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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, October 8, 2019, Vol. 22, No. 201

                           Headlines



A U S T R A L I A

BALLEM CIVIL: First Creditors' Meeting Set for Oct. 15
CHELLINGTON PTY: First Creditors' Meeting Set for Oct. 15
DANREP PTY: First Creditors' Meeting Set for Oct. 16
FREEZE EXPRESS: First Creditors' Meeting Set for Oct. 14
NUFARM LIMITED: Moody's Affirms Ba3 CFR, Outlook Developing

SAMSON OIL: Delays Filing of FY 2019 Annual Report
THE CO-OP: Loses Australian Geographic Brand


C A M B O D I A

CAMBODIA: Moody's Affirms B2 LT Issuer Ratings, Outlook Stable


C H I N A

HELENBERGH CHINA: Moody's Rates Proposed USD Bonds B3
KUNMING MUNICIPAL: Fitch Assigns BB+ LT IDR, Outlook Positive
KUNMING MUNICIPAL: Moody's Assigns Ba1 CFR, Outlook Stable
XINYUAN REAL: Fitch Downgrades LT IDR to B-, Outlook Stable


I N D I A

ABC TRANSFORMERS: ICRA Maintains B+ Rating in Not Cooperating
AEROC SPACE: ICRA Moves B Rating to Not Cooperating Category
AGRAWAL DISTILLERIES: ICRA Withdraws B+ Rating on INR4cr Loan
AJIVIKA FINANCE: ICRA Assigns B+ Rating to INR20cr Proposed NCD
B. P. FOOD: ICRA Maintains 'D' Rating in Not Cooperating

BAFNA GINNING: ICRA Maintains B+ Rating in Not Cooperating
BHIMAVARAM MUNICIPALITY: ICRA Cuts Issuer Rating to B+, Not Coop.
CHILAKALURUPET MUNICIPALITY: ICRA Cuts Issuer Rating to B+/Not Coop
CROWN PROMOTERS: ICRA Maintains D Rating in Not Cooperating
GAJAVELLI SPINNING: ICRA Moves 'B+' Rating to Not Cooperating

GOVIND CABLE: ICRA Maintains 'B' Rating in Not Cooperating
H R BUILDERS: ICRA Maintains 'B+' Rating in Not Cooperating
HPCL-MITTAL: Fitch Rates Proposed USD Sr. Unsec. Notes BB-(EXP)
HPCL-MITTAL: Moody's Rates Proposed USD Sr. Unsec. Bonds Ba2
IND SWIFT: ICRA Maintains 'D' Rating in Not Cooperating Category

INDIAN GEM: ICRA Cuts INR30cr Cash Loan Rating to D, Not Coop.
JANTA RICE: ICRA Maintains 'B' Rating in Not Cooperating
JPC INFRA: ICRA Maintains D Rating in Not Cooperating Category
M.D. FROZEN: ICRA Maintains 'D' Rating in Not Cooperating
MUKTA INDUSTRIES: ICRA Lowers Rating on INR25cr Loan to 'D'

NARASARAOPET MUNICIPALITY: ICRA Cuts Issuer Rating to B+, Not Coop.
PAXAL CORPORATION: ICRA Maintains B Rating in Not Cooperating
PRAKASH STEEL: ICRA Lowers Rating on INR15cr Cash Loan to D
R.R. INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
RAICHUR LABORATORIES: ICRA Keeps D Rating in Not Cooperating

RAJ KUMAR: ICRA Lowers Rating on INR20cr Cash Loan to B+, Not Coop.
RAMKUMAR TEXTILE: ICRA Maintains B+ Rating in Not Cooperating
SHIRDIWALE SAI: ICRA Maintains D Rating in Not Cooperating
SIR BIOTECH: ICRA Cuts Rating on INR90cr Term Loan to B+, Not Coop.
SRS HEALTHCARE: ICRA Maintains 'D' Rating in Not Cooperating

SURYA FOODS: ICRA Maintains 'B' Rating in Not Cooperating
TADEPALLIGUDEM MUNICIPALITY: ICRA Cuts Issuer Rating to B+
V3S INFRATECH: ICRA Maintains 'D' Rating in Not Cooperating


M A L A Y S I A

1MDB: Malaysia Fines Najib's Brother, Others for Receiving Funds


S I N G A P O R E

INNOPAC HOLDINGS: Bid to Extend AGM Deadline Rejected
USP GROUP: Receives Statutory Demand for SGD250K from Individual


X X X X X X X X

[*] Airline Bankruptcies Surge This Year, IBA Data Shows
[*] BOND PRICING: For the Week Sept. 30, 2019 to Oct. 4, 2019

                           - - - - -


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A U S T R A L I A
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BALLEM CIVIL: First Creditors' Meeting Set for Oct. 15
------------------------------------------------------
A first meeting of the creditors in the proceedings of Ballem Civil
Contracting Pty Ltd and Ballem Holdings Pty Ltd will be held on
Oct. 15, 2019, at 11:00 a.m. at the offices of QVI Conference
Centre, Level 2, at 250 St Georges Terrace, in Perth, WA.

Dermott Joseph McVeigh of Avior Consulting was appointed as
administrator of Ballem Civil on Oct. 3, 2019.

CHELLINGTON PTY: First Creditors' Meeting Set for Oct. 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Chellington
Pty Ltd, formerly trading as "Concert and Corporate Productions",
will be held on Oct. 15, 2019, at 12:00 p.m. at Gumala Room, Ground
Floor, at 197 St Georges Terrace, in Perth, WA.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Chellington Pty on Oct. 3,
2019.

DANREP PTY: First Creditors' Meeting Set for Oct. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Danrep Pty
Ltd, trading as Repair Centre Solutions, will be held on Oct. 16,
2019, at 10:00 a.m. at the offices of Lowe Lippmann, Level 7, at
616 St Kilda Road, in Melbourne, Victoria.

Gideon Isaac Rathner and Matthew Brian Sweeny of Lowe Lippmann were
appointed as administrators of Danrep Pty on Oct. 7, 2019.

FREEZE EXPRESS: First Creditors' Meeting Set for Oct. 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Freeze
Express Pty Ltd will be held on Oct. 14, 2019, at 10:00 a.m. at the
offices of CPA Australia, Level 3, at 111 Harrington Street, in
Sydney, NSW.

Nicarson Natkunarajah of Roger & Carson was appointed as
administrators of Freeze Express on Oct. 1, 2019.

NUFARM LIMITED: Moody's Affirms Ba3 CFR, Outlook Developing
-----------------------------------------------------------
Moody's Investors Service affirmed Nufarm Limited's corporate
family rating of Ba3 and Nufarm Americas Inc.'s and Nufarm
Australia Limited's backed senior unsecured ratings of B1. The
outlooks of Nufarm, Nufarm Americas and Nufarm Australia Limited
were changed to developing from stable.

The developing outlook reflects (1) the fact that the proposed
transaction to sell the South American business is subject to
regulatory approvals and (2) uncertainty around leverage, earnings
and liquidity if the transaction is completed, as well as if it
does not go ahead.

RATINGS RATIONALE

Moody's has affirmed the Ba3 corporate family rating, reflecting
Nufarm's well-established position in the off-patent crop
protection segment; strategically located downstream plants which
are close to major customers and sales areas; and operational,
product and geographic diversification.

The change in outlook follows the announcement on September 30,
2019 that Nufarm plans to divest its South American crop protection
and seed treatment operations. The company intends to use the sale
proceeds to lower its leverage. The company would also be able to
apply greater operational focus to growing its seed technologies
business. The transaction is subject to regulatory approvals.

In Moody's view, the outlook could change to stable if the
transaction is completed and the sale proceeds are applied to debt
reduction. On a Moody's adjusted basis, the rating agency expects
adjusted debt to EBITDA would reduce in FY2020 to 3.4x, from 5.8x
in FY2019, which is above the tolerance threshold of 5.0x for
Nufarm's Ba3 rating. The ratings could also benefit from longer
term committed working capital facilities and Moody's would look
for improved overall liquidity as a prerequisite for a change in
the outlook to stable.

The sale of the South American business is expected to reduce
working capital, financing and foreign exchange costs for the
company. Nufarm's South American business has not generated free
cash flows for the past five years.

If the transaction does not proceed, there would likely be negative
pressure on the ratings, as Moody's estimates that adjusted debt to
EBITDA would remain above the rating tolerance threshold of 5.0x
through FY2021.

Negative pressure on Nufarm's ratings could also emerge if earnings
are impacted by ongoing drought conditions in Australia, or
weather-related or soft commodity price risks in other regions,
resulting in high working capital deficits and material cash flow
volatility. Nufarm also remains exposed to the threat of
competition from low-cost producers in the off-patent market.

Following the sale, Nufarm's scale and diversification would be
reduced, which may require a reduction in Moody's rating tolerance
thresholds to reflect the greater impact of performance weakness in
any one of the remaining business lines. The Latin American
business was a growth engine for Nufarm, contributing around 23% of
FY2019 EBITDA.

Nufarm's FY2019 results were weak, reflecting high working capital,
drought conditions in Australia, worsening supply conditions for
products sourced from China, lower than planned sales in Europe,
combined with wet weather in North America. The company reported
net working capital of AUD1.6 billion, outside of the previous
guidance range of AUD1.3-1.4 billion.

The ratings of Nufarm also consider environmental, social and
governance factors.

Nufarm's ratings reflect elevated environmental risks, with
earnings susceptible to adverse weather conditions. Short-term
revenue and profitability are influenced by climatic conditions
such as drought or excessive rainfall, which can have a significant
impact on demand for crop protection products. Nufarm's geographic
diversification, however, somewhat mitigates this risk. Nufarm also
faces environmental risks with issues such as land use, waste
management, water, soil and air pollution caused by large
manufacturing plants and facilities.

Nufarm faces potential reputational and/or regulatory and legal
risks over health and safety concerns about glyphosate. Glyphosate
products comprise around 10% of Nufarm's products. The company does
not manufacture glyphosate, instead it purchases glyphosate to
formulate into glyphosate based products, which it distributes.
However, there remains a risk of future litigation against
suppliers of glyphosate-based products.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

SAMSON OIL: Delays Filing of FY 2019 Annual Report
--------------------------------------------------
Samson Oil & Gas Limited filed a Form 12b-25 with the Securities
and Exchange Commission notifying the delay in the filing of its
annual report on Form 10-K for the year ended June 30, 2019. The
Company's Annual Report could not be completed and filed by the
prescribed due date of Sept. 30, 2019, without undue hardship and
expense to the Company, due to unforeseen delays in the collection
and review of information and documents affecting disclosures in
the Report. The Company expects to file the Report on or before
Oct. 15, 2019 in accordance with Rules 0-3 and 12b-25 of the SEC,
as amended.

                         About Samson Oil

Samson Oil & Gas Limited -- http://www.samsonoilandgas.com/--  
is an independent energy company primarily engaged in the
acquisition, exploration, exploitation and development of oil and
natural gas properties. The Company's principal business is the
exploration and development of oil and natural gas properties in
the United States. The Company is headquartered in Perth, Western
Australia. Samson Oil incurred a net loss of $6.03 million for the
year ended June 30, 2018, following a net loss of $2.76 million for
the year ended June 30, 2017. As of March 31, 2019, Samson Oil had
$33.93 million in total assets, $41.57 million in total
liabilities, and a total stockholders' deficit of $7.63 million.

Moss Adams LLP, in Denver, Colorado, the Company's auditor since
2017, issued a "going concern" qualification in its report dated
Oct. 15, 2018, on the Company's consolidated financial statements
for the year ended June 30, 2018, stating that the Company is in
violation of its debt covenants, has suffered recurring losses from
operations, and its current liabilities exceed its current assets.
These conditions raise substantial doubt about its ability to
continue as a going concern.

THE CO-OP: Loses Australian Geographic Brand
--------------------------------------------
The Sydney Morning Herald reports that troubled textbook retailer
the Co-op has lost the rights to use the Australian Geographic
brand for the network of stores that it bought from the Myer family
and has since used as the "growth platform" of its business.

For the first time since the Australian Geographic stores were
founded in 1992 by prominent entrepeneur Dick Smith, shoppers will
not see the chain's platypus logo in shopping centres, SMH says.

SMH relates that the 64 former Australian Geographic stores, which
include outlets at Chatswood, Bondi Junction, North Ryde and
Parramatta in NSW and Highpoint, Eastland and the Emporium in
Victoria, will trade under the name "My Geographic".

According to the report, Blue Ant Media, an international TV and
magazine publisher, which bought the Australian Geographic brand
last year, announced this week it had terminated the Co-op's right
to trade under the name in order to "expand the brand in new
directions more aligned with its core values".

SMH says the Co-op, which is owned by its more than 2 million
members and was founded to sell cheap textbooks to university
students, bought the Australian Geographic chain for an undisclosed
price shortly before it was going to be shut after posting losses
for several years.

The retailer no longer appears to sell the giant inflatable
penguins that once defined it, but rain gauges, telescopes and
"inappropriate games" such as Cards Against Humanity (a popular
card game in which players compete to make amusing phrases out of
controversial prompts) are still available, SMH relates.

SMH notes that the Co-op has faced a challenging period, with
competition from online retailers and a campaign from university
students who believe it has strayed from its mission as a
member-owned retailer dedicated to the tertiary sector.

Academics at several Australian universities told The Sydney
Morning Herald earlier in the year they were furious at the Co-op,
which had failed to stock the textbooks their students needed
despite repeated requests, instead devoting store space to general
merchandise.

According to the report, the Co-op has closed more than two dozen
stores in recent years, with three store closures since March alone
while the number of Australian Geographic stores it owns has
remained almost steady.

Jeremy Nadel and Duncan Wallace, two students who are part of the
Take Back the Co-op campaign, which aims to put students on the
board of the bookseller, said they were unsurprised by the store
closures, SMH relays.

"They need to engage with their community and their members but
they keep on doing the opposite," the report quotes Mr. Wallace as
saying.

He said international students, who often had cash-in-hand jobs,
arriving on campus shortly before the start of semester suffered if
they did not have a physical bookseller nearby.

SMH adds that Mr. Smith, who owned Australian Geographic and its
stores until 1995, said he was not sad to see the name disappear
from the retail landscape.

"I think the stores can do well either way . . . as long as they
have good enough products," the report quotes Mr. Smith as saying.

SMH relates that Mr. Smith said he still subscribed to the
magazine, which is available at newsagents, supermarkets and online
and enjoyed its content. It continues under the Australian
Geographic name.

The Co-op declined to comment but its chief executive Thorsten
Wichtendahl told an industry publication this year that the
business had bought Australian Geographic because the Co-op had
endured nine years of losses, SMH recalls.

"Despite having been the dominant player in campus retail, there
was just no long-term future for the business," SMH quotes Mr.
Wichtendahl as saying of the Co-op.

He said the Australian Geographic was now the "growth platform" for
the business, which was performing well, adds SMH.



