This in turn may negatively affect the group's ability
to roll over its large short-term debt, which accounted for 35% of
consolidated debt as of FYE19, and this risk is captured in the
RWN. Fitch expects the company to have limited headroom under its
fixed charge cover ratio incurrence covenant in the USD200 million
bond, further pressurising its financial flexibility.

Fitch aims to resolve the RWN once there is more clarity over the
monsoon performance and the company's progress in normalising the
working capital and improving liquidity buffer. This could lead to
a downgrade of at least one notch.

KEY RATING DRIVERS

Risk to Cash Flows: JISL's cash flow from operations deteriorated
to negative INR3.5 billion in FY19 due to weaker EBITDA generation
and increased working capital due to delay in recovery of
receivables from government customers in its MIS projects business
and shortening of payables cycle. Fitch does not expect any further
deterioration in JISL's working capital cycle in its base case,
which will help the company generate marginally positive free cash
generation during FY20. However, cash flows remain vulnerable to
additional pressure from a weak monsoon or a further increase in
working capital cycle. Cash generation may also deteriorate if JISL
pursues a more aggressive growth strategy than its current
expectations.

JISL has made progress in recovering delayed receivables and hopes
to recover the full INR5 billion during 2Q FY20. While Fitch
believes a timely recovery will support liquidity, Fitch does not
expect any material shortening of receivable cycle as the company
makes progress in executing MIS projects from its order book, which
had increased to INR28.6 billion as of March 2019 from INR18.1
billion a year ago.

Leverage to Remain High: Fitch expects JISL's leverage to remain
above 4.5x in FY20 as operating performance in the company's India
MIS business, which accounts for nearly 30% of consolidated
revenues will likely remain muted. Prolonged general elections and
weak availability of credit to farmers are likely to have affected
sales in the first quarter ending 30 June 2019. Moreover, Fitch
expects the delay in monsoon to have an impact on sowing patterns
in India, in turn impacting retail MIS sales to farmers.

JISL aims to reduce its debt by nearly INR20 billion over the next
one to two years through disposal of minority stakes in certain
business segments. Fitch has not included these proceeds in its
rating case given the inherent uncertainty in execution. Fitch will
assess the overall effect of disposals from a business and
financial risk profile standpoint upon further progress on this
front.

Cash-Flow Seasonality: JISL's sales are slower during the first
half of the fiscal year than the second half, which results in a
higher cash balance at the fiscal year-end compared with other
quarters. This is primarily because sales of MIS in India depend on
the performance of the monsoon rains, which usually occur between
June and September. Fitch therefore deducts INR1 billion from
JISL's year-end cash balance when calculating the year-end leverage
ratio to account for this seasonal variance.

Leading Market Position; Diversification: Notwithstanding the
heightened liquidity pressure, JISL continues to hold a leading
market position underpinned by its competitive strength in its key
products and benefits from diversification. JISL is the largest
manufacturer of MIS in India by sales and number two in the world.
It is also the world's largest mango processing company, and
second-largest producer of dehydrated onions. While the company is
facing increased liquidity pressure, Fitch notes that its MIS
operations fall into the "priority sector lending" and therefore
continue to get support from the domestic banking sector.

DERIVATION SUMMARY

Fitch does not rate any of JISL's direct competitors. However JISL
may be compared with companies in the diversified manufacturing
segment, such as JSC HMS Group (HMS, B+/Stable), Hilong Holding
Limited (Hilong, B+/ Stable) and Borets International Limited
(Borets, BB-/Stable).

HMS is a major pump, compressor and equipment manufacturer for the
oil and gas industry in Russia and the Commonwealth of Independent
States. Its rating factors in the group's leading market position
and stable demand from the oil industry, but also the lack of
diversification by customer and geography. JISL has a larger
operating scale and better business diversification than HMS but
its weaker leverage and coverage metrics, and liquidity risks
outweigh this, resulting in a two notch lower rating than HMS.

Hilong is a leading provider of drill pipe manufacturing and oil
country tubular good (OCTG) coating services in China. Hilong's
rating reflects its growing international presence but also small
operating scale, dependence on the oil and gas industry and low
earnings visibility. Hilong has smaller scale and less diversified
business profile compared with JISL but its strong market
positioning and stronger financial profile adequately
counterbalance this and justify its two-notch higher rating than
JISL.

Borets is a leading manufacturer of electrical submersible pump
(ESP) systems globally with a market share of about 26%. Borets
benefits from a solid share of after-market revenue and higher
profitability than peers. However, its rating is constrained by its
relatively small scale and limited business diversification with
the oil and gas industry as its primary end-market. Borets's strong
market position and stable demand prospects for its products help
to outweigh its relatively weaker business diversification compared
to JISL. Borets also has a much stronger leverage and liquidity
profile compared to JISL, justifying its three-notch higher rating
than JISL.

KEY ASSUMPTIONS

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

- Revenue growth of around 3% in FY20, reflecting weak conditions
in micro irrigation business during 1Q and Fitch's expectations of
muted demand due to delayed rains; revenue to grow in mid-single
digits during FY21 and FY22

- EBITDA margin of 13% to 14% over the next two to three years

- Annual capex to average INR3.8 billion over FY20 to FY22

- Dividend payout to average around 20% of net income

Recovery Rating Assumptions

- The recovery analysis assumes that JISL would be considered a
going-concern in bankruptcy and that the company would be
reorganised rather than liquidated. Fitch has assumed a 10%
administrative claim.

- Fitch has assumed that JISL's going-concern EBITDA is equal to
JISL's EBITDA in FY19 with no further discount applied. This
remains conservative because it does not factor in EBITDA growth
Fitch expects JISL to post over the medium term. It reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level,
upon which Fitch based the valuation of the company.

- An enterprise value (EV) / EBITDA multiple of 6x is used to
calculate the post-reorganisation valuation and Fitch believes this
is closer to a distressed multiple, considering that as of March
31, 2019, even with multiyear low stock price JISL was trading at a
EV/EBITDA multiple of around 7x.

- Fitch used secured and unsecured debt as of March 31, 2019. The
compulsory convertible debentures, USD200 million bonds issued by
Jain International Trading B.V., vendor financing in trade-payables
reclassified as debt, and the Foreign Currency Convertible Bonds
are treated as unsecured debt.

- Fitch has assumed that JISL's sanctioned but undrawn lines of
INR10.8 billion will be fully drawn at the point of distress, and
that these lenders would have a prior ranking claim on JISL's
assets ahead of bond investors.

- The recovery waterfall results in recovery rate estimate
corresponding to a 'RR1' Recovery Rating for the USD200 million
unsecured notes. Nevertheless, Fitch has rated the senior notes at
'B+' with a Recovery Rating of 'RR4' because under Fitch's
Country-Specific Treatment of Recovery Ratings criteria, India
falls into 'Group D' of creditor friendliness. Instrument ratings
of issuers with assets in this group are subject to a soft cap at
the issuer's IDR.

RATING SENSITIVITIES

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

- The rating may be affirmed and removed from RWN with a Stable
Outlook if JISL improves its liquidity profile as evidenced by
tying up of additional bank lines or improving cash balance through
reduction in working capital.

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

- Deterioration in JISL's liquidity profile that may occur due to
reduced access to bank funding or weaker operating performance
following poor monsoons and stretched working capital situation.

LIQUIDITY

Risks to Liquidity: JISL's liquidity buffer and financial
flexibility have reduced with increased debt levels in FY19.
Despite this, a manageable level of long-term debt maturities
during FY20 and FY21 and marginally positive free cash generation
will help to reduce the liquidity risk. Nonetheless, a high level
of short-term working capital debt exposes the group to potential
liquidity risks that may arise if weaker operating performance or
persistent high working capital impacts the group's credit
sentiment and leads to reduction in working capital limits. Fitch
believes the group will depend on refinancing to meet debt
maturities of more than INR15 billion in FY22 and any steps to
reduce debt through disposals would help to mitigate the risk.

As of March 31, 2019, JISL's readily available cash (net of cash
adjustment for seasonal variations) reduced to INR0.2 billion from
INR3.0 billion a year ago and its approved but undrawn credit
facilities declined to INR10.8 billion from INR13.8bn. Fitch also
believes that JISL had limited headroom under the fixed-charge
cover ratio, as defined in the documentation of its US dollar bond
indenture, as of FYE19, which will limit the company's flexibility
in obtaining incremental debt, subject to certain exclusions.
Nonetheless, Fitch expects free cash generation to remain
marginally positive and annual maturities of long-term debt are
manageable at around INR4 billion (excluding INR1.4 billion of
compulsorily convertible debentures) over FY20 and FY21. The group
had a sizable INR19.2 billion of short-term working capital debt as
of FY19, which increased from INR15.0 billion a year ago, and
accounted for 35% of consolidated debt.

JET AIRWAYS: Employees Receive 1st Letter from IRP
--------------------------------------------------
Business Today reports that days after the National Company Law
Tribunal (NCLT) initiated insolvency process against Jet Airways,
its employees have received the first letter from Resolution
Professional Ashish Chhawchharia.

Business Today relates that the letter, issued on June 20, stated
the Corporate Insolvency Resolution Process (CIRP) has started the
insolvency process under the Insolvency and Bankruptcy Code (IBC).
The bankruptcy tribunal has ordered a resolution within three
months, failing which the airline could be headed for liquidation.
The tribunal also asked the IRP to submit a status report on the
resolution process every fortnight. The first status report is to
be submitted on July 5, 2019. The letter said under Section 17 of
the IBC, the IRP will takeover the company management and exercise
the power of the company board, which has been suspended.

Under the insolvency rule, the senior company management is
required to provide access to all documents sought by the IRP, the
report notes. Besides, financial institutions maintaining the
company's accounts are also bound to provide all the information
sought by the resolution professional. The letter added the entire
purpose of the Corporate Insolvency Resolution Process is to look
into the interests of all the stakeholders, including employees,
workers and contractual staff, Business Today relays.

Jet Airways had stopped operations on April 17 after lenders
refused funds required to keep the airline afloat. Business Today
says the banks have been trying to salvage the company ever since.
The SBI-led consortium of banks that had extended loans to Jet
Airways agreed to file insolvency proceedings against the airline
after the bank-led resolution process failed to get any results.
The consortium had been in control of the company's board since
March after the exit of founder Naresh Goyal.

Business Today notes that the bank had enlisted Etihad Airways to
take over the airline's revival after a bidding process. The
UAE-based airline, which had been a stakeholder in Jet Airways, had
refused to become a majority shareholder in the embattled airline.
It tried to rope in the Hinduja group to help set Jet Airways on
the path of recovery. The UK-based company, however, baulked in the
face of mounting problems at the troubled Indian carrier. The
Etihad-Hinduja combine also wanted the banks to take a huge haircut
on their outstanding dues, which did not sit well with the
creditors.

Business Today meanwhile reports that after the annual general
meeting of SBI last week, its Chairman Rajnish Kumar said the
decision to send Jet Airways to the tribunal was taken as a "last
effort to find a resolution" for the debt-ridden private airline.
"Taking Jet Airways to the NCLT is the last effort to find a
resolution. There are cogent reasons for what the lenders are
doing. Every decision has been taken after a lot of due
deliberations," Business Today quotes Kumar as saying.

                         About Jet Airways

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

As reported in the Troubled Company Reporter-Asia Pacific on
June 24, 2019, Reuters said the National Company Law Tribunal
(NCLT), on June 20 accepted an insolvency petition against Jet
Airways Ltd filed by its creditors as they attempt to recover some
of their dues.  The insolvency process will allow lenders to sell
the company as a whole or in parts, laying out a fixed timeline for
a resolution around its future.

Jet Airways Ltd on April 17 halted all flight operations after its
lenders rejected its plea for emergency funds.

The total liabilities of the airline, including unpaid salaries and
vendor dues, are nearly INR15,000 crore, Livemint disclosed.

JEYENKAY PETROGELS: CARE Assigns B+ Rating to INR4.40cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Jeyenkay
Petrogels Private Limited (JPPL), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long-term Bank
   Facilities            4.40        CARE B+; Stable Assigned

   Short-term Bank
   Facilities           15.60        CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of JPPL are constrained
by relatively modest scale of operations albeit continuous growth
over last 3 years ended FY19 (prov.) (refers to the period April 1
to March 31), low & fluctuating profit margins with susceptibility
to volatile raw material prices, moderate capital structure & weak
debt coverage indicators, working capital intensive nature of
operations, foreign exchange fluctuation risk and presence in
highly competitive & fragmented industry.

The ratings, however, derive strengths from long track record of
operations coupled with highly experienced promoters in
manufacturing of oil & petroleum products, and established
relationship with diversified clientele.

The ability of the company to increase the scale of operations and
improve profit margins amidst competitive scenario and to improve
the capital structure and improve the liquidity position by
efficiently managing the operating cycle is the key rating
sensitivity.

Detailed description of the key rating drivers

Key Rating Weaknesses

Relatively modest scale of operations albeit continuous growth over
last 3 years ended FY19 (prov.): The scale of operations of JPPL
stood relatively modest with the total operating income ranging
from INR58-62 crore over FY16-FY19 (prov.). Moreover, the same has
been almost stagnant over the same period owing to low capacity
utilization on the back of constrained availability of funds to
meet the increasing working capital requirements.

Low & fluctuating profit margins with susceptibility to volatile
raw material prices: The PBILDT margin of JPPL stood low in the
range of 1.80-2% over FY16-FY19 (prov.), given the oil & petroleum
products manufacturing nature of operations thereby creating low
value addition. Moreover, the same has been fluctuating over the
aforementioned period owing to fluctuating raw material prices and
other overhead expenses. Given this, the PAT margin also stood low
in the range of 0.01-0.25% over the aforementioned period.

Moderate capital structure & weak debt coverage indicators: The
capital structure of JPPL stood moderate with the overall gearing
ranging from 0.85-1.45 times over FY17-FY19 (prov.), given the
moderate reliance on working capital bank borrowings. Given this,
coupled with low profitability & cash accruals, the debt coverage
indicators stood weak with the total debt/GCA and interest coverage
ranging from 45-130 times and 1.10-1.50 times respectively over the
aforementioned period.

Working capital intensive nature of operations: The operations of
JPPL are working capital intensive in nature with a majority of
funds of over 70-75 days blocked in inventory and a moderate
portion of over 25-35 days blocked in debtors. On the other hand, a
moderate credit period of over 30 days is extended by the suppliers
to the company, whereas the LC carries a maximum tenor of 180 days.
Given all of the above, the operating cycle stood moderately
elongated at 55-60 days over FY17-FY19 (prov.). Given this, the
average CC utilization in the last 12 months ended April 2019 stood
moderately high at ~65%.

Foreign exchange fluctuation risk: JPPL is exposed to a significant
foreign exchange fluctuation risk, since ~25-30% of its annual raw
material requirement is met by way of imports. However, the company
enjoys a forward contract limit worth INR11 crore with cedit
equivalent worth INR0.55 crore from the bank, thereby mitigating
the said risk to an extent. Presence in highly competitive &
fragmented industry: JPPL operates in a highly competitive &
fragmented industry with a large number of small & medium-sized
players engaged in manufacturing of oil & petroleum products.
Moreover, the limited value addition intensifies the already
prevailing competition in the market. This is evident from the low
profit margins and moderate collection period.

Key Rating Strengths

Long track record of operations in manufacturing of oil & petroleum
products: JPPL possesses a long track record of over 23 years of
operations in manufacturing of various oil & petroleum products
viz. various types of petroleum jellies, industrial oils,
lubricants & speciality petroleum products. The manufacturing
facility of the company is located at Umarkui in Silvassa, Dadra &
Nagar Haveli, equipped with an installed capacity of 45,000 MTPA
utilized at ~30% annually, whereas it is segregated into various
units viz. processing, quality testing, warehouse and research &
development.

Highly experienced promoters in manufacturing of oil & petroleum
products: The overall operations of JPPL are looked after by the
promoter – Mr. Nilesh Patel, who possesses a total experience of
over 25 years in manufacturing of oil & petroleum products.
Moreover, he is actively supported by his father Mr. Krishnachandra
Patel, who possesses a total experience of over 60 years in the oil
& petroleum products industry. Established relationship with
diversified clientele: The products manufactured by JPPL are
catered to the end-users across various industries viz.
pharmaceutical & cosmetics, defence, refrigeration, textile,
automotive & locomotive, general industrial use, power equipment,
etc. Moreover, the customer profile of the company is diversified
with the top 5 customers comprising 17.13% of the net sales in FY19
(prov.) (vis-à-vis 30.63% in FY18).

Liquidity Analysis
The liquidity position of the company is marked by moderate current
ratio and moderately low quick ratio at 1.65 times and 0.75 times
respectively as on March 31, 2019 (prov.) (vis-à-vis 1.67 times
and 0.968 times respectively as on March 31, 2018), whereas the
free cash & bank balance stood at INR0.04 crore as on March 31,
2019 (prov.) (vis-à-vis INR0.02 crore as on March 31, 2018). The
average cash credit limit utilization in the last 12 months ended
April 2019 stood moderately high at ~65%, whereas the net cash flow
from operating activities stood positive at INR4.13 crore in FY19
(prov.) (vis-à-vis negative INR0.13 crore in FY18).

Established in 1996 as a partnership firm by Mr. Nilesh Patel along
with his wife Mrs. Jigna Patel, Jeyenkay Petrogels Private Limited
(JPPL) is engaged in manufacturing of various oil & petroleum
products viz. various types of petroleum jellies, industrial oils,
lubricants & speciality petroleum products, which find wide range
of applications in various industries viz. pharmaceutical &
cosmetics, defence, refrigeration, textile, automotive &
locomotive, general industrial use, power equipment, etc. The
products manufactured by the company are catered to the end-users
in the aforementioned industries on a Pan-India basis. On the other
hand, the primary raw materials viz. various types of base oils and
waxes are procured from the local suppliers of the same across
Mumbai and also directly from various refineries across India,
whereas the same are also imported from the refineries across
Switzerland, Singapore, Korea, USA and Thailand [imports comprised
~28% of the total purchases in FY19 (prov.) as against ~34% in
FY18].

MAURIA UDYOG: CARE Lowers Rating on INR55cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mauria Udyog Limited (MUL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      55.00       CARE D; Revised from CARE BB+;
   Facilities                      Stable; Issuer Not Cooperating

   Short-term Bank    240.00       CARE D; Revised from CARE A4+;
   Facilities                      Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018, placed the
rating of MUL under the 'issuer non-cooperating' category as Mauria
Udyog Limited had failed to provide information for monitoring of
the rating as agreed to in its Rating Agreement. MUL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to Mauria Udyog Limited take
into consideration delays in debt servicing by the company.

MUL was incorporated in 1980 by the Sureka family comprising Mr V K
Sureka, Mr N K Sureka and Mr A K Sureka. The operations of the
company are managed by Mr N K Sureka (Managing Director). MUL is
the flagship company of the Mauria group. The group is involved in
diverse business activities including manufacturing of cylinders,
valves, regulators, terry towels, trading of commodities, NBFC,
etc. MUL is engaged in the manufacturing of cylinders, valves and
regulators used for filling Liquefied Petroleum Gas (LPG) and other
gases such as ammonia and refrigerants. MUL also manufactures 100%
cotton terry towels at its facility located in Faridabad. The terry
towels are sold under the brand name "Eurospa" and are sold
domestically as well as exported to countries like Ukraine, France,
etc. MUL is also engaged in trading and manufacturing of
agro-commodities such as soybean meal & cake and domestic trading
of metals like steel, brass, copper and ferrous scrap.

PRATIBHA KRUSHI: CARE Lowers Rating on INR202.78cr Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pratibha Krushi Prakriya Limited (PKPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank      202.78      CARE D; Issuer Not Cooperating
   Facilities                      Revised from CARE BB; Stable
                                   Issuer Not Cooperating

   Short-term Bank       5.00      CARE D; Issuer Not Cooperating
   Facilities                      Revised from CARE A4
                                   Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated January 9, 2019 placed the
rating(s) of PKPL under "Issuer non-cooperating" category as PKPL
has failed to provide information for monitoring the rating. PKPL
continues to be non-cooperative despite repeated request for
submission of information through mail, phone calls and a letter
dated January 3, 2019 In line with the extant SEBI guidelines CARE
has reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings to the bank facilities of PKPL, factors in the delays
in debt servicing due to its stressed liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: As informed by the banker there have been
delays in debt servicing. Timely repayment of debt is key rating
monitorables.

Analytical approach: Combined

CARE has taken a combined view of Pratvibha Krushi Prakriya Limited
(PKPL), Dhanvantari Milk Products Private Limited (DMPPL), Pratibha
Milk Industries (PMI) and Shree Baalaji Milk and Milk Products
(SBMMP, herein referred to as Chavan Group. CARE has considered
combined view including business and financials of group companies
PKPL, DMPPL, PMI, SBMMP on account of same management, similar
business operations and financial linkages.

The Chavan Group has its presence in the milk business since 2002,
and was majorly engaged in trading of milk and milk products and
government contract business till 2009. The company started
commercial production from December 18, 2011. PKPL is a closely
held public limited company incorporated in 2010 by Mr. Satish
Chavan and his wife Mrs. Ashwini Chavan, it is the flagship company
of the group. The company manufactures various milk based products
like Ultra High Temperature (UHT) milk, lassi, cheese, yoghurt,
paneer, butter, ghee, Skimmed Milk Powder (SMP), etc. These
products are sold in the regions of Maharashtra, Goa and parts of
Karnatak The group consists of four entities including PKPL,
Pratibha Milk Industries (PMI), Shree Baalaji Milk & Milk Products
(SBMMPL) and Dhanvantari Milk Products Private Limited (DMPPL)
which are also engaged in the same line of business of processing
of milk and manufacturing of milk products.

PRATIBHA MILK: CARE Downgrades Rating on INR54.93cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Pratibha Milk Industries (PMI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       54.93      CARE D; Issuer Not Cooperating
   Facilities                      Revised from CARE BB; Stable
                                   Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated January 9, 2019 placed the
rating(s) of PMI under "Issuer non-cooperating" category as PMI has
failed to provide information for monitoring the rating. PMI
continues to be non-cooperative despite repeated request for
submission of information through mail, phone calls and a letter
dated January 3, 2019 In line with the extant SEBI guidelines CARE
has reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings to the bank facilities of PMI, factors in the delays in
debt servicing due to its stressed liquidity position.

Detailed description of the key ratings drivers

Key Rating Weaknesses

Delays in debt servicing: As informed by the banker there have been
delays in debt servicing. Timely repayment of debt is a key rating
monitorable.

Analytical approach: Combined

CARE has taken a combined view of Pratibha Krushi Prakriya Limited
(PKPL), Dhanvantari Milk Products Private Limited (DMPPL), Pratibha
Milk Industries (PMI) and Shree Baalaji Milk and Milk Products
(SBMMP), herein referred to as Chavan Group. CARE has considered
combined view including business and financials of group companies
PKPL, DMPPL, PMI, SBMMP on account of same management, similar
business operations and financial linkages.

Pratibha Milk Industries (PMI) is a partnership firm of Mr. Satish
Chavan and his wife Mrs. Ashwini Chavan. The group has its presence
in milk business since 2002, and has been majorly engaged in
trading of milk and milk products and government contract business
till 2009. The group consists of four entities including PKPL,
Pratibha Milk Industries (PMI), Shree Baalaji Milk & Milk Products
(SBMMPL) and Dhanvantari Milk Products Private Limited (DMPPL)
which are also engaged in the same line of business of processing
of milk and manufacturing of milk products.

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

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

PS was incorporated in 1983 and engaged in the trading of steel
products. It has a stockyard in Ernakulum and is managed by Mr.
V.A. Mohammed Ashraf.

RAGHUVIR OIL: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raghuvir
Oil Mill (ROM) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       1.00       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short Term Bank      8.95       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated July 14, 2017, placed the rating
of ROM under the 'Issuer Noncooperating' category as the company
had failed to provide information for monitoring of the ratings and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ROM continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter dated June 3, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The reaffirmation of ratings assigned to Raghuvir Oil Mill (ROM)
take into account the ongoing delays in servicing of its debt
obligations due to its stressed liquidity.

