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

                     A S I A   P A C I F I C

          Tuesday, September 17, 2019, Vol. 22, No. 186

                           Headlines



A U S T R A L I A

AUTOMATED RETAIL: Second Creditors' Meeting Set for Sept. 24
CANBERRA CONSULTING: First Creditors' Meeting Set for Sept. 23
COOLAH HOME: Second Creditors' Meeting Set for Sept. 25
HUMID HOLDINGS: First Creditors' Meeting Set for Sept. 25
LATITUDE AUSTRALIA 2019-1: Fitch Rates Class E Notes Final 'BBsf'

MELROSE WHOLESALE: Second Creditors' Meeting Set for Sept. 24
PRESTON GREEN: First Creditors' Meeting Set for Sept. 25
REPIPE CONNECTION: Second Creditors' Meeting Set for Sept. 24
VASS THEATRES: First Creditors' Meeting Set for Sept. 25


C H I N A

JILIN TRANSPORTATION: Opts to Skip Call Option on Yuan Bond


I N D I A

ALFA CHEMO: CRISIL Migrates 'B-' Rating to Not Cooperating
ALTICO CAPITAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
AMBABHAVANI FAB: CRISIL Withdraws B+ Rating on INR4.5cr Loan
ASHISH INFRACON: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
ASHRO TEXTILES: CRISIL Reaffirms B Rating on INR2.3cr LT Loan

B.S. INDUSTRIES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
BABU AND COMPANY: CRISIL Assigns B+ Rating to INR5.0cr Loan
BULAND CONSTRUCTION: CRISIL Cuts INR6.75cr Loan Rating to D
CHIRAG RICE: CRISIL Migrates 'B' Rating to Not Cooperating
DEVDOOT GIN: CRISIL Assigns 'B' Rating to INR5cr Cash Loan

DREAMLIGHT MERCHANT: CRISIL Assigns B+ Rating to INR6cr Loans
DYNAMIC ELECTRICALS: CRISIL Assigns B Rating to INR2.5cr Loan
FRIENDS AUTO: Insolvency Resolution Process Case Summary
HI-QUALITY FOODS: CRISIL Hikes Rating on INR15cr Loan to B+
HOTEL BABYLON: CRISIL Lowers Rating on INR29cr LT Loan to B

JASMINE EXIM: CRISIL Migrates 'B+' Rating to Not Cooperating
KAD HOUSING: CRISIL Migrates B+ Rating to Not Cooperating
KEI-RSOS MARITIME: Insolvency Resolution Process Case Summary
LAXMI RICE: CRISIL Migrates 'B' Rating to Not Cooperating
M S SHIP: CRISIL Migrates B Rating to Not Cooperating Category

MEGHDOOT GINNING: Ind-Ra Migrates B+ LT Rating to Non-Cooperating
METALFAB HIGHTECH: CRISIL Moves B+ Rating from Not Cooperating
ONEWORLD INDUSTRIES: CRISIL Moves 'D' Rating to Not Cooperating
PICASSO HOME: CRISIL Migrates 'B' Rating to Not Cooperating
PRABHAT RESOURCES: Insolvency Resolution Process Case Summary

PRALHADRAO SALUNKHEPATIL: CRISIL Moves B Rating to Not Cooperating
PRG BUILDCON: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
PUNJAB KESARI: CRISIL Migrates 'B-' Rating to Not Cooperating
QUA WATER: CRISIL Lowers Rating on INR3cr Cash Loan to B+
R.K. CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating

RADHADAMODAR MULTIPURPOSE: CRISIL Moves B+ Rating to Not Coop.
ROCK BOND: CRISIL Assigns B+ Rating to INR16.65cr Loans
SHRI WARDHMAN: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
STT LIMITED: Insolvency Resolution Process Case Summary
SURYODAYA INDUSTRIES: CRISIL Hikes Rating on INR7.50cr Loan to B+

TEXPLAS INDIA: CRISIL Assigns D Rating to INR11.5cr Cash Loan
TRIJAL ENTERPRISE: Ind-Ra Lowers Long Term Issuer Rating to 'D'
UMASHREE RICE: CRISIL Assigns B+ Rating to INR12.9cr Loans
VAAYUCON GREENTEC: Insolvency Resolution Process Case Summary
WORLDSTAR FABRICS: CRISIL Migrates D Rating to Not Cooperating

ZEPHYR FABRIC: CRISIL Migrates 'D' Rating to Not Cooperating
ZIV HOTELS: CRISIL Migrates 'B' Rating to Not Cooperating


I N D O N E S I A

DELTA MERLIN: Fitch Downgrades LT Issuer Default Rating to 'C'
DELTA MERLIN: S&P Lowers Long-Term Issuer Credit Rating to 'D'


M A L A Y S I A

JT INTERNATIONAL: Plans to Cut 40% Jobs in the Next Two Years


N E W   Z E A L A N D

STANLEY GROUP: Faces NZ$13.5M Deficit; May Not Have Held Retention
STANLEY GROUP: Tallwood Director Takes Leave of Absence


S I N G A P O R E

USP GROUP: Independent Auditor Raises Going Concern Doubts
YING LI: Flags Potential Discrepancies in Financial Statements


S O U T H   K O R E A

HYUNDAI HEAVY: Unit to Sell Assets to Improve Financial Status


V I E T N A M

VIETNAM OIL: Fitch Assigns 'BB' LT IDR, Outlook Positive


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 9, 2019 to Sept. 13, 2019

                           - - - - -


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

AUTOMATED RETAIL: Second Creditors' Meeting Set for Sept. 24
------------------------------------------------------------
A second meeting of creditors in the proceedings of Automated
Retail Operations Pty Ltd has been set for Sept. 24, 2019, at 2:00
p.m. at the offices of Sparke Helmore Lawyers, Level 40, at 60
Bourke 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 Sept. 23, 2019, at 4:00 p.m.

Michael Hogan and Brendan Copeland of HoganSprowles were appointed
as administrators of Automated Retail on Aug. 20, 2019.

CANBERRA CONSULTING: First Creditors' Meeting Set for Sept. 23
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Canberra
Consulting Resources Pty Ltd will be held on Sept. 23, 2019, at
10:00 a.m. at the offices of Slaven Torline, Ground Floor, at 243
Northbourne Avenue, in Lyneham, ACT.

Michael Slaven of Slaven Torlin was appointed as administrator of  
on Sept. 12, 2019.

COOLAH HOME: Second Creditors' Meeting Set for Sept. 25
-------------------------------------------------------
A second meeting of creditors in the proceedings of Coolah Home
Base Pty Ltd has been set for Sept. 25, 2019, at 10:00 a.m. at the
offices of DW Advisory, Level 2, at 32 Martin Place, 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 Sept. 24, 2019, at 5:00 p.m.

Cameron Hamish Gray and Ronald John Dean-Willcocks of DW Advisory
were appointed as administrators of Coolah Home on Aug. 21, 2019.

HUMID HOLDINGS: First Creditors' Meeting Set for Sept. 25
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Humid
Holdings Pty Ltd, trading as Little Humid, will be held on Sept.
25, 2019, at 2:30 p.m. at the offices of SV Partners, at 22 Market
Street, in Brisbane, Queensland.

Terrence John Rose of SV Partners was appointed as administrator of
Humid Holdings on Sept. 15, 2019.

LATITUDE AUSTRALIA 2019-1: Fitch Rates Class E Notes Final 'BBsf'
-----------------------------------------------------------------
Fitch Ratings has assigned final ratings to Latitude Australia
Credit Card Loan Note Trust Series 2019-1's floating-rate notes.
The issuance consists of notes backed by credit card receivables
originated by Latitude Finance Australia. The notes are backed by a
collateral pool of credit card receivables with an average
outstanding balance across active accounts of AUD2,063. The
portfolio is well-seasoned: by balance, 60.5% is held in accounts
seasoned in excess of 36 months. The portfolio is geographically
diversified among Australian states, with no specific geographic
concentration.

The notes will be issued by Perpetual Corporate Trust Limited in
its capacity as trustee of Latitude Australia Credit Card Master
Trust.

Fitch has simultaneously affirmed Series 2017-1, Series 2017-2,
Series 2018-1 and Series 2017-VFN.

Latitude Australia Credit Card Loan Note Trust
   
2017-1 Class A1; LT AAAsf Affirmed;   previously at AAAsf

2017-1 Class A2; LT AAAsf Affirmed;   previously at AAAsf

2017-1 Class B;  LT AAsf Affirmed;    previously at AAsf

2017-1 Class C;  LT Asf Affirmed;     previously at Asf

2017-1 Class D;  LT BBBsf Affirmed;   previously at BBBsf

2017-1 Class E;  LT BBsf Affirmed;    previously at BBsf

2017-2 Class A1; LT AAAsf Affirmed;   previously at AAAsf

2017-2 Class A2; LT AAAsf Affirmed;   previously at AAAsf

2017-2 Class B;  LT AAsf Affirmed;    previously at AAsf

2017-2 Class C;  LT Asf Affirmed;     previously at Asf

2017-2 Class D;  LT BBBsf Affirmed;   previously at BBBsf

2017-2 Class E;  LT BBsf Affirmed;    previously at BBsf

2017-VFN;        LT Asf Affirmed;     previously at Asf

2018-1 Class A1; LT AAAsf Affirmed;   previously at AAAsf

2018-1 Class A2; LT AAAsf Affirmed;   previously at AAAsf

2018-1 Class B;  LT AAsf Affirmed;    previously at AAsf

2018-1 Class C;  LT Asf Affirmed;     previously at Asf

2018-1 Class D;  LT BBBsf Affirmed;   previously at BBBsf

2018-1 Class E;  LT BBsf Affirmed;    previously at BBsf

2019-1 Class A1; LT AAAsf New Rating; previously at AAA(EXP)sf

2019-1 Class A2; LT AAAsf New Rating; previously at AAA(EXP)sf

2019-1 Class B;  LT AAsf New Rating;  previously at AA(EXP)sf

2019-1 Class C;  LT Asf New Rating;   previously at A(EXP)sf

2019-1 Class D;  LT BBBsf New Rating; previously at BBB(EXP)sf

2019-1 Class E;  LT BBsf New Rating;  previously at BB(EXP)sf

2019-1 Originator VFN Sub.; LT NRsf New Rating; previously
NR(EXP)sf

KEY RATING DRIVERS

Stable Receivable Performance: Charge-off performance has remained
stable over the last year, with gross charge-offs averaging 4.6%,
below the Fitch steady-state assumption of 5.25%. Monthly payment
rate (MPR), a measure of how quickly consumers are paying off their
credit card debt, has averaged 13.6% over the past year, above
Fitch's steady-state assumption of 12.5%. Yield has also remained
steady, averaging at 14.9% in Australia, above Fitch's steady state
of 13.0%. All steady-state assumptions remain stable.

Satisfactory Originator and Servicer Quality: Latitude has been
managing large consumer receivable portfolios for over a decade in
Australia and New Zealand. Latitude is not rated and servicer risk
is mitigated through back-up arrangements. Fitch undertook an
onsite operational review and found that the operations of the
originator and servicer were comparable with other non-bank credit
card providers.

Mitigated Counterparty Risk: Fitch's rating of the notes is
dependent on the financial strength of certain counterparties.
Fitch believes this risk is mitigated, as evident from the ratings
of the transaction counterparties.

Mitigated Interest-Rate Risk: Interest rate risk is mitigated by
available credit enhancement.

A summary of the steady states and rating stresses applied in the
cash flow modelling analysis is shown:

Australia

Steady states:

Charge-offs: 5.25%

MPR: 12.50%

Gross yield: 13.00%

Purchase rate: 100%

Rating Stresses:

Ratings: AAAsf / AAsf / Asf / BBBsf / BBsf

Charge-offs (increase): 4.50x / 3.75x / 3.00x / 2.25x / 1.50x

MPR (% decrease): 40.00% / 35.00% / 30.00% / 25.00% / 20.00%

Gross yield (% decrease): 35.00% / 30.00% / 25.00% / 20.00% /
15.00%

Purchase rate (% decrease): 90.00% / 85.00% / 75.00% / 65.00% /
55.00%

RATING SENSITIVITIES

Fitch has evaluated the sensitivity of the ratings to decreased
yields, increased charge-offs and decreased MPRs over the life of
the transactions. The model indicates the note ratings are
sensitive to an increase in defaults and a reduction in MPRs, with
less sensitivity to lower yields. The full results of the analysis
are shown:

Rating sensitivity to increased charge-off rate

Notes: Class A1 / Class A2 / Class B / Class C / Class D / Class E

Ratings: AAAsf / AAAsf /AAsf / Asf / BBBsf / BBsf

Increase base case by 25%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
BB-sf

Increase base case by 50%: AAAsf / AAsf / Asf / BBB+sf / BB+sf /
B+sf

Increase base case by 75%: AAAsf / AA-sf / A-sf / BBBsf / BBsf /
Bsf

Rating sensitivity to reduced MPR:

Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf'

Decrease base case by 15%: AAAsf / AA+sf / A+sf / A-sf / BBB-sf /
BB-sf

Decrease base case by 25%: AAAsf / AA-sf / Asf / BBB+sf / BB+sf /
B+sf

Decrease base case by 35%: AA+sf / A+sf / A-sf / BBB-sf / BBsf /
B+sf

Rating sensitivity to reduced yield:

Ratings: AAAsf / AAAsf / AAsf / Asf / BBBsf / BBsf'

Decrease base case by 15%: AAAsf / AA+sf / AA-sf / A-sf / BBBsf /
BB-sf

Decrease base case by 25%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
B+sf

Decrease base case by 35%: AAAsf / AA+sf / AA-sf / A-sf / BBB-sf /
B+sf

MELROSE WHOLESALE: Second Creditors' Meeting Set for Sept. 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Melrose
Wholesale Meats Pty Ltd has been set for Sept. 24, 2019, at 11:00
a.m. at the offices of Menzies Advisory, Level 54, at 111 Eagle
Street, in Brisbane, Queensland.

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 Sept. 23, 2019, at 5:00 p.m.