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CAMBODIA: Moody's Affirms B2 LT Issuer Ratings, Outlook Stable
--------------------------------------------------------------
Moody's Investors Service affirmed Government of Cambodia's
long-term issuer ratings at B2 and maintained the stable outlook.

The affirmation of the B2 ratings is supported by robust GDP growth
prospects, modest and highly affordable government debt, and low
external vulnerabilities. These buffers offset risks stemming from
a sustained, high rate of credit growth which raises contingent
liability risks for the government, if it needs to support
Cambodia's relatively large financial system through a boom-bust
credit cycle. Low institutional strength and a high degree of
dollarization act as continued constraints on the government's
ability to manage shocks.

The stable outlook reflects balanced risks. Growth could moderate
by more than Moody's estimates following the expected reduction of
tariff benefits enjoyed by exports to the European Union (EU).
Slowing growth in China could also present spillover risks for
Cambodia, due to its deep economic and financial linkages with the
country. However, relatively low levels of government debt and
increasing tax revenues provide space for fiscal policy to offset a
shock to growth.

Cambodia's local currency bond and deposit ceilings are unchanged
at B1. The long-term foreign currency bond ceiling is unchanged at
B1. The long-term foreign currency bank deposit ceiling is
unchanged at B3. The foreign currency short-term bond and deposit
ceilings are also unchanged at Not Prime.

RATINGS RATIONALE

RATIONALE FOR RATING AFFIRMATION AT B2

ROBUST MEDIUM-TERM GROWTH PROSPECTS, DESPITE RISKS TO TRADE
RELATIONSHIPS AND LINKAGES TO CHINA

Cambodia's key credit strength comes from its strong and stable GDP
growth performance. Real GDP has consistently grown by around 7%
per year on average since the global financial crisis in 2008 and
continues to outperform similarly rated sovereigns. Trends have
been driven by exports -- particularly garments, tourism, and
construction, which accounted for 10.6%, 17.9%, and 12.4% of 2018
GDP, respectively. Rapid growth is balanced against challenges
related to economic competitiveness, a narrow export base, and low,
albeit rising incomes, which point to low shock absorption
capacity.

Moody's expects growth to moderate following the reduction or
removal of tariff benefits that Cambodia receives under the EU's
Everything But Arms (EBA) agreement, which is currently under
negotiation. A reduction in tariff benefits would negatively affect
textile, garment and footwear exports to the EU. Such a withdrawal
of benefits would be in addition to the imposition of duties on
Cambodian rice effective January 2019, on the back of a safeguards
request. Together, these developments will weigh on Cambodia's
trade balance.

Linkages to China also underpin several drivers of Cambodia's
overall economy, as evident in trade and investment flows, tourist
arrivals, investment in the financial sector, and financing for the
government's debt. A slowdown in growth in China or weaker outward
foreign investment from China would act as a significant drag on
Cambodia, and present potential risks particularly for the
construction and real estate sectors.

Based on expectations of weaker growth in the Chinese economy and
the assumption of a full withdrawal of EBA benefits, Moody's
expects Cambodia's real GDP growth to moderate to 7.0% year-on-year
in 2019 and 5.5% in 2020, from 7.5% in 2018. However, even at these
projected slower rates, Cambodia is still among the fastest growing
sovereigns at the B2-rating level.

RAPID CREDIT GROWTH RAISES EXPOSURE TO FINANCIAL SECTOR
VULNERABILITIES

Strong growth dynamics are balanced against risks to the financial
sector and the real economy arising from rapid credit expansion.
Bank lending has been growing at over twice the rate of nominal GDP
for some years now, fueled by lending to construction, real estate,
and mortgages, particularly for foreign investment in luxury real
estate.

Any sharp decline in asset prices, possibly triggered by generally
weaker economic conditions abroad, could raise risks to the
domestic banking system, posing contingent liability risks to the
government.

While the central bank has taken some steps to curb high credit
growth, including closely monitoring property prices, high levels
of dollarization constrain the monetary policy response function,
and limit the tools available at its disposal to calibrate risks.

However, because foreign banks have been the primary lenders into
the luxury real estate segment, the direct impact on the domestic
financial system may be limited. Domestic banks generate strong
profitability, which has boosted their capitalization levels, in
line with higher minimum capital requirements. Domestic banks also
have adequate liquidity - loan to deposit ratios stood at 84% - and
they are supported by sizeable reserve requirements against their
deposits and borrowings; as well as a stable funding mix backed by
resident deposits.

MODEST DEBT BURDEN AT CONCESSIONAL RATES PROVIDES FISCAL SPACE

Robust GDP growth prospects reinforce Cambodia's overall fiscal
strength, particularly as enhanced administration and compliance in
tax collection drive a multi-year upward trend in government
revenue. Cambodia's total revenues crossed 22% of GDP in 2018 from
around 10% in 2009, higher than many similarly rated sovereigns.
Moody's expects the implementation of the 2019-2023 Revenue
Mobilization Strategy to support further increases in tax revenue
in the next five years.

Strong revenues have supported a healthy fiscal position, with
deficits remaining well-contained at less than 2% of GDP between
2013 and 2018. The deficit is likely to widen over the next two
years, as the government undertakes stimulus measures directed at
supporting the economy in the face of headwinds to export growth.
However, even at these levels, fiscal deficits will remain below
median averages for B-rated sovereigns.

Despite an expansionary fiscal stance, Moody's expects the
government's debt burden to remain modest, hovering around or below
30% of GDP over the next two-three years, below that of many
similarly rated sovereigns. Debt affordability metrics are also
likely to remain extremely favorable, since all debt is
concessional, characterized by long maturity periods and very low
interest costs.

Another credit support comes from Cambodia's healthy balance of
payments position. Although Moody's is projecting a widening in the
current account deficit, strong FDI flows coupled with stable
multilateral and bilateral support, will result in foreign reserves
remaining at stable, healthy levels of close to $15.0 billion over
2019 and 2020. Cambodia's access to entirely concessional debt
implies that external debt servicing requirements are low. Taking
these into consideration, Moody's external vulnerability indicator
for Cambodia, or the ratio of foreign reserves to maturing debt
obligations over the next year, is projected at just 18.3% in 2020,
signaling very low external risks.

RATIONALE FOR STABLE OUTLOOK

The stable outlook balances vulnerability to shocks against
mitigating factors. These risks arise from a sharper slowdown in
growth than Moody's currently assesses driven by a collapse in
asset prices, a material reduction in funding from China, or a
sharper slowdown in export growth on the back of a withdrawal in
EBA benefits from the EU.

Stabilizing factors include modest fiscal deficits, owing in part
to the effective implementation of tax policies, sustaining high
affordability and low levels of government debt. In particular, the
concessional and long-term nature of Cambodia's debt reduces the
risk of near-term liquidity pressures for the government and the
country as a whole.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Environmental risks are an important consideration for Cambodia's
sovereign credit profile because its small size, lack of economic
diversification and relatively low level of development raise the
potential impact of climate-change related natural disasters. In
the past, for example, droughts have contributed to prolonged
weakness in agricultural output and incomes. Ongoing mitigating
efforts may dampen these impacts if sustained over time.

Social considerations are also an important aspect of Cambodia
sovereign rating. It has made significant strides in pursuing its
sustainable development goals, having seen recovery from a
protracted conflict and genocide, by rebuilding its infrastructure
and human resources. However, Cambodia continues to have a serious
infrastructure gap particularly with regard to connectivity between
rural and urban conglomerations

Governance concerns are material to Cambodia's sovereign rating.
Institutional deficiencies contribute to structural challenges that
undermine investment and GDP growth.

WHAT COULD CHANGE THE RATING UP

Moody's would consider upgrading the rating if reforms were likely
to address the country's institutional weaknesses and enhance
policy effectiveness, such as control of corruption and rule of
law.

Moody's would also consider upgrading the rating if the
implementation of structural reforms pointed to higher
competitiveness and reduced hurdles to doing business, contributing
to a material increase in economic diversification and incomes.
Such an outcome would bolster the economy's resilience to shocks.

Either of these scenarios would potentially become more likely over
the medium to longer term.

WHAT COULD CHANGE THE RATING DOWN

Moody's would consider downgrading the rating if a shock to asset
prices were likely to lead to significant liquidity and solvency
pressures in the domestic banking system.

A sharp slowdown in growth beyond Moody's baseline expectations,
either owing to pronounced repercussions from the withdrawal of EBA
benefits or an unwinding of credit growth, would also present
downward pressures on the rating.

Moody's would also consider downgrading the rating if foreign
direct investment inflows fell sharply and seemingly on a sustained
basis due to either domestic, economic or political, or external
shocks. This would raise pressure on financing of the current
account deficit and external vulnerability risks.

GDP per capita (PPP basis, US$): 4,335 (2018 Actual) (also known as
Per Capita Income)

Real GDP growth (% change): 7.5% (2018 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 1.6% (2018 Actual)

Gen. Gov. Financial Balance/GDP: -2% (2018 Actual) (also known as
Fiscal Balance)

Current Account Balance/GDP: -10.5% (2018 Actual) (also known as
External Balance)

External debt/GDP: 54.4% (2018 Actual)

Level of economic development: Low level of economic resilience

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On October 01, 2019, a rating committee was called to discuss the
rating of the Cambodia, Government of. The main points raised
during the discussion were: The issuer's economic fundamentals,
including its economic strength, have not materially changed. The
issuer's institutional strength/ framework, have not materially
changed. The issuer's susceptibility to event risks has not
materially changed.

The principal methodology used in these ratings was Sovereign Bond
Ratings published in November 2018.



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HELENBERGH CHINA: Moody's Rates Proposed USD Bonds B3
-----------------------------------------------------
Moody's Investors Service assigned a B3 senior unsecured rating to
the proposed USD bonds to be issued by Helenbergh China Holdings
Limited (B2 stable).

Helenbergh China will use the proceeds from the proposed bonds
mainly to refinance its existing onshore debt.

RATINGS RATIONALE

"The proposed bonds will not have a material impact on Helenbergh
China's credit metrics but will improve its liquidity and debt
maturity profile, as it plans to use the proceeds primarily to
refinance its existing onshore debt," says Danny Chan, a Moody's
Assistant Vice President and Analyst.

Helenbergh China's B2 CFR mainly reflects the credit profile of its
key subsidiary, Guangdong Helenbergh Real Estate Group Co Ltd (B2
stable), which accounts for almost all of its operations and
financial profile. The B2 CFR also reflects the company's strong
sales execution, established track record of developing properties
in Guangdong, improving geographic coverage, and track record in
acquiring land through project acquisitions to control land costs.

However, Helenbergh China's B2 CFR is constrained by the financial
risks associated with its fast expansion, high debt leverage,
narrow funding channels and private company status.

Moody's expects Helenbergh China's consolidated contracted sales
will grow by 20%-30% per annum to RMB55-RMB60 billion in 2020, from
RMB36 billion in 2018. These strong projected sales should support
the company's liquidity and revenue growth over the next two
years.

Moody's also expects Helenbergh China's debt leverage--as measured
by revenue/adjusted debt--will register 60%-65% over the next 12-18
months while its EBIT/interest will register 2.0x-2.5x over the
same period. These projected metrics support its B2 CFR and are
largely stable from the 62% and 2.2x reported for the 12 months to
June 2019.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered Helenbergh China's private company status,
with its key shareholders--Mr. Huang Chiheng and his
spouse--holding 100% of the company as of June 2019. Its private
company status has also resulted in lower corporate transparency
and a less-developed corporate governance structure when compared
to listed companies.

Helenbergh China's liquidity is adequate. Its RMB16.6 billion in
cash on hand at the end June 2019, along with the expected cash
from operations over the next 18 months, is able to cover its
maturing debt, as well as its committed land payments over the same
period.

Helenbergh China's senior unsecured rating is one notch lower than
the CFR due to structural subordination risk. This risk reflects
the fact that the majority of claims are at its operating
subsidiaries and have priority over claims at the holding company
in a bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result of these factors, the likely recovery rate for claims at the
holding company will be lower.

The outlook on Helenbergh China's rating is stable, reflecting
Moody's expectation that it will maintain sufficient balance sheet
liquidity and grow its sales while maintaining stable credit
metrics.

Helenbergh China's CFR could be upgraded if it (1) achieves its
planned contracted sales and revenue growth; (2) improves its
financial metrics, with revenue/adjusted debt consistently above
60%-65% and EBIT/interest coverage consistently above 2.5x; and (3)
strengthens its liquidity by diversifying its funding channels and
extending its debt maturity profile.

On the other hand, the company's CFR could be downgraded if its
liquidity weakens or if its credit metrics deteriorate due to
weaker contracted sales, or due to a more aggressive approach to
land acquisitions.

Financial metrics indicative of a downgrade include (1)
EBIT/interest coverage below 1.5x-2.0x; or (2) cash/short-term debt
below 1.0x.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Helenbergh China Holdings Limited is a property developer in China.
At the end of August 2019, the company had land reserves of 23.4
million square meters in gross floor area. As of the same date,
Helenbergh China was 100% owned by its founder and chairman, Huang
Chiheng and his spouse.

KUNMING MUNICIPAL: Fitch Assigns BB+ LT IDR, Outlook Positive
-------------------------------------------------------------
Fitch Ratings assigned China-based Kunming Municipal Urban
Construction Investment & Development Co., Ltd. Long-Term Foreign-
and Local-Currency Issuer Default Ratings of 'BB+'. The Outlook is
Positive. Fitch has also assigned KUCI's proposed US dollar senior
unsecured notes a 'BB+(EXP)' rating.

The proposed notes are to be directly issued by KUCI and they will
constitute KUCI's direct, unconditional, unsubordinated and
unsecured obligations and will rank pari passu with all its other
present and future unsecured and unsubordinated obligations. The
proceeds will be used for general corporate purposes. The final
rating on the proposed notes is contingent upon the receipt of
final documents conforming to information already received.

KUCI is a core government-related entity in Kunming, the provincial
capital of Yunnan province in China. The company is mainly engaged
key infrastructure construction, primary land development, property
development, and underground utility tunnel investment and
operation.

KEY RATING DRIVERS

'Very Strong' Status, Ownership and Control: KUCI is a limited
liability company that is 84.42% owned by the Kunming State-owned
Assets Supervision and Administration Commission, a sub-department
of the city government. The remaining 15.58% of the shares in the
company are held by Kunming Development Investment Group Co., Ltd
(Kunming Development), which is fully owned by the Kunming SASAC.
Kunming SASAC has direct control and oversight of the company's
board and monitors its strategic planning and finances. All major
corporate events require government approval.

'Strong' Support Track Record and Expectation: To support KUCI in
key infrastructure construction and primary land development, the
municipality provided support such as capital injections, assets
injections, subsidies, land cost return and debt support. The
injection of capital and assets mainly occurred before 2013 to
support KUCI's expansion and in recent years, the municipality has
mainly provided support via debt swaps. The Kunming government
swapped CNY12.9 billion of KUCI's high-cost debt during 2015-2018
for low-cost government bonds, with the amount booked as capital
reserves.