Detailed description of the key rating drivers

At the time of last rating on June 25, 2018, the following were the
rating strengths and weaknesses (updated based on the best
available information):

Key Rating Weaknesses

Ongoing delays in servicing of debt obligations: There are ongoing
delays in servicing of ROM's debt obligations due to its stressed
liquidity.

Established in 1995, Raghuvir Oil Mill (ROM) is engaged in the
business of crushing and processing of groundnut seeds to produce
groundnut oil and groundnut cake. Its present partners took over
the business in 2010. ROM's manufacturing facility is located at
Keshod, Gujarat with an installed capacity of 1,450 Metric Tonne
Per Annum (MTPA) for groundnut seed crushing and 15,000 Metric
Tonne Per Annum (MTPA) for groundnut seed processing.

RAIN AUTOMOTIVE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Rain Automotive India Private Limited
        1187/7 Nai Walla Karol Bagh
        New Delhi 110005

Insolvency Commencement Date: June 14, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Akarsh Kashyap

Interim Resolution
Professional:            Akarsh Kashyap
                         D-3, LGF, Lajpat Nagar-1, New Delhi
                         National Capital Territory of Delhi
                         110024
                         E-mail: akashyap2002@yahoo.com

                            - and -

                         Resurgent Resolution Professional LLP
                         905, 9th Floor, Tower-C
                         Unitech Business Zone, Nirvana Country
                         Sector-50, Gurugram
                         Haryana 122018
                         E-mail: cirp.raipl@gmail.com

Last date for
submission of claims:    June 28, 2019


RANCHHOD OIL: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ranchhod
Oil Mill Company (ROMC) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       9.50       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   information

   Short-term Bank      0.40       CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated July 14, 2017, placed the rating
of ROMC under the 'Issuer Non-cooperating' category as the company
had failed to provide information for monitoring of the ratings and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ROMC continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter dated June 3, 2019. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The reaffirmation of ratings assigned to Ranchhod Oil Mill Company
(ROMC) take into account the ongoing delays in servicing of its
debt obligations due to its stressed liquidity.

Detailed description of the key rating drivers

At the time of last rating on June 25, 2018, the following were the
rating strengths and weaknesses (updated based on the best
available information):

Key Rating Weaknesses

Ongoing delays in servicing of debt obligations: There are ongoing
delays in servicing of ROMC's debt obligations due to its stressed
liquidity.

Setup in 1997, Ranchhod Oil Mill Company (ROMC) is a partnership
firm formed by partners Mr. Jeram Gami and Mr. Bharat Gami (with
equal profit and loss sharing) for undertaking processing and
trading of agro-products like groundnut, cumin seed, husk and
sesame seed, etc. The firm generates majority of its income from
export to countries like Philippines, China, Gulf countries etc.
ROMC's sole processing facility is located in Keshod region of
Gujarat. The firm operates with installed processing capacity of
37000 metric tonne per annum (MTPA).

RELIANCE INFRASTRUCTURE: Ind-Ra Cuts Issuer Rating to D, Not Coop.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Reliance
Infrastructure Limited's (RInfra) Long-Term Issuer Rating to 'IND
D(ISSUER NOT COOPERATING)' from 'IND C'. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR180.00 mil. Bank facilities (long-term/short-term)#
     downgraded with IND D (ISSUER NOT COOPERATING) rating;

-- INR13.00 mil. Short-term debt/commercial paper (CP)* is
     withdrawn;

-- INR3.85 mil. Non-convertible debentures (NCDs) (long-term)#
     affirmed with IND C (ISSUER NOT COOPERATING) rating; and

-- INR5.40 mil. NCDs (long-term)# is withdrawn (the company did
     not proceed with the instrument as envisaged).

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

*Outstanding CP of INR0.5 billion was repaid in full in October
2018

#Details in Annexure

KEY RATING DRIVERS

The downgrade reflects RInfra's ongoing delays in debt servicing.

As per RInfra's disclosure on the National Stock Exchange, interest
servicing on NCDs was done in a timely manner.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

R-Infra is the flagship company of the India-based Reliance Group,
led by Anil Dhirubhai Ambani, active in the energy and
infrastructure businesses. R-Infra has an in-house
engineering-procurement-construction/ EPC division that is active
in the power and road segments.

SANDHU FARMS: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sandhu
Farms Private Limited continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       3.03       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating drivers

CARE has been seeking no default statement from Sandhu Farms
Private Limited to monitor the rating vide e-mail communications
dated May 29, 2019, May 22, 2019, May 15, 2019, April 30, 2019,
April 3, 2019, April 1, 2019, March 30, 2019, March 7, 2019, March
5, 2019, March 1, 2019, February 28, 2019, February 7, 2019,
February 5, 2019, February 1, 2019 and January 31, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided no default statement for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Sandhu Farms Private
Limited's bank facilities will now be denoted as CARE D; Issuer not
cooperating.

SHIV METTALICKS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shiv Mettalicks
Private Limited's (SMPL) 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:

-- INR116 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR4 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 22, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Odisha-based SMPL manufactures sponge iron and has an installed
capacity of 60,000 metric ton per annum. SMPL is managed by Mr.
Mahesh Khaitan, Mr. Sanjay Kumar Agarwal, and Mr. Shyam Sundar
Mittal.

SHREE BAALAJI: CARE Lowers Rating on INR50.29cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Baalaji Milk & Milk Products (SBMMP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       50.29      CARE D; Issuer Not Cooperating;
   Facilities                      Revised from CARE BB; Stable
                                   Issuer Not Cooperating

Detailed Rationale & Key Rating Drivers

CARE had vide its press release dated January 9, 2019 placed the
rating(s) of SBMMP under "Issuer non-cooperating" category as SBMMP
has failed to provide information for monitoring the rating.  SBMMP
continues to be non–cooperative despite repeated request for
submission of information through mail, phone calls and a letter
dated January 3, 2019. In line with the extant SEBI guidelines CARE
has reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s). The ratings to the bank facilities of SBMMP,
factors in the delays in debt servicing due to its stressed
liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in debt servicing: As informed by the banker there have been
delays in debt servicing. Timely repayment of debt is key a rating
monitorable.

CARE has taken a combined view of Pratvibha Krushi Prakriya Limited
(PKPL), Dhanvantari Milk Products Private Limited (DMPPL), Pratibha
Milk Industries (PMI) and Shree Baalaji Milk and Milk Products
(SBMMP), herein referred to as Chavan Group. CARE has considered
combined view including business and financials of group companies
PKPL, DMPPL, PMI, SBMMP on account of same management, similar
business operations and financial linkages.

Shree Baalaji Milk and Milk Products is a partnership firm of Mr.
Satish Chavan and his wife Mrs. Ashwini Chavan. The company started
with its commercial production from December 18, 2011. The group
has its presence in milk business since 2002, and has been majorly
engaged in trading of milk and milk products and government
contract business till 2009. The group consists of four entities
including PKPL, Pratibha Milk Industries (PMI), Shree Baalaji Milk
& Milk Products (SBMMPL) and Dhanvantari Milk Products Private
Limited (DMPPL) which are also engaged in the same line of business
of processing of milk and manufacturing of milk products.

SHUBHAM PROPMART: CARE Maintains D Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shubham
Propmart Private Limited (SPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       9.81       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale and key rating drivers

CARE has been seeking no default statement from SPPL to monitor the
rating vide e-mail communications dated May 31, 2019, May 29, 2019,
May 22, 2019, May 15, 2019, May 8, 2019, May 6, 2019, May 2, 2019,
April 30, 2019, April 3, 2019, April 1, 2019, March 30, 2019, March
7, 2019, March 5, 2019, March 1, 2019, February 28, 2019, February
7, 2019, February 5, 2019, February 1, 2019 and January 31, 2019
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided no default statement for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on SPPL's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.

SRIPATHI PAPER: Ind-Ra Cuts LT Issuer Rating to 'BB', Outlook Neg.
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sripathi Paper &
Boards Private Limited's (SPBPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BBB+'. The Outlook is Negative.

The instrument-wise rating actions are:

-- INR1.60 bil. Fund-based working capital limit downgraded with
     IND BB/Negative/IND A4+ rating;

-- INR1,237.94 bil. (reduced from INR1,364.40 bil.) Term loan due

     on March 2025 downgraded with IND BB/Negative rating;

-- INR685.00 mil. Non-fund-based working capital limit downgraded

     with IND A4+ rating;

-- INR200 mil. Fund-based working capital limit# downgraded &
     assigned with IND BB/Negative/IND A4+ rating;

-- INR400 mil. (reduced from INR600 mil.) Proposed fund-based
     working capital limits* downgraded with Provisional IND BB/
     Negative/Provisional IND A4+ rating; and

-- INR150 mil. Term loan+ due on March 2025 downgraded &
     assigned with IND BB/Negative rating.

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

# Downgraded to 'Provisional IND BB/Negative/Provisional IND A4+'
and assigned a final rating following the receipt of executed
financing documents by Ind-Ra.

+ Downgraded to 'Provisional IND BB'/Negative and assigned final
rating following the receipt of executed financing documents by
Ind-Ra.

The downgrade reflects deterioration in SPBPL's operational
performance and liquidity profile owing to the large debt-funded
CapEx incurred by the company in FY18-FY19 for capacity expansion.
The Negative Outlook reflects Ind-Ra's expectation of further
stress in the liquidity position, due to delays in ramping-up of
the additional capacity.

KEY RATING DRIVERS

Delays in Ramping Up of Additional Capacity: The company had
undertaken capex of INR1,016.89 million during FY18 and INR169.22
million in FY19, to increase capacity to 224,540 metric tons from
181,500 metrics tons in FY17. The capex was primarily funded by
INR750 million of term debt and the remainder through internal
accruals and promoter loans. SPBPL had estimated to complete capex
by mid-May 2018; however, it was completed in July 2018 due to
delays in delivery of machinery from Germany. The company commenced
trial production in August-September 2018 and commercial production
in October 2018.

Stretched Liquidity: SPBPL's average use of the fund-based working
capital limits was 97.43% for the 15 months ended in April 2019.
Its cash flow from operations improved to INR195.40 million in FY19
(FY18: INR75.28 million) due to the increase in the scale of
operations. This, along with lower CapEx caused free cash flow to
turn positive to INR46.60 million in FY19 from negative INR941.61
million in FY18, on the back of lower CapEx incurred during the
year. However, Ind-Ra expects the cash flow from operations to turn
negative in FY20, due to the increase in working capital
requirement resulting from the increased scale of operations.
SPBPL's net cash conversion cycle was long at 125 days in FY18
(FY17: 113 days, FY16: 106 days), attributed to an increase in
receivable days and a reduction in payable days. The company repaid
the debt of INR393.90 million in FY19 and has a debt repayment of
INR323.20 million in FY20 and INR345.20 million in FY21. FY19
financials are provisional in nature.

Declining EBITDA margins: The company's return on capital employed
was 10.95% in FY19 (FY18: 13.95%, FY17: 15.39%) and the EBITDA
margins were modest at 11.44% in FY19 (FY18: 12.80%, FY17: 14.14%).
The decline in EBITDA margins was due to an increase in personnel
expenses and pre-operative expenses for capex. Further, the plant
was closed for the planned up gradation of the duplex board
production line. Ind-Ra expects the stabilization of the added
capacity to drive revenue growth and margin expansion over the
medium term.

Deteriorating Credit Metrics: SPBPL's gross interest coverage
(operating EBITDA/gross interest expenses) continued to deteriorate
to 1.73x in FY19 (FY18: 2.10x, FY17: 2.26x) and net leverage (total
adjusted net debt/operating EBITDAR) to 5.38x (4.86x, 3.89x), owing
to the decline in EBITDA and the increase in debt, resulting from
the higher use of working capital limits and debt-led capex.

Marginal Growth in Revenue: The company's revenue improved
marginally to INR5,640.78 million in FY19 (FY18: INR5,593.58
million, FY17: INR4,474.42 million) owing to an increase in revenue
from the writing and printing paper, and newsprint segments,
partially offset by a decline in Kraft paper and duplex board
segments. During FY19, revenue from the writing and printing paper
segment grew 27.34% YoY to INR1,061.70 million and newsprint
segment raised 24.58% YoY to INR512.30 million owing to an increase
in sales volume, resulting from healthy demand of writing paper and
newsprints. However, revenue from the Kraft paper segment declined
21.40% YoY to INR1,172.30 million in FY19 and the duplex board
segment fell 2.27% YoY to INR2,792.34 million due to the planned up
gradation of the duplex board production line.

Promoter's Experience: SPBPL's promoters has more than a
decade-long experience in the paper industry, resulting in
established relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive: Any improvement in liquidity position will lead to a
revision of Outlook to Stable.

Negative: Any further deterioration in the liquidity profile will
be negative for the ratings.  

COMPANY PROFILE

SPBPL manufactures Kraft paper, duplex board, writing and printing
paper, and newsprint at its manufacturing units in Sivakasi and
Sathyamangalam, Tamil Nadu. The company is wholly-owned by the
founders and their families.

TATA MOTORS: Moody's Downgrades CFR to Ba3, Outlook Negative
------------------------------------------------------------
Moody's Investors Service has downgraded Tata Motors Limited's
corporate family rating and the company's senior unsecured
instruments rating to Ba3 from Ba2.

The outlook remains negative.

RATINGS RATIONALE

"The downgrade reflects the sustained deterioration in TML's credit
profile, with weaker than anticipated credit metrics -- led by the
weak performance of its 100% owned subsidiary Jaguar Land Rover --
and our expectation that it will take longer than we had previously
expected for the company's free cash flows to return to positive
territory," says Kaustubh Chaubal, a Moody's Vice President and
Senior Credit Officer.

TML's credit metrics for the fiscal year ending March 2019 (fiscal
2019) were significantly weaker than Moody's previous expectations,
with consolidated debt/EBITDA leverage of 5.3x and adjusted EBITA
margins of just about 0.9%, both breaching the downgrade triggers
for the earlier Ba2 ratings. While the company's restructuring
efforts should prevent a further deterioration in its credit
metrics, Moody's expects leverage will remain around 5.0x, EBITA
margins weak and under 3%, and cash flows will remain negative for
at least the next 18-24 months.

"The negative outlook on TML's ratings principally reflects the
execution risks related to the timely turnaround of JLR's
operations amid a subdued operating environment, driven by rising
competition, the potential for a 'no-deal' Brexit, and the
possibility of US tariffs," adds Chaubal, who is also Moody's Lead
Analyst for TML.

"In addition, India's auto sector also faces challenges from
slowing sales due to overcapacity, tightening liquidity, and a
shrinking dealer network," says Chaubal.

JLR's credit profile has been under pressure for some time now.
Challenging Chinese markets, persistent weakness in diesel car
sales in Europe and the UK, and the business shift towards
electrification, hybrid and full electric vehicle options to
support the overall model line-up will require continued
significant investments, pressuring JLR's free cash flow
generation.

Although JLR accounted for 48% of TML's group unit sales in fiscal
2019, it generated 75% and 24% respectively of consolidated revenue
and EBITDA for TML's automotive business, and accounted for 63% of
consolidated debt; based on Moody's adjustments. Given these large
contributions, the weakening credit metrics at JLR have a direct
and immediate impact on the group's consolidated results and weigh
on TML's credit profile.

On balance, and despite the challenging industry conditions, TML's
ex-JLR operations — comprising the commercial vehicles (CVs) and
passenger vehicles (PVs) operations in India — reported a better
performance, supported by cost rationalization measures and new
product launches.

Looking ahead, Moody's expects auto demand will revive somewhat
from the reelection of the government, likely normal monsoon
season, stable fuel prices, and the pre-buying ahead of the
country's migration to the equivalent of Euro VI emission norms.

Moody's expects TML's fiscal 2019 new launches -- 48 in its CV
offering and five new launches in PVs -- along with efforts to
improve customer service and engagement will help it achieve
above-industry-average growth rates, as well as an improved market
share in its respective segments.

While an industry leader in CVs in India with a solid 45% market
share, the company's PV business has just turned around, with TML
achieving an estimated 6.3% share in fiscal 2019, up from 4.6% in
fiscal 2016. The ability of the PV business to sustain this
improvement will therefore remain a key rating sensitivity,
especially amid slowing, although mid-single-digit, growth rates
and tightening financing conditions in India.

TML's ratings continue to incorporate a one-notch uplift from its
parent Tata Sons Ltd., reflecting Moody's expectation of
extraordinary support from Tata Sons, when needed.

Meeting regional emission requirements, particularly those relating
to CO2, is one of the most pressing and challenging objectives
facing the auto industry over the medium to long term. Continued
tightening of emissions standards and regulations across most major
markets, driven by environmental concerns, also require investments
into greater efficiency and electrification to maintain compliance
and avoid fines or additional costs.

Accordingly, environmental considerations are a material
consideration for this rating action, because these trends restrict
the company's -- and in particular JLR's -- ability to reduce
certain investments. The varying pace of adoption for hybrid and
electric vehicles among different consumers presents a challenge
for OEM's including JLR and to some extent also, Tata Motors.

Ownership and control are also key to Moody's assessment of
governance risk. In particular, concentrated ownership and control
raise the potential for conflicts of interest and/or related party
transactions that are not aligned with creditor interests. TML is
38.4% owned by Tata Sons and various other entities of the Tata
group. Moody's views governance risk as moderate with no overall
impact on TML's ratings, at the current time.

WHAT COULD CHANGE THE RATING DOWN/UP

TML's ratings could be downgraded if: (1) there is pressure on
JLR's ratings; or (2) TML's businesses — excluding JLR —
deliver sub-par performances because of weak market conditions,
input cost pressures, disappointing new products, or a significant
reduction of market share; all factors potentially resulting in
lower revenue and declining earnings and cash flow.

Specific credit metrics Moody's will watch for a downgrade include
consolidated debt/EBITDA at levels above 6.0x, and EBITA margins
remaining below 2%, both on a sustained basis.

Any revision to Moody's assumption of support from Tata Sons will
also prompt a revision to the one-notch uplift incorporated in
TML's ratings.

Although unlikely within the next 12-18 months, upward ratings
pressure could occur if: (1) JLR's operating performance improves,
causing its credit metrics to strengthen; (2) TML further
strengthens its market shares in the Indian CV and PV markets; (3)
the improving profitability of TML's business —excluding JLR —
is sustained; and (4) TML maintains consolidated debt/EBITDA below
4.5x, generates positive free cash flows, and demonstrates EBITA
margins in excess of 4%, all on a sustained basis.

The principal methodology used in these ratings was Automobile
Manufacturer Industry published in June 2017.

Tata Motors Limited, incorporated in 1945, is the largest
manufacturer of commercial vehicles and a leading manufacturer of
passenger vehicles in India. Its products include light, medium,
and heavy-duty commercial vehicles, such as trucks, pick-ups and
buses, utility vehicles and passenger cars.

TML's acquisition of Jaguar Land Rover Automotive Plc in June 2008
has diversified the group's profile through JLR's presence in key
markets, such as the UK, Europe, the US, China, Russia and Brazil,
and the introduction of a diversified product range that now
includes the addition of JLR's luxury cars and vehicles.

TML is listed on the Bombay Stock Exchange, the National Stock
Exchange of India and the New York Stock Exchange. It was 38.4%
owned by the Tata group entities at March 31, 2019.

TATA STEEL: Fitch Affirms BB LT IDR, Outlook Stable
---------------------------------------------------
Fitch Ratings has affirmed India-based Tata Steel Limited's (TSL)
Long-Term Issuer Default Rating (IDR) at 'BB'. The Outlook is
Stable. Tata Steel UK Holdings Limited's (TSUKH) Long-Term IDR has
also been affirmed at 'B' and the Outlook is Stable. All ratings
have been removed from Rating Watch Evolving (RWE), on which they
were placed on April 1, 2016.

The affirmation of TSL's ratings follows confirmation by the
European Commission that it has rejected a proposed joint venture
(JV) with thyssenkrupp AG (BB+/Rating Watch Negative) on antitrust
concerns. Fitch said earlier an upgrade was probable if TSL had
successfully formed the JV, which would have reduced its exposure
to structural weaknesses in Europe and improved its business
profile, and total adjusted debt-to-EBITDAR leverage was forecast
to remain below 4x. Conversely, Fitch could have downgraded the
rating if the JV were unsuccessful and leverage remained above 4x.

However, while the JV was unsuccessful, TSL was able to deleverage
to below 4x in the financial year ended March 2019 (FY19) and Fitch
estimates leverage will remain broadly stable. TSL's ratings are
underpinned by its high profitability in India, where it benefits
from significant captive raw-material production, and its market
position as the country's largest steelmaker by sales volume.

KEY RATING DRIVERS

Strong Margins; Likely to Moderate: TSL's reported consolidated
EBITDA jumped around 40% in FY19, mainly driven by higher margins
for its existing operations in India and consolidation of earnings
from Tata Steel BSL Limited (TSBSL) from late 1QFY19. The FY19
EBITDA/tonne margin for existing operations at Jamshedpur and
Kalinganagar in India jumped to above INR16,000 from around
INR13,000 a year earlier, helped by robust steel prices. The
existing operations benefit from significant captive raw-material
production that meets 100% of its needs for iron ore and around 30%
for coal.

However, global steel prices have moderated since October 2018 and
domestic prices in India have followed suit. Risks to global steel
demand in the absence of a resolution of trade disputes persist,
and Fitch assumes steel prices and margins will decline in FY20.
However, Fitch does not forecast an abrupt squeeze for the sector
such as that seen in 2015 and TSL's margins are likely to receive
support from stronger iron-ore prices as it benefits from captive
production.

Proposed European JV Unsuccessful: TSL's proposed 50:50 JV with
thyssenkrupp had been intended to establish the second-largest
European flat-steel producer. The JV would have allowed TSL to cut
its exposure to its structural weaknesses of high costs and weak
demand growth in Europe and focus on its Indian operations. TSL had
been pursuing several options for portfolio restructuring in Europe
following the announcement of its plan on March 29, 2016 and had
sold its unprofitable long-product business in 2016 before signing
the definitive agreement for the proposed JV in June 2018. The
company is still pursuing similar options for its European assets
following the European Commission's rejection. However, Fitch hasve
not assumed any cut in exposure to Europe for its assessment of
TSL's overall business and financial profile in the absence of
further clarity.

Acquisitions Strengthen India Focus: TSL acquired around 73% of
TSBSL in 1QFY19 and intends to merge TSBSL with itself in FY20
through a share swap. TSBSL has steelmaking capacity of 5.6 million
tonnes per annum (mtpa) and around 2mtpa of cold-rolled-product
facilities. TSL has been able to improve profitability at TSBSL
significantly after the acquisition with an EBITDA margin of close
to INR8,500/tonne in FY19. TSL aims to reach close to 100%
utilisation at TSBSL in the next two years and increase supply of
its iron ore to TSBSL. TSL also acquired Usha Martin Ltd.'s steel
business (UML) for around INR45 billion in April 2019. UML has
around 1mtpa of alloy-based long-product manufacturing capacity in
Jamshedpur and iron-ore and coal mines. Consequently, TSL's share
of India-based capacity has increased to around 60%, from around
50% in FY18.

Capex for Expansion, Upgrade: TSL's capex picked up in FY19 after
declining over FY15-FY18, with the start of spending on the second
phase of its Kalinganagar plant. The INR235 billion project will
increase capacity at the plant by 5mtpa and add a 2.2mtpa
cold-rolling mill to produce high-end steel for use in products
such as automobiles. TSL aims to commission the cold-rolling mill
in FY21 and the additional capacity by FY22. Fitch expects capex to
remain elevated over the next three years as the Kalinganagar
expansion gathers pace and operations at recently acquired assets
are enhanced.

Steady Leverage, Positive FCF: Fitch expects TSL's gross adjusted
debt-to-EBITDAR leverage to remain below 4x in FY20-FY22, based on
a decline in margins from FY20 and elevated capex levels. However,
TSL should be able to generate positive free cash flow (FCF)
annually over the period, albeit lower than the FY19 level. Fitch
hasnot assumed any further acquisitions or asset sales, but TSL may
seek acquisitions to achieve its aim of 30mtpa of capacity in India
by 2025. Fitch estimates its coverage, based on the ratio of
EBITDAR to interest paid and rents, at around 3x over FY20-FY22.

