/raid1/www/Hosts/bankrupt/TCRAP_Public/190730.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, July 30, 2019, Vol. 22, No. 151

                           Headlines



A U S T R A L I A

GRAINPRO PTY: First Creditors' Meeting Set for Aug. 7
MALPHUS PTY: Second Creditors' Meeting Set for Aug. 2
REDS TRUST 2019-1: S&P Assigns Prelim BB(sf) Rating on Cl. E Notes
SASHIZZA SURRY: Sushi-Pizza Restaurant Placed Into Liquidation
SCANDIA AIR: First Creditors' Meeting Set for Aug. 8

SKILL TRAINING: Second Creditors' Meeting Set for Aug. 5
SQUIRREL LIMITED: Second Creditors' Meeting Set for Aug. 5
STERLING FIRST: Retirees Rally in Mandurah Following Collapse
STIRFIRE LIMITED: Second Creditors' Meeting Set for Aug. 5
SUBURBAN ENTERPRISES: First Creditors' Meeting Set for Aug. 8

SUPERIOR FORMWORK: First Creditors' Meeting Set for Aug. 6


C H I N A

BANK OF JINZHOU: Says in Talks with Possible Investors
YIHUA ENTERPRISE: S&P Lowers ICR to 'CCC' on High Refinancing Risk


H O N G   K O N G

CHINA SOUTH CITY: S&P Alters Outlook to Positive & Affirms B- ICR


I N D I A

ABM RUBBER: Insolvency Resolution Process Case Summary
ANANTNATH SILK: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
ANUPAM EXTRACTIONS: Insolvency Resolution Process Case Summary
B J HOTELS: CARE Maintains D Rating in Not Cooperating Category
BAJAJ ENERGY: Ind-Ra Affirms 'D' Rating on 3 Bank Loans

BANSAL RICE: CARE Maintains B- Rating in Not Cooperating Category
BHUMIKA EGG: CARE Maintains B- Rating in Not Cooperating
C.P. ISPAT: CARE Migrates D Rating to Not Cooperating
C.P. SPONGE: CARE Migrates D Rating to Not Cooperating Category
CARD PRO: CARE Maintains D Rating in Not Cooperating Category

DEVGHAR ISPAT: CARE Lowers Rating on INR8.50cr LT Loan to B
DKM AGENCIES: CARE Maintains D Rating in Not Cooperating Category
EPOWER ENERGY: Insolvency Resolution Process Case Summary
GAYATRI BIOORGANICS: CARE Migrates D Rating to Not Cooperating
GHANTA FOODS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating

GOLDEN ANCHOR: Insolvency Resolution Process Case Summary
GREENKO ENERGY: Fitch Affirms BB- LongTerm IDR, Outlook Stable
J J EXTRUSION: CARE Migrates B+ Rating to Not Cooperating Category
JAIN IRRIGATION: S&P Lowers ICR to 'CCC' on Diminished Liquidity
JR TOLL: CARE Downgrades Rating on INR389cr LT Loan to D

KUNA IMPEX: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
L&T HALOL: Insolvency Resolution Process Case Summary
NANIBALA COLD: CARE Migrates B+ Rating to Not Cooperating
NIRVANA FASHION: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
NUTRIENT MARINE: CARE Lowers Rating on INR40cr LT/ST Loan to D

PARISHUDH MACHINES: CARE Maintains D Rating in Not Cooperating
PRABHAT GLOBAL: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
PRERNA SERVICES: CARE Maintains D Rating in Not Cooperating
PUNJAB BIO: CARE Maintains D Rating in Not Cooperating Category
PUSHPANJLI STRIPS: Ind-Ra Withdraws BB Rating on INR130MM Loan

RELIANCE BIG: CARE Lowers Rating on INR80cr LT Loan to 'D'
RUCHI SOYA: NCLT Approves Patanjali's INR4,350 Crore Bid
SAFE PARENTERALS: CARE Lowers Rating on INR14cr LT Loan to D
SAI TRADERS: CARE Lowers Rating on INR3.00cr LT Loan to B+
SAVAIR ENERGY: CARE Maintains D Rating in Not Cooperating Category

SHREE VAISHNO: Insolvency Resolution Process Case Summary
SRI LAXMI: CARE Reaffirms B+ Rating on INR12.77cr LT Loan
SRIVARI ALLOYS: Claims Deadline Set for Aug. 6
VISHAL SALES: CARE Migrates B+ Rating to Not Cooperating Category


S I N G A P O R E

BM MOBILITY: Independent Auditor Raises Going Concern Doubt
KRISENERGY LTD: Rubicon's Claim vs. Firm Valid, High Court Rules


S O U T H   K O R E A

[*] North Korea Economy Shrinks Most in 21 Years, BOK Says


X X X X X X X X

[*] BOND PRICING: For the Week July 22, 2019 to July 26, 2019

                           - - - - -


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

GRAINPRO PTY: First Creditors' Meeting Set for Aug. 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Grainpro Pty
Limited will be held on Aug. 7, 2019, at 3:00 p.m. at the offices
of Ambassador Room, Mantra Pavilion Hotel, at 22-30 Kincaid Street,
in Wagga Wagga, NSW.

Adam Shepard of Setter Shepard was appointed as administrator of
Grainpro Pty on July 27, 2019.

MALPHUS PTY: Second Creditors' Meeting Set for Aug. 2
-----------------------------------------------------
A second meeting of creditors in the proceedings of Malphus Pty Ltd
(ATF The GSD Business Investment Trust) has been set for Aug. 2,
2019, at 10:30 a.m. at Level 17, at 200 Queen Street, in Melbourne,
Victoria.

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 Aug. 1, 2019, at 5:00 p.m.

Timothy James Brace and Peter Gountzos of SV Partners were
appointed as administrators of Malphus Pty on March 6, 2019.

REDS TRUST 2019-1: S&P Assigns Prelim BB(sf) Rating on Cl. E Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Trustee Co. Ltd. as trustee for
Series 2019-1 REDS Trust. Series 2019-1 REDS Trust is a
securitization of prime residential mortgages originated by Bank of
Queensland Ltd. (BOQ).

The preliminary ratings assigned to the notes to be issued
reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. Credit support for the rated notes is
provided by subordination and lenders' mortgage insurance (LMI)
cover on 7.1% of the loans in the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an excess revenue
reserve funded by available spread, the principal draw function,
and a liquidity reserve equal to 1.0% of the performing mortgage
loan balance, are sufficient under its stress assumptions to ensure
timely payment of interest.

-- The availability of a A$150,000 extraordinary expense reserve
funded upfront by BOQ, available to meet extraordinary expenses.
The reserve will be topped up with available excess spread if
drawn.

-- The benefit of a standby fixed- to floating-rate interest-rate
swap to be provided by National Australia Bank Ltd. to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

  PRELIMINARY RATINGS ASSIGNED

  Series 2019-1 REDS Trust

  Class        Rating            Amount (mil. A$)
  A            AAA (sf)          460.00
  AB           AAA (sf)           13.70
  B            AA (sf)             9.00
  C            A (sf)              7.30
  D            BBB (sf)            4.25
  E            BB (sf)             2.50
  F            NR                  3.25

  NR--Not rated.

SASHIZZA SURRY: Sushi-Pizza Restaurant Placed Into Liquidation
--------------------------------------------------------------
Lucy Manly at The Sydney Morning Herald reports that Surry Hills
sushi-pizza restaurant Sash has been placed into liquidation with
debts of AUD436,000, three months after opening, with the founders
blaming high wages, high rents, a slowdown in consumer spending,
and UberEats.

According to the report, co-owner and company director Kyle Stagoll
said he and his friend and business partner Dave Nelson had "lost
everything", he expected a recession, and would not do anything in
the Australian hospitality industry until after the economy
recovered.

"Most of our competitors who have been successful over the past few
years have been paying staff under the award rate, it seems the
only way venues can stay ahead. Does that mean hospo workers are
drastically over paid for the value they produce for a business?
Probably," the report quotes Mr. Stagoll as saying. He confirmed
the restaurant paid staff award wages and above-award wages for
senior staff.

"We always paid the award and above to all staff. You simply cannot
otherwise the fines are massive. If we weren't paying the award
we'd probably still be open," he said, SMH relays.

Wages for restaurant staff have made headlines recently, the report
notes. Most recently the hospitality empire part-owned by celebrity
chef George Calombaris was fined by the Fair Work Ombudsman after
admitting to AUD7.83 million in underpayment of wages. The
ombudsman recently confirmed it was examining alleged underpayment
at upmarket restaurants owned by Neil Perry, Guillaume Brahimi,
Teage Ezard and Heston Blumenthal following a series of stories by
The Age and The Sydney Morning Herald.

Meanwhile, a number of beloved Sydney restaurants have closed or
are closing because of economic headwinds and changing consumer
behaviour, including ACME restaurant in Rushcutters Bay, Oscillate
Wildly in Newtown, Billy Kwong, Paper Bird, The Bridge Room,
Longrain, Sotto Sopra, The Fish Shop, and Ramsgate's Ble Greek
Kouzina, the report says.

HoganSprowles is handling the liquidation of Sashizza Surry Hills,
which was trading as Sash on Wentworth Street in Surry Hills, SMH
discloses. The creditors include the 52 employees who are owed an
unknown amount in wages and superannuation.

According to the report, the biggest single creditor is hospitality
equipment hire company Silver Chef Rentals, which is owed
AUD283,700. There are also large bills racked up for alcohol, with
creditors such as Asahi Premium Beverages and Paramount Liquor owed
thousands, rent and public relations.

The original Sash restaurant in Melbourne is still in operation,
but Mr. Stagoll said a planned outlet in Brisbane fell through
because the franchisee could not obtain finance, SMH relays.

SMH relates that Mr. Stagoll said the company had spent more than
AUD900,000 on the fit-out of the Sydney restaurant, so he hoped the
liquidators would find a buyer who would pay enough to cover the
debt but given the state of the industry this was uncertain. "It's
really a waiting game at the moment."

Mr. Stagoll said the Sydney restaurant, which opened in March, was
delayed by issues the landlord had with the council, SMH reports.
"Originally the business got off to a flying start and it was
looking great, then the election, double long week[ends] and cold
weather hit and like most venues nearby our revenue dropped about
40 per cent and a new business with loans couldn't survive," he
said.

SMH adds Mr. Stagoll said the popularity of food delivery services
such as UberEats and Deliveroo also contributed to the restaurant's
closure, a concern echoed by ACME chef and co-owner Mitch Orr and
Red Lantern co-owner Pauline Nguyen.

SCANDIA AIR: First Creditors' Meeting Set for Aug. 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of Scandia Air
Conditioning and Heating Pty. Ltd will be held on Aug. 8, 2019, at
11:00 a.m. at the offices of Vincents, Level 2, at 14 Moore Street,
in Canberra, ACT.  

Anthony Graeme Lane of Vincents was appointed as administrator of
Scandia Air on July 29, 2019.

SKILL TRAINING: Second Creditors' Meeting Set for Aug. 5
--------------------------------------------------------
A second meeting of creditors in the proceedings of Skill Training
Victoria Pty Ltd has been set for Aug. 5, 2019, at 11:00 a.m. at
National Hotel Complex, Crown Lounge, at 182-186 High Street, in
Bendigo, Victoria.

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 Aug. 2, 2019, at 5:00 p.m.

Nathan Deppeler and Scott Andersen of Worrells Solvency & Forensic
Accountants were appointed as administrators of Skill Training on
July 1, 2019.

SQUIRREL LIMITED: Second Creditors' Meeting Set for Aug. 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of Squirrel
Limited has been set for Aug. 5, 2019, at 11:00 a.m. at the offices
of Hall Chadwick Chartered Accountants, Level 40, at 2 Park 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 Aug. 2, 2019, at 5:00 p.m.

Brent Trevor, Alex Kijurina, Richard Lawrence and Richard Albarran
Joint Appointees of Hall Chadwick Chartered Accountants were
appointed as administrators of Squirrel Limited on July 1, 2019.

STERLING FIRST: Retirees Rally in Mandurah Following Collapse
-------------------------------------------------------------
WAToday reports that angry retirees who lost their life savings in
a failed 'rent for life' scheme rallied in Mandurah on July 26,
calling on the corporate regulator to take responsibility.

According to the report, dozens of protesters gathered at David
Grays Arena with signs and placards to urge the Australian
Securities and Investments Commission to compensate them for the
millions they lost at the hands of the failed Sterling First
scheme.

Prior to its collapse in June, the company offered lifetime lease
packages to pensioners and retirees, allowing customers to rent
properties for a certain amount of time instead of buying a house,
according to WAToday.

Many caught up in the Stirling First debacle are now facing
homelessness, some while battling terminal illnesses, after handing
over the life savings to the company, WAToday says.

"I worked 50 years, I ran a business for 23 why should I have to
lose all my life savings?" WAToday quotes retiree and Sterling
First collapse victim Annette Taylor as saying. "It's so sad,"
fellow protester Phil Lawson added.

"When you try and talk someone out of doing something stupid,
taking some tablets and stuff like that, that grabs you."

WAToday relates that ASIC, who started investigating the company as
early as 2017, said it had received more than a hundred letters on
the matter in the past two weeks but it was not able to directly
make funds available for the compensation of investors who had
suffered loss.

Banking and Finance Consumer Support president Denise Brailey said
the ASIC was at fault and urged them to "dig deep in their pockets
and pull it out of a rabbit's hat," WAToday adds.

In a letter to a Sterling First victim, scheme mastermind Ray
Jones, called for sympathy saying his son Ryan had to file for
bankruptcy or facing having his car dispossessed on July 26,
WAToday says.

                       About Sterling First

Sterling First (Aust) Pty Ltd is a property and funds management
group.

Martin Bruce Jones and Wayne Anthony Rushton of Ferrier Hodgson
were appointed as administrators of Sterling First (Aust) Pty Ltd
and related companies on May 3, 2019. The related entities are:

  -- Acquest Capital Pty Ltd
  -- Acquest Property Pty Ltd
  -- Gage Management Ltd
  -- Rental Management Australia Pty Ltd
  -- Rental Management Australia Developments Pty Ltd
  -- Sterling Corporate Services Pty Ltd
  -- Sterling First Projects Pty Ltd
  -- Sterling First Property Pty Ltd
  -- SHL Management Services Pty Ltd
  -- Silver Link Investment Company Ltd
  -- Silver Link Securities Pty Ltd

STIRFIRE LIMITED: Second Creditors' Meeting Set for Aug. 5
----------------------------------------------------------
A second meeting of creditors in the proceedings of Stirfire
Limited, trading as Vgarpend Pty Ltd, has been set for Aug. 5,
2019, at 10:30 a.m. at the offices of BRI Ferrier Western,
Australia Level 1, at 99-101 Francis Street, in Northbridge, 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 Aug. 2, 2019, at 4:00 p.m.

Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Stirfire Limited on July 1, 2019.

SUBURBAN ENTERPRISES: First Creditors' Meeting Set for Aug. 8
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Suburban
Enterprises Pty Ltd, trading as Bungendore Landscape Supplies, will
be held on Aug. 8, 2019, at 10:30 a.m. at the offices of Worrells
Solvency & Forensic Accountants, Level 2, AMP Building, at 1 Hobart
Place, in Canberra, ACT.

Stephen John Hundy of Worrells Solvency was appointed as
administrator of Suburban Enterprises on July 29, 2019.

SUPERIOR FORMWORK: First Creditors' Meeting Set for Aug. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Superior
Formwork Constructions Pty Ltd will be held on Aug. 6, 2019, at
3:30 p.m. at the offices of Boardroom of Ground Floor, 3 Clunies
Ross Court, in Eight Mile Plains, Queensland.

Anne Marie Barley of AMB Insolvency was appointed as administrator
of Superior Formwork on July 25, 2019.



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C H I N A
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BANK OF JINZHOU: Says in Talks with Possible Investors
------------------------------------------------------
Reuters reports that China's Bank of Jinzhou, which suspended
trading in its shares earlier this year and saw its auditor quit,
said on July 25 that it is in talks with multiple parties for
possible strategic investment, and that it is operating normally.

Reuters relates that the statement on the bank's website triggered
fresh jitters about the health of smaller banks in China's
northeast, after regulators took over Inner Mongolia-based Baoshang
Bank on May 24, rattling China's interbank markets and sending some
firms' borrowing costs spiking.

The statement, on the bank's website, follows a Reuters report late
on July 24 that officials from the local branch of China's central
bank and other regulators had recently met financial institutions
in Liaoning province to discuss measures to deal with liquidity
problems at the lender.