The government has provided a stable amount of subsidies, which
averaged about CNY20 million a year, mainly for investment in
KUCI's key projects. The subsidies were equivalent to around 12% of
the company's pre-tax profit in 2018. Moreover, Kunming
Municipality in 2018 loaned KUCI CNY700 million from the proceeds
from a government bond issue to fund investment in primary land
development. Fitch has strong expectations that the government will
continue to support KUCI, based on the history of support and
KUCI's strategic importance to the Kunming government.

'Moderate' Socio-Political Impact of Default: KUCI is one of the
major urban developers for the Kunming government. The company is
responsible for government duties such as primary land development,
infrastructure development and property development. KUCI is
involved in many key infrastructure construction and primary land
development projects in Kunming, such as key municipal roads,
public parks, underground utility tunnels and the Wujiaba New Area
Development Project. A potential default by KUCI is likely to have
a political impact on the government, which will have to mobilise
resources to ensure continued provision of key public services by
administrative orders or emergency liquidity support. The
government may also have to appoint other urban developers and
operators in the city to assume part of KUCI's duties, if
necessary. Therefore, any disruption is likely to be temporary and
moderate.

'Strong' Default Financial Implications: The majority of the debt
raised by KUCI is used to finance capital-intensive public-sector
investments with long tenor. Revenue from the urban development
projects is on a cost-plus basis with a very low margin. The
municipality relies on KUCI to carry out its policy-driven
initiatives. KUCI also provides external guarantees to other GREs
within Kunming, under the direction of Kunming government. A
failure by the government to provide timely support, leading to a
default by KUCI, could have significant implications on the
financing ability of the government and other GREs.

The Positive Outlook on KUCI's IDRs reflects the increase in the
company's strategic importance to the city if reforms of the GREs
in the city are completed. KUCI is designed to be the flagship GRE
for urban construction under the restructuring plan, which will
increase the company's assets and debt. KUCI plans to diversify its
financing channels by issuing bonds and extending banking
relationships. The government's incentive to provide support to
KUCI and the assessment of tge financial implications of a default
will increase as a result.

'b-' Standalone Credit Profile: Fitch assesses KUCI's revenue
defensibility 'Weaker', under its Rating Criteria for
Public-Sector, Revenue-Support Debt, based on its reliance on the
city's urban development plan and overall low bargaining power in
price. Fitch assesses KUCI's operating risk at 'Midrange' based on
its relatively predictable cost structure and its financial profile
as 'Weaker' due to its high leverage. Capital-intensive public-work
investments pushed up its leverage, leading to high net debt to
Fitch-calculated EBITDA of 117x in 2018. Fitch expects increasing
EBITDA to reduce leverage to around 64x by 2023.

DERIVATION SUMMARY

Fitch assesses KUCI under its Government-Related Entities Rating
Criteria, reflecting Kunming Municipality's ownership and oversight
over KUCI, a record of financial support by the government and the
company's functional role in Kunming's development, a key strategic
initiative of the government. These factors indicate a strong
incentive by the sponsor to provide extraordinary support to KUCI,
if needed.

KUCI's IDR was derived from the four factors under Fitch's
Government-Related Entities Rating Criteria and a Standalone Credit
Profile of 'b-' under its Public Sector, Revenue-Supported Rating
Criteria.

RATING SENSITIVITIES

A revision in Fitch's credit view on Kunming Municipality would
lead to a change in the company's ratings.

An increase in the incentive for Kunming Municipality to provide
support to KUCI, including stronger socio-political or financial
implications of a default by the company, or a stronger support
track record and expectation, may trigger positive rating action.
The Outlook may be revised to Stable if the GRE reforms do not
materialise and there are uncertainties around the potential
improvement in financing capacity.

A significant improvement of KUCI's Standalone Credit Profile will
have a positive impact on the ratings.

KUNMING MUNICIPAL: Moody's Assigns Ba1 CFR, Outlook Stable
----------------------------------------------------------
Moody's Investors Service assigned a first-time Ba1 corporate
family rating to Kunming Municipal Urban Construction Investment &
Development Company Limited.

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

The rating outlook is stable.

Moody's expects that KMUCID will complete the note issuance upon
satisfactory terms and conditions, including proper registrations
with the National Development and Reform Commission and the State
Administration of Foreign Exchange in China (A1 stable).

The proceeds from the proposed notes will be used by KMUCID for
general corporate purposes and to repay existing debt.

RATINGS RATIONALE

KMUCID's Ba1 CFR combines (1) its b1 Baseline Credit Assessment
(BCA); and (2) Moody's assessment of a strong likelihood of support
from, and a high level of dependence on the Kunming Municipal
Government, and ultimately the Government of China (A1 stable),
when needed, which results in a rating that is three notches above
its BCA.

"Moody's support assessment reflects KMUCID's leading role in
primary land development and infrastructure construction in Kunming
City, its ultimate 100% ownership by the Kunming State-owned Assets
Supervision and Administration Commission (SASAC), and the track
record of government support," says Ying Wang, a Moody's Vice
President and Senior Analyst, and Moody's International Lead
Analyst for KMUCID.

KMUCID is mainly engaged in (1) primary land development; and (2)
infrastructure construction in Kunming, on behalf of the municipal
government. The company is also involved in the construction and
maintenance of underground utility tunnels for power, water, gas
and telecommunications pipelines in the city, and in property
development.

Moody's support assessment also considers the reputational and
contagion risks that could arise if KMUCID were to default, given
its status as the fifth largest financing platform owned by the
Kunming SASAC by asset size, and second largest by total revenue.

Therefore, Moody's believes the Chinese central government would
support efforts by the Kunming city and Yunnan provincial
governments to prevent KMUCID from defaulting, and thereby avoiding
disruption to the domestic financial markets. Such support can take
various forms, including government subsidies, capital or asset
injections, as well as loans from policy and state-owned banks.

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

"KMUCID's BCA is driven by the strong and recurring government cash
payments it receives each year to support its investments and debt
servicing," says Mike Zhu, a Moody's Assistant Vice President and
Analyst, and also Moody's Local Market Analyst for KMUCID.

During 2016-18, KMUCID received average annual cash payments of
around RMB7 billion from the municipal government, in the form of
operating subsidies, capital injections and the return of land sale
proceeds. Moody's expects the municipal government will continue to
pay a similar level of cash payments over the next two years.

KMUCID's BCA is constrained by (1) the company's high exposure to
non-bank financing channels and high financing costs; and (2) its
sizeable external guarantees to support other state-owned
enterprises (SOEs) of the Kunming government. Moody's has included
these payment guarantees -- which accounted for 43% and 38% of
total adjusted debt at the end of 2018 and at the end of June 2019,
respectively -- in its debt calculations.

KMUCID's liquidity profile is weak. Its cash and cash equivalents
of around RMB838 million at the end of 2018 and expected government
cash payments of around RMB6.7 billion in 2019 will be inadequate
to cover the RMB8 billion of planned investments and RMB4.6 billion
in debt maturing over the next 12 months. But Moody's expects the
company will arrange new debt to refinance its maturing debt. The
proposed new notes will be partially used to refinance existing
debt.

In terms of governance risk, the company is not a listed company
and its information transparency around its investment strategy and
financial policy is weaker than those of public listed companies.
However, this risk is partially mitigated by the fact that the
company is 100% owned, supervised and monitored by the Kunming
SASAC of Yunnan Province, China.

The stable ratings outlook reflects (1) the stable outlook on
China's A1 sovereign rating; and (2) Moody's expectation that
KMUCID will continue to receive strong and recurring government
cash payments and that the company will be able to refinance its
debt.

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

Moody's could upgrade KMUCID's BCA if the company shows (1) a track
record of stable revenue growth in its property businesses; (2) an
improved liquidity position with a significant reduction in
non-bank financing; (3) a substantial decrease in guarantees to
other SOEs; and (4) improved credit metrics.

Credit metrics indicative of upward pressure on its BCA include
adjusted debt/capitalization falling below 60% and adjusted (FFO
from non-government transactions + government cash payments +
interest)/interest) remaining strong, and at least above the
2017-18 levels.

Moody's could downgrade the ratings if (1) the likelihood of
support for KMUCID decreases; and/or (2) KMUCID's BCA is
downgraded.

Moody's could downgrade KMUCID's BCA if the company shows a
significant deterioration in its business or financial profile due
to (1) a reduction in cash flows from the government beyond Moody's
expectations; (2) aggressive investments; (3) material payouts to
meet external guarantee obligations; or (4) a significantly
weakened liquidity position.

Credit metrics indicative of downward pressure on its BCA include
adjusted debt/capitalization rising above 75% and adjusted (FFO
from non-government transactions + government cash payments +
interest)/interest falling below 2.0x on a sustained basis.

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

Kunming Municipal Urban Construction Investment & Development
Company Limited is 100% ultimately owned by the Kunming municipal
government (84% direct ownership and 16% through Kunming
Development Investment Group). The key members of KMUCID's
management are appointed by the Kunming SASAC. The company is the
major investment and financing platform for primary land
development and urban infrastructure construction in Kunming, and
reported assets of RMB65.2 billion and revenue of RMB4.6 billion in
2018.

XINYUAN REAL: Fitch Downgrades LT IDR to B-, Outlook Stable
-----------------------------------------------------------
Fitch Ratings downgraded Chinese homebuilder Xinyuan Real Estate
Co., Ltd.'s Long-Term Issuer Default Rating to 'B-' from 'B' and
its senior unsecured rating and the rating on all its outstanding
senior unsecured bonds to 'B-' from 'B' with a Recovery Rating of
'RR4'. The Outlook is Stable.

The downgrade reflects Fitch's expectations that Xinyuan's
leverage, denoted by net debt/adjusted inventory, will stay above
50% - the level of its rating trigger - after soaring to 61% in
1H19. The speed of deleveraging hinges on management's land
acquisition discipline and an improved churn rate. High leverage
and Xinyuan's small contracted-sales scale constrains its rating.

KEY RATING DRIVERS

Leverage Rises on Land Replenishment: Xinyuan's leverage, denoted
by net debt/adjusted inventory, rose to 61% in 1H19, far above its
negative rating trigger, while its cash collection rate fell in
1H19 due to mortgage tightening in Henan. Xinyuan significantly
levered up to accelerate land replenishment in 2017 and 2018,
increasing its landbank 5.7 million square metres (sq m) in 2018,
from 2.2 million sq m in 2016. The ratio of land
acquisitions/contracted sales, measured by gross floor area (GFA),
rose to 2.1x in 2018, from 1.0x in 2016.

Deleveraging to Take Time: Fitch believes disciplined land
acquisition will help Xinyuan's gradually deleverage, but expect
leverage to remain above its 50% rating upgrade trigger over the
next two to three years. Fitch estimates Xinyuan's land reserve
life at more than four years in 1H19, which is longer than that of
'B' rated peers and improves the sustainability of the company's
business profile. Adequate landbank allows Xinyuan to slow land
acquisition in 1H19, with management cutting its land-purchase
budget to CNY3 billion in 2019, from CNY8 billion in 2018.

Small Scale: Fitch believes Xinyuan's attributable contracted sales
will remain below CNY20 billion in the medium-term, after falling
by 8% to CNY14 billion (USD2 billion) in 2018. At the same time,
GFA sold sank by 22%, as many projects were launched close to the
year's end, meaning sales would only be recognised in 2019. This
scale is below the average of 'B' rated peers.

Adequate Landbank to Lift Sales: The satisfactory location of
landbank, together with the company's aim of enhancing its churn
ratio from the current low level of 0.6x, should improve sales
efficiency via a speed up of project launches. More than 90% of
Xinyuan's landbank is located in tier-two cities in the Yangtze
River Delta as well as central and western China; half of these
land plots are located in Zhengzhou, the capital of Henan province.
The company's average selling price (ASP) of CNY15,000/sq m in
1H19, which was up by 7% from 4Q18, was slightly above the average
of 'B' rated peers and reflected improved landbank quality, with
tier-two cities accounting for around 80% of contracted sales.

Sustained Margin Improvement: Solid housing demand in tier-two
cities should maintain Xinyuan's EBITDA margin at current levels;
the EBITDA margin rose to 25.8% in 2018, from 20.1% in 2017, after
the company booked higher-margin sales in the US. Land costs also
dropped by 15% yoy to CNY3,360/sq m after the company acquired land
for industrial-park residential complexes, which is cheaper than
pure residential plots.

High Foreign-Exchange Risk: Xinyuan is more exposed to
foreign-exchange volatility than other Chinese developers, as its
revenue is mostly denominated in Chinese yuan while its reporting
currency is in US dollars. Depreciation of the dollar against the
yuan brought exchange gains of USD3.5 million in 1Q19, but this
turned into a USD4.4 million loss in 2Q19 after the dollar
appreciated against the yuan, causing a volatile reported net
profit. Xinyuan has some residential projects in the US, UK and
other countries where revenue is not denominated in yuan, but these
projects contribute less than 10% to its sales, which is inadequate
to mitigate the negative effect of yuan devaluation against the US
dollar.

DERIVATION SUMMARY

In terms of financial profile, Xinyuan's landbank and contracted
sales scale are slightly larger than that of Beijing Hongkun Weiye
Real Estate Development Co., Ltd. (B/Negative). Xinyuan's leverage
is lower, but so is its EBITDA margin and churn rate.

Xinyuan's liquidity profile is stronger than that of Guorui
Properties Limited (B-/Stable), as proved by its higher
cash/short-term debt ratio. The two companies' churn ratios are
similarly low at around 0.6x, however, Guorui has a larger
contracted sales and landbank scale, a higher EBITDA margin and
lower leverage.

Xinyuan's business profile is comparable with that of 'B' category
peers. It has satisfactory landbank quality, with more than 90% of
its landbank located in tier-two cities, although its landbank
presence in 19 cities is less diversified than Modern Land (China)
Co., Limited's (B/Stable) 30 cities.

KEY ASSUMPTIONS

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

  - 11% yoy growth in GFA sold in 2019 and 5% annual growth in
2020-2022

  - 2% annual ASP growth in 2019-2022

  - 5% annual rise in construction costs per sqm in 2019-2022
(2018: -6%)

  - 20% yoy rise in land costs in 2019 and 2% a year in 2020-2022

  - Cost of land purchase at 19%-32% of contracted sales in
2019-2022 (2018: 47%)

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 50%

  - EBITDA margin sustained above 15%

  - Contracted sales sustained above CNY15 billion

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

  - Net debt/adjusted inventory above 65% for a sustained period

  - Deterioration in liquidity position

  - Inability to refinance short-term debt

Key Recovery Rating Assumptions

  - Xinyuan to be liquidated in a bankruptcy as it is an
asset-trading company

  - 10% administration claims

  - 70% advance rate to accounts receivable

  - 70% advance rate to the adjusted net inventory of Xinyuan and
its joint ventures in light of Xinyuan's 20%-25%EBITDA margin

  - 50% advance rate to investment properties

  - 60% advance rate to property, plant and equipment

  - 100% advance rate to restricted cash

LIQUIDITY

Adequate Liquidity: Xinyuan's liquidity position improved in 1H19;
short-term debt dropped to USD1.2 billion in 1H19, from USD1.7
billion in 2018, while its unrestricted cash position remained
stable at USD0.7 billion. Xinyuan had cash and cash equivalents of
USD1.0 billion at end-1H19, including restricted cash. Together
with undrawn credit facilities of USD1.8 billion and an unutilised
approved National Development and Reform Commission quota of USD0.2
billion, this was more than enough to cover short-term borrowings
of USD1.2 billion. As of 1Q19, 36% of Xinyuan's debt was in bank
loans and 32% in US-dollar bonds.