Tata Group Support for TSL: TSL's ratings benefit from a one-notch
uplift from its standalone credit profile due to potential support
from the Tata Group based on the company's strategic importance to
the group.

TSUKH's Lower Rating: TSUKH, which has a very weak financial
profile, is rated three notches lower than its stronger parent TSL.
Fitch has assessed that their overall linkage is strong based on
their operational and strategic ties. TSL exerts a high degree of
management control over TSUKH and has continued to support it in
the last few years despite its structural weaknesses. However, the
rating is notched down as legal ties are weak in the absence of any
cross-default clauses or guarantees for TSUKH. Fitch has changed
its approach from rating it from the bottom up based on its
assessment of TSL's stronger operational control over TSUKH and the
greater reputational risks for TSL in the absence of a JV with
thyssenkrupp.

DERIVATION SUMMARY

TSL's standalone credit profile of 'bb-' is based on a combination
of robust operations in India and a much weaker operating profile
in Europe. TSL's Indian operations have better vertical integration
and higher EBITDA margin on a standalone basis compared with
domestic peer JSW Steel Limited (BB/Stable). However, this is
partly counterbalanced by JSW Steel's cost-efficient operations.
Fitch forecasts JSW Steel's total adjusted debt-to-EBITDAR
leverage, after including acceptances, will be at a similar level
to that of TSL.

ArcelorMittal S.A. (BBB-/Stable) is rated higher than TSL, based on
ArcelorMittal's position as the world's largest as well as
most-diversified steel producer by product type and geography.
ArcelorMittal also has significantly better leverage and coverage
metrics than TSL. These strengths are partly offset by its thinner
margins as it has manufacturing facilities globally, including
large operations in geographies with structurally high costs such
as Europe and the US.

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

KEY ASSUMPTIONS

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

- Annual sales volumes of 27-28 million tonnes over FY20-FY22, of
which 17-18 million tonnes are from India

- EBITDA/tonne margin for existing operations at Jamshedpur and
Kalinganagar of around INR13,600 on average over FY20-FY22;
INR10,600 for TSBSL on average

- Average annual capex of around INR110 billion over FY20-FY22

- Around INR30 billion of net outflow in FY20 related to
acquisitions and divestitures

- Annual dividend payout of INR19 billion from FY20

- Around INR45 billion of equity inflows in FY20 on a consolidated
basis

RATING SENSITIVITIES

TSL

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

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

- EBITDAR/(interest paid + rents) coverage above 3.5x on a
sustained basis.

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

- Total adjusted debt-to-EBITDAR leverage above 4.0x on a
sustained basis.

- EBITDAR/(interest paid + rents) coverage below 3.0x on a
sustained basis.

- Negative FCF for a sustained period

TSUKH

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

- Evidence of stronger ties with TSL

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

- Weakening of linkages with TSL in the absence of a material
improvement in financial profile

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: TSL had INR93 billion of long-term debt
repayments due in FY20, apart from INR108 billion of short-term
borrowings, as of March 31, 2019. TSL also reported cash and cash
equivalents of INR59 billion and had undrawn credit lines of around
INR110 billion. Fitch expects TSL to generate positive FCF of over
INR20 billion in FY20, which should support debt repayment. The
company also enjoys strong banking relationships and access to
financial markets and its short-term debt is likely to be rolled
over.

SUMMARY OF FINANCIAL ADJUSTMENTS

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

- The INR22.75 billion of hybrid perpetual bonds issued by TSL
have not been provided any equity credit in line with Fitch's
criteria.

- Distribution on hybrid perpetual securities has been treated as
interest.

- Capitalised debt transaction costs (FY18: INR15.6 billion) have
been added back to better reflect the amount repayable at
maturity.

- Non-current bank balances (FY18: INR638 million) and current
investments in mutual funds (FY18: INR149 billion), which are
highly liquid, have been treated as readily available cash.

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

- Guarantee of INR273 million as of FYE18 against a loan granted
to a joint venture has been added to TSL's off-balance-sheet debt
amount.

- TSL's operating lease expense (FY18: INR8.5 billion) has been
capitalised using an 8x multiple.

UNNATI FORTUNE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Unnati Fortune Industries Private Limited

        Registered office:
        560 G.T. Road First Floor Shahdara
        Opposite UCO Bank
        Delhi 110032 IN

        Corporate office:
        B-117 Sector-67
        Noida 201301 UP

Insolvency Commencement Date: June 11, 2019

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

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

Insolvency professional: CA Pradip Kumar Mittal

Interim Resolution
Professional:            CA Pradip Kumar Mittal
                         J-58, Sector-41
                         Noida 201301
                         E-mail: camittal56@gmail.com

                            - and -

                         AAA Insolvency Professionals LLP
                         E-10A, Kailash Colony, Greater Kailash-1
                         New Delhi 110048
                         E-mail: unnati.industries@
                                 aaainsolvency.com

Last date for
submission of claims:    July 1, 2019


VINTAGE HOME: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vintage
Home Fashions (VHF) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Bank       5.75       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from VHF to monitor the
rating vide e-mail communications dated May 31, 2019, May 29, 2019,
May 22, 2019, May 15, 2019, May 8, 2019, May 6, 2019, May 2, 2019,
April 30, 2019, April 16, 2019, April 8, 2019, April 3, 2019, April
1, 2019 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided no default statement for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Vintage Home Fashions' bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

WINDSOR EDIFICES: CARE Withdraws D Rating on INR50cr Term Loan
--------------------------------------------------------------
CARE Ratings withdrawn ratings on certain bank facilities of
Windsor Edifices Private Limited (WEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-
   Term Loan           50.00       [ICRA]D; Withdrawn

Rationale

The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by Windsor Edifices Private
Limited and based on the no dues certificate provided by the
banker.

Windsor Edifices Private Limited (WEPL), is part of the Bangalore
based Windsor Group, which is engaged in the business of real
estate development. The company is held by Windsor Gardens Private
Limited (16.97%), Mr. MSRV Prasad (35.88%), Mr. MJ Patel (35.88%)
and Mrs. M Rajyalakshmi (11.26%). The company was incorporated in
2010 with its registered office at Bangalore and was set up for the
purpose of developing a residential project - Windsor Troika in
Begur Road, Off Bannerghatta Road, Bangalore. The project will
consist of two towers, each comprising G+18 floors with 286
residential units. In addition, another tower comprising G + 5
floors shall be developed which would house car parking, club
house, gymnasium etc.



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

1MALAYSIA: Goldman's Case Hearing Set for Sept. 30
---------------------------------------------------
Bloomberg News reports that Malaysia pushed back a hearing for
Goldman Sachs Group Inc.'s 1MDB case to September after a lawyer
representing the U.S. bank said the process of filing the charges
remains incomplete.

Bloomberg says the court set Sept. 30 as the next case management
date at a hearing on June 24 in Kuala Lumpur. According to
Bloomberg, Deputy Public Prosecutor Aaron Paul Chelliah said four
summons had been issued against Goldman Sachs entities. Two were
served on Goldman Sachs (Asia) LLC, which has two addresses, while
others were sent to Goldman Sachs International (UK) and Goldman
Sachs (Singapore), Mr. Chelliah added.

However, Goldman's lawyer Hisyam Teh Poh Teik sought a delay in the
hearing after saying the charges remain incomplete, Bloomberg
relates.

"Their clients have some reservations on whether they were properly
served," Bloomberg quotes Mr. Chelliah as saying, referring to the
U.S. firm. "Our position is they have been served."

According to Bloomberg, the U.S. bank is accused of misleading
investors when it arranged $6.5 billion of bond sales for 1MDB
while allegedly knowing that the funds would be misappropriated.
Prosecutors are seeking fines in excess of the $2.7 billion
allegedly misappropriated from the proceeds, and the return of $600
million of fees received by Goldman.

Bloomberg says the bank has denied the allegations and said it will
defend against the charges.

In seeking the delay, Goldman Sachs's lawyer Hisyam said only three
of four charges have been served to the Singapore unit, while the
summons only reached Goldman Sachs (Asia) last week, Bloomberg
relates. David Cope, head of financial crime compliance for Goldman
in Asia Pacific, was present in court to represent all three of the
units, Mr. Hisyam said, adds Bloomberg.

                             About 1MDB

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

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

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

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

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

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

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



=====================
P H I L I P P I N E S
=====================

VALIANT BANK: Creditors' Claim Filing Deadline Set for August 5
---------------------------------------------------------------
All creditors of the closed Valiant Bank, Inc. (A Rural Bank) have
until August 5, 2019 to file their claims against the assets of the
closed bank either personally or by mail. Creditors refer to any
individual or entity with a valid claim against the assets of the
closed Valiant Bank and include depositors whose deposits exceed
the maximum deposit insurance coverage (MDIC) of PHP500,000.

The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims may also
be filed through mail addressed to the PDIC Public Assistance
Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City. Claims filed by mail must have a postmark
dated not later than August 5, 2019. The prescribed Claim Form
against the assets of the closed bank may be downloaded from the
PDIC website, www.pdic.gov.ph. PDIC reminds creditors to transact
only with authorized PDIC personnel.

Claims filed after August 5, 2019 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through mail.
Claims denied or disallowed by the PDIC may be filed with the
liquidation court within sixty (60) days from receipt of final
notice of denial of claim.

In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion of
their deposits as of August 5, 2019 are deemed to have filed their
claims for the uninsured portion or the amount in excess of the
MDIC.

PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.

Valiant Bank was ordered closed by the Monetary Board (MB) of the
Bangko Sentral ng Pilipinas on May 16, 2019 and PDIC, as the
designated Receiver, was directed by the MB to proceed with the
takeover and liquidation of the closed bank in accordance with
Section 12(a) of Republic Act No. 3591, as amended. The bank's Head
Office is located at Valiant Bldg., 41 Mabini St., Brgy.
Liberation, Iloilo City, Iloilo. It has eight branches: four in
Iloilo (Banate, Dueñas, Estancia and Sara); two in Capiz (Roxas
City and Sapian); one in San Jose, Antique; and one in Bacolod
City, Negros Occidental.

All requests and inquiries relating to Valiant Bank shall be
addressed to the PDIC Public Assistance Department through mail at
the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, through e-mail at pad@pdic.gov.ph, or through
telephone number (02) 841-4630. Depositors and creditors outside
Metro Manila may call the PDIC Toll Free Hotline at
1-800-1-888-PDIC (7342). Walk-in clients may also visit the PDIC
Public Assistance Center at the 3rd Floor, SSS Bldg., 6782 Ayala
Avenue corner V.A. Rufino St., Makati City, Monday to Friday, 8:00
AM to 5:00 PM. Inquiries may also be sent as private message at
Facebook through www.facebook.com/OfficialPDIC.



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

JASC PTE: Hour Glass Co-Founder Jannie Chan Declared Bankrupt
-------------------------------------------------------------
The Business Times reports that Jannie Chan Siew Lee, the
co-founder of mainboard-listed luxury watch retailer The Hour
Glass, has been made a bankrupt for owing a licensed moneylender
over SGD4.15 million.

The bankruptcy application by SME Care against 73-year-old Ms Chan
was granted by the court on May 27, the report says.

According to the judgment on a related hearing last year, SME Care
gave a loan of SGD500,000 to JASC Pte Ltd in July 2012, secured by
a mortgage of two properties owned by JASC and a personal guarantee
from Ms Chan, The Business Times relates. The prominent
businesswoman is the controlling director and sole shareholder of
JASC, which was incorporated in 2010. It is unclear what JASC's
business activities are.

According to the report, the company defaulted on the debt
repayment--despite the interest rate and the rate for late payment
having been reduced from 7 per cent to 5.2 per cent per month after
she went to court in 2014 in a bid to set aside the loan.

The Business Times relates that the mortgaged properties were also
sold but the proceeds were not sufficient to discharge the debt.
The court heard that Ms. Chan did not want the mortgaged properties
sold earlier--which might have discharged the debt then--but she
was then facing bankruptcy proceedings from another creditor.

SME Care went after Ms Chan as guarantor to repay the debt, which
had ballooned to SGD3.69 million by September 2017. A bankruptcy
search on June 18 by The Business Times showed that the debt now
stands at more than SGD4.15 million.

Representing herself in SME Care's bankruptcy petition, Ms Chan has
filed an appeal against the bankruptcy order, and the hearing is
pending, the report notes. SME Care's case is handled by Muralli
Rajaram and Gabriel Peters of K&L Gates Straits Law.

This is not the first time Ms Chan has been served a bankruptcy
order, The Business Times notes.

She was declared a bankrupt briefly in late 2016 for not repaying
SGD9 million owed to Australia and New Zealand Banking Group. But
she settled the matter with the bank three months later and managed
to get the bankruptcy order annulled, the report recalls.

Following that, her directorship at TYC Investment, which holds
shares in The Hour Glass, was automatically reinstated. But there
were court actions from TYC and Ms Chan over the reinstatement,
which was later affirmed by the Court of Appeal, The Business Times
says.

The Business Times relates that a bankrupt faces disqualification
from appointments including as a director, trustee or personal
representative, as well as prohibitions such as no overseas travel
without prior permission from the official assignee or private
trustee administering the bankrupt's affairs while he or she
remains undischarged.

A recent financial statement filed by The Hour Glass with the
Singapore Exchange showed that Ms Chan is no longer a director at
the retailer but remains "a substantial shareholder," the report
states.

The company's annual report for 2018 states that Ms Chan has a
direct stake of 0.01 per cent while her deemed interest arises from
her shareholding in TYC, which owns 48.27 per cent of The Hour
Glass, The Business Times discloses.

TYC was set up in 1979 to hold shares in The Hour Glass and other
family assets. Ms. Chan was last reported to be holding 44 per cent
of TYC's voting rights while her ex-husband and The Hour Glass'
executive chairman and co-founder Dr Henry Tay has 46 per cent,
with the remaining 10 per cent held by their three children.

Dr. Tay remains the biggest individual shareholder even after
transferring 25 million shares last week to his son Michael Tay,
who is also The Hour Glass' group managing director.

For its latest financial year ended March 31, the group's net
profit surged 41 per cent to SGD70.4 million from SGD49.8 million
the year before. It has proposed a final dividend of three
Singapore cents per share, up from two cents in 2018, The Business
Times discloses.

Ms Chan, who quit her directorship at The Hour Glass in 2016, was
also in the headlines in recent years for disobeying a court order
that restrained her from defaming and harassing her former husband,
The Business Times discloses. She is appealing against the two-week
jail term for contempt of court, with the Court of Appeal hearing
fixed on July 2, adds The Business Times.



=================
S R I   L A N K A
=================

SRI LANKA: S&P Rates Proposed US Dollar Sr. Unsec. Notes 'B'
------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term foreign currency
rating to the proposed benchmark size U.S.-dollar-denominated
senior unsecured notes to be issued by Sri Lanka (B/Stable/B).

The notes represent direct, general, unconditional, unsecured, and
unsubordinated obligations of the sovereign. They also rank equally
with the sovereign's other unsecured and unsubordinated debt
obligations.




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

[*] BOND PRICING: For the Week June 17, 2019 to June 21, 2019
-------------------------------------------------------------
Issuer                   Coupon     Maturity   Currency  Price
------                   ------     --------   --------  -----


  AUSTRALIA
  ---------

CLIME CAPITAL LTD/FUND      6.25     11/30/21    AUD      1.00
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD      0.94
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.15
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.15