Discussion on possible strategic investment is under guidance from
local government and regulatory bodies, the Hong Kong-listed bank
said in its statement, Reuters relays.

Last month, China's central bank introduced a credit risk hedging
tool for holders of debt issued by Bank of Jinzhou, the latest
measure by regulators to calm market nerves about the health of
smaller banks, Reuters recalls.

In a separate statement on July 25 to Reuters, China's banking and
insurance regulator said it will study market-based ways to
restructure and reform high-risk institutions.

The rare regulatory takeover of Inner Mongolia-based Baoshang Bank
on May 24 sparked widespread concern in China's interbank market,
the report notes.

Unlike the aftermath of Baoshang, when some market financing rates
spiked, a trader at an Asian bank in Shanghai said that she saw
relatively little market reaction to the news, with rates stable in
the primary market and yields on negotiable certificates of deposit
(NCD) rising only slightly in secondary trading.

"The rise is not as exaggerated" as after the Baoshang Bank
takeover, she said, Reuters relays.

But another trader said that the announcement had still sparked
some selling of NCDs issued by banks from northeastern China,
Reuters notes.

"This is a bigger bomb than Baoshang," he said, adding that he sees
Jinzhou's woes as a likely trigger for problems at other banks in
northeastern China, which already face relatively high funding
costs in the interbank market, according to Reuters.

Bank of Jinzhou has delayed the release of its annual report for
2018, and its shares have been suspended since April, Reuters
discloses. The lender's auditor, EY, had quit before signing off on
the bank's 2018 accounts in June, after being unable to agree with
the bank on usage of some loans, Reuters says.

Bank of Jinzhou's assets stood at CNY748.39 billion ($109 billion)
by end-June 2018, while its net profit was up 7.7% year-on-year to
CNY4.3 billion, Reuters discloses citing the bank's semi-annual
report in 2018.

Bank of Jinzhou Co., Ltd. provides various banking products and
services in the People's Republic of China.

YIHUA ENTERPRISE: S&P Lowers ICR to 'CCC' on High Refinancing Risk
------------------------------------------------------------------
S&P Global Ratings, on July 26, 2019, lowered its long-term issuer
credit rating on Yihua Enterprise (Group) Co. Ltd. to 'CCC' from
'B-'. S&P also lowered the long-term issue rating on the company's
outstanding debt to 'CCC-' from 'CCC+'.

S&P said, "We downgraded Yihua because the company faces execution
risks and a tight refinancing timeline for maturities of about
Chinese renminbi (RMB) 3.4 billion due over the next six months.
This is given Yihua's limited financial resources and access to
capital markets. Should the company successfully refinance over the
period, we believe it could face additional liquidity pressure due
to debt maturing in the following six months ending July 2020.

"We see risks in Yihua's refinancing plan, especially at the
holding company level, where the company has limited financial
resources." As of June 30, 2019, the holding company faces RMB2.9
billion of puttable bonds that can be exercised over the next six
months, against an unrestricted cash balance that we estimate at
about RMB600 million.

Yihua's refinancing plan includes cash collection from self-owned
and collaboration (with Poly Developments and Holdings Group Co.
Ltd.) property projects, issuance of credit-enhanced bonds, other
land assets to be monetized, and support from potential strategic
investors based on the company's record. However, there are risks
related to the timing of cash collection from property assets,
which is dependent on the smooth progress of underlying projects.
The likelihood of successful bond issuances depends on Yihua's
ability to reverse the recent court-ordered freezes on trade in
shares of key subsidiary, Yihua Lifestyle Technology Co. Ltd.
(Yihua Life) and improving access to capital markets.

S&P believes the two separate court-ordered freezes on trade in 66%
of Yihua holding company's shares in Yihua Life (holding company's
total ownership of Yihua Life is 29%) has likely damaged Yihua's
reputation in capital markets and highlights the company's weak
corporate governance. Such actions have resulted in a material
decline in domestic bond prices for Yihua and have likely impaired
the company's access to additional bank loans. However, Yihua has
resolved the first freeze on its shares and is working to resolve
the second freeze, which could improve its access somewhat, if
resolved quickly.

Additional support to Yihua's financing efforts could come from
liquidation of its equity portfolio. The company's portfolio of
A-share listed consumer and technology firms is valued at RMB3.2
billion as of June 30, 2019. S&P said, "We believe the majority of
the portfolio is free of pledges, and could be liquidated, albeit
at a discount. However, we believe Yihua would only liquidate its
equity portfolio as a last resort, and, given a tight timeline, the
amount received could subject the assets to a higher discount."

S&P said, "We see additional liquidity pressure over the six months
ending July 2020, should the company successfully refinance its
maturities within the next six months. Yihua has maturities of
about RMB4 billion during the period with only some expected cash
received from its property segment.

"The negative outlook reflects our view that Yihua is dependent on
timely collection of cash proceeds from Poly and successful
refinancing through bank loans and capital markets to meet its
significant debt maturities over the next 12 months.

"While the company is looking at several refinancing options, we
see high execution risks associated with them. Given Yihua's
limited access to both credit and equity markets and insufficient
cash and liquid investments, we see higher refinancing risk in the
RMB3.4 billion of bonds due or puttable at the end of August,
October, and November 2019.

"We could lower the rating if Yihua isn't able to make timely
collection of cash from Poly and if the company isn't able to make
meaningful progress on its refinancing plans over the next six to
12 months.

"We could revise the outlook to stable or raise the rating if
Yihua's debt repayment plan for the upcoming RMB3.4 billion
maturities is executed and market access is reestablished, such
that the refinancing plan for their debt maturities in 2020 become
credible and feasible."



=================
H O N G   K O N G
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CHINA SOUTH CITY: S&P Alters Outlook to Positive & Affirms B- ICR
-----------------------------------------------------------------
On July 26, 2019, S&P Global Ratings revised its outlook on China
South City Holdings Ltd.'s (CSC) to positive from stable to reflect
improving leverage despite relatively tight liquidity.

S&P said, "We revised the outlook to positive because we expect CSC
to further deleverage on the back of steady contracted sales growth
and controlled land acquisitions as well as growing recurring
income. However, we assess the company's liquidity as less than
adequate as at March 31, 2019, given sources of liquidity cover
uses by only a thin margin mainly due to a high proportion of
short-term debt, at above 40% of total debt. We expect a mild
improvement in liquidity over the next year.

"In our view, CSC should be able to pay down short-term debt and
refinance with longer tenors. This is because half of the company's
short-term debt stems from bank loans pledged by investment
properties, which we expect to be more easily rolled over and could
carry longer tenors. Currently, more than 70% of the company's debt
matures in the next two fiscal years, with several large
obligations due in 2020. We believe CSC will manage the maturities
effectively, as it has in the past; for example, the company was
able to refinance a large maturity wall last year."

CSC's sales of trade center commercial properties will likely
remain stagnant despite large investments by the company, due to
weak industry conditions. CSC's switch to a fast-churn, high asset
turnover business model has been working so far, as demonstrated by
strong contribution of contracted sales starting from 2017. S&P
said, "While the model's track record is short, we believe the
company can meets its sales target of close to HK$16 billion for
fiscal 2020 (ending March 31, 2020). We also expect its investments
to trade centers will also remain mild at around Hong Kong dollar
(HK$1) billion each year."

S&P said, "We expect CSC's contracted property sales to rise 7%-8%
year-on-year to nearly HK$15.8 billion-HK$16.0 billion in fiscal
2020. That's given most of the saleable resources are located in
tier-two cities such as Chongqing and Zhengzhou where demand is
relatively strong. By our forecast, apartment sales will rise to
30% of total sales (or HK$5 billion) in fiscal 2020, from 11% in
fiscal 2019. Because these apartments are technically classified as
commercial, the contribution from residential sales will drop to
60% in fiscal 2020 with the remainder from trade center sales
remaining around only HK$2 billion.

"CSC's successful rollout of apartment sales in the next 12-18
months should support to its cash inflow. We believe "gongyu"
apartments are not a conventional residential product. Because the
land use right is categorized as commercial property, these
apartments are more susceptible to policy risks, as demonstrated by
their lower pricing in general. However, restrictive measures have
not affected cities such as Xi'an, Zhengzhou, and Nanchang, where
most of the company's apartment projects are located; unlike cities
like Beijing and Shanghai. Also, strong demand from first-time
homebuyers sensitive to pricing will also provide robust support,
in our view.

"We expect that CSC's recurring income, including from property
rentals, property management, warehousing and logistics as well as
outlet mall operations, will grow by at least 13%-15% over the next
two years. Population inflows to cities, new tenants, and new
project launches will drive the growth. Infrastructure completions
such as the opening of metro lines will also help CSC's trade
center rental business. In fiscal 2019, CSC's recurring income to
interest coverage was above 93%, or 60% if we exclude
property-management fees. We forecast this coverage to reach close
to 100% and 60% by fiscal 2020.

"Through stronger operating cash flow with low land spending needs,
as well as tame capital expenditures, we believe that CSC leverage
will continue to trend down in fiscal 2020. This follows a
significant improvement in its debt-to-EBITDA ratio of 9.5x in
fiscal 2019 from 12.3x in the prior fiscal year. We project the
company's operating cash flow will reach nearly HK$3 billion in
fiscal 2020 due to growing cash collections from contracted sales.
Also, we assume only HK$2 billion in land purchases in fiscal 2020,
equivalent to under 15% of its sales, because the apartment units
consume existing commercial land with no land conversion
premiums."

CSC's debt servicing ability will sustain with a stable EBITDA
interest coverage over the next two fiscal years despite recent
increases in offshore refinancing costs. This is due to support
from sales and recurring income growth. In fiscal 2019, CSC's
EBITDA interest coverage increased mildly to 1.5x from 1.4x,
despite increases in average financing costs to 7.2% from 6.7% a
year ago.

S&P said, "The positive outlook reflects our view that CSC will
continue to deleverage with controlled land acquisitions and
satisfactory contracted sales over the next 12 months. We also
believe that the company will mildly improve its liquidity and
capital structure, such that it is able to source refinancing and
manage near-term debt maturity.

"We may upgrade CSC if the company's contracted sales and operating
performance strengthens such that its debt-to-EBITDA improves to
below 9x and EBITDA interest coverage is stable at 1.5x or above.
At the same time, we would expect CSC's liquidity to further
improve to comfortably above 1x of liquidity sources over uses and
its weighted average maturity profile above two years.

"We may revise the outlook to stable if CSC's deleveraging is
weaker than our expectation with the debt-to-EBITDA ratio
deteriorating back to above 9x. This could be the result of
contracted sales slippage or debt-funded acquisitions. We could
also revise the outlook back to stable if CSC's EBITDA interest
coverage falls significantly below 1.5x, which could happen due to
higher interest expense or weaker sales than our expectation.

"We could also revise the outlook to stable if CSC's liquidity
sources over uses weakens to below 1x."

CSC derives 20%-25% of its revenues from various business lines
within its trade centers in China, including revenue from
fashion-retail outlets' concession income, operating e-commerce
platforms, and warehousing management and logistics services. It
also offers property management services to tenants in its trade
centers.

The company also engages in property development around its
existing trade center locations, which account for more than 70% of
total revenue. It engages in the development of residential units
and also gongyu apartments as well as multi-purpose office units.

CSC was founded in 2002 and is listed on the Hong Kong stock
Exchange. Mr. Cheng Chung Hing and his family members together hold
35.7% of CSC, while Tencent Holdings Ltd. has an 11.8% stake.



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

ABM RUBBER: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: ABM Rubber Industries Private Limited
        C/o Bikram Majumder
        S/O Lt. Birendra Kr. Majumder
        Jogendranagar, North Champamura Agartala
        West Tripura Tr 799004 IN

Insolvency Commencement Date: July 19, 2019

Court: National Company Law Tribunal, Guwahati Bench

Estimated date of closure of
insolvency resolution process: January 14, 2020
                               (180 days from commencement)

Insolvency professional: Amit Pareek

Interim Resolution
Professional:            Amit Pareek
                         C/o Amit Pareek & Associates
                         4th Floor, Ram Prasad Complex
                         Chatribari, Guwahati 781001
                         E-mail: amitpareek99@yahoo.com
                                 abmrubberirp@gmail.com

Last date for
submission of claims:    August 2, 2019

ANANTNATH SILK: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Anantnath Silk
Mills Private Limited's (ASMPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR241.5 mil. Fund-based limit affirmed with IND
     BB+/Stable/IND A4+ rating; and

-- INR12.23 mil. (reduced from INR27.5 mil.) Term loan due on
     July 2021 affirmed with IND BB+/Stable rating.

KEY RATING DRIVERS

The affirmation reflects ASMPL's continued medium scale of
operations, as indicated by revenue of INR1,382.7 million in FY19
(FY18: INR1,400.6 million). The revenue declined marginally on a
YoY basis due to subdued demand in the domestic market. The figures
for FY19 are provisional.

The ratings reflect the elongation in the ASMPL's networking
capital cycle. The cycle stretched to 106 days in FY19 (FY18: 97
days) due to an increase in receivable days (FY19: 51 days; FY18:
48 days) and a fall in payable days (FY19: 28 days; FY18: 39
days).

However, the company's liquidity position was comfortable, with 73%
average use of the fund-based facilities during the 12 months ended
June 2019. The cash flow from operations turned positive at INR23.5
million in FY19 (FY18: negative INR15.2 million) due to a decrease
in its working capital requirements and the increase in the
absolute EBITDA. The company's cash balance remained stable at
INR1.5 million at end-FY19.

Moreover, ASMPL's EBITDA margins are healthy due to the overall
high-margin nature of the orders. The margin rose to 8.4% in FY19
(FY18: 7.9%), on account of increased contribution from the
high-margin linen fabric products. ASMPL's RoCE was 20% in FY19
(FY18: 22%).

The ratings are also supported by the strong credit metrics due to
the healthy EBITDA margins and low debt levels. In FY19, the net
leverage (Ind-Ra-adjusted total net debt/operating EBITDAR) was
2.2x (FY18: 2.4x) and interest coverage (operating EBITDA/gross
interest expense) was 4.0x (3.4x). The credit metrics improved on a
YoY basis due to an increase in absolute EBITDA to INR116.7 million
in FY19 (FY18: INR110.8 million), resulting from a fall in raw
material prices, and a decline in total debt to INR255.3 million
(INR270.2 million).

In addition, the ratings benefit from ASMPL's established
operational track record and its promoters' experience of over 30
years in the suiting fabric manufacturing business, which has led
to strong relationships with customers and suppliers.

RATING SENSITIVITIES

Positive: Substantial growth in the top-line while maintaining the
profitability, leading to an improvement in the credit metrics, and
interest coverage remaining above 3.5x, on a sustained basis, could
be positive for the ratings.

Negative: A substantial decline in the profitability, resulting in
deterioration in the credit metrics, and interest coverage falling
to below 3.5x, on a sustained basis, will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1982, ASMPL manufactures suiting fabrics and linen
products. The company is equipped with in-house fabric weaving
facilities. ASMPL operates with a capacity of 114 looms.

ANUPAM EXTRACTIONS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Anupam Extractions Ltd.
        Plot No. 6/2, House No. 195, Ward No. 71
        Agresen Road, Giripeth
        Nagpur 440010

Insolvency Commencement Date: July 16, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: January 12, 2020
                               (180 days from commencement)

Insolvency professional: Charudutt Pandhrinath Marathe

Interim Resolution
Professional:            Charudutt Pandhrinath Marathe
                         Gomed, 915, Khare Town
                         Dharampeth, Nagpur 440010
                         E-mail: charuduttm@yahoo.co.in
                                 charuduttm@angelpro.co.in

Last date for
submission of claims:    July 30, 2019

B J HOTELS: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of B J Hotels
Private Limited (BJHPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.12        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 10, 2019, placed the
rating(s) of B J Hotels Private Limited under the 'issuer
non-cooperating' category as B J Hotels Private Limited had failed
to provide information for monitoring of the rating. B J Hotels
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through emails, phone calls
and a letter dated July 15, 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

Key Rating Weakness

Delays in debt servicing: As per interaction with banker, BJHPL has
been delaying in the repayment of the debt obligation for 7 to 8
days.