Of the CNY2.2 billion in bonds puttable in the past 18 months, less
than 1% were put back to Xinyuan. Coupon rates were revised up to
8.2%, from 7.0%-7.5%. Xinyuan also repaid CNY2.6 billion of bonds
in 2019. No bonds will become puttable in the 12 months after 1H19.



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I N D I A
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ABC TRANSFORMERS: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR7.20-crore bank facilities of ABC
Transformers Private Limited (ATPL) continue to remain under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA] A42; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-          3.50       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Unallocated-         1.20       [ICRA]B+ (Stable) ISSUER NOT
   Long term                       COOPERATING; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

   Non fund based–      2.50       [ICRA]A4 ISSUER NOT
   Bank guarantee                  COOPERATING; Continues to
                                   remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by CRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

ABC Transformers Private Limited (ATPL) was incorporated in 1993 by
Mr. GK Bansal, Mr. NK Goyal, Mr. SR Gupta, Mr. KK Bansal and Mr. OP
Goyal for manufacturing, repairing and maintaining transformers. At
present, ATPL is engaged in manufacturing and repairing power and
distribution transformers of up to 100 kVA in 132 kV class. The
product range of ATPL includes transformers for power generation,
transmission and distribution as well as industrial and special
purpose transformers. The company has two manufacturing plants at
Greater Noida in Uttar Pradesh.

AEROC SPACE: ICRA Moves B Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the rating on INR13.00 crore bank facilities of
Aeroc Space Technologies Pvt. Ltd. (ASTPL) to 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B/Stable/
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Non-       12.82      [ICRA]B(Stable) ISSUER NOT
   Fund Based                      COOPERATING; moved to Issuer
                                   Non-cooperating category

   Long Term-            0.18      [ICRA]B(Stable) ISSUER NOT
   Unallocated                     COOPERATING; moved to Issuer
                                   Non-cooperating category

The rating is based on limited or no updated information on the
entity's performance since the time it was last rated in February
2018. The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating does not adequately reflect the credit risk profile of
the entity. The entity's credit profile may have changed since the
time it was last reviewed by ICRA; however, in the absence of
requisite information, ICRA is unable to take a definitive rating
action.

As part of its process and in accordance with its rating agreement
with ASTPL, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information

Aeroc Space Technologies Private Limited (ASTPL) is incorporated in
2009 and is involved in the manufacturing of high precision
components and assemblies which cater to the needs of aerospace
component manufacturing companies who in turn supply their products
to ISRO, DRDO, BDL, BEML, Midhani and HAL etc. ASTPL is equipped
with tool room machines, CNC production machines, production
general machines and host specialized facilities for task like,
metalizing equipment (PTA), welding (Arc, MIG, TIG), short peening
and vibro finishing. The company also follows inspection practices
like: QA coverage over entire product development cycle,
Traceability at all stages, Comprehensive reporting, Heading
towards TQM.

AGRAWAL DISTILLERIES: ICRA Withdraws B+ Rating on INR4cr Loan
-------------------------------------------------------------
ICRA has withdrawn the ratings on certain bank facilities of
Agrawal Distilleries Private Limited (ADPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       4.00       [ICRA]B+(Stable) ISSUER NOT
   Based/Cash                      COOPERATING; Withdrawn
   credit               
                                   
   Long Term-Fund       3.90       [ICRA]B+(Stable) ISSUER NOT
   Based/Term loan                 COOPERATING; Withdrawn

   Long Term-           0.10       [ICRA]B+(Stable) ISSUER NOT
   Unallocated                     COOPERATING; Withdrawn

   Short Term-          2.00       [ICRA]A4 ISSUER NOT
   Non-Fund Based                  COOPERATING; Rating
                                   Withdrawn

Rationale

The long-term and short-term rating assigned to the bank loans of
ADPL have been withdrawn in accordance with ICRA's policy on
withdrawal and suspension, at the request of the company and based
on the No Objection for withdrawal received from its banker.
However, ICRA does not have information to suggest that the credit
risk has changed since the time the rating was last reviewed.

ADPL manufactures portable spirit (country liquor) and has a
bottling unit in Khargone, Madhya Pradesh.

AJIVIKA FINANCE: ICRA Assigns B+ Rating to INR20cr Proposed NCD
---------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Ajivika Finance
Limited (AFL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   NCD programme
   (proposed)          20.00       [ICRA]B+(Stable); Assigned

Rationale

The assigned rating factors in AFL's experienced management team
and adequate loan origination, internal control and risk management
systems that are commensurate with the current scale of operations.
The rating favourably factors in the good collections and stable
asset quality indicators. The capitalisation profile is adequate,
supported by capital infusion from promoters; AFL reported a net
worth of INR3.35 crore as on June 30, 2019. While the
capitalisation profile is adequate for the current scale of
operations, the company will require additional capital to meet its
envisaged growth plans. Further capital infusion by the promoters
in the current fiscal shall allow the company to have an adequate
capitalisation profile to apply for a NBFC-MFI license. Liquidity,
as on June 30, 2019, was adequate with collections, liquid balances
and sanctions being comfortable to cover debt repayments and
disbursements in the near term.

However, the rating is constrained by AFL's small scale of
operations with assets under management (AUM) of INR11.06 crore
(including an on-book portfolio of INR7.08 crore) as on June 30,
2019. The operations were geographically concentrated in three
districts in Uttar Pradesh (U.P.) that formed nearly 80% of the AUM
as on June 30, 2019, followed by one district in Uttarakhand that
formed the remaining 20%. The rating also factors in the
concentrated borrowing mix with high dependence on non-banking
finance companies (NBFCs) that provide debt support to AFL to meet
its disbursement targets and moderate profitability profile that
may get impacted by higher overheads due to expansion in
operations. The profitability was partially supported by low credit
costs at the back of good collection efficiency.

The rating is further constrained by the marginal borrower profile,
AFL's focus on unsecured lending and the political and operational
risks associated with microlending, which may lead to volatility in
the asset quality indicators. AFL plans to grow at a moderate pace
over the next three years by expanding its operations
geographically and diversifying its product portfolio by foraying
into secured micro-enterprise lending and individual micro-loans
alongside its joint liability group (JLG) loans. Its ability to
profitably scale up operations, while maintaining prudent
capitalisation levels and controlling the credit costs, would be a
key rating sensitivity.

The Stable outlook on the rating reflects ICRA's opinion that the
company will benefit from the experience of its management team and
systematic lending processes.

Key rating drivers and their description

Credit strengths

Internal control systems commensurate with scale of operations -
The internal control and risk management systems are commensurate
with the current scale of operations. The IT system enables the
real-time integration of the branches with the head office (HO) and
generates various reports with district-wise and borrower-wise
details. The IT system is developed in-house and is managed by a
dedicated internal team. The risk management systems ensure
mandatory checks on the background, credit bureau and loan
utilisation of all the borrowers by the field officer, which is
later checked by the branch manager followed by the quarterly audit
of the branches. ICRA notes that while the internal control systems
are commensurate with the current scale of operations, the
company's ability to maintain rigour in the credit appraisal
process and internal controls remains to be seen.

Stable asset quality on a less seasoned portfolio - The company
reported stable asset quality indicators with 0+ and 90+ overdues
of 0.04% and 0.00%, respectively, as on June 30, 2019. AFL collects
repayments on a fortnight basis at the centre meetings and has
maintained collections of more than 99% at all branches across U.P.
and Uttarakhand. While the collections have been good on a small
scale of operations, AFL's ability to sustain the same and maintain
the asset quality indicators as it expands operations will remain a
monitorable.

Adequate capitalisation profile - The company's net worth of
INR3.35 crore, as on June 30, 2019, is supported by the funds
infused by the promoters and their family members. The portfolio
scale-up is supported by capital infusion by the promoters leading
to an adequate capitalisation profile with the CRAR exceeding the
regulatory requirements and managed book gearing of around 2.6
times as on June 30, 2019. ICRA notes that the current
capitalisation profile is adequate, given the current scale of
operations (managed portfolio of INR11.06 crore as on June 30,
2019). However, the company would require capital support from the
promoters or external parties to support its growth plans. AFL's
ability to raise adequate capital in a timely manner in relation to
its envisaged growth plans over the medium term will remain a key
monitorable.

Credit challenges

Small scale of regionally concentrated operations - The management
started handling microfinance operations in February 2017 before
formally starting AFL in February 2018. Given the limited track
record of operations, AFL reported AUM of INR11.06 crore as on June
30, 2019. The operations were spread across six branches in four
districts in two states, U.P. and Uttarakhand, that formed around
80% and 20%, respectively, of the AUM as on June 30, 2019. The
operations were regionally concentrated in U.P., exposing AFL to
regional and political risks. The district-wise concentration is
high as the district with the highest portfolio share accounted for
nearly 43% of the AUM and 142% of the net worth as on June 30,
2019. The increase in geographical diversity and reduction in
district-wise concentration will depend on the expansion of
operations in newer areas and will remain a monitorable.

Modest profitability profile - Given the nascent and small scale of
operations and the correspondingly higher operating overheads, AFL
reported a modest profitability profile. The profit after tax in
relation to average managed assets was 2.66% and return on average
net worth was 10.25% in Q1 FY2020 compared with 2.11% and 5.87%,
respectively, in FY2019. The profitability was on account of
interest rates being charged at around 30% while borrowings were
for around 20%. Given the nascent stage of operations, the
operating expenses were high and are expected to remain high before
stabilising as the company plans to diversify its operations. The
profitability was supported by the low impact of credit costs on
account of timely collections and adequate provisions for loans
overdue in the softer buckets. Going forward, AFL's ability to
control operating costs and contain credit costs, while scaling up
operations, would be crucial from a profitability perspective.

Ability to manage political, communal risks and to manage marginal
borrower profile – Unsecured lending to the marginal borrower
profile, and the political and operational risks associated with
microlending may result in high volatility in the asset quality
indicators. The microfinance industry is prone to socio-political
and operational risks, which could negatively impact AFL's
operations and thus its financial position. However, a
geographically diversified portfolio would mitigate these risks to
some extent as these issues are largely region specific so far. The
overall asset quality remains comfortable with nil gross NPAs (0+
dpd: 0.04%, 90+ dpd: 0.00%) as on June 30, 2019. The company's
ability to on-board borrowers with a good credit history, recruit
and retain employees and maintain geographical diversity would be
key for managing high growth rates. Additionally, the ability to
maintain prudent lending policies while growing at the envisaged
pace will be a key rating monitorable.

Liquidity: Adequate

As the advances comprise relatively shorter-tenure microfinance
loans compared to the tenure of the borrowed funds, the
asset-liability maturity (ALM) profile remains adequate. The
liquidity profile, as on June 30, 2019, is supported by collections
of INR4.33 crore and INR8.05 crore during the next three and six
months, respectively, a cash balance of INR0.62 crore and undrawn
lines of INR4.50 crore. The debt repayments due in the next three
and six months are expected to be around INR3.05 crore and INR5.83
crore, respectively. While ICRA expects the company to meet its
debt obligations in a timely manner, given the cash-in-hand and
expected inflow from loan repayments, it would be important for AFL
to maintain its collection efficiency while ensuring the regular
flow of funds to meet its internal growth projections.

The company has borrowings only from NBFCs and the average cost of
borrowings stood at around 20% in Q1 FY2020. The concentration in
the funding profile exposes AFL to the sector-related risks for
NBFCs that may arise and hamper the company's growth prospects.
AFL's ability to diversify its funding base and raise timely funds
to support planned disbursements and portfolio growth will remain a
monitorable.

Rating sensitivities

Positive triggers - ICRA could upgrade AFL's rating if it
demonstrates the ability to raise adequate funds (both equity and
debt) to support growth and if its portfolio crosses INR70 crore.
Geographical diversification, while maintaining the asset quality,
prudent capitalisation and a healthy earnings profile, would also
be crucial.

Negative triggers - Pressure on AFL's rating could arise if there
is a weakening in the capitalisation profile with the leverage
crossing 7 times or a weakening in liquidity. The rating could also
face pressure in case of a significant deterioration in the asset
quality, which could exert pressure on profitability.
Analytical approach Analytical Approach Comments Applicable rating
methodologies ICRA Credit Rating Methodology for Non-Banking
Finance Companies Parent/Group support NA Consolidation/Standalone
The rating is based on the standalone financial profile of the
company.

Ajivika Finance Limited's (AFL) management started operations in
February 2017 by initially handling the operations of RD Credit
Care & Livelihood Programmes, a Section 8 company with operations
in Kashipur (Uttarakhand). It later acquired Kohli & Kohli
Financial Consultants, an NBFC in operations since 1985, and
changed the name to Ajivika Finance Limited after taking management
control in February 2018. AFL is a non-deposit accepting NBFC
registered with the Reserve Bank of India (RBI). The company,
including the portfolio originated and managed for RD Credit Care,
operates in two states, U.P. and Uttarakhand, with six branches in
four districts - Udham Singh Nagar in Uttarakhand and Hapur,
Ghaziabad and Amroha in U.P. - as on June 30, 2019. The company
disburses microenterprise loans as JLG loans for income generating
activities to female borrowers. The loans are in the range of
INR20,000-Rs. 30,000 for a period of 12-18 months.

In FY2019, the company reported a profit after tax (PAT) of INR0.16
crore on a managed portfolio of INR10.19 crore as on March 31, 2019
compared with a PAT of INR0.09 crore on a managed portfolio of
INR2.61 crore as on March 31, 2018. In Q1 FY2020, AFL reported a
PAT of INR0.08 crore on a managed portfolio of INR11.06 crore as on
June 30, 2019.

B. P. FOOD: ICRA Maintains 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the rating for the INR200.0-crore bank facilities of B.
P. Food Products Pvt Ltd continues to be in the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D; ISSUER
NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term: Fund     75.00      [ICRA]D; ISSUER NOT
   based limits                   COOPERATING; Rating continues
                                  to remain in the 'Issuer
                                  Not Cooperating' category
   
   Long-term: Term     61.29      [ICRA]D; ISSUER NOT
   Loan                           COOPERATING; Rating continues
                                  to remain in the 'Issuer
                                  Not Cooperating' category

   Short-term: Non     45.00      [ICRA]D; ISSUER NOT
   fund-based limits              COOPERATING; Rating continues
                                  to remain in the 'Issuer
                                  Not Cooperating' category

   Long-term/Short     18.71      [ICRA]D; ISSUER NOT
   term: Unallocated              COOPERATING; Rating continues
   Limits                         to remain in the 'Issuer
                                  Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated/limited
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

B. P. Food Products Pvt Ltd, incorporated in December 1994, was
engaged in the milling of wheat and manufacturing of ood products
like whole wheat flour, refined flour, semolina, bran for cattle
feed and broken wheat. The company's promoters include Mr. Ravi
Prakash Bansal and Ms. Rekha Bansal, who also serve as directors.
BPFP had followed an inorganic growth strategy by acquiring
unsuccessful plants and turning them around into profitable units,
while expanding capacity. As per last information, the company had
five plants, one each at Sanchi, Gotegaon, Jabalpur, Pithampur and
Malanpur (all in Madhya Pradesh). As per feedback received from
lenders, all the plants have been inoperative since July-September
2017.