Michael Caspaney of Menzies Advisory was appointed as administrator
of Melrose Wholesale on Aug. 22, 2019.

PRESTON GREEN: First Creditors' Meeting Set for Sept. 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Preston
Green Pty Ltd will be held on Sept. 25, 2019, at 11:00 a.m. at the
offices of HLB Mann Judd Insolvency WA, Level 3, at 35 Outram
Street, in West Perth, WA.

Kimberley Stuart Wallman of HLB Mann Judd Insolvency was appointed
as administrator of Preston Green on Sept. 13, 2019.

REPIPE CONNECTION: Second Creditors' Meeting Set for Sept. 24
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Repipe
Connection Pty Limited has been set for Sept. 24, 2019, at 10:00
a.m. at the offices of Jirsch Sutherland, Level 27, at 259 George
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 Sept. 23, 2019, at 5:00 p.m.

Sule Arnautovic and Trent Andrew Devine of Jirsch Sutherland were
appointed as administrators of Repipe Connection on Aug. 20, 2019.

VASS THEATRES: First Creditors' Meeting Set for Sept. 25
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Vass
Theatres Pty Ltd will be held on Sept. 25, 2019, at 11:00 a.m. at
the offices of Romanis Cant, 2nd Floor, at 106 Hardware Street, in
Melbourne, Victoria.

Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Vass Theatres on Sept. 13, 2019.



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

JILIN TRANSPORTATION: Opts to Skip Call Option on Yuan Bond
-----------------------------------------------------------
Bloomberg News reports that Jilin Transportation Investment Group
Co., a Chinese local government financing vehicle, has for the
first time opted to pay a higher interest rate on its local bond
instead of fully repaying it, a surprise move that's seen adding to
investor concern over credit risks in the sector.

Bloomberg relates that Jilin Transportation, a financing entity for
railway construction in China's northeast Jilin province, said on
Sept. 9 it plans to skip the call option on a 4.64% CNY1.5 billion
($210.8 million) perpetual note. Instead, it will pay an increased
coupon of around 8% on the note, according to Bloomberg
calculations based on the initial offering terms.

"This case may deal a huge blow to bondholders," Bloomberg quotes
Mei Dongya, executive director at Shanghai Maodian Asset Management
Co., as saying. "Regional LGFVs and other state-owned enterprises
may face some refinancing difficulties, because Chinese investors
usually have strong expectation that companies would redeem
perpetual notes."

This would be the first time a China LGFV has skipped a bond call
option to pay a higher interest rate, Bloomberg-compiled data show.
It signals caution on the financial health of the sector, which is
currently buoyed by policymakers' bid to prop up economic growth
via infrastructure investments, the report says. Investors may
start demanding higher risk premiums for perpetual bonds sold by
weaker firms, Mei said.

Looming debt maturities are aggravating difficulties at China's
LGFVs, which face CNY3.8 trillion onshore bonds coming due in
2019-2021, S&P Global Ratings said in a report late last month,
Bloomberg relays. Some of these strains are evident in the offshore
market as well. Qinghai Provincial Investment Group, considered by
some as an LGFV, didn't pay interest on its 2020 dollar bonds until
five business days after the original coupon due date of August 22,
according to Bloomberg.

Bloomberg says China Chengxin International Credit Rating Co.
downgraded Jilin Transportation Investment to AA from AA+ in July,
citing its weak profitability, short-term debt repayment pressure
and liquidity crunch. The company had held CNY620 million in cash
as of the end of June, Bloomberg discloses citing the company's
interim results.

Jilin's new coupon estimate is based on the sum of the average
yield of three-year Chinese government bond, the note's original
risk premium of 2.22% and an additional 300 basis points step up,
Bloomberg notes. Perpetuals are a relatively new instrument in the
Chinese onshore bond market. Issuance of such notes started in
2013, after the China Securities Regulatory Commission published a
framework for such sales, the report says.



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

ALFA CHEMO: CRISIL Migrates 'B-' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Alfa Chemo
Plast Private Limited (ACPPL) to 'CRISIL B-/Stable/CRISIL A4 Issuer
not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2.5       CRISIL B-/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Letter of Credit      5.5       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ACPPL for obtaining
information through letters and emails dated June 28, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ACPPL to 'CRISIL B-/Stable/CRISIL A4 Issuer not
cooperating'.

ACPPL, set up in 2005 in Mumbai by Mr. Ambrish Mehta and his wife,
Ms. Jigna Mehta, trades in speciality chemicals like MDI and
Polyol. The company is foraying into manufacturing of sandwich puf
panels from fiscal 2019.

ALTICO CAPITAL: Ind-Ra Lowers Long Term Issuer Rating to 'D'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Altico Capital
India Limited's (Altico) Long-Term Issuer Rating to 'IND D' from
'IND A+' and Short-Term Issuer Rating to 'IND D' from 'IND A1'. The
Outlook was Negative.

The instrument-wise rating actions are:

-- INR30.5 mil. Non-convertible debentures (NCDs) (Long-term)
     downgraded with IND C rating;

-- INR44 mil. Bank loans (Long-term) downgraded with IND D
     rating;

-- INR8.5 mil. Commercial paper (Short-term) due on Up to 1 year
     downgraded with IND A4 rating; and

-- INR1 mil. Principal protected market-linked debenture# (Long-
     term) downgraded with IND PP-MLD C emr rating.

Details in Annexure

#The suffix emr denotes the exclusion of the embedded market risk
from the rating. The rating of market-linked debentures is based on
an ordinal assessment of the underlying credit risk of the
instrument and does not factor in the market risk that investors in
such instruments will assume. This market risk stems from the fact
that the coupon payment on these instruments will be based on the
performance of a reference index or equity share (detailed in the
information memorandum of the issue).

PP-MLD refers to full principal protection in the equity-linked
notes, wherein the issuer is obligated to pay the full principal
upon maturity.

The downgrade reflects Altico's default on interest payment of
INR0.2 billion on the external commercial borrowings (ECBs), which
had principal outstanding of INR3.4 billion, on 12 September 2019.


KEY RATING DRIVERS

Liquidity Indicator - Poor: As communicated by the company to India
Ratings, on September 12, 2019, the company had unencumbered cash
balance of INR4.9 billion. As per the management, Altico faced
pressure of accelerated debt repayment from some lenders and also
experienced difficulty in mobilizing fresh funds. While the
existing cash balance was sufficient to meet the present
obligation, the company defaulted on this. Shareholders (Fiera
Capital (erstwhile Clearwater Capital Partners LLC acquired by
Fiera Capital), Abu Dhabi Investment Council, and Varde Partners)
had earlier articulated that they would ensure adequate liquidity
for Altico (as per the board approved policy). However, the
shareholders were not forthcoming to shore up the liquidity buffers
of the company.

Given the recent developments, Ind-Ra opines that it may be
difficult for Altico to service its debt obligations in a timely
manner from hereon.

Asset Quality Challenges Could Increase: Given the tight liquidity
it would be challenging for Altico to meet the disbursement
commitment to its borrowers. This can delay the project completion
of its borrowers and in turn impact the developers' sales
realization impacting Altico's asset quality.    

Altico's loan book (June 2019: INR69 billion) has exposure to real
estate developers, many of which have weak and stretched credit
profiles. In terms of the lifecycle, 31% of Altico's loan book was
attributable to early stage funding of projects as of July 2019
(FY18: 26%, 1HFY19: 28%), and about 70% of the loan book was under
moratorium as of June 2019. Headline non-performing assets (NPAs)
remained under control till March 2019 (gross NPA: 1.8%); although
incremental pressure could build up as the loan book comes out of
moratorium.

Concentrated Loan Book: Altico's loan book is concentrated, given
the high single party exposures. The top 10 individual exposures
accounted 39% of the loan book (90% of the net worth) and the top
10 group exposures accounted 60% of the loan book (139% of net
worth) at end-FY19. With this high concentration, the impact could
be disproportionate in the event of any major defaults.

Capital Buffers Intact: Altico's leverage continues to be modest
(equity to assets: 36% at FYE19), in line with its higher
concentrated portfolio. Ind-Ra conducted a stress test on the
company factoring in the median credit rating of its borrowers and
multiplying historical default experience for the rating category.
The high single-name concentration risk was also tested by assuming
additional defaults of the top two exposures, over and above the
stress based on rating migration, which is consistent with the
stress test that Ind-Ra conducts on lenders with concentrated
exposures. The resultant equity, post the test, remains reasonable
after absorbing losses.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could be a credit positive.

COMPANY PROFILE

Altico was established in 2004 by the funds managed by Clearwater
Capital Partners as Clearwater Capital Partners India Private
Limited for wholesale lending to capital-constrained Indian small
and medium enterprises. It was registered as a
non-deposit-accepting non-banking finance company with the Reserve
Bank of India in January 2005. Its business strategy initially
focused on special situation opportunities across capital
structure. In FY15, the company was renamed Altico Capital India
Limited, and its business strategy was changed. Altico is focused
on high-yield asset-backed senior secured credit opportunities in
the real estate sector.

AMBABHAVANI FAB: CRISIL Withdraws B+ Rating on INR4.5cr Loan
------------------------------------------------------------
CRISIL has withdrawn its rating on the short-term bank facility of
Ambabhavani Fab Engineering Works LLP (AFE) at the company's
request, and on receipt of a no-objection certificate from the
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1.5       CRISIL A4/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           4.5       CRISIL B+/Stable/Issuer Not
                                   Cooperating (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL has been consistently following up with AFE for obtaining
information through letters and emails dated May 31, 2018 and June
30, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL has
not received any information on either the financial performance or
strategic intent of AFE; this restricts CRISIL's ability to take a
forward-looking view on the entity's credit quality. CRISIL
believes the information available on AFE is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB Rating category or lower'. Based on
the last available information, CRISIL has Continues the ratings on
the bank facilities of AFE to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

CRISIL has withdrawn its rating on the short-term bank facility of
AFE, at the company's request, and on receipt of a no-objection
certificate from the bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.

Established in 2011 as partnership firm, AFE provide customized
Fabrication, Machining and Assembly works as per designs provide by
customers. AFE is promoted by Mr. Madanan Pillai, Ms. Sreelekha,
Mr. Muhamood Koonhal, Mr. Dileep Kumar and Mr. Sivan Pillai. Mr.
Madanan Pillai and Ms. Sreelekha has over two decades of experience
in the fabrication industry. While, Mr. Muhamood Koonhal, Mr.
Dileep Kumar have experience of around 15 years in consulting work
for structural design and detailing work for plants.

ASHISH INFRACON: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Ashish Infracon
Private Limited's (AIPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits downgraded with
     IND BB+/Stable/IND A4+ rating; and

-- INR600 mil. Non-fund-based working capital limits downgraded
     with IND A4+ rating.

KEY RATING DRIVERS

Liquidity indicator – Stretched: The downgrade reflects AIPL's
100% average utilization of fund-based limits for the 12 months
ended July 2019. The cash flow from operations turned negative
INR147.3 million in FY19 (FY18: INR60.5 million) because of higher
working capital requirements. The liquidity stretch was mainly due
to the non-receipt of payment of INR500 million (INR3,97.2 million
is approved) from one of AIPL's projects from The National Highways
Authority of India in Bhopal. The payment was likely to be part of
revenue during FY19. However, the company started to receive the
payments at end-August 2019. AIPL had availed unsecured loan of
INR240 million due to cash flow mismatches in FY19, leading to
higher-than-expected leverage. According to the provisional
financials of FY19, the net financial leverage (adjusted net
debt/operating EBITDAR) deteriorated to 3.1x from 1.9x in FY18, and
EBITDA interest coverage (operating EBITDA/gross interest expense)
to 3.8x from 4.5x.

AIPL's revenue fell 9% yoy to INR1,426.1 million in FY19 and the
scale of operations continued to be modest. The revenue decline in
FY19 was driven by the delays in execution of the projects due to
right of way issues from the authorities.

The ratings continue to be constrained by the execution risk
associated with the engineering, procurement and construction
business due to delays in obtaining environmental clearances, which
could lead to an inventory pile-up and a decline in revenue.
Moreover, any adverse policy movement in the construction sector
could affect the business.

The ratings benefit from AIPL's order book of INR5,444 million
(3.8x of FY19 revenue) at end-August 2019. The company's average
EBITDA margins improved to 11.3% in FY19 from 9.7% in FY18 due to
lower expenses; ROCE was 14% in FY19 (FY18:13%)

The ratings are also supported by over two decades of experience of
AIPL's promoter in the construction business.

RATING SENSITIVITIES

Positive: A substantial rise in the revenue, with the net financial
leverage reducing below 1.0x, on a sustained basis, could lead to a
positive rating action.

Negative: A decline in the revenue or the EBITDA margin, leading to
the net financial leverage exceeding 2.0x, on a sustained basis,
could lead to a negative rating action.

COMPANY PROFILE

Incorporated in 2010, Ahmedabad-based AIPL undertakes civil and
infrastructure construction, primarily in the road and earthwork
segments.

ASHRO TEXTILES: CRISIL Reaffirms B Rating on INR2.3cr LT Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facilities of Ashro Textiles Private Limited (ATPL; part of
the Ashro group).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           2         CRISIL B/Stable (Reaffirmed)

   Long Term Loan        2.3       CRISIL B/Stable (Reaffirmed)

   Proposed Fund-
   Based Bank Limits     1.7       CRISIL B/Stable (Reaffirmed)

   Working Capital
   Term Loan             1.0       CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the group's large working capital
requirements, modest scale of operations in an intensely
competitive industry, and aggressive capital structure. These
weaknesses are partially offset by the extensive experience of the
promoters in the readymade garments industry and the group's
moderate debt protection metrics.

Analytical Approach

CRISIL has combined the business and financial risk profiles of RA
Fashions Pvt Ltd (RAFPL) and ATPL. This is because the companies,
collectively referred to as the Ashro group, have common management
and are in the same line of business, leading to operational and
financial linkages.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirements: Operations are working
capital intensive and should remain so over the medium term. Gross
current assets were 258 days as on March 31, 2019, driven, in turn,
by inventory and debtors of 140 and 112 days, respectively.
Inventory remains high as the group maintains a large variety of
products.

