/raid1/www/Hosts/bankrupt/TCRAP_Public/191203.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, December 3, 2019, Vol. 22, No. 241

                           Headlines



A U S T R A L I A

MCINNES HOLDINGS: Second Creditors' Meeting Set for Dec. 10
MOBBS GROUP: First Creditors' Meeting Set for Dec. 10
MUSCLE COACH: Second Creditors' Meeting Set for Dec. 6
ON THE SPOT: First Creditors' Meeting Set for Dec. 10
PRACTICAL SOLUTIONS: First Creditors' Meeting Set for Dec. 12

STALLION ELEVATORS: First Creditors' Meeting Set for Dec. 10
VULETA HOLDINGS: Second Creditors' Meeting Set for Dec. 10


C H I N A

CHANGSHA PILOT: S&P Affirms 'BB+' ICR Then Withdraws Ratings
CHINA: Defaults to Rise in 2020 as Economy Slows, Moody's Says
HYDOO INT'L: Fitch Assigns B- Rating to New Sr. Unsec. Notes
YUHUANG: S&P Cuts LongTerm ICR to 'D' Over Onshore Bond Default
ZHONGRONG XINDA: S&P Cuts ICR to 'CCC-' on Heightened Default Risk



H O N G   K O N G

MELCO RESORTS: S&P Assigns 'BB' Rating on New USD Unsec. Notes


I N D I A

ABHIJIT REALTORS: CARE Lowers Rating on INR28.99cr Loan to B+
ADI ISPAT: Insolvency Resolution Process Case Summary
ALF CONSTRUCTION: Insolvency Resolution Process Case Summary
ANKUR ROLLER: Insolvency Resolution Process Case Summary
ASTER PRIVATE: Insolvency Resolution Process Case Summary

BEACKON LOGISTICS: Insolvency Resolution Process Case Summary
BLUE BLEND: CARE Keeps C Rating in Not Cooperating Category
DEEPAK SINGAL: CARE Lowers Rating on INR7cr LT Loan to B+
DEWAN HOUSING: RBI Files Bankruptcy Proceedings vs. Shadow Lender
EON ELECTRIC: CARE Lowers Rating on INR40cr LT Loan to 'C'

EXCLUSIVE ENGINEERS: Insolvency Resolution Process Case Summary
GKC PROJECTS: Insolvency Resolution Process Case Summary
GLAZE INFRSTRUCTURE: Insolvency Resolution Process Case Summary
GLOBAL SOFTECH: Insolvency Resolution Process Case Summary
HARISH BAKERS: Insolvency Resolution Process Case Summary

INDIA: Rating Agencies Downbeat on India Inc. as Defaults Rise
JAILAXMI SUGAR: Insolvency Resolution Process Case Summary
JOYROSS TECHNICAL: Insolvency Resolution Process Case Summary
KANAKADHARA VENTURES: Insolvency Resolution Process Case Summary
KUVAM KONSTRUCTION: Insolvency Resolution Process Case Summary

KVR PRIME: CRISIL Maintains 'D' Rating in Not Cooperating
LAKSHMI SAAI: CRISIL Migrates 'D' Rating From Not Cooperating
MATHURA DEVELOPER: CRISIL Keeps 'D' Rating in Not Cooperating
MITHRA COACHES: CARE Lowers Rating on INR28.11cr LT Loan to D
MITHRA COTTON: CRISIL Maintains 'D' Rating in Not Cooperating

NAGA SINDHU: CARE Hikes Rating on INR15cr LT Loan to B+
NEO CORP: Insolvency Resolution Process Case Summary
NEXGEN LAMINATORS: Insolvency Resolution Process Case Summary
NIKHIL PULSES: CARE Reaffirms B+ Rating on INR10cr LT Loan
NIRMANGOLD ALLOYS: Insolvency Resolution Process Case Summary

PADAM MOTORS: CARE Lowers Rating on INR12.93cr LT Loan to B+
PADMAPAT ENGINEERS: CARE Keeps B+ Rating in Not Cooperating
PAWAN CASTINGS: CRISIL Lowers Rating on INR12cr Loan to B+
PHOENIX ALUMINIUM: Insolvency Resolution Process Case Summary
R. P. PRINTERS: CRISIL Keeps 'D' Rating in Not Cooperating

R. S. ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
RADHIKA INFRA: CRISIL Keeps 'D' on INR13cr Loan in Not Cooperating
RAVEENA HOTELS: Insolvency Resolution Process Case Summary
RAVIRAJ FOILS: Ind-Ra Lowers & Migrates LT Issuer Rating to 'BB+'
RDP WORK STATIONS: Insolvency Resolution Process Case Summary

REX SEWING: CARE Lowers Rating on INR12.25cr LT Loan to 'B'
ROYAL REFINERY: Insolvency Resolution Process Case Summary
RUCHI SOYA: Patanjali Gets INR3,200cr Loan to Fund Purchase
RUSHABH TRADING: CRISIL Keeps 'B' Rating in Not Cooperating
SEGNO CERAMICS: Insolvency Resolution Process Case Summary

SETH CONSTRUCTION: CARE Cuts Rating on INR15cr Loan to 'B-'
SHIVPRASAD FOODS: CRISIL Maintains D Rating in Not Cooperating
SHRADDHA ENERGY: CARE Cuts Rating on INR106.31cr Loan to 'D'
SHREE RAM: CARE Reaffirms B+ Rating on INR30cr LT Loan
SHRI BIHARIJI: Insolvency Resolution Process Case Summary

SHRI OMTEE: CRISIL Maintains 'D' Rating in Not Cooperating
SNNEHA NATURAL: Insolvency Resolution Process Case Summary
SPECTACULAR MEDIA: Insolvency Resolution Process Case Summary
SREE KAMAKHYA: Insolvency Resolution Process Case Summary
SULAIMAN STEELS: CRISIL Keeps 'D' Rating in Not Cooperating

SUMANGAL ISPAT: Insolvency Resolution Process Case Summary
SUN ACRYLICS: Insolvency Resolution Process Case Summary
SUPRA STEEL: CARE Maintains 'B+' Rating in Not Cooperating
SURENDRA PRASAD: CARE Keeps 'B+' Rating in Not Cooperating
SWACHHA BEVERAGES: CRISIL Keeps 'D' Rating in Not Cooperating

TARA HOSPITALITY: Insolvency Resolution Process Case Summary
TD TOLL ROAD: Insolvency Resolution Process Case Summary
TORRID MOTORS: CRISIL Keeps 'D' Ratings in Not Cooperating
TRANSAFE SERVICES: Insolvency Resolution Process Case Summary
TRISTAR GLOBAL: CRISIL Keeps 'D' Rating in Not Cooperating

UNITED SALT: Insolvency Resolution Process Case Summary
ZENITH FINESSE: Insolvency Resolution Process Case Summary


I N D O N E S I A

SULFINDO ADIUSAHA: Fitch Withdraws B- IDR for Commercial Reasons


M A L A Y S I A

LONDON BISCUIT: Writes Off Receivables of MYR363 Million
SD INT'L: S&P Gives Prelim. 'BB-' Rating on USD Unsec. Certs
SERBA DINAMIK: Fitch Assigns BB-(EXP) on New USD Unsecured Certs


S I N G A P O R E

GEO ENERGY: Fitch Lowers LT IDR to B-, Outlook Negative
HYFLUX LTD: Debt Plan Faces SGD40 Million Fee Hurdle


X X X X X X X X

[*] BOND PRICING: For the Week Nov. 25, 2019 to Nov. 29, 2019

                           - - - - -


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

MCINNES HOLDINGS: Second Creditors' Meeting Set for Dec. 10
-----------------------------------------------------------
A second meeting of creditors in the proceedings of McInnes
Holdings (WA) Pty Ltd, trading as The Butcher and His Knife, has
been set for Dec. 10, 2019, at 11:00 a.m. at the offices of HLB
Mann Judd Insolvency WA, Level 3, at 35 Outram Street, in West
Perth, WA.

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

Kimberley Stuart Wallman of HLB Mann Judd Insolvency were appointed
as administrator of McInnes Holdings on Nov. 8, 2019.


MOBBS GROUP: First Creditors' Meeting Set for Dec. 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Mobbs Group
Pty Ltd will be held on Dec. 10, 2019, at 11:00 a.m. at the offices
of PKF Sydney, Level 8, at 1 O'Connell Street, in Sydney, NSW.

Geoffrey Trent Hancock of PKF was appointed as administrator of
Mobbs Group on Nov. 28, 2019.


MUSCLE COACH: Second Creditors' Meeting Set for Dec. 6
------------------------------------------------------
A second meeting of creditors in the proceedings of Muscle Coach
Pty Ltd has been set for Dec. 6, 2019, at 11:00 a.m. at the offices
of Cor Cordis, Level 19, Waterfront Place, at 1 Eagle Street, in
Brisbane, Queensland.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 5, 2019, at 4:00 p.m.

Darryl Kirk of Cor Cordis was appointed as administrator of Muscle
Coach on Nov. 1, 2019.


ON THE SPOT: First Creditors' Meeting Set for Dec. 10
-----------------------------------------------------
A first meeting of the creditors in the proceedings of On The Spot
Services Pty Ltd will be held on Dec. 10, 2019, at 12:00 p.m. at
the offices of Mackay Goodwin, Level 2, at 10 Bridge Street, in
Sydney, NSW.

Grahame Robert Ward and Domenic Calabretta of Mackay Goodwin were
appointed as administrators of On The Spot on Nov. 29, 2019.


PRACTICAL SOLUTIONS: First Creditors' Meeting Set for Dec. 12
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Practical
Solutions Group Pty Ltd will be held on Dec. 12, 2019, at 10:30
a.m. at the offices of Worrells Solvency & Forensic Accountants
Level 4, at 15 Ogilvie Road, in Mount Pleasant, WA.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic was appointed
as administrator of Practical Solutions on Dec. 2, 2019.


STALLION ELEVATORS: First Creditors' Meeting Set for Dec. 10
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Stallion
Elevators Pty. Limited will be held on Dec. 10, 2019, at 10:00 a.m.
at Level 2, at 151 Macquarie Street, in Sydney, NSW.

Mark Robinson and Antony Resnick of de Vries Tayeh were appointed
as administrators of Stallion Elevators on Nov. 28, 2019.