B.J.Hotels Private Limited (BJHPL) was incorporated in 1971, as a
private limited company, by Mr. Mr. Gurindersingh P. Bawa and Mr.
Karanveersingh G. Bawa. BJHPL has developed hotel in Khar Mumbai
under the name of “Hotel Bawa Suites” with room inventory of 26
rooms comprising of 7 floors plus 6 shops on ground floor and
basement which are given on rent to Airtel, Viom Network Limited,
Indus, Zodiac, Vijaydeep Hotels Pvt Ltd and IOSIS Spa and Wellness.
From FY15 entire hotel business was transferred to one of its group
company namely Vijaydeep Hotels Private Limited and now BJHPL earns
only rental income from the shops on the ground floor and basement
from companies namely Airtel, Viom Network Limited, Indus, Zodiac
and others. The group is into hospitality industry for more than 3
decades and has established boutique properties in Mumbai namely,
Hotel Bawa International, Hotel Bawa Continental, Hotel Bawa Suites
and Hotel Bawa Regency.

BAJAJ ENERGY: Ind-Ra Affirms 'D' Rating on 3 Bank Loans
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Bajaj Energy
Limited's (BEL) bank facilities' ratings as below:

-- INR13.536 bil. (increased from INR13.341 bil.) Term loan
     (Long-term) due on September 2035 affirmed with IND D rating;

-- INR6.130 bil. (reduced from INR9.5 bil.) Working capital
     facility (Long-term/Short-term) affirmed with IND D rating;
     and

-- INR260 mil. (reduced from INR570 mil.) Non-fund-based facility

     (Long-term/Short-term) affirmed with IND D rating.

KEY RATING DRIVERS

The affirmation reflects BEL's continued delays in debt servicing
in 1QFY20, which was confirmed by BEL and a lender. Irregular
payments from the company's power purchase agreement (PPA)
counterparty- Uttar Pradesh Power Corporation Limited (UPPCL;'IND
A+ (SO)'/Stable) - has led to stretched liquidity position. BEL's
debtor days elongated to around 220 as on 9MFY19 (FY18: 108).

The ratings are further constrained by BEL's high debt repayment
requirement until FY22, which has led to debt service coverages of
around 1.0 and thus, BEL remains vulnerable to any decrease or
delays in revenue. The company's debt service reserve was fully
utilized in FY18 and is yet to be replenished. BEL has informed
Ind-Ra that State Bank of India, the lead bank of lenders'
consortium, has waived off the requirement for the creation of debt
service reserve till December 31, 2019.

The company's long-term PPAs with UPPCL continue to give reasonable
certainty on revenue, as fixed charges are fixed based on cost plus
return on equity framework and variable cost is passed through.
Furthermore, UPPCL has to pay entire fixed charges, if annual
availability is at least 85% for BEL. Uttar Pradesh Electricity
Regulatory Commission has approved tariff for BEL till FY19 and
tariff for FY20 will be billed in line with FY19 until the tariff
is approved for the control period FY20-FY24. The fuel supply
agreement with Northern Coalfields and Central Coalfields ensures
fuel supply, albeit subject to logistical and mining constraints.

BEL filed a draft red herring prospectus (DRHP) in April 2019. In
FY19, BEL recorded availability and a load factor of 86% (FY18:
87%) and 21% (24%), respectively. Furthermore, BEL's outstanding
term loan was INR13,536 million as of end-FY19 (end-FY18: INR14,977
million).

RATING SENSITIVITIES

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

COMPANY PROFILE

BEL, a part of the Shishir Bajaj Group, has implemented five 90MW
plants at different locations in Uttar Pradesh. These plants
achieved commercial operations in April 2012, and operation and
maintenance are managed in-house. BEL is fully-owned by Bajaj Power
Ventures Private Limited, which also has a stake in Lalitpur Power
Generation Company Limited.

BANSAL RICE: CARE Maintains B- Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bansal Rice
Mills (BRM) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      15.00       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating(s) of BRM under the 'issuer noncooperating' category as BRM
had failed to provide information for monitoring of the rating. BRM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 4, 2019, July 3, 2019, July 2, 2019 etc. 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 March 31, 2018 the following was the
rating weaknesses.

Key Rating Weaknesses

Fragmented nature of industry coupled with high level of government
regulation
The commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. There are several
small scale operators which are not into end to end processing of
rice from paddy, instead they merely complete a small fraction of
processing and dispose-off semi processed rice to other big rice
millers for further processing. Furthermore, the raw material
(paddy) prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the rice millers.

Bansal Rice Mill (BRM) was established in April, 2007 as a
partnership firm and is currently being managed by Mr Sandeep
Kumar, Mr Amandeep Bansal, Mr Badri Prasad, Mrs Rashmi Bansal and
Mrs Manisha Bansal as its partners sharing profit and loss equally.
The firm is engaged in processing of paddy and milling of rice
since FY15 (refers to the period April 01 to March 31) at its
manufacturing facility located at Sangrur (Punjab) having an
installed capacity of 12306 tonnes per annum as on March 31, 2016.
Prior to FY15, BRM was involved in cotton ginning and milling of
rice primarily for government. Presently, BRM procures paddy
directly from local grain markets located in Punjab and sells the
finished products to various wholesalers located in Delhi and
Haryana.

BHUMIKA EGG: CARE Maintains B- Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Bhumika Egg
Educing Valley (BEEV) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       6.06       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of BEEV under the 'issuer noncooperating' category as
Bhumika Egg Educing Valley had failed to provide information for
monitoring of the rating. Bhumika Egg Educing Valley continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
June 19, 2019, June 18, 2019, and June 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).

Detailed description of the key rating drivers

At the time of last rating on April 05, 2018 the following were the
rating strengths and weaknesses:

Limited experience of promoter
BEEV is engaged in the business of poultry farming for around three
years and is currently being managed by Mrs Sarita Chowdhary. The
proprietor has a limited industry experience of around six years
through her association with BEEV and other entities engaged in the
same business.

Small scale of operations with low net-worth base and PAT margin
The firm's scale of operations has remained small marked by Total
Operating Income (TOI) of INR7.04 crore in FY16 (refers to the
period April 01 to March 31) and net-worth base of INR1.46 crore as
on March 31, 2016. The small scale limits the firm's financial
flexibility in times of stress and deprives it of scale benefits.
The PAT margins also remained below unity in the past.

Leveraged capital structure and elongated operating cycle
The capital structure of the firm is leveraged with debt equity
ratio and overall gearing ratio of 3.28x and 4.18x respectively as
on March 31, 2016. Furthermore, the average operating cycle of the
firm stood elongated at 170 days for FY16.

Susceptibility to fluctuation in raw material prices
The poultry industry is estimated to consume nearly 50% of the
domestic maize production and the demand for maize is expected to
exceed the overall supply of maize in the future. In case of
soybean, although there is adequate availability, its prices remain
volatile in relation to movement in global prices and production.
As the poultry industry is virtually a buyers' market, producers
may not be able to pass on any sharp increase in raw material
prices, as the egg prices are controlled by their own demand-supply
dynamics.

Inherent risk associated with the poultry industry coupled with
high competition from local players
The Poultry industry is driven by regional demand and supply
because of transportation constraints and perishable nature of the
products. Low capital intensity and low entry barriers facilitate
easy entry of players leading to a large unorganized sector.
Poultry industry is also vulnerable to outbreaks of diseases, like
bird flu, extreme weather conditions and contamination by
pathogens. The outbreak of bird flu leads to a fall in demand and
consequent sharp drop in the egg prices. Diseases can also impact
production of healthy chicks. Furthermore, the poultry industry is
highly fragmented and competitive marked by the presence of
numerous players in India.

Proprietorship nature of constitution
BEEV's constitution as a proprietorship firm has the inherent risk
of possibility of withdrawal of the proprietor's capital at the
time of personal contingency and the firm being dissolved upon the
death/retirement/insolvency of the proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factor
affecting credit decision of the lenders.

Key Rating Strengths

Positive demand outlook for the poultry sector
As per APEDA research report, poultry is one of the fastest growing
segments of the agricultural sector in India. The potential in the
poultry sector is increasing due to a combination of factors -
growth in per capita income, growing urban population, changing
eating habits and falling poultry prices. Also poultry meat is the
fastest growing component of global meat demand, and India, the
world's second largest developing country is experiencing rapid
growth in its poultry sector.

Bhumika Egg Educing Valley (BEEV) was established in 2012 as a
proprietorship firm by Mrs Sarita Chowdhary. However, the
commercial operations commenced from April, 2013. BEEV is engaged
in poultry farming business at its poultry farm located in Bhiwani,
Haryana. The firm has total installed capacity of about 8,40,000
layer birds per batch as on March 31, 2016. The firm sells eggs
mainly to retailers located in Haryana and Punjab.

C.P. ISPAT: CARE Migrates D Rating to Not Cooperating
-----------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of C.P.
Ispat Private Limited (CPIPL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      14.50       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CPIPL to monitor the rating
vide letters/e-mails communications dated June 21, 2019, July 1,
2019, July 3, 2019 and numerous phone calls. However, despite our
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at fair ratings. The rating on C.P. Ispat
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING. Further, the bank could not be contacted.

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

Detailed description of the key rating drivers

At the time of last rating done on December 21, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses:

On-going delays
The rating takes into account ongoing delay in the servicing of the
bank debt obligations on account of the stretch liquidity position
of the company.

Liquidity
There are on-going delays in the cash credit account.

C.P. Ispat Pvt. Limited (CPIPL), incorporated in the year 2006, was
initially promoted by the Kolkata-based Chawla family and was
earlier managed by Mr. Amarjeet Chawla. CPIPL commenced commercial
production in July 2009 at its facility in Bankura, West Bengal.
However, in September 2013, the Chawla family leased out the plant
to the Durgapur-based Jayshree group owned by Mr. Amit Agarwal and
his family. Since September 15, 2013, operations of the plant have
been managed by the Jayshree group. In February 2014, the Jayshree
group entered into an agreement with the Chawla family to purchase
CPIPL with effect from April 2014. CPIPL is engaged in the
manufacturing of sponge iron at its plant located at Barjora,
Bankura with a current installed capacity of 60,000 metric tonne
per annum (MTPA).

C.P. SPONGE: CARE Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of C.P.
Sponge Iron Private Limited (CPSIPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      20.00       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information


Detailed Rationale & Key Rating Drivers

CARE has been seeking information from CPSIPL to monitor the rating
vide letters/e-mails communications dated June 21, 2019, July 1,
2019, July 3, 2019 and numerous phone calls. However, despite our
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at fair ratings. The rating on C.P. Ispat
Private Limited's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING. Further, the bank could not be contacted.

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

Detailed description of the key rating drivers
At the time of last rating done on December 26, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses:

On-going delays
The rating takes into account ongoing delay in the servicing of the
bank debt obligations on account of the stretch liquidity position
of the company.

Liquidity
There are on-going delays in the cash credit account.

C.P. Sponge Iron Private Limited (CPSIPL) incorporated in the year
2002, was promoted by Chawla family belonging to West Bengal. The
company commenced operation since July, 2008. CPSIPL is engaged in
the manufacturing of sponge iron at its plant located at Durgapur,
West Bengal with a current installed capacity of 60,000 metric
tonne per annum (MTPA). All the three directors look after the day
to day activities of the business along with a team of experienced
professionals who are having long experience in similar line of
business.

CARD PRO: CARE Maintains D Rating in Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Card Pro
Solutions Private Limited (CSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      4.84        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

   Short term Bank     2.30        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated Feb 28, 2019, placed the
rating(s) of CSPL under the 'issuer non-cooperating' category Card
Pro Solutions Private Limited had failed to provide information for
monitoring of the rating. Card Pro Solutions Private Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated July 15, 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.

Key rating Weakness

Ongoing delay in debt servicing: As per banker interaction, there
have been ongoing delays in debt servicing and the account has been
classified as SMA2.

Card Pro Solutions Private Limited (CSPL) incorporated in 1989 as
Kamal Offset Private Limited by Mr. Vikas Choudhary and Mr. Kishin
Gidwani and got its current name in 2010. CSPL is engaged in
business of the manufacturing of pre-paid cards and chip & non-chip
based smart cards. The products manufactured by CSPL are customized
as per the customers' demand which mainly includes telecom
companies, banks, financial institutions and others.

CSPL has its manufacturing facility located at Navi Mumbai with an
installed capacity of 480 crore pin for printing card and 1.8 crore
for smart cards as on March 31, 2017. Further it has head office in
Mumbai (Maharashtra) and also has two more branches in Delhi and
Kolkata for conducting its marketing activities.

DEVGHAR ISPAT: CARE Lowers Rating on INR8.50cr LT Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Devghar Ispat (DI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank       8.50       CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information.

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DI to monitor the ratings
vide e-mail communications/letters dated May 10, 2019, June 18,
2019, July 1, 2019 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Devghar
Ispat's bank facilities will now be denoted as 'CARE B; Stable;
ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Devghar Ispat (DI) with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information non-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 in June 28, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

Short track record with relatively small scale of operations: The
firm has started its commercial operations from May 2017 and thus
has very short track record of operations. Furthermore, the scale
of operations of the firm was relatively small vis-a-vis other
players in iron and steel trading industry marked by its total
operating income of INR110.71 crore with a PAT of INR0.34 crore in
FY18 (provisional). Furthermore, the total capital employed was
also low at INR3.38 crore as on March 31, 2018, provisional.

Inherently low margin trading nature of operations: The trading
segment is largely a volume driven low margin sector with low value
addition. In view of the same, despite quick ramp up in the firm's
scale of operations its profitability margins remained thin marked
by PBILDT margin of 0.73% and PAT margin of 0.31% in FY18,
provisional.

Working capital intensive nature of operations: The firm is into
trading of iron and steel products which is high working capital
intensive nature of operations. The firm required to pay upfront or
in advance to its suppliers whereas it need to extent credit of
around one to two weeks to its customers which makes its operations
working capital intensive.

Highly leveraged capital structure with moderate debt coverage
indicators: The capital structure of the firm remained leveraged
owing to low net worth base and its working capital intensive
nature of operations resulting in higher dependence on bank
borrowings. The overall gearing ratio stood at 7.91x as on March
31, 2018. Furthermore, the debt coverage indicators of the firm
also remained moderate marked by interest coverage of 2.50x and
total debt to GCA of 8.50x in FY18 (Provisional).

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

Fragmented and intensely competitive industry: Trading industry is
a highly fragmented and competitive space with presence of huge
small players operating in the same region due to low capital
requirement. In such a competitive scenario smaller entities like
DI in general are more vulnerable on account of its limited pricing
flexibility.

Key Rating Strengths

Experienced promoters: The key partner, Mr. Ajay Kumar Agarwal has
around two decades of experience in iron and steel industry. Mr.
Agarwal will looks after the day to day operations of the firm
supported by other partners who are also having an experience in
same line of business.

Comment on liquidity position: Not available due to non-cooperation
by the firm and also the banker cloud not be contacted.

Devghar Ispat (DI) was established as a partnership firm in July
2016 by Mr. Ajay Kumar Agarwal, Mr. Vijay Kumar Agarwal and Mr.
Sanjay Kumar Agarwal based out of Raigarh, Chhattisgarh. The firm
has been engaged in trading of iron and steel products like
billets, ingots and TMT bars etc.

DKM AGENCIES: CARE Maintains D Rating in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DKM
Agencies Private Limited (DKM) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      8.30        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

   Short term Bank     0.20        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2018, placed the
rating of DKM under the 'issuer non-cooperating' category as DKM
had failed to provide information for monitoring of the rating. DKM
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated July 4, 2019, July 3, 2019, July 2, 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 ratings take into account instances of delays in debt
servicing.

Detailed description of the key rating drivers

At the time of last rating in April 3, 2018 the following were the
rating weaknesses:
Key Rating Weaknesses

Instances of delays in debt servicing
There was instances of delays in debt servicing on account of weak
liquidity position as the company is unable to generate sufficient
funds in a time manner.

DKM Agencies Private Limited (DKM) was incorporated in March 1999
and is currently being managed by Mr Sachin Malik and Ms Nainy
Malik. DKM is engaged in trading of food products such as food
chemicals, juices, dairy products, bakery products, frozen food,
etc, at its outlet located in Ludhiana, Punjab. DKM supply products
to various distributors spread all across India and also to
institutional customers. The company also has a group concern,
namely, DKM Enterprises which is a proprietorship firm established
in 2002 and is engaged in same business as DKM.