  CHINA
  -----

AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     60.00
AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     60.52
ALAER XINXIN STATE-OWNE     6.80     06/16/22    CNY     50.60
ALAER XINXIN STATE-OWNE     6.80     06/16/22    CNY     56.78
ANHUI CHIZHOU CITY TIAN     7.40     10/23/20    CNY     38.00
ANHUI CHIZHOU CITY TIAN     7.40     10/23/20    CNY     40.44
ANHUI FOREIGN ECONOMIC      5.80     07/13/21    CNY     70.01
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY     41.33
ANHUI PROVINCE TONGLING     7.30     05/13/21    CNY     47.18
ANJI COUNTY STATE-OWNED     8.30     04/24/21    CNY     41.48
ANJI COUNTY STATE-OWNED     8.30     04/24/21    CNY     44.57
ANKANG DEVELOPMENT & IN     6.35     03/06/20    CNY     20.29
ANQING URBAN CONSTRUCTI     6.01     04/27/22    CNY     60.00
ANQING URBAN CONSTRUCTI     6.01     04/27/22    CNY     61.47
ANSHUN STATE-RUN ASSETS     6.98     01/10/20    CNY     20.01
ANSHUN STATE-RUN ASSETS     6.98     01/10/20    CNY     20.03
BAODING NATIONAL HI-TEC     7.33     12/24/19    CNY     20.14
BAOJI HI-TECH INDUSTRIA     8.25     04/21/21    CNY     40.00
BAOJI HI-TECH INDUSTRIA     8.25     04/21/21    CNY     41.18
BAOTOU CITY SCIENCE EDU     6.48     03/25/22    CNY     61.40
BAOTOU STATE OWNED ASSE     7.03     09/17/19    CNY     20.05
BAYAN ZHUOER HETAO WATE     8.54     03/31/22    CNY     47.52
BAZHONG STATE-OWNED ASS     8.50     04/25/21    CNY     41.67
BEIJING BIOMEDICINE IND     6.35     07/23/20    CNY     40.23
BEIJING BIOMEDICINE IND     6.35     07/23/20    CNY     40.50
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY     40.00
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY     41.02
BEIJING CAPITAL DEVELOP     7.19     01/15/21    CNY     41.13
BEIJING CAPITAL DEVELOP     6.50     02/27/21    CNY     41.80
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY     41.30
BEIJING CHANGXIN CONSTR     6.74     04/22/21    CNY     41.30
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY     20.10
BEIJING CHAOYANG STATE-     5.25     03/27/20    CNY     20.43
BEIJING CONSTRUCTION EN     5.95     07/05/19    CNY     20.00
BEIJING FUTURE SCIENCE      6.28     09/22/19    CNY     25.12
BEIJING FUTURE SCIENCE      6.28     09/22/19    CNY     25.25
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY     40.64
BEIJING GUCAI GROUP CO      6.60     09/06/20    CNY     43.68
BEIJING HAIDIAN STATE-O     5.50     08/07/20    CNY     39.80
BEIJING HAIDIAN STATE-O     5.50     08/07/20    CNY     40.45
BEIJING JINGMEI GROUP C     6.14     09/09/20    CNY     40.50
BEIJING JINGMEI GROUP C     6.14     09/09/20    CNY     40.70
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY     40.87
BEIJING JINLIYUAN STATE     7.00     10/28/20    CNY     40.98
BEIJING SHIJINGSHAN STA     6.08     08/18/21    CNY     61.31
BEIJING SHIJINGSHAN STA     6.08     08/18/21    CNY     63.87
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY     41.10
BEIJING XINCHENG INFRAS     7.50     04/21/21    CNY     41.56
BEIJING XINGZHAN INVEST     6.48     08/31/19    CNY     20.00
BEIJING XINGZHAN INVEST     6.48     08/31/19    CNY     20.07
BEIJING XINGZHAN INVEST     6.66     04/24/21    CNY     41.10
BEIJING XINGZHAN INVEST     6.66     04/24/21    CNY     41.43
BEIPIAO CITY CONSTRUCTI     6.70     03/25/23    CNY     75.07
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY     40.00
BENGHU HI NEW TECH INVE     8.70     04/17/21    CNY     41.57
BENXI URBAN CONSTRUCTIO     6.24     01/22/22    CNY     60.00
BENXI URBAN CONSTRUCTIO     6.24     01/22/22    CNY     60.10
BIJIE CONSTRUCTION INVE     6.50     01/28/22    CNY     61.66
BIJIE CONSTRUCTION INVE     6.50     01/28/22    CNY     65.65
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY     41.21
BIJIE KAIYUAN CONSTRUCT     7.78     02/25/21    CNY     50.00
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY     41.19
BINZHOU HI-TECH DEVELOP     8.60     01/10/21    CNY     43.40
BINZHOU ZHONGHAI VENTUR     6.65     04/13/22    CNY     60.00
BINZHOU ZHONGHAI VENTUR     6.65     04/13/22    CNY     60.95
BORALA MONGOL AUTONOMOU     7.18     08/09/20    CNY     40.00
BORALA MONGOL AUTONOMOU     7.18     08/09/20    CNY     40.43
C&D REAL ESTATE CORP LT     6.15     04/03/20    CNY     20.37
CANGZHOU CONSTRUCTION &     6.72     01/23/20    CNY     20.20
CEFC SHANGHAI INTERNATI     4.08     09/09/21    CNY     60.00
CEFC SHANGHAI INTERNATI     4.98     12/10/20    CNY     61.29
CHANGCHUN MODERN AGRICU     7.00     07/25/21    CNY     60.75
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY     20.09
CHANGDE ECONOMIC DEVELO     7.19     09/12/19    CNY     20.23
CHANGDE ECONOMIC DEVELO     7.00     03/24/21    CNY     41.11
CHANGDE ECONOMIC DEVELO     7.00     03/24/21    CNY     43.30
CHANGDE URBAN CONSTRUCT     6.50     02/25/20    CNY     20.31
CHANGDE URBAN CONSTRUCT     5.63     09/01/20    CNY     40.36
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY     40.43
CHANGRUN INVESTMENT & G     6.88     09/16/20    CNY     46.00
CHANGSHA COUNTY TONGTU      6.00     06/19/22    CNY     61.62
CHANGSHA COUNTY TONGTU      6.00     06/19/22    CNY     68.20
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY     58.52
CHANGSHA COUNTY XINGCHE     7.90     03/25/22    CNY     61.00
CHANGSHA ECONOMIC & TEC     8.45     04/13/22    CNY     46.87
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY     62.51
CHANGSHA METRO GROUP CO     6.20     04/23/23    CNY     64.02
CHANGSHA PILOT INVESTME     6.70     12/10/19    CNY     20.27
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY     41.45
CHANGSHA YUHUA URBAN CO     7.17     04/18/21    CNY     44.00
CHANGSHU BINJIANG URBAN     6.39     09/11/21    CNY     60.00
CHANGSHU BINJIANG URBAN     6.39     09/11/21    CNY     61.19
CHANGSHU DEVELOPMENT IN     5.80     04/19/20    CNY     20.10
CHANGSHU DEVELOPMENT IN     5.80     04/19/20    CNY     20.19
CHANGSHU DONGNAN ASSET      6.53     03/26/22    CNY     62.22
CHANGSHU DONGNAN ASSET      6.53     03/26/22    CNY     67.32
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY     41.62
CHANGSHU TRANSPORTATION     7.00     04/29/21    CNY     47.00
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY     40.86
CHANGXING COUNTY TRANSP     6.75     06/16/21    CNY     40.96
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY     41.54
CHANGXING COUNTY TRANSP     7.88     04/30/21    CNY     50.30
CHANGXING URBAN CONSTRU     6.80     11/30/19    CNY     20.00
CHANGXING URBAN CONSTRU     6.80     11/30/19    CNY     20.11
CHANGXING URBAN CONSTRU     6.00     12/03/21    CNY     59.00
CHANGXING URBAN CONSTRU     6.00     12/03/21    CNY     60.14
CHANGZHI CITY CONSTRUCT     6.46     02/26/20    CNY     20.21
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY     40.00
CHANGZHOU BINHU CONSTRU     8.04     12/12/20    CNY     41.52
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY     20.00
CHANGZHOU HI-TECH GROUP     6.18     03/21/20    CNY     20.23
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY     20.00
CHANGZHOU JINTAN DISTRI     6.38     04/26/20    CNY     20.38
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY     60.68
CHANGZHOU PUBLIC HOUSIN     6.64     07/02/21    CNY     61.20
CHANGZHOU TIANNING CONS     6.48     02/12/22    CNY     60.00
CHANGZHOU TIANNING CONS     6.48     02/12/22    CNY     60.69
CHAOHU URBAN TOWN CONST     6.50     04/30/22    CNY     62.28
CHENGDU CITY DEVELOPMEN     6.18     01/14/20    CNY     20.22
CHENGDU ECONOMIC & TECH     6.90     05/30/21    CNY     41.29
CHENGDU ECONOMIC & TECH     6.90     05/30/21    CNY     46.00
CHENGDU ECONOMIC&TECHNO     6.55     07/17/19    CNY     20.01
CHENGDU ECONOMIC&TECHNO     6.55     07/17/19    CNY     20.20
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY     20.11
CHENGDU HI-TECH INVESTM     6.28     11/20/19    CNY     20.35
CHENGDU LONGBO INVESTME     8.10     04/24/21    CNY     40.84
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY     38.50
CHENGDU PIDU DISTRICT S     7.25     10/15/20    CNY     40.67
CHENGDU PIDU DISTRICT S     6.95     04/01/22    CNY     60.95
CHENGDU PIDU DISTRICT S     6.95     04/01/22    CNY     68.83
CHENGDU SHUZHOU CITY CO     6.58     05/26/22    CNY     59.30
CHENGDU SHUZHOU CITY CO     6.58     05/26/22    CNY     60.29
CHENGDU XINGCHENG INVES     6.17     01/28/20    CNY     20.21
CHENGDU XINGCHENGJIAN I     6.00     03/20/22    CNY     60.00
CHENGDU XINGCHENGJIAN I     6.00     03/20/22    CNY     61.54
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY     20.19
CHENGDU XINGJIN URBAN C     7.30     11/27/19    CNY     25.40
CHENGDU XINKAIYUAN URBA     7.43     08/12/21    CNY     61.22
CHENGDU XINKAIYUAN URBA     7.43     08/12/21    CNY     62.30
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY     40.00
CHENGFA INVESTMENT GROU     6.87     04/30/21    CNY     41.44
CHENZHOU BAIFU INVESTME     6.54     08/28/21    CNY     60.25
CHENZHOU BAIFU INVESTME     6.54     08/28/21    CNY     60.82
CHENZHOU HIGH-TECH KLC      6.45     01/23/22    CNY     60.61
CHENZHOU HIGH-TECH KLC      6.45     01/23/22    CNY     68.60
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY     40.00
CHENZHOU XINTIAN INVEST     6.30     07/17/20    CNY     40.11
CHENZHOU XINTIAN INVEST     6.15     04/24/22    CNY     59.38
CHENZHOU XINTIAN INVEST     6.15     04/24/22    CNY     65.30
CHENZHOU XINTIAN INVEST     5.38     03/08/26    CNY     66.30
CHINA MEDIA GROUP           6.00     04/04/21    CNY     94.00
CHINA MINSHENG INVESTME     7.00     12/26/20    CNY     36.65
CHINA SECURITY CO LTD       4.45     11/11/19    CNY     31.00
CHINA WANDA GROUP CO LT     6.50     01/24/22    CNY     70.00
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY     39.99
CHINA YIXING ENVIRONMEN     7.10     10/18/20    CNY     40.59
CHONGQIN XINLIANG INVES     4.76     08/26/23    CNY     74.27
CHONGQIN XINLIANG INVES     4.76     08/26/23    CNY     74.65
CHONGQING BANAN ECONOMI     7.00     08/20/21    CNY     61.00
CHONGQING BANAN ECONOMI     6.17     03/13/22    CNY     61.35
CHONGQING BANAN ECONOMI     7.00     08/20/21    CNY     61.49
CHONGQING BANAN ECONOMI     6.17     03/13/22    CNY     64.00
CHONGQING BEICHENG CONS     7.30     10/16/20    CNY     40.88
CHONGQING BEICHENG CONS     7.30     10/16/20    CNY     41.00
CHONGQING BEIFEI INDUST     7.13     12/25/19    CNY     20.18
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY     20.10
CHONGQING CHANGSHOU DEV     7.45     09/25/19    CNY     23.10
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY     60.00
CHONGQING CHANGSHOU ECO     7.20     07/15/21    CNY     60.94
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY     40.00
CHONGQING CHANGSHOU ECO     7.10     06/19/21    CNY     41.38
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY     20.17
CHONGQING CITY CONSTRUC     5.12     05/21/20    CNY     22.56
CHONGQING DASUN ASSET D     6.98     09/10/20    CNY     40.76
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY     20.20
CHONGQING DAZU DISTRICT     6.75     04/26/20    CNY     20.22
CHONGQING DAZU INDUSTRI     6.30     04/28/22    CNY     60.00
CHONGQING DAZU INDUSTRI     6.30     04/28/22    CNY     60.14
CHONGQING FULING DISTRI     7.89     03/20/21    CNY     41.36
CHONGQING FULING DISTRI     7.89     03/20/21    CNY     47.33
CHONGQING FULING STATE-     6.39     01/21/20    CNY     20.17
CHONGQING FULING STATE-     6.39     01/21/20    CNY     21.20
CHONGQING FULING TRAFFI     6.68     02/03/22    CNY     60.00
CHONGQING FULING TRAFFI     6.68     02/03/22    CNY     60.95
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY     41.86
CHONGQING GAOXIN ZONE D     7.80     04/25/21    CNY     50.80
CHONGQING GARDENING IND     8.45     06/03/21    CNY     40.00
CHONGQING GARDENING IND     8.45     06/03/21    CNY     41.25
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY     40.00
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY     40.00
CHONGQING HAOJIANG CONS     7.99     11/22/20    CNY     40.73
CHONGQING HAOJIANG CONS     8.05     03/06/21    CNY     41.00
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY     20.26
CHONGQING HECHUAN INDUS     6.19     06/17/20    CNY     20.32
CHONGQING HECHUAN URBAN     7.30     07/07/21    CNY     61.45
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY     20.12
CHONGQING HONGRONG CAPI     7.20     10/16/19    CNY     20.15
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY     20.27
CHONGQING HONGYE INDUST     6.30     06/03/20    CNY     25.00
CHONGQING INTERNATIONAL     7.08     10/18/20    CNY     40.68
CHONGQING INTERNATIONAL     7.08     10/18/20    CNY     40.70
CHONGQING JIANGBEIZUI C     6.50     07/21/21    CNY     60.90
CHONGQING JIANGBEIZUI C     6.50     07/21/21    CNY     61.15
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY     20.00
CHONGQING JIANGJIN HUAX     7.46     09/21/19    CNY     20.08
CHONGQING JIULONG HI-TE     6.60     08/19/21    CNY     59.00
CHONGQING JIULONG HI-TE     6.60     08/19/21    CNY     60.68
CHONGQING LAND PROPERTI     6.30     08/22/20    CNY     40.63
CHONGQING LAND PROPERTI     6.30     08/22/20    CNY     40.85
CHONGQING LIANGJIANG NE     6.70     04/25/21    CNY     41.46
CHONGQING LIANGJIANG NE     5.88     09/16/21    CNY     61.42
CHONGQING LIANGJIANG NE     5.88     09/16/21    CNY     61.49
CHONGQING LIANGJIANG NE     3.60     04/19/21    CNY     69.50
CHONGQING LIANGJIANG NE     3.60     04/19/21    CNY     69.56
CHONGQING LIANGJIANG NE     3.17     01/13/21    CNY     69.57
CHONGQING LIANGJIANG NE     3.17     01/13/21    CNY     69.75
CHONGQING MAIRUI CITY I     6.82     08/17/19    CNY     20.05
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY     20.00
CHONGQING NANCHUAN DIST     7.35     09/06/19    CNY     20.06
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY     20.27
CHONGQING NANFA URBAN C     6.43     04/27/20    CNY     20.36
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY     40.99
CHONGQING QIANJIANG CIT     8.00     03/21/21    CNY     41.70
CHONGQING QIJIANG EAST      6.75     01/29/20    CNY     20.10
CHONGQING QIJIANG EAST      6.75     01/29/20    CNY     20.23
CHONGQING SHUANGFU CONS     7.49     10/23/20    CNY     40.00
CHONGQING SHUANGFU CONS     7.49     10/23/20    CNY     40.61
CHONGQING SHUANGQIAO EC     6.75     04/26/20    CNY     20.25
CHONGQING SHUANGQIAO EC     5.99     11/19/21    CNY     60.24
CHONGQING SHUANGQIAO EC     5.99     11/19/21    CNY     66.25
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY     41.66
CHONGQING TAX FREE PORT     7.50     04/24/21    CNY     41.80
CHONGQING TEA GARDEN IN     7.70     05/20/21    CNY     40.92
CHONGQING TONGLIANG JIN     6.59     04/08/22    CNY     60.00
CHONGQING TONGLIANG JIN     6.59     04/08/22    CNY     61.18
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY     20.18
CHONGQING WANSHENG ECO      6.39     04/17/20    CNY     20.20
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY     41.12
CHONGQING WANSHENG ECO      8.19     04/08/21    CNY     43.90
CHONGQING WANSHENG ECO      6.95     08/25/21    CNY     60.70
CHONGQING WANSHENG ECO      6.95     08/25/21    CNY     65.00
CHONGQING XIYONG MICRO-     6.76     07/25/19    CNY     20.03
CHONGQING XIYONG MICRO-     6.58     07/25/21    CNY     61.53
CHONGQING XIYONG MICRO-     6.58     07/25/21    CNY     62.33
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY     20.20
CHONGQING YONGCHUAN HUI     7.33     10/16/19    CNY     20.32
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY     41.55
CHONGQING YONGCHUAN HUI     7.28     05/30/21    CNY     41.60
CHONGQING YUELAI INVEST     6.09     04/29/22    CNY     60.00
CHONGQING YUELAI INVEST     6.09     04/29/22    CNY     61.74
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY     20.00
CHONGQING YUFU HOLDING      6.50     09/04/19    CNY     20.10
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY     41.18
CHONGQING YUNAN ASSET M     7.05     06/17/21    CNY     42.47
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY     19.52
CHONGQING YUXING CONSTR     7.30     12/10/19    CNY     20.17
CHONGQING YUZHONG STATE     7.25     02/26/21    CNY     41.00
CHONGQING YUZHONG STATE     7.25     02/26/21    CNY     41.31
CHUN'AN XINANJIANG DEVE     6.10     03/11/22    CNY     61.28
CHUN'AN XINANJIANG DEVE     6.10     03/11/22    CNY     64.55
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY     19.46
CHUXIONG AUTONOMOUS DEV     6.60     03/29/20    CNY     19.80
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY     20.22
CHUZHOU CITY CONSTRUCTI     6.81     11/23/19    CNY     20.25
CHUZHOU CITY CONSTRUCTI     6.40     08/22/21    CNY     61.52
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY     20.00
CHUZHOU TONGCHUANG CONS     7.05     01/09/20    CNY     20.18
CITIC GUOAN GROUP CORP      4.23     12/15/20    CNY     21.74
CITIC GUOAN GROUP CORP      4.49     03/08/21    CNY     47.25
CITIC GUOAN GROUP CORP      4.90     11/06/19    CNY     47.25
CITIC GUOAN GROUP CORP      5.80     12/15/19    CNY     47.25
CIXI CITY CONSTRUCTION      6.18     08/18/21    CNY     61.28
CIXI CITY CONSTRUCTION      6.18     08/18/21    CNY     68.80
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY     20.13
CIXI STATE OWNED ASSET      6.60     09/20/19    CNY     20.20
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY     40.00
DALI ECONOMIC DEVELOPME     8.30     12/11/20    CNY     40.88
DALI ECONOMIC DEVELOPME     7.90     03/04/21    CNY     40.91
DALIAN DETA HOLDING CO      6.50     11/15/19    CNY     20.10
DALIAN PUWAN ENGINEERIN     7.09     02/20/21    CNY     39.76
DALIAN RONGDA INVESTMEN     5.69     12/05/21    CNY     60.87
DALIAN RONGDA INVESTMEN     5.69     12/05/21    CNY     60.88
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY     41.14
DALIAN RONGQIANG INVEST     7.92     04/14/21    CNY     41.15
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY     41.19
DALIAN RONGQIANG INVEST     8.60     01/20/21    CNY     41.20
DANDONG PORT GROUP CO L     5.50     01/27/21    CNY     59.00
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY     40.00
DANGYANG XINYUAN INVEST     7.99     05/23/21    CNY     41.32
DANYANG HI-TECH INDUSTR     6.40     04/24/22    CNY     58.71
DANYANG HI-TECH INDUSTR     6.40     04/24/22    CNY     60.00
DANYANG INVESTMENT GROU     6.81     10/23/19    CNY     25.13
DANYANG INVESTMENT GROU     6.81     10/23/19    CNY     25.53
DANYANG INVESTMENT GROU     6.90     10/23/20    CNY     40.00
DANYANG INVESTMENT GROU     6.90     10/23/20    CNY     40.64
DAQING GAOXIN STATE-OWN     6.88     12/05/19    CNY     20.11
DAQING GAOXIN STATE-OWN     6.88     12/05/19    CNY     20.12
DAWA COUNTY CITY CONSTR     6.29     06/12/22    CNY     57.99
DAWA COUNTY CITY CONSTR     6.29     06/12/22    CNY     62.50
DAYE ZHENHENG CITY DEVE     7.30     03/03/21    CNY     40.83
DAYE ZHENHENG CITY DEVE     7.95     11/27/20    CNY     41.00
DAYE ZHENHENG CITY DEVE     7.95     11/27/20    CNY     41.40
DAYE ZHENHENG CITY DEVE     7.30     03/03/21    CNY     43.53
DAZHOU DEVELOPMENT HOLD     6.55     01/14/22    CNY     60.00
DAZHOU DEVELOPMENT HOLD     6.55     01/14/22    CNY     61.67
DAZHOU INVESTMENT CO LT     6.99     12/25/19    CNY     20.16
DAZHOU INVESTMENT CO LT     6.99     12/25/19    CNY     20.34
DEHONGZHOU HONGKANG INV     6.68     01/23/22    CNY     60.18
DEHONGZHOU HONGKANG INV     6.68     01/23/22    CNY     61.03
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY     40.77
DEYANG ECONOMIC DEVELOP     7.90     04/28/21    CNY     48.26
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY     20.17
DONGTAI UBAN CONSTRUCTI     7.10     12/26/19    CNY     20.30
DONGTAI UBAN CONSTRUCTI     7.58     04/23/21    CNY     41.39
DONGTAI UBAN CONSTRUCTI     8.65     01/13/21    CNY     41.48
DONGYING CITY URBAN ASS     5.57     03/31/22    CNY     60.84
DONGYING CITY URBAN ASS     5.57     03/31/22    CNY     61.26
DR PENG TELECOM & MEDIA     6.00     06/16/22    CNY     60.00
DR PENG TELECOM & MEDIA     7.00     04/25/23    CNY     70.10
DUJIANGYAN XINGYAN INVE     6.10     03/12/22    CNY     60.00
DUJIANGYAN XINGYAN INVE     6.10     03/12/22    CNY     60.45
EASTAR HOLDINGS GROUP C     7.30     10/31/20    CNY     63.00
ELION CLEAN ENERGY CO L     6.42     07/19/20    CNY     63.86
ELION CLEAN ENERGY CO L     7.30     04/23/20    CNY     68.41
ENSHI URBAN CONSTRUCTIO     7.55     10/22/19    CNY     20.21
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY     41.36
ENSHI URBAN CONSTRUCTIO     7.50     06/03/21    CNY     47.54
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY     41.72
EZHOU CITY CONSTRUCTION     7.76     05/15/21    CNY     46.50
EZHOU CITY CONSTRUCTION     6.68     09/19/21    CNY     60.53
EZHOU CITY CONSTRUCTION     6.68     09/19/21    CNY     61.00
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY     41.32
FANGCHENGGANG CITY GANG     8.09     04/16/21    CNY     42.00
FENGCHENG CITY CONSTRUC     6.49     02/10/22    CNY     64.49
FENGXIAN URBAN INVESTME     6.48     03/20/22    CNY     60.00
FENGXIAN URBAN INVESTME     6.48     03/20/22    CNY     60.84
FUGU COUNTY STATE-OWNED     8.69     12/16/20    CNY     40.00
FUGU COUNTY STATE-OWNED     8.69     12/16/20    CNY     40.82
FUGUINIAO CO LTD            6.30     04/22/20    CNY     13.00
FUJIAN JINJIANG INDUSTR     7.08     06/27/21    CNY     60.30
FUJIAN JINJIANG INDUSTR     7.08     06/27/21    CNY     61.57
FUJIAN JINJIANG URBAN C     6.35     04/26/20    CNY     20.20
FUJIAN JINJIANG URBAN C     6.35     04/26/20    CNY     20.44
FUJIAN LONGYAN CITY CON     7.45     08/14/19    CNY     20.04
FUJIAN NANPING HIGHWAY      6.69     01/28/20    CNY     20.21
FUJIAN PROVINCE LIANJIA     6.29     04/30/22    CNY     60.00
FUJIAN PROVINCE LIANJIA     6.29     04/30/22    CNY     61.92
FUNING URBAN INVESTMENT     7.19     08/15/21    CNY     60.80
FUNING URBAN INVESTMENT     7.19     08/15/21    CNY     61.15
FUQING CITY STATE-OWNED     6.66     03/01/21    CNY     39.88
FUQING CITY STATE-OWNED     5.94     11/26/22    CNY     70.31
FUXIN INFRASTRUCTURE CO     6.18     03/18/22    CNY     59.82
FUXIN INFRASTRUCTURE CO     6.18     03/18/22    CNY     62.80
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY     20.19
FUZHOU INVESTMENT DEVEL     6.78     01/16/20    CNY     20.36
FUZHOU JIANGONG GROUP C     6.80     12/10/19    CNY     40.40
FUZHOU URBAN AND RURAL      5.48     01/26/22    CNY     60.00
FUZHOU URBAN AND RURAL      5.48     01/26/22    CNY     60.53
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY     40.20
GANSU PROVINCIAL STATE-     5.40     03/06/20    CNY     40.46
GANZHOU CITY DEVELOPMEN     5.50     06/16/22    CNY     60.00
GANZHOU CITY DEVELOPMEN     5.50     06/16/22    CNY     61.54
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY     25.37
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY     25.41
GANZHOU DEVELOPMENT ZON     7.40     02/19/20    CNY     32.60
GANZHOU DEVELOPMENT ZON     8.15     12/31/19    CNY     33.50
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY     39.00
GANZHOU DEVELOPMENT ZON     7.43     02/19/21    CNY     41.18
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY     20.12
GAOMI STATE-OWNED ASSET     6.70     11/15/19    CNY     25.00
GOLMUD INVESTMENT HOLDI     8.70     12/30/20    CNY     40.66
GOOCOO INVESTMENT CO LT     7.20     02/01/21    CNY     50.00
GREENLAND HOLDING GROUP     6.24     05/23/20    CNY     25.19
GREENLAND HOLDING GROUP     6.24     05/23/20    CNY     25.25
GUANGAN DEVELOPMENT AND     6.39     03/24/22    CNY     60.95
GUANGAN DEVELOPMENT AND     6.39     03/24/22    CNY     64.00
GUANGAN ECONOMIC & TECH     7.10     09/22/21    CNY     60.80
GUANGAN ECONOMIC & TECH     7.10     09/22/21    CNY     60.90
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY     19.99
GUANGXI BAISE DEVELOPME     6.50     07/04/19    CNY     20.00
GUANGXI BAISE DEVELOPME     7.27     06/20/21    CNY     40.79
GUANGXI LAIBIN INDUSTRI     5.97     11/26/21    CNY     60.00
GUANGXI LAIBIN INDUSTRI     5.97     11/26/21    CNY     60.70
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY     41.29
GUANGXI QINZHOU LINHAI      7.68     02/20/21    CNY     44.77
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY     41.39
GUANGXI URBAN CONSTRUCT     7.59     04/14/21    CNY     43.00