VULETA HOLDINGS: Second Creditors' Meeting Set for Dec. 10
----------------------------------------------------------
A second meeting of creditors in the proceedings of Vuleta Holdings
Pty Ltd, trading as Vista Ceilings, has been set for Dec. 10, 2019,
at 11:30 a.m. at the offices of Worrells Solvency & Forensic
Accountants, Level 4, at 15 Ogilvie Road, in Mount Pleasant, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 9, 2019, at 5:00 p.m.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic was appointed
as administrator of Vuleta Holdings on Nov. 11, 2019.




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

CHANGSHA PILOT: S&P Affirms 'BB+' ICR Then Withdraws Ratings
------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Changsha Pilot Investment Holdings Group Co. Ltd. and its
'BB+' long-term issue rating on the company's senior unsecured
notes. S&P then withdrew the ratings at the company's request. The
rating outlook was stable at the time of the withdrawal.

S&P said, "We affirmed the ratings on Changsha Pilot because we
believe that government support for Changsha Pilot after its merger
with Changsha Urban Construction, Investment and Development Group
Co. Ltd. (not rated) is likely to increase through the new group.
This potential increase would offset our view of the weakening
credit profile of the Changsha city government (Changsha).

"In our view, the city's budgetary performance has been
deteriorating since 2018, driven by a spike in capital expenditure
to shore up the economy. We expect the city to have large
after-capital deficits throughout 2021. In addition, Changsha has
accumulated very high off-budget borrowings and a considerable
amount of contingent liabilities due to its large state-owned
enterprise (SOE) sector.

"We assess that, after the government-initiated merger, Changsha
Pilot could receive parental support from the new group, which has
become the largest local government financing vehicle (LGFV) in
Changsha in terms of assets. We expect the likelihood that the
Changsha government will provide extraordinary support to the new
group to likely be higher than that to Changsha Pilot alone.

"In addition, we consider funding conditions to have improved for
Changsha Pilot in onshore and offshore markets. The company
recently issued new bonds to refinance its bonds due December 2019
in the offshore market."


CHINA: Defaults to Rise in 2020 as Economy Slows, Moody's Says
--------------------------------------------------------------
Bloomberg News reports that the number of Chinese companies failing
to make payments will continue to rise in the year ahead as
economic growth sputters and the government attempts to rein in
support to indebted companies, according to Moody's Investors
Service.

The credit ratings company expects 40-50 new defaults in 2020, up
from 35 this year, according to Ivan Chung, head of greater China
credit research and analysis at Moody's, Bloomberg relays. He
expects the total value of defaults would be below CNY200 billion
($28 billion), representing less than 1% of the size of China's
bond market, Bloomberg relays.

Chinese high-yield bonds made gains even as defaults rose
"The regulators' intention is to reduce moral hazard" while at the
same time ensuring any defaults "won't undermine socioeconomic
stability or trigger systemic risks," he said at a roundtable in
Hong Kong on Nov. 27, Bloomberg relates.

Bloomberg says Chinese regulators began allowing selective onshore
corporate debt defaults in 2014. Since the first local bond default
by a state-owned enterprise four years ago, 22 such firms have
failed to make good on a combined CNY48.4 billion of onshore bonds
as of the end of October, Bloomberg discloses citing Guosheng
Securities Co. Last month, commodities trader Tewoo Group proposed
the first-ever debt restructuring plan by an SOE.

State support would likely target companies engaged in social
welfare projects, Mr. Chung said. For those that are more
commercial in nature, "government support may not be so
forthcoming," he said, adds Bloomberg.


HYDOO INT'L: Fitch Assigns B- Rating to New Sr. Unsec. Notes
------------------------------------------------------------
Fitch Ratings assigned China-based developer Hydoo International
Holding Limited's (B-/Stable) proposed senior unsecured notes a
rating of 'B-' with a Recovery Rating of 'RR4'. The notes are being
offered in exchange for its USD157 million notes due May 2020 and
as new issuance. Hydoo intends to use the net proceeds from any new
note issuance primarily for refinancing existing debt. Hydoo's
notes are rated at the same level as its senior unsecured rating
because they constitute its direct, unsubordinated and senior
unsecured obligations under a guarantee.

Hydoo's ratings are supported by its sustained low leverage on
controlled construction and land acquisitions, but are constrained
by its weak business profile due to its small business scale, low
non-development income and sluggish trade-centre demand in China's
Tier 3 and 4 cities. The increasing proportion of residential
property sales may mitigate its weak business profile.

KEY RATING DRIVERS

Contracted Sales Stabilising: Hydoo has been repositioning its land
bank towards integrated projects with commercial and residential
components as weak demand continued for trade centres in lower-tier
cities. Hydoo's contracted sales jumped 136% yoy to CNY1.47 billion
in 1H19 as the proportion of residential projects increased. Fitch
estimates full-year contracted sales for 2019 will be stable at
about CNY3 billion from a year earlier as 2018 contracted sales
were concentrated in the fourth quarter. Sales of residential
projects in 2019 will come mainly from Ganzhou, Jining and Wuzhou.

Low Leverage: Hydoo has maintained leverage, measured by net
debt/adjusted inventory, below 25% since 2015. Fitch expects its
leverage to remain below 30%, assuming disciplined capex plans for
2019-2020. Leverage was 17.6% at end-June 2019 (16% at end-2018) as
the company slowed its pace of land acquisitions. Hydoo's large
land bank of 7.9 million sq m at end-June 2019 is sufficient for
over 10 years of development, which provides the company with
flexibility to cut land purchases, if necessary, to maintain low
leverage.

Management Change: Hydoo's controlling shareholder completed a
share sale in September 2019 to three new independent shareholders.
Two of the new shareholders became Hydoo's co-chairmen and co-CEOs.
Fitch believes the shareholding structure and management change
will not significantly alter the business and financial profile of
the company. The new management team has expertise in property
development and cultural tourism in the Greater Bay Area, which may
aid Hydoo's expansion through the pursuit of a more geographically
diversified land acquisition strategy.

Healthy Gross Profit Margins: Hydoo's 1H19 EBITDA margin (after
adding back capitalised interest in the cost of sales) was weak at
0.2%, mainly due to lower revenue booked while promotion and
marketing activities increased. Revenue recognition will be
concentrated in 2H19 rather than 1H19 due to the scheduled
completion of certain projects in late 2019, which resulted in
insufficient revenue to support the company's selling and
administrative expenses in 1H19. The gross profit margin improved
slightly to 41% in 1H19 from 40% in 2018. Fitch forecasts the
EBITDA margin for 2019-2021 will stabilise at 19%-20%.

Low Non-Development Income: Hydoo's rating is constrained by its
trade-centre development focus and lack of significant
non-development income. Income from property management services
and rentals contributed only around 5% of total revenue in 2018.
The lack of diversification weakens cash flow quality and raises
operational risk during industry downturns. Continued weakness in
trade-centre demand may lead Hydoo to cut its average selling price
and narrow its margin to speed up sales, which may substantially
reduce operational cash flow. Recurring EBITDA/gross interest paid
is likely to remain at 0.1x.

DERIVATION SUMMARY

Fitch has compared Hydoo with another trade-centre developer, China
South City Holdings Limited (CSC, B/Stable). Hydoo's project
location and asset quality, contracted sales scale, margin and
business diversification in non-development income are weaker than
those of CSC. However, Hydoo has lower leverage (net debt/adjusted
inventory) than CSC. The two companies' businesses rely heavily on
contracted sales of trade centres and are more susceptible to
industry cycles.

KEY ASSUMPTIONS

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

  - Contracted sales of CNY3 billion-4 billion per year in
2019-2021

  - EBITDA margin of 19%-20% over 2019-2021

RATING SENSITIVITIES

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

  - Positive rating action will not be considered unless Hydoo can
boost its scale substantially by expanding its geographical
coverage beyond lower-tier cities and sustain sales in subsequent
phases of its existing projects, while at the same time not
compromising its financial metrics.

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

  - Deterioration in refinancing prospects that has significant
adverse impact on its liquidity profile

  - Sustained decline in trade-centre contracted sales

  - Net debt/adjusted inventory sustained above 40%

  - EBITDA margin sustained below 15% (after adding back
capitalised interest)

LIQUIDITY AND DEBT STRUCTURE

Tight but Manageable Liquidity: Hydoo had available cash of CNY1.06
billion at end-June 2019 (excluding restricted cash of CNY685
million, which is pledged for certain mortgage facilities and bills
payable) and short-term debt of CNY2.36 billion. Hydoo repaid USD60
million of bonds due on August 30, 2019. Fitch expects Hydoo to be
able to refinance its USD157 million in bonds due in May 2020, or
repay with contracted sales proceeds.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

YUHUANG: S&P Cuts LongTerm ICR to 'D' Over Onshore Bond Default
---------------------------------------------------------------
S&P Global Ratings, on Nov. 29, 2019, lowered the long-term issuer
credit rating on Yuhuang and the issue rating on the company's
senior unsecured notes to 'D' from 'CC'.

S&P said, "We lowered the rating because Shandong Yuhuang Chemical
Co. Ltd. failed to repay its Chinese renminbi (RMB) 500 million
onshore bond within the five-business-day imputed grace period. The
bond has a puttable maturity date on Nov. 21, 2019. Since the
onshore bond does not have a stated grace period, we apply the
five-business-day imputed grace period based on our criteria.

"In our view, Yuhuang's nonpayment of this debt will extend to most
of its other obligations, mainly the onshore bond puttable on Dec.
12, 2019, and the offshore bond due on March 27, 2020. We believe
it is highly likely that bondholders will exercise the put option
for the bond puttable in December 2019. We also believe the company
does not have enough financial capacity to make timely and full
repayment on its obligations. This underpins our assessment that
Yuhuang's general default is commensurate with a rating of 'D'
instead of 'SD'."

A default on the onshore bonds is considered an event of default
(EOD) for the US$300 million notes issued by Rock International
Investment Inc. and guaranteed by Yuhuang. Following an EOD, the
U.S.-dollar noteholders may -- by written notice to the issuer --
demand their principal and unpaid interest to be immediately due
and payable. If the noteholders of at least 25% in aggregate
principal outstanding demand for such early repayment, an
acceleration of payment for all the principal and unpaid interest
of the U.S.-dollar notes will automatically take place.

Established in 1986, Yuhuang is a private petrochemical company
based in Shandong province, China. Yuhuang has five production
bases, all in Heze. The company primarily manufactures basic
chemical raw material and synthetic material. It also has a single
refinery with a refining and processing capacity of 2.2 million
tons per year.


ZHONGRONG XINDA: S&P Cuts ICR to 'CCC-' on Heightened Default Risk
------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Zhongrong Xinda and the long-term issue rating on the company's
guaranteed U.S.-dollar-denominated senior unsecured notes to 'CCC-'
from 'CCC+'.