EPOWER ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Epower Energy (India) Private Limited

        Registered office:
        H.No. 30-265/21/56
        Plot No. 56, RKH Colony
        Dr AS Rao Nagar, ECIL (PO)
        Hyderabad 500062, Telangana

        Plant Locations:
        #811/A, 812A, 814A, 815A
        Ankireddypally (V), Keesara (M)
        Medchal-Malkajgiri (D)
        Hyderabad, Telangana

Insolvency Commencement Date: July 23, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: January 19, 2020

Insolvency professional: Mahadev Tirunagari

Interim Resolution
Professional:            Mahadev Tirunagari
                         Sri Venkateswara Nilayam
                         Plot No. 10, 2nd Floor
                         Krishnapuram, Road No. 10
                         Banjara Hills
                         Hyderabad 500034, Telangana
                         E-mail: mahadev.pcs@gmail.com
                                 cirp.epowerenergy@gmail.com

Last date for
submission of claims:    August 6, 2019

GAYATRI BIOORGANICS: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Gayatri
Bioorganics Limited (GBL) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      16.66       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

   Short term Bank     10.00       CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

CARE has been seeking information from GBL to monitor the ratings
vide letters/e-mail communications from June 23, 2018 to July 1,
2019 and numerous phone calls. Despite our repeated requests; the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the rating.
In line with the extant SEBI guidelines, the rating on Gayatri
Bioorganics Limited bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING/ CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in last Press Release dated February 5,
2018, the following were the rating strengths and weakness (updated
for the information available from Registrar of Companies).

Key Rating weakness

Delays with respect to debt servicing on account of stretched
liquidity position: The Company was facing stretched liquidity
position which had led to delays in debt servicing at the back of
losses resulting in erosion of networth.

Gayatri Bio-organics Ltd (GBL) was originally incorporated as
Starchkem Industries Ltd in December 1991 by Mr. T. Sandeep Kumar
Reddy (Present Chairman). GBL is a part of Hyderabad based Gayatri
Group, which is in the business of civil constructions, sugar and
hospitality. GBL was engaged in the business of manufacturing of
Maize, Starch, sorbitol (Sugar Alcohol), Liquid Glucose and other
allied products. During FY2019, GBL transferred its assets to
Bluecraft Agro Private Ltd under Business Transfer Agreement by way
of slump sale.

GHANTA FOODS: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ghanta Foods
Private Limited's (Ghanta Foods) 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:

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

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

COMPANY PROFILE

Established in 1981 by M Kishan Rao, Ghanta Foods manufactures
mixtures of spices, chutney powders, compounded asafoetida and
ready-to-cook and ready-to-eat products such as food mix, sweets,
snacks, soup powders.

GOLDEN ANCHOR: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Golden Anchor Logistics Pvt. Ltd.
        42/2, Govindhan Street
        Ayyavoo Colony, Aminjikarai
        Chennai-TN 600029

Insolvency Commencement Date: July 15, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 11, 2020

Insolvency professional: Perumal Ulaganathan

Interim Resolution
Professional:            Perumal Ulaganathan
                         144, Alex Street
                         Panneer Nagar, Mogappair
                         Chennai 600037
                         E-mail: apunathan@yahoo.co.in
                                 ulaganathanp1955@gmail.com

Last date for
submission of claims:    August 2, 2019

GREENKO ENERGY: Fitch Affirms BB- LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Greenko Energy Holdings' Long-Term
Foreign-Currency Issuer Default Rating at 'BB-'. The Outlook is
Stable. The agency has also affirmed the rating of subsidiary
Greenko Investment Company's USD500 million 4.875% senior notes due
2023, which are guaranteed by Greenko, at 'BB-'. The proceeds of
the notes were used to refinance India-based assets at operating
entities within a restricted group of companies as defined in the
indenture to the note issue.

The ratings reflect its assessment of Greenko's business and
financial profile with a total capacity of 1.9GW (1.3GW of
unrestricted capacity and 523MW of projects under GIL). The credit
assessment of Greenko excludes two other restricted groups created
under Greenko Dutch B.V (GBV, US dollar notes: BB) and Greenko
Solar (Mauritius) Limited (GSM, US dollar notes: BB-), and a 500MW
solar project in Andhra Pradesh housed under a domestic restricted
group.

GBV has a Standalone Credit Profile that is stronger than Greenko's
while GSM's is at a similar level; hence, their bond ratings do not
reflect any benefit from Greenko's guarantees and Fitch treats the
two restricted groups as ring-fenced from the parent. Fitch does
not expect any dividends from GBV and GSM, in line with management
guidance. A steady stream of dividends, if available, would have
been considered in Greenko's credit assessment.

GIL's Standalone Credit Profile is assessed at 'b+'. Fitch believes
the unrestricted group is stronger than GIL, reflecting in part
continued solid equity support from Greenko's strong shareholders,
GIC (Singapore's sovereign wealth fund) and Abu Dhabi Investment
Authority (ADIA), which have also introduced stronger
risk-management practices at the company over the years. Management
has also made a commitment towards deleveraging and Fitch expects
Greenko to use retained cash from its operating assets to reduce
borrowings or buy more assets with little to no additional debt.
GIL is consolidated into Greenko's credit assessment in line with
Fitch's Parent and Subsidiary Rating Linkage criteria due to its
weaker Standalone Credit Profile but strong linkages with the
parent on account of the note guarantee.

Management plans to build two pumped hydro-energy storage projects
with 1.2GW of capacity each entailing an investment of about USD2
billion at the Greenko level. Fitch has not factored the investment
into its rating case due to the uncertainty around the timing and
tariffs, and hence returns, of the projects. However, based on
management's expertise in building hydro projects in India, Fitch
does not believe the execution or operational risks are
significant. The group's leverage may increase in the short term as
Fitch expects these projects to have a gestation period of about
three years. However, management expects deleveraging to continue
in the medium term, based on the overall financial structure and
return profile of the projects.

KEY RATING DRIVERS

Strong Shareholder Support Continues: Greenko's credit profile is
underpinned by the demonstrated financial support of GIC and ADIA,
which own 64.9% and 16.3% of the company, respectively. The parents
have made a commitment to inject another USD824 million in equity
this month, which includes USD495 million in equity raised for the
pumped hydro-energy storage projects in June 2019. The two
sovereign funds have so far infused USD2.2 billion into Greenko,
including the new commitment, to fund its expansion - both organic
and inorganic.

The equity injections have not only provided Greenko with the
capital necessary for expansion but also reinforced the commitment
of its shareholders, in its view. Fitch expects Greenko to retain
cash generated by its existing operating assets in the restricted
groups beyond its contractual requirements to cut debt, and to
continue to rely on additional equity infusions from its parents to
fund the group's capacity expansion plans.

Financial Performance to Improve: Greenko's adjusted financial
profile may improve, with leverage, measured by net adjusted
debt/operating EBITDAR, falling below 5.5x by the end of the
financial year to March 31, 2023 (FY23) from a Fitch estimate of
7.9x at FYE20. However, there is the possibility of Greenko
increasing its investments, leading to a slower deleveraging pace.
However, retaining cash to reduce the debt associated with existing
assets is a more important long-term credit positive for Greenko as
the debt repayment capacity of renewable assets drops with age and
the remaining life of its power-purchase agreements (PPAs)
shrinks.

Seasoned, Well-Diversified Portfolio: Around 80% of Greenko's
adjusted capacity of 1.9GW is operational and about 57% of the
total capacity has been operating for more than two years. The
power projects' diversity by type - wind (59%), solar (27%) and
hydro (14%), and geography - mitigates the risks from adverse
climatic conditions. The portfolio is well-spread across 13 Indian
states. The off-taker mix is also diversified across state
utilities (11 account for 84%), direct industrial and commercial
customers (8%), and sovereign-owned entities (8%). The
diversification provides support for generation spread throughout
the year and more stable cash flows.

Manageable Construction Risk: Greenko has about 340MW of renewable
capacity under construction. Fitch expects all of its assets that
are under construction to commence operations within this financial
year. The company also plans to develop several large-scale
integrated, round-the clock renewable assets combining hydro, wind
and solar with storage technologies in addition to its existing
portfolio. Fitch thinks the risks associated with these investments
are fairly manageable due to management's strong expertise and
demonstrated record in developing renewable projects.

Weak Counterparty Profiles: The weak credit profiles of the group's
key customers, state utilities, continue to be a rating constraint.
The group also has an element of concentration in its customer mix
with its top three customers, state utilities in Andhra Pradesh,
Madhya Pradesh and Tamil Nadu, accounting for about 52% of offtake
by capacity. Delays in receipts from state utilities would exert
working-capital pressure.

Greenko has shown that it can terminate PPAs if payments are
delayed, which may give it the ability to switch customers.
However, the restricted group would still be exposed to a temporary
loss of revenue and working-capital pressure while it negotiates
new agreements.

Price Certainty, Volume Risks: The majority of Greenko's assets, as
well as the assets in GIL's restricted group, benefit from
long-term PPAs, which offer tariff visibility. Long-term PPAs
provide protection from price risk but production volume will vary
with seasonal and climatic patterns despite the diversification of
the assets. The PPAs have an average remaining period of more than
20 years and 12 years for Greenko and GIL, respectively.

Structural Subordination from Restricted Groups: Greenko created
the three restricted groups to raise US dollar notes, with capacity
of 523MW for GIL, 949MW for GSM and 1,075MW for GBV, which were
carved out from its total operational capacity of 4.1GW. The
company also raised bonds in the domestic market, creating another
restricted group with 500MW. The structural features created
through these notes' indentures restrict the outflow and use of
cash generated from these assets, which are highly free-cash
generative, to a degree.

Management intends to retain more cash at the restricted-group
level, but Greenko has the ability, if needed, to tap the cash
within the indenture conditions. Greenko has also raised sufficient
equity ahead of substantial investments, leading to only a moderate
level of debt at the holding-company level. Having a portfolio of
1.3GW of well-diversified unrestricted assets further enhances
Greenko's financial flexibility.

GIL's Standalone Credit Assessment: Fitch has assessed the
Standalone Credit Profile of the assets under the restricted group
backing GIL's notes at 'b+'. Its 523MW asset portfolio is
moderately diversified across fuel type (wind and hydro, which have
generally more volatile performance than solar) and location
(spread across five Indian states) with a weighted-average
operating history of about three years. Around 72% of GIL's
capacity is contracted with state-owned distribution companies in
India, which have weak financial profiles.

GIL's receivable position remained strong in FY19 at under 50 days
(FY18: 54 days) with a good record of cash receipts from state
utilities in Rajasthan and Sikkim. However, the company did make
USD0.2 million in provisions for receivables in the year. The
restricted group's FY19 operational performance also exceeded
Fitch's estimates, driven by higher average load factors. Financial
leverage, measured by net adjusted debt/operating EBITDAR, of 6.0x
was better than Fitch's estimate of 6.4x. Management added 20MW of
wind-power projects into the restricted group in FY20, which should
further support its financial profile. Fitch may reassess the
restricted group's Standalone Credit Profile if its financial
profile improvement is sustained.

Foreign-Exchange Risk Largely Hedged: Foreign-exchange risk arises
as the earnings of GIL's assets are in Indian rupees while the
notes are denominated in US dollars. However, GIL has substantially
hedged the principal of its US dollar notes over the tenor of the
bonds and plans to roll over the hedging of its semi-annual coupon
payments as the three-year no-call period is about to end.

DERIVATION SUMMARY

GBV is a restricted group of 34 renewable projects in India, with
total capacity of 1,075MW spread across wind (41%), solar (37%) and
hydro (22%). Around 18% of GBV's capacity is contracted with direct
industrial or commercial customers and the rest is signed with
state-owned distribution utilities that have weak financial
profiles. GBV's notes are rated higher than Greenko's due to the
former's marginally better diversification across fuel types,
slightly lower counterparty risks and much stronger financial
profile.

GSM is a restricted group of 15 renewable projects in India, with
total capacity of 949MW spread across wind (85%) and solar (15%).
Only 5% of GSM's capacity is contracted with direct industrial or
commercial customers and the rest is signed with state-owned
distribution utilities that have weak financial profiles. GSM's
notes are rated at the same level as Greenko's because GSM's much
stronger financial profile is constrained by its higher resource
and counterparty risks to an extent.

Concord New Energy Group Limited (CNE, BB-/Stable) has an
attributable wind capacity of 2,277MW across multiple projects in
China. CNE's rating reflects Fitch's expectations that the group's
FFO adjusted net leverage will improve to below 6.0x over the next
two years. CNE's net leverage improved in 2018 from a year ago,
driven by strong power generation from rising utilisation hours,
stable effective tariffs and the fading impact from the time lag
between capex and cash flow contribution from new capacity. CNE
plans for steady capacity expansion each year and aims to divest
more assets in the coming years, which should help it deleverage
further.

CNE's feed-in tariffs are stable and its counterparty risk is lower
as its revenue stream is mostly reliant on State Grid Corporation
of China (A+/Stable) and China's Renewable Energy Subsidy Fund.
However, CNE's cash flow, similar to other Chinese wind-power
operators, is significantly affected by the time lag in the receipt
of renewable subsidies, which accounted for 42% of its power
revenue in 2018. CNE also faces substantial construction risk as it
aims to add 300MW-500MW of wind capacity per year in 2019 and 2020.
Overall, CNE's business risk is marginally higher than that of
Greenko, which is counteracted by its stronger credit metrics,
resulting in similar ratings.

ReNew Power Limited (RPL, BB-/Stable) is another leading renewable
power producer in India. RPL has larger unrestricted capacity than
Greenko, totalling 6.3GW, which offers better granularity. RPL's
resource risk is lower with higher exposure of 39% to solar-based
projects (Greenko: 27%) and counterparty risk is also lower with
43% of unrestricted capacity contracted with sovereign-owned
entities, 2% with direct commercial and industrial customers, and
the balance with state-owned distribution companies. On the other
hand, RPL has much higher construction risk with half of its
capacity still under construction. Greenko's credit assessment also
drives support from its strong shareholders - GIC and ADIA. These
shareholders, in addition to putting in equity, have also
introduced stronger risk-management practices at Greenko over the
years including the commitment from its management towards
deleveraging. The factors combine to result in a similar credit
assessment, in its view.

Neerg Energy Ltd (US dollar notes: B+/RR4) is a restricted group
with 14 wind and solar-based projects amounting to a total capacity
of 606MW spread across six Indian states. About 17% of the total
capacity is contracted with direct customers while the balance is
signed with weaker state-owned utilities. Greenko's larger scale,
diversification and stronger access to liquidity justify the
one-notch difference in their credit assessments despite Greenko's
tighter leverage, although they have similar coverage estimates.

KEY ASSUMPTIONS

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

For GIL:

  - Average plant load factors of 60% for hydro projects and 30%
for wind projects

  - Plant-wise tariff in accordance with PPAs

  - EBITDA margins to reduce from 83% in FY20 to 80% in FY25

  - Receivable days to deteriorate to 73 in FY20 and remain at that
level subsequently

  - Cash accruals to be retained within the restricted group

For the unrestricted group:

  - Projects under construction to commence operations as
scheduled

  - Average plant load factors of 30%

  - Average tariffs of INR4.4/kWh

  - EBITDA margins to improve from 83% in FY20 to around 90% in the
next couple of years with the end of acquisition overheads

  - Receivable days to gradually improve from over 200 in FY20 to
less than 130 by FY25

  - Four projects with a total capacity of about 200MW to be added
into GSM over the next two-three years

  - Cash accruals to be used for deleveraging with growth financed
by fresh equity proceeds


RATING SENSITIVITIES

For Greenko:

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

  - EBITDAR net fixed-charge coverage of 2.5x or more on a
sustained basis, provided there are no adverse changes to the
shareholding of Greenko or an increase in risk appetite. The fixed
charge includes the cost of foreign-exchange hedging.

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

  - Any shareholder changes that adversely affect the company's
risk profile, including its liquidity and refinancing,
risk-management policies or growth risk appetite

  - Weakening in assets' operational or financial performance or
aggressive investments that are not sufficiently supported by
equity, which lead to net leverage, measured by net adjusted
debt/operating EBITDAR, that is higher than 5.5x during the group's
capacity expansion phase

For US dollar notes issued by GIL:

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

  - A strengthening of Greenko's credit profile

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

  - A weakening of Greenko's credit profile

Note: Greenko's rating triggers are based on the group's adjusted
profile, which combines unrestricted projects and GIL.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Fitch estimates Greenko's readily available
cash balance was about USD365 million at FYE19, of which USD129
million was for GBV and GSM. This is against debt maturities of
about USD157 million in FY20.

GIL's US dollar notes are due in 2023, resulting in minimal debt
maturities during the interim period. GIL's readily available cash
balance stood at USD71 million at FYE19. Fitch expects GIL to
generate average pre-dividend free cash flow of USD30 million-40
million a year in the medium term.