* Modest scale of operation: Intense competition continues to
constrain scalability, and therefore, bargaining power with
customers and suppliers: revenue was INR31 crore in fiscal 2019.

* Aggressive capital structure: Capital structure is weak because
of low networth and high dependence on borrowings. Networth was
INR2.51 crore as on March 31, 2019, and gearing and total outside
liabilities to adjusted networth were 6.64 times and 3.00 times,
respectively.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' experience of around 30 years, and their healthy
relationships with customers should continue to support business
risk profile.

* Moderate debt protection metrics: Debt protection measures are
moderate and should remain stable over the medium term on account
of above-average profitability. Net cash accrual to total debt and
interest coverage ratios were around 0.11 time and 2.30 times,
respectively, in fiscal 2019.

Liquidity: Stretched

Liquidity is stretched. Net cash accrual - expected at INR1.6-1.7
crore per annum over the medium term - should be sufficient to
cover yearly debt obligation of INR1.1-1.2 crore. Bank lines were
fully utilised in the 12 months through June 2019 on account of
large working capital requirement. Financial assistance may,
however, be expected from the promoters whenever required.

Outlook: Stable

CRISIL believes the Ashro group will continue to benefit from the
extensive experience of the promoters and their funding support.

Rating Sensitivity Factors

Upward Factor
* Total outside liabilities to tangible networth ratio remaining
below 2 times
* Improvement in working capital cycle.

Downward Factor
* Large working capital requirement, with gross current assets
above 350 days
* Steep decline in revenue or profitability.

ATPL and RAFPL were incorporated in 2011 by Mr Ravinder Agarwal.
The group manufactures readymade garments for men and women. The
weaving unit is in Wada (Thane) and the stitching unit in
Bengaluru.

B.S. INDUSTRIES: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of B.S. Industries (BSI) to
'CRISIL B+/Stable/Issuer not cooperating'. CRISIL has withdrawn its
rating on bank facility of BSI following a request from the company
and on receipt of a 'no objection certificate' from the banker.
Consequently, CRISIL is migrating the ratings on bank facilities of
BSI from 'CRISIL B+/Stable/Issuer Not Cooperating' to 'CRISIL
B+/Stable'. The rating action is in line with CRISIL's policy on
withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B+/Stable/Issuer Not
                                   Cooperating (Migrated from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

   Proposed Long Term     0.38     CRISIL B+/Stable/Issuer Not
   Bank Loan Facility              Cooperating (Migrated from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

   Term Loan              0.50     CRISIL B+/Stable/Issuer Not
                                   Cooperating (Migrated from
                                   'CRISIL B+/Stable ISSUER NOT
                                   COOPERATING'; Rating
                                   Withdrawn)

B. S. Industries was set up in 2007 as a partnership firm by the
Tayal family of Madhya Pradesh. The firm is engaged in cotton
ginning and pressing through its processing facility in Lasur,
Aurangabad (Maharashtra) with a capacity of producing 18,000 cotton
bales per year.

BABU AND COMPANY: CRISIL Assigns B+ Rating to INR5.0cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Babu and Company (BAC).

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Term Loan            4.9       CRISIL B+/Stable (Assigned)

   Cash Credit          5.0       CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility   1.0       CRISIL B+/Stable (Assigned)

The rating reflects poor liquidity position, volatility in
realization prices and risk associated to seasonality in production
of tea. These rating weaknesses are offset by its integrated
operations, extensive industry experience of the promoters and
moderate financial profile.

Key Rating Drivers & Detailed Description

Weakness

* Volatility in prices, and to seasonality in production, of tea:
Operating margin has volataile in past due to fluctuations in raw
material and tea prices. This is compounded by sizeable inventory,
which exposes it to any adverse downward revision in tea prices.

* Working capital intensive operations: Gross current assets were
at 248-234 days over the three fiscals ended Sept 30, 2018. Its
intensive working capital management is reflected in its gross
current assets (GCA) of 247.5 days as on Sept 30, 2018 as against
over 150 days GCAs of some of its peers. Its large working capital
requirements arise from its high debtor and inventory levels. It is
required to extend long credit period. Furthermore, due to its
business need, it hold large work in process & inventory.

Strength

* Integrated operations: BAC had made use of backward integration
with its own tea garden allowing it penetrate deep into value
chain. BAC has its own tea garden which provides it the flexibility
to produce and supply tea.  Its entire requirement of green leaf is
met through its own tea estate.

* Extensive industry experience of the promoters: The promoters
have an experience of over 10 years in Tea & Coffee industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity: Poor

* High bank limit utilization: Bank limit utilization is high at
around 100 percent for the past twelve months ended June 2019.

* Cash accrual sufficient/insufficient to meet debt obligation:
Cash accrual are expected to be over INR0.8-0.9 crore which would
be tightly matched as against yearly term debt obligation of
INR0.65-0.75 crore over the medium term. In addition, it will be
act as cushion to the liquidity of the company.

Outlook: Stable

CRISIL believe BAC will continue to benefit from the extensive
experience of its promoter, and established relationships with
clients.

Rating sensitivity factors

Upward factor
* Healthy increase in revenue profile and sustenance of EBIDTA
margins of around 7.5-8% thereby leading to net cash accruals of
around INR1.5-2 crores.

* Improvement in liquidity position with lower utilization level of
bank limits and improvement of NCA/RO (NCA: Net cash accruals; RO:
Repayment obligation) ratio to around 1.5 times.

Downward factor
* Dip in EBIDTA margins below existing level of around 7.5% in
fiscal 2019 leading to tightly matched NCA vis-a-vis RO.
* Stretch in working capital cycle leading to higher utilization of
bank limits.

BAC was establish in 1998, it is located in Darjeeling district,
West Bengal. BAC is integrated tea player, engaged in cultivation
of tea plantations and manufacturing and selling of CTC tea.

BAC is a part of Poddar HMP Group of Kolkata, having many companies
within its fold, mainly engaged in the business of engineering,
tea, real estate, etc.

BULAND CONSTRUCTION: CRISIL Cuts INR6.75cr Loan Rating to D
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Buland
Construction (Buland) to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        6.75      CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Overdraft             2.00      CRISIL D (ISSUER NOT
                                   COOPERATING; Downgraded from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    3.75      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Downgraded from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')


CRISIL has been consistently following up with Buland for obtaining
information through letters and emails dated August 29, 2018, &
September 3, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Buland, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Buland is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BBB' category or
lower.

On account of delay in servicing of interest obligations due to
stressed liquidity, CRISIL has migrated the rating on bank
facilities of Buland to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating'.

Therefore, on account of inadequate information and lack of
management cooperation.

Setup in 2011, Buland is a partnership firm, started by Mr. Rakesh
Sharma and Mr. Sandeep Sharma. Buland is engaged in civil
construction industry and caters to private as well as Government
customers.

CHIRAG RICE: CRISIL Migrates 'B' Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Chirag Rice &
Pulse Mill (CRPM) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     .52      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              .18      CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with CRPM for obtaining
information through letters and emails dated July 17, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of CRPM to 'CRISIL B/Stable Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

CRPM, which was set up as a partnership firm in 1991, mills
non-basmati rice at its facility in Anand, Gujarat, which has
capacity of 3.5 tonnes per hour. Operations are managed by Mr Hira
M Patel, Mr Dashrathsinh V Gohil, and Mr Nikulkumar D Chapaneri.
The firm sells rice under the Anupam brand.

DEVDOOT GIN: CRISIL Assigns 'B' Rating to INR5cr Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Devdoot Gin Mill (DGM).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            5        CRISIL B/Stable (Assigned)

The rating reflects the firm's modest scale of operations, weak
financial risk profile and susceptibility to volatility in cotton
prices and any change in the regulatory framework. These weaknesses
are partially offset by the extensive experience of the
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operation: Intense competition in the cotton
ginning business restricts scalability of operations and bargaining
power with customers and suppliers.

* Weak financial profile: Financial risk profile is marked by
moderate networth of INR1.3 crore, and high gearing and total
outside liabilities to tangible networth ratios of 6.27 and 8.27
times, respectively, as on March 31, 2019. Debt protection metrics
were also weak, marked by interest coverage and net cash accrual to
total debt ratios estimated at 1.36 times and 0.04 time,
respectively, for fiscal 2019, and may remain constrained by high
debt levels.

* Susceptibility to volatility in cotton prices and any change in
the regulatory framework: Availability of cotton, which is an
agricultural commodity, depends on monsoon. Government intervention
and fluctuations in global cotton output have also led to sharp
fluctuations in cotton prices. Any abrupt change in regulations can
distort market prices and affect the profitability of players in
the cotton value chain, including ginners.

Strength:

* Extensive experience of the proprietor: The three-decade-long
experience of the proprietor, have in the textile-ginning industry,
their strong understanding of local market dynamics, and
established relationships with suppliers and customers, will
continue to support the business risk profile.

Liquidity: Stretched

Liquidity is stretched marked by estimated net cash accrual of
INR23-25 lakh in fiscal 2020, against no maturing debt. Bank limit
of INR5 crore was utilized only an average 62% for the 12 months
ended April 30, 2019.  Current ratio was moderate, estimated at
1.20 times as on March 31, 2019. The proprietor is likely to extend
support via equity and unsecured loans to cover the working capital
requirement.

Outlook: Stable

CRISIL believe DGM will continue to benefit from the extensive
experience of its proprietor, and established relationships with
clients.

Rating sensitivity factors:

Upward factor
* Significant improvement of scale of operations and sustained
profitability
* Capital infusion resulting in reduction in TOL/TNW to 4.5 times


Downward factor
* Any major capital expenditure program, weakening financial risk
profile
* Decline in revenue and operating profitability, from current
levels of INR15 crore and 3.5%, respectively

DGM was formed as a proprietorship firm of Mr Dilip Kumar Patel in
1978. The firm, located at Bhoktapura, Adilabad district, Andhra
Pradesh, gins and presses cotton with capacity of 200 bales per
day.

DREAMLIGHT MERCHANT: CRISIL Assigns B+ Rating to INR6cr Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Dreamlight Merchant Private Limited (DMPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            3        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility     3        CRISIL B+/Stable (Assigned)

The rating reflects the company's vulnerability to intense
competition in the fragmented packaging materials industry and the
weak financial risk profile. These weaknesses are partially offset
by the extensive industry experience of the promoters.


Key Rating Drivers & Detailed Description

Weakness:

* Vulnerability to intense competition in the packaging materials
industry: The packaging materials industry is highly fragmented due
to limited capital and technology requirement, short gestation
period, and easy availability of raw materials. Intense competition
constrains scalability and pricing power.

* Weak financial risk profile

Financial risk profile remains weak: networth was around INR35 lakh
and gearing around 7.5 times as on March 31, 2019. With limited
accretion to reserve and substantial dependence on external debt to
fund the working capital requirement, gearing should remain high
over the medium term. Debt protection metrics are subdued, with
interest coverage of 2.36 times in fiscal 2019.
  
Strengths:

* Extensive experience of the promoters: Benefits from the
three-decade-long experience of the promoters in the polymer
industry, healthy relationships with major suppliers and customers,
and established market position'leading to robust revenue
growth'should continue to support the business.

Liquidity: Poor

Liquidity is poor. Cash accrual, estimated at INR17 lakh in fiscal
2019, should sufficiently support liquidity in the absence of any
maturing debt. Bank limit utilisation averaged 87% over the 12
months through July 2019. Current ratio is estimated at 1.02 times
as on March 31, 2019.

Outlook: Stable
CRISIL believes DMPL will continue to benefit from its promoters'
extensive experience in the polymer industry.

Rating Sensitivity Factor

Upside factor:
* Strengthening of business risk profile driven by substantial and
sustained increase in the operating income to more than INR40 Cr
and margin to more than 4% leading to better cash accrual
* Improvement in the financial risk profile with improvement of
networth, gearing and debt protection metrics

Downside factor:
* Deterioration of the business risk profile driven by decrease in
operating income to less than INR20 Cr and margin to less than 1%
resulting in weak cash accrual
* Working capital gets further stretched to more than 150 days
putting pressure on the working capital limits

Incorporated in 2010, DMPL manufactures tailor-made polypropylene
fabrics, polypropylene woven bags, and polypropylene woven sacks.
Mr Pawan Kumar Agarwal and Ms Shikha Agarwal are the promoters. The
manufacturing facility is in Bankura, West Bengal.

DYNAMIC ELECTRICALS: CRISIL Assigns B Rating to INR2.5cr Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Dynamic Electricals and Switchgear Private
Limited (DESPL).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee       2.5        CRISIL A4 (Assigned)

   Cash Credit          2.5        CRISIL B/Stable (Assigned)
      
   Letter of Credit      .8        CRISIL A4 (Assigned)

   Proposed Long Term
   Bank Loan Facility    .2        CRISIL B/Stable (Assigned)

The ratings reflect the company's susceptibility to tender-based
business, modest scale of operation, and stretched working capital
cycle. These weaknesses are partially offset by the extensive
experience of the promoter in the heavy electrical equipment and
engineering, procurement, and construction (EPC) industry and
DESPL's healthy capital structure.

Key Rating Drivers & Detailed Description

Weaknesses

* Susceptibility to tender-based business: Revenue and
profitability entirely depend on the ability to win tenders. Also,
entities in this segment face intense competitive pressure, thus
requiring to bid for contracts aggressively, which restricts the
operating margin. Furthermore, given the cyclicality in the
construction industry, the ability to maintain profitability
through operating efficiency becomes critical.

* Modest scale of operation: DESPLs business profile is constrained
by its moderate scale of operations in the intensely competitive
industry.  DESPLs reported modest revenue at INR6.37 crore in
fiscal 2019 which is much lower than revenue of fiscal 2018.
However, CRISIL expecting the scale of operation will improve over
the medium term as the company has achieved around INR2.16 crore in
the first quarter of fiscal 2020, scale should remain small.