S&P said, "We lowered the rating on Zhongrong Xinda and the issue
rating on the notes because we do not see any concrete refinancing
plans for the company's upcoming onshore bonds with put options. In
our view, a default or debt restructuring appears inevitable for
the company within six months."

Zhongrong Xinda will have continuous repayment obligations in the
coming few months. The company faces imminent repayment pressure as
it has one puttable bond of Chinese renminbi (RMB) 1.5 billion that
investors could sell back to the company on Dec. 5, 2019. In 2020,
it has RMB1.6 billion in bonds that can be put on Jan. 22, 2020,
and a further RMB1.0 billion that investors can put on April 19,
2020.

The company's free cash level is very low. Although Zhongrong Xinda
reported a total of RMB3.7 billion in cash as of Sept. 30, 2019, we
believe the unrestricted cash balance was up to RMB500 million
only, which is way short of bonds puttable in the next six months.
Also, the company has not been able to issue any domestic bonds so
far this year, indicating its limited access to the capital
market.

Moreover, Zhongrong Xinda has more bond maturities in the second
half of 2020, including the US$500 million offshore bond due in
October, and onshore bonds of RMB1.0 billion puttable in November
and RMB2.0 billion puttable in December. A default of the onshore
bonds is considered an event of default for the US$500 million
notes issued by Zhongrong International Resources Co. Ltd. and
guaranteed by Zhongrong Xinda. Following an event of default, the
U.S.-dollar noteholders may--by written notice to the
issuer--demand their principal and unpaid interest to be
immediately due and payable. If the noteholders of at least 25% in
aggregate principal outstanding demand for such early repayment, an
acceleration of payment for all the principal and unpaid interest
of the U.S.-dollar notes will automatically take place.

S&P said, "In addition, we believe the company's operating cash
flow will not be sufficient to cope with the upcoming maturities.
We expect its funds from operations to decline to RMB1.3 billion in
2019, from RMB2.8 billion in 2018, due to lower revenue and
weakening profit margin. We project Zhongrong Xinda's revenue to
fall 5%-10% for 2019 and its gross profit margin to weaken to 6.4%
in 2019 from 7.9% in 2018. The company's performance during the
first nine months of 2019 has been in line with our expectation
with revenue down 5.7% year on year and reported gross profit
margin at 6.9%, compared with 7.4% for the same period last year.

"Zhongrong Xinda's large holdings of financial assets are not
liquid, in our view. Even if the company decides to dispose of some
of them for debt repayment, the timing and amount will remain
highly uncertain. Another option for Zhongrong Xinda is to re-sell
the puttable bonds on the Shanghai stock exchange when investors
exercise that put option. Nevertheless, the amount that could be
re-sold is unpredictable and we do not see this as a concrete
plan.

"At the time of withdrawal, all the ratings were on CreditWatch
with negative implications, which reflected our view that we might
further lower the ratings if default becomes a virtual certainty."




=================
H O N G   K O N G
=================

MELCO RESORTS: S&P Assigns 'BB' Rating on New USD Unsec. Notes
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issue rating to the
U.S. dollar-denominated senior unsecured notes that Melco Resorts
Finance Ltd. proposes to issue. The rating on the notes is subject
to S&P's review of the final issuance documentation. Melco Resorts
Finance plans to use the net proceeds from the notes issuance to
fully pay down the principal amount outstanding under its senior
secured revolving credit facility and partially prepay the
principal amount outstanding under its senior secured term loan.

S&P said, "We rate the notes the same as the long-term issuer
credit rating on Melco Resorts (Macau) Ltd. (Melco Macau:
BB/Stable/--). That's because we view Melco Macau as the core
operating subsidiary and major driver of the group's credit
profile. Melco Resorts Finance is one of the financing subsidiaries
of Melco International Development Ltd., which is the ultimate
parent of Melco Macau.

"We believe the risk of subordination is insignificant in Melco
Resorts Finance's capital structure. As of Sept. 30, 2019, the
company has US$2.1 billion in senior unsecured notes and about
US$892 million in senior secured credit facilities borrowed by
Melco Macau. We expect the share of senior secured debt in Melco
Resorts Finance's total debt to fall significantly to below 10%
after the issuance of the proposed notes, from 29.8%."




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

ABHIJIT REALTORS: CARE Lowers Rating on INR28.99cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Abhijit Realtors & Infraventures Private Limited (ARIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank       28.99      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the
                                   basis of best available
                                   information

   Short Term Bank       5.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ARIPL to monitor the ratings
vide e-mail communications dated October 22, 2019, November 5, 2019
and numerous phone calls. However, despite our repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, ARIPL has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on ARIPL's bank facilities will now be
denoted as CARE B+; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised on account of delay in execution of the
project along with non availability of information.

Detailed description of the key rating drivers

At the time of last rating on March 27, 2019 the following were the
rating strengths and weaknesses (Updated for the available
information)

Key Rating Weaknesses

Project execution risk with high dependence on customer advances
and pending financial closure: The company is currently developing
a residential project Jayanti Nagari VII phase 1 and Phase 2 with a
saleable area of 15.50 lsf and has incurred 13.01% of the total
cost whi ch was funded through customer advances and promoters
funds in the ratio of 0.56:0.44. The project is heavily dependent
on customer advances as it is assumed to fund 69% of the total
project cost and has received 6.80% as on October 24, 2019.
Further, financial closure has not been achieved as per the
envisaged timeline.

Low booking status of the ongoing project: The company has sold
18.38% of the saleable area as on October 24, 2019. Further, out of
the sold area, the company has received 32.56% in the form of
customer advances.

Cyclical nature of the industry and competition from other projects
in the vicinity: The entity is exposed to the cyclicality
associated with the real estate sector which has direct linkage
with the general macroeconomic scenario, interest rates and level
of disposable income available with individuals. In case of real
estate companies, the profitability is highly dependent on property
markets. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market. The real estate industry in
India is highly fragmented with most of the real estate developers
having region-specific presence.

Geographical Concentration: The entity operates only in Nagpur
region and hence is subjected to geographical concentration
risk.

Key rating Strengths

Experienced promoter group in real estate development in Nagpur:
The directors have an experience of more than a decade in Nagpur
real estate market and has developed a total area of more than
14.84 lsf in past.

Receipt of all approvals and clearances for the project: The
company has received all necessary clearances and approvals related
to land acquisition and construction for the ongoing project
Jayanti Nagari VII Phase 1. Further, the firm has obtained
Maharashtra RERA (Real Estate Regulatory Authority) registration
for the ongoing project.

Strategic location of the project: The project has a strategic
location being situated in one of the established localities of
Nagpur at Besa, Road which is around 10-11 kilometers from the
center of Nagpur city. The project is expected to cater to the
residents in the upper middle class family and is a luxurious
housing project with modern amenities at flats priced per unit
targeting customers from the upper middle class category. In
addition, the project is situated in area with easy access to basic
civic amenities such as schools, hospitals, colleges, malls are
situated close by and has close proximity to Nagpur Airport and NH7
which provides easy access to Ring Road and MIHAN area of Nagpur.

Diversification of revenue stream: The company has diversified its
revenue stream and has set up a radio station namely Radio Orange
(91.9MHz) which is being aired in Akola and Bilaspur. The project
was completed and commercial operations were started in August
2016. The company has generated revenue of INR2.61 crore from the
radio station during FY19 (period from April 1, 2018 to March 31,
2019).

Nagpur based, Abhijit Construction Company, is a proprietorship
firm formed in 1995 by Mr. Abh ijit Joydebkumar Majumdar, for the
purpose of real estate development. However, the firm was
reconstituted as Abhijit Realtors and Infraventures Private Limited
(ARIPL) in September 2007, engaged into real estate development and
construction of residential and commercial properties. ARIPL is
promoted by three directors, viz. Mr. Abhijit Joydebkumar Majumdar,
Mr. Joydebkumar, and Mrs. Inu Majumdar. The company has till date
successfully completed 36 projects in Nagpur with total carpet area
admeasuring approximately 14.84 lsf (lakh square feet).


ADI ISPAT: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Adi Ispat Private Limited
        Dumri Road, P.o. Giridih
        Jharkand 815301

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 19, 2020
                               (180 days from commencement)

Insolvency professional: CA IP Sanjay Kumar Agarwal

Interim Resolution
Professional:            CA IP Sanjay Kumar Agarwal
                         Draupadi Mansion, 3rd Floor
                         11, Brabourne Road
                         Kolkata 700001
                         E-mail: sanjaycal@hotmail.com
                                 cirp.adiispat@gmail.com

Last date for
submission of claims:    December 8, 2019


ALF CONSTRUCTION: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: ALF Construction Private Limited
        16 Swashray Society
        Opp Zairf Dairy
        Sarkhej Ahmedabad
        GJ 380055
        IN

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 16, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Bhupendra Singh Narayan Singh Rajput

Interim Resolution
Professional:            Mr. Bhupendra Singh Narayan Singh Rajput
                         A-309, ATMA House
                         Opp. Old RBI, Ashram Road
                         Ahmedabad 380009
                         E-mail: cabsrajput309@gmail.com

Last date for
submission of claims:    December 5, 2019


ANKUR ROLLER: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Ankur Roller Flour Mills Private Limited
        G-5, Lawrence Road
        Industrial Area
        Delhi 110035

Insolvency Commencement Date: November 25, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 22, 2020

Insolvency professional: Rakesh Kumar Jain

Interim Resolution
Professional:            Rakesh Kumar Jain
                         1203/81, 1st Floor
                         Shanti Nagar, Tri-Nagar
                         New Delhi 110035
                         E-mail: rakeshjainca@rediffmail.com

                            - and -

                         1670/120, Shanti Nagar
                         Tri-Nagar, New Delhi 110035
                         E-mail: iprakeshJ1@gmail.com

Last date for
submission of claims:    December 9, 2019


ASTER PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Aster Private Limited
        Plot No. 141/1, Phase-II
        IDA, Chrelapally
        Hyderabad TG 500051

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 16, 2020

Insolvency professional: CA Naren Sheth

Interim Resolution
Professional:            CA Naren Sheth
                         1014-1015, Prasad Chamber
                         Tata Road No. 1, Opera House
                         Charni Road (East)
                         Mumbai 400004
                         Mobile: 09821133426
                         Tel.: 022 66322870
                         E-mail: mkindia58@gmail.com
                                 nvsheth@mkindia.com

Last date for
submission of claims:    December 2, 2019


BEACKON LOGISTICS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Beackon Logistics Private Limited
        27/C, Dewan Apartment No. 1 Navghar
        Vasai (E) Vasai
        MH 401210
        IN

Insolvency Commencement Date: November 5, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 25, 2020

Insolvency professional: Devang P. Sampat

Interim Resolution
Professional:            Devang P. Sampat
                         Bungalow No. 4, Shiv Pooja
                         Plot 100, Sector 29
                         Vashi Navi Mumbai 400703
                         India

                            - and -

                         # 615, Shivai Plaza, Plot 79/A
                         Marol Coop. Industrial Estate
                         Off Andheri Kurla Road
                         Marol, Andheri (East)
                         Mumbai 400059
                         India

Last date for
submission of claims:    December 11, 2019


BLUE BLEND: CARE Keeps C Rating in Not Cooperating Category
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Blend
(India) Ltd. (BBIL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Redeemable          9.00        CARE C (RPS); Issuer not
   Preference                      cooperating; Based on best      

   Shares                          available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 19, 2018, placed the
rating of BBIL under the 'Issuer noncooperating' category as BBIL
had failed to provide information for monitoring as agreed in its
Rating Agreement. BBIL continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated August 29, 2019, September 4, 2019 and September 6, 2019 and
numerous phone calls. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The rating continues to be constrained by the modest scale of
operations, susceptibility of profitability margins to volatile raw
material prices, working capital-intensive nature of operations and
weak financial risk profile with low debt service coverage
indicators and presence in a highly fragmented and competitive
denim segment of the textile industry. The rating,
however considers the extensive experience and resourcefulness of
promoters and well-established distribution network.