GUANGYUAN INVESTMENT HO     7.30     04/22/21    CNY     41.35
GUANGYUAN YUANQU CONSTR     8.35     08/26/21    CNY     62.05
GUANGYUAN YUANQU CONSTR     8.35     08/26/21    CNY     67.00
GUANGZHOU METRO GROUP C     6.45     04/02/24    CNY     70.00
GUANGZHOU METRO GROUP C     6.05     06/03/24    CNY     73.50
GUANGZHOU METRO GROUP C     6.05     06/03/24    CNY     74.05
GUANGZHOU METRO GROUP C     6.45     04/02/24    CNY     74.72
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY     40.00
GUILIN CITY INVESTMENT      6.90     06/13/21    CNY     60.56
GUILIN ECONOMIC CONSTRU     5.60     04/22/22    CNY     60.00
GUILIN ECONOMIC CONSTRU     5.60     04/22/22    CNY     61.63
GUIRENNIAO CO LTD           7.00     12/03/19    CNY     49.50
GUIYANG BAIYUN INDUSTRY     7.30     03/27/22    CNY     61.24
GUIYANG BAIYUN INDUSTRY     7.30     03/27/22    CNY     65.00
GUIYANG HI-TECH HOLDING     6.01     12/01/19    CNY     25.02
GUIYANG URBAN CONSTRUCT     5.23     12/02/22    CNY     74.00
GUIYANG URBAN DEVELOPME     6.20     02/28/20    CNY     20.05
GUIZHOU FANJINGSHAN INV     6.95     01/28/22    CNY     60.00
GUIZHOU FANJINGSHAN INV     6.95     01/28/22    CNY     61.53
GUIZHOU GUILONG INDUSTR     7.80     04/28/22    CNY     74.25
GUIZHOU HONGCAI INVESTM     6.00     06/07/23    CNY     72.02
GUIZHOU HONGCAI INVESTM     6.00     06/07/23    CNY     73.01
GUIZHOU RAILWAY INVESTM     7.20     03/27/22    CNY     62.95
GUIZHOU RAILWAY INVESTM     7.20     03/27/22    CNY     63.04
GUIZHOU RAILWAY INVESTM     7.50     04/23/24    CNY     74.14
HAICHENG URBAN JINCAI L     8.17     04/16/21    CNY     40.00
HAICHENG URBAN JINCAI L     8.56     12/19/20    CNY     40.84
HAICHENG URBAN JINCAI L     8.17     04/16/21    CNY     41.12
HAICHENG URBAN JINCAI L     8.56     12/19/20    CNY     49.00
HAIFENG MARINE INFRASTR     6.84     04/29/22    CNY     60.00
HAIFENG MARINE INFRASTR     6.84     04/29/22    CNY     60.71
HAIMEN CITY DEVELOPMENT     6.22     04/03/22    CNY     61.93
HAIMEN CITY DEVELOPMENT     6.22     04/03/22    CNY     62.20
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY     40.22
HAINAN HARBOR & SHIPPIN     6.80     10/18/19    CNY     40.55
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY     37.50
HAINAN JINHAI PULP & PA     6.10     04/15/20    CNY     40.31
HAINING CITY DEVELOPMEN     5.58     10/22/21    CNY     61.15
HAINING CITY DEVELOPMEN     5.58     10/22/21    CNY     65.20
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY     40.79
HAINING CITY JIANSHAN D     6.90     11/04/20    CNY     41.42
HAINING STATE-OWNED ASS     6.08     03/06/20    CNY     20.32
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY     41.28
HAIXI STATE DEVELOPMENT     8.60     01/02/21    CNY     42.00
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY     40.68
HAIYAN COUNTY STATE-OWN     7.00     09/04/20    CNY     40.70
HANDAN CONSTRUCTION & I     5.48     05/27/22    CNY     61.40
HANDAN CONSTRUCTION & I     5.48     05/27/22    CNY     67.20
HANGZHOU CANAL COMPREHE     6.00     04/02/20    CNY     20.30
HANGZHOU CANAL COMPREHE     6.00     04/02/20    CNY     20.33
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY     41.33
HANGZHOU FUYANG CITY CO     7.20     03/19/21    CNY     41.33
HANGZHOU GONGSHU DISTRI     6.90     07/21/21    CNY     60.40
HANGZHOU GONGSHU DISTRI     6.90     07/21/21    CNY     61.87
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY     20.22
HANGZHOU HIGH-TECH INDU     6.45     01/28/20    CNY     22.40
HANGZHOU XIAOSHAN ECO&T     6.90     05/13/21    CNY     41.10
HANGZHOU XIAOSHAN ECO&T     6.90     05/13/21    CNY     41.56
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY     41.35
HANGZHOU YUHANG CITY CO     7.00     03/03/21    CNY     41.40
HANGZHOU YUHANG ECONOMI     7.45     03/03/21    CNY     41.17
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY     20.00
HANGZHOU YUHANG INNOVAT     6.50     03/18/20    CNY     20.29
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY     41.56
HANGZHOU YUHANG TRANSPO     7.19     04/18/21    CNY     41.85
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY     41.19
HANJIANG STATE-OWNED-AS     7.30     11/11/20    CNY     46.60
HEBEI RONG TOU HOLDING      6.76     07/08/21    CNY     68.03
HEBI ECONOMIC CONSTRUCT     7.88     08/01/21    CNY     61.26
HEBI ECONOMIC CONSTRUCT     7.88     08/01/21    CNY     63.26
HEFEI GAOXIN DEVELOPMEN     6.90     03/12/20    CNY     40.48
HEFEI INDUSTRIAL INVEST     6.30     03/20/20    CNY     20.32
HEFEI INDUSTRIAL INVEST     6.30     03/20/20    CNY     21.12
HEGANG KAIYUAN CITY INV     6.50     07/19/19    CNY     20.05
HEILONGJIANG HECHENG CO     7.05     06/21/22    CNY     45.27
HEILONGJIANG HECHENG CO     5.60     11/11/21    CNY     59.76
HEILONGJIANG HECHENG CO     5.60     11/11/21    CNY     60.00
HEILONGJIANG POST-DISAS     7.06     11/20/20    CNY     13.17
HEILONGJIANG POST-DISAS     7.10     11/19/20    CNY     35.49
HEILONGJIANG POST-DISAS     7.06     11/20/20    CNY     49.91
HEILONGJIANG POST-DISAS     7.10     11/19/20    CNY     50.79
HENAN JIYUAN CITY CONST     7.50     09/25/19    CNY     20.12
HENGYANG BAISHAZHOU DEV     6.87     08/22/21    CNY     58.93
HENGYANG BAISHAZHOU DEV     6.87     08/22/21    CNY     64.50
HENGYANG CITY CONSTRUCT     7.06     08/13/19    CNY     20.10
HENGYANG CITY CONSTRUCT     7.06     08/13/19    CNY     20.12
HENGYANG HONGXIANG STAT     6.20     06/19/20    CNY     20.00
HENGYANG HONGXIANG STAT     6.20     06/19/20    CNY     20.15
HENGYANG XIANGJIANG WAT     7.40     04/23/21    CNY     41.10
HENGYANG XIANGJIANG WAT     7.40     04/23/21    CNY     41.35
HEYUAN CITY RUNYE INVES     6.20     12/03/21    CNY     60.62
HEYUAN CITY RUNYE INVES     6.20     12/03/21    CNY     65.88
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY     40.00
HEZE INVESTMENT DEVELOP     7.14     03/24/21    CNY     41.17
HEZHOU URBAN CONSTRUCTI     8.16     05/16/21    CNY     41.58
HONGHEZHOU ROAD DEVELOP     6.27     05/06/20    CNY     20.00
HONGHEZHOU ROAD DEVELOP     6.27     05/06/20    CNY     20.27
HUACHEN ENERGY CO LTD       6.63     05/18/20    USD     64.60
HUAIAN CITY URBAN ASSET     6.87     12/26/19    CNY     20.20
HUAIAN CITY URBAN ASSET     6.87     12/26/19    CNY     20.30
HUAIAN CITY URBAN ASSET     5.70     04/23/22    CNY     61.70
HUAIAN CITY URBAN ASSET     5.70     04/23/22    CNY     61.85
HUAI'AN DEVELOPMENT HOL     7.20     09/06/19    CNY     20.04
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY     41.27
HUAI'AN DEVELOPMENT HOL     7.30     03/10/21    CNY     47.84
HUAIAN HONGRI TRANSPORT     5.09     04/20/23    CNY     65.84
HUAI'AN NEW CITY INVEST     7.45     03/04/21    CNY     40.00
HUAI'AN NEW CITY INVEST     7.45     03/04/21    CNY     41.25
HUAI'AN NEW CITY INVEST     6.95     07/28/21    CNY     61.24
HUAI'AN NEW CITY INVEST     6.95     07/28/21    CNY     67.50
HUAIAN QINGHE NEW AREA      6.68     01/24/20    CNY     20.19
HUAIAN QINGHE NEW AREA      6.68     01/24/20    CNY     24.14
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY     40.20
HUAIHUA CITY INDUSTRIAL     7.70     10/29/20    CNY     40.27
HUAIHUA ECONOMIC DEVELO     6.80     03/26/22    CNY     60.00
HUAIHUA ECONOMIC DEVELO     6.80     03/26/22    CNY     60.52
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY     61.16
HUAINAN URBAN CONSTRUCT     6.79     07/09/21    CNY     61.65
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY     41.10
HUANGGANG CITY CONSTRUC     7.45     03/04/21    CNY     41.69
HUANGGANG CITY CONSTRUC     8.60     12/25/20    CNY     41.78
HUANGGANG CITY CONSTRUC     8.60     12/25/20    CNY     43.50
HUANGSHAN CHENGTOU GROU     5.95     05/06/22    CNY     60.65
HUANGSHAN CHENGTOU GROU     5.95     05/06/22    CNY     61.48
HUANGSHI CIHU HIGH-TECH     8.70     12/05/20    CNY     41.33
HUANGSHI CIHU HIGH-TECH     9.30     01/21/21    CNY     41.73
HUANGSHI URBAN CONSTRUC     6.96     10/25/19    CNY     20.17
HUANGSHI URBAN CONSTRUC     5.99     04/29/22    CNY     60.00
HUANGSHI URBAN CONSTRUC     5.99     04/29/22    CNY     61.26
HUBEI FUXING SCIENCE AN     7.60     06/15/21    CNY     59.70
HUBEI PROVINCE CHANGJIA     6.15     04/03/22    CNY     62.17
HUBEI PROVINCE CHANGJIA     6.15     04/03/22    CNY     62.40
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY     40.22
HUBEI QUANZHOU YANGTZE      6.50     04/02/20    CNY     40.32
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY     20.03
HUIAN STATE ASSETS INVE     7.50     10/15/19    CNY     20.03
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY     40.52
HULUDAO INVESTMENT GROU     7.05     10/18/20    CNY     40.65
HULUDAO INVESTMENT GROU     7.50     10/18/23    CNY     67.70
HULUDAO INVESTMENT GROU     7.50     10/18/23    CNY     72.69
HULUNBEIER INVESTMENT C     6.31     04/30/22    CNY     60.00
HULUNBEIER INVESTMENT C     6.31     04/30/22    CNY     60.73
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY     41.20
HUNAN CHANGDE DEYUAN IN     6.50     06/16/21    CNY     42.25
HUNAN LOUDI ECONOMIC &      6.36     03/13/22    CNY     57.20
HUNAN LOUDI ECONOMIC &      6.36     03/13/22    CNY     67.00
HUNAN LOUDI ECONOMIC &      4.89     03/30/23    CNY     73.95
HUNAN LOUDI ECONOMIC &      4.89     03/30/23    CNY     74.33
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY     41.10
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY     41.26
HUNAN TIER GROUP CO LTD     7.10     03/03/21    CNY     41.78
HUNAN TIER GROUP CO LTD     8.00     12/23/20    CNY     42.72
HUNAN TIER GROUP CO LTD     4.20     03/17/23    CNY     74.00
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY     40.00
HUNAN XIANGJIANG NEW AR     7.36     03/17/21    CNY     41.50
HUNNAN JINYANG INVESTME     5.70     11/27/21    CNY     58.60
HUNNAN JINYANG INVESTME     5.70     11/27/21    CNY     59.82
HUZHOU CITY INVESTMENT      6.70     12/14/19    CNY     20.13
HUZHOU URBAN CONSTRUCTI     6.48     08/28/21    CNY     61.11
HUZHOU URBAN CONSTRUCTI     6.48     08/28/21    CNY     62.38
HUZHOU WUXING NANTAIHU      8.79     01/16/21    CNY     40.80
HUZHOU WUXING NANTAIHU      8.79     01/16/21    CNY     41.27
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY     40.00
HUZHOU XISAISHAN DEVELO     7.80     04/29/21    CNY     41.68
INNER MONGOLIA KE'ERQIN     7.75     09/24/19    CNY     20.00
INNER MONGOLIA KE'ERQIN     7.75     09/24/19    CNY     20.08
INNER MONGOLIA KE'ERQIN     6.50     03/11/22    CNY     50.49
INNER MONGOLIA KE'ERQIN     6.50     03/11/22    CNY     60.00
INNER MONGOLIA KE'ERQIN     6.45     04/30/22    CNY     60.00
INNER MONGOLIA KE'ERQIN     6.45     04/30/22    CNY     60.16
INNER MONGOLIA SHENGXIA     8.18     08/21/21    CNY     60.91
INNER MONGOLIA SHENGXIA     8.18     08/21/21    CNY     64.00
INNER MONGOLIA ZHUNGEER     6.54     12/31/21    CNY     60.82
INNER MONGOLIA ZHUNGEER     6.54     12/31/21    CNY     62.01
JIAN CITY JINGANGSHAN D     7.99     06/03/21    CNY     41.00
JIANAN INVESTMENT HOLDI     7.68     09/04/19    CNY     20.16
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY     41.41
JIANAN INVESTMENT HOLDI     6.85     05/23/21    CNY     46.50
JIANGDONG HOLDING GROUP     7.14     04/24/21    CNY     41.69
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY     20.38
JIANGMEN BINJIANG CONST     6.60     02/28/20    CNY     20.41
JIANGMEN NEW HI-TECH IN     7.39     11/04/20    CNY     40.85
JIANGMEN NEW HI-TECH IN     7.39     11/04/20    CNY     40.90
JIANGMEN NEW HI-TECH IN     6.03     04/22/22    CNY     61.39
JIANGSU FURU DONGHAI DE     7.09     09/13/20    CNY     40.00
JIANGSU FURU DONGHAI DE     7.09     09/13/20    CNY     40.37
JIANGSU HAIZHOUWAN DEVE     5.37     03/29/23    CNY     59.50
JIANGSU HENGYUAN INVEST     8.60     01/09/21    CNY     41.49
JIANGSU HENGYUAN INVEST     8.60     01/09/21    CNY     49.30
JIANGSU HUAJING ASSETS      6.00     05/16/20    CNY     20.16
JIANGSU HUAJING ASSETS      6.00     05/16/20    CNY     20.30
JIANGSU JINGUAN INVESTM     7.90     04/08/21    CNY     40.00
JIANGSU JINGUAN INVESTM     7.90     04/08/21    CNY     41.12
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY     40.00
JIANGSU JINTAN GUOFA IN     6.85     05/30/21    CNY     40.83
JIANGSU JURONG FUDI BIO     7.70     03/21/21    CNY     71.00
JIANGSU JURONG FUDI BIO     7.70     03/21/21    CNY     72.25
JIANGSU NANTONG NO2 CON     8.10     07/10/21    CNY     60.07
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY     40.38
JIANGSU NEWHEADLINE DEV     7.00     08/27/20    CNY     44.90
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY     20.13
JIANGSU SUHAI INVESTMEN     7.20     11/07/19    CNY     20.25
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY     41.31
JIANGSU SUHAI INVESTMEN     7.28     05/29/21    CNY     45.00
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY     40.00
JIANGSU TAICANG PORT DE     7.40     04/28/21    CNY     41.50
JIANGSU WANGTAO INVESTM     6.82     09/15/20    CNY     50.82
JIANGSU WANGTAO INVESTM     6.82     09/15/20    CNY     51.10
JIANGSU WUZHONG ECONOMI     5.49     11/19/21    CNY     60.32
JIANGSU WUZHONG ECONOMI     5.49     11/19/21    CNY     61.25
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY     20.14
JIANGSU XISHAN ECONOMIC     6.99     11/01/19    CNY     31.00
JIANGSU YANGKOU PORT CO     6.23     04/10/22    CNY     60.93
JIANGSU YANGKOU PORT CO     6.23     04/10/22    CNY     67.50
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY     41.14
JIANGSU YIXING ECONOMIC     7.69     04/18/21    CNY     50.19
JIANGSU ZHANGJIAGANG EC     6.98     11/16/19    CNY     20.17
JIANGSU ZHANGJIAGANG EC     6.98     11/16/19    CNY     20.25
JIANGSU ZHUFU INDUSTRIA     4.93     12/29/20    CNY     69.88
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY     20.06
JIANGXI HEJI INVESTMENT     8.00     09/04/19    CNY     20.07
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY     40.98
JIANGXI PINGXIANG CHANG     8.18     05/22/21    CNY     49.34
JIANGXI PROVINCE SITONG     8.20     04/18/21    CNY     41.05
JIANGXI PROVINCE SITONG     8.20     04/18/21    CNY     41.09
JIANGYIN GAOXIN DISTRIC     6.60     02/27/20    CNY     20.27
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY     40.40
JIANGYIN LINGANG NEW CI     7.10     11/07/20    CNY     41.00
JIANHU COUNTY DEVELOPME     7.29     09/25/21    CNY     60.78
JIANHU COUNTY DEVELOPME     7.29     09/25/21    CNY     62.75
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY     20.19
JIANHU URBAN CONSTRUCTI     6.50     02/22/20    CNY     21.50
JIANHU URBAN CONSTRUCTI     6.30     06/01/22    CNY     60.95
JIANHU URBAN CONSTRUCTI     6.30     06/01/22    CNY     62.86
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY     20.28
JIASHAN ECONOMIC DEVELO     7.05     12/03/19    CNY     24.43
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY     41.79
JIAXING ECONOMIC&TECHNO     7.89     03/05/21    CNY     45.17
JIAXING NANHU INVESTMEN     7.45     02/26/21    CNY     41.27
JIAYUGUAN CITY INFRASTR     7.83     09/23/21    CNY     60.00
JIAYUGUAN CITY INFRASTR     7.83     09/23/21    CNY     60.92
JIEYANGSHI CHENGSHI TOU     6.55     08/27/21    CNY     61.29
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY     20.14
JILIN CITY CONSTRUCTION     6.34     02/26/20    CNY     25.00
JILIN LIYUAN PRECISION      7.00     09/22/19    CNY     16.00
JILIN RAILWAY INVESTMEN     7.18     03/04/21    CNY     40.84
JINAN CITY CONSTRUCTION     6.80     03/20/21    CNY     41.25
JINAN CITY CONSTRUCTION     6.80     03/20/21    CNY     41.41
JINAN CITY LICHENG DIST     5.00     06/23/22    CNY     60.01
JINAN HI-TECH HOLDING G     6.38     06/19/21    CNY     41.12
JINAN XIAOQINGHE DEVELO     7.15     09/05/19    CNY     20.08
JINCHENG CITY STATE OWN     4.99     11/11/21    CNY     59.00
JINCHENG CITY STATE OWN     4.99     11/11/21    CNY     60.60
JINGDEZHEN STATE-OWNED      6.59     06/25/20    CNY     40.45
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY     39.00
JINGHONG STATE-OWNED AS     8.08     05/23/21    CNY     40.65
JINGJIANG HARBOUR GROUP     7.30     08/05/21    CNY     60.75
JINGJIANG HARBOUR GROUP     7.30     08/05/21    CNY     68.68
JINGMEN CITY CONSTRUCTI     7.00     10/17/20    CNY     40.77
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY     61.81
JINGMEN CITY CONSTRUCTI     6.85     07/09/22    CNY     62.00
JINGZHOU ECONOMIC TECHN     8.20     12/09/20    CNY     41.19
JINGZHOU ECONOMIC TECHN     8.20     12/09/20    CNY     41.80
JINHU COUNTY STATE-OWNE     7.75     08/25/21    CNY     61.43
JINHU COUNTY STATE-OWNE     7.75     08/25/21    CNY     66.95
JINING CITY SHIZHONG DI     6.39     01/29/22    CNY     61.42
JINING CITY SHIZHONG DI     6.39     01/29/22    CNY     64.44
JINING HI-TECH TOWN CON     6.09     04/30/22    CNY     61.50
JINING HI-TECH TOWN CON     6.09     04/30/22    CNY     61.76
JINSHAN STATE-OWNED ASS     6.65     11/27/19    CNY     20.16
JINZHONG CITY PUBLIC IN     6.50     03/18/20    CNY     20.00
JINZHONG CITY PUBLIC IN     6.50     03/18/20    CNY     20.16
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY     41.27
JINZHOU CITY INVESTMENT     8.50     12/27/20    CNY     41.95
JINZHOU CITY INVESTMENT     6.44     08/18/21    CNY     60.57
JINZHOU CITY INVESTMENT     6.44     08/18/21    CNY     64.91
JINZHOU HUAXING INVESTM     8.38     02/25/21    CNY     41.10
JINZHOU HUAXING INVESTM     9.10     01/21/21    CNY     41.45
JISHOU HUATAI STATE OWN     7.18     02/09/22    CNY     60.65
JISHOU HUATAI STATE OWN     7.18     02/09/22    CNY     62.82
JIUJIANG CITY CONSTRUCT     5.50     05/22/22    CNY     59.55
JIUJIANG CITY CONSTRUCT     5.50     05/22/22    CNY     61.34
JIUJIANG LAND INVESTMEN     6.20     03/23/22    CNY     60.36
JIUJIANG LAND INVESTMEN     6.20     03/23/22    CNY     61.82
JIUJIANG STATE-OWNED AS     6.68     03/07/20    CNY     20.29
JIUJIANG STATE-OWNED AS     6.68     03/07/20    CNY     20.30
JIUQUAN ECONOMIC DEVELO     7.40     02/26/21    CNY     41.19
JIXI STATE OWN ASSET MA     6.87     01/19/22    CNY     48.50
JIXI STATE OWN ASSET MA     6.87     01/19/22    CNY     60.85
KAIFENG DEVELOPMENT INV     6.47     07/11/19    CNY     20.02
KAIFENG NEW DISTRICT IN     6.35     03/23/22    CNY     60.00
KAIFENG NEW DISTRICT IN     6.35     03/23/22    CNY     60.11
KANGDE XIN COMPOSITE MA     5.50     01/15/19    CNY     55.00
KANGDE XIN COMPOSITE MA     5.50     02/15/22    CNY     55.00
KANGMEI PHARMACEUTICAL      5.29     08/16/22    CNY     10.52
KANGMEI PHARMACEUTICAL      5.20     07/17/22    CNY     11.77
KANGMEI PHARMACEUTICAL      5.47     09/15/22    CNY     12.16
KANGMEI PHARMACEUTICAL      7.00     09/03/19    CNY     14.00
KANGMEI PHARMACEUTICAL      6.80     06/28/21    CNY     14.00
KANGMEI PHARMACEUTICAL      7.00     06/21/21    CNY     14.00
KANGMEI PHARMACEUTICAL      6.28     03/20/21    CNY     14.76
KANGMEI PHARMACEUTICAL      6.10     03/28/21    CNY     14.82
KANGMEI PHARMACEUTICAL      5.50     04/20/21    CNY     15.31
KANGMEI PHARMACEUTICAL      5.33     01/27/22    CNY     36.69
KASHGAR SHENKA INVESTME     7.08     07/07/20    CNY     49.75
KASHGAR SHENKA INVESTME     7.08     07/07/20    CNY     50.63
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY     25.49
KUERLE CITY CONSTRUCTIO     6.99     05/20/20    CNY     25.52
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY     20.21
KUNMING DIANCHI INVESTM     6.50     02/01/20    CNY     20.22
KUNMING DONGJUN REAL ES     4.50     11/02/21    CNY     73.91
KUNMING EXPRESSWAY CONS     7.50     01/21/20    CNY     20.23
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY     20.13
KUNMING INDUSTRIAL DEVE     6.46     10/23/19    CNY     23.01
KUNSHAN CHUANGYE HOLDIN     6.28     11/07/19    CNY     20.11
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY     41.62
KUNSHAN COMMUNICATION D     6.95     05/22/21    CNY     45.45
KUNSHAN HIGH TECHNOLOGY     7.10     03/26/21    CNY     41.25
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY     41.34
LAIWU CITY ECONOMIC DEV     7.08     02/28/21    CNY     41.40
LANZHOU NATIONAL CAPITA     6.32     09/10/21    CNY     54.90
LANZHOU NATIONAL CAPITA     6.32     09/10/21    CNY     59.87
LEIYANG CITY AND RURAL      7.80     04/10/22    CNY     57.50
LEIYANG CITY AND RURAL      7.80     04/10/22    CNY     65.00
LEQING CITY STATE OWNED     6.50     06/29/19    CNY     20.02
LEQING CITY STATE OWNED     6.50     06/29/19    CNY     20.02
LEQING CITY STATE OWNED     5.99     10/20/21    CNY     60.85
LEQING CITY STATE OWNED     5.99     10/20/21    CNY     61.14
LESHAN STATE-OWNED ASSE     5.68     10/22/21    CNY     60.79
LESHAN STATE-OWNED ASSE     5.68     10/22/21    CNY     65.60
LIANYUNGANG TRANSPORT G     5.47     11/17/21    CNY     60.39
LIANYUNGANG TRANSPORT G     5.47     11/17/21    CNY     65.00
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY      7.27
LIAONING COASTAL ECONOM     8.90     04/01/21    CNY     11.57
LILING LUJIANG INVESTME     8.10     05/22/21    CNY     41.16
LILING LUJIANG INVESTME     8.10     05/22/21    CNY     43.00
LILING LUJIANG INVESTME     7.18     09/05/21    CNY     61.02
LILING LUJIANG INVESTME     7.18     09/05/21    CNY     65.23
LINCANG STATE-OWNED ASS     6.58     04/11/20    CNY     20.32
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY     20.23
LINFEN CITY INVESTMENT      6.20     05/23/20    CNY     20.25
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY     40.00
LINFEN YAODU DISTRICT I     6.99     09/27/20    CNY     40.24
LINFEN YAODU DISTRICT I     7.19     03/13/22    CNY     60.30
LINFEN YAODU DISTRICT I     7.19     03/13/22    CNY     60.37
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY     20.06
LINHAI CITY INFRASTRUCT     6.30     03/21/20    CNY     20.50
LINYI ECONOMIC DEVELOPM     8.26     09/24/19    CNY     20.15
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY     25.00
LINZHOU ECONOMIC & TECH     8.30     04/25/20    CNY     25.48
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY     20.10
LISHUI CITY CONSTRUCTIO     6.00     05/23/20    CNY     20.14
LIUYANG URBAN CONSTRUCT     6.98     08/22/21    CNY     61.71
LIUZHOU CITY INVESTMENT     7.18     12/31/22    CNY     62.19
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY     40.91
LIUZHOU DONGCHENG INVES     7.40     10/29/20    CNY     41.00
LIUZHOU INVESTMENT HOLD     6.98     08/15/19    CNY     20.06
LIUZHOU LONGJIAN INVEST     8.28     04/30/24    CNY     74.62
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY     20.10
LIYANG CITY CONSTRUCTIO     6.20     03/08/20    CNY     20.18
LIYANG KUNLUN URBAN CON     5.90     10/24/21    CNY     58.00
LIYANG KUNLUN URBAN CON     5.90     10/24/21    CNY     60.84
LONGHAI STATE-OWNED ASS     6.58     08/15/21    CNY     60.85
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY     41.61
LOUDI CITY CONSTRUCTION     7.95     04/15/21    CNY     50.31
LOUDI TIDU INVESTMENT D     7.18     08/27/21    CNY     60.00
LOUDI TIDU INVESTMENT D     7.18     08/27/21    CNY     61.43
LUJIANG CITY CONSTRUCTI     6.70     04/16/22    CNY     60.00
LUJIANG CITY CONSTRUCTI     6.70     04/16/22    CNY     60.67
LUOHE CITY CONSTRUCTION     6.99     10/30/19    CNY     20.13
LUOHE CITY CONSTRUCTION     5.25     09/11/20    CNY     70.43
MA'ANSHAN CIHU HIGH TEC     6.85     09/09/21    CNY     61.54
MA'ANSHAN CIHU HIGH TEC     6.85     09/09/21    CNY     63.00
MAANSHAN ECONOMIC TECHN     7.10     12/20/19    CNY     20.22
MAANSHAN ECONOMIC TECHN     7.10     12/20/19    CNY     21.13
MAANSHAN ECONOMIC TECHN     6.49     03/06/22    CNY     60.98
MAANSHAN ECONOMIC TECHN     6.49     03/06/22    CNY     64.99
MAANSHAN HUASHAN DISTRI     6.07     04/20/22    CNY     60.99
MAANSHAN HUASHAN DISTRI     6.07     04/20/22    CNY     61.94
MACROLINK HOLDING CO LT     6.98     03/06/20    CNY     67.98
MEISHAN CITY ASSET OPER     7.84     02/26/21    CNY     41.38
MEISHAN HONGDA CONSTRUC     6.56     06/19/20    CNY     40.40
MEIZHOU CITY XIN JIN YE     6.02     04/22/22    CNY     61.21
MEIZHOU CITY XIN JIN YE     6.02     04/22/22    CNY     65.32
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY     40.43
MEIZHOU KANGDA HIGHWAY      6.95     09/10/20    CNY     40.68
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY     40.90