J J EXTRUSION: CARE Migrates B+ Rating to Not Cooperating Category
------------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of J J
Extrusion Private Limited (JJEPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      12.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JJEPL to monitor the ratings
vide e-mail communications/letters dated May 10, 2019, June 18,
2019, July 01, 2019 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on J J
Extrusion Private Limited (JJEPL)'s bank facilities will now be
denoted as 'CARE B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in June 26, 2018 the following were the
rating strengths and weaknesses: (Updated the information available
from Ministry of Corporate Affairs).

Key Rating Weaknesses:

Short track record and small scale of operations with low profit
margins: JJEPL has started its commercial operations from August
2015 and thus has very short track record of operations.
Furthermore, the scale of operations of the company also remained
small marked by total operating income of INR30.96 crore (INR17.04
crore in FY17) with a PAT of INR0.11 crore (INR0.03 crore in FY17)
in FY18. Furthermore, the total capital employed has also remained
low at INR14.12 crore as on March 31, 2018. The profitability
margins of the company remained low marked by weak PBILDT margin of
6.50% and thin PAT margin of 0.36% in FY18.

Exposure to volatility in prices of raw-materials: The raw-material
cost is the major cost driver for the company. The major
raw-materials required for the JJEPL are aluminium etc. and the
company procures its raw materials from open market at spot prices.
Since the raw-material is the major cost driver and the prices of
which are volatile in nature, the profitability of the company is
susceptible to fluctuation in raw-material prices.

Working capital intensive nature of business: JJEPL is into
manufacturing of aluminum products and accordingly it has to
maintain a large quantity of raw material inventories for smooth
running of its production process and to mitigate the price
fluctuations risk. Accordingly the average inventory period of the
company remained on the higher side during past years. Furthermore,
the company allows credit of around a month to its customers due to
its low bargaining power. However, it receives credit period of
around a month from its suppliers which mitigates its working
capital intensity to a certain extent.

Leveraged capital structure and moderate debt coverage indicators:
The capital structure of the company remained leverage marked by
debt equity and overall gearing ratios of 1.95x and 3.60x
respectively as on March 31, 2018. Moreover, the debt coverage
indicators of the company also remained moderate marked by interest
coverage of 2.72x and total debt to CGA of 9.22x in FY18.

Intensely competitive industry: JJEPL is engaged in the
manufacturing of aluminum related products which is primarily
dominated by large players and characterized by high fragmentation
and competition due to the presence of numerous players in India
owing to relatively low entry barriers. High competitive pressure
limits the pricing flexibility of the industry participants which
induces pressure on profitability. The fortunes of companies like
JJEPL from the aluminum are heavily dependent on the industries
like infrastructure, electrical etc. Aluminum consumption and, in
turn, production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of aluminum. Slowdown in these sectors may lead to
decline in demand of aluminum items. Furthermore, all these
industries are susceptible to economic scenarios and are cyclical
in nature.

Key Rating Strengths

Experienced promoters: JJEPL is managed by Mr. Birendra Kumar
Jaiswal who has more than two decades of experience in
aluminumproducts industry, looks after the overall management of
the company supported by other co-directors who are also having
long experience in similar line of business.

Comment on liquidty position: The liquidity of the company seems to
be moderate as reflected by current ratio of 1.39x as on March 31,
2018. The liquidity is supported by cash and cash equivalent of
INR0.03 crore as on March 31, 2018.

Incorporated in November 2013, J J Extrusion Private Limited
(JJEPL) was promoted by the Jaiswal family best out of Jharkhand
for setting up a manufacturing plant for aluminum products. The
commercial operation of the company has been commenced from August
2015 onwards. The manufacturing facility of the company is located
at industrial area Rajnagar, Jharkhand with an installed capacity
of around 200 MTPA. The company manufactures different types of
aluminum windows (like sliding windows, double hung window, louvre
window, awning, casement windows, Bi-fold windows etc.), doors
(like sliding doors, hinged doors, pivot doors, B-fold doors,
wardrobe doors etc), commercial facades (like shopfronts, curtain
walls, louvers & solar control etc.). Considering the increasing
demand of aluminum products, the company is currently expanding its
installed capacity by 250MTPA by installing additional plant
&machineries with an aggregate cost of INR2.50 crore, which is to
be financed at debt equity of 0.51x.

JAIN IRRIGATION: S&P Lowers ICR to 'CCC' on Diminished Liquidity
----------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
ratings on Jain Irrigation Systems Ltd. to 'CCC' from 'B-' to
reflect the company's diminishing cash position and slow progress
in securing additional working capital facilities. This
significantly increases the risk of delay in debt servicing over
the near term.

S&P thinks Jain's cash position of about Indian rupee (INR) 1.5
billion and very high utilization of up to 95% under its existing
credit facilities reflect a thin liquidity position as well as
uncertainty around timely servicing of its obligation. The company
is exposed to delays in receivables collection from state
governments as well as working capital buildup in its largely
seasonal business.

Jain has made considerable progress and reiterated its commitment
for the upcoming bond interest payment due on Aug. 1, 2019.
However, there is uncertainty whether it has accumulated adequate
funds for timely payment of about INR0.5 billion (US$7.0 million)
on the US$200 million bond.

S&P said, "We believe the company is making efforts to arrange for
additional working capital funding. The State Bank of India
(BBB-/Stable/A-3)--the lead consortium banker for Jain's working
capital facilities--has already subscribed to 30% of the additional
INR4.0 billion facility, while other banks are awaiting approval.

"We think this additional facility will be crucial for Jain to tide
over its cash flow mismatches without delaying its debt service
obligations. However, the consortium banker's move to enter an
intercreditor agreement--even though expected to be procedural as
of now--does not instill much confidence.

"In our view, Jain has started receiving payments from its
government-led irrigation projects and it expects to collect about
INR2.5 billion pending receivables over the next two months or so.
Coupled with improving micro-irrigation sales after the monsoon,
this could alleviate some of the company's cash crunch. However,
Jain remains exposed to uncertain weather conditions and a weak
market sentiment."

The CreditWatch reflects a potential for missed interest payment
and/or debt servicing obligation over the next three months, in the
absence of additional credit lines and timely receivables
collection.

S&P said, "We will lower the ratings on Jain by one or more notches
if the risk of missed interest payment and/or debt servicing rises
over the next three months. This could happen if the company fails
to secure additional credit lines due to weakening banking
relationships and if the receivables collection cycle stagnates.

"We could affirm or raise our rating by one notch over the next
three months if Jain improves its liquidity buffer through a
combination of new additional working capital facilities,
sufficient cash balance, and unused working capital lines through
timely receivables collections." This is assuming that the company
maintains its banking relationships.

Jain is an India-based company engaged in the manufacture of
plastics-based micro-irrigation piping and plumbing systems. It is
the world's second-largest provider of such systems, behind
Israel-based Netafim Ltd. The company also has a growing food
processing business--which mainly produces fruit pulp, dehydrated
onions, and spices.

JR TOLL: CARE Downgrades Rating on INR389cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of JR
Toll Road Private Limited (JR Toll Road), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      389.00      CARE D; ISSUER NOT COOPERATING;
   Facilities*                     Revised from CARE B(SO); on the

                                   basis of best available
                                   information

* Backed by unconditional and irrevocable corporate guarantee of
Reliance Infrastructure (R-Infra, rated CARE D; Issuer not
cooperating as on June 25, 2019)

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 9, 2019, placed the
rating of JR Toll Road under the 'issuer non-cooperating' category.
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 revised on account of revision in the credit
rating of guarantor (i.e. Reliance Infrastructure Limited, RInfra;
rated CARE D; Issuer not cooperating as on June 25, 2019). CARE has
not been able to conduct appropriate due diligence in the absence
of information. The company has not provided monthly 'No Default
Statement' (NDS) since January 2019.

Detailed description of the key rating drivers

The above rating is based on credit enhancement in the form of
unconditional and irrevocable corporate guarantee provided by
R-Infra for the facilities of JR Toll Road. The following are the
rating strengths and weaknesses of R-Infra:

Key Rating Weaknesses

Continued support extended to group/associate companies impacting
the coverage indicators: Financial support extended to group
companies/associates in the form of loans & advances stood at
INR6,064.79 crore as on March 31, 2019 (as against INR13,558 crore
as on March 31, 2018) which has impacted the liquidity profile and
financial risk profile of R-Infra. Timely and complete recovery of
the same is a key rating sensitivity.

Delay in receipt of arbitration award and regulatory assets:
R-Infra had won Delhi Metro arbitration award against DMRC (Delhi
Metro Rail Corporation) worth INR 5,300 crore including interest of
which R-Infra received INR678.42 crore as immediate relief to
ensure than no account of lenders of DAMEPL (Delhi Airport Metro
Express Private Limited) turns NPA.

Hon'ble Delhi HC has directed DMRC to service entire debt of DAMEPL
worth INR 1,618 crore. The timely receipt of DMRC award is a key
rating monitorable. Also, the company had claims with regards to
regulatory assets from the power business and arbitration money
expected from the road projects, Mumbai Metro project and EPC
business.

Key Rating Strengths

Improved revenue visibility in EPC business segment: During FY18,
The EPC business segment contributed around 15.52% of the total
revenues and 18.83% of the total PBIT (allocable Income/Expenses
among segments) of R-Infra. However, as on September 30, 2018,
R-Infra has an order book position exceeding INR27,800 crore as on
September 30, 2018. The improvement in the order book position
provides revenue visibility in the EPC segment in the near term.

It is one the of 11 toll road projects executed by R-Infra. R-
Infra has 48% stake in JR Toll road project. The project commenced
commercial operations in July 2013 and was set up with the
objective to design, build and operate 52 km long four lane NH11
road connecting Reengus in northern part of Rajasthan to its
capital city, Jaipur.

                         About the Guarantor

Reliance Infrastructure Limited (R-Infra) is the flagship company
of the Reliance ADAG (controlled by Mr. Anil D Ambani). Reliance
Infrastructure Ltd. is into developing projects through various
Special Purpose Vehicles (SPVs) in sectors such as Power, Roads and
Metro Rail in the Infrastructure space and the Defense sector.

R-Infra through its SPV/Associates has presence in the power
businesses. Also, R-Infra Ltd through its SPVs has executed a
portfolio of infrastructure projects such as a metro rail project
in Mumbai on build, own, operate and transfer (BOOT) basis; eleven
road projects with total length of about 1,000 km on build, operate
and transfer (BOT) basis. Reliance Infrastructure Ltd. also
provides Engineering, Procurement and Construction (EPC) services
for developing power and road projects.

The Company has entered into the defense sector. The Maharashtra
Government has allotted land at Mihan near Nagpur for the
development of smart city for the defense sector known as Dhirubhai
Ambani Aerospace Park (DAAP). Reliance Infrastructure Ltd.
associate Reliance Naval and Engineering Ltd. (RNEL), houses dry
dock facility to build warships and other naval vessels.

KUNA IMPEX: Ind-Ra Migrates BB LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kuna Impex Private
Limited's Long-Term Issuer Rating to the non-cooperating category.
The Outlook was Stable. 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:

-- INR67.50 mil. Fund-based working capital limits migrated To
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating;

-- INR3.48 mil. Long-term loans due on April 30, 2020, migrated To

     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating; and

-- INR45 mil. Non-fund based working capital limits migrated To
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 24, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Kuna Impex is a trader of industrial automation and electrical and
lighting products. The company is managed by Mr. Ved Naithani and
Mr. Palak Shah. The company's head office is in Ahmedabad, Gujarat.

L&T HALOL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: L&T Halol - Shamlaji Tollway Limited
        Registered office address:
        P B No. 979, Mount Poonamallee Road
        Manapakkam, Chennai
        Tamil Nadu 600089

Insolvency Commencement Date: July 17, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: January 12, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anil Kumar Birla

Interim Resolution
Professional:            Mr. Anil Kumar Birla
                         Maheshwari & Associates
                         Chartered Accountants
                         I Floor, Park Plaza No. 1
                         Park Road, Bangalore
                         Karnataka 560051
                         E-mail: anil_birla@sumedhamanagement.com

                            - and -

                         Sumedha Management Solutions Privated
                         Limited
                         "Park Plaza", First Floor
                         No. 1, Park Road
                         (Off. Infantory Road)
                         Tasker Town, Bangalore
                         Karnataka 560051
                         E-mail: lhstl@sumedhamanagement.com

Last date for
submission of claims:    July 31, 2019

NANIBALA COLD: CARE Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Nanibala
Cold Storage Private Limited (NCSPL) to Issuer Not Cooperating
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.00        CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NCSPL to monitor the ratings
vide email communications/letters dated May 10, 2019, June 18,
2019, July 01, 2019 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Nanibala
Cold Storage Private Limited (NCSPL)'s bank facilities will now be
denoted as 'CARE B+; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in May 29, 2018 the following were the
rating strengths and weaknesses: (updated the information available
from Ministry of Corporate affairs).

Key Rating Weaknesses:

Small scale of operations: NCSPL is a small player in the cold
storage industry marked by total operating income of INR3.03 crore
(INR3.33 crore in FY17) with a PAT of INR0.21 crore (INR0.21 crore
in FY17) in FY18.

Regulated nature of business: In West Bengal, the basic rental rate
for cold storage operations is regulated by the state government
through West Bengal State Marketing Board. The rent of these cold
storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

Seasonality of business with susceptibility to vagaries of nature:
NCSPL's operation is seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of February
and lasts till March. Additionally, with potatoes having a
perceivable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period from December to January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, NCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the season
in November, the farmers & traders are required to clear their
outstanding dues with the interest. In view of this, there exists a
risk of delinquency in loans extended, in case of downward
correction in potato or other stored goods prices, as all such
goods are agro commodities.

Moderate capital structure and debt coverage indicators: The
capital structure of the company remained moderate as marked by
overall gearing ratio of 1.44x (FY17: 0.18x) as on March 31, 2018.
Moreover, the debt coverage indicators also remained moderate
marked by interest coverage of 9.48x (FY17: 2.63x) and total debt
to GCA of 9.94x (FY17: 1.27x) in FY18.

Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Key Rating Strengths

Experienced promoters with long track record of operations: Mr.
Chittaranjan Pal, possesses over two decades of experience in the
cold storage industry and looks after the overall management of the
company. He is further supported by other four Directors who are
also having over two decades of long experience in the same line
business, along with a team of experienced professionals.
Furthermore, NCSPL commenced commercial operation since March 1997
and accordingly has a long track record of operations.

Proximity to potato growing area: NCSPL is located in the potato
growing belt of the Bankura district of West Bengal, having a large
network of potato growers along with potato traders, thereby making
it suitable for the farmers and traders in terms of transportation
and connectivity and ensures company's higher level of capacity
utilization.

Comment on liquidity position: The liquidity of the company seems
to be moderate as reflected by current ratio of 1.26x as on March
31, 2018. The liquidity is supported by cash and cash equivant of
INR0.59 crore as on March 31, 2018.

NCSPL was incorporated in March 1997 to set up a cold storage
facility with a storage capacity of 21,800 Metric Tonnes in Bankura
district of West Bengal. Since its inception, the company has been
engaged in the business of providing cold storage facility
primarily for potatoes to farmers along with trading of potatoes.
The company also provides interest bearing advances to farmers for
their agricultural activities against the receipts of potato
stored.

NIRVANA FASHION: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nirvana Fashion
Clothing's (Nirvana) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limit affirmed with IND
     BB-/Stable rating; and

-- INR30 mil. Non-fund-based working capital limit affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Nirvana's continued small scale of
operations as indicated by revenue of INR539 million in FY19 (FY18:
INR448.2 million, FY17: INR405 million). The growth in revenue was
due to an increase in the number of orders received. FY19
financials are provisional in nature.

The ratings continue to factor in Nirvana's modest credit metrics,
despite an improvement in its interest coverage (operating
EBITDA/gross interest expense) to 2.80x in FY19 (FY18: 1.74x) and
net leverage (total adjusted net debt/operating EBITDA) to 4.41x
(6.35x). The improvement in credit metrics was owing to an increase
in EBITDA to INR39.83 million in FY19 (FY18: INR22.67 million) due
to cost control measures adopted by the management to minimize its
fixed cost.

The ratings are constrained by the firm's modest liquidity position
as reflected in its 92.9 % average utilization of the working
capital limits in the 12 months ended June 2019. Its networking
capital cycle elongated to 123 days in FY19 (FY18: 119 days) due to
an increase in collection period to 109 days (84 days). The cash
flow from operations remained negative at INR 14.06 million in FY19
(FY18: negative INR 9.06 million) due to changes in the working
capital.