Detailed description of the key rating drivers

At the time of last rating on 19-June-2018 the following were the
rating strengths and weaknesses (updated for the information
available from stock exchange):

Key Rating Weaknesses

Modest scale of operations and declining financial performance for
the past couple of years
BBIL has been reporting losses for FY18 & FY19 and continues to
show downtrend in revenue in Q1FY20 results published on BSE.
BBIL's revenue has de-grew by 31% per year in period FY16-FY19 and
stood at INR57 crore in FY19. Consequently, BBIL's financial
profile continues to be poor as net worth is eroded.

Weak financial profile
As per the audited annual report, BBIL continues to have delay in
debt servicing. During the year the Company has failed to pay
installments amounting to  INR32.55 crore due on 16%
Non-Convertible Debentures (NCDs) issued to M/s Edelweiss Stressed
and Troubled Assets Revival Fund – I (ESTARF – I). Presence in
a highly fragmented and competitive textile industry The company
operates in a highly fragmented textile industry with intense
competition from various organized and unorganized players. The
vast pool of skilled and unskilled workers, availability of labor
at low costs, strong base for production of raw materials
characterize the textile industry in India. The textile sector is
highly diverse and has hand-spun and hand woven segments at one end
of the spectrum, and capital-intensive, sophisticated and modern
mills at the other. Thus, players present in this segment operate
at very low bargaining power against its customers as well as
suppliers.

Susceptibility of profitability margins to volatile raw material
prices
Textile is a cyclical industry and closely follows the
macroeconomic business cycles. The prices of raw materials and
finished goods are determined by the global demand-supply scenario
and are not limited to only domestic factors. Hence, any shift in
macroeconomic environment globally would have an impact on domestic
textile industry.

Key Rating Strengths

Experienced promoters
The key promoter, Mr. Anand Arya, Chairman and Managing Director,
has over three decades of experience in the textile industry and
looks after the overall management of the company. The other
directors are also vastly experienced, with an average experience
of 25 years. They are assisted by a qualified and experienced
management team who handle the production, administration, finance
and other operations of the company.

Established distribution network
Over the years of its presence, the company has developed a strong
distribution network and a strong clientele base all over India
through various dealers.

Incorporated in 1981 as a private limited company, Blue Blends
(India) Ltd (BBIL) is engaged in the manufacturing of denim
fabrics. BBIL was later reconstituted as public limited company in
1983 and is listed on the Bombay Stock Exchange (BSE). The company
is promoted and managed by the Arya family, led by Mr. Anand Arya,
who has over three decades of experience in the textile industry.
The manufacturing facility is located at Ahmedabad, with an
installed capacity of 18 million metric tonnes/annum. BBIL sells
its product through its wide network of dealers and distributors
all over India.


DEEPAK SINGAL: CARE Lowers Rating on INR7cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Deepak Singal Engineers and Builders Private Limited (DSEB), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      7.00        CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DSEB to monitor the
rating(s) vide e-mail communications/letters dated July 15, 2019;
July 19, 2019; July 22, 2019; July 29, 2019; August 2, 2019; August
05, 2019; August 10, 2019; August 12, 2019; August 16, 2019; August
19, 2019; August 23, 2019; August 26, 2019; August 30, 2019;
September 6, 2019; September 9, 2019; September 13, 2019; September
16, 2019; September 23, 2019; October 16, 2019; October 21, 2019
and numerous phone calls. However, despite CARE's repeated
requests, the company has not provided the requisite information
for monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on DSEB's bank facilities will
now be denoted as CARE B+; Stable; ISSUER NOT COOPERATING.

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

The revision in the rating takes into account company's presence in
a fragmented construction industry with high competition along with
susceptibility of margins to raw material price volatility. These
constraints are, however, partially offset by, experienced
promoters and established track record of operations.

Detailed description of the key rating drivers

Key rating weaknesses

Raw material price risk: Ability of the entities engaged in the
construction industry to pass on the increased price burden to the
customers in a timely manner has a direct bearing on their
profitability margins. The company's raw material consists mainly
of steel and cement which are procured from SAIL, Tata Steel,
Ambuja cement and Ultratech cement. Majority of the contracts
undertaken by the company contain price escalation clause covering
the price volatility in material cost. However, for the projects
with no price escalation clause, the margins remain susceptible to
any adverse movements in the material prices.

Presence in a fragmented construction industry with high
competition: The company is a mid-sized player operating in an
intensely competitive construction industry with presence of a
large number of contractors, resulting in aggressive bidding and
consequently pressure on profit margins. Furthermore, operating
challenges such as delays in projects and payment also affect the
credit profile of industry players.

Key Rating Strengths

Experienced promoters and established track record: The management
has an experience of almost three decades in the civil construction
industry. The company is promoted by Mr. Deepak Singal. Mr. Singal
has an experience of more than 35 years in the construction sector.
The company has a team of qualified engineers with expertise in
civil construction. The long standing experience of the promoters
has enabled the company to establish relations with its customers
resulting in repetitive orders/tenders from various government
departments.

Analytical approach: Standalone

At the time of last review, the business and financial risk
profiles of DSEB and DBEPL (Deepak Builders & Engineers India Pvt.
Ltd.) were combined for arriving at the rating as both the
companies are in the same line of business, have operational and
financial linkages, have the same promoters and a common management
team. However, in the current review held, CARE has taken a
standalone approach since major information for DSEB has not been
provided.

Deepak Singal Engineers and Builders Private Limited (DSEB),
incorporated in 1992, has been into civil construction for more
than two decades and is a government contractor and builder. The
company is a part of the 'Deepak' group having business interest in
civil construction and real estate. DSEB has a group company-
Deepak Builders & Engineers India Pvt. Ltd. (DBEPL; rated
CARE BB-; Stable; ISSUER NOT COOPERATING) which is also engaged in
the same line of business since 1987.

DEWAN HOUSING: RBI Files Bankruptcy Proceedings vs. Shadow Lender
-----------------------------------------------------------------
Reuters reports that the Reserve Bank of India has filed an
application to begin bankruptcy proceedings against shadow lender
Dewan Housing Finance Corporation Ltd (DHFL), it said.

DHFL, once one of India's top shadow lenders, owes its creditors -
which include mutual funds, banks, pension funds, insurance firms
and retail investors - close to INR1 trillion ($13.93 billion),
Reuters discloses.

According to Reuters, the country's shadow banking sector, a key
source of credit to millions, has been plagued by a credit crunch
triggered by the collapse of lending major IL&FS last year.

India's central bank said earlier this month it would begin
bankruptcy proceedings against DHFL, and superseded the company's
board, while appointing an administrator, Reuters recalls.

Dewan Housing Finance Corporation Limited (DHFL) operates as a
housing finance company in India. The company's deposit products
include fixed deposit products for individuals, and trusts and
institutions; and corporate, recurring, and Wealth2Health deposits
products. It also offers home loans, which include home improvement
loans, home construction loans, home extension loans, plot
loans/land loans, plot and construction loans, and balance transfer
of home loans, as well as home loans for the self-employed; small
and medium enterprise loans, including property term, plant and
machinery, medical equipment, and business loans; mortgage loans,
such as loans against property, loan for purchase of commercial
premises, and loan through lease rental discounting; and NRI home
loans.

As reported in the Troubled Company Reporter-Asia Pacific on Sept.
19, 2019, The Hindu BusinessLine said Dewan Housing Finance
Corporation Ltd (DHFL) has defaulted on principal and interest
payments on NCDs aggregating INR104.54 crore. These NCDs were
issued to a single investor. DHFL, in a stock exchange notice, said
the gross principal amount on which the above-mentioned default
occurred is INR100 crore. These 10-year secured NCDs carry a coupon
of 10.05 per cent.  Also, the housing finance company defaulted on
interest amount of INR9.43 crore on another NCD series issued to a
single investor, BusinessLine related. The gross principal amount
on which this default occurred is INR100 crore. These 10-year
secured NCDs carry a coupon of 9.40 per cent.  Further, DHFL
defaulted on interest payments aggregating INR43 lakh on NCDs
carrying four unique international securities identification
numbers (ISINs), which were issued to 3,404 investors via a public
issue.


EON ELECTRIC: CARE Lowers Rating on INR40cr LT Loan to 'C'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Eon
Electric Limited (EEL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       40         CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING on the basis of
                                   best available information
                                   Revised from CARE B; ISSUER
                                   NOT COOPERATING on the basis
                                   of best available information

   Long/Short Term      55         CARE C; Stable;/CARE A4;
   Bank Facilities                 ISSUER NOT COOPERATING on
                                   the basis of best available
                                   information Revised from
                                   CARE B;/CARE A4; ISSUER NOT
                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from EEL to monitor the ratings
vide e-mail communications/letters dated August 30, 2019; September
11, 2019; October 22, 2019; November 7, 2019 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the ratings.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on Eon Electric Limited's bank facilities will
now be denoted as CARE C; Stable; ISSUER NOT COOPERATING/ CARE A4;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on July 5, 2018 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

Weak debt coverage indicators: In FY19, the company has reported
decline in operating income to INR83.99 crore as against INR163.06
crore in FY18. Also, during Q2FY20, the company reported decline in
operating income to Rs 1.26 cr from Q2FY19 operating income i.e. Rs
21.60 cr.  During FY19, the company has incurred net loss of
INR23.99 Cr whereas in FY18, net profit was of Rs 53.00 lacs.
Further, during Q2FY20, the company has reported net loss of
INR16.32 crore which is substantially higher than the net loss
reported in Q2FY19 i.e. INR5.67cr. The company has weak debt
coverage indicators as exhibited by interest coverage ratio of
-1.27x as on March 31, 2019 owing to losses incurred coupled with
higher working capital limits.