BAFNA GINNING: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR23.0-crore bank facilities of
Bafna Ginning and Pressing Private Limited continue to be in the
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING" and "[ICRA]A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long term fund      20.00      [ICRA]B+(Stable); ISSUER NOT
   Based cash credit              COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  category

   Short-term Non-      3.00      [ICRA]A4; ISSUER NOT
   fund-based                     COOPERATING; Rating continues
                                  o remain under the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best
available/dated/limited information on the issuers' performance.
Accordingly the lenders, investors and other market participants
are advised to exercise appropriate caution while using this rating
as the rating may not adequately reflect the credit risk profile of
the entity.

Incorporated in 1999, Bafna Ginning and Pressing Private Limited
(BGPPL) is a part of 'Mahima Group' which is promoted by Doshi
family. BGPPL has a ginning unit in Aurangabad (Maharashtra), which
is equipped with 22 ginning machines capable of producing 30,000
quintals of cotton lint per annum. In addition to in-house ginning,
the company is also engaged in trading of cotton lint and cotton
yarn, which accounts for majority of the revenues of the company.

BHIMAVARAM MUNICIPALITY: ICRA Cuts Issuer Rating to B+, Not Coop.
-----------------------------------------------------------------
ICRA has downgraded the issuer rating of Bhimavaram Municipality to
[ICRA]B+ (Stable) ISSUER NOT COOPERATING from [ICRA]BB+ (Stable).
The rating continues to remain in the 'Issuer Not Cooperating'
category.

Rationale

The rating downgrade is because of lack of adequate information
regarding Bhimavaram Municipality's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Bhimavaram Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Bhimavaram Municipality was established in 1948 and was upgraded to
a selection grade municipality in 2011. The municipality is
governed by the Andhra Pradesh Municipalities Act, 1965, which is
administered by the Municipal Administration and Urban Development
Department (DMA), GoAP. BVM provides basic municipal services in

Bhimavaram town, which is located in the Godavari district of
Andhra Pradesh. BVM covers an area of 32 square kilometre (sq. km.)
and serves a population of 1.37 lakh (as per Census 2011). The
major functions of the BVM include water supply, solid waste
management and construction, repair and maintenance of roads and
streetlights in its area. The municipality is divided into 39 wards
and is supervised by an elected body, the council, consisting of
ward councillors, elected for a period of five years. The council
further elects a Mayor, who heads the deliberative wing of the
corporation. The Commissioner, appointed by the State Government,
heads the executive wing of the ULB, and is responsible for all the
activities carried out by the Corporation.

CHILAKALURUPET MUNICIPALITY: ICRA Cuts Issuer Rating to B+/Not Coop
-------------------------------------------------------------------
ICRA has downgraded the issuer rating of Chilakalurupet
Municipality to [ICRA]B+ (Stable) ISSUER NOT COOPERATING from
[ICRA]BB (Stable). The rating continues to remain in the 'Issuer
Not Cooperating' category.

Rationale

The rating downgrade is because of lack of adequate information
regarding Chilakalurupet Municipality's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Chilakalurupet Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 01, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.  

Chilakalurupet Municipality was upgraded to a first grade
municipality in 2001 and is governed as per the Andhra Pradesh
Municipal Act, 1994. The municipality manages the municipal
services in Chilakalurupet town, situated in the Guntur district of
Andhra Pradesh and covers an area of 18.13 square kilometre (Sq.
Km.), serving a population of  101,398 (as per Census 2011). The
major functions of the CPM include water supply, solid waste
management and construction, repair and maintenance of roads and
streetlights in its area. The CPM is divided into 34 municipal
wards and is supervised by an elected body, the Council, consisting
of ward councillors, who further elect a Chairperson. The
Commissioner is appointed by the State Government and is the
principal executive officer of the municipality.

CROWN PROMOTERS: ICRA Maintains D Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR11.00 crore bank facilities of
Crown Promoters And Developers (CPD) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Term Loan          6.30       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Bank Guarantee     4.70       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Crown Promoters and Developers is a partnership firm and part of
Delhi based Crown group. The firm is developing an integrated
township project, 'Crown City' in Village Gharaunda district in
Karnal, Haryana. The township is spread over area of 50 acres and
primarily consists of residential plots. Apart from residential
plots, there are also areas marked for commercial development,
primary school and nursing home.

GAJAVELLI SPINNING: ICRA Moves 'B+' Rating to Not Cooperating
-------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Gajavelli Spinning Mills Private Limited (GSMPL) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         70.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Fund Based-         11.64       [ICRA]B+ (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category


   Non-Fund Based       1.00       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Unallocated          0.87       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

Gajavelli Spinning Mills Private Limited (GSPL), incorporated as
private limited company in April 2006 by Mr. Gajavelli Venkateswara
Rao and Mr. Gajavelli Poornachadra Rao, is primarily engaged in
producing cotton yarn. The mill is located in Guntur district of
Andhra Pradesh and has a capacity of 35184 spindles. Cotton yarn,
cotton waste and lint are the major products of the company. GSPL
produces carded and combed yarn of 32's count.

GOVIND CABLE: ICRA Maintains 'B' Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR13.00-crore bank facilities of
Govind Cable Industries (GCI) continue to remain under 'Issuer Not
Cooperating' category. The ratings are denoted as
"[ICRA]B(Stable)/[ICRA]A42; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           6.00       [ICRA]B (Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

   Short Term-          7.00       [ICRA]A4; ISSUER NOT
   NonFund Based                   COOPERATING; Continues to
                                   remain under the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available and
limited information on the issuers' performance. Accordingly, the
lenders, investors nd other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Govind Cable Industries (GCI) was established in 1978 to
manufacture power, control and instrumentation cables mainly for
steel and power sectors. The firm caters to Government entities or
private dealers who supply to Government entities. The
manufacturing facility is located at the industrial area of
Sahibabad in Ghaziabad, Uttar Pradesh.

H R BUILDERS: ICRA Maintains 'B+' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR31.81 crore bank facilities of H R
Builders (HRB) continue to remain under Issuer Not Cooperating
category. The long-term rating is denoted as [ICRA]B+ ISSUER NOT
COOPERATING with a Stable outlook, while the short-term rating is
denoted as [ICRA]A4 ISSUER NOT COOPERATING.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           8.00       [ICRA]B+(Stable); ISSUER NOT
   Limit Overdraft                 COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non-Fund based      23.81       [ICRA]A4; ISSUER NOT
   Limit-Bank                      COOPERATING; Rating Continues
   Guarantee                       To remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

Incorporated in January 1981 by Mr. Hansraj Dhankar, HR Builders
(HRB) is a proprietorship concern which is engaged in the
construction of roads and buildings. The scope of work executed by
the firm under the roads segment includes repair, maintenance and
rehabilitation of existing roads as well as construction of new
roads. Under the building construction segment, the services
offered by the firm include construction of structural work for
buildings, furniture and  fixtures fittings, plumbing, electrical,
firefighting, flooring, marble laying etc. The level of complexity
involved in these projects is generally low as the specifications
(architecture, design, material to be used, vendors etc.) for the
contract are provided by the client and the firm is required to
execute the projects as per these specifications. The client
profile of the firm largely includes public sector clients like
DSIIDC, Public works department, National Highway Authority of
India, DMRC etc.

HPCL-MITTAL: Fitch Rates Proposed USD Sr. Unsec. Notes BB-(EXP)
---------------------------------------------------------------
Fitch Ratings assigned India-based HPCL-Mittal Energy Limited's
(HMEL, BB/Stable) proposed US dollar senior unsecured notes an
expected rating of 'BB-(EXP)'.

Fitch has rated HMEL's proposed senior unsecured debt one notch
below its IDR, at the same level as the existing senior unsecured
bonds, due to the high proportion of secured debt in its capital
structure. Majority of the proceeds of the proposed notes will be
used to refinance HMEL's secured borrowings, which should reduce
the proportion of secured debt. However, the ratio of secured debt
/ EBITDA would remain above 3x, which is well above Fitch's
threshold of 2.0 to 2.5x for material subordination of unsecured
debt, resulting in one notch lower rating than its IDR.

HMEL's IDR is assessed under a bottom-up approach based on Fitch's
Parent and Subsidiary Rating Linkage criteria, with a two-notch
uplift from its Standalone Credit Profile (SCP) of 'bb-'. However,
Fitch caps HMEL's IDR at the 'bb' SCP of its 48.99% parent,
Hindustan Petroleum Corporation Limited (HPCL, BBB-/Stable), as
Fitch does not believe that HPCL's parent, Oil and Natural Gas
Corporation Limited, nor the Indian government (BBB-/Stable), would
ultimately provide support to HMEL. This limits the current uplift
to one notch. HMEL's SCP reflects robust refining operations from
its high-complexity refinery, strong demand and robust
profitability and elevated leverage.

KEY RATING DRIVERS

Weak GRM, High Capex: HEML's GRM was down to USD12.2 a barrel in
FY19; 9% lower than its estimates, though still significantly
outperforming Singapore GRMs, which are used as the regional
benchmark. Capex for HMEL's petrochemical project was brought
forward in FY19 and therefore was 16% higher than its estimates.
These two factors saw HMEL's net leverage, as measured by net
adjusted debt/operating EBITDAR, rise to 5.5x in FY19, from 5.2x in
FY18.

Lower Leverage Headroom: Net leverage is likely to stay above 5.0x
over the next three years due to HMEL's large capex plans, despite
strong operating cash flow. HMEL is setting up a petrochemical
plant with 1.2 million metric tonnes per annum (MMTPA) capacity to
improve downstream integration. It spent INR67 billion of total
estimated capex of INR228 billion by FYE19, with the balance to be
spent over the next four years. Leverage should peak at above 6.0x
in FY21 on lower throughput due to a planned shutdown for major
maintenance then fall once the petrochemical project starts
operation in FY23.

Fitch believes HMEL is taking steps to optimise liquidity and
working-capital requirements through extended payment terms with
major crude suppliers during the high capex phase. Fitch will
monitor progress on capex and profitability, as deviation may
pressure the SCP.

Strong Refining Operation: HMEL's strong asset quality is driven by
its high-complexity refinery, which has a Nelson complexity index
of 12.6, one of the highest in India. This allows for the
processing of heavy crude oil and optimisation of the company's
product slate, as reflected in HMEL's high GRM against regional
benchmarks. Fitch expects HMEL's GRM to rise moderately over the
medium term, benefiting from stronger diesel cracks due to
International Maritime Organization specification changes to limit
sulphur content in all marine fuels from 2020.

This should drive up prices and margins for compliant fuels, such
as marine gasoil, at least in the medium term, and will benefit
complex refiners that have the capacity to produce them, such as
HMEL, which has a high middle distillate yield (FY19: 49%). This is
likely to be partly offset by lower heavy-crude supply from Iran
and Venezuela and additional refinery capacity coming on stream.

Strategic Location with Strong Demand: HMEL's refinery utilisation
rate benefits from favourable refining demand/supply for petroleum
products in north India, where the company is located. The
strategic location also limits competition. Fitch expects HMEL to
maintain strong utilisation rates, supported by an offtake
agreement with HPCL for its liquid hydrocarbon, which minimises
offtake risk, and strong domestic demand for petroleum products.
HMEL's throughput is likely to remain well above 100% in FY20,
similar to the 110% level achieved in FY19.

Cyclical Industry, Limited Integration: HMEL is exposed to the
volatility of the international refining cycle, as reflected in the
recent dip in industrywide margins due to oversupply. However, HMEL
should be less affected than peers due to its strategically located
high-complexity refinery. The refinery has limited downstream
integration from its small petrochemical capacity, but the planned
expansion project should improve HMEL's integration and business
profile over the medium term.

Uplift from Linkages with HPCL: HMEL's rating benefits from its
strategic and operational linkages with HPCL, which provides one
notch of support from its SCP, as HMEL's IDR is capped at HPCL's
SCP of 'bb'. HPCL's off-take agreement with HMEL to buy all liquid
products, except naphtha, is valid until 2026 - with an option to
extend it for two more terms of five years each - and constituted
around 90% of HMEL's FY19 output by value. HMEL represents over 26%
of HPCL's refining capacity following its refinery expansion and is
accorded first priority by HPCL for sourcing its product
requirements in north India, where HMEL is its only refinery.

Bond Rating Notched Down: Fitch has rated HMEL's proposed senior
unsecured bond one notch below its IDR, at same level as its USD375
million 5.25% senior unsecured notes due 2027, due to the high
proportion of secured debt in its capital structure. The majority
of the proceeds of the proposed notes will be used to refinance
HMEL's secured borrowings, which will reduce the proportion of
secured debt to 67% by FYE20 from 73% at FYE19. However, Fitch
expects secured debt/EBITDA to stay above 3x over the medium term
as borrowing for its petrochemical expansion is likely to be mostly
on a secured basis. As a result, the proposed bonds are rated one
notch lower than HMEL's IDR.

DERIVATION SUMMARY

HMEL's IDR includes a one-notch up-lift for its moderate linkages
with HPCL. Its rating would benefit from one additional notch of
uplift if its SCP weakened or if HPCL's SCP improved, provided
linkages remained intact. HPCL is India's third-largest
fuel-marketing company, with about one-fifth market share and the
second-largest number of retail fuel outlets. HPCL's refining
capacity of 27 MMTPA, including all of HMEL's 11.3 MMTPA capacity,
accounts for more than 10% of India's refining capacity. The
company is also the market leader in lubricant sales. HPCL's larger
scale, integration into fuel retailing, average asset quality and
better financial profile result in its SCP being one notch higher
than that of HMEL.

HMEL's SCP reflects strong refining asset quality, which is likely
to drive stable cash flow. However, Fitch also expects high
leverage in light of elevated capex. HMEL's SCP is one notch higher
than that of Sweden-based Corral Petroleum Holdings AB (CPH,
B+/Stable) due to HMEL's better asset quality, stronger
profitability and presence in the strongly expanding Indian market.
CPH has larger scale and some integration into fuel retailing, but
its presence in the mature European market, with expected excess
refining capacity, structural decline in fuel consumption, as well
as high competition, despite manageable capex and lower leverage,
constrains its ratings.