* Stretched working capital cycle: Operations are working capital
intensive and should remain so over the medium term on account of
the large credit period extended to customers and a sizeable
work-in-progress inventory. Gross current assets were 550 days as
on March 31, 2019, driven, in turn, by debtors and inventory of 179
days and 374 days, respectively.

Strengths

* Extensive experience of the promoter: Benefits from the
promoter's experience of over 25 years, and his strong
understanding of market dynamics and healthy relationships with
suppliers and customers should continue to support business risk
profile.

* Adequate capital structure: Capital structure has remained
adequate due to low reliance on borrowings: total outside
liabilities to tangible networth (TOL/TNW) ratio has been at 1.60
times in the three years ending March 31, 2019.

Liquidity: Stretched

Liquidity is likely to remain under pressure over the medium term,
mainly due to large working capital requirements. The company
almost fully utilising the cash credit over the last one year
through July 2018. Cash accrual of INR53.14 lakh expected in fiscal
2020 could be used as working capital as low debt obligation.
Current ratio was moderate, at an estimated 1.30 times as on March
31, 2019.

Outlook: Stable

CRISIL believes DESPL will continue to benefit from the extensive
experience of its promoter and his healthy relationships with
clients.

Rating sensitivity factor

Upward factor
* Revenue growth of around 25% and stable profitability
* Improvement in working capital cycle

Downward factor
* Decline in profitability exceeding 200 basis points or more than
20% increase in working capital requirements
* Large debt-funded capital expenditure weakening capital
structure

DESPL, incorporated in 1997 by Mr Dinesh Sharma, undertakes turnkey
contracts for erection, installation, and commissioning of power
lines, substations, diesel generator sets, transformers, and
switchboards. The company is based in Noida, and has offices in New
Delhi, Ludhiana, Bhopal, Haridwar, Faridabad, Bengaluru, and
Vishakhapatnam. Contracts are mainly received from residential and
commercial real estate developers in Uttar Pradesh, Delhi, Haryana,
and Punjab.

FRIENDS AUTO: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Friends Auto (India) Limited
        B-222, L.R. Commercial Complex
        Badar Pur, New Delhi 110044

Insolvency Commencement Date: August 6, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: February 2, 2020
                               (180 days from commencement)

Insolvency professional: Rajneesh Kumar Aggarwal

Interim Resolution
Professional:            Rajneesh Kumar Aggarwal
                         C-60, 3rd Floor, C-block Community Centre
                         Janak Cinema Complex, Janak Puri
                         New Delhi 110058
                         E-mail: ca@arkadvisors.in
                                 cirp.friends@gmail.com

Last date for
submission of claims:    September 24, 2019


HI-QUALITY FOODS: CRISIL Hikes Rating on INR15cr Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Hi-Quality Foods & Beverages Private Limited (HQFBPL) to 'CRISIL
B+/Stable' from 'CRISIL C'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Term Loan             15        CRISIL B+/Stable (Upgraded
                                   from 'CRISIL C')

The upgrade reflects improvement in HQFBPL's business and financial
risk profiles, especially liquidity. Revenue is estimated to have
grown 331.6% year-on-year in fiscal 2019, while operating margin
remained comfortable at 23.4%. Consequently, cash accrual was
healthy at INR7.02 crore vis-a-vis debt obligation of INR5 crore;
surplus accrual was used to support working capital.

The rating continues to reflect the company's weak financial risk
profile and stretched working capital cycle. These weaknesses are
partially offset by the extensive experience of the promoter, and
HQFBPL's moderate scale of operation and healthy return on capital
employed (RoCE).

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Financial risk profile was weak
on account of an aggressive capital structure, with adjusted
networth estimated at negative INR1.3 crore as on March 31, 2019.
Debt protection metrics, on the other hand, have strengthened, with
interest coverage and net cash accrual to adjusted debt ratios of
6.9 times and 0.26 time, respectively, in fiscal 2019.

* Stretched working capital cycle: Operations are working capital
intensive and should remain so over the medium term because the
bulk of sales is registered during summer, leading to high year-end
inventory. Gross current assets were 167 days as on March 31, 2019,
driven, in turn, by inventory of 110 days.

Strengths

* Moderate scale of operation: Operations commenced in May 2017,
and hence, fiscal 2019 was the first full year of operations.
Revenue, however, improved sharply to an estimated INR34 crore in
fiscal 2019 compared with INR8 crore the previous fiscal. Backed by
improving brand presence, scale should continue to ramp up over the
medium term.

* Healthy RoCE: RoCE is estimated at 15.5% in fiscal 2019, backed
by operating margin of 23.4%. Operating margin and RoCE will remain
key rating sensitivity factors over the medium term.

* Extensive experience of the promoter: Benefits from the
promoter's experience of over two decades in the jewellery business
through a group entity (Delhi Chain Company Pvt Ltd) and his
healthy relations with a large clientele should continue to support
the business.

Liquidity: Poor

Liquidity is poor. Net cash accrual was INR7.02 crore in fiscal
2019; of this, INR5 crore was used to cover debt obligation and the
remaining INR2.02 crore to support working capital. Unsecured loan
of around INR1.0 crore was also extended by the promoter and his
relatives to fill the gap in working capital requirement.
Repayments are likely to remain at around INR5 crore over the
medium term. HQFBPL's ability to generate healthy cash accrual and
continued support from the promoter will remain key rating
sensitivity factors.

Outlook: Stable

CRISIL believes HQFBPL will continue to benefit from the extensive
experience of the promoter in handling retail businesses via other
group companies.

Rating Sensitivity Factors

Upward factor
* Net cash accrual/repayments exceeding 1.3 times in fiscal 2020
* Improvement in financial risk profile, especially gearing
* Sustenance of high operating margin over the medium term while
maintaining growth in scale of operation and improvement in working
capital cycle

Downward factor
* Weakening of business risk profile, with operating margin
declining below 15% over the medium term
* A large unanticipated debt-funded capital expenditure weakening
financial risk profile

Incorporated in 2015 and promoted by Mr Rajendra Kumar Soni,
Delhi-based HQFBPL manufactures juices and sells them under its own
brand (Krazzy) across National Capital Region, Haryana, and Punjab.
The manufacturing unit is in Sonipat (Haryana).

HOTEL BABYLON: CRISIL Lowers Rating on INR29cr LT Loan to B
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Hotel Babylon Capital Private Limited (HBCPL) to 'CRISIL B/Stable'
from 'CRISIL B+/Stable'.  

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         29       CRISIL B/Stable (Downgraded
                                   from 'CRISIL B+/Stable')

The downgrade reflects delay in commencement of operations and
lower-than-expected revenue and cash accrual in fiscal 2019.
Operations were expected to commence from June 2018 but were
delayed and are now expected to start from September 2019. Cash
accrual is expected at INR0.45 crore against debt obligation of
INR3.6 crore in fiscal 2020. Maturing debt in fiscal 2020 is to be
met through unsecured loans extended by the promoters and
advances/proceeds from sale of office space.

Furthermore, there is debt obligation of INR7.2 crore in fiscal
2021 and in each fiscal thereafter over fiscals 2022 and 2023.
Hence, timely ramp-up of operations and sufficient cash accrual to
meet debt obligation will remain key rating sensitivity factors.

The rating reflects exposure to risks related to ongoing project
implementation and a weak financial risk profile. These weaknesses
are partially offset by the extensive experience of the promoters
in the hospitality industry and their funding support.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to ongoing project implementation:
The company is setting up a 3-star hotel at a total project cost of
about INR29 crore. The project is at the final stage of
implementation and is scheduled to commence operations in September
2019. Timely completion and thereafter successful stabilisation and
adequate ramp-up of operations will remain key rating sensitivity
factors.       

* Weak financial risk profile: The networth was modest, estimated
at INR10.27 crore as on March 31, 2019. This, coupled with high
debt contracted for project implementation, has led to a high
gearing of 3.05 times as on this date. The debt protection metrics
are also weak, with interest coverage and net cash accrual to
adjusted debt ratios estimated at 1.12 times and 0.01 time,
respectively, for fiscal 2019.

* Exposure to intense competition: Concentration of revenue in a
single hotel constrains access to a wider customer base and renders
the company susceptible to the dynamics of operating in a single
market. It is not only vulnerable to competition from bigger
players in the hospitality industry but also from other hotels
operating in the vicinity.

Strength

* Extensive industry experience of the promoters: The promoters
have two decades of experience in running hotels under the brand
Babylon. They also operate the 4-star Hotel Babylon International
(Raipur, Chhattisgarh) with 80 rooms (operational since 2001) and a
3-star hotel, Hotel Babylon Inn (Raipur) with 72 rooms (since
2009).

Liquidity: Poor

Liquidity is poor. Cash accrual is expected at INR0.44 ' 0.55 crore
is fiscal 2020, given that operations are scheduled to commence
only in the second half, against repayment obligation of INR3.6
crore. However, liquidity is supported by advances against sale of
office space and unsecured loans from the promoters, outstanding at
INR2.89 crore as on July 31, 2019. The promoters are likely to
provide need-based fund support through unsecured loans over the
medium term. The current ratio was weak at 0.35 time as on March
31, 2019.

Outlook: Stable

CRISIL believes HBCPL will continue to benefit from the extensive
industry experience of its promoters.

Rating sensitivity factors

Upward factors
* Timely commencement and ramp up in scale and profitability
leading to improvement in net cash accruals
* Occupancy increases beyond 50 % in first full year of
operations
* Healthy demand in sale of commercial units

Downward factors
* Further delay in commissioning the hotel
* Lower-than-expected occupancy of less than 30% and delayed sale
of commercial units

HBCPL, incorporated in 2012, is promoted by Mr Paramjeet Singh
Khanuja and his wife, Mrs Jugesh Kaur. The company is setting up a
3-star hotel and 81 shops to be sold as commercial office space in
Raipur. The hotel is expected to commence operations by September
2019.

JASMINE EXIM: CRISIL Migrates 'B+' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jasmine Exim
(JE) to 'CRISIL B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Proposed              2         CRISIL B+/Stable (ISSUER NOT
   Overdraft                       COOPERATING; Rating Migrated)
   Facility              

CRISIL has been consistently following up with JE for obtaining
information through letters and emails dated May 30, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JE to 'CRISIL B+/Stable Issuer not cooperating'.

Set up in Chennai as a proprietorship firm by Mr Jenish Raj in
2016, JE trades in industrial suits and is a supplier to
organizations in Europe.

KAD HOUSING: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of KAD Housing
Private Limited (KAD) to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1.3       CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Overdraft            10.7       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with KAD for obtaining
information through letters and emails dated August 9, 2019 and
August 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of KAD to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Incorporated in 2004 and promoted by Mr. Digamber Prasad Jain, KAD
operates a 147-room hotel and has also developed a commercial space
in Kaushambhi at a total cost of INR300 crore. Majority of the
commercial space has been sold and the hotel has begun operations.

KEI-RSOS MARITIME: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Kei-Rsos Maritime Limited
        D.No. 70-17A/2/9B Sasikanth Nagar
        Kakinada, Guntur 533003

Insolvency Commencement Date: August 28, 2019

Court: National Company Law Tribunal, Amaravati Bench

Estimated date of closure of
insolvency resolution process: February 24, 2020

Insolvency professional: Anand Chandra Swain

Interim Resolution
Professional:            Anand Chandra Swain
                         Expo Tower, Plot-1307
                         Flat-4 (A&B), Nandankanan Road
                         P.O. kiit, Bhubaneswar
                         Odisha 751024
                         E-mail: anand.swain2@gmail.com
                                 cirpkei@rediffmail.com

Last date for
submission of claims:    September 22, 2019


LAXMI RICE: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Laxmi Rice
Mills (LRM) to 'CRISIL B/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          12.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan             1.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with LRM for obtaining
information through letters and emails dated June 28, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of LRM to 'CRISIL B/Stable Issuer not cooperating'.

Set up as a partnership firm in 1995 by Mr Darshan Lal Garg and Ms
Anita Rani, LRM mills and processes basmati and non-basmati rice
and caters to large export houses. Production facilities at Muktsar
Sahib, Punjab, have milling capacity of 8 tonne per hour (tph) and
sorting capacity of 6 tph, utilised at 80-85%.

M S SHIP: CRISIL Migrates B Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M S Ship
Breaking Private Limited (MSSBPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.


                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           8         CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Import Letter         6.5       CRISIL A4 (ISSUER NOT
   of Credit Limit                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MSSBPL for obtaining
information through letters and emails dated May 30, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of MSSBPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

MSSBPL, incorporated in 1998, is engaged in ship-breaking
activities and trades in related materials. Until fiscal 2010, the
company was only into trading of iron and steel products and
thereafter started undertaking ship-breaking activities. Mr Pankaj
Agrawal, and his son Mr Punit Agrawal, manage the operations. The
ship-breaking is done at a yard in Mumbai for which the company
uses a plot in the Bombay Port Trust area on a rental basis.

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

The instrument-wise rating action is:

-- INR300 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING) /
     IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 17, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Meghdoot Ginning And Pressing Industries was incorporated in 1999
by Mr. Bharat Shah, Mr. Anand Shah, Mr. Ajay Shah and their family.
The company is engaged in the ginning and pressing of raw cotton.
It has a manufacturing capacity of around 400 bales of cotton per
day.

METALFAB HIGHTECH: CRISIL Moves B+ Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities and
Exchange Board of India guidelines, had migrated the ratings of
Metalfab Hightech Private Limited (MHPL) to 'CRISIL
BB/Stable/CRISIL A4+/issuer not cooperating'. However, MHPL has
subsequently started sharing the requisite information, necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating the ratings on the bank
facilities of MHPL to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+/issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        27.5      CRISIL A4 CRISIL A4 (Migrated
                                   from 'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Cash Credit           31        CRISIL B+/Stable (Migrated
                                   from 'CRISIL BB/Stable ISSUER
                                   NOT COOPERATING')

   Letter of Credit      25        CRISIL A4 CRISIL A4 (Migrated
                                   from 'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Proposed Long Term     6        CRISIL B+/Stable (Migrated
   Bank Loan Facility              from 'CRISIL BB/Stable ISSUER
                                   NOT COOPERATING')

   Term Loan             15.5      CRISIL B+/Stable (Migrated
                                   from 'CRISIL BB/Stable ISSUER
                                   NOT COOPERATING')

The ratings reflect MHPL's large working capital requirement and
below average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoters and
an established clientele.