Elongated operating cycle: EEL's business is working capital
intensive in nature. In FY19, the company's operating cycle
increased to 469 days from 230 days in FY18 owing to high
collection period and inventory period. The company has a high
collection period of 432 days; and inventory period of 160 days as
on March 31, 2019. Since EEL is offering large number of products
so to cater to the regular demand of all of the product types, the
company has to maintain sufficient inventory in hands which leads
to high inventory days.

Volatility in raw material prices: The major raw materials for the
company's products are copper and PVC. The prices of copper being a
global commodity is volatile and linked to prices prevailing on the
London Metal Exchange (LME), thus exposing the company to the
volatility in the prices of raw materials which has a bearing on
its profitability margins.

Highly fragmented industry with a large number of unorganised
players: The electronic manufacturing industry is highly fragmented
industry with a large number of organised and unorganized players.
Some of the leading players in the industry include Philips, Bajaj,
Surya Roshni, Crompton Greaves, Havells etc. The increase in the
size of the industry has led to increase in contract manufacturers
leading to high competitive intensity.

Key Rating Strengths

Experienced promoters: The company is led by Mr Ved Prakash
Mahendru, Chairman & Managing Director, who has an industry
experience of more than six decades. Before incorporating EEL, he
promoted Indo Asian Switchgear Limited (IASL) in 1958 which was
engaged in the business of switchgear equipment's.

Wide marketing network: The company retails its products under the
brand name "EON". The company markets through an extensive network
of 17 branches scattered all over India (UP, Chandigarh, Ahmedabad,
Bangalore, Chennai, Jaipur, Chandigarh, Lucknow, Pune, Delhi-NCR
etc) which are supported by 2500 retailers.

EEL manufactures and markets energy-efficient lighting and other
electrical and electronic products, such as LED lights, fans, water
heaters, lithium ion batteries, mobile phone accessories, wires and
cables, and allied products. The company has two plants at
Haridwar, and a registered office at Sonepat, Haryana. It has been
listed on the Bomba y Stock Exchange (BSE) since 2005, and on
National Stock Exchange (NSE) since 2012. The company has been
promoted by Mr VP Mahendru, and operations are managed by his sons,
Mr Vivek Mahendru and Mr Vinay Mahendru.


EXCLUSIVE ENGINEERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Exclusive Engineers Private Limited
        41/A Syed Amir
        Ali Avenue
        Kolkata WB 700019
        IN

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Ghaziabad (U.P.) Bench

Estimated date of closure of
insolvency resolution process: May 23, 2020

Insolvency professional: Mr. Manoj Kulshrestha

Interim Resolution
Professional:            Mr. Manoj Kulshrestha
                         4th Floor, CS-14, Ansal Plaza
                         Opp. Dabur, Vaishali
                         Ghaziabad, U.P. 201010
                         E-mail: costadvisor@hotmail.com
                         Tel.: 0120-4226157

Last date for
submission of claims:    December 9, 2019


GKC PROJECTS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s GKC Projects Limited
        SY. No. 9(P), CII Green Building Lane
        Hitec City, Kondapur, Hyderabad
        Telangana 500084
        India

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 18, 2020

Insolvency professional: Madhusudhan Rao Gonugunta

Interim Resolution
Professional:            Madhusudhan Rao Gonugunta
                         7-1-285, Flat No. 103
                         Sri Sai Swapnasampada Apartments
                         Balkampet, Sanjeev Reddy Nagar
                         Hyderabad, Telangana 500038
                         E-mail: madhucs1@gmail.com
                                 gkcirp@gmail.com

Last date for
submission of claims:    December 9, 2019


GLAZE INFRSTRUCTURE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Glaze Infrastructure Private Limited

        As per reords of MCA:
        Homeland, 18B
        Ashutosh Mukherjee Road
        3rd Floor, Unit-316
        Kolkata WB 700020
        IN

        As per order of NCLT:
        591, Block O New Alipore
        Third floor from Back gate
        Kolkata 700053

Insolvency Commencement Date: November 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 23, 2020

Insolvency professional: C V R Krishaswami

Interim Resolution
Professional:            C V R Krishaswami
                         Flat 2D Second Floor
                         Aarbur Point
                         449, NSC Bose Road
                         Mahamayatalla, Garia
                         Kolkata 700084
                         E-mail: rpcvrkswami@gmail.com

                            - and -

                         c/o Ascent & Partners
                         Management Consultants
                         2nd floor, Flat No. 07
                         Vinanyaka Apartments
                         25, Karunamoyee Ghat Road
                         Kolkata 700082
                         E-mail: cirp.glaze@gmail.com
                         Mobile: 9433060003

Last date for
submission of claims:    December 9, 2019


GLOBAL SOFTECH: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Global Softech Limited
        Plot No. 58/B, Industrial Estate, Piperia
        Silvasa (U.T. of D & NH) Silvasa
        Dadra & Nagar Haveli 396230

Insolvency Commencement Date: November 18, 2019

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: May 16, 2020

Insolvency professional: Hemant Sharma

Interim Resolution
Professional:            Hemant Sharma
                         Block No. 2, House No. 263
                         Subhash Nagar
                         New Delhi 110027
                         E-mail: hemant78sharma@yahoo.com

                            - and -

                         D-54, 1st Floor
                         Defence Colony
                         New Delhi 110024
                         E-mail: cirp.globalsoftech@gmail.com
                                 hemant78sharma@yahoo.com

Last date for
submission of claims:    December 9, 2019


HARISH BAKERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Harish Bakers and Confectioners Private Limited
        C-30, Ram Dutt Enclave
        Uttam Nagar
        New Delhi 110059

Insolvency Commencement Date: November 15, 2019

Court: National Company Law Tribunal, New Delhi Bench II

Estimated date of closure of
insolvency resolution process: May 13, 2020

Insolvency professional: Sanjay Sahni

Interim Resolution
Professional:            Sanjay Sahni
                         G-11/3, Ground Floor
                         Malviya Nagar
                         New Delhi 110017
                         E-mail: casanjaysahni@gmail.com
                                 cirphbcpl@gmail.com

Last date for
submission of claims:    December 4, 2019


INDIA: Rating Agencies Downbeat on India Inc. as Defaults Rise
--------------------------------------------------------------
The Financial Times reports that rating agencies have soured on
India Inc as a credit crunch leaves businesses struggling to raise
funds and pay debts, pushing default rates to their highest in five
years.

Moody's has a negative outlook on more than half of the
non-financial companies it provides ratings on, its highest level
in 10 years, the FT relates.

According to the FT, the New York-based agency, which in early
November downgraded its credit outlook for India to negative, has
lowered its outlook for oil and gas companies such as Bharat
Petroleum and information technology groups Infosys and Tata
Consultancy Services.

The proportion of companies falling into default rose to 3.7 per
cent in the year ended March, the latest figures available, the FT
discloses citing Fitch's local subsidiary India Ratings and
Research - the highest since 2014. The number of downgrades made by
the agency also exceeded upgrades for the first time since 2013.

The FT says the pessimism comes as India enters the second year of
a severe liquidity squeeze, sparked by a meltdown in the country's
shadow banking system.

A wave of defaults among large, non-bank lenders, starting with
financial group IL&FS in September 2018, prompted a cash shortage
that has left more and more businesses struggling to raise funds,
the report notes.

Nimble but less-regulated lenders that provide last-mile financing
to many companies have grown to rival banks as a crucial source of
finance for everything from real estate developers to second-hand
car dealers, says the FT. In a recent report, S&P warned that the
risk of contagion was rising due to stress on India's non-bank
financial sector.

Companies "with high leverage have consistently shown
deterioration", wrote analysts at India Ratings and Research,
according to the FT. Businesses with less debt "have continued to
either strengthen their balance sheets or have used their financial
flexibility to acquire other entities or gain market share".

Large parts of corporate India have languished as a result,
analysts said, the FT adds.

Non-performing loans as a proportion of bank assets were 12 per
cent last year, according to Fitch, one of the highest levels in
the world. The rate has since fallen to 9 per cent, more recent
data showed, the FT relays.

The FT relates that Amit Tandon, founder of Institutional Investor
Advisory Services and Fitch Rating's former India head, said
increased regulatory scrutiny on the rating agencies themselves has
forced them to take a tougher approach.

According to the report, IL&FS had enjoyed a triple A rating from
local Moody's affiliate ICRA until just before it defaulted last
year, catching investors off-guard and sparking regulatory pressure
on the credit agencies to overhaul their methodologies.

ICRA's chief executive was ousted earlier this year amid a
regulatory probe over its role in the IL&FS collapse, the report
says.

"It has an impact in terms of how aggressive you want to be in your
rating calls," the FT quotes Mr. Tandon as saying of increased
scrutiny from regulator, with the agencies now more sceptical of
companies' claims about fundraising plans. "They want to see some
concrete evidence rather than intentions."


JAILAXMI SUGAR: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Jailaxmi Sugar Products (Nitali) Private Limited
        702, G6, Phase II
        Ganga Dham, Market Yard
        Pune, Maharashtra 411037

Insolvency Commencement Date: November 6, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 3, 2020

Insolvency professional: Dharit Kishorbhai Shah

Interim Resolution
Professional:            Dharit Kishorbhai Shah
                         C/o Bipin & Co
                         Chartered Accountants
                         302, Centre Point
                         R.C. Dutt Road
                         Alkapuri, Vadorada
                         Gujarat 390007
                         E-mail: bipin.smdt@gmail.com
                                 cirp.jailaxmi@gmail.com

Last date for
submission of claims:    November 27, 2019


JOYROSS TECHNICAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Joyross Technical Services Private Limited
        Door No. III-287-E, Second Floor
        Maria Plaza, Rajagiri Road
        Kalamassery, Ernakulam
        Kochi 683104

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Kochi Bench

Estimated date of closure of
insolvency resolution process: May 12, 2020

Insolvency professional: Mukesh K.P.