KEY ASSUMPTIONS

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

  - Moderate increase in GRM from a wider diesel spreads, somewhat
counterbalanced by higher refining capacity and lower heavy-crude
supply

  - Long-term crude oil prices (Brent) of USD57.5 a barrel (FY19:
USD69.9)

  - Refinery throughput of 12.1 MMTPA in FY20, 10.8 in FY21 and
12.3 in FY22 (FY19: 12.5)

  - Capex of INR35 billion in FY20, INR58 billion in FY21 and INR40
billion in FY22

RATING SENSITIVITIES

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

  - Improvement in HPCL's SCP, provided linkages remain intact

Fitch does not expect positive action on HMEL's SCP over the
medium-term in light of its expectations of increasing leverage on
account of large capex

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

  - Significant weakening of linkages between HPCL and HMEL

  - Failure to lower net leverage, as measured by net adjusted
debt/operating EBITDAR, toward 5x or lower by FYE23, might result
in a lowering of the SCP. However, HMEL's IDR will remain unchanged
if its SCP fall by one notch due to an additional notch of support
from its linkage with HPCL, provided the linkages remain intact.

LIQUIDITY

Comfortable Liquidity: HMEL's liquidity is comfortable, with a cash
balance of around INR3.3 billion and undrawn sanctioned
working-capital facilities of INR70.1 billion at FYE19, compared
with long-term debt maturities of INR25.4 billion. In addition,
HMEL has adequate access to the domestic debt market, where it has
strong relationships with Indian banks, and the offshore market,
where it raised USD375 million via a bond issue in April 2017.

HPCL-MITTAL: Moody's Rates Proposed USD Sr. Unsec. Bonds Ba2
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to the proposed USD
senior unsecured bonds to be issued by HPCL-Mittal Energy Limited
(HBa1 negative). The proceeds from the bonds will be used to
refinance the company's existing indebtedness.

The rating outlook is negative.

RATINGS RATIONALE

"The Ba2 rating on the senior unsecured bond is one notch lower
than HMEL's Ba1 corporate family rating and is in line with HMEL's
existing 5.25% $375 million senior unsecured bonds due 2027. The
lower rating on the bonds reflects that the claim of the bond
holders is subordinated to the claims of secured lenders of the
company. At March 31, 2019, 73% of the total debt in HMEL's capital
structure was secured," says Vikas Halan, a Moody's Senior Vice
President.

HMEL's Ba1 corporate family rating incorporates a two-notch uplift
based on Moody's expectation that the company will receive
extraordinary support from its shareholder and key offtaker,
Hindustan Petroleum Corporation Ltd. (Baa2 stable), in times of
need. Moody's expectation reflects HMEL's strategic importance to
HPCL, its 49% ownership by HPCL, as well as HPCL's management
oversight and track record of providing financial and operational
assistance to HMEL.

HMEL's CFR is supported by the company's high complexity refinery
that generates high refining margins, and by its 15-year offtake
agreement with HPCL that provides high visibility on sales
volumes.

The rating, however, is constrained by the moderate scale of the
company's operations, with a single refinery, single crude
distillation unit and exposure to the cyclical nature of the
refining industry. HMEL's CFR also takes into account Moody's
expectation that the company's credit metrics will remain pressured
until at least 2021, because of its ongoing expansion into
petrochemicals.

The company is in the process of setting up a dual feed
petrochemical capacity of 1.2 million metrics tons per annum
(mtpa). The project, which commenced in October 2017, was
originally planned to be completed by March 2022. However, the
company now intends to complete it by April 2021, which will
accelerate capital spending and keep borrowings at an elevated
level until such time.

HMEL's leverage — as measured by debt/EBITDA — increased to
around 5.3x for the 12 months ended June 30, 2019 compared to
Moody's downgrade trigger of 5.0x. The increase was driven by both
a decline in refining margins, as well as HMEL's accelerated
capital spending on its petrochemical project.

"Singapore gross refining margins were weak during the first six
months of 2019, averaging just around $3.5/bbl. While margins
ticked up to an average of around $6.1/bbl during July and August,
this increase was mainly driven by seasonal factors," adds Halan,
who is also Moody's Lead Analyst for HMEL.

Tightening regulations on the use of heavy fuel oil in the shipping
industry from 2020 could lead to higher demand for middle
distillates and provide some support to refining margins,
particularly for complex refiners like HMEL.

Moody's expects that HMEL's leverage — as measured by debt/EBITDA
— will remain beyond its downgrade triggers at around 5.1x for
fiscal 2020 and 6.0x in fiscal 2021. This expectation is based on
Moody's assessment that HMEL can generate EBITDA of $8/barrel of
throughput in fiscal 2020 and $9/barrel in fiscal 2021. However,
Moody's notes that an improvement in average annual refining
margins by $1/barrel will lead to a reduction in leverage by about
0.6x.

While leverage should start recovering from April 2021, once the
petrochemical expansion starts contributing to earnings and cash
flow, any delays in ramp-up could defer such earnings and keep
HMEL's credit metrics under pressure.

HMEL's ratings also consider the following environmental, social
and governance factors.

First, HMEL is exposed to increasing environmental regulations and
safety risks associated with its refining business, which is among
the 11 sectors that Moody's has identified as having elevated
environmental risk. However, these risks are somewhat mitigated by
the company's track record of environmental compliance and high
refining complexity, with increasing downstream integration.

Second, the ratings consider HMEL's aggressive financial strategy,
as evidenced by its largely debt funded ongoing petrochemicals
capacity expansion. This is mitigated by the company's low
shareholder returns, long-dated debt maturity profile, and an
undertaking from its sponsors to cover certain shortfalls in
internal cash generation and cost overruns.

Third, HMEL is privately owned and its ownership is concentrated in
HPCL and Mittal Energy Investments, which each hold a 49% stake in
HMEL.

HMEL's board consists of nine directors, of which, only two are
independent. HPCL is in turn 51.1% owned by Oil and Natural Gas
Corporation Ltd. (Baa1 stable), which is 67.7% owned by the
Government of India (Baa2 stable). The indirect, partial ownership
by the Government of India mitigates some of the risks arising from
its concentrated ownership structure.

HMEL's liquidity is adequate. As of June 30, 2019, the company had
cash and cash equivalents of INR7.2 billion and INR33.5 billion of
debt maturing over the next 12 months.

Moody's expects that the company's internally generated cash flow
from operations and cash balance will sufficiently cover its debt
maturities, maintenance capex, as well as dividend payments over
the next 12-15 months.

The company's liquidity position is further supported by its
long-standing banking relationships and strong access to the debt
capital markets.

HMEL also has a committed term loan facility of INR148 billion for
its petrochemical project, of which, INR106 billion remain undrawn
as of June 30, 2019; an amount which will be sufficient to fund the
remaining project cost.

The negative ratings outlook reflects Moody's expectation that
HMEL's credit metrics may fail to improve to a level more
appropriate for its ratings, if there is a further deterioration in
the regional refining margin environment.

Given the negative outlook, an upgrade is unlikely over the next
12-18 months. Nevertheless, Moody's could revise the outlook to
stable if the refining margin environment improves, such that HMEL
is able to reduce and maintain its leverage below 5.0x through
March 2021.

Moody's could downgrade the ratings if there is a sustained decline
in either refining margins or operational efficiency, resulting in
lower cash flow generation, such that the borrowings needed for the
expansion project are substantially higher than Moody's
expectations.

Specifics metrics that would indicate downward ratings pressure
during the project construction phase include adjusted debt/EBITDA
staying above 5.0x and EBIT/interest remaining below 2.5x beyond
March 2020.

Moody's could downgrade the ratings if HMEL's credit metrics fail
to recover after project completion and stabilization, such that
debt/EBITDA stays above 4.0x and EBIT/interest stays below 3.0x.

HMEL's ratings could also face downward pressure if (1) Moody's
downgrades HPCL's ratings, or (2) there is a change in the
relationship between HPCL and HMEL that lowers Moody's assessment
of the level of support incorporated into HMEL's ratings.

The principal methodology used in this rating was Refining and
Marketing Industry published in November 2016.

HPCL-Mittal Energy Limited, which commenced operations in 2011,
owns an 11.3 million metric tons per annum (mmtpa) refinery in
Bathinda, Punjab, with a Nelson Complexity Index of 12.6, making it
one of the highest complexity refineries in Asia.

IND SWIFT: ICRA Maintains 'D' Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the ratings for the INR1213.57 crore bank facilities of
Ind Swift Laboratories Limited (ISLL) continues to remain under the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Term Loan        610.89       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Fund-based       303.41       [ICRA]D ISSUER NOT COOPERATING;
   Working                       Rating continues to remain under
   Capital                       the 'Issuer Not Cooperating'
   Facilities                    category

   Non-fund         265.00       [ICRA]D ISSUER NOT COOPERATING;
   Based Working                 Rating continues to remain under

   Capital                       the 'Issuer Not Cooperating'
   Facilities                    category

   Unallocated      34.27        ICRA]D/[ICRA]D ISSUER NOT
   Limits                        COOPERATING; Rating continues
                                 to remain under the 'Issuer Not
                                 ooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by CRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and ther market participants are advised to
exercise appropriate caution while using this rating as the rating
may not dequately reflect the credit risk profile of the entity.

ISLL, part of the Ind-Swift Group based at Chandigarh, was promoted
in 1995 by Ind-Swift Limited in joint venture with the Punjab State
Industrial Development Corporation Limited (PSIDC). ISLL went
public in 1997 and subsequently in FY2003, PSIDC exited from ISLL.
ISLL is a medium sized manufacturer of Active Pharmaceuticals
Ingredients (APIs) and Advanced Intermediates with presence mostly
in domestic markets and certain semi-regulated markets. The company
develops, manufactures and supplies bulk drugs to various domestic
formulations companies and leading generic players across
semi-regulated markets (with predominant presence in East European
Markets).

INDIAN GEM: ICRA Cuts INR30cr Cash Loan Rating to D, Not Coop.
--------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Indian Gem & Jewellery Imperial Private Limited (IGJIPL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund Based        30.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits Cash                   downgraded from [ICRA]BB
   Credit                        (Stable) ISSUER NOT COOPERATING#

   Untied Limits      5.00       [ICRA]D ISSUER NOT COOPERATING;
                                 downgraded from [ICRA]BB
                                 (Stable) ISSUER NOT COOPERATING#

#Issuer not cooperating due to NDS non submission
Rationale

The downward revision in the rating primarily considers
unfavourable debt-serving track record of GJIPL in the recent past,
as confirmed by the lender. The rating is also impacted by the
IGJIPL's weak financial profile, characterised by a leveraged
capital structure and weak debt coverage indicators. The rating is
constrained by the high level of inventory required to support
IGJIPL's business, which leads to high working capital
requirements, impacting its liquidity position. The company's
profitability is exposed to adverse movement in gold prices. ICRA
also notes that the intense competition in the industry,
characterised by the presence of many organised and unorganised
players, keeps margins under check. The rating also factors in the
company's exposure to geographical concentration (as its major
operations are concentrated in Kolkata at present) and regulatory
risks. Any adverse change in government regulations may negatively
impact the company's business risk profile.

The rating, however, consider promoters' experience in the
jewellery business, with a track record of over two decades and the
favourable locations of the showroom in prime locations of the
city.

Key rating drivers and their description

Credit strengths

Experience of the promoter in the jewellery business – The
promoter has experience of over two decades in the jewellery
business. The promoter was earlier involved in the jewellery
business through Indian Gem & Jewellery Private Limited. However,
the same was demerged in FY2007 and accordingly, IGJIPL was formed.
The promoters' track record in the business mitigates the
operational risk to an extent.

Favourable locations of the showroom – The location of the
showrooms at prime places provides easy accessibility to its target
customers.

Credit challenges

Delays in servicing of debt obligations – The company has delayed
in timely servicing of debt obligations in the recent past due to
its stretched liquidity position, leading to overutilisation in the
working capital facility for more than 30 consecutive days.
Intense competition in the highly fragmented wholesale jewellery
industry – The domestic gems and jewellery industry is highly
fragmented in nature and is characterised by intense competition.
IGJIPL not only faces competition from unorganised players, but
also from a few well-established organised players. Moreover, it
operates at a wholesale level, where the competition is more
pronounced and in turn keeps margins under pressure.

Weak financial profile characterised by a leveraged capital
structure and depressed coverage indicators – The capital
structure of the company continued to remain leveraged, as depicted
by a gearing of 1.36 times as on March 31, 2018 (provisional)
compared to 1.48 times as on March 31, 2017. High debt levels
coupled with low profitability kept the coverage indicators
depressed as reflected by an interest coverage of 1.41 times,
NCA/total debt of 3.9% and TD/OPBDITA of 5.08 during FY2018.

High working capital intensity of operations – Jewellery business
is inherently working capital intensive because of the sizeable
inventory required to be maintained across showrooms. Moreover,
rise in inventory holding and receivables position led to an
increase in the NWC/OI from 27% as on March 31, 2017 to 31% as on
March 31, 2018. This in turn, exerted pressure on the company's
liquidity position and stretched the payables as on March 31,
2018.

Exposure to fluctuations in gold prices and regulatory risk - The
jewellery retail industry has been witnessing increased regulatory
intervention in the last few years which impacted the operating
environment and consequently the performance of the jewellers.
Revenue growth and margins remain susceptible to fluctuations in
gold prices, which in turn are impacted by regulatory
interventions. Any adverse policy decision leading to unfavourable
movement in gold prices could impact demand prospects and
profitability.

Liquidity position: Poor

IGJIP's liquidity remains poor as reflected in delays in the debt
servicing obligations by the entity.

Rating sensitivities

Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months), following improvement in liquidity
profile of the entity.

Negative triggers - Not applicable

Incorporated in November 2006 by Mr. Prasanna Dugar, IGJIPL is
involved in manufacturing and trading of gold, diamond and
stone-studded jewellery. The promoter was earlier involved in the
jewellery business through Indian Gem & Jewellery Private Limited.
However, the same was demerged in FY2007 and accordingly, IGJIPL
was formed. The company earns revenue from both wholesale and
retail sales.

JANTA RICE: ICRA Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the 13.00 crore bank facilities of Janta
Rice Mills (JRM) continue to remain under Issuer Not Cooperating
ategory. The long-term rating is denoted as [ICRA]B ISSUER NOT
COOPERATING with a Stable outlook.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Fund        9.50      [ICRA]B(Stable); ISSUER NOT
   based/Cash Credit               COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Long-Term Fund        2.50      [ICRA]B(Stable); ISSUER NOT
   based/Warehousing               COOPERATING; Rating Continues  

   Receipt Finance                 to remain under the 'Issuer
                                   Not Cooperating' category

   Term loan             1.00      [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

JRM is a partnership firm established in 1978. It is primarily
involved in milling of basmati and non-basmati rice to produce raw
and boiled rice. JRM's milling unit is located in Nissing, District
Karnal, Haryana, in close proximity to the local grain market. The
firm has a milling capacity of 2 tonnes/hour and a sorting capacity
of 4 tonnes/hour.