Analytical Approach

Unsecured loans have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets were
sizeable at 451 days as on March 31, 2019, driven by huge inventory
of 226 days and stretched debtors of 142 days. Work-in-progress
inventory is sizeable given that it takes around three months for
complete fabrication. Receivables were significant due to the large
high amount of sales booked in last two months.

* Below-average financial risk profile: Financial risk profile may
continue to be weak owing to the large working capital requirement.
Total outside liabilities to tangible net worth ratio was high at
3.35 times as on March 31, 2019. Debt protection metrics were also
muted, with interest coverage and net cash accrual to total debt
ratios of 1.37 times and 0.07 time, respectively, in fiscal 2019.

Strengths

* Extensive experience of promoters: Benefits derived from the
promoters' experience of over three decades, their strong
understanding of local market dynamics, and healthy relations with
customers and suppliers should continue to support the business. It
has an established clientele comprising reputed players such as
Bharat Heavy Electricals Ltd, Larsen & Toubro Ltd, Inox Wind Ltd,
and Enercon India Ltd.

Liquidity- Stretched
MHPL has stretched liquidity marked by highly utilized bank lines.
Fund based limits of INR56.4 crore were 98% utilized on an average
over the 12 months ended March 2019. Cash accruals is expected to
be INR4-4.5 crore per annum in fiscal 2020 and fiscal 2021. The
firm has long term repayment obligations around Rs.3.60 crore
annually in fiscal 2020 and fiscal 2021.

Outlook: Stable

CRISIL believes MHPL will continue to benefit from the extensive
experience of the promoters.

Rating Sensitivity factors

Upward
* Improvement in working capital cycle with reduction in GCA days
to below 350 days.
* Improvement in financial risk profile with lower debt levels.

Downward
* Weakening of the business risk profile, with further decline in
the revenues by more than 15%.
* Weakening of the financial risk profile, due to debt funded
capital expenditure.

MHPL, incorporated in 1995, is a Nagpur (Maharashtra)-based company
that manufactures tubular towers and other fabrication works for
wind mills, boiler tanks, chimneys, pressure vessels and heat
exchangers. Mr Sandeep Jain, Mr Pramod Jain, and Mr Sahil Jain are
the promoters.

ONEWORLD INDUSTRIES: CRISIL Moves 'D' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Oneworld
Industries Private Limited (OIPL; part of Oneworld group) to
'CRISIL D Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           140       CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with OIPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of OIPL to 'CRISIL D Issuer not cooperating'.

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

OIPL, incorporated in May 2012, trades in fabric. WF, ORPL, OS,
UFPL, TIPL, MDC, WOT, ODS, and ZF are engaged in trading of
different types of fabrics while OCPL is engaged in trading of
ready-made garments.

PICASSO HOME: CRISIL Migrates 'B' Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Picasso Home
Products Private Limited (PHPPL) to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit            3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Foreign Letter         2        CRISIL A4 (ISSUER NOT
   of Credit                       COOPERATING; Rating Migrated)

   Proposed Long Term     3.25     CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PHPPL for obtaining
information through letters and emails dated May 30, 2019, August
9, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PHPPL to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

PHPL was incorporated in 2003 by Mr Bhavesh Patel and Mr Jayantilal
Jain. The company took over the business of partnership firm
Picasso Home Products which was operational since 1996. The company
manufactures home cookware products. Its manufacturing facility is
in Daman.

PRABHAT RESOURCES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Prabhat Resouces Limited

        Registered office as per ROC Company Master Data:
        2/458A, Harbour Bye Pass Road
        Tuticorin, Thoothukudi
        Tamil Nadu 628006

Insolvency Commencement Date: September 6, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: March 4, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Velayudham Jayavel

Interim Resolution
Professional:            Mr. Velayudham Jayavel
                         Primus Insolvency Resolution and
                         Valuation Pvt. Ltd.
                         Suite No. 108, First Floor
                         Kavery Complex, 96
                         Nungambakkam High Road
                         Chennai, Tamil Nadu 600034
                         E-mail: velayudhaimj@gmail.com
                                 prabhat@primusresolutions.in

Last date for
submission of claims:    September 20, 2019


PRALHADRAO SALUNKHEPATIL: CRISIL Moves B Rating to Not Cooperating
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Pralhadrao
Salunkhepatil Agro Private Limited (PSAPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)   Ratings
   ----------        -----------   -------
   Proposed Long Term      15      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PSAPL for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PSAPL to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in February 2017, PSAPL plans to set up a poultry
facility to rear chicken in Satara, Maharashtra. It is promoted by
Mrs. Madhuri Salunkhe and Mrs. Vimal Salunkhe. It also plans to set
up a feed mill for meeting its raw material requirement.

PRG BUILDCON: Ind-Ra Assigns BB+ LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned PRG Buildcon India
Pvt Ltd (PRG) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR70 mil. Fund-based working capital limits assigned with IND

     BB+/Stable rating; and

-- INR700 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect PRG's medium scale of operations as indicated
by its revenue of INR1,636.80 million, according to the provisional
financials of FY19 (FY18: INR2,165.91 million). The revenue decline
in FY19 was primarily due to lower work orders executed during the
period. PRG reported revenue of INR282.9 million during 4MFY20.

Credit metrics are modest as indicated by gross interest coverage
(operating EBITDA/gross interest expense) of 3.4x in FY19 (FY18:
9.3x) and net financial leverage (adjusted net debt/operating
EBITDAR) of 1.0x (0.3x). The deterioration in the credit metrics in
FY19 was on account of the higher interest charged on account of
the increase in total debt levels due to higher utilization in the
working capital limits along with a rise in term loan in the form
of vehicle and equipment loan during the period.

The ratings are constrained by PRG's limited track record of
operations of around four years. Further, the ratings also consider
the company's high geographical concentration, as the majority of
its order book is from Andhra Pradesh.

Liquidity Indicator - Poor: The company reported multiple instances
of over-utilization of its fund-based limit during the 12 months
ended July 2019. However, the over-utilization instances were
regularized within 1-25 days. The company's cash and cash
equivalents stood at INR5.44 million at FYE19 (FYE18: INR69.01
million). Further, cash flow from operations turned negative at
INR123.56 million in FY19 (FY18: INR275.24 million) on account of
higher working capital requirements.

However, the ratings are supported by PRG's healthy EBITDA margin
of 18.5% in FY19 (FY18: 14.5%), with return on capital employed of
27% (50%). Despite the decline in revenue, the margins improved in
FY19 on account of a decrease in operating cost.

The ratings are also supported by the company's promoter's
experience of around two decades in the civil construction
business. Moreover, the ratings are further supported by PRG's
strong order book position of INR11,229.40 million providing
revenue visibility of 6.86x of FY19 total revenue. The company is
likely to execute these orders by August 2020.

RATING SENSITIVITIES

Positive: An increase in the revenue along with an improvement in
the overall credit metrics and liquidity profile, all on a
sustained basis, will lead to a positive rating action.

Negative: A decline in the revenue and overall credit metrics, all
on a sustained basis, will be negative for the ratings.

COMPANY PROFILE

Incorporated in December 2014 as Naya Infrastructure Pvt Ltd and
later renamed as PRG, is primarily engaged in undertaking
sub-contracting works in irrigation, building and water supply
projects in Andhra Pradesh and Telangana. PRG is certified as a
special class civil contractor by the Government of Telangana. The
daily operations of the company are managed by Sunil Kumar Bontha.
The major clientele of PRG includes Megha Engineering &
Infrastructure Limited ('IND AA-'/Stable), Prathima Infrastructure
Limited ('IND BBB-'/Stable), Tata Projects Limited ('IND
AA'/Stable) and NCC Limited ('IND A'/Stable).

PUNJAB KESARI: CRISIL Migrates 'B-' Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Punjab Kesari
Publishers Private Limited (PKP) to 'CRISIL B-/Stable Issuer not
cooperating'.

                         Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Term Loan        10       CRISIL B-/Stable (ISSUER
                                      NOT COOPERATING; Rating
                                      Migrated)

CRISIL has been consistently following up with PKP for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of PKP to 'CRISIL B-/Stable Issuer not cooperating'.

PKP was incorporated in 2004 by Mr Ashwini Kumar and his family
members and commenced printing operations in February 2012. It
prints a portion of Punjab Kesari, a Hindi newspaper based in North
India and owned by PKP's promoters. The company's printing
facilities are in Delhi and Jaipur (Rajasthan). PKP also procures
inks, chemicals, and oils, for supply to Hindi Samachar Limited
(HSL).

QUA WATER: CRISIL Lowers Rating on INR3cr Cash Loan to B+
---------------------------------------------------------
Based on the last available information, the ratings on bank
facilities of QUA Water Technologies Private Limited (QUA) was
revised to be 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        1         CRISIL A4 (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Cash Credit           3         CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

   Letter of Credit       1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL A4+ ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    13        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Revised from
                                   'CRISIL BB/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with QUA for obtaining
information through letters and emails dated August 9, 2019 and
August 13, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010 in Pune, Qua manufactures ultra-filtration
modules and fractional electro-de-ionisation stacks that are used
in water and waste water treatment solutions. Operations began in
March 2011. Qua is a wholly owned subsidiary of Aquatech Systems
(Asia) Pvt Ltd (ASA).

ASA, also based in Pune, was incorporated in 1986 as a wholly owned
subsidiary of Aquatech International Corporation (AIC). AIC, set up
in 1981 by the late Mr Prem Sharma, offers water and waste water
management solutions. ASA was initially set up to act as a support
centre to AIC and also as a sourcing hub for projects across the
globe. Over the past few years, ASA has been bidding and executing
projects with support from AIC. The ASA group sets up plants for
waste water industrial re-use, desalination, and zero liquid
discharge, and specialises in providing turnkey (project-specific)
solutions for water and waste water management.

In July 2016, Ecolab Inc (Ecolab), the parent company of NALCO
water, made an equity investment in AIC, for acquiring a minority
stake. Ecolab, listed on the New York Stock Exchange, is a global
provider of water, hygiene, and energy technologies and services to
the food, energy, healthcare, industrial, and hospitality markets.
The strategic partnership between Ecolab and AIC will enable them
to provide customers with comprehensive end-to-end solutions to
minimise net water usage and maximise process performance and
productivity. Qua is also expected to benefit from the strategic
partnership between the Aquatech group and Ecolab.

R.K. CONSTRUCTIONS: CRISIL Migrates B+ Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of R.K.
Constructions - Chennai (RK) to 'CRISIL B+/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Proposed Cash         5        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with R.K. Constructions -
Chennai (RK) for obtaining information through letters and emails
dated May 30, 2019, August 09, 2019 and August 13, 2019 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RK to 'CRISIL B+/Stable Issuer not cooperating'.

Established as a proprietorship firm by Mr Ramesh in 2011 and
reconstituted as a partnership firm along with his father Mr.
Radhakrishnan, RK undertakes civil construction works in Tamil
Nadu.

RADHADAMODAR MULTIPURPOSE: CRISIL Moves B+ Rating to Not Coop.
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Radhadamodar
Multipurpose Coldstorage Private Limited (RMCSPL) to 'CRISIL
B+/Stable Issuer not cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          6.75       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term    .80       CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan            1.20       CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RMCSPL for obtaining
information through letters and emails dated May 30, 2019, August
09, 2019 and August 13, 2019 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RMCSPL to 'CRISIL B+/Stable Issuer not cooperating'.

Incorporated in 2011, RMCSPL provides cold storage facility to
potato farmers and traders in Hooghly (West Bengal). Mr Goutam
Kumar Pal, Mr Dilip Kumar Pal, Mr Anath Bandhu Pal, and Mr Sutapa
Pal are directors of the company. Operations are primarily managed
by Mr Dilip Kumar Pal and Mr Goutam Kumar Pal.

ROCK BOND: CRISIL Assigns B+ Rating to INR16.65cr Loans
-------------------------------------------------------
CRISIL has assigned 'CRISIL B+/Stable' rating to the long-term bank
loan facilities of Rock Bond Boards (RBB).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          2          CRISIL B+/Stable (Assigned)
   Term Loan           14.65       CRISIL B+/Stable (Assigned)

The rating reflects RBB's limited scale of operations amidst
intense industry competition, exposure to offtake risks. These
weakness are partially offset by extensive industry experience of
the partners.

Key Rating Drivers & Detailed Description

Weakness

* Limited scale amid intense competition: RBB has limited scale of
operations as reflected in its expected turnover of less than INR20
crores during fiscal 2020. Further, firm faces intense competition
from unorganized players who dominate the market. CRISIL expects
RBB's scale of operations to continue to remain limited over the
medium term.

* Exposure to offtake risks: RBB commenced its project in April,
2018. Subsequently, firm commenced operations during fiscal 2019.
Fiscal 2020 will be the first full year of operations of the entity
and it remains exposed to risks related to ramp up in revenue.

Strength

* Extensive industry experience of the partners: The partners have
an experience of over 30 years in Plywood & Laminates industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships within the industry.

Liquidity: Stretched

RBB has a stretched liquidity profile. Firm's bank lines during
month end have been utilized at an average of 95% over the 12-month
period ended July 2019. Further, the firm's cash accruals are
expected to be tightly matched as against repayment obligations
over the medium term. Current ratio was moderate and stood at 2.3
times in March, 2019.

Outlook: Stable

CRISIL believes that RBB will benefit over the medium term from its
partners extensive industry experience.

Rating Sensitivity Factor

Upward Factor
* Net cash accruals of more than INR3.5 crores during fiscal 2020
* Gross Current Asset days of less than 120 days

Downward Factor
* Gross Current Asset days of more than 180 days
* Net cash accruals of less than INR1.75 crores during fiscal 2020

Establish in 2018, RBB is managed by Mr. MK Hamsa & Mr. MH Rasheed.
RBB is engaged in manufacturing of plywood and laminates.