Interim Resolution
Professional:            Mukesh K.P.
                         Abraham and Jose
                         Chartered Accountans
                         36/3117B, II Floor
                         Choondani Building
                         Kathrikadavu Junction
                         Kochi, Kerala 682017
                         E-mail: aajca.kochi@gmail.com

Last date for
submission of claims:    December 11, 2019


KANAKADHARA VENTURES: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Kanakadhara Ventures Private Limited
        8-3-1114/1, Keshav Nagar
        Srinagar Colony
        Hyderabad 500073

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, Hyderabad Bench

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

Insolvency professional: B. Naga Bhusan

Interim Resolution
Professional:            B. Naga Bhusan
                         House No. 1-1-380/38
                         Ashok Nagar Extension
                         Hyderabad 500020
                         E-mail: bnagabhushan@yahoo.com
                                 rp.kvpl@gmail.com

Last date for
submission of claims:    December 7, 2019


KUVAM KONSTRUCTION: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s Kuvam Konstruction Private Limited

        As per Hon'ble NCLT Order:
        House No. 536, Mamta Enclave
        Village Dhakoli
        Punjab 140603

        As per Company Master Data (MCA):
        House No. 491, Mamta Enclave
        Village Dhakoli, Zirakpur
        Mohali 160104

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Ludhiana Bench

Estimated date of closure of
insolvency resolution process: May 12, 2020

Insolvency professional: Parvinder Singh

Interim Resolution
Professional:            Parvinder Singh
                         10, Jandu Tower
                         Miller Ganj
                         Ludhiana 141003
                         E-mail: caparvinder03@gmail.com

Last date for
submission of claims:    December 3, 2019


KVR PRIME: CRISIL Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
CRISIL said the ratings on bank facilities of KVR Prime
Constructions Private Limited (KVR) continues to be 'CRISIL
B-/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with KVR for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

KVR Prime Constructions Pvt Ltd (KVR) was started by Mr.
Venkateswara Rao and is involved in residential real estate
construction business at Vijayawada (AP). The company has one
ongoing project under the name KVR Prime Galaxy.


LAKSHMI SAAI: CRISIL Migrates 'D' Rating From Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL had migrated its rating on
the long-term bank facilities of Lakshmi Saai Agri Cold Storage
Private Limited (LSA) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, the firm has subsequently begun sharing information
necessary for a comprehensive rating review. CRISIL is, therefore,
migrating its rating from 'CRISIL B+/Stable Issuer Not Cooperating'
to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        11        CRISIL B+/Stable (Migrated
                                   from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

   Proposed Working       1        CRISIL B+/Stable (Migrated
   Capital Facility                from 'CRISIL B+/Stable
                                   ISSUER NOT COOPERATING')

The rating continues to reflect the company's modest scale of
operations in the highly fragmented cold storage industry, and its
below-average financial risk profile. These weaknesses are
partially offset by the promoters' extensive experience in the
agricultural commodities business, and established customer
relationships

Analytical Approach

Unsecured loans from the promoter have been treated as neither debt
nor equity. That's because these loans are subordinated to external
debt, have no fixed repayment schedule, and are expected to remain
in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: LSA has installed capacity of 38,000
tonne. The cold chain industry in India is highly fragmented with
the unorganised segment accounting for 80-85% of total cold storage
capacity.

* Below-average financial risk profile: Cash accrual is expected to
be tightly matched against repayment obligation. However, liquidity
is expected to be supported by unsecured loans from promoters and
capital subsidy from the national horticulture board. Timely
support through unsecured loans and receipt of subsidy will remain
a key rating sensitivity factor.  Gearing was high at 3.7 times as
on March 31, 2019. Gearing is expected to improve gradually with
improvement in profitability and absence of debt-funded capital
expenditure. Debt protection metrics are moderate because of
decline in sales in fiscal 2019, however is expected to improve
over the medium term.

Strength

* Extensive industry experience of the promoter: Benefits from the
promoter's industry experience of over two decades and established
relationship with traders and farmers should continue to support
the business.

Liquidity Stretched

Liquidity is stretched as reflected in its tightly matched cash
accrual and repayment obligations. Accruals are estimated to be in
the range of 1.2 to 1.6 crores over the medium term against
repayment obligation of INR1.2 crores. The company has no working
capital limits, however regular fund support from promoters in the
form of unsecured loan should continue to support its liquidity.

Outlook: Stable

CRISIL believes ACSPL will continue to benefit over the medium term
from the extensive industry experience of the promoter.

Rating sensitivity factors

Upward factors

* Net cash accrual of more than 2 crores.
* Healthy occupancy in its storage facility leading to improvement
in revenue and operating profitability.

Downward factors

* Decline in profitability or revenue
* Net cash accrual of less than 1.2 crores

LSA was incorporated in 2010, but commenced operations in 2014.
Based in Chennai. It operates a cold storage facility. It is
managed by director Mr C Suresh Kumar.


MATHURA DEVELOPER: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mathura Developer
(MD) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Term Loan    1.14       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan             3.86       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MD for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

MD was established in October 2012 by Dr. Laxmikant Bajaj in Nanded
(Maharashtra). The firm is undertaking a commercial real estate
development project in Nanded. Its operations are managed by Dr.
Laxmikant Bajaj's younger brother, Mr. Sanjay Bajaj.


MITHRA COACHES: CARE Lowers Rating on INR28.11cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mithra Coaches Private Limited (MCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       28.11      CARE D Revised from CARE B;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of MCPL are tempered by
poor liquidity position with ongoing delays in debt servicing.

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in meeting debt obligations
The company has been facing subdued operational and financial
performance on account of delayed receipt of payments primarily
from Government clients leading to strained liquidity position
resulting in delays in meeting its debt obligation on time.

Liquidity: Poor

The liquidity profile of the company is poor, marked by cash losses
incurred y-o-y, completely eroded net-worth and fully utilized bank
limits. This has constrained the ability of the company to repay
its debt obligations on a timely basis.

Mithra Coaches Private Limited (MCPL) was incorporated in 2008 and
is engaged in manufacturing of structural bodies for buses,
containers, light commercial vehicle, bunk houses, trailers, water
tankers, and oil tankers. The company is promoted by Mr. Maganti
Subrahmanyam (Chairman), Mr. M. Venugopal (Director), Mr. N.
Seshadri Sekhar (Director). Mr. Madhusudhana Sarma, Mr. M.
Chandramouli (Director). The manufacturing facility of the company
is located in Veerapanenigudem village, Andhra Pradesh and has a
capacity of manufacturing 300 buses and 240 containers in a year.


MITHRA COTTON: CRISIL Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Mithra Cotton
Enterprises (MCE) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.9       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Cash          5.1       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with MCE for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Established in 2008, Guntur-based MCE gins and presses raw cotton
and sells cotton lint and seeds. Ms Kondaveeti Siva Kumari is the
promoter.


NAGA SINDHU: CARE Hikes Rating on INR15cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Naga
Sindhu Spinning and Ginning Mills Private Limited (NSSGMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      15.00       CARE B+; Stable Revised from
   Facilities                      CARE D

Detailed Rationale& Key Rating Drivers

The revision in the ratings assigned to NSSGMPL takes into account
regularisation of bank accounts with respect to meeting its debt
obligation on time. The rating also factors in growth in total
operating income and improvement in capital structure in FY19
(refers to period April 1 to March 31). However, the rating
continues to remain constrained by decline in profitability
margins, weak debt coverage indicators, highly fragmented industry
with intense competition from large number of players.  The
ratings, however, continues to derive strength from satisfactory
track record of operations with experienced promoters for more than
two decades in cotton industry, location advantage with presence in
cluster and Stable outlook of cotton industry.

Positive factors
* Decrease in debt levels with moderate utilisation of working
  capital facility around 70-75% leads to improvement in debt
  coverage indicators upto 7.72x

Negative factors
* Decline in total operating income beyond INR45.00 crores may
  affect the profitability margins and GCA levels substantially.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations with marginal decline in profitability
margins: The scale of operations of the company remained small as
marked by TOI of  INR52.11 crore along with tangible net worth of
Rs. 13.96 crore as on March 31, 2019. The profitability margins of
the company remained satisfactory, however PBILDT and PAT margin
declined by 209 bps & 257 bps during FY19 and stood at 9.55% &
0.01% in FY19 against 11.64% & 2.58% in FY18 respectively. PBILDT
margin of the company declined due to increase in raw material
costs during FY19. In line with operating margin and high amount of
deferred tax, the PAT margin also declined in FY19.

Weak debt coverage indicators: Debt coverage indicators of the
company remained weak during review period. Total debt/GCA of the
company deteriorated from 16.02 in FY18 to 16.56 in FY19 due to
decrease in cash accruals at the back of decrease in PAT levels.
However, due to decrease in PBILDT levels in absolute terms, PBILDT
Interest coverage ratio of the company deteriorated from 1.53x in
FY18 to 1.49x in FY19

Highly fragmented industry with intense competition from large
number of players
The company is engaged in manufacturing of cotton yarn which is
highly fragmented industry due to presence of large number of
organized and unorganized players in the industry resulting in huge
competition.

Key Rating Strengths

Satisfactory track record of operations with experienced promoters
for more than two decades in cotton industry NSSM started its
commercial operations from 2006. Hence, it has satisfactory track
record of operations of 12 years. NSSM is promoted by Mr.
Satyanarayana and his family members. Mr. Satyanarayana, Managing
Director of the company has more than two decades of experience in
cotton industry. Apart from NSSM, the company directors are also
involved in the associate concerns. Due to the experience of the
promoters, the company has good relation with the customers and
suppliers.

Growth in total operating income
The Total Operating Income (TOI) of the company grew marginally
from  INR46.19 crore in FY18 to  INR52.11 crore in FY19, at the
back of increase in quantity sold by the company.

Improved and moderate capital structure
Capital Structure of the company remained moderate however
marginally improved as on closing balance sheet date March 31,
2019. The debt equity ratio of the company improved to 1.22x as on
March 31 2019 from 1.33x as on March 31 2018 due to repayment of
unsecured loans. However, the overall gearing ratio improved
marginally from 2.12x as on March 31 2018 to 1.94x as on March 31
2019 due to lower utilization of the working capital facility.

Location advantage
NSSM is located in one the major cotton growing areas in Andhra
Pradesh. Availability of raw material is not expected to be a
concern as the company procures raw material (raw cotton) from the
traders located in and around Guntur. NSSM enjoys proximity to the
cotton producing belt of Andhra Pradesh which results in ease of
access to raw material with low transportation cost.