However, the ratings are supported by Nirvana's comfortable EBITDA
margin of 7.39% in FY19 (FY18: 5.06%) with a return on capital
employed of 19.84% in FY19 (FY18: 12.84%).

The ratings continue to benefit from the firm's founders' around
five decades of experience in the garment manufacturing industry.

RATING SENSITIVITIES

Negative: Any further deterioration in the credit profile will lead
to negative rating action.

Positive: A substantial increase in revenue along with an
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Nirvana was established as a partnership firm by the Biyani family
in 1996. The firm manufactures readymade garments on a contract
basis and supplies them to reputed retail chains such as Future
Group etc.

It also sells menswear under its own brand Going 3. The founder and
key partner of the firm are Bajrang Biyani. The firm's office is
located in Mumbai.

NUTRIENT MARINE: CARE Lowers Rating on INR40cr LT/ST Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nutrient Marine Foods Limited (NMFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/Short     40.00       CARE D/CARE D; ISSUER NOT
   term Bank                       COOPERATING; Revised from
   Facilities                      CARE BB-; Stable/CARE A4
                                   on the basis of best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 05, 2018, placed
the rating of NMFL under the 'issuer non-cooperating' category as
NMFL had failed to provide information for monitoring of the
rating. NMFL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated June 10, 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.

The ratings have been revised at the back of delays in its debt
servicing.

Detailed description of the key rating drivers

Updated for the information available from Registrar of Companies
Weak liquidity position resulting in delays in debt servicing
The rating has been revised at the back of delays in its debt
servicing due to weak liquidity position of the company.

During FY18, the company reported cash losses to the tune of INR
2.92 crore. Losses were primarily on account of high capital charge
as against lower operating profit levels.

Nutrient Marine Foods Limited (NMFL) was incorporated in the year
2011, promoted by Shri G Rama Reddy, Shri G Rama Krishan Reddy and
Shri G Venkat Reddy. NMFL is a part of Reddy & Reddy group and also
has five other associate companies. NMFL started its business
operations from April, 2012 with FY13 being first full year of
operations. NMFL is engaged in the processing and exporting of
shrimps (Black Tiger and Vannamei) of different varieties like
Head-On, Headless, Tail-on, Tail-off, De-veined etc. mainly to
China, Vietnam, Malaysia, Germany and UK. It has a
processing-cumstorage facility with a processing capacity of 30MTPD
(metric tonnes per day) of shrimp, four plate freezers with a
freezing capacity of 15 MTPD and Individual Quick Freezer with a
freezing capacity of 10 MTPD and two flake ice machines with a
capacity of 30 tonnes per day and cold storage facilities with a
capacity of 600 MT for preserving processed sea food. The
processing facility has been taken on lease, close to aquaculture
zone in Bhimavaram.

PARISHUDH MACHINES: CARE Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Parishudh
Machines Private Limited (PMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      6.50        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

   Short term Bank     2.00        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 26, 2018 placed the
rating of PMPL under the 'issuer non-cooperating' category as
Parishudh Machines Private Limited had failed to provide
information for monitoring of the rating. Parishudh Machines
Private Limited continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
June 21, 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.

The ratings take into account the ongoing delays in the servicing
of interest obligations due to stressed liquidity position.

Uttar Pradesh-based, PMPL was incorporated on February 6, 1987, by
Mr V.S. Goindi and Mr G.S. Goindi. It started its commercial
operations in 1988. PMPL is engaged in manufacturing and servicing
of Computerized-Numerical-Control (CNC) turning and grinding
machines and automatic lathes with the plant being located at
Ghaziabad (UP) and Sitarganj (Uttaranchal). The manufacturing
facility of PMPL is well equipped with modern amenities and is ISO
9001:2008 certified. This apart, PMPL also manufactures various
engineering components. PMPL markets its products under the brand
name 'Parisudh'. The major end-users of the machines manufactured
by PMPL are the automobile manufacturing industry, forging
industry, refrigeration industry, railways, bearing industry, etc.
PMPL is a part of Goindi group, promoted by Mr V. S. Goindi, which
offers a comprehensive range of machine tools to various
industries.

PRABHAT GLOBAL: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Prabhat Global
Colourcoated Private Limited's Long-Term Issuer Rating of 'IND B+
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR140 mil. Term loan# due on March 2024 maintained in non-
     cooperating category and withdrawn.

*Maintained in 'IND B+ (ISSUER NOT COOPERATING) / IND A4 (ISSUER
NOT COOPERATING)' before being withdrawn

#Maintained in 'IND B+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Prabhat Global Colourcoated did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Ind-Ra is no longer required to maintain the rating as the agency
has received a no-objection certificate from the rated facility's
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017, for credit rating
agencies.

COMPANY PROFILE

Prabhat Global Colourcoated was incorporated on February 2017 to
set up a 1,00,000 metric tons per annum plant for manufacturing
color coated plain sheets (galvanized iron) in Raged, Maharashtra.

PRERNA SERVICES: CARE Maintains D Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prerna
Services Private Limited (PSP) continues to remain in the 'Issuer
Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      5.22        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

   Short term Bank     2.00        CARE D; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 6, 2018 placed the
rating of PSP under the 'issuer non-cooperating' category as Prerna
Services Private Limited had failed to provide information for
monitoring of the rating. Prerna Services Private Limited continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls June 20, 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.

The ratings take into account the ongoing delays in the servicing
of interest obligations due to stressed liquidity position.

Prerna Service Private Limited (PSP) was incorporated in February
2013; however the commercial operations of the company have started
in February 2015. The operations of the company are current being
managed by Manoj Kumar Tyagi, Mr.Vijender Singh and Ms. Pinki
Hudda. The company is engaged in manufacturing as well as trading
of I.T. products such as personal computers, smart phones,
chargers, tablets, etc. The company imports its entire raw material
requirement from China & Hong Kong and manufactures it at its
plant, located at Roorkee, Uttarakhand. The company has an
installed capacity of 87,000 pieces of tablets as on September 30,
2015. The product is sold under the brand name "PENTA" (brand name
acquired by PTP) to traders located in Delhi and near regions.
Pantel Technologies Private Limited is an associate concern of PSP
engaged in similar business.

PUNJAB BIO: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Punjab Bio
Mass Power Limited (PBPL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Bank Facilities-    14.61       CARE D; ISSUER NOT COOPERATING,
   Term loan                       Based on best available
                                   Information
  
   Bank Facilities-     9.97       CARE D; ISSUER NOT COOPERATING,
   Fund-based-                     Based on best available
   LT-Cash Credit                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2018, placed the
rating(s) of PBPL under the 'issuer non-cooperating' category as
Punjab Bio Mass Power Limited had failed to provide information for
monitoring of the rating, including the NDS, and had not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. PBPL continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated July 3, July 5, July 8, 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 on account of non-submission of
material information required for our periodic review exercise.

Detailed description of the key rating drivers

Key Rating Weaknesses
Delay in debt servicing: There are delays in debt servicing by
PBPL.

Punjab Biomass Power Ltd. (PBPL), a Joint Venture (JV) between
Bermaco Energy Systems Ltd. (BESL) and IL&FS Renewable Energy
Limited (IREL) is a 12 MW biomass-based (paddy straw) operational
power plant in Patiala district, Punjab. IREL holds 50% of the
equity stake, 44.31% is held by Bermaco Group companies and
remaining 5.70% is held by Gammon Infrastructure Projects Limited
(GIPL). Bermaco Group commenced its operation in early 1960s and
has an engineering background. Bermaco Energy Systems Limited
(BESL), Bermaco group's dedicated venture in power sector started
in 1996. BESL successfully re-commissioned 10MW paddy straw based
power plant at Jhalkheri, Punjab in 2002 from M/S Punjab State
Electricity Board under an O&M performance contract. The other JV
partner, IL&FS Renewable Energy Limited (IREL) is a wholly owned
subsidiary of IL&FS Energy Development Company Limited (IEDCL, CARE
D; ISSUER NOT COOPERATING), which is flagship company for power
sector investment for the IL&FS group. IREL is subsidiary, which
spearheads all renewable initiatives and investments for the group.

PUSHPANJLI STRIPS: Ind-Ra Withdraws BB Rating on INR130MM Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Pushpanjli
Strips' (PS) Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR130 mil. Fund-based working capital limits* maintained in
     the non-cooperating category and withdrawn;

* Maintained at 'IND BB (ISSUER NOT COOPERATING)' / 'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn.

KEY RATING DRIVERS

PS did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the ratings as the agency has received a no-objection
certificate from the rated facility's lender. This is consistent
with the Securities and Exchange Board of India's circular dated
March 31, 2017, for credit rating agencies.  

COMPANY PROFILE

Established in 2007, PS manufactures steel rounds, squares, and
flats at its steel rolling plant located at Mandi Gobindgarh in
Punjab and trades allied products.

RELIANCE BIG: CARE Lowers Rating on INR80cr LT Loan to 'D'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Reliance Big Entertainment Private Limited, as:

                           Amount
   Facilities           (INR crore)     Ratings
   ----------           -----------     -------
   (i) Long Term Bank       80.00       CARE D Revised from
   Facilities-Cash                      CARE BB; Stable
   Credit                   

   (ii) Long Term Bank      50.00       CARE C; Stable Revised
   Facilities-Working                   from CARE BB; Stable
   Capital Loan             
                                        

   (iii) Long term Bank    300.00       CARE C; Stable Revised
   Facilities                           from CARE BB; Stable


   (iv) Short Term Bank     50.00       CARE A3+(CE) Revised
   Facilities – 1                       Credit Watch with
                                        Developing Implications
                                        To Credit Watch with
                                        Negative Implications

   (v) Short Term Bank     100.00       CARE A3(CE) Revised Credit

   Facilities – 2                       Watch with Developing
                                        Implications to Credit
                                        Watch with Negative
                                        Implications

Detailed Rationale & Key Rating Drivers

(I) For the standalone ratings [i.e. serial nos. (i), (ii) and
(iii)]
The revision in the rating assigned to the long term Bank
Facilities- Cash Credit [serial no. (i) above] of Reliance Big
Entertainment Private Limited (REBPL) is on account of ongoing
delays in debt servicing. Consequently ratings of other long term
bank facilities [serial nos. (ii) and (iii) above] were also
revised.

(II) For the ratings based on credit enhancement by RCL [i.e.
serial nos. (iv) and (v)]
The rating of the above mentioned short term Bank Facilities-1 for
aggregate amount of INR50 crore availed by RBEPL factors in credit
enhancement the form of unconditional and irrevocable guarantee by
Reliance Capital Limited [RCL; rated CARE BBB (Credit Watch with
Negative Implications)/CARE PP-MLD BBB (Credit Watch with Negative
Implications)]. The rating of the above mentioned short term Bank
Facilities-2 for aggregate amount of INR100 crore availed by RBEPL
factors in credit enhancement the form of letter of comfort by
RCL.

The revision in the Credit Watch on the ratings of the short term
bank facilities-1 and 2 of RBEPL factors in the revision of Credit
Watch on the ratings of the credit enhancement provider, i.e. RCL
from 'Credit Watch with Developing Implications' to 'Credit Watch
with Negative Implications'.  Further, the ratings of the short
term bank facilities-1 and 2 of RBEPL continue to be on credit
watch with negative implications mainly because the ratings of the
credit enhancement provider i.e. RCL are on credit watch with
negative implications.

RCL's ratings have been placed on credit watch with negative
implications on account of the likely utilization of part proceeds
of divestments to meet the debt guaranteed by RCL which was not
factored as per the earlier plan submitted by RCL. The repayment
schedule of the guaranteed debt has not yet been provided by RCL.
Hence, CARE does not have clarity on the impact of these payments
on the liquidity profile of RCL.

As per the earlier commitment of the management, the entire
proceeds from the divestment process (major ones being RNAM and
RGIC) were to be only utilized for making the
repayments/prepayments of debt at standalone RCL level which is
expected to substantially reduce the debt levels by end of FY20.
RCL is expecting to close its larger disinvestments
including that of RNAM and RGIC and receive the proceeds by
Q2FY20.

CARE will also monitor the progress of sale of group
assets/investments as per the currently revised timelines stated by
RCL in order to reduce its debt levels. The ratings will be
reviewed by third week of July 2019.

There is delay in publishing of the audited results of FY19. As
communicated by RCL on the exchanges that one of the auditors M/S
Price Waterhouse & Co (PWC) has resigned on June 11, 2019. The
other auditor M/S Pathak H.D. & Associates continue as the sole
Statutory Auditor.

The ratings of Reliance Capital Limited (RCL) factor in the recent
developments including default by its subsidiaries 'Reliance Home
Finance Limited' (RHFL) and 'Reliance Commercial Finance Limited'
(RCFL) which is expected to further reduce the group's financial
flexibility and diminish RCL's ability to raise funds from the
markets. Established business franchisee of subsidiaries/associates
of RCL in the financial services segments has been one of the key
strengths underpinning the ratings of RCL; however, with
deterioration in credit profiles of RCFL and RHFL, that strength
has been partially diluted. In addition, RCL's financial risk
profile is characterized by depletion of liquidity, high dependence
on planned disinvestments for debt servicing and delays in
fructification of such disinvestments.

Further, the ratings continue to take into account RCL's sizeable
exposure to group companies in the non-financial business segments
having weak financial profiles where RCL has extended guarantees
and letters of comfort. Some of these group entities have been
identified by RCL for divestment. However, the company is unable to
conclude the exits from these investments as envisaged, which is
critical for supporting the regular cash flow requirements.

The ratings continue to factor in strength from RCL's experienced
management and established business franchise of some of its
subsidiaries/associates in financial services segments including
Asset Management, Life Insurance, General Insurance, Health
Insurance and Broking businesses.

Going forward, RCL's ability to maintain liquidity levels and
divest group exposures as envisaged and unlock value in a timely
manner thereby reducing leverage will act as key rating
sensitivities.

Detailed description of the key rating drivers

(I) For the standalone ratings [i.e. serial nos. (i), (ii) and
(iii)]

Key Rating Weaknesses

Ongoing delays in debt servicing
As a part of CARE's due diligence process, CARE had interacted with
REBPL's bankers and they have confirmed that there are overdrawals
in the cash credit account availed by the company for a continuous
period of 60 days from May 2019 onwards, as also delays of more
than 60 days in servicing interest on cash credit.

(II) For the ratings based on credit enhancement by RCL [i.e.
serial nos. (iv) and (v)]- Detailed Description of the key rating
drivers of the credit enhancement provider- RCL

Key Rating Strengths

Unlocking of the investments in the financial services business
segment RCL in the past has unlocked value of its investments in
the financial services segment by bringing in strategic investor
along with listing of some of the companies. Companies in the
financial services space, like Reliance Home Finance Ltd. and
Reliance Nippon Life Asset Management Ltd. (RNAM) have been listed,
wherein RCL holds 47.91% and 42.88% stake respectively. Apart from
the listing, RCL has been able to bring in strategic investors for
Reliance Asset Reconstruction Company Ltd. (RCL has 49% stake) and
Reliance Nippon Life Insurance Company Ltd. (RCL has 51% stake).
The other companies in the financial space are Reliance Securities
Ltd, Reliance Financial Ltd., Reliance Commercial Finance Ltd. and
Reliance General Insurance Company Ltd. which are all 100%
subsidiaries of RCL.

Key Rating Weaknesses

Impact on financial flexibility
Incidence of defaults by RCL's subsidiaries 'Reliance Home Finance
Limited' (RHFL) and 'Reliance Commercial Finance Limited' (RCFL) is
expected to further reduce the group's financial flexibility and
diminish RCL's ability to raise funds from the markets, which might
take a measured approach in extending any further funds to group.
This is likely to impact RCL's ability to raise funds as being a
part of the group.

Established business franchisee of subsidiaries/associates of RCL
in the financial services segments has been one of the key
strengths underpinning the ratings of RCL; however, with
deterioration in credit profiles of RCFL and RHFL, that strength
has been partially diluted.

Reduction in liquidity buffers
During FY18, RCL had exits from its investments aggregating to
about INR1,400 crore including Reliance Nippon Life Asset
Management Ltd., Reliance Broadcast Network Ltd. and others. Apart
from this, the company had maintained cash balance of INR2,941
crore as on March 31, 2018. Going forward, as per the revised
schedule, the company has divestment plans aggregating to about
INR14,000 crore including INR6,000-7,000 crore from RNAM and stake
sale of general insurance company through strategic investor or
from listing. The proceeds of RNAM and GIC divestments are expected
to be received by Q2FY20.