SHRI WARDHMAN: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Shri Wardhman Academy For Technical
Education, Jabalpur (SWATE).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Overdraft             7.5       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    1.1       CRISIL B+/Stable (Reaffirmed)

   Term Loan             2.4       CRISIL B+/Stable (Reaffirmed)

The rating reflects SWATE's below-average financial risk profile,
geographical concentration in revenue, and susceptibility to
regulatory changes. These weaknesses are partially offset by
established market position and healthy track record.

Key Rating Drivers & Detailed Description

Weaknesses:

* Geographic concentration in revenue: Students form Madhya Pradesh
account for 85-90% of the students for most courses offered by the
society, exposing it to geographical concentration risk.

* Susceptibility to regulatory changes: The establishment and
operations of higher educational institutions are governed by
government and quasi-government agencies, such as the University
Grants Commission, All India Council for Technical Education
(AICTE), universities, and state governments. Any change in
regulations will affect the society's business.

* Below-average financial risk profile: SWATE's has below-average
financial risk profile marked by modest net worth of INR18.23 cr.,
low gearing of 0.61 times as on March 31, 2019. The society has
subdued debt protection metrics with interest coverage ratios of
2.20 times, respectively, for 2018-19. Financial risk profile may
remain below-average over the medium term.

Strengths:

* Established market position and healthy track record: SWATE's
business risk profile is supported by increasing demand for
technical courses in India, backed by rising youth population
between 15 and 20 years. SWATE, with its objective of providing
quality education in diverse fields, has capitalised on healthy
growth prospects and become a reputed private college groups in
Madhya Pradesh within six years.

Liquidity: Stretched

Liquidity is stretched, with lower cash accrual against debt
obligations. The society is expected to generate cash accruals of
around INR1.3 crore in fiscal 2020 against which it has repayments
of around INR1.04 crore during the same period. Also, the bank
limit utilization was 85.7 % for the 12 months ending June 2019.

Outlook: Stable

CRISIL believes SWATE will continue to benefit from its established
brand in Madhya Pradesh and from healthy demand for the educational
courses it offers. The outlook may be revised to 'Positive' if the
society generates more-than-expected fee income and operating
surplus, leading to a significant increase in cash accrual and
interest coverage ratio. The outlook may be revised to 'Negative'
if cash accrual is low, or if the society undertakes large,
debt-funded capital expenditure.

Rating sensitivity factors

Upward factors:
* Higher than expected increase in student occupancy leading to
improved fees collection and cash accruals.
* Improvement in operating profitability with operating margins
improving to 18 percent.

Downward factors:
* If the society undertakes large, debt-funded capital expenditure
leading to higher total outside liability to total networth
(TOL/TNW) above 2 times.
* Lower than expected fees collection and profitability leading to
lower cash accruals.

SWATE was set up by the Jain family of Madhya Pradesh in 2006 in
Jabalpur, Madhya Pradesh. It operates one institute, Gyan Ganga
Institute of Technology and Sciences (GGITS), which offers
engineering and management courses.

STT LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: STT Limited
        31-A/12, SIDCO Industrial Estate
        North Phase, Ambattur
        Chennai, Tamil Nadu 600098

Insolvency Commencement Date: August 30, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: February 26, 2020
                               (180 days from commencement)

Insolvency professional: P. Sriram

Interim Resolution
Professional:            P. Sriram
                         No. 10/17, Anandam Colony
                         South Canal Bank Road
                         Mandaveli, Chennai 600028
                         E-mail: srirampcs@gmail.com

Last date for
submission of claims:    September 17, 2019


SURYODAYA INDUSTRIES: CRISIL Hikes Rating on INR7.50cr Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Suryodaya Industries (SI) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          1.25       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Long Term Loan       7.50       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects increase in revenue to INR17 crore in fiscal
2019 from INR5.1 crore the previous fiscal, supported by addition
of clients. The sustenance of revenue growth coupled with moderate
operating profitability is expected result in moderate cash
accruals of INR2 Cr. over the medium term.

The rating reflects the firm's average financial risk profile,
modest scale of operations, and customer concentration in revenue.
These weaknesses are partially offset by the extensive experience
of the promoter.

Analytical Approach

Unsecured loans of INR2 crore extended by the promoter as on March
31, 2019, have been as debt.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of SI and Sakshi Enterprises (SE). That is
because the entities, collectively referred to as the Suryodaya
group, have common owners and management and fungible cash flow.

Key Rating Drivers & Detailed Description

Weaknesses

* Average financial risk profile: Financial risk profile is
average: networth and gearing are estimated at INR3.1 crore and 3
times, respectively, as on March 31, 2019. Debt protection metrics
are subdued, with interest coverage and net cash accrual to total
debt ratios of 3.6 times and 0.24 time, respectively, in fiscal
2019.

* Improving yet small scale of operations: Scale of operations is
small: though revenue increased to INR17.2 crore in fiscal 2019
from INR5.1 crore the previous fiscal, it remains modest.
Furthermore, around 85% of the turnover is derived from JCB India
Ltd, leading to customer concentration risk.

Strength

* Promoter's extensive experience and funding support: Benefits
from the decade-long experience of the promoter in the engineering
industry, his strong understanding of the local market dynamics,
and strong relationships with key customers and suppliers should
continue to support the business. The promoter provides financial
assistance when required.

Liquidity: Stretched

Liquidity is stretched: cash accrual, expected at INR1.8-2 crore
per annum over the medium term, is tightly matched against yearly
maturing debt of INR1.2-1.5 crore. Liquidity is, however, supported
by unsecured loans of INR2 crore extended by the promoters as on
March 31, 2019, which have been treated as debt.

Outlook: Stable

CRISIL believes the Suryodaya group will continue to benefit from
the promoter's extensive industry experience.

Rating sensitivity factors

Upward factors
* Significant and sustained revenue growth and operating margins at
12%
* Improvement in the financial risk profile

Downward factors
* Dip in cash accruals to less than INR2 Cr. due to decline in
revenue or operating profitability
* Stretched working capital cycle

Established in 2007, SI is engaged in fabrication and machining
jobwork for JCB India Ltd. It also undertakes labour contracting.
The manufacturing facility is in Pune. Mr Kishor Bhegade is the
promoter.

TEXPLAS INDIA: CRISIL Assigns D Rating to INR11.5cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to bank
facilities of Texplas India Private Limited (TIPL).

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            11.5      CRISIL D (Assigned)
   Non-Fund Based Limit    3.5      CRISIL D (Assigned)

The rating reflects TIPL's weak liquidity and delay in servicing of
term debt and large working capital requirement. These weakness are
partially offset by the extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Weak liquidity and delay in servicing of term debt: Continued
delay in realisation of receivables led to weak liquidity and delay
in payment of term debt for the month of July 2019. Bank limit was
also over-utilised, averaging around 101% for the 12 months ended
March 31, 2019.

* Large working capital requirement: Gross current assets stood at
483 days as on March 31, 2018, led by large receivables and
inventory. Inventory is maintained in the form of molds, in
addition to raw material and work-in-process stock and finished
goods.

Strengths:

* Extensive experience of the promoters: The four-decade-long
experience of the promoters in the fibre reinforced product (FRP)
industry, their strong understanding of local market dynamics, and
established relationships with suppliers and customers, will
continue to support the business risk profile.

Liquidity: Poor

Liquidity is poor. Weak liquidity has resulted in delays in debt
servicing. The company has working capital intensive operations and
hence is highly dependent on external debt.

Rating Sensitivities Factors

Upward factors
* Track record of timely debt servicing for at least over 90 days.
* Improvement in working capital position and liquidity profile.

Incorporated in 1976, TIPL manufactures solid electrical insulating
material, engineered thermosetting, and composite insulators, used
in electrical equipment, railways, defence, heavy engineering,
white goods and consumer durable industries. The company is owned
and managed by Mr JC Jain, and has a manufacturing facility at
Haridwar, Uttarakhand.

TRIJAL ENTERPRISE: Ind-Ra Lowers Long Term Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research has downgraded Trijal Enterprise Private
Limited's (TEPL) Long-Term Issuer Rating to 'IND D' from 'IND BB
(ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR198 mil. Fund-based limits downgraded and assigned with
     IND D rating.

-- INR500 mil. Proposed non-fund-based limits withdrawn (the
     issuer did not proceed with the instrument as envisaged)

The final rating has been assigned upon the receipt of final
documents conforming to the information already received.

KEY RATING DRIVERS

The downgrade reflects TEPL's stressed liquidity position that led
to delays in debt payment.

RATING SENSITIVITIES

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

COMPANY PROFILE

TEPL manufactures and trades gold and silver jewellery.

UMASHREE RICE: CRISIL Assigns B+ Rating to INR12.9cr Loans
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Umashree Rice Mills Private Limited (URM).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           9         CRISIL B+/Stable (Assigned)
   Rupee Term Loan       3.9       CRISIL B+/Stable (Assigned)

The rating continues to reflect modest scale of operations in
highly fragmented rice milling industry, susceptibility of
operations to fluctuations in raw material prices and vagaries of
monsoon and average financial risk profile. These weaknesses are
partially offset by extensive industry experience of promoters.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operation: Scale of operation remains modest with
revenue of INR26.9 crore in fiscal 2018 and estimated revenue of
less than INR20 crore in fiscal 2019. Despite expected improvement,
revenue is expected to remain modest over the medium term.

* Susceptibility to volatility in raw material prices and vagaries
of monsoon: Low value addition in the agro commodity business has
kept the operating margin modest at 3.6-4.2% over the past 4
fiscals. Profitability also remains susceptible to fluctuations in
commodity prices. Further, paddy prices are also dependent on
factors such as rainfall and government regulations.

* Average financial risk profile: A small net worth and average
gearing constrain the financial risk profile.

Strength

* Extensive experience of the promoters: Benefits from the
promoters' experience of over 5 years is expected to continue. Over
these years, the promoters have established longstanding
relationship with customers and suppliers.

Liquidity: Stretched

The liquidity remains stretched marked by tightly matched cash
accruals of INR1.2-1.3 Cr. against scheduled annual repayment
obligation of INR1.18 Cr. over the medium term. Bank lines remained
moderately utilized at an average of 51% for the past 12 months
ended June, 2019. Estimated current ratio remained modest at 1 time
as on March, 2019.

Outlook: Stable

CRISIL believes URM's will continue to benefit from the extensive
experience of its promoters.

Rating sensitivity factor

Upward factors
* Sustained revenue growth and stable operating profitability
leading to sizable cash accruals
* Improvement in net worth and gearing to be below 1.5 times
consistently

Downward factors
* Reduction in cash accruals to less than INR1.2 crore.
* Stretch in working capital requirements or larger-than-expected,
debt-funded capex

Incorporated in 2015, Raipur, Chhattisgarh-based URM is engaged in
rice milling. Mr Shambhu Tekriwal manages the operations.

VAAYUCON GREENTEC: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Vaayucon Greentec Private Limited
        26-9-90 B.V. Nagar, A.K. Nagar
        Nellore 524004
        Andhra Pradesh

Insolvency Commencement Date: September 3, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: March 1, 2020

Insolvency professional: Kalvakolanu Murali Krishna Prasad

Interim Resolution
Professional:            Kalvakolanu Murali Krishna Prasad
                         H.No. 8-27, Mythripuram Colony
                         Jillelguda (V) Vyshalinagar PO
                         Hyderabad 500079
                         Telangana State
                         E-mail: kmk123ip@gmail.com

Last date for
submission of claims:    September 20, 2019


WORLDSTAR FABRICS: CRISIL Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Worldstar
Fabrics LLP (WF; part of Oneworld group) to 'CRISIL D Issuer not
cooperating'.

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

CRISIL has been consistently following up with WF for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of WF to 'CRISIL D Issuer not cooperating'.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

ZEPHYR FABRIC: CRISIL Migrates 'D' Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Zephyr Fabric
Trading LLP (ZF; part of Oneworld Group) to 'CRISIL D Issuer not
cooperating'.

                   Amount
   Facilities    (INR Crore)     Ratings
   ----------    -----------     -------
   Cash Credit         18        CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ZF for obtaining
information through letters and emails dated May 20, 2019 and June
26, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ZF to 'CRISIL D Issuer not cooperating'.

Promoted and managed by Mr Urvil Jani and Mr Manoj Khushalani, the
Oneworld group trades in textile materials. It also sells
ready-made garments, manufacturing of which is outsourced.
Registered office is in Mumbai.

ZF, formed in 2015, trades in fancy wear material. WF, OIPL, ORPL,
OS, UFPL, TIPL, MDC, WOT, and ODS are engaged in trading of
different types of fabrics while OCPL is engaged in trading of
readymade garments.

ZIV HOTELS: CRISIL Migrates 'B' Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ziv Hotels
Private Limited (ZHPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Long Term Loan         7        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with ZHPL for obtaining
information through letters and emails dated June 21, 2019 and July
12, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of ZHPL to 'CRISIL B/Stable Issuer not cooperating'.

Incorporated in 2015 and promoted by Mr Panna Lal Anand and Mr
Vikas Sehrawat, ZHPL is setting up a hotel in Candolim, Goa. Apart
from basic facilities, the hotel will also offer services such as
camping, spa, and health club. Project is under construction and is
likely to turn operational effective August 2019.



=================
I N D O N E S I A
=================

DELTA MERLIN: Fitch Downgrades LT Issuer Default Rating to 'C'
--------------------------------------------------------------
Fitch Ratings downgraded Indonesia-based textile manufacturer PT
Delta Merlin Dunia Textile's Long-Term Issuer Default Rating to 'C'
from 'CC' and the rating on its senior unsecured US dollar notes to
'C'/'RR4' from 'CC'/'RR4'. The downgrade reflects DMDT's
announcement that it was unable pay the semi-annual interest
payment on the USD300 million 8.625% senior unsecured notes due
2024.

KEY RATING DRIVERS

Missed Coupon; Grace Period: The rating downgrade follows DMDT's
announcement that it was unable to pay the semi-annual coupon of
around USD13 million on its USD300 million 8.625% notes that was
due on September 12, 2019. The company has entered into a 30-day
grace period following the non-payment event.