Stable outlook of cotton industry
Cotton plays an important role in the Indian economy as the
country's textile industry is predominantly cotton based. India is
one of the largest producers as well as exporters of cotton yarn.
The Indian textile industry contributes around 5 per cent to
country's gross domestic product (GDP), 14 per cent to industrial
production and 11 per cent to total exports earnings. The industry
is also the second-largest employer in the country after
agriculture, providing employment to over 51 million people
directly and 68 million people indirectly, including unskilled
women. The textile industry is also expected to reach US$ 223
billion by the year 2021. The states of Gujarat, Maharashtra,
Telangana, Andhra Pradesh, Karnataka, Madhya Pradesh, Haryana,
Rajasthan, and Punjab are the major cotton producers in India.

Liquidity –Poor

Poor liquidity marked by tightly matched accruals to repayment
obligations, highly utilized bank facilities of 99% for the last
twelve months ended November 14, 2019 and modest cash balance of
1.64 crore.

Andhra based, Naga Sindhu Spinning and Ginning Mills Private
Limited (NSSM) was incorporated in the year 2006 and is promoted by
Mr. Satyanarayana and his family members. Company's registered
office is located in Managalagiri, Andhra Pradesh. Factory premise
of the company is situated at Konduru Mandal, Krishna District
covering an area of 15 acres. The company is engaged in ginning and
spinning of cotton with an installed capacity of 19200 spindles per
month. NSSM purchases raw cotton from traders located in Guntur and
from other districts in the state of Telangana. The company sells
100% of cotton yarn to the customers located in Maharashtra.


NEO CORP: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Neo Corp International Limited
        220, Mahavir Industrial Estate
        Opposite Mahakali Caves Road
        Andheri (E) Mumbai 400093
        Maharashtra, India

Insolvency Commencement Date: September 19, 2019

Court: National Company Law Tribunal, Navi Mumbai Bench

Estimated date of closure of
insolvency resolution process: March 17, 2020
                               (180 days from commencement)

Insolvency professional: Asha Manajit Ghoshal

Interim Resolution
Professional:            Asha Manajit Ghoshal
                         301, Arenja Corner
                         Plot no. 71, Sector-17
                         Vashi, Navi Mumbai 400705
                         E-mail: asha.ghoshal@amgadvisory.in
                                 ipneocorp@amgadvisory.in

Last date for
submission of claims:    October 12, 2019


NEXGEN LAMINATORS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nexgen Laminators Private Limited
        Village Farm Bahadurgarh
        Behind Milk Food Patiala
        Patiala (Punjab) 147021

Insolvency Commencement Date: November 25, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 23, 2020

Insolvency professional: CA Ritu Rastogi

Interim Resolution
Professional:            CA Ritu Rastogi
                         D-1B, 9A, D-Block
                         Janakpuri
                         New Delhi 110058
                         E-mail: cirpnexgen@gmail.com

Last date for
submission of claims:    December 9, 2019


NIKHIL PULSES: CARE Reaffirms B+ Rating on INR10cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nikhil Pulses Private Limited (NPPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      10.00       CARE B+; Stable Reaffirmed
   Facilities          

Detailed Rationale & Key rating Drivers

The rating assigned to the bank facilities of NPPL continues to
remain constrained on account of its growing albeit modest scale of
operations with low profitability. The rating, further, continues
to remain constrained on account of weak solvency position,
stretched liquidity position and its presence in the highly
fragmented and competitive industry.  The rating, however,
continues to draw strength from the experienced promoters with
established track record of operations.

Rating sensitivities

Positive factors
* Stability in profitability margins
* Improvement in capital structure with overall gearing less than
  1.50 times

Negative Factors
* Deterioration of capital structure more than 3.00 times
* Deterioration of liquidity position from current level

Detailed description of the key rating drivers

Key Rating Weakness

Growing albeit modest scale of operation along with thin
profitability margins: During FY19, Total Operating Income (TOI) of
the company has increased by 34.49% over FY18 mainly on account of
increase in sales quantity of pulses and stood modest at INR84.80
crore. Further, NPPL has taken over operations of Shah Industries
(SI) which is engaged in processing of pulses in February, 2018
which has further increased its TOI.  Being engaged in the
processing of agro commodities, the profitability margins of the
company remained thin with PBILDT and PAT margin of 2.08% and 0.29%
respectively in FY19 due to limited value addition and presence in
a highly competitive industry.

Leveraged capital structure and weak debt coverage indicators: The
capital structure of NPPL remained leveraged with an overall
gearing of 2.42 as on March 31, 2019, improved from 3.39 as on
March 31, 2018 mainly on account of treatment of unsecured loans of
INR2.55 crore as quasi equity which are subordinated to bank
borrowings. Due to high debt and low gross cash accruals, the debt
coverage indicators remained weak marked by total debt to GCA of
29.24 in FY19 as against 34.17 in FY18. The Interest coverage ratio
for the FY19 remained moderate at 1.39 times.

Highly competitive nature of operations: NPPL operates in a highly
competitive market environment wherein a large no. of organized &
unorganized players is engaged in the grains processing activities.
Moreover, the established brands from the organized players also
create a stiff competition for the company. This is evidently
reflected in the low profit margins garnered by the company, in
addition to the trading & processing nature of operations fetching
lower margins.

Key Rating Strengths

Established track record of operations and experienced directors in
food processing activities: NPPL possesses a moderate track record
of over a decade of operations in processing of pulses like Urad
and Moong dal. Over the years company has successfully established
its brand under name of "Nikhil Pulses" in market. NPPL sells its
products to wholesalers and retailers across Maharashtra, Gujarat,
Punjab, Bihar, Guwahati etc. Mr. Sanjay Agarwal is a director of
company who have more than a decade experience in food processing
industries. He was also the proprietor of

Shah Industries (SI) who was also engaged in similar line of
business. NPPL has taken over SI mainly for the purpose of growth
and expansion in its business. Mr. Nikhil, who is also the director
in the company, also holds good experience in the same line of
business.

Liquidity: Stretched

The liquidity position of the company remained stretched marked by
more than 90% average utilization of working capital bank borrowing
during past 12 months ended August 2019. Further, operating cycle
stood moderate at 55 days in FY19. Due to high inventory, the
current ratio remained moderate at 1.41 times whereas quick ratio
remained below unity at 0.62 as on March 31, 2019. Cash and bank
balance stood at INR0.15 crore as on March 31, 2019. Further, the
company has envisaged GCA level of INR0.78 crore in FY20 as against
loan repayment of INR0.75 crore.

Incorporated in 2001, NPPL is engaged in processing & trading of
all types of dal mainly mong dal and urad dal. The resultant
products, viz. processed urad and moong dal, are in-turn sold to
the wholesalers and retailers of food items from Maharashtra,
Gujarat, Punjab, Bangalore, Bihar etc. through brokers. The firm
sells dal under the brand names of "Nikhil Pulses". On the other
hand, the raw pulses are procured from the traders of various
agro-commodities located in Maharashtra, Gujarat, Andhra Pradesh
and Tamil Nadu.


NIRMANGOLD ALLOYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Nirmangold Alloys Private Limited
        Gut No. 17, Sultanpur Shivar
        Near Jikthan Phata
        Aurangabad-Nagar Road
        Aurangabad MH 431133
        IN

Insolvency Commencement Date: November 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 9, 2020
                               (180 days from commencement)

Insolvency professional: Murlidhar Namdeo Bhalekar

Interim Resolution
Professional:            Murlidhar Namdeo Bhalekar
                         Nilayam, 29 Vishva Karma
                         Co-op Hsg Society
                         CIDCO, N-8-E
                         Aurangabad 431003
                         Maharashtra
                         E-mail: mnbhalekar@gmail.com

Last date for
submission of claims:    December 11, 2019


PADAM MOTORS: CARE Lowers Rating on INR12.93cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Padam Motors Private Limited (PMPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      12.93       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; on the basis of best
                                   available information

   Short Term Bank      15.00      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 25, 2018, placed the
ratings of PMPL under the 'issuer non-cooperating' category as PMPL
had failed to provide information for monitoring of the rating.
PMPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
October 30, 2019. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The long-term rating of the company has been revised on account of
ongoing slowdown in the automobile industry coupled with the
competitive nature of the industry. The ratings are further
constrained by weak financial risk profile. However, the ratings
derive strength from the experienced promoters.

Detailed description of the key rating drivers

Key Rating Weaknesses

Highly competitive nature and ongoing slowdown in the automobile
industry: PMPL operates in a highly competitive industry with the
presence of a large number of entities. The company faces
competitive pressures from the dealers of other brand of vehicles
in the domestic markets. Further, the auto sector is witnessing
subdued demand with sharp decline in monthly sales experienced in
the last few months. The decline in sales has been owing to higher
insurance costs, higher ownership costs, liquidity crunch in the
NBFC sector and increased load carrying capacity for medium and
heavy commercial vehicles that has led to lower volume sales. This
decline is expected to put pressure on the overall sales for the
year and restrict the growth going forward.

Weak financial risk profile: PMPL's total income declined by ~22%
in FY15 (refers to period from April 1 to March 31) mainly due to
lower demand of Chevrolet brand of cars during FY15. The PBILDT
margins of the company improved in FY15 on account of increase in
the income from servicing and sale of spares where the margins are
relatively better. However, the PAT margins of the company declined
from 0.16% in FY14 to 0.13% in FY15. The overall solvency position
of the company remained weak, as on March 31, 2015.

Working capital intensive operations: The operating cycle of the
company remained elongated at 72 days, as on March 31, 2015.

Key Rating Strengths

Experienced promoters: The promoters of the company, Mr Amarjit
Mehta and Mrs Babita Mehta have over a decade of experience in the
auto dealership business. PMPL is a part of the Padam group, which
include Padam Cars Pvt Ltd and Mehta Motors Pvt Ltd, which are also
engaged in the auto-dealership business since 2011 and 2002,
respectively.

Padam Motors Private Limited (PMPL) was incorporated in May 2004
and operates as an authorized dealer for the sale of passenger and
commercial vehicles of the Ashok Leyland, Tata and Renault. PMPL
operates 3S (Sales, Services and Spare parts) facilities in its
showrooms spread across Punjab, Haryana and Chandigarh.