Cash and bank balances stood reduced to INR22 crore as on June 18,
2019. However, RCL has INR380 crore in liquid investments as on
June 18, 2019. Apart from this, RCL does not have any unutilized
committed lines which further constrain its liquidity position.
Thus, RCL's liquidity is critically dependent on monetization of
its sale of group assets/investments within the given timelines,
given that there are scheduled repayments of NCDs and CPs worth
INR718 crore and INR184 crore in June and July 2019 respectively.
However, repayments of INR612 crore as per the scheduled maturity
in June 2019 have been paid till June 18, 2019. Further as per the
management commitment, the generation of liquidity through sale of
group assets will be towards reduction of standalone debt of RCL
and does not factor in the repayments towards guaranteed debt.
Hence there is lack of clarity on repayment of guaranteed debt. RCL
has also further extended fresh corporate guarantees towards
Reliance Home Finance Ltd for their NCD program of INR400 crore.
The default by the subsidiary reflects RCL's inability as a parent
to support its subsidiaries due to liquidity constraints at its
level. Further, promoter and promoter group owned 47.48% stake in
RCL as on March 31, 2019 out of which 96.93% of shares are pledged
indicating stressed liquidity position.

Extension in sale of group assets/investments as per timelines
provided by RCL
In November, 2016, the group announced sale of its radio business
and general entertainment TV business. The transaction relating to
the sale of the TV business has been completed and the sale
proceeds of INR300 crore were realized in August 2017. The
management is exploring new avenues and expects inflow of about
INR1700 crore from the sale of radio business which has been
further delayed and is now expected to be concluded by June 2019.
The company also plans to sell upto 49% stake in Reliance General
Insurance via IPO, which, however, has been rescheduled from
December 2018 to June 2019. The company has also announced sale of
their entire stake of 42.9% in the AMC business while is under
process and is now expected to be completed by June 2019 which was
earlier planned for May 2019. The company has further committed to
exit from its media businesses to pare down its debt levels.

RCL has been able to achieve only about a third of the total exits
planned by the management by September 2018 with timelines for
other exits being extended. Some of the key exits achieved during
the period FY19 are Yatra Online stake sale and Codemasters sale.
Overall, timely disinvestment is crucial for RCL's credit profile.

As at the end of FY18, RCL had total exposure of INR17,653 crore to
its group companies in the form of CCDs of INR7,700 crore (P.Y.
INR6,250 crore) and loans & advances of INR9,953 crore (P.Y.
INR8,575 crore). These exposures were mainly towards the
non-financial businesses of the group. However, out of the total
investments in the non-financial business, the management has
stated timelines for exits from the radio business, Mahindra First
Choice and Prime Focus stake sale. Prime Focus and Mahindra First
Choice stake sale is expected to be concluded by May and June 2019
respectively instead of earlier expectations of April 2019.

Further, RCL has exposure towards RCOM (rated 'CARE D') and its
group companies and on a consolidated basis, the company has fully
provided for RCOM exposure as on December 31, 2018. RCOM has
decided to implement the debt resolution plan through the NCLT
framework as announced on February 1, 2019.

Moderate gearing levels
RCL's standalone gross gearing stood at 1.48 times (PY: 1.37 times)
as on March 31, 2018. Capital ratio as on March 31, 2018 stood at
47% (PY: 38%). As per regulations, a NBFC-CIC has to maintain a
minimum capital ratio of 30% and leverage of less than 2.5 times.
As on March 31, 2018, the adjusted gross gearing (post inclusion of
CARE rated 'SO' limits and other outstanding corporate guarantees)
stood at 1.97 times. The company has not been able to reduce its
leverage during FY18 and FY19 as per its stated commitments due to
delay in its divestment plans.

As per the commitment from the management, with larger divestments
planned during the year, debt levels are expected to reduce
substantially and stand at ~INR5,000 crore by March 31, 2020.

RCL's consolidated net worth stood at INR8,139 crore as on December
31, 2018 as compared to INR16,961 crore as on March 31, 2018. The
reduction is due to various INDAS adjustments made, which inter
alia include, change in the method of valuation of long term debt
instruments, Expected Credit Loss (ECL) provisioning, impact of ECL
on corporate guarantees, tax-related provisions, reversal of
goodwill method of amortization of processing fees and others.

Liquidity
RCL's cash and bank balance reduced to INR22 crore as on June 18,
2019 from INR2,941 on March 31, 2018. However, RCL has INR380 crore
in liquid investments as on June 18, 2019. Apart from this, RCL
does not have any liquid investments or unutilized committed lines.
Thus, RCL's liquidity is critically dependent on monetization of
its sale of group assets/investments within the given timelines,
given that there are scheduled repayments of NCDs and CPs worth
INR718 crore and INR184 crore in June and July 2019 respectively.
However, repayments of INR612 crore as per the scheduled maturity
in June 2019 have been paid till June 18, 2019.

The default by the subsidiary reflects RCL's inability as a parent
to support its subsidiaries due to liquidity constraints at its
level. Further, promoter and promoter group owned 47.48% stake in
RCL as on March 31, 2019 out of which 96.93% of shares are pledged
indicating stressed liquidity position.

RCL's resource profile mainly comprises of NCDs which have
repayments spread across the period from FY19 to FY28 in the range
of INR2,000 crore to INR3,000 crore per year. As on March 31, 2019,
the total borrowing has remained at levels similar to March 31,
2018 with proportion of commercial paper increasing to INR950
crore, subjecting RCL to refinancing risk amidst prevailing tight
funding scenario for the sector.

Industry Prospects
Over the last few years, the NBFC sector has gained systemic
importance with increase in share of NBFC credit vis-a-vis total
bank credit. The same has resulted in the Reserve Bank of India
(RBI) taking various policy actions resulting in NBFCs attracting
higher support and regulatory scrutiny. The RBI revised the
regulatory framework for NBFCs in 2014 which broadly focused on
strengthening the structural profile of NBFC sector, thereby
safeguarding depositors' money and regulating NBFCs which have
increased their asset-size over time and gained systemic
importance. On the asset quality front, despite the gradual change
in the NPA recognition norms from 180 days previously to 90 days by
March, 2018, the asset quality has remained largely stable for the
sector and far superior to banks. The sector is in the midst of a
liquidity stress scenario, with disruptions in the short-term
commercial paper market, sharp correction in stock prices of NBFCs
and cautious approach taken by the banks towards lending to the
sector. Asset quality, liquidity and profitability will be the key
monitorables for the sector going forward.

Liquidity Analysis- The company's cash credit limit is fully
utilized

Analytical approach:
(I) For the standalone ratings [i.e. serial nos. (i), (ii) and
(iii)]: Standalone
(II) For the ratings based on credit enhancement by RCL [i.e.
serial nos. (iv) and (v)]: The ratings of the bank facilities are
based on the assessment of RCL. RCL has been assessed on a
standalone basis.

                     About RBEPL

Reliance Big Entertainment Pvt. Ltd. (RBEPL), incorporated in 2006,
is one of the media and entertainment companies of the Reliance
Anil Dhirubhai Ambani Group (R-ADAG). R-ADAG has interests in
telecommunications, energy, financial services, infrastructure and
media and entertainment. In media and entertainment industry, the
R-ADAG has presence in various verticals through following main
companies such as Reliance Mediaworks, Reliance Broadcast Networks
Ltd. etc. and their subsidiaries/joint ventures (JVs).

                        About RCL

Reliance Capital Ltd. (RCL) is the company of Reliance Group in the
financial services space. It is one of India's leading private
sector financial services companies and ranks amongst the top
private sector financial services companies in terms of net worth.
RCL is converted into a 'Core Investment Company' subject to
necessary approvals from RBI on September 07, 2018. Reliance
Capital has interests in asset management and mutual funds; life
and general insurance; commercial and home finance; equities &
commodities broking; investment banking; wealth management
services; distribution of financial products; private equity; asset
reconstruction; proprietary investments and other activities in
financial services. On a standalone basis, RCL's tangible net worth
stands at INR14,005 crore as on March 31, 2018.

RUCHI SOYA: NCLT Approves Patanjali's INR4,350 Crore Bid
--------------------------------------------------------
BloombergQuint reports that the National Company Law Tribunal
(NCLT) approved Patanjali's revised INR4,350-crore bid to take over
Ruchi Soya Industries Ltd., which owed banks over INR9,345 crore.

However, the tribunal said the approval is subject to the tribunal
resolution professional bridging the information gap regarding the
exact source of funds worth INR600 crore -- which is part of the
bid amount -- before the next date of hearing on Aug. 1, the report
says.

BloombergQuint relates that the tribunal also asked the resolution
professional to furnish the actual cost of the entire resolution
process before the next hearing.

"The resolution professional is directed to submit detailed
break-up of the entire cost for the corporate insolvency resolution
process before the next date of listing on Aug. 1," the tribunal,
as cited by BloombergQuint, said.

                         About Ruchi Soya

Indore-based Ruchi Soya Industries has manufacturing plants and its
leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star and
Ruchi Gold.

The company entered into the corporate insolvency resolution
process in December 2017 and Shailendra Ajmera of EY was appointed
as the resolution professional.

Ruchi Soya is part of the second list of 28 defaulters the Reserve
Bank of India flagged for resolution.  On December 2, the NCLT
bench admitted the company for insolvency resolution process under
the IBC.  The company owes more than INR12,000 crore to various
entities.

SAFE PARENTERALS: CARE Lowers Rating on INR14cr LT Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Safe
Parenterals Limited (SPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       14.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable;
                                   Issuer not cooperating based
                                   on best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 12, 2018, placed the
rating(s) of SPL under the 'issuer non-cooperating' category as SPL
had failed to provide information for monitoring of the rating. SPL
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated May 22, 2019, May 23, 2019, May 24, 2019, May 27, 2019 and
June 14, 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.

Detailed description of the key rating drivers
The ratings have been revised on account of ongoing delays in the
repayment of its debt obligations.

Key rating Weaknesses

Ongoing delays in meeting of debt obligations
Safe Parenterals Limited has been facing liquidity issues from past
few months, due to which the firm is unable to service the interest
and installment obligation on term loan facility and cash credit.
There are ongoing delays in servicing the interest and installment
in term loan facility and cash credit.

Key Rating Strengths

Long track record of the company and experience of the directors
for more than two decade in manufacturing of drugs Safe Parenterals
Limited was incorporated in December 21, 1993 and has long presence
in the pharmaceutical industry. The current directors of the
company are Mr. P. Vijaya Lakshmi, Mrs. K. Sasikala, Mr. Y.
Nageshwararao, Mr. G. Sambasivarao, and Mr. L. Siva Rama Krishna
have around two decades in the industry. The day to day activities
are monitored by the directors and handled by experienced
departmental heads who are associated with the company for around
10-12 years.

Safe Parenterals Limited (SPL) was incorporated in December 1993.
The current directors of the company are Mr. P. Vijaya Lakshmi,
Mrs. K. Sasikala, Mr. Y. Nageshwararao, Mr. G. Sambasivarao, and
Mr. L. Siva Rama Krishna. The company is engaged in manufacturing
of animal related pharma drugs like Sancalvet, Sulphadimidine,
Roflox, etc. The company has its manufacturing unit located at
Narasaraopet, Guntur district (Andhra Pradesh) with an installed
capacity of 10,000 bottles per day. Currently, the company is
implementing an expansion project for increasing its total capacity
to 25,000 bottles per day. The total cost of the project is
estimated to around INR16.00 crores which is to be funded through a
bank term loan of INR12 crores and rest of INR4.00 crores by a way
of share capital and unsecured loans.

SAI TRADERS: CARE Lowers Rating on INR3.00cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sai Traders (STR), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       3.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-;Stable; Issuer not
                                   Cooperating on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating of STR under the 'issuer non-cooperating' category as Sai
Traders had failed to provide information for monitoring of the
rating. Sai Traders continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated June 19, 2019, June 18, 2019,
and June 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).

Detailed description of the key rating drivers
The rating has been revised on account of firm's presence in highly
fragmented industry with low entry barriers, foreign exchange
fluctuation risk, and partnership nature of constitution. The
rating, however, derives strength from the experienced partners.

Presence in highly fragmented industry with low entry barriers
STR is engaged in the business of trading of cotton products. High
proportion of small scale units operating in cotton industry has
resulted in fragmented nature of industry leading to intense
competition amongst the players. STR operates in this highly
fragmented cotton products industry with the presence of large
number of entities in the unorganized sector. The bargaining power
of individual players in the industry is very low vis-a-vis their
customers.

Foreign exchange fluctuation risk
The firm is dependent upon imports while the sales are made in the
domestic markets only. With cash inflow from sales in domestic
currency & significant chunk of purchases in foreign currency and
in the absence of any hedging mechanism, the firm is exposed to the
fluctuation in exchange rates.

Partnership nature of constitution
STR's constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners.

Key Rating Strengths

Experienced partners
Mr. Satpal Garg and Mr. Vinod Kumar Garg have an industry
experience of three decades. Both the partners have gained this
experience through their association with STR and other group
concerns, namely, Surya Lakshmi Cottex Private Limited and Shri Ram
Swarup Garg Cotton Mills. Furthermore, the partners are supported
by experienced team having varied experience in the field of
marketing and finance aspects of business.

Sai Traders (STR) was established in July 2012, as a partnership
firm and is currently being managed by Mr Satpal Garg and Mr Vinod
Kumar Garg, as its partners, sharing profit and loss equally. STR
is engaged in the business of trading of cotton bales, cotton
seeds, cottonseed cake at its facility located in Muktsar, Punjab.
The key traded goods are majorly procured from wholesalers based in
Haryana, Rajasthan, Punjab, Madhya Pradesh and Gujarat. The firm
also imports cotton bales from Pakistan and Australia. Besides STR,
the partners are also engaged in other group concerns namely Surya
Lakshmi Cottex Private Limited and Shri Ram Swarup Garg Cotton
Mills.

SAVAIR ENERGY: CARE Maintains D Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Savair
Energy Limited (SEL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Bank Facilities-    21.00       CARE D; ISSUER NOT COOPERATING;
   Fund-based–LT-                  based on best available
   Cash Credit                     information

   Bank Facilities-    47.00       CARE D/CARE D; ISSUER NOT
   Non-fundbased–                  COOPERATING; based on best
   LT/ST- BG/LC                    Available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2018, placed
the rating(s) of SEL under the 'issuer noncooperating' category as
Savair Energy Limited had failed to provide information, including
the NDS, for monitoring of the rating. Savair Energy Limited
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated July 3, July 5, July 8, 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 on account of non-submission of
material information required for our periodic review exercise.

Detailed description of the key rating drivers

At the time of last rating on February 27, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Ongoing delays in debt: There have been on-going delays in debt
servicing due to weakening of liquidity profile.

Key Rating Strengths

Experience of promoters and established track record of operations:
SEL is promoted by Mr. Saji Antony who is a Mechanical Engineer by
qualification. After 20 years of corporate experience in a similar
line of business, Mr. Antony incorporated this company in the year
2001 as a service provider for energy audits. Subsequently other
business segments including EPC contract execution, manufacturing
of key machinery for Energy projects and Energy consultancy were
added to the service offerings. The promoter is well supported by
experienced staff at various levels.

Incorporated in the year 2001 by the name of Energy Logistics
Private Limited, the Company was subsequently renamed as Savair
Energy Limited (SEL). The company was setup to provide services
related to Energy Audits. Subsequently in the year 2007, the
company started undertaking EPC, turnkey projects, erection,
installation and execution for various projects in the energy
sector. SEL is promoted by Mr. Saji Antony who is a Mechanical
Engineer by qualification and has worked in various Oil & Gas
companies for 20 years before starting the business in 2001. The
company now focuses in providing EPC services in the Energy and
Infrastructure space, SKID & Packages for the Air filtering, fuel
filtering, Gas Conditioning and Heat Exchanges systems, project
management consultancy in the field of Energy & Infrastructure. The
manufacturing facility is located in Ambernath MIDC.