Severe Liquidity Issues: Fitch does not expect DMDT to be able to
cure the default within the grace period as it is facing a severe
liquidity crunch. Fitch believes DMDT's last reported cash of
around IDR700 billion (around USD50 million) as of March 30, 2019
is no longer available to meet the company's obligations after its
explanation of a cash drain due to slow sales, stretched working
capital and settlement of deeply out-of-the-money forward
contracts.

Financial Presentation Postponed: The company was due to present
its financial position to existing bank lenders and noteholders.
However, it opted to defer the presentation following reports that
a supplier had filed a petition for a court-enforced suspension of
creditor liabilities (PKPU) against DMDT and associated companies
in the Duniatex group, its parent, in the Semarang Commercial Court
in Indonesia. The company stated that it has not received an
official notice from any court regarding a petition for a PKPU
against the company.

Any debt restructuring that involves a material reduction in terms
for the existing noteholders would be considered a distressed debt
exchange (DDE) under Fitch's relevant criteria. The completion of a
debt restructuring that would be treated as a DDE or failure to
cure the payment default in 30 days would lead to a downgrade to
'RD' (restricted default).

Recovery Rating of 'RR4': Fitch uses a going-concern value approach
to calculate DMDT's post-restructuring enterprise value, given its
nature as a manufacturing-based company. Fitch estimates
going-concern EBITDA of around IDR1.4 trillion, equal to our
estimate of the level necessary to service the company's
post-restructuring debt obligations, maintenance capex and
working-capital requirements. Fitch assumes an EBITDA multiple of
4x and a deduction of 10% for administrative claims. These
assumptions result in a recovery rate for the bonds within the
'RR3' range. However, the recovery rate is subject to a soft cap of
'RR4', which maps to a senior unsecured rating of 'C' in line with
our Corporates Notching and Recovery Ratings Criteria.

DERIVATION SUMMARY

DMDT's rating of 'C' follows the missed coupon on September 12,
2019 and the start of the company's 30-day grace period.

KEY ASSUMPTIONS

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

  - Significant deterioration in net sales and profit margin in
2019 (2018 EBITDA margin: 21%)

  - No dividends for the next two years

Key Recovery Rating Assumptions

  - Fitch believes DMDT would be considered a going concern in a
bankruptcy and would be reorganised rather than liquidated because
of its nature as a manufacturing-based company

  - Fitch has assumed going-concern EBITDA of around IDR1.4
trillion, equal to our estimate of the level of EBITDA necessary to
service the company's post-restructuring debt obligations,
maintenance capex and working-capital requirements

  - An enterprise value (EV) multiple of 4x is used to calculate a
post-reorganisation EV. Fitch believes this is closer to a
distressed multiple, considering that other Indonesia-based textile
and garment manufacturers - PT Sri Rejeki Isman Tbk (BB-/Stable)
and PT Pan Brothers Tbk (B/Stable) - are trading at around 5x and
10x EV/EBITDA multiples, respectively

  - Around IDR1.5 trillion of secured debt as of March 31, 2019 has
priority over the senior unsecured US dollar bond. On the other
hand, Fitch has assumed the forward contracts' settlement
obligations will rank pari passu with the senior unsecured bond.

  - 10% administrative claim to be applied on the going-concern EV

  - These assumptions result in a recovery rate for senior
unsecured notes within the 'RR3' range. However, because Indonesia
falls into Group D of creditor friendliness under our
Country-Specific Treatment of Recovery Ratings Criteria, the
recovery rate is subject to a soft cap of 'RR4', which maps to a
senior unsecured rating of 'C' in line with our Corporates Notching
and Recovery Ratings Criteria

RATING SENSITIVITIES

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

  - A positive rating action is unlikely. However, Fitch may take
positive rating action if there is an improvement in DMDT's
liquidity position

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

  - The IDR will be downgraded to 'RD' after the expiry of the
grace period or completion of a DDE

  - The IDR will be downgraded to 'D' if DMDT enters into
bankruptcy proceedings, administration, receivership, liquidation
or other formal winding-up procedure or if it ceases operations

LIQUIDITY AND DEBT STRUCTURE

Extremely Poor Liquidity: Fitch believes DMDT does not have the
funds to cure the defaulted bond interest and the company's access
to new capital is also poor.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Fitch includes advance payments, which are mostly for raw
materials, as part of the working-capital calculation

  - Shareholder loans are not treated as debt

DELTA MERLIN: S&P Lowers Long-Term Issuer Credit Rating to 'D'
--------------------------------------------------------------
On Sept. 13, 2019, S&P Global Ratings lowered the long-term issuer
credit rating on PT Delta Merlin Dunia Textile (DMDT) to 'D' from
'CC'. At the same time, S&P downgraded the issue rating on DMDT's
US$300 million bond due in March 2024 to 'D' from 'CC'.

S&P said, "We lowered the ratings on PT Delta Merlin Dunia Textile
(DMDT) and its senior unsecured notes to 'D' from 'CC' because the
company missed an interest payment of about US$13 million due on
Sept. 12, 2019, on its US$300 million senior unsecured notes.

"We believe DMDT will not be making any payments on its notes
within the grace period of 30 days, given its ongoing stressed
liquidity situation."

The company and its majority shareholders are trying to restructure
their balance sheet.





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

JT INTERNATIONAL: Plans to Cut 40% Jobs in the Next Two Years
-------------------------------------------------------------
The Star Online reports that JT International Bhd (JTI Malaysia),
the second largest tobacco company in Malaysia, will be undertaking
a significant downsizing exercise, just two years after it shut
down its manufacturing plant.

According to the report, sources said the company is looking at
trimming its workforce by about 40%, or around 170 people, over the
next two years.

While the redundancy progress will be across the company, it is
learnt that this will mainly affect the company's shared services,
the report says.

The shared services operations are expected to be closed down
within the time frame and could be relocated to another country,
The Star relates.

"The market condition here has not been improving and profitability
for the industry as a whole has halved since 2015 ever since the
huge increase in excise duty.

"Retailers get margins from the industry but the industry can't be
supporting a bleeding situation," the source told StarBiz, adding
that there was a global review of Japan Tobacco Inc's operations
and Malaysia was among the countries in scope.

The staff of JTI Malaysia have been informed of the rationalisation
programme on Aug. 30, the report notes.

The source added that sales of legitimate cigarettes in Malaysia
used to be in the tune of 20 billion sticks annually but now, the
industry is struggling to even achieve seven billion sticks, The
Star relays.

A briefing by JTI Malaysia early last month revealed that illegal
cigarettes and unregulated vaping products have since ballooned to
70% of the total consumption in the country, which bleeds the
government some MYR6 bil in uncollected taxes.

In a response to StarBiz, JTI Malaysia managing director Cormac
O'Rourke said following a review of the company's business
operations, structures and processes, JTI Malaysia has proposed to
make changes to how it operates, including a reduction in employee
numbers.

"We have entered into consultation process on the matter. As this
process is ongoing, we are not yet in a position to comment on or
confirm what the potential changes may be here, but will provide
further clarity in due course," the report quotes Mr. O'Rourke as
saying.  Mr. O'Rourke added that the operating environment in
Malaysia has been extremely challenging over the past few years,
especially the significant and alarming development of illegal
tobacco products, which now represented as much as 60% of the
market.

"There is a significant and fast growing illegal vaping segment
that accounts for a further 10% of the market.

"This development has led to a more than 30% decline in the size of
the overall legitimate industry.

"As a result of these challenges, a transformation of the
operations in Malaysia is necessary to ensure overall business
sustainability," he said in a statement, adding that this will
require a complete review of all investments JTI Malaysia currently
make in the operations of its business in the country, including
those in support of the retail trade, The Star relays.

The Star adds that Mr. O'Rourke said the decision to change the way
the company operates will enable it to improve operational
efficiencies and meet the business needs and the ability to face
the challenges ahead.

JTI Malaysia, which carries the Mevius, Winston and LD brands,
currently has an estimated market share of 25% in Malaysia, The
Star discloses. It was delisted from the Main Market of Bursa
Malaysia on June 25, 2014, leaving British American Tobacco
(Malaysia) Bhd as the only listed tobacco company in Malaysia.



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

STANLEY GROUP: Faces NZ$13.5M Deficit; May Not Have Held Retention
------------------------------------------------------------------
Radio New Zealand reports that the liquidator of Stanley Group said
the construction company is facing a  NZ$13.5 million deficit and
it appears it has not held on to some retentions.

The group of six Stanley companies were put into liquidation,
alongside its related Tallwood companies earlier this month, the
RNZ notes.

It appeared to be family business Stanley Group's expansion into
Auckland from its Waikato home which ultimately led to it and its
related company Tallwood's downfall, according to the liquidator's
first report.

"The Auckland expansion was not successful. The business continued
to win work, but was unable to maintain control of its costs and
quality," liquidator Damien Grant wrote in his report, RNZ relays.

RNZ says the work won included a large Housing New Zealand contract
in Mangere, but the directors told the liquidator they now believe
they under-priced that project by as much as NZ$2 million.

According to RNZ, the liquidator estimates the group owes NZ$9.5
million to external creditors, and when taking into account all
assets and liabilities is facing an almost NZ$13.4 million deficit.
Tallwood's deficit is  NZ$2.6 million.

RNZ relates that Mr. Grant also said it appeared there would be a
shortfall in the retentions held by the company and they believed
the company may have broken the Construction Contracts Act.

Retention is money withheld from contractors by construction firms
as a guarantee and under the law must be held in trust and cannot
be used for anything else, RNZ notes.

It appears that there will be a shortfall in the retentions held by
the companies as prescribed by the Construction Contracts Act.

It is uncertain as to the extent of this shortfall, adds RNZ.

Auckland and Waikato building company Stanley Group and related
company Tallwood were placed into liquidation on Aug. 29, 2019.

STANLEY GROUP: Tallwood Director Takes Leave of Absence
-------------------------------------------------------
Stephen Forbes at interest.co.nz reports that Auckland Mayor Phil
Goff said Panuku director Martin Udale's decision to take a leave
of absence after the voluntary liquidation of Tallwood Holdings is
the right move in the circumstances.

On Sept. 5, it was announced that construction companies Stanley
Group and associated firm Tallwood Holdings had been placed in
voluntary liquidation.  Mr. Udale is a director of Tallwood
Holdings and is also on the board of the Council Controlled
Organisation (CCO) Panuku, the report discloses.

According to the report, Mr. Goff said after learning about the
liquidation of Tallwood Holdings he asked for a report from
Panuku's chair to determine if it would affect Mr. Udale's role as
a director with the Auckland Council development agency.

"I have since been advised that following consultation with the
chair, Mr. Udale is taking a leave of absence from the board of
Panuku Development Auckland," the report quotes Mr. Goff as saying.
"This is appropriate in the circumstances.

"I expect, as does the public, a high standard of professionalism
from public servants, especially those in senior positions or those
appointed to governance roles."

Mr. Udale is also member on the Tamaki Regeneration Company's (TRC)
board, which is jointly owned by the Government and Auckland
Council, the report notes.

interest.co.nz adds that Panuku chair Adrienne Young-Cooper said
Mr. Udale will be on leave until November.

"This will allow him to focus on business matters arising from the
voluntary liquidation of Tallwood Holdings Limited of which, until
recently, he was a director," Ms. Young-Cooper said.

The other companies that have gone into liquidation include
Tallwood Design, Tallwood Assembly, Tallwood Projects. Udale is
listed as a director for all of them along with Kevin Thomas
Stanley, the managing director of Stanley Group, the report adds.



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

USP GROUP: Independent Auditor Raises Going Concern Doubts
----------------------------------------------------------
Ng Ren Jye at The Business Times reports that independent auditors
RSM Chio Lim LLP has drawn an emphasis of matter on a material
uncertainty in USP Group's FY2019 financial results which may cast
doubt on its ability to continue as a going concern, the company
said in a bourse filing on Sept. 14.

According to BT, the auditors noted that for the year ended
March 31, 2019, the group's total current liabilities exceeded
total current assets by SGD15.5 million, and it had incurred a net
loss of SGD23 million while having negative cash and cash
equivalents of SGD1 million.

USP's non-current bank loans were classified as current liabilities
after certain subsidiaries breached their loan agreements when the
company, as corporate guarantor of its subsidiaries' loans, did not
fulfil the requirement to maintain a minimum consolidated tangible
net worth of SGD40 million, BT adds.

BT relates that in response to the auditor's report, USP said its
board believes the group can continue as a going concern, citing
several reasons.

USP said that, for one, it has obtained written agreements from the
relevant bank to accommodate the breach of loan covenants on a
one-off basis for FY2019.

As a result, management is of the view that the bank will not
request for immediate repayment of the outstanding loan amounts
eventhough there was a breach of loan covenants, said USP, BT
relays.

If not for the breach of the loan covenants and resultant
classification of non-current bank loans to current liabilities,
the group said its total current assets would have exceeded total
current liabilities by SGD9.2 million, relays BT.

According to BT, the group also cited its legally-binding agreement
to sell its Biofuel Research subsidiary for SGD5.6 million in cash
to allay concerns over its ability to operate as a going concern.

It said it had already received SGD100,000 as a deposit and SGD1.4
million as a first payment tranche.

Management added that proceeds from development property sales in
Singapore, its ability to generate sufficient cash flows from
operating activities to support operating expenditure, and efforts
to raise additional equity financing from new investors will help
it continue as a going concern, BT reports.

USP GROUP operates in oil trading, marine equipment trading and
property segments.

YING LI: Flags Potential Discrepancies in Financial Statements
--------------------------------------------------------------
Claudia Chong at The Business Times reports that Ying Li
International Real Estate has been given a further extension of
time by the Singapore Exchange to report its Q2 results due to
potential discrepancies in its financial statements found by its
new finance team.

The new deadline is Nov. 14, BT says.

BT relates that the potential discrepancies could result in a
decrease of up to about 30 per cent of the consolidated net
tangible assets (NTA) of the group, based on its audited
consolidated NTA for the year ended Dec. 31, 2018.