JPC INFRA: ICRA Maintains D Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the INR21.00 crore bank facilities of Jpc
Infra Private Limited (JIPL) continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund based-       20.80       [ICRA]D ISSUER NOT COOPERATING;
   Term Loan                     Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

   Unallocated        0.20       [ICRA]D ISSUER NOT COOPERATING;
                                 Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in 2006, JPC owns a commercial property in Sector 63
Noida (~20 km from Central Delhi) with a total leasable area of
~12,000 sq. mt. out of which, currently ~8,600 sq ft has been
leased to a group company, Standard Type Foundry Pvt Ltd (STF),
which operates a Toyota service centre under the name 'Uttam
Toyota' in the building. The ongoing lease agreement was signed in
October 2011 for seven years with a lock-in period for the entire
tenure. Escalation of 18.75% in the rental is applicable every
alternate year.

M.D. FROZEN: ICRA Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR65.00-crore bank facilities of
M.D. Frozen Food Exports(MDF) continue to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]D ISSUER
NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long-Term         54.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based/                  Continues to remain under the
   Cash Credit                  'Issuer Not Cooperating' category

   Long-Term          7.63      [ICRA]D; ISSUER NOT COOPERATING;
   Fund based/                  Continues to remain under the
   Term Loan                    'Issuer Not Cooperating' category

   Long-Term          0.50      [ICRA]D; ISSUER NOT COOPERATING;
   Non-Fund                     Continues to remain under the
   based/Bank                   'Issuer Not Cooperating' category
   Guarantee                    

   Long-Term          2.37      [ICRA]D; ISSUER NOT COOPERATING;
   Unallocated                  Continues to remain under the
                                'Issuer Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Formed in 1992 as a partnership firm, M.D. Frozen Food Exports is
engaged in processing and export of frozen meat to various
countries in Africa, Asia and the Middle East. MDF purchases live
animals from traders and farmers and sends it to the Meem Agro
slaughter house. The meat is then processed at its facilities in
Dasna, Ghaziabad (UP), stored at Dasna or at Lawrence road facility
of M/s Sushil Ice Factory & Cold Storage (another promoter
concern), dispatched to Mumbai by train from where it is shipped
overseas. The meat is sold under its own brand name 'Hanian' or
other generic brands as desired by buyers. MDF also used to
processes meat on a contractual basis for its group concern, MD
Frozen Food Exports Private Limited (MDPL) but has not done so in
FY15.

MUKTA INDUSTRIES: ICRA Lowers Rating on INR25cr Loan to 'D'
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Mukta
Industries Private Limited (MIPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund-based–        25.00     [ICRA]D; Downgraded from
   Cash Credit                  [ICRA]BB- (SO)(Stable)

   Non-fund            5.00     [ICRA]D; Downgraded from
   Based-Letter                 [ICRA]A4 (SO)
   of Credit           
                                
   Unallocated         5.00     [ICRA]D/[ICRA]D; Downgraded
   Limits                       from [ICRA]BB-(SO)
                                (Stable)/[ICRA]A4 (SO)

Rationale

The rating action reflects the recent delay in servicing the debt
obligations by MIPL as confirmed by the banker. The significant
increase in working-capital intensity due elongated receivables
days has stressed the liquidity position, leading to the delay in
payments. The ratings are further constrained by the modest scale
of operations and the decline in revenue growth in the past two
fiscals. Additionally, the company's profitability has been
affected by the intense industry competition and the volatility in
metal prices.

Going forward, the ability of the company to meet its obligations
on time, efficiently manage its working capital, scale up
operations and sustain profit margins will be the key rating
sensitivities. It is worth nothing that earlier the rating was
based on a corporate guarantee from Prakash Steel Corporation ('the
guarantor'). However, given that the guarantor is also defaulting,
the benefit of the corporate guarantee has not been factored while
assigning the [ICRA]D rating. Thus, the rating symbol is not
accompanied by any suffix.  
Key rating drivers and their description

Credit strengths

Extensive experience of promoters - Established in 1994, MIPL
trades in metal products. Its key promoters, Mr. Prakash Shah, Mr.
Naresh Shah, Mr. Hemendra Shah, Mr. Pankaj Shah and Mr. Pradip
Shah, have more than two decades of experience in the steel
industry. This helps the company to garner repeat orders from end
customers.

Credit challenges

Delays in servicing debt obligations - The banker has confirmed
that the company has delayed in servicing its interest obligations,
resulting in over utilisation of its working capital limits for
more than 30 days in the last few months. The stretch in working
capital cycle due to elongated receivables (~162 days) have
stressed the liquidity position. The company' working capital
intensity, as reflected by NWC/OI, remained high at ~47% in FY2019
(provisional).

Moderate scale of operations with intense competition - The company
has a modest scale of operations. It witnessed muted revenue growth
over the last two fiscals because of which the operating income
declined by ~21% to INR133.44 in FY2018 and ~39% to INR80.80 crore
in FY2019. Further, the company faces intense competition in a
highly fragmented industry from unorganised players. This coupled
with the low-value added business limits pricing flexibility and
profitability.

Weak financial risk profile - The company's operating income
declined significantly to INR80.80 crore in FY2019 from Rs.133.44
crore in FY2018 because of a decline in sales volumes. MIPL's
capital structure remained leveraged, as evident from its gearing
of 1.94 times as on March 31, 2019. The debt coverage indicators
also remained poor, with the interest coverage of 0.91 times, Total
Debt/OPBDITA at 6.62 times and NCA/Total Debt at ~2% respectively
in FY2019 (provisional).

Vulnerability of profitability to fluctuations in raw material
prices – The realisation depends on the price of raw material
(i.e metal products). The company's profitability is affected by
any fluctuation in metal prices. Any adverse movement in the prices
could have an adverse impact on its margins.

Liquidity position: Stretched

Liquidity is stretched. Delays in receipt of payments from
customers have weakened the liquidity position of the company in
the past six months, resulting in delay in debt servicing.

Rating sensitivities

Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months).

Established in 1994 as a private limited company, Mukta Industries
Private Limited (MIPL) is a metal trading company involved in
various metal products, which include alloy steel bars and rods,
billets, channels, wire rods and plates of different alloy grades.

The Mukta Group of Industries consists of other entities namely
Prakash Steel Corporation (PSC), Vastupal Bearing Races Limited
(VBRL), Mukta Automation Private Limited (MAPL) and Vastupal Sales
& Services LLP (VSSL). While PSC manufactures bright bars using
different grade of stainless steel, alloy steel and carbon steel,
VBRL manufactures forged and machined bearing used in ball bearing,
roller bearings, taper bearings and auto ancillary industry. MAPL
manufactures machined items as per customer's specifications and
VSSL provides financial services.

In FY2019, on a provisional basis, the company reported a net
profit of INR0.44 crore on an operating income of INR80.80 crore,
as compared to a net profit of INR0.24 crore on an operating income
of INR133.44 crore in the previous fiscal.

NARASARAOPET MUNICIPALITY: ICRA Cuts Issuer Rating to B+, Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the issuer rating of Narasaraopet Municipality
to [ICRA]B+ (Stable) ISSUER NOT COOPERATING from [ICRA]BB (Stable).
The rating continues to remain in the 'Issuer Not Cooperating'
category.

Rationale
The rating downgrade is because of lack of adequate information
regarding Narasaraopet Municipality's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Narasaraopet Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

The Narasaraopet municipality was established in 1980 and is
governed by the Andhra Pradesh Municipal Act, 1994. The NPM manages
the municipal services in Narasaraopet town, in the Guntur district
of Andhra Pradesh. The town is one of the major trading and
business centres of Guntur. The NPM covers an area of 7.65 square
kilometre (Sq. Km.) and serves a population of 117,568 (as per
Census 2011). The major functions of the NPM include water supply,
solid waste management and construction, repair and maintenance of
roads and streetlights in its area. It is divided into 34 municipal
wards supervised by an elected body, the Council, consisting of
ward councillors, who further elect a Chairperson. The Commissioner
is appointed by the State Government and is the principal executive
officer of the municipality.

PAXAL CORPORATION: ICRA Maintains B Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the rating for the INR19.00 crore bank facilities of
Paxal Corporation continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]B
(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-Fund       8.00       [ICRA]B (Stable) ISSUER NOT
   Based/ CC                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term-Non      11.00       [ICRA]A4 ISSUER NOT
   Fund Based                      COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

The rating is based on no updated information on the entity's
performance since the time it was last rated in March 2018. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating does not adequately reflect the credit risk profile of the
entity. The entity's credit profile may have changed since the time
it was last reviewed by ICRA; however, in the absence of requisite
information, ICRA is unable to take a definitive rating action.

As part of its process and in accordance with its rating agreement
with Paxal Corporation, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information, and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November , 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Paxal Corporation was incorporated in 2007 as a partnership firm.
The firm is mainly involved in trading of steel products such as
sheets, coils, strips etc. It imports stainless-steel from various
suppliers in Malaysia, Spain, Vietnam, China etc and sells to
multiple small traders and manufacturers in Bangalore and some
parts of Tamil Nadu.

PRAKASH STEEL: ICRA Lowers Rating on INR15cr Cash Loan to D
-----------------------------------------------------------
ICRA said the rating action for Prakash Steel Corporation (PSC)
reflects the recent delay in servicing the company's debt
obligations, as confirmed by the banker. The significant increase
in working capital intensity due to high inventory level and
elongated receivable days has stressed the liquidity position,
leading to the delay in payments. The ratings are further
constrained by the modest scale of operations and the significant
dip in revenue growth in the past fiscal. Additionally, the firm's
profitability has been affected by the intense industry competition
and the volatility in raw material prices.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based-         15.00       [ICRA]D; Downgraded from
   Cash Credit                     [ICRA]BB- (Stable)

   Non-fund Based–     (4.00)      [ICRA]D; Downgraded from
   Letter of Credit^               [ICRA]A4

   Unallocated         1.00        [ICRA]D/[ICRA]D; Downgraded
   Limits                          from [ICRA]BB-(Stable)/
                                   [ICRA]A4

^Sublimit of cash credit facility

Going forward, the ability of the firm to meet its obligation on
time, efficiently manage its working capital, scale up operations
and sustain profit margins will be the key rating sensitivities.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters - The key promoter, Mr. Pankaj
Shah, has more than two decades of experience in the steel
industry. This helps the firm to garner repeat orders from end
customers.

Credit challenges

Delays in servicing debt obligations - The banker has confirmed
that the firm has delayed in servicing its interest obligations,
resulting in over utilisation of its working capital limits for
more than 30 days in the last few months. The stretch in working
capital cycle due to elongated receivables (~256 days) and high
inventory levels (~161 days) have stressed the liquidity position.
The firm' working capital intensity, as reflected by NWC/OI,
remained high at ~103% in FY2019 (provisional).

Moderate scale of operations with intense competition - The scale
of operations remain moderate, as reflected in its operating income
(OI) of INR62.06 crore in FY2018 and INR24.97 crore in FY2019
(provisional). Further, the intense competition from other
organised and unorganised players in the highly fragmented steel
industry, given the commoditised nature of the product, limits its
pricing flexibility and hence exerts pressure on its margins.

Weak financial risk profile - The firm's operating income declined
significantly to INR24.97 crore in FY2019 from INR
2.06 crore in FY2018 due to a decline in sales volumes caused by
erosion in scale and reduction in sales realisations. The small net
worth base and the high debt level resulted in a leveraged capital
structure, with a high gearing of 8.39 times as on March 31, 2019.
The debt coverage indicators also remained poor, as reflected by
interest coverage of 1.14 times, Total Debt/OPBDITA of 8.40 times
and NCA/Total Debt of ~2% for FY2019 (provisional).

Vulnerability of profitability to fluctuations in raw material
prices – The realisation depends on the price of raw material
(i.e steel rolling bars). Thus, the firm's profitability is
vulnerable to the extent of any mismatch in the price of raw
material and the end-product.

Liquidity position: Stretched

Liquidity is stretched. Delays in receipt of payments from
customers have weakened the liquidity position of the firm in the
past six months, resulting in delay in debt servicing.

Prakash Steel Corporation (PSC) is a part of the Mukta Group of
Industries and was established as a proprietorship concern by Mr.
Babulal Shah in 1975 in Ahmedabad. The firm is owned and managed by
Mr. Pankaj Shah. The firm manufactures bright bars for different
grades of stainless steel, alloy steel and carbon steel of
different diameters, ranging between 7 mm and 70 mm, which goes up
to 150 mm in certain cases. The firm also trades other steel
products such as plates of different alloy grades, flate steel and
commercial grade round steel bars. The product range finds
application in automobile, engineering, capital goods and other
allied industries.

The Mukta Group of Industries consists of other entities namely
Mukta Industries Private Limited (MIPL), Vastupal Bearing Races
Limited (VBRL), Mukta Automation Private Limited (MAPL) and
Vastupal Sales & Services LLP (VSSL). While MIPL trades alloys
steel bars and rods, billets, channels, wire rods and plates of
different grades, VBRL manufactures forged and machined bearing
used in ball bearing, roller bearings, taper bearings and auto
ancillary industry. MAPL manufactures machined items as per
customer's specifications and VSSL provides financial services.

R.R. INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR9.00 crore bank facilities of R.R.
Industries continue to remain under the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based           5.00       [ICRA]B (Stable) ISSUER NOT
   Limits/CC                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund-based           2.43       [ICRA]B (Stable) ISSUER NOT
   Limits/TL                       COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Non Fund             0.03       [ICRA]A4 ISSUER NOT
   Based limits                    COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Interchangeable     (0.32)      [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated Limits   1.54       [ICRA]B(Stable)/A4 ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain in the 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

RRI was established as a partnership firm in 2009. The firm is
engaged in the milling of rice at its plant located in Kashipur,
Uttarakhand. Initially, the firm had an installed capacity of 4
Metric Tonnes Per Hour (MTPH), which was  gradually increased to
the current level of 8 MTPH. The firm is owned and managed by the
Agarwal family, with the partners being Mr. Sachin Agarwal, Mr.
Anubhav Agarwal, Mr. Gaurav Agarwal and Mr. Ashok Agarwal.

RAICHUR LABORATORIES: ICRA Keeps D Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR20.00-crore bank facilities of
Raichur Laboratories Pvt. Ltd. (RLPL) continue to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Long Term-        15.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating continues to remain under
   limits                        the 'Issuer Not Cooperating'
                                 category

   Long Term          5.00       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating continues to remain under
                                 the 'Issuer Not Cooperating'
                                 category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.

RLPL was incorporated in 2013 by Mr. P. Giridhar Gopal and Dr. M.
Vijender for setting up a drug intermediate and API manufacturing
unit. The manufacturing unit of the company is located at
Industrial Growth Centre in the Raichur district of Karnataka. The
company has a total reactor capacity of 75,000 KL.