SHREE VAISHNO: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Shree Vaishno Devi Mills Private Limited
        118, Kumaran Road
        Tirupur 641601

Insolvency Commencement Date: July 22, 2019

Court: National Company Law Tribunal, Coimbatore Bench

Estimated date of closure of
insolvency resolution process: January 18, 2020
                               (180 days from commencement)

Insolvency professional: CA. Mahalingam Suresh Kumar

Interim Resolution
Professional:            CA. Mahalingam Suresh Kumar
                         M/s SPP&Co, Chartered Accountants
                         No. 27/9, Nivedh Vikas
                         Pankaja Mill Road, Puliyakulam
                         Coimbatore 641045
                         E-mail: msureshkumar@icai.org

Last date for
submission of claims:    August 5, 2019

SRI LAXMI: CARE Reaffirms B+ Rating on INR12.77cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sri Laxmi Srinivasa Industries (SLSI), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank
   Facilities           12.77      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of SLSI continue to
remain constrained by small scale of operation in the highly
fragmented industry with low entry barriers, dependency on monsoon
and government regulated industry. The rating further remained
constrained on account of thin profitability margins, leveraged
capital structure, weak debt coverage indicators and working
capital intensive nature of operations. The rating, however,
continues to derive strength from experienced partners and
established track record of the firm, location advantage with
presence in cluster and easy availability of paddy and healthy
demand outlook for rice.

Going forward, ability of the firm to increase its scale of
operations while improving profitability margins and efficient
management of its working capital limits will remain is the key
rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with thin profitability margins
The total operating income of the firm declined during FY18 and
stood at INR 16.57 crore and further improved to INR 40.89 crore in
FY19 (Prov.) on account of increase in production due to continuous
demand for rice. The firm has also expanded their installed
capacity to 100 tons per day from 70 tons per day in order to meet
increase demand and to increase their scale of operations.During
3MFY20, the company registered a total operating income of ~INR
22.5 crore.The PBILDT margin declined marginally by 886 bps to
3.95% in FY19 (Prov.) as compared to 12.80% in FY18 due to increase
in cost of raw materials and other manufacturing expenses on
account of increase in production during the year. Also, the PAT
margin declined marginally by 56 bps to 0.86 in FY19 (Prov.) as
compared to 1.45% in FY18.

Highly Leveraged capital structure and weak debt coverage
indicators
The capital structure of the firm remained highly leveraged;
however improved marked by overall gearing of 7.23 times as on
March 31, 2019 (Prov.), mainly on account of accretion of profits
to reserves along with infusion of capital by promoters. The total
debt/GCA also continued to remain weak and stood at 35.98x in FY18
and FY19 (Prov.) and interest coverage stood at 1.43 times in
FY19.

Working capital intensive nature of operations
Operating cycle days of the company improved to 137 days in FY19
(Prov.) as compared to 299 days in FY18 on account of improvement
in average collection period days which stood at 49 days in FY19
(Prov.). The average creditor period improved from 101 days in FY18
to 16 days in FY19 (Prov.) and the average inventory period also
improved to 103 days in FY19 (Prov.) as against 289 days in FY18.
The average utilization of its working capital limits was 90% in
the last 12 months ended June 30, 2019.

Monsoon dependent operations and high level of government
regulation
SLSI's operations are dependent on agro-climatic conditions and may
get adversely impacted in case of weak monsoon or poor crop
quality. The rice industry is highly regulated by the government as
it is seen as an important sector which could affect the food
security of the country. The sale of rice in the open market is
also regulated by the government through levy quota and fixed
prices. Hence, the firm is exposed to the risk associated with
fluctuation in price of rice.

Fragmented nature of industry and low entry barriers
The rice milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and as a consequence the
industry is highly fragmented with large number of players
operating in the organized and unorganized segments. The high level
of competition has ensured limiting bargaining power, because of
which rice mills are operating at low to moderate profitability
margins.

Key Rating Strengths

Experienced partners and established track record of the firm
Mr.K.Kallappa is the Managing Partner of the firm. He along with
the other partners, Mrs .K.Laxmi Bai, Mrs.S.Sharanamma and Mrs.
Ratnamma, has about two decades of experience in rice mill
industry.

Location advantage with presence in cluster and easy availability
of paddy
The mill is located in Gangavati in Koppal District of Karnataka.
Koppal is an agriculture based economy with 2nd largest agriculture
produce in the state. Its major food crops are Paddy, Maize, Jowar,
and Bajra. Asia's first Rice Technology Park is to be set up at
Gangavati which will help the rice growers of the region to add
values to their produce and get better returns and also enhance
quality of the produced Healthy demand outlook for rice.

Rice is consumed in large quantity in India which provides
favourable opportunity for the rice millers and thus the demand is
expected to remain healthy over medium to long term. India is the
second largest producer of rice in the world after China and the
largest producer and exporter of basmati rice in the world. Demand
for non-basmati segment is primarily domestic market driven in
India. Initiatives taken by government to increase paddy and better
monsoon conditions will be the key factors which will boost the
supply of rice to the rice processing units. Rice being the staple
food for almost 65% of the population in India, it has a stable
domestic demand outlook.

Liquidity Analysis
The current ratio stood at 0.98x as on March 31, 2019 (Prov.) due
to decline in the current liabilities such as trade payable as
compared to current assets on March 31, 2019. Further, the firm has
cash and cash equivalents of INR 0.35 crore. The firm has utilized
working capital facilities (CC limit) approx. 90% as on June 30,
2019.

M/s Sri Laxmi Srinivasa Industries (SLSI), a partnership firm, was
established in 1993 by Mr. K. Kallappa, Mrs. K. Laxmi Bai, Mrs. S.
Sharanamma, Mrs. Ratnamma and Mr. S. Mahaligappa. However, the firm
was reconstituted in February 2004 after Mr. S. Mahalingappa
retired from the partnership. The other partners continued the
partnership under same name and style. The mill is in Gangavati in
Koppal district of Karnataka. The firm is involved in hulling of
paddy, converting of paddy into rice, broken rice and bran with a
total installed capacity of approximately 100 tons per day. SLSI
sells its products (rice, broken rice and bran) to the final
customers through brokers as well as direct channels in the states
of Maharashtra, Tamil Nadu, Gujarat and Karnataka. The firm has
about 27 employees working in the mill.

SRIVARI ALLOYS: Claims Deadline Set for Aug. 6
----------------------------------------------
In an updated post in the website of Insolvency and Bankruptcy
Board of India, it has been noted that the last date for submission
of claims in the insolvency case of
Srivari Alloys India Private Limited is August 6, 2019.

The insolvency case of Srivari Alloys was commenced on July 16,
2019 at the National Company Law Tribunal, Chennai Bench.  The
company’s insolvency professional is
Dr. Madurai Sundaram Sankar.

VISHAL SALES: CARE Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Vishal
Sales (VS) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       8.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from VS to monitor the ratings
vide e-mail communications/letters dated May 10, 2019, June 18,
2019, July 1, 2019 and numerous phone calls. However, despite our
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on Vishal
Sales (VS)'s bank facilities will now be denoted as 'CARE B+;
Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in August 30, 2018 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

Small scale of operation with low profitability margin: Vishal
Sales is a small player vis-à-vis other players in the trading
industry marked by its total operating income of INR36.21 crore
(INR28.40 crore in FY16) and PAT of INR0.37 crore (INR0. 31 crore
in FY16) in FY17. Further, the net worth base and total capital
employed was low at INR2.96 crore and INR10.60 crore, respectively,
as on March 31, 2017. However, the firm has reported total
operating income of INR38.50 crore in FY18. The profitability
margins of the firm remained low marked by PBILDT of 1.83% (1.41%
in FY16) and PAT margin of 1.02% (1.09% in FY16) in FY17 mainly due
to its trading nature of operations.

Working capital intensive nature of operations: The operations of
the firm remained working capital intensive marked by high
collection and inventory holding period. The firm maintains stock
of traded goods for one and half months for timely supply of its
client demands. Furthermore, it allows credit of around two month
to its customers due to its low bargaining power and it needs to
pay to its suppliers within two weeks. Accordingly the average
utilization of fund based limit remained on the higher side at
about 99% during last twelve months ending on May 31, 2018.

Leveraged capital structure with moderate debt coverage indicators:
The capital structure of the firm remained leveraged mainly due to
its working capital intensive nature of operations. Further, the
overall gearing ratio marginally deteriorated as on March 31, 2017
to 2.58x as against 2.51x as on March 31, 2016. The debt coverage
ratios were deteriorated in FY17 with deterioration of interest
coverage ratio and total debt to GCA due to increase in interest
expenses and higher debt level as on account closing dates
respectively. However, the debt coverage ratios remained moderate
marked by interest coverage ratio of 2.65x and total debt to GCA of
18.51x in FY17.

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

Intensely competitive industry with presence of many unorganized
players: The firm is engaged in the trading of building materials
which is highly fragmented and competitive due to presence of
numerous small players owing to low entry barriers and low capital
and technology requirement. High competitive pressure limits the
pricing flexibility of the industry participants which induces
pressure on profitability.

Key Rating Strengths:

Experienced proprietor with long track record of operations: The
firm is into trading of emulsion, bitumen and other allied products
since 1994 and thus has long operational track record. Mr. Sanjay
Kumar Agarwal, the proprietor of the firm, is associated with the
firm since its inception and he has more than two decades of
experience in the same line of business. He looks after the overall
management of the firm supported by his son Mr. Rahul Palsonia who
has six years of experience in the same industry.

Satisfactory demand outlook of building materials: One of the main
reasons for the growth of demand for building materials in India is
the sudden expansion of major projects. GOI has proposed a number
of huge schemes including industrial parks, and technological
business and residential hubs known as smart cities. Furthermore,
the construction materials industry in India is continuing to grow,
becoming more and more lucrative for international companies
looking to get involved with this strong market.

Comment on liquidity position: Comment on liquidity is not
available due to non-cooperation by the firm.

Established in 1994, Vishal Sales was promoted as a proprietorship
firm by Mr. Sanjay Kumar Agarwal. Since its inception, the firm has
been engaged in trading of construction materials like emulsion,
bitumen and other allied products. Mr. Sanjay Kumar Agarwal is
associated with the firm since its inception and has more than two
decades of experience in same line of business. He looks after the
overall management of the firm supported by his son Mr. Rahul
Palsonia who has six years of experience in the same industry.



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

BM MOBILITY: Independent Auditor Raises Going Concern Doubt
-----------------------------------------------------------
Fiona Lam at The Business Times reports that BM Mobility (BMM) has
called for an immediate suspension in the trading of its shares and
warrants, in a Singapore Exchange (SGX) filing on July 29.

This comes after its independent auditor said on July 26 that there
were material uncertainties that may cast significant doubt on the
group's ability to continue as a going concern, BT says.

It is also ahead of BMM's annual general meeting which will be held
before Aug. 21.

Shares of the company, which is on SGX's watch list, last traded at
0.7 Singapore cent on July 26, BT notes.

According to BT, the suspension request on July 29 was made under
Rule 1303(3) of the listing manual, which states that SGX may
suspend trading if a company is unable to continue as a going
concern or unable to demonstrate to SGX and its shareholders that
it is able to do so.

On July 26 after the market closed, BMM's independent auditor noted
that the group had incurred a total net loss of around CNY13.4
million (SGD2.67 million) for the fourth quarter ended March 31 and
had CNY13.1 million in net cash used in operating activities.

As at March 31, BMM's current liabilities exceeded its current
assets by some 17 million, and the group had a CNY4.4 million
deficit in shareholders' funds.

These factors indicate the existence of material uncertainties that
may cast significant doubt on the group's and the company's ability
to continue as going concerns, and to realise their assets and
discharge their liabilities in the ordinary course of business, the
independent auditor Messrs Moore Stephens said, BT relays.

BT relates that the independent auditor also issued a disclaimer of
opinion on the group's financial statements from Jan. 1, 2018, to
March 31, 2019, as it could not obtain sufficient appropriate audit
evidence to provide a basis for an opinion.

BMM's management had earlier prepared the FY2019 statements on the
assumption that it will continue as a going concern -- but this
will depend on certain assumptions and various efforts by the
group, the outcome of which is "inherently uncertain", the auditor,
as cited by BT, noted.

These efforts, according to BMM, include tightening cost controls
over the operating expenses and seeking to improve the cash flows.

The management said it had prepared a cash flow projection that
shows the group will have sufficient working capital for its
operations for the next 12 months from March 31, and will be able
to meet its obligations, according to BT.

BT adds that he management also said it will evaluate strategies to
improve the financial performance of the green energy business,
that it will look for alternative sources of finance where
necessary to enable the group to meet its obligations as and when
they fall due, and that it believes the disposal of two
wholly-owned subsidiaries after the end of FY2019 will result in an
estimated gain on disposal of CNY58.77 million.

BT says BMM had been in the process of selling the two
subsidiaries, Ziwo (Fujian) Import & Export Trading and Zhihe
(Fujian) Technology, to a former employee for CNY3 million. But BMM
is now looking for new funders to support the buyer, as it believes
the buyer, Li Shuet Wing, is unable to pay the full purchase price,
BMM said on July 15 in response to SGX queries.

Separately, in April, BMM said that its former financial controller
Lim Gwo Bin was "unresponsive and uncooperative" in the days after
sending in his resignation on March 25, BT recalls.

Responding to queries from The Business Times, Mr. Lim said in
April that he had in fact responded to a March 26 request by the
company's chairman for a quotation for group accounting outsourcing
on the same day.

Mr. Lim also told BT that he did not inform the company of any
unresolved issues for "fear of retaliation from the company" as his
letter of employment had certain confidentiality clauses.

Mr. Lim, a Malaysian, was let go just two months into his
appointment which had prompted queries from SGX from the get-go, BT
says. The bourse operator had asked why BMM appointed a financial
controller living in Malaysia, how the nominating committee came to
know Mr Lim and who had recommended him, among other questions,
adds BT.

BM Mobility Ltd., an investment holding company, builds and
operates charging stations for electric vehicles in China. It
operates 22 charging stations in Beijing, which are used by the
public and electric-car rental companies. The company also sells
and rents electric scooters to commercial users. In addition, it is
involved in the research and development, manufacture, and sale of
SBR and other foamed materials; and trading of foamed materials,
textiles, sports and sports accessories, garments, and footwear.
The company was formerly known as Ziwo Holdings Ltd. and changed
its name to BM Mobility Ltd. in January 2018. BM Mobility is
headquartered in Singapore.

KRISENERGY LTD: Rubicon's Claim vs. Firm Valid, High Court Rules
----------------------------------------------------------------
Leila Lai at The Business Times reports that a high court has ruled
in favor of Rubicon Vantage International in its claim under a
guarantee from KrisEnergy, in respect of a sum of approximately
US$1.8 million, KrisEnergy said on July 26.

According to the report, KrisEnergy made the guarantee to secure
the performance of subsidiary KrisEnergy (Gulf of Thailand)'s
obligations to Rubicon under a bareboat charterparty dated October
2014.

BT relates that Rubicon sought and has now received a declaration
from The High Court of Justice Business and Property Courts of
England and Wales, that it made a compliant demand under the
guarantee in respect of the money.

KrisEnergy said it intends to pursue all available options with
respect to Rubicon, the report adds.

KrisEnergy Limited (SGX:SK3) -- https://krisenergy.com/ -- is a
Singapore-based investment holding company. The Company is an
independent upstream oil and gas company with a portfolio of
exploration, appraisal, development and production assets focused
on the geological basins in Asia. The Company operates through
exploration and production of oil and gas in Asia segment. The
Company holds interests in approximately 20 licenses in Bangladesh,
Cambodia, Indonesia, Thailand and Vietnam covering a gross acreage
of approximately 60,750 square kilometers.

KrisEnergy reported net losses of US$237.1 million, US$139.2
million and US$137.3 million for the financial years 2016, 2017 and
2018, respectively.



=====================
S O U T H   K O R E A
=====================

[*] North Korea Economy Shrinks Most in 21 Years, BOK Says
----------------------------------------------------------
Reuters reports that North Korea's economy shrank in 2018 for a
second straight year, and by the most in 21 years, hit by
international sanctions to stop its nuclear programme and by severe
drought, South Korea's central bank said on July 26.

North Korea's gross domestic product (GDP) contracted by 4.1% last
year in real terms, the worst since 1997 and the second consecutive
year of decline after a 3.5% fall in 2017, the South's Bank of
Korea estimated, Reuters discloses.

North Korea does not disclose any statistics on its economy,
Reuters says. According to Reuters, the South Korean central bank
has been publishing its estimates since 1991, based on information
from various sources including the South's foreign trading
agencies.

North Korea's international trade fell 48.4% in value in 2018 as
tougher international sanctions in late 2016 and 2017 cut exports
by nearly 90%, the Bank of Korea said, Reuters relays.

Output in the mining sector shrank 17.8% because of sanctions on
exports of coal and minerals, while the agriculture, forestry and
fisheries sector contracted by 1.8% because of drought, it said.

North Korea's population was estimated at 25.13 million and annual
income per head at $1,298, the South Korean central bank said,
Reuters adds.



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

[*] BOND PRICING: For the Week July 22, 2019 to July 26, 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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