MUDANJIANG STATE-OWNED      7.70     04/14/21    CNY     40.90
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY     20.34
NANCHANG CITY CONSTRUCT     6.19     02/20/20    CNY     20.36
NANCHANG COUNTY URBAN C     6.50     07/17/19    CNY     25.03
NANCHANG COUNTY URBAN C     6.50     07/17/19    CNY     25.15
NANCHANG ECONOMY TECHNO     6.88     01/09/20    CNY     20.21
NANCHANG MUNICIPAL PUBL     5.88     02/25/20    CNY     20.20
NANCHANG MUNICIPAL PUBL     5.88     02/25/20    CNY     20.45
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY     20.36
NANCHANG WATER CONSERVA     6.28     06/21/20    CNY     20.37
NANCHONG AIRPORT INVEST     6.80     01/26/22    CNY     60.80
NANCHONG AIRPORT INVEST     6.80     01/26/22    CNY     61.37
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY     41.18
NANCHONG ECONOMIC DEVEL     8.28     04/21/21    CNY     51.20
NANJING HEXI NEW TOWN A     3.47     06/17/21    CNY     69.50
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY     20.09
NANJING JIANGBEI NEW AR     6.94     09/07/19    CNY     22.52
NANJING LISHUI ECONOMIC     6.27     09/22/21    CNY     61.46
NANJING LISHUI ECONOMIC     6.27     09/22/21    CNY     62.10
NANJING LISHUI URBAN CO     5.80     05/29/20    CNY     20.27
NANJING LISHUI URBAN CO     5.80     05/29/20    CNY     20.50
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY     20.00
NANJING PUKOU ECONOMIC      7.10     10/08/19    CNY     20.13
NANJING STATE OWNED ASS     5.40     03/06/20    CNY     20.21
NANJING STATE OWNED ASS     5.60     03/06/23    CNY     62.22
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY     61.26
NANJING TANGSHAN CONSTR     6.80     06/30/21    CNY     66.80
NANJING XINGANG DEVELOP     6.80     01/08/20    CNY     20.10
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY     61.45
NANNING LVGANG CONSTRUC     7.30     06/27/21    CNY     64.80
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY     40.46
NANPING CITY WUYI NEW D     6.70     08/06/20    CNY     40.83
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY     41.44
NANTONG CHONGCHUAN URBA     7.15     04/18/21    CNY     45.40
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY     20.24
NANTONG CITY GANGZHA DI     7.15     01/09/20    CNY     24.00
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY     20.25
NANTONG ECONOMIC & TECH     5.80     05/17/20    CNY     20.28
NANTONG SUTONG SCIENCE      6.20     03/18/22    CNY     60.00
NANTONG SUTONG SCIENCE      6.20     03/18/22    CNY     61.22
NANYANG INVESTMENT GROU     7.05     10/24/20    CNY     40.91
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY     41.66
NEIJIANG INVESTMENT HOL     7.99     04/24/21    CNY     48.53
NEOGLORY HOLDING GROUP      8.00     10/22/20    CNY     56.00
NEOGLORY HOLDING GROUP      8.00     09/25/20    CNY     60.00
NEOGLORY HOLDING GROUP      8.10     11/23/18    CNY     72.00
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY     41.55
NINGBO CITY HAISHU GUAN     7.75     03/06/21    CNY     46.30
NINGBO CITY ZHENHAI INV     5.85     12/04/21    CNY     61.18
NINGBO CITY ZHENHAI INV     5.85     12/04/21    CNY     61.49
NINGBO EASTERN NEW TOWN     6.45     01/21/20    CNY     20.29
NINGBO EASTERN NEW TOWN     6.45     01/21/20    CNY     20.32
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY     41.54
NINGBO ECONOMIC & TECHN     7.09     04/21/21    CNY     49.00
NINGBO MEISHAN ISLAND D     6.27     03/23/22    CNY     61.84
NINGBO MEISHAN ISLAND D     6.27     03/23/22    CNY     68.29
NINGBO SHUNNONG GROUP C     7.20     10/16/19    CNY     20.14
NINGBO YINCHENG GROUP C     6.50     03/18/20    CNY     20.40
NINGBO YINCHENG GROUP C     6.50     03/18/20    CNY     20.41
NINGGUO CITY STATE OWNE     8.70     04/28/21    CNY     40.00
NINGGUO CITY STATE OWNE     8.70     04/28/21    CNY     41.66
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY     41.24
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY     41.50
NINGHAI COUNTY URBAN IN     7.99     04/16/21    CNY     41.51
NINGHAI COUNTY URBAN IN     8.00     01/02/21    CNY     45.00
NINGXIANG CITY CONSTRUC     6.70     01/20/22    CNY     60.20
NINGXIANG CITY CONSTRUC     6.70     01/20/22    CNY     61.88
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY     41.59
NINGXIANG ECONOMIC TECH     8.20     04/16/21    CNY     42.70
PANJIN CITY SHUANGTAIZI     7.25     01/22/22    CNY     60.54
PANJIN CITY SHUANGTAIZI     7.25     01/22/22    CNY     61.40
PANSHAN COUNTY STATE-OW     7.48     01/21/22    CNY     60.00
PANSHAN COUNTY STATE-OW     7.48     01/21/22    CNY     61.96
PANZHIHUA STATE OWNED A     5.41     07/29/20    CNY     39.30
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY     40.32
PANZHIHUA STATE OWNED A     7.60     03/05/21    CNY     41.35
PANZHIHUA STATE OWNED A     8.18     03/13/22    CNY     62.88
PEIXIAN STATE-OWNED ASS     7.20     12/06/19    CNY     20.18
PINGHU CITY INVESTMENT      7.20     09/18/19    CNY     20.09
PINGHU CITY INVESTMENT      7.20     09/18/19    CNY     20.10
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY     41.39
PINGHU ECONOMIC DEVELOP     7.99     04/17/21    CNY     43.00
PINGLIANG CHENGXIANG CO     7.10     09/17/20    CNY     40.65
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY     20.20
PINGTAN COMPOSITE EXPER     6.58     03/15/20    CNY     20.21
PINGXIANG HUIFENG INVES     6.60     01/26/22    CNY     60.00
PINGXIANG HUIFENG INVES     6.60     01/26/22    CNY     60.74
PINGXIANG URBAN CONSTRU     6.89     12/10/19    CNY     20.12
PINGXIANG URBAN CONSTRU     6.89     12/10/19    CNY     20.14
PIZHOU CITY HENGRUN INV     6.46     12/05/21    CNY     61.17
PIZHOU CITY HENGRUN INV     6.46     12/05/21    CNY     62.46
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY     20.08
PIZHOU RUNCHENG ASSET O     7.55     09/25/19    CNY     20.13
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY     41.96
PIZHOU RUNCHENG ASSET O     7.88     04/16/21    CNY     48.80
PUTIAN HIGH TECHNOLOGY      5.90     05/03/22    CNY     75.29
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY     40.00
PUYANG INVESTMENT GROUP     8.00     12/11/20    CNY     40.95
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY     40.00
QIANAN URBAN CONSTRUCTI     8.88     01/23/21    CNY     41.79
QIANAN URBAN CONSTRUCTI     7.19     08/11/21    CNY     60.00
QIANAN URBAN CONSTRUCTI     7.19     08/11/21    CNY     61.64
QIANAN XINGYUAN WATER I     6.25     04/22/22    CNY     61.49
QIANAN XINGYUAN WATER I     6.25     04/22/22    CNY     66.90
QIANDONGNAN TRANSPORTAT     5.79     12/21/22    CNY     73.96
QIANDONGNANZHOU KAIHONG     7.80     10/30/19    CNY     19.92
QIANJIANG URBAN CONSTRU     8.38     04/22/21    CNY     41.00
QIANJIANG URBAN CONSTRU     8.38     04/22/21    CNY     41.47
QIANNANZHOU INVESTMENT      6.43     03/09/22    CNY     59.88
QIANNANZHOU INVESTMENT      6.43     03/09/22    CNY     66.80
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY     19.99
QIANXI NANZHOU HONGSHEN     6.99     11/22/19    CNY     20.06
QIDONG STATE-OWNED ASSE     7.30     11/20/22    CNY     62.46
QIDONG URBAN CONSTRUCTI     7.90     04/28/21    CNY     41.50
QIDONG URBAN CONSTRUCTI     7.90     04/28/21    CNY     41.66
QIDONG URBAN CONSTRUCTI     8.20     04/04/21    CNY     41.78
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY     62.38
QINGDAO CONSON DEVELOPM     6.40     12/12/22    CNY     62.98
QINGDAO HICREAT DEVELOP     6.88     04/25/21    CNY     41.13
QINGDAO HICREAT DEVELOP     6.88     04/25/21    CNY     41.51
QINGDAO JIAOZHOU CITY D     6.59     01/25/20    CNY     20.27
QINGDAO JIAOZHOUWAN DEV     6.33     09/18/21    CNY     61.37
QINGDAO JIAOZHOUWAN DEV     6.33     09/18/21    CNY     61.50
QINGDAO JIMO CITY TOURI     5.47     11/17/21    CNY     60.80
QINGDAO JIMO CITY TOURI     5.47     11/17/21    CNY     61.05
QINGDAO JIMO CITY URBAN     8.10     12/17/19    CNY     25.39
QINGDAO JIMO CITY URBAN     8.10     12/17/19    CNY     25.90
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY     40.62
QINGDAO LAIXI CITY ASSE     7.50     03/06/21    CNY     48.79
QINGHAI PROVINCIAL INVE     6.40     07/10/21    USD     74.80
QINGYANG CITY ECONOMIC      7.98     04/16/21    CNY     41.06
QINGYUAN TRANSPORTATION     8.20     12/19/20    CNY     41.57
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY     20.00
QINGZHOU HONGYUAN PUBLI     7.35     10/19/19    CNY     20.15
QINGZHOU HONGYUAN PUBLI     7.59     05/29/21    CNY     41.83
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY     40.00
QINHUANGDAO DEVELOPMENT     8.00     12/17/20    CNY     40.78
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY     41.57
QINHUANGDAO DEVELOPMENT     8.45     04/18/21    CNY     44.61
QINZHOU BINHAI NEW CITY     7.00     08/27/20    CNY     40.55
QINZHOU BINHAI NEW CITY     7.00     08/27/20    CNY     41.50
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY     60.00
QINZHOU BINHAI NEW CITY     6.99     07/07/21    CNY     60.80
QINZHOU CITY DEVELOPMEN     7.10     10/16/19    CNY     40.10
QINZHOU CITY DEVELOPMEN     7.10     10/16/19    CNY     40.24
QIONGLAI CITY CONSTRUCT     6.98     03/25/22    CNY     60.62
QIONGLAI CITY CONSTRUCT     6.98     03/25/22    CNY     64.90
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY     20.07
QUJING DEVELOPMENT INVE     7.25     09/06/19    CNY     22.00
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY     41.47
QUJING DEVELOPMENT INVE     7.48     04/28/21    CNY     42.55
QUJING ECO TECH DEVELOP     7.48     07/21/21    CNY     60.55
QUZHOU STATE OWNED ASSE     7.20     04/21/21    CNY     41.61
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY     41.81
RENHUAI CITY DEVELOPMEN     8.09     05/16/21    CNY     41.81
REWARD SCIENCE AND TECH     5.53     07/05/21    CNY     29.10
REWARD SCIENCE AND TECH     6.40     03/03/22    CNY     70.00
RIGHT WAY REAL ESTATE D     7.30     07/15/21    CNY     40.20
RIZHAO CITY CONSTRUCTIO     5.80     06/06/20    CNY     20.18
RUCHENG COUNTY HYDROPOW     6.65     04/25/20    CNY     40.48
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY     19.50
RUDONG COUNTY DONGTAI S     7.45     09/24/19    CNY     20.15
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY     41.25
RUDONG COUNTY DONGTAI S     6.99     06/20/21    CNY     45.90
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY     41.10
RUDONG COUNTY JINXIN TR     8.08     03/03/21    CNY     44.03
RUGAO CITY ECONOMIC TRA     8.30     01/22/21    CNY     41.82
RUGAO CITY ECONOMIC TRA     8.30     01/22/21    CNY     49.00
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY     20.31
RUGAO COMMUNICATIONS CO     6.70     02/01/20    CNY     20.81
RUGAO YANJIANG DEVELOPM     8.60     01/24/21    CNY     41.71
RUGAO YANJIANG DEVELOPM     8.60     01/24/21    CNY     42.43
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY     20.26
RUIAN STATE OWNED ASSET     6.93     11/26/19    CNY     20.40
RUICHANG CITY INVESTMEN     5.68     03/25/23    CNY     68.68
RUNHUA GROUP CO LTD         7.80     08/27/21    CNY     74.96
RUZHOU CITY XINYUAN INV     6.30     09/16/21    CNY     74.57
SANMEN COUNTY STATE-OWN     6.80     03/18/22    CNY     59.91
SANMEN COUNTY STATE-OWN     6.80     03/18/22    CNY     60.00
SANMEN COUNTY STATE-OWN     6.85     10/29/21    CNY     60.00
SANMEN COUNTY STATE-OWN     6.85     10/29/21    CNY     60.93
SHAANXI ANKANG HIGH TEC     8.78     09/17/21    CNY     61.91
SHAANXI ANKANG HIGH TEC     8.78     09/17/21    CNY     67.00
SHAANXI PROVINCIAL EXPR     5.99     06/18/20    CNY     61.37
SHAANXI XIXIAN NEW AREA     6.85     08/15/21    CNY     60.10
SHAANXI XIXIAN NEW AREA     6.85     08/15/21    CNY     65.50
SHAANXI XIXIAN NEW AREA     6.89     01/05/22    CNY     61.36
SHAANXI XIXIAN NEW AREA     6.89     01/05/22    CNY     63.10
SHANDONG BOXING COUNTY      8.00     12/22/21    CNY     62.41
SHANDONG BOXING COUNTY      8.00     12/22/21    CNY     62.82
SHANDONG CENTURY SUNSHI     8.19     07/21/21    CNY     62.01
SHANDONG CENTURY SUNSHI     8.19     07/21/21    CNY     62.15
SHANDONG FUYU CHEMICAL      7.70     09/18/22    CNY     70.00
SHANDONG GAOCHUANG CONS     6.05     06/18/22    CNY     60.72
SHANDONG GAOCHUANG CONS     6.05     06/18/22    CNY     62.45
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY     41.17
SHANDONG HONGHE HOLDING     8.50     06/23/21    CNY     44.00
SHANDONG JINMAO TEXTILE     6.97     04/01/21    CNY     20.70
SHANDONG JINMAO TEXTILE     8.00     09/25/20    CNY     35.84
SHANDONG PUBLIC HOLDING     7.18     01/22/20    CNY     20.18
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY     40.46
SHANDONG RENCHENG RONGX     7.30     10/18/20    CNY     43.40
SHANDONG SANXING GROUP      7.50     10/16/20    CNY     69.90
SHANDONG SNTON GROUP CO     5.18     09/08/21    CNY      8.52
SHANDONG SNTON GROUP CO     6.20     05/30/21    CNY      9.50
SHANDONG TAIFENG HOLDIN     5.80     03/12/20    CNY     20.17
SHANDONG TAIYANG INDUST     5.97     03/02/21    CNY     71.43
SHANDONG TENGJIAN INVES     6.00     06/08/22    CNY     60.00
SHANDONG TENGJIAN INVES     6.00     06/08/22    CNY     60.24
SHANDONG WANTONG PETROL     5.97     11/29/21    CNY     33.95
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY     39.10
SHANDONG WEISHANHU MINI     6.15     03/13/20    CNY     39.55
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY     18.50
SHANGHAI BUND GROUP DEV     6.35     04/24/20    CNY     20.35
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY     40.96
SHANGHAI CAOHEJING HI-T     7.24     04/09/21    CNY     40.97
SHANGHAI CHENJIAZHEN CO     7.18     11/06/19    CNY     25.22
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY     25.50
SHANGHAI CHONGMING CONS     6.40     06/13/20    CNY     25.59
SHANGHAI FENGXIAN NANQI     6.25     03/05/20    CNY     20.32
SHANGHAI FENGXIAN NANQI     6.25     03/05/20    CNY     20.40
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY     41.30
SHANGHAI JIADING ROAD C     6.80     04/23/21    CNY     41.32
SHANGHAI JINSHAN URBAN      6.60     12/21/19    CNY     20.16
SHANGHAI LAKE DIANSHAN      5.95     01/30/21    CNY     51.13
SHANGHAI LAKE DIANSHAN      5.95     01/30/21    CNY     51.28
SHANGHAI MINHANG URBAN      6.48     10/23/19    CNY     20.20
SHANGHAI MINHANG URBAN      5.63     04/20/22    CNY     60.79
SHANGHAI MINHANG URBAN      5.63     04/20/22    CNY     61.90
SHANGHAI MUNICIPAL INVE     4.63     07/30/19    CNY     20.02
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY     25.09
SHANGHAI NANFANG GROUP      6.70     09/09/19    CNY     25.50
SHANGHAI NANHUI URBAN C     6.04     08/20/21    CNY     61.36
SHANGHAI PUTAILAI NEW E     5.30     05/18/20    CNY     66.67
SHANGHAI URBAN CONSTRUC     5.25     11/30/19    CNY     20.15
SHANGHAI YONGYE ENTERPR     6.84     05/21/20    CNY     25.56
SHANGLUO CITY CONSTRUCT     6.75     09/09/19    CNY     25.13
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY     40.75
SHANGLUO CITY CONSTRUCT     7.05     09/09/20    CNY     45.40
SHANGQIU DEVELOPMENT IN     6.60     01/15/20    CNY     20.19
SHANTOU CITY CONSTRUCTI     8.57     03/23/22    CNY     48.25
SHAOGUAN JINYE DEVELOPM     7.30     10/18/19    CNY     20.20
SHAOGUAN JINYE DEVELOPM     7.30     10/18/19    CNY     20.20
SHAOXING CHENGBEI XINCH     6.13     04/30/22    CNY     61.43
SHAOXING CHENGBEI XINCH     6.13     04/30/22    CNY     68.29
SHAOXING CHENGZHONGCUN      6.50     01/24/20    CNY     20.08
SHAOXING CHENGZHONGCUN      6.50     01/24/20    CNY     20.30
SHAOXING CHENGZHONGCUN      6.09     04/27/22    CNY     60.00
SHAOXING CHENGZHONGCUN      6.09     04/27/22    CNY     61.53
SHAOXING CITY INVESTMEN     6.40     11/09/19    CNY     20.10
SHAOXING CITY INVESTMEN     6.40     11/09/19    CNY     20.15
SHAOXING CITY INVESTMEN     5.75     04/17/22    CNY     62.03
SHAOXING CITY INVESTMEN     5.75     04/17/22    CNY     68.00
SHAOXING CITY KEQIAO DI     6.40     08/20/21    CNY     61.30
SHAOXING CITY KEQIAO DI     6.40     08/20/21    CNY     65.26
SHAOXING COUNTY KEYAN C     6.28     03/24/22    CNY     60.00
SHAOXING COUNTY KEYAN C     6.28     03/24/22    CNY     61.67
SHAOXING KEQIAO ECONOMI     7.00     12/10/21    CNY     60.00
SHAOXING KEQIAO ECONOMI     7.00     12/10/21    CNY     61.66
SHAOXING PAOJIANG INDUS     6.90     10/31/19    CNY     20.12
SHAOXING PAOJIANG INDUS     6.90     10/31/19    CNY     20.37
SHAOXING PAOJIANG INDUS     6.98     05/29/21    CNY     41.15
SHAOXING PAOJIANG INDUS     6.98     05/29/21    CNY     43.90
SHAOXING SHANGYU COMMUN     6.70     09/11/19    CNY     20.07
SHAOXING SHANGYU HANGZH     6.95     10/11/20    CNY     40.72
SHAOXING SHANGYU URBAN      6.80     08/07/21    CNY     61.60
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY     41.21
SHAOYANG CITY CONSTRUCT     8.58     01/17/21    CNY     41.41
SHAOYANG DULIANG INVEST     5.50     04/13/23    CNY     74.19
SHAOYANG DULIANG INVEST     5.50     04/13/23    CNY     74.47
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY     61.86
SHENGZHOU INVESTMENT HO     7.60     07/17/21    CNY     62.30
SHENMU CITY STATE-OWNED     7.28     06/23/21    CNY     41.00
SHENMU CITY STATE-OWNED     7.28     06/23/21    CNY     41.48
SHENYANG DADONG STATE-O     6.05     03/20/22    CNY     60.00
SHENYANG DADONG STATE-O     6.05     03/20/22    CNY     61.08
SHENYANG ECONOMIC AFFOR     7.17     04/29/22    CNY     59.77
SHENYANG ECONOMIC AFFOR     7.17     04/29/22    CNY     61.26
SHENYANG SUJIATUN DISTR     6.40     06/20/20    CNY     20.00
SHENYANG SUJIATUN DISTR     6.40     06/20/20    CNY     20.30
SHENYANG TIEXI STATE-OW     6.00     01/14/22    CNY     60.79
SHENYANG TIEXI STATE-OW     6.00     01/14/22    CNY     67.50
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY     61.60
SHENZHEN METRO GROUP CO     5.40     03/25/23    CNY     61.65
SHENZHEN METRO GROUP CO     6.75     01/24/24    CNY     74.40
SHENZHEN METRO GROUP CO     6.75     01/24/24    CNY     74.63
SHIJIAZHUANG HUTUO NEW      5.28     12/24/25    CNY     71.07
SHIJIAZHUANG HUTUO NEW      5.28     12/24/25    CNY     75.00
SHIJIAZHUANG REAL ESTAT     5.65     05/15/20    CNY     20.23
SHIJIAZHUANG REAL ESTAT     5.65     05/15/20    CNY     20.29
SHIJIAZHUANG STATE-OWNE     5.75     04/09/22    CNY     61.35
SHIJIAZHUANG STATE-OWNE     5.75     04/09/22    CNY     67.20
SHISHI CITY CONSTRUCTIO     6.10     05/04/22    CNY     60.00
SHISHI CITY CONSTRUCTIO     6.10     05/04/22    CNY     61.59
SHIYAN CITY INFRASTRUCT     6.88     10/11/20    CNY     40.68
SHIYAN CITY INFRASTRUCT     6.88     10/11/20    CNY     40.68
SHIYAN CITY INFRASTRUCT     6.58     08/20/21    CNY     60.00
SHIYAN CITY INFRASTRUCT     6.58     08/20/21    CNY     61.40
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY     40.55
SHOUGUANG CITY CONSTRUC     7.10     10/18/20    CNY     42.87
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY     25.39
SHUANGLIU COUNTY WATER      7.40     02/26/20    CNY     25.42
SHUANGLIU COUNTY WATER      6.92     07/30/20    CNY     50.59
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY     20.10
SHUYANG JINGYUAN ASSET      6.50     12/03/19    CNY     22.00
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY     40.00
SHUYANG JINGYUAN ASSET      7.39     04/14/21    CNY     41.25
SICHUAN CHENGDU ABA DEV     7.18     09/12/20    CNY     40.29
SICHUAN CHENGDU ABA DEV     7.18     09/12/20    CNY     40.31
SICHUAN COAL INDUSTRY G     7.70     01/09/18    CNY     45.00
SICHUAN NAXING INDUSTRI     7.17     09/11/21    CNY     60.71
SICHUAN TIANYIN INDUSTR     6.79     03/25/22    CNY     61.10
SICHUAN TIANYIN INDUSTR     6.79     03/25/22    CNY     68.00
SIHONG COUNTY HONG YUAN     6.15     03/16/22    CNY     60.00
SIHONG COUNTY HONG YUAN     6.15     03/16/22    CNY     61.66
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY     41.12
SLENDER WEST LAKE TOURI     6.80     06/25/21    CNY     60.00
SONGYUAN URBAN DEVELOPM     5.79     12/04/21    CNY     59.82
SONGYUAN URBAN DEVELOPM     5.79     12/04/21    CNY     61.10
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY     41.20
SUINING CITY HEDONG DEV     8.36     04/17/21    CNY     47.82
SUINING COUNTY RUNQI IN     7.10     06/25/21    CNY     40.79
SUINING COUNTY RUNQI IN     7.10     06/25/21    CNY     60.65
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY     20.20
SUINING DEVELOPMENT INV     6.62     04/25/20    CNY     20.23
SUINING FUYUAN INDUSTRY     6.39     03/17/22    CNY     55.01
SUINING FUYUAN INDUSTRY     6.39     03/17/22    CNY     64.18
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY     40.00
SUINING KAIDA INVESTMEN     8.69     04/21/21    CNY     40.34
SUIZHOU CITY URBAN CONS     7.18     09/02/21    CNY     61.20
SUIZHOU CITY URBAN CONS     7.18     09/02/21    CNY     61.29
SUIZHOU DEVELOPMENT INV     7.50     08/22/19    CNY     16.61
SUIZHOU DEVELOPMENT INV     7.50     08/22/19    CNY     20.11
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY     41.38
SUIZHOU DEVELOPMENT INV     8.50     12/20/20    CNY     41.83
SUIZHOU DEVELOPMENT INV     8.40     04/30/21    CNY     41.91
SUIZHOU DEVELOPMENT INV     8.40     04/30/21    CNY     42.02
SUNSHINE KAIDI NEW ENER     6.12     08/23/20    CNY     59.01
SUNSHINE KAIDI NEW ENER     6.12     08/23/20    CNY     70.39
SUQIAN CITY CONSTRUCTIO     6.88     10/29/20    CNY     40.71
SUQIAN WATER GROUP CO       6.55     12/04/19    CNY     20.22
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY     20.28
SUZHOU CITY CONSTRUCTIO     6.40     04/17/20    CNY     24.80
SUZHOU FENHU INVESTMENT     7.49     02/28/21    CNY     41.00
SUZHOU NEW DISTRICT ECO     6.20     07/22/21    CNY     61.37
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY     20.00
SUZHOU URBAN CONSTRUCTI     5.79     10/25/19    CNY     20.14
SUZHOU WUJIANG COMMUNIC     6.80     10/31/20    CNY     40.97
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY     20.09
SUZHOU XIANGCHENG URBAN     6.95     09/03/19    CNY     24.50
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY     41.30
SUZHOU XIANGCHENG URBAN     6.95     03/19/21    CNY     42.60
TAHOE GROUP CO LTD          7.50     09/08/20    CNY     73.80
TAIAN TAISHAN INVESTMEN     6.76     01/25/20    CNY     20.24
TAIAN TAISHAN INVESTMEN     6.76     01/25/20    CNY     20.41
TAICANG ASSETS MANAGEME     7.00     02/27/21    CNY     41.40
TAICANG HENGTONG INVEST     7.45     10/30/19    CNY     20.25
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY     20.30
TAICANG URBAN CONSTRUCT     6.75     01/11/20    CNY     20.31
TAIXING CITY CHENGXING      8.30     12/12/20    CNY     40.94
TAIXING CITY CHENGXING      8.30     12/12/20    CNY     43.14
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY     40.00
TAIYUAN ECONOMIC TECHNO     7.43     04/24/21    CNY     41.58
TAIYUAN HIGH-SPEED RAIL     6.50     10/30/20    CNY     40.95
TAIYUAN HIGH-SPEED RAIL     5.18     09/06/20    CNY     70.65
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY     41.43
TAIYUAN STATE-OWNED INV     7.20     03/19/21    CNY     46.50
TAIZHOU CITY CONSTRUCTI     6.92     10/16/23    CNY     72.70
TAIZHOU CITY CONSTRUCTI     6.92     10/16/23    CNY     74.29
TAIZHOU CITY CONSTRUCTI     6.53     07/11/21    CNY     61.00
TAIZHOU CITY CONSTRUCTI     6.53     07/11/21    CNY     61.46
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY     25.10
TAIZHOU CITY JIANGYAN D     8.50     04/23/20    CNY     25.73
TAIZHOU CITY JIANGYAN U     7.10     09/03/20    CNY     40.40
TAIZHOU CITY JIANGYAN U     7.10     09/03/20    CNY     40.60
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY     40.85
TAIZHOU CITY NEW BINJIA     7.60     03/05/21    CNY     41.10
TAIZHOU JIANGYAN STATE      6.85     12/03/19    CNY     19.80
TAIZHOU JIANGYAN STATE      6.85     12/03/19    CNY     20.14
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY     41.13
TAIZHOU JIAOJIANG STATE     7.46     09/13/20    CNY     41.20
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY     20.24
TAIZHOU TRAFFIC INDUSTR     6.15     03/11/20    CNY     20.33
TANGSHAN CAOFEIDIAN DEV     7.50     10/15/20    CNY     40.18
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY     40.49
TIANJIN BAOXING INDUSTR     7.10     10/17/20    CNY     42.62
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY     40.67