According to the report, the company is currently working with "an
internationally recognised and reputable accounting firm" to
conduct an independent check and special standalone review of the
potential discrepancies relating to its China subsidiaries.

It has also appointed Singapore and Chinese legal counsels to
advise the board on possible legal implications arising from the
potential discrepancies, BT says.

Ying Li International, a property developer, was the subject of a
general offer by a unit of China Everbright earlier this year. The
resultant shareholding of the offeror and concert parties stood at
72.04 per cent as at the close of the offer, according to BT.

BT relates that the China Everbright unit, State Alpha, has a 44.01
per cent stake in Ying Li International.

Following the close of the mandatory unconditional cash offer in
May, the group saw changes in the management team of the company
and its subsidiaries.

On Sept. 6, the group announced that its group chief financial
officer (CFO), Lim Gee Kiat, had quit to "pursue personal career
aspirations".

BT says the CFO's departure came three months after Ying Li's
executive chairman and group chief executive officer, Fang Ming,
resigned. The 69-year-old left the company in June due to health
issues.

A new finance team was formed in view of the changes, BT states.
The team was faced with the "challenging" task of taking over the
voluminous documents mostly detailing the financials of the group's
projects in Chongqing, said Ying Li International.

Some staff from the finance and operation departments in China had
left and the new finance team had to spend time locating physical
files and documents, the group added, BT relays.

While the work by the new team has been substantially completed, it
needed additional time to ensure the veracity of financial
information to be included in the results for the second quarter
ended June 30, 2019, said the group, according to BT.

Ying Li International Real Estate Ltd. develops, owns and manages
shopping malls and offices in China. The Company also specializes
in urban renewal projects.



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

HYUNDAI HEAVY: Unit to Sell Assets to Improve Financial Status
--------------------------------------------------------------
Yonhap News Agency reports that Hyundai Electric & Energy Systems
Co., a power equipment maker under Hyundai Heavy Industries Group,
said Sept. 16 it will sell assets and shares to improve its
financial status.

According to Yonhap, the company said it plans to raise KRW150
billion (US$126 million) by selling new stocks and secure an
additional KRW150 billion by selling assets in an effort to enhance
its financial soundness.

Yonhap relates that the proceeds from its asset sales will be
mainly used to pay its debts, with some of them to be invested into
its research and development facilities.

Hyundai Electric swung to red last year, posting a net loss of
KRW179 billion, Yonhap discloses. For the first half of this year,
the company suffered a net loss of KRW92.2 billion.

Hyundai Heavy Industries builds ships for commercial, and military
purposes. The Company manufactures oil tankers, cargo and passenger
vessels, and warships. Hyundai Heavy Industries also produces heavy
industrial machineries, wind turbines, solar panels, electrical
components for engines and power trains, and industrial vehicles,
such as cranes and bulldozers.



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

VIETNAM OIL: Fitch Assigns 'BB' LT IDR, Outlook Positive
--------------------------------------------------------
Fitch Ratings assigned Vietnam Oil and Gas Group's first-time
Long-Term Foreign-Currency Issuer Default Rating at 'BB' with a
Positive Outlook. The agency has also assigned PVN a senior
unsecured rating of 'BB'.

PVN's IDR is constrained by that of its parent, the Vietnam
sovereign (BB/Positive), under Fitch's Government-Related Entities
Rating Criteria. The company is wholly owned by the state, which
exerts significant influence over its operating and financial
policies. Fitch assesses PVN's Standalone Credit Profile at 'bb+',
reflecting the company's high degree of integration,
diversification and conservative financial profile. However, the
SCP is constrained by PVN's relatively high oil production costs
compared with other APAC national oil companies, and our
expectations of negative free cash flow due to its large capex and
investment programme.

KEY RATING DRIVERS

Robust State Linkages: Fitch assesses the status, ownership and
control factor under our GRE criteria as 'Very Strong'. PVN's
annual targets are set and approved by Vietnam's government and its
management is state-appointed, with the prime minister directly
appointing its chairperson. PVN is also Vietnam's national oil
company and benefits from exclusive rights to Vietnam's oil and gas
reserves by regulation. Fitch regards the support record as
'Strong'. PVN has not required tangible financial support in at
least five years due to its strong financial profile, although
Fitch expects support to be forthcoming if required.

'Very Strong' State Incentive to Support: Fitch assesses the
socio-political implications of a PVN default as 'Very Strong'. Any
disruptions in PVN's operations would have material implications
for the entire energy value chain in Vietnam. PVN holds interests
in all of Vietnam's upstream oil and gas assets, accounts for about
a third of the country's refined product output, and supplies gas
for power plants which make up about 15% of Vietnam's power
generation. PVN also accounts for about 80% of Vietnam's fertiliser
production. Fitch assesses the financial implications of a default
as 'Very Strong'. PVN is a one of Vietnam's largest and most
important GREs. A default by PVN could affect significantly the
availability and cost of domestic and foreign financing options for
the state and other GREs.

Integrated Operations: PVN benefits from its vertically integrated
operations, in our view. PVN's operations span upstream oil and gas
production, refining, fertiliser, oil marketing, gas distribution
and power generation. PVN's net upstream oil and gas production
volumes of around 6.5 million tonnes, compares well with its
refinery output of around 7 million tonnes. PVN also supplies the
majority of the gas feedstock required for its fertiliser
manufacturing and gas power plants.

Stable Power, Gas Businesses: PVN's power generation revenues are
based on long-term power purchase agreements with the state power
utility, Vietnam Electricity (EVN, BB/Positive), and include cost
pass-through mechanisms. Earnings from gas distribution are
generally based on fixed selling prices that are increased annually
and are sold mostly to EVN and PVN's power plants. Earnings from
these two segments account for about 40% of PVN's gross profit and
help reduce volatility from its upstream and downstream
businesses.

High Cost Upstream Operations: PVN's upstream cash flow is
relatively more sensitive to oil price fluctuations compared with
other APAC national oil companies due to costs. The upstream
segment contributed to 17% of consolidated gross profits in 2018
(2017: 14%). Fitch expects PVN's upstream operations to account for
about 25% of its consolidated gross profit in the next three to
four years, based on our oil price assumptions. PVN had significant
proven reserves as of end-2017, resulting in a healthy reserve
life. However, Fitch believes that the majority of these are
offshore reserves that require considerable investment to be
developed.

Investment to Rise Significantly: Fitch expects PVN's investment to
rise significantly to VND321 trillion over the next five years
(2018: VND38 trillion). PVN estimates over half of its expected
consolidated capex and investment will be used to develop its
upstream resources, mainly gas fields. Fitch expects the investment
to result in a meaningful increase in PVN's gas production after
four to five years, and could improve its upstream business risk
profile over the long term, taking into account the generally
fixed-price gas sale contracts, while also driving up its gas
transmission and distribution volumes.

Financial Profile to Weaken: Fitch expects PVN's free cash flow to
turn negative from 2019 and adjusted net debt/EBITDA leverage to
increase gradually to over 2x by 2021, due to its investment, capex
and dividend policy which is set by the government. PVN has
estimated VND380 trillion (around USD16 billion) in capex and
investment from 2019 to 2023, mostly on developing its upstream
operations. However, Fitch expects PVN to spend about VND321
trillion in this period, taking into consideration the company's
record of falling short of its capex estimates.

PVN also expects meaningful cash inflows from a planned sale of
partial equity stakes in some of its subsidiaries, but the timing
and amount of such sales remain uncertain. Therefore, Fitch does
not incorporate these sales in our forecasts.

Restructuring of PVCombank: PVN plans to dispose of its 52% stake
in the Vietnam Public Joint Stock Commercial Bank (PVCombank) after
the bank's restructuring, which is under the purview of the State
Bank of Vietnam. PVCombank accounted for 50% of PVN's debt in 2018,
but Fitch excludes PVCombank when calculating PVN's adjusted credit
metrics considering PVN's disposal plans. There has not been any
cash outflow from PVN to PVCombank since 2013, and Fitch does not
anticipate any financial support from PVN to PVCombank during the
restructuring. Still, Fitch believes any support is unlikely to
have any material impact on PVN's financial profile. The earnings
contribution from PVCombank to PVN is also immaterial.

Standalone Credit Profile of 'bb+': Fitch assesses PVN's SCP at
'bb+'. The assessment is supported by PVN's position as Vietnam's
largest upstream oil and gas producer, vertical integration across
midstream and downstream, and stable gas distribution and power
earnings, but weighed down by high-cost upstream operations and our
expectations of negative free cash flow over the medium-term due to
high capex and investment.

DERIVATION SUMMARY

PVN's IDR is constrained by that of its parent, the Vietnam
sovereign (BB/Positive). Its IDR will remain equalised with that of
Vietnam should its SCP deteriorate below the sovereign. The
assessment is comparable with both EVN and PT Pertamina (Persero)
(BBB/Stable), which have also been linked to their respective
sovereigns. PVN's status, ownership and control with the state is
assessed as 'Very Strong', similar to our assessment of EVN and
Pertamina in light of their complete state ownership. The support
record and expectations is assessed as 'Strong' for both PVN and
EVN, compared with 'Very Strong' for Pertamina. This reflects
Pertamina's stronger state support mechanism, such as subsidy
reimbursements, state debt guarantees for specific projects, and
first right of refusal for a majority stake in all expiring
upstream production-sharing contracts including producing fields.

Fitch assesses the financial implications of default on the
respective sovereigns and other GREs to be 'Very Strong' for PVN,
EVN and Pertamina. Fitch regards the socio-political implications
of default as 'Very Strong' for PVN - somewhat higher than that of
EVN - as any disruptions to PVN's operations will affect the entire
energy value chain in Vietnam. The 'Strong' assessment for EVN
reflects the presence of other state-owned entities that can step
in to produce power if EVN is in financial distress, and feedstock
for power generation is procured mostly from other state-owned
enterprises. Like PVN, Pertamina's socio-political implications of
default are also assessed as 'Very Strong' for similar reasons.

KEY ASSUMPTIONS

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

  - Crude oil prices in line with Fitch's Brent price deck
assumptions; USD65.0/barrel (bbl) in 2019, USD62.5/bbl in 2020,
USD60.0/bbl in 2021 and USD57.5/bbl thereafter. Upstream gas prices
broadly similar to realised prices of 2018, in line with management
guidance. Gas price realisations according to production
contracts.

  - Capex and investment of VND321 trillion from 2019 to 2023 -
mostly on its upstream projects. This is about 80% of what the
company expects based on its past record.

  - No stake sales in any of PVN's subsidiaries.

  - Dividend payout ratio of 70%.

RATING SENSITIVITIES

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

  - Positive rating action on the sovereign

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

  - Negative rating action on the sovereign

For the sovereign rating of Vietnam, the following sensitivities
were outlined by Fitch in its rating action commentary of May 9,
2019:

The main factors that could, individually or collectively, lead to
an upgrade are:

  - An improvement in public finances, which will be reflected in a
decline in the general government debt ratio or contingent
liabilities.

  - A material reduction in risks posed to the sovereign balance
sheet from weaknesses in the banking sector.

  - Continued commitment to macroeconomic stability and a further
build-up of external buffers.

The main factors that, individually or collectively, could trigger
negative rating action are:

  - A shift in the macroeconomic policy mix that results in
macroeconomic instability or an increase in macroeconomic
imbalances

  - Depletion of foreign-exchange reserves on a scale sufficient to
destabilise the economy or deter foreign investment.

  - Crystallisation of contingent liabilities on the sovereign's
balance sheet.

LIQUIDITY AND DEBT STRUCTURE

High Funding Requirements: PVN had a readily available cash balance
of VND153 trillion as of end-2018 and current debt maturities of
VND120 trillion due in 2019. Furthermore, Fitch estimates PVN's
funding requirements to be substantial over the next five years, as
a result of its large capex and investment plans and continuing
high dividend payout. Fitch does not foresee much difficulty in PVN
raising funds in light of its status as one of Vietnam's most
important state-owned enterprises (SOEs), although Fitch expects
PVN to also need to access international debt funding due to its
expansion plans. The lending capacity of local banks is capped due
to the single borrower threshold of 15%. Nevertheless, PVN and some
other Vietnamese SOE's have been able to obtain waivers to borrow
above this threshold.

PVN's consolidated debt, excluding PVCombank, was VND97 trillion as
of end-2018, of which over 90% was from foreign banks.



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

[*] BOND PRICING: For the Week Sept. 9, 2019 to Sept. 13, 2019
--------------------------------------------------------------
Issuer                   Coupon     Maturity   Currency  Price
------                   ------     --------   --------  -----


  AUSTRALIA
  ---------

CLIME CAPITAL LTD/FUND      6.25     11/30/21    AUD      1.01
KEYBRIDGE CAPITAL LTD       7.00     07/31/20    AUD      0.94
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.19
MIDWEST VANADIUM PTY LT    13.25     02/15/18    USD      0.19


  CHINA
  -----

AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     60.00
AKESU XINCHENG ASSET IN     6.40     04/20/22    CNY     59.63
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
---------

HNA GROUP INTERNATIONAL     6.25     10/05/21    USD     69.36


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      0.38
DAVOMAS INTERNATIONAL F    11.00     05/09/11    USD      0.38
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.38
DAVOMAS INTERNATIONAL F    11.00     12/08/14    USD      0.38


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      2.01
TKJP CORP                   0.85     03/06/19    JPY      2.01
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      1.26


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

BAYAN TELECOMMUNICATION    15.00     07/15/06    USD     22.75


SINGAPORE
---------

ASL MARINE HOLDINGS LTD     3.00     03/28/25    SGD     51.37
ASL MARINE HOLDINGS LTD     3.00     10/01/26    SGD     51.37
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.42
BAKRIE TELECOM PTE LTD     11.50     05/07/15    USD      0.42
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.00
BERAU CAPITAL RESOURCES    12.50     07/08/15    USD     46.00
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     74.25
DEBT AND ASSET TRADING      1.00     10/10/25    USD     74.36


                           *********


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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