RAJ KUMAR: ICRA Lowers Rating on INR20cr Cash Loan to B+, Not Coop.
-------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Raj Kumar Goel Educational Foundations, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         20.00       [ICRA]B+ (Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   continues to remain under the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding Raj Kumar Goel Educational Foundations performance and
hence the uncertainty around its credit risk.  ICRA assesses
whether the information available about the entity is commensurate
with its rating and reviews the same as per its "Policy in respect
of non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Raj Kumar Goel Educational Foundations, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

RKGEF established in 1999, is a trust started by the Late Mr. Raj
Kumar Goel. The trust established the Raj Kumar Goel Institute of
Technology in Ghaziabad, UP in Sep 2000. RKGIT is recognised by All
India Council for Technical Education, Ministry of Human Resources
and Development and is affiliated to Uttar Pradesh Technical
University, Lucknow. RKGIT offers Bachelor of Technology, Bachelor
of Pharmaceutical Science, Master of Computer Application, Master
of Business Administration and Masters of Pharmaceutical Sciences.
The Trust established Lala Mangat Ram Maha Vidyalaya in 2003. LMRM
offers open course Bachelor of Education. This course is approved
by National Council for Teacher Education and is affiliated to CCU
University, Meerut.


RAMKUMAR TEXTILE: ICRA Maintains B+ Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR12.00 crore bank facilities of
Ramkumar Textile Private Limited (RTPL) continues to remain under
the 'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          11.50      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

   Non-Fund based       0.50      [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under the 'Issuer Not
                                  Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

RTPL, incorporated in 1996, is a Bhilwara-based exporter of
synthetic fabrics. It is promoted by the Somani family, which has
been engaged in the synthetic fabrics business for more than a
decade. RTPL does not have its own manufacturing unit and
outsources production of fabric to weavers in Bhilwara on a
job-work basis. RTPL sells suiting fabric for men and women in poly
viscose, poly wool, 100% wool, poly cotton, and lycra in various
weaves such as plain, twill, and satin. The company also deals in
fabric for traditional Arabian clothing and spun polyester high
twist voile plain dyed and printed fabric.

SHIRDIWALE SAI: ICRA Maintains D Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR8.00-crore bank facilities of
Shirdiwale Sai Exim Private Limited (SSEPL) continue to remain
under 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D; ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund based-         8.00       [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Continues to remain under the
                                  'Issuer Not Cooperating'
                                  Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

SSEPL is a private limited company which was incorporated in 2005
and is managed by Mr. Deepak Gupta and his wife, Mrs. Pallavi
Gupta. The company is involved in merchant trading of betel nuts
and memory cards used in mobile phones. The company imports betel
nuts from Indonesia and exports to Dubai. The memory cards are
imported from China and sold to group companies, as well as in the
domestic market.

SIR BIOTECH: ICRA Cuts Rating on INR90cr Term Loan to B+, Not Coop.
-------------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Sir Biotech India Limited, as:

                   Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund based        90.00       [ICRA]B+(Stable) ISSUER NOT
   Term Loan                     COOPERATING; downgraded from
                                 [ICRA]BB (Stable) and continues
                                 under the 'Issuer Not
                                 Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding the company's performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its rating and
reviews the same as per its "Policy in respect of non-cooperation
by the rated entity". The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Sir Biotech India Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Sir Biotech India Limited was incorporated on May 15, 1995 as a
Public Limited Company in the name of Raghunath Textiles Limited.
The name of the company was changed to Sir Biotech India Limited on
October 20, 2006. As per market information, the company has shut
all its manufacturing activities and is engaged in the trading of
iron ore, plastic polymer, raw cotton, copper rods, alkaline
battery and metal products. In addition, it is engaged in the
hospitality and real estate businesses with upcoming hotel projects
at Dehradun and Goa.

SRS HEALTHCARE: ICRA Maintains 'D' Rating in Not Cooperating
------------------------------------------------------------
ICRA said the rating for the INR115.0-crore bank facilities of SRS
Healthcare and Research Centre Limited continues to be in the
'Issuer Not Cooperating' category. The rating is denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term/          115.00      [ICRA]D/[ICRA]D ISSUER NOT    
   Short term                      COOPERATING; Rating continues
   Unallocated                     to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

Incorporated in May 2013, SRS Healthcare and Research Centre
Limited is a part of Faridabad-based SRS Group. Approximately 85%
stake in SRS Healthcare is owned by BTL Holding Company Limited,
which is the holding company of SRS Limited. SRS Healthcare was set
up with the objective of venturing into hospitals business. For
this purpose, the Company entered into an operations and management
agreement (OMA) with a charitable trust –Bharadwaj Welfare Trust
(BWT) – for a hospital in Sector 16A Faridabad (Haryana).
Thereafter, it commenced a major renovation of the hospital while
also expanding its bed capacity to 285 beds from 210 beds earlier.

SURYA FOODS: ICRA Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the 10.00 crore bank facilities of Surya
Foods (SF) continue to remain under Issuer Not Cooperating
category. The long-term rating is denoted as [ICRA]B ISSUER NOT
COOPERATING with a Stable outlook.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based           5.00       [ICRA]B(Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund based           2.50       [ICRA]B(Stable); ISSUER NOT
   Term loan                       COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Unallocated          2.50       [ICRA]B(Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on the
issuers' performance. Accordingly, the lenders, investors and other
market participants are advised to exercise appropriate caution
while using this rating as the rating may not adequately reflect
the credit risk profile of the entity.

SF was established as a partnership firm in 2013 and started
operating from January 2014 onwards. SF is engaged in milling &
sorting of rice to produce raw and parboiled rice and is promoted
by Mr. Raj Kumar, Kidar Nath and Mr. Ashok Kumar all of whom have
previous experience in the rice milling business. The manufacturing
facility of the company is located in Patran region Patiala, Punjab
and is equipped with the requisite machinery.

TADEPALLIGUDEM MUNICIPALITY: ICRA Cuts Issuer Rating to B+
----------------------------------------------------------
ICRA has downgraded the issuer rating of Tadepalligudem
Municipality to [ICRA]B+ (Stable) ISSUER NOT COOPERATING from
[ICRA]BB (Stable). The rating continues to remain in the 'Issuer
Not Cooperating' category.

Rationale

The rating downgrade is because of lack of adequate information
regarding Tadepalligudem Municipality's performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity". The lenders, investors and
other market participants are thus advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity, despite the
downgrade.

As part of its process and in accordance with its rating agreement
with Tadepalligudem Municipality, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a rating
view based on the best available information.

Tadepalligudem Municipality was established in 1958 and was
upgraded to a selection grade municipality in 2010. The
municipality is governed by the Andhra Pradesh Municipalities Act,
1965, which is administered by the Municipal Administration and
Urban Development Department (DMA), GoAP.The TPGM provides basic
municipal services in Tadepalligudem town, which is located in the
west Godavari district of Andhra Pradesh. The TPGM covers an area
of 20.71 square kilometre (sq. km.) and serves a population of 1.04
lakh (as per Census 2011). The major functions of the TPGM include
water supply, solid waste management and construction, repair and
maintenance of roads and streetlights in its area. The municipality
is divided into 35 wards and is supervised by an elected body, the
council, consisting of ward councillors, elected for a period of
five years. The council further elects a Mayor, who heads the
deliberative wing of the corporation. The Commissioner, appointed
by the State Government, heads the executive wing of the urban
local body, and is responsible for all the activities carried out
by the corporation.

V3S INFRATECH: ICRA Maintains 'D' Rating in Not Cooperating
-----------------------------------------------------------
ICRA said the ratings for the INR72.50 crore bank facilities of V3S
Infratech Limited (V3S) continues to remain under the 'Issuer Not
Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D
ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based        32.50      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non-Fund based    40.00      [ICRA]D ISSUER NOT COOPERATING;
                                Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.

V3S Infratech Limited (V3S), earlier known as Gahoi Buildwell
Limited) was promoted in the year 2003 by Mr. Yogendra Chandra
Kurele. In FY 2007 and FY 2008, several promoter group companies
were amalgamated with V3S and in 2009- 10, the name of the company
was changed from Gahoi Buildwell Limited to V3S Infratech Limited.
The company has been engaged in the development of
multiplexes-cum-malls and commercial space in Delhi. The completed
real estate projects of the company include – V3S mall, V3S East
Centre and North Delhi Mall. However, since February 2008 the
company has shifted its focus from real estate development to civil
construction mainly in residential, industrial and commercial
segments particularly for government agencies.



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

1MDB: Malaysia Fines Najib's Brother, Others for Receiving Funds
----------------------------------------------------------------
Reuters reports that Malaysia has fined the brother of former prime
minister Najib Razak and other people and companies for allegedly
receiving money from state fund 1MDB, the country's anti-graft
chief said on Oct. 7.

According to Reuters, Malaysian and US investigators said about
US$4.5 billion was misappropriated from 1Malaysia Development
Berhad (1MDB), set up in 2009 by Najib.

Reuters says Najib, who lost a general election last year, is now
facing dozens of graft and money laundering charges over
allegations that he received about US$1 billion in 1MDB funds. He
has pleaded not guilty.

Latheefa Koya, the head of Malaysia's Anti-Corruption Commission
(MACC), told reporters the agency was aiming to recover MYR420
million (US$100 million) from individuals and entities who had
allegedly received funds laundered through accounts linked to
Najib, the report relays.

"We have issued compound notices against all of these people and
entities for the purpose of them to pay up the fine," Reuters
quotes Latheefa as saying. They could be fined up to 2.5 times the
amount received, she added.

The individuals include Najib's brother Nazir Razak, the former
chairman of Malaysia's second-largest bank, CIMB, and Shahrir Abdul
Samad, former chairman of state palm oil agency Felda, Reuters
discloses.

Nazir had received about MYR25.7 million in cheques, from 1MDB,
Latheefa said, Reuters relays.

Funds were also distributed to companies, political parties and
organisations linked to Najib's coalition, Reuters adds citing a
list provided by the MACC.

"It's not exhaustive, we have more," Latheefa said, adding that
investigations have been opened into the 80 entities and people.

After winning last year's election, Prime Minister Mahathir
Mohamad's administration has reopened 1MDB probes, charged dozens
of high-ranked officials, and filed civil forfeiture actions in a
bid to recover money linked to 1MDB, according to Reuters.

Since 2016, the US Department of Justice has filed forfeiture
lawsuits on about US$1.7 billion in assets allegedly bought with
stolen 1MDB funds, including a private jet, luxury real estate and
jewellery.

In May, the United States began returning to Malaysia about US$200
million recovered from the sale of seized assets, Reuters notes.

                             About 1MDB

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

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

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

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

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

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

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




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

INNOPAC HOLDINGS: Bid to Extend AGM Deadline Rejected
-----------------------------------------------------
Sharanya Pillai at The Business Times reports that the Singapore
Exchange Regulation (SGX RegCo) has rejected Innopac Holdings'
request for a two-month extension to report its financial results
and hold its annual general meeting (AGM) for FY2019 ended June.

BT relates that Innopac said in a bourse filing on Oct. 5 that it
was notified of the rejection in a letter from SGX RegCo dated Sept
23. The company had up till Aug. 31 to release its financial
results and up to Oct. 31 to hold its AGM.

Innopac had earlier received a notice of delisting from SGX on June
4 for failing to meet criteria to exit the bourse's watchlist, the
report notes. The Mainboard-listed company has since said that all
of its finance and administrative staff, including its financial
controller, have left the company after the delisting notice,
according to BT.

Innopac, which has been named in ongoing court proceedings over the
2013 penny stock crash, is still seeking funds to engage external
services to prepare its unaudited interim financial results for
FY2019, BT notes.

"Nevertheless, the company is currently working on the release of
the interim results and holding the AGM for FY2019 as soon as
possible," Innopac said in its filing.

Innopac shares last traded at SGD0.002 before the counter was
suspended in June 2018, adds BT.

Headquartered in Singapore, Innopac Holdings Limited, an investment
holding company, invests in marketable securities in Singapore and
other Asian countries. The company operates through Products
Trading, Investment Trading, and Investment Holding segments. It is
also involved in the distribution of energy and fuel, including
compressed natural gas; and the investment in residential and
commercial properties.

USP GROUP: Receives Statutory Demand for SGD250K from Individual
----------------------------------------------------------------
Sharanya Pillai at The Business Times reports that watch-listed USP
Group has received a statutory demand for SGD250,273.97 from an
individual, Ridwan Kasenda, the company announced in a bourse
filing on Oct. 6.

The sum is said to be related to a settlement agreement purportedly
entered between Mr. Kasenda and USP Group on or around June 27,
according to the statutory demand, dated Oct. 4, BT relays.

If USP fails to pay, secure or compound the outstanding sum within
three weeks, Mr. Kasenda will apply for a winding-up order against
the company, the statutory demand stated.

USP said it is seeking legal advice on the matter, the report adds.


USP Group Limited provides oil blending and property development
services. The Company, through its subsidiaries, offers the
blending and distribution of diesel and engine oils as well as
provides property holding, development, management and related
services for the residential and commercial sectors throughout
Singapore.



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

[*] Airline Bankruptcies Surge This Year, IBA Data Shows
--------------------------------------------------------
Laurence Frost at Reuters reports that airline bankruptcies have
increased this year at the fastest ever rate, led by the collapse
of India's Jet Airways, British travel group Thomas Cook and
Avianca of Brazil, according to industry data published on Oct. 4.

"2019 has seen the fastest growth in airline failure in history,"
said airline consulting firm IBA, which has tracked plane fleets
returned to lessors or administrators by 17 carriers that have gone
bust so far this year, Reuters relays.

Reuters relates that more may follow as weaker players are squeezed
by low-cost competition and higher fuel costs exacerbated by a
strong dollar--which hurts those selling tickets in euros or pounds
and buying kerosene and planes in the U.S. currency.

"The last quarter of the year tends to see more failures during the
northern hemisphere winter," Reuters quotes Phil Seymour, IBA's
chief executive, as saying in an interview. U.S. carriers have been
spared by the "natural hedge" of dollar revenue, he added.

According to Reuters, the run of bankruptcies has also created
opportunities for stronger carriers to pick up planes, traffic and
airport slots abandoned by collapsed rivals.

Other airlines that have folded in 2019 include France's Aigle Azur
and XL Airways, Germania, Flybmi and Adria of Slovenia, which filed
for bankruptcy last week, Reuters says.

Reuters adds that Indian low-cost carrier SpiceJet said on Oct. 4
it may take more Boeing 737 MAX planes ordered by Jet Airways,
which went bust in June.

The report relates that the entire global MAX fleet numbering
hundreds of the new jet remains grounded awaiting approval of
software changes to address safety concerns after two fatal
crashes. That has increased the jostling for substitutes, driving
up waiting times and prices for new, second-hand and leased
airliners.

Leading European low-cost operator Ryanair, which has been hit hard
by the MAX grounding, is seeking to take over Airbus A320-family
aircraft previously leased by Thomas Cook and deploy them at its
Austrian carrier Lauda, adds Reuters.

"Opportunities crop up out of things like the failure of Thomas
Cook," Ryanair group CEO Michael O'Leary said at a Reuters
Newsmaker event in London on Oct. 1.  "We're talking to a number of
the leasing companies about taking some of those Airbus aircraft
and putting them into Lauda next summer," he said.

[*] BOND PRICING: For the Week Sept. 30, 2019 to Oct. 4, 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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