TIANJIN BEICHEN DISTRIC     7.00     04/21/21    CNY     47.15
TIANJIN BEICHEN TECHNOL     6.87     08/20/21    CNY     60.22
TIANJIN BEICHEN TECHNOL     6.87     08/20/21    CNY     67.00
TIANJIN BINHAI NEW AREA     5.19     03/13/20    CNY     20.13
TIANJIN BINHAI NEW AREA     5.19     03/13/20    CNY     20.25
TIANJIN BINHAI NEW AREA     6.10     11/23/21    CNY     61.90
TIANJIN DONGFANG CAIXIN     5.19     01/29/22    CNY     59.59
TIANJIN DONGFANG CAIXIN     5.19     01/29/22    CNY     60.67
TIANJIN DONGLI CITY INF     6.05     06/19/20    CNY     20.00
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY     20.05
TIANJIN ECO-CITY INVEST     6.76     08/14/19    CNY     20.07
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY     20.17
TIANJIN ECONOMIC TECHNO     6.20     12/03/19    CNY     22.00
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY     60.00
TIANJIN ECONOMIC TECHNO     6.50     12/03/22    CNY     61.38
TIANJIN GUANGCHENG INVE     6.97     02/22/23    CNY     56.65
TIANJIN GUANGCHENG INVE     6.97     02/22/23    CNY     58.58
TIANJIN GUANGCHENG INVE     7.45     07/24/21    CNY     59.78
TIANJIN GUANGCHENG INVE     7.45     07/24/21    CNY     69.00
TIANJIN HARBOR CONSTRUC     8.00     04/01/21    CNY     71.96
TIANJIN HARBOR CONSTRUC     8.80     01/24/21    CNY     72.28
TIANJIN HI-TECH INDUSTR     6.65     09/12/21    CNY     60.63
TIANJIN HOPETONE CO LTD     7.50     07/25/21    CNY     69.76
TIANJIN HUANCHENG URBAN     7.20     03/21/21    CNY     40.35
TIANJIN HUANCHENG URBAN     7.20     03/21/21    CNY     41.33
TIANJIN HUANCHENG URBAN     5.75     04/27/22    CNY     60.24
TIANJIN HUANCHENG URBAN     5.75     04/27/22    CNY     61.70
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY     60.85
TIANJIN INFRASTRUCTURE      5.70     02/26/23    CNY     61.48
TIANJIN JINNAN CITY CON     6.50     06/03/21    CNY     41.02
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY     41.00
TIANJIN LINGANG INVESTM     7.75     02/26/21    CNY     41.31
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY     40.94
TIANJIN NINGHE DISTRICT     7.00     05/30/21    CNY     47.50
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY     37.00
TIANJIN REAL ESTATE TRU     8.59     03/13/21    CNY     40.99
TIANJIN RESIDENTIAL CON     8.00     12/19/20    CNY     40.64
TIANJIN TEDA CONSTRUCTI     6.89     04/27/20    CNY     20.31
TIANJIN WATER INVESTMEN     8.40     01/15/21    CNY     50.51
TIANJIN WATER INVESTMEN     6.60     07/28/21    CNY     57.83
TIANJIN WATER INVESTMEN     6.60     07/28/21    CNY     61.80
TIANJIN WUQING STATE-OW     7.18     03/19/21    CNY     41.00
TIANJIN WUQING STATE-OW     7.18     03/19/21    CNY     41.21
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY     41.33
TIANJIN WUQING STATE-OW     8.00     12/17/20    CNY     41.80
TIANMEN CITY CONSTRUCTI     8.20     08/28/21    CNY     62.03
TIANMEN CITY CONSTRUCTI     8.20     08/28/21    CNY     65.16
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY     40.54
TONGLING CONSTRUCTION I     6.98     08/26/20    CNY     42.50
TONGLING DAJIANG INVEST     6.50     01/19/22    CNY     61.36
TONGLING DAJIANG INVEST     6.50     01/19/22    CNY     68.00
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY     40.98
TONGLU STATE-OWNED ASSE     8.09     04/18/21    CNY     41.48
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY     20.30
TONGXIANG CITY CONSTRUC     6.10     05/16/20    CNY     20.37
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY     25.08
TULUFAN DISTRICT STATE-     7.20     08/09/19    CNY     26.70
TULUFAN DISTRICT STATE-     6.20     03/19/22    CNY     60.97
TULUFAN DISTRICT STATE-     6.20     03/19/22    CNY     62.50
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY     20.01
URUMQI CITY CONSTRUCTIO     6.35     07/09/19    CNY     20.08
URUMQI ECO&TECH DEVELOP     6.40     04/13/22    CNY     60.00
URUMQI ECO&TECH DEVELOP     6.40     04/13/22    CNY     62.10
URUMQI GAOXIN INVESTMEN     6.18     03/05/20    CNY     20.20
URUMQI GAOXIN INVESTMEN     6.18     03/05/20    CNY     20.21
WAFANGDIAN COASTAL PROJ     3.98     02/01/23    CNY     73.08
WANGCHENG ECONOMIC DEVE     6.57     01/22/22    CNY     61.43
WANGCHENG ECONOMIC DEVE     6.57     01/22/22    CNY     68.81
WEIFANG BINHAI INVESTME     6.16     04/16/21    CNY     40.55
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY     20.15
WEIFANG DONGXIN CONSTRU     6.88     11/20/19    CNY     24.30
WEINAN CITY INVESTMENT      6.09     03/11/22    CNY     60.00
WEINAN CITY INVESTMENT      6.09     03/11/22    CNY     61.52
WENLING CITY STATE OWNE     7.18     09/18/19    CNY     20.10
WENLING CITY STATE OWNE     7.18     09/18/19    CNY     21.20
WENZHOU ECONOMIC-TECHNO     6.49     01/15/20    CNY     20.20
WENZHOU ECONOMIC-TECHNO     6.49     01/15/20    CNY     20.51
WENZHOU HIGH-TECH INDUS     7.30     05/30/21    CNY     41.00
WENZHOU HIGH-TECH INDUS     7.30     05/30/21    CNY     41.35
WENZHOU HIGH-TECH INDUS     7.95     03/21/21    CNY     41.68
WENZHOU LUCHENG CITY DE     5.58     11/03/21    CNY     60.89
WENZHOU LUCHENG CITY DE     5.58     11/03/21    CNY     63.00
WINTIME ENERGY CO LTD       7.50     05/19/19    CNY     36.00
WINTIME ENERGY CO LTD       7.50     11/16/20    CNY     43.63
WINTIME ENERGY CO LTD       7.50     04/04/21    CNY     43.63
WINTIME ENERGY CO LTD       7.30     08/06/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     12/15/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     07/05/18    CNY     43.63
WINTIME ENERGY CO LTD       7.50     12/06/20    CNY     43.63
WINTIME ENERGY CO LTD       7.00     08/25/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     04/26/19    CNY     43.63
WINTIME ENERGY CO LTD       6.78     10/23/18    CNY     43.63
WINTIME ENERGY CO LTD       7.00     03/19/19    CNY     43.63
WINTIME ENERGY CO LTD       7.90     03/29/21    CNY     43.63
WINTIME ENERGY CO LTD       7.70     11/15/20    CNY     43.63
WINTIME ENERGY CO LTD       7.90     12/22/20    CNY     43.63
WINTIME ENERGY CO LTD       7.50     07/07/19    CNY     54.28
WUHAI CITY CONSTRUCTION     8.19     04/21/21    CNY     41.81
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY     41.37
WUHAN CHEDU CORP LTD        7.18     02/27/21    CNY     44.36
WUHAN CITY HUANPI DISTR     6.43     09/17/21    CNY     61.51
WUHAN CITY HUANPI DISTR     6.43     09/17/21    CNY     63.02
WUHAN JIANGXIA URBAN CO     8.99     01/20/21    CNY     42.03
WUHAN METRO GROUP CO LT     5.70     02/04/20    CNY     20.21
WUHAN METRO GROUP CO LT     5.70     02/04/20    CNY     20.21
WUHAN METRO GROUP CO LT     5.25     04/14/22    CNY     61.40
WUHAN URBAN CONSTRUCTIO     5.60     03/08/20    CNY     20.29
WUHU COUNTY CONSTRUCTIO     6.60     12/08/21    CNY     61.49
WUHU COUNTY CONSTRUCTIO     6.60     12/08/21    CNY     66.35
WUHU JINGHU CONSTRUCTIO     6.68     05/16/20    CNY     20.34
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY     40.00
WUHU JIUJIANG CONSTRUCT     8.49     04/14/21    CNY     41.92
WUHU YIJU INVESTMENT GR     6.45     08/11/21    CNY     61.45
WUHU YIJU INVESTMENT GR     6.45     08/11/21    CNY     61.54
WUJIANG ECONOMIC TECHNO     6.88     12/27/19    CNY     20.21
WUJIANG ECONOMIC TECHNO     6.88     12/27/19    CNY     20.46
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY     40.76
WUWEI CITY ECONOMY DEVE     8.20     04/24/21    CNY     41.09
WUWEI CITY ECONOMY DEVE     8.20     12/09/20    CNY     42.53
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY     20.09
WUXI CONSTRUCTION AND D     6.60     09/17/19    CNY     20.10
WUXI HUNING METRO HUISH     4.38     06/08/21    CNY     69.94
WUXI HUNING METRO HUISH     4.38     06/08/21    CNY     73.00
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY     40.73
WUXI MUNICIPAL DEVELOPM     6.10     10/11/20    CNY     40.77
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY     20.12
WUXI TAIHU INTERNATIONA     7.60     09/17/19    CNY     21.40
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY     20.00
WUXI XIDONG NEW TOWN CO     6.65     01/28/20    CNY     20.17
WUYANG CONSTRUCTION GRO     7.80     09/11/20    CNY     32.48
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY     40.38
WUZHONG URBAN RURAL CON     7.18     10/12/20    CNY     40.39
WUZHOU DONGTAI STATE-OW     7.40     09/03/19    CNY     20.09
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY     41.27
XIAMEN TORCH GROUP CO L     7.49     04/21/21    CNY     44.88
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY     20.24
XIAMEN XINGLIN CONSTRUC     6.60     02/22/20    CNY     21.80
XI'AN AEROSPACE CITY IN     6.96     11/08/19    CNY     20.16
XIAN CHANBAHE DEVELOPME     6.89     08/03/19    CNY     20.06
XI'AN INTERNATIONAL HOR     6.20     10/21/21    CNY     59.83
XI'AN INTERNATIONAL HOR     6.20     10/21/21    CNY     61.46
XIAN QUJIANG DAMING PAL     6.39     03/21/20    CNY     50.75
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY     20.00
XIANGTAN HI-TECH GROUP      6.90     01/15/20    CNY     20.01
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY     40.77
XIANGTAN HI-TECH GROUP      8.16     02/25/21    CNY     48.99
XIANGTAN JIUHUA ECONOMI     7.15     10/15/20    CNY     39.88
XIANGTAN JIUHUA ECONOMI     6.59     01/21/22    CNY     57.85
XIANGTAN LIANGXING SOCI     7.89     04/23/21    CNY     41.43
XIANGTAN WANLOU XINCHEN     6.90     01/14/22    CNY     55.49
XIANGTAN WANLOU XINCHEN     6.90     01/14/22    CNY     58.56
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY     39.97
XIANGTAN ZHENXIANG STAT     6.60     08/07/20    CNY     40.00
XIANGYANG HIGH TECH STA     7.00     05/29/21    CNY     41.07
XIANGYANG HIGH TECH STA     7.00     05/29/21    CNY     43.38
XIANNING HIGH-TECH INVE     5.80     06/05/20    CNY     20.21
XIANNING HIGH-TECH INVE     6.29     02/10/22    CNY     61.19
XIANNING HIGH-TECH INVE     6.29     02/10/22    CNY     65.00
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY     41.80
XIANTAO CITY CONSTRUCTI     8.15     02/24/21    CNY     41.96
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY     41.64
XIAOGAN GAOCHUANG INVES     7.43     06/23/21    CNY     52.72
XIAOGAN GAOCHUANG INVES     6.87     09/22/21    CNY     61.71
XIAOGAN GAOCHUANG INVES     6.87     09/22/21    CNY     66.69
XIAOGAN URBAN CONSTRUCT     6.89     05/29/21    CNY     41.35
XINGHUA CITY ECONOMIC D     5.28     06/13/22    CNY     74.17
XINGHUA CITY ECONOMIC D     5.28     06/13/22    CNY     74.20
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY     50.00
XINGHUA URBAN CONSTRUCT     7.36     07/15/20    CNY     50.29
XINING ECONOMIC DEVELOP     5.90     06/04/20    CNY     20.05
XINJIANG HUIFENG URBAN      6.10     05/23/20    CNY     17.88
XINJIANG HUIFENG URBAN      6.10     05/23/20    CNY     20.15
XINJIANG KAIDI INVESTME     7.80     04/22/21    CNY     41.50
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY     50.27
XINJIANG RUNSHENG INVES     7.15     07/10/20    CNY     50.43
XINJIANG WUJIAQU CAIJIA     7.50     05/21/21    CNY     40.88
XINJIANG XINYE STATE-OW     6.20     08/15/19    CNY     50.55
XINTAI CITY COORDINATIN     6.35     03/23/22    CNY     60.75
XINTAI CITY COORDINATIN     6.35     03/23/22    CNY     61.31
XINXIANG INVESTMENT GRO     5.85     04/15/20    CNY     20.16
XINYANG HONGCHANG PIPE      6.49     06/20/20    CNY     72.87
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY     41.32
XINYANG HUAXIN INVESTME     7.55     04/15/21    CNY     46.30
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY     40.50
XINYI CITY INVESTMENT &     7.39     10/15/20    CNY     40.87
XINYI URBAN TRANSPORTAT     6.14     02/06/22    CNY     61.70
XINYI URBAN TRANSPORTAT     6.14     02/06/22    CNY     61.83
XINYU CHENGDONG CONSTRU     8.48     05/27/21    CNY     40.88
XINYU CITY SHANTYTOWN Z     6.42     12/09/20    CNY     70.81
XINYU CITY YUSHUI DISTR     7.70     06/24/22    CNY     61.48
XINYU URBAN CONSTRUCTIO     7.08     12/13/19    CNY     20.20
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY     24.90
XINZHENG NEW DISTRICT D     6.52     06/28/19    CNY     25.01
XINZHENG NEW DISTRICT D     6.60     01/29/21    CNY     50.00
XINZHENG NEW DISTRICT D     6.40     01/29/21    CNY     50.00
XINZHENG NEW DISTRICT D     6.40     01/29/21    CNY     51.18
XINZHENG NEW DISTRICT D     6.60     01/29/21    CNY     51.36
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY     40.00
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY     41.42
XINZHOU ASSET MANAGEMEN     8.50     12/18/20    CNY     41.46
XINZHOU ASSET MANAGEMEN     7.90     02/21/21    CNY     43.41
XUANCHENG CITY ECONOMY      7.95     09/22/21    CNY     61.37
XUANCHENG CITY ECONOMY      7.95     09/22/21    CNY     66.00
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY     41.73
XUANCHENG STATE-OWNED A     7.95     03/27/21    CNY     46.00
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY     40.38
XUZHOU CITY TONGSHAN DI     6.60     08/08/20    CNY     40.66
XUZHOU ECONOMIC TECHNOL     7.35     04/21/21    CNY     40.46
XUZHOU ECONOMIC TECHNOL     7.35     04/21/21    CNY     41.50
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY     41.57
XUZHOU HI-TECH INDUSTRI     7.86     04/22/21    CNY     51.50
XUZHOU TRANSPORTATION H     7.09     05/15/21    CNY     41.00
XUZHOU TRANSPORTATION H     7.09     05/15/21    CNY     41.62
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY     37.00
YA'AN DEVELOPMENT INVES     7.00     09/13/20    CNY     41.34
YAAN STATE-OWNED ASSET      7.39     07/04/19    CNY     20.01
YANCHENG CITY DAFENG DI     7.08     12/13/19    CNY     20.00
YANCHENG CITY DAFENG DI     7.08     12/13/19    CNY     20.18
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY     41.30
YANCHENG CITY DAFENG DI     8.70     01/24/21    CNY     41.76
YANCHENG CITY DAFENG DI     8.50     12/30/20    CNY     41.89
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY     38.30
YANCHENG CITY TINGHU DI     7.95     11/15/20    CNY     40.79
YANCHENG ORIENTAL INVES     6.99     10/26/19    CNY     20.12
YANCHENG ORIENTAL INVES     6.48     09/15/21    CNY     59.70
YANCHENG ORIENTAL INVES     6.48     09/15/21    CNY     60.59
YANCHENG SOUTH DISTRICT     6.93     10/26/19    CNY     20.15
YANCHENG SOUTH DISTRICT     6.70     07/30/21    CNY     61.00
YANCHENG SOUTH DISTRICT     6.70     07/30/21    CNY     61.65
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY     40.70
YANGJIANG HENGCAI CITY      6.85     09/09/20    CNY     40.75
YANGJIANG HENGCAI CITY      6.24     04/14/22    CNY     60.00
YANGJIANG HENGCAI CITY      6.24     04/14/22    CNY     61.44
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY     41.10
YANGZHOU CHEMICAL INDUS     8.58     01/24/21    CNY     46.00
YANGZHOU ECONOMIC & TEC     7.40     03/05/21    CNY     70.00
YANGZHOU ECONOMIC & TEC     7.40     03/05/21    CNY     72.44
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY     20.18
YANGZHOU HANJIANG URBAN     6.20     03/12/20    CNY     20.44
YANGZHOU HANJIANG URBAN     5.88     06/15/22    CNY     66.63
YANGZHOU JIANGDU YANJIA     7.48     07/29/20    CNY     50.55
YANGZHOU JIANGDU YANJIA     7.48     07/29/20    CNY     50.64
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY     20.02
YANGZHOU URBAN CONSTRUC     6.30     07/26/19    CNY     20.03
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY     20.11
YICHANG URBAN CONSTRUCT     6.85     11/08/19    CNY     20.40
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY     41.42
YICHUN URBAN CONSTRUCTI     7.09     05/15/21    CNY     43.47
YICHUN VENTURE CAPITAL      6.70     03/23/22    CNY     60.36
YICHUN VENTURE CAPITAL      6.70     03/23/22    CNY     65.00
YIHUA ENTERPRISE GROUP      6.50     05/02/22    CNY     29.06
YIHUA ENTERPRISE GROUP      5.99     11/26/20    CNY     66.00
YIHUA ENTERPRISE GROUP      3.80     10/20/21    CNY     71.00
YIHUA LIFESTYLE TECHNOL     6.88     07/16/20    CNY     45.00
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY     41.55
YILI KAZAKH AUTONOMOUS      7.68     02/28/21    CNY     41.90
YINCHUAN URBAN CONSTRUC     6.88     05/12/21    CNY     41.32
YINGKOU COASTAL DEVELOP     6.45     01/26/22    CNY     58.71
YINGKOU COASTAL DEVELOP     6.45     01/26/22    CNY     60.29
YINGTAN INVESTMENT CO       7.50     12/12/22    CNY     62.92
YINGTAN INVESTMENT CO       7.50     12/12/22    CNY     62.93
YINGTAN LONGGANG ASSET      6.75     07/31/22    CNY     60.38
YINING CITY STATE OWNED     8.90     01/23/21    CNY     41.81
YINING CITY STATE OWNED     8.90     01/23/21    CNY     49.95
YINYI CO LTD                7.03     06/21/21    CNY     72.00
YIWU URBAN & RURAL NEW      4.25     11/24/21    CNY     74.13
YIXING CITY CONSTRUCTIO     6.16     03/30/22    CNY     60.00
YIXING CITY CONSTRUCTIO     6.16     03/30/22    CNY     61.89
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY     20.10
YIXING CITY DEVELOPMENT     6.90     10/10/19    CNY     20.18
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY     41.50
YIXING TUOYE INDUSTRIAL     7.60     05/28/21    CNY     43.50
YIYANG CITY CONSTRUCTIO     7.36     08/24/19    CNY     20.07
YIYANG GAOXIN TECHNOLOG     7.00     03/30/22    CNY     60.63
YIYANG GAOXIN TECHNOLOG     7.00     03/30/22    CNY     68.00
YONG ZHOU CITY CONSTRUC     7.30     10/23/20    CNY     40.82
YONG ZHOU CITY CONSTRUC     7.30     10/23/20    CNY     42.80
YONGJIA INVESTMENT GROU     6.50     11/12/21    CNY     60.00
YONGJIA INVESTMENT GROU     6.50     11/12/21    CNY     60.77
YONGXING YINDU CONSTRUC     5.60     03/24/23    CNY     73.27
YUEYANG CITY DONGTING N     6.15     03/20/22    CNY     60.25
YUEYANG CITY DONGTING N     6.15     03/20/22    CNY     60.29
YUEYANG HUILIN INVESTME     5.50     11/03/21    CNY     60.06
YUEYANG HUILIN INVESTME     5.50     11/03/21    CNY     62.00
YUEYANG URBAN CONSTRUCT     6.05     07/12/20    CNY     40.26
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY     20.17
YUHUAN CITY COMMUNICATI     7.15     10/12/19    CNY     20.40
YUHUAN CITY COMMUNICATI     5.65     11/03/21    CNY     60.86
YUHUAN CITY COMMUNICATI     6.18     03/20/22    CNY     61.55
YUHUAN CITY COMMUNICATI     6.18     03/20/22    CNY     64.47
YUHUAN CITY COMMUNICATI     5.65     11/03/21    CNY     64.50
YULIN URBAN CONSTRUCTIO     6.88     11/26/19    CNY     20.15
YUNCHENG URBAN CONSTRUC     7.48     10/15/19    CNY     20.16
YUNNAN METROPOLITAN CON     6.77     05/23/21    CNY     41.13
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY     41.69
YUYAO CITY CONSTRUCTION     7.09     05/19/21    CNY     48.16
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY     20.20
YUYAO ECONOMIC DEVELOPM     6.75     03/04/20    CNY     20.40
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY     40.76
ZHANGJIAGANG FREE TRADE     7.10     08/23/20    CNY     46.04
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY     40.90
ZHANGJIAGANG JINCHENG I     6.88     04/28/21    CNY     41.45
ZHANGJIAGANG MUNICIPAL      6.43     11/27/19    CNY     20.17
ZHANGJIAGANG MUNICIPAL      6.43     11/27/19    CNY     20.30
ZHANGJIAJIE ECONOMIC DE     7.40     10/18/19    CNY     20.10
ZHANGJIAJIE ECONOMIC DE     7.80     04/17/21    CNY     41.39
ZHANGYE CITY INVESTMENT     6.92     09/22/21    CNY     58.00
ZHANGYE CITY INVESTMENT     6.92     09/22/21    CNY     60.83
ZHANGZHOU CITY CONSTRUC     6.60     03/26/20    CNY     20.28
ZHANGZHOU ECONOMIC DEVE     6.17     04/27/22    CNY     60.00
ZHANGZHOU ECONOMIC DEVE     6.17     04/27/22    CNY     61.69
ZHANGZHOU JIULONGJIANG      6.48     06/20/21    CNY     61.60
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY     40.65
ZHANJIANG INFRASTRUCTUR     6.93     10/21/20    CNY     40.85
ZHAOQING GAOYAO DISTRIC     6.68     04/14/22    CNY     60.00
ZHAOQING GAOYAO DISTRIC     6.68     04/14/22    CNY     60.69
ZHAOYUAN STATE-OWNED AS     6.64     12/31/19    CNY     20.14
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY     41.14
ZHEJIANG CHANGXING VIA      7.99     03/03/21    CNY     50.00
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY     41.62
ZHEJIANG FUCHUN SHANJU      7.70     04/28/21    CNY     49.00
ZHEJIANG GUOXING INVEST     6.94     08/01/21    CNY     61.24
ZHEJIANG GUOXING INVEST     6.94     08/01/21    CNY     68.50
ZHEJIANG HUZHOU HUANTAI     6.70     11/28/19    CNY     20.08
ZHEJIANG HUZHOU HUANTAI     6.70     11/28/19    CNY     20.20
ZHEJIANG OUHAI CONSTRUC     6.45     04/23/22    CNY     60.00
ZHEJIANG OUHAI CONSTRUC     6.45     04/23/22    CNY     60.98
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY     20.12
ZHEJIANG PROVINCE DEQIN     6.40     02/22/20    CNY     20.23
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY     20.29
ZHEJIANG PROVINCE XINCH     6.60     04/24/20    CNY     22.90
ZHEJIANG PROVINCE XINCH     5.88     10/30/21    CNY     60.15
ZHEJIANG PROVINCE XINCH     6.95     12/31/21    CNY     61.00
ZHEJIANG PROVINCE XINCH     6.95     12/31/21    CNY     61.34
ZHEJIANG PROVINCE XINCH     5.88     10/30/21    CNY     64.99
ZHENGZHOU MOUZHONG DEVE     7.48     12/11/21    CNY     61.48
ZHENGZHOU MOUZHONG DEVE     7.48     12/11/21    CNY     66.20
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY     40.34
ZHENGZHOU PUBLIC HOUSIN     5.98     07/17/20    CNY     40.38
ZHENJIANG CITY CONSTRUC     7.90     12/18/20    CNY     40.96
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY     41.42
ZHENJIANG CITY CONSTRUC     8.20     01/13/21    CNY     48.49
ZHENJIANG CITY CONSTRUC     7.90     12/18/20    CNY     52.27
ZHENJIANG CULTURE TOURI     6.60     01/30/20    CNY     20.08
ZHENJIANG DANTU DISTRIC     5.89     11/03/21    CNY     59.60
ZHENJIANG DANTU DISTRIC     5.89     11/03/21    CNY     59.66
ZHENJIANG NEW AREA URBA     8.35     02/26/21    CNY     41.10
ZHENJIANG NEW AREA URBA     8.99     01/16/21    CNY     41.25
ZHONGMINTOU LEASING HOL     7.55     09/21/21    CNY     49.49
ZHONGRONG XINDA GROUP C     7.10     01/22/21    CNY     33.70
ZHONGSHAN TRANSPORTATIO     5.25     11/26/21    CNY     60.00
ZHONGSHAN TRANSPORTATIO     5.25     11/26/21    CNY     61.00
ZHONGTIAN FINANCIAL GRO     7.00     10/15/20    CNY     74.53
ZHOUKOU INVESTMENT GROU     7.49     04/21/21    CNY     41.07
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY     40.85
ZHOUSHAN DINGHAI STATE-     7.25     08/31/20    CNY     41.65
ZHOUSHAN DINGHAI STATE-     7.13     08/04/21    CNY     61.57
ZHOUSHAN DINGHAI STATE-     7.13     08/04/21    CNY     65.00
ZHOUSHAN ISLANDS NEW DI     6.98     10/22/22    CNY     71.36
ZHOUSHAN ISLANDS NEW DI     6.98     10/22/22    CNY     73.44
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY     60.01
ZHOUSHAN PUTUO DISTRICT     7.18     06/20/22    CNY     72.41
ZHUHAI HUIHUA INFRASTRU     7.15     09/17/20    CNY     40.75
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY     41.17
ZHUJI CITY YUEDU INVEST     8.20     12/12/20    CNY     44.50
ZHUJI CITY YUEDU INVEST     6.38     04/07/22    CNY     60.00
ZHUJI CITY YUEDU INVEST     6.38     04/07/22    CNY     61.51
ZHUJI URBAN & RURAL INV     6.92     12/19/19    CNY     20.30
ZHUJI URBAN & RURAL INV     6.92     12/19/19    CNY     20.33
ZHUZHOU CITY CONSTRUCTI     6.95     10/16/20    CNY     40.78
ZHUZHOU CITY CONSTRUCTI     8.36     11/10/21    CNY     62.50
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY     20.04
ZHUZHOU GECKOR GROUP CO     7.50     09/10/19    CNY     20.10
ZHUZHOU GECKOR GROUP CO     6.38     04/17/22    CNY     60.00
ZHUZHOU GECKOR GROUP CO     6.38     04/17/22    CNY     60.86
ZHUZHOU GECKOR GROUP CO     6.95     08/11/21    CNY     61.18
ZHUZHOU GECKOR GROUP CO     6.95     08/11/21    CNY     61.19
ZHUZHOU REAL ESTATE GRO     6.25     03/25/22    CNY     61.43
ZHUZHOU REAL ESTATE GRO     6.25     03/25/22    CNY     68.53
ZHUZHOU RECYCLING ECONO     4.38     03/24/23    CNY     74.64
ZHUZHOU YUNLONG DEVELOP     6.78     11/19/19    CNY     20.11
ZHUZHOU YUNLONG DEVELOP     6.78     11/19/19    CNY     20.50
ZIYANG WATER INVESTMENT     7.40     10/21/20    CNY     40.89
ZJ HZ QINGSHAN LAKE SCI     7.90     04/23/21    CNY     41.41
ZJ HZ QINGSHAN LAKE SCI     7.90     04/23/21    CNY     44.00
ZUNYI ROAD & BRIDGE CON     6.10     04/27/23    CNY     70.22
ZUNYI ROAD & BRIDGE CON     6.10     04/27/23    CNY     72.96


HONG KONG
---------

DR PENG HOLDING HONGKON     5.05     06/01/20    USD     74.09


INDONESIA
---------

BERAU COAL ENERGY TBK P     7.25     03/13/17    USD     46.00
BERAU COAL ENERGY TBK P     7.25     03/13/17    USD     46.00
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD      0.06
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD      0.06
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.10
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.10


INDIA
-----


3I INFOTECH LTD             2.50     03/31/25    USD     10.75
ACME FAZILKA POWER PVT      0.01     09/07/46    INR     10.38
AMPSOLAR SOLUTION PVT L     0.01     11/03/37    INR     20.50
AMPSOLAR SOLUTION PVT L     0.01     10/27/37    INR     20.53
APG HABITAT PVT LTD         1.00     09/09/28    INR     50.55
APG INTELLI HOMES PVT L     1.25     02/04/35    INR     34.14
APG INTELLI HOMES PVT L     1.25     02/04/35    INR     36.95
AUTOMOTIVE EXCHANGE PVT     4.00     06/01/30    INR     57.12
AUTOMOTIVE EXCHANGE PVT     4.00     10/11/30    INR     57.17
BENGAL AEROTROPOLIS PRO     5.00     12/01/29    INR     67.46
BENGAL AEROTROPOLIS PRO     5.00     12/01/28    INR     69.23
BENGAL AEROTROPOLIS PRO     5.00     12/01/27    INR     71.30
BENGAL AEROTROPOLIS PRO     5.00     12/01/26    INR     73.60
BLUE DART EXPRESS LTD       9.50     11/20/19    INR     10.04
BOTHE WINDFARM DEVELOPM    10.00     11/28/32    INR     69.52
BRIGHT BUILDTECH PVT LT     1.00     09/01/23    INR     70.01
BRIGHT BUILDTECH PVT LT     1.00     09/01/23    INR     70.01
CORE EDUCATION & TECHNO     7.00     05/07/49    USD      0.24
CUMULUS TRADING CO PVT      0.01     05/21/32    INR     31.29
CUMULUS TRADING CO PVT      0.01     12/29/29    INR     38.36
CUMULUS TRADING CO PVT      0.01     01/23/30    INR     52.27
DAYAKARA SOLAR POWER PV     0.10     04/05/26    INR     54.20
DEWAN HOUSING FINANCE C     8.50     04/18/23    INR     35.00
EDELWEISS ASSET RECONST     2.00     01/15/29    INR     53.68
EDELWEISS ASSET RECONST     2.00     10/07/28    INR     54.43
EDELWEISS ASSET RECONST     2.00     11/20/27    INR     57.04
EDELWEISS ASSET RECONST     2.00     03/28/27    INR     58.76
GREEN URJA PVT LTD          0.01     02/14/30    INR     39.07
GTL INFRASTRUCTURE LTD      6.73     10/26/22    USD      4.59
HIMGIRI ENERGY VENTURES     1.00     09/30/22    INR     73.90
HINDUSTAN CONSTRUCTION      0.01     01/05/27    INR     48.63
HITODI INFRASTRUCTURE L     0.01     06/30/27    INR     44.98
JAIPRAKASH ASSOCIATES L     5.75     09/08/17    USD     55.13
JAIPRAKASH POWER VENTUR     7.00     05/15/17    USD      5.00
JASPER AUTO SERVICES PV     0.01     02/11/23    INR     72.27
JCT LTD                     2.50     04/08/11    USD     25.75
JSM CORP PVT LTD            0.01     08/31/36    INR     22.17
JTPM ATSALI LTD             0.01     08/29/48    INR      6.82
KANAKADURGA FINANCE LTD     0.01     04/15/36    INR     20.85
KVK ENERGY & INFRASTRUC     0.01     01/25/24    INR     65.26
LIC HOUSING FINANCE LTD     7.81     04/27/20    INR      6.08
MARIS POWER SUPPLY CO P     2.00     04/18/28    INR     58.15
MYAASHIANA MANAGEMENT S     0.25     02/02/23    INR     72.53
MYTRAH AADHYA POWER PVT     0.01     07/05/35    INR     24.87
MYTRAH ADVAITH POWER PV     0.01     07/13/36    INR     22.97
MYTRAH AKSHAYA ENERGY P     0.01     07/13/36    INR     22.97
ORIGAMI CELLULO PVT LTD     0.01     11/14/36    INR     21.99
PRAKASH INDUSTRIES LTD      5.25     04/30/15    USD     22.63
PUNJAB INFRASTRUCTURE D     0.40     10/15/33    INR     37.80
PUNJAB INFRASTRUCTURE D     0.40     10/15/32    INR     40.29
PUNJAB INFRASTRUCTURE D     0.40     10/15/31    INR     43.02
PUNJAB INFRASTRUCTURE D     0.40     10/15/30    INR     45.96
PUNJAB INFRASTRUCTURE D     0.40     10/15/29    INR     49.16
PUNJAB INFRASTRUCTURE D     0.40     10/15/28    INR     52.63
PUNJAB INFRASTRUCTURE D     0.40     10/15/27    INR     56.41
PUNJAB INFRASTRUCTURE D     0.40     10/15/26    INR     60.51
PUNJAB INFRASTRUCTURE D     0.40     10/15/25    INR     64.95
PUNJAB INFRASTRUCTURE D     0.40     10/15/24    INR     69.74
PYRAMID SAIMIRA THEATRE     1.75     07/04/12    USD      1.00
R L FINE CHEM PVT LTD       0.10     08/19/36    INR     22.65
REDKITE CAPITAL PVT LTD     2.50     03/30/29    INR     57.80
REDKITE CAPITAL PVT LTD     2.50     01/15/28    INR     61.24
REI AGRO LTD                5.50     11/13/14    USD      0.01
REI AGRO LTD                5.50     11/13/14    USD      0.01
RELIANCE COMMUNICATIONS     6.50     11/06/20    USD     24.80
SURBHI INVESTMENTS & TR     2.50     10/21/28    INR     59.22
SVOGL OIL GAS & ENERGY      5.00     08/17/15    USD      0.82
TN URJA PVT LTD             0.10     02/22/36    INR     25.36
VIDEOCON INDUSTRIES LTD     2.80     12/31/20    USD     33.38
WATSUN INFRABUILD PVT L     4.00     10/16/37    INR     51.87
WS T&D LTD                  0.10     03/24/29    INR     42.57


JAPAN
-----

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


KOREA
-----

DB METAL CO LTD             2.00     04/03/20    KRW     10.11
HEUNGKUK FIRE & MARINE      5.70     12/29/46    KRW     50.16
KIBO ABS SPECIALTY CO L     5.00     02/26/21    KRW     66.03
KIBO ABS SPECIALTY CO L     5.00     08/28/21    KRW     69.54
KIBO ABS SPECIALTY CO L     5.00     02/28/20    KRW     69.83
KIBO ABS SPECIALTY CO L     5.00     12/25/19    KRW     73.84
KIBO ABS SPECIALTY CO L     5.00     08/29/19    KRW     74.84
SAMPYO CEMENT CO LTD        8.10     04/12/15    KRW     70.00
SAMPYO CEMENT CO LTD        8.30     09/10/14    KRW     70.00
SAMPYO CEMENT CO LTD        8.10     06/26/15    KRW     70.00
SAMPYO CEMENT CO LTD        8.30     04/20/14    KRW     70.00
SAMPYO CEMENT CO LTD        7.50     07/20/14    KRW     70.00
SINBO SECURITIZATION SP     5.00     12/21/20    KRW     65.51
SINBO SECURITIZATION SP     5.00     03/21/21    KRW     65.74
SINBO SECURITIZATION SP     5.00     08/31/21    KRW     67.02
SINBO SECURITIZATION SP     5.00     07/26/21    KRW     67.03
SINBO SECURITIZATION SP     5.00     02/23/22    KRW     68.16
SINBO SECURITIZATION SP     5.00     01/26/22    KRW     68.44
SINBO SECURITIZATION SP     5.00     08/31/22    KRW     68.91
SINBO SECURITIZATION SP     5.00     07/26/22    KRW     69.08
SINBO SECURITIZATION SP     5.00     06/29/21    KRW     69.77
SINBO SECURITIZATION SP     5.00     06/29/22    KRW     70.13
SINBO SECURITIZATION SP     5.00     09/27/21    KRW     72.20
SINBO SECURITIZATION SP     5.00     08/25/21    KRW     72.46
SINBO SECURITIZATION SP     5.00     06/23/20    KRW     72.51
SINBO SECURITIZATION SP     5.00     07/27/21    KRW     72.67
SINBO SECURITIZATION SP     5.00     03/15/20    KRW     73.24
SINBO SECURITIZATION SP     5.00     02/28/21    KRW     73.85
SINBO SECURITIZATION SP     5.00     01/27/21    KRW     74.10
SINBO SECURITIZATION SP     5.00     12/22/20    KRW     74.38
SINBO SECURITIZATION SP     5.00     06/24/19    KRW     74.81
SINBO SECURITIZATION SP     5.00     09/23/20    KRW     75.08


MALAYSIA
--------

AEON CREDIT SERVICE M B     3.50     09/15/20    MYR      1.50
ASIAN PAC HOLDINGS BHD      3.00     05/25/22    MYR      0.68
BERJAYA CORP BHD            5.00     04/22/22    MYR      0.32
ELK-DESA RESOURCES BHD      3.25     04/14/22    MYR      1.23
HIAP TECK VENTURE BHD       5.00     06/23/21    MYR      0.27
HUME INDUSTRIES BHD         5.00     05/29/24    MYR      1.62
I-BHD                       3.00     10/09/19    MYR      0.28
MALAYAN FLOUR MILLS BHD     5.00     01/24/24    MYR      1.39
PERODUA GLOBAL MANUFACT     0.50     12/17/25    MYR     74.69
PMB TECHNOLOGY BHD          3.00     07/12/23    MYR      3.07
REDTONE INTERNATIONAL B     2.75     03/04/20    MYR      0.12
SENAI-DESARU EXPRESSWAY     1.35     06/30/31    MYR     65.23
SENAI-DESARU EXPRESSWAY     1.35     12/31/30    MYR     66.26
SENAI-DESARU EXPRESSWAY     1.35     06/28/30    MYR     67.31
SENAI-DESARU EXPRESSWAY     1.35     12/31/29    MYR     68.30
SENAI-DESARU EXPRESSWAY     1.35     12/29/28    MYR     70.57
SENAI-DESARU EXPRESSWAY     1.35     06/30/28    MYR     71.83
SENAI-DESARU EXPRESSWAY     1.35     12/31/27    MYR     73.06
SOUTHERN STEEL BHD          5.00     01/24/20    MYR      0.80
THONG GUAN INDUSTRIES B     5.00     10/10/19    MYR      2.45
VIZIONE HOLDINGS BHD        3.00     08/08/21    MYR      0.07
YTL LAND & DEVELOPMENT      6.00     10/31/21    MYR      0.31


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

PRECINCT PROPERTIES NEW     4.80     09/27/21    NZD      1.17


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

BAYAN TELECOMMUNICATION    15.00     07/15/06    USD     22.75


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     3.00     03/28/25    SGD     51.38
ASL MARINE HOLDINGS LTD     3.00     10/01/26    SGD     51.38
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.09
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.09
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.01
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.01
BLD INVESTMENTS PTE LTD     8.63     03/23/15    USD      4.88
BLUE OCEAN RESOURCES PT     4.00     12/31/21    USD     34.65
BLUE OCEAN RESOURCES PT     4.00     12/31/21    USD     34.65
BLUE OCEAN RESOURCES PT     4.00     12/31/21    USD     34.65
ENERCOAL RESOURCES PTE      9.25     08/05/14    USD     44.50
EZION HOLDINGS LTD          0.25     11/20/27    SGD     67.86
EZRA HOLDINGS LTD           4.88     04/24/18    SGD      5.00
HYFLUX LTD                  4.20     08/29/19    SGD     39.88
HYFLUX LTD                  4.25     09/07/18    SGD     39.88
HYFLUX LTD                  4.60     09/23/19    SGD     39.88
INDO INFRASTRUCTURE GRO     2.00     07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT     6.00     12/11/24    USD     57.00
ITNL OFFSHORE PTE LTD       7.50     01/18/21    CNY     36.15
MICLYN EXPRESS OFFSHORE     8.75     11/25/18    USD     30.00
NEPTUNE ORIENT LINES LT     4.40     06/22/21    SGD     73.91
ORO NEGRO DRILLING PTE      7.50     01/24/19    USD     46.00
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
SWIBER CAPITAL PTE LTD      6.50     08/02/18    SGD      4.20
SWIBER CAPITAL PTE LTD      6.25     10/30/17    SGD      4.20
SWIBER HOLDINGS LTD         7.13     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


THAILAND
--------

G STEEL PCL                 3.00     10/04/15    USD      0.55
MDX PCL                     4.75     09/17/03    USD     30.00


VIETNAM
-------

DEBT AND ASSET TRADING      1.00     10/10/25    USD     74.01
DEBT AND ASSET TRADING      1.00     10/10/25    USD     74.56


                           *********


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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