PADMAPAT ENGINEERS: CARE Keeps B+ Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Padmapat
Engineers (PE) continues to remain in the 'Issuer Not Cooperating'
category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       5.78       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; based on best
                                   Available information

   Short-term Bank      3.00       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; based on best
                                   Available information

Detailed Rationale & Key rating Drivers

CARE has been seeking information from PE to monitor the rating(s)
vide e-mail August 27, July 15, and July 1, 2019 and letter dated
November 15, 2019 and numerous phone calls. However, despite CARE's
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, PE has not paid the
surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on PE bank facilities will now be
denoted as CARE B+;Stable/CARE A4 ; ISSUER NOT COOPERATING.

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

The ratings constrained on account of continuously decline in scale
of operations along with moderate solvency position and stretched
liquidity position. The ratings, further, constrained on account of
constitution as a partnership concern.

The ratings, however, favorably take into account the vide
experience of the promoters with diversified business profile. The
ratings, further, derive strength from continuously improving
profitability margin.

Detailed description of the key rating drivers

At the time of last rating on September 11, 2018, the following
were the rating strengths and weaknesses:

Key Rating Weaknesses

Continuous decline in scale of operation: Total Operating Income of
the firm has continuously dipped during past three financial years
ended FY18 owing to lower supply of drives and solar plant
installation. During FY18, TOI has declined by 20.43% over FY17
while during FY17 it declined by 7.58% over FY16.

Moderate solvency position: The capital structure of the firm stood
moderately leveraged with an overall gearing of 1.89 times as on
March 31, 2018. The debt service coverage indicators of the firm
also stood moderate with total debt to GCA of 8.55 times as on
March 31, 2018.

Constitution as a proprietorship concern: PE's constitution as a
proprietorship firm restricts its overall financial flexibility.
There is the inherent risk of withdrawal of capital and dissolution
of the firm in case of death/insolvency of proprietor. Any
withdrawals from the capital account may affect its financial risk
profile.

Key Rating Strengths

Experience management: Mr. Vijayant Patni, Proprietor, has vast
experience of more than two decade in the industry and looks after
overall affairs of the firm. He is assisted by 2nd tier management
who have also experience of more than 7 years in their respective
field. The management of PE has maintained established relationship
with customer and suppliers.

Diversified business profile along with well-known client base: The
firm is Larson and Toubro stockiest for supply of L&T Switchgears
and distributor of Shenzhen INVT Electronic Company Limited (SIECL)
for AC-DC Drive, Servo Drive, PLC, etc. PE is also authorized
representative and distributor of Chino Corporation India Private
Limited (CCI) for 16 different localities in Uttar Pradesh for
products of CCI. PE is also executing contracts of solar plant
establishment since last 10 years. Further, in August 2017, PE
undertook a project to manufacture CT (Current Transformer) and PT
(Potential Transformers) at its owned factory with installed
capacity of 100 transformers per month. The firm has started
operation from April 2018.

Continuously improvement in operating profitability margins albeit
stood moderate: PE has witnessed continuous improvement in its
PBILDT margin during past three financial years ended FY18 owing to
decline in material cost. During FY18, PBILDT margin stood moderate
at 11.95%, improved by 277 bps over FY17 (305 bps in FY16 over
FY17) owing to decline in material cost. Further, with improvement
in PBILDT margin, PAT margin has also improved by 120 bps over FY17
and stood moderate at 3.27% in FY18. Further, GCA level has also
increased by 18.62% and it stood Rs0.68 crore in FY18.

Liquidity: Stretched

Liquidity profile of the company remained stretched marked by
elongated operating cycle of 138 days in FY18. Owing to wide
product profile of the firm, the inventory holding period remained
high.

PE was formed in 2001 as a proprietorship concern by Mr. Vijyant
Patni. The firm is L&T stockiest for supply of L&T Switchgears and
distributor of Shenzhen INVT Electronic Company Limited (SIECL) for
AC-DC Drive, Servo Drive, PLC, etc. PE is also authorized
representative and distributor of Chino Corporation India Private
Limited (CCI) for 16 different localities in Uttar Pradesh for
products of CCI. PE is also executing contracts of solar plant
establishment since last 10 years.


PAWAN CASTINGS: CRISIL Lowers Rating on INR12cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Pawan Castings
(Meghalaya) Private Limited (PCMPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              3.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with PCMPL for obtaining
information through letters and emails dated October 22, 2019 and
October 29, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PCMPL and Meghalaya Cast and Alloys Pvt
Ltd (MCAPL). That's because the two companies, together referred to
as the Pawan group, are in the same line of business, have
significant operational synergies, and are under a common
management. They are likely to support each other in case of
exigencies.

The Pawan group was set up by Mr Madan Lal Mittal and Mr Rajesh
Kumar Mittal. The group manufactures structural steel. PCMPL
commenced commercial production in 2007 at its plant in Byrnihat,
Meghalaya. MCAPL, incorporated in 2002, manufactures mild steel
ingots at its facilities in Meghalaya.


PHOENIX ALUMINIUM: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Phoenix Aluminium Products Private Limited
        Unit 19, F-II
        Block Plot No. 51
        MIDC, Pimpri
        Pune 411018

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 25, 2020

Insolvency professional: Mr. Prakash Dattatraya Naringrekar

Interim Resolution
Professional:            Mr. Prakash Dattatraya Naringrekar
                         A-503, Blue Diamond CHS Ltd.
                         Chincholi Bunder
                         Link Road Junction
                         Malad West, Mumbai 400064
                         E-mail: prakash03041956@gmail.com

                            - and -

                         B-34, Ground Floor
                         Rolex Shopping Centre
                         Station Road, Goregaon West
                         Mumbai 400062
                         E-mail: pappl.cirp@gmail.com

Last date for
submission of claims:    December 11, 2019


R. P. PRINTERS: CRISIL Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of R. P. Printers (RPP)
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (ISSUER NOT
                                    COOPERATING)
   Cash Credit            3.5       CRISIL D (ISSUER NOT
                                    COOPERATING)
   Term Loan              2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RPP for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RPP was set up as a partnership firm in 2005 and is owned and
managed by Mr. Nitin Gupta. The firm prints colouring books and
notebooks at its printing facility at Noida, Uttar Pradesh.


R. S. ENTERPRISES: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of R. S. Enterprises
(Ludhiana) (RSE) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            14        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Foreign Exchange        3        CRISIL D (ISSUER NOT
   Forward                          COOPERATING)

   Proposed Long Term      2.95     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan               6.05     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RSE for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RSE was established in 2001 as a proprietorship concern in Ludhiana
(Punjab) by Mr. Rachit Tuli. The firm manufactures textiles and
trades in fabric and has a knitting capacity of 8 tonnes per day.
The proprietor's family has over six decades of experience in the
textiles industry.


RADHIKA INFRA: CRISIL Keeps 'D' on INR13cr Loan in Not Cooperating
------------------------------------------------------------------
CRISIL said the ratings on bank facilities of Radhika Infra Estate
Private Limited (RIPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan        13.54      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with RIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RIPL was incorporated in 2009 by Mr. Manoj Kumar Jain, Mr. Arvind
Agarwal, and Mr. Prashant Kumar Saxena. It is currently undertaking
a real estate project, Maple Tree, at the airport bypass road, near
RGPV University, Bhopal.


RAVEENA HOTELS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Raveena Hotels Private Limited
        Raveena Plaza, #281
        1st Main Alur Venkat Rao Road
        IIIrd Cross, Chamrajpet Bangalore
        Karnataka 560018
        India

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Aluva Bench

Estimated date of closure of
insolvency resolution process: April 12, 2020

Insolvency professional: Kizhakkekara Kuriakose Jose

Interim Resolution
Professional:            Kizhakkekara Kuriakose Jose
                         KK Jose & Asociates
                         Yenvee Complex
                         Temple Road
                         Aluva 683101
                         Kerala
                         E-mail: kkjoseca@gmail.com
                                 kkjosecirp@gmail.com

Last date for
submission of claims:    October 29, 2019


RAVIRAJ FOILS: Ind-Ra Lowers & Migrates LT Issuer Rating to 'BB+'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Raviraj Foils
Limited's (RFL) Long-Term Issuer Rating to 'IND BB+' from 'IND
BBB-' and has simultaneously migrated the rating to the
non-cooperating category. The Outlook on the earlier rating was
Negative. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR54.3 mil. Long-term loan due on October 2020 downgraded and

     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING) rating;

-- INR140 mil. Fund-based limit downgraded and migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR67.5 mil. Non-fund based limit downgraded and migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

KEY RATING DRIVERS

The downgrade reflects the delay in the completion of the CAPEX by
RFL. The CAPEX was completed in August 2019 against the expectation
of April 2019. Furthermore, since August 2019, the capacity
utilization of the new facility has been very low and is being
ramped up gradually.

The ratings reflect RFL's tight liquidity position with average
maximum average bank limit utilization was more than 90% for the
eight months ended November 2019. Also, repayments for the term
loan availed for the CAPEX are proposed to start from December
2019. Ind-Ra is unable to ascertain the company's ability to ensure
timely debt-servicing, as RFL has not shared the audited financials
for FY19 and the interim financials for FY20 with the agency.

Furthermore, the company has not provided Ind-Ra with information
related to working capital utilization for the last eight months
despite continuous requests and follow-ups. Consequently, the
ratings have been migrated to the non-cooperating category.

RATING SENSITIVITIES

Negative: Any decline in revenue, profitability, or deterioration
in liquidity and credit metrics, on a sustained basis, could be
negative for the ratings.

Positive: Stabilization of operations in the new facility, leading
to improvement in the revenue, liquidity, and profitability,
resulting in an improvement in the credit metrics, on a sustained
basis, could be positive for the ratings.

COMPANY PROFILE

Incorporated in 1996, Ahmedabad-based RFL manufactures light (6-12
microns) and medium gauge (15-50 microns) aluminum foils, which are
used for food and pharmaceutical packaging. RFL has five rolling
mills with a combined installed rolling capacity of 28,000MTPA.

RDP WORK STATIONS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: RDP Work Stations Private Limited

        Registered address:
        5-219/16/401
        Sai Veera Hill View Apartments
        Puppalaguda, Near Manikonda
        Hyderabad TG 500089
        IN

        Corporate address:
        #403, Ashoka Capitol
        Road No. 2, Banjara Hills
        Opposite KBR Park
        Hyderabad, Telangana 500034

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 18, 2020

Insolvency professional: Sreedhar Nukala

Interim Resolution
Professional:            Sreedhar Nukala
                         #6-3-252/A/8&9, Flat No. 203
                         Mount Castle Apts.
                         Erramanzil Colony
                         Near Taj Deccan
                         Hyderabad 500082
                         Tel.: 9848146369
                         E-mail: sreenuka_1@yahoo.com
                                 rdp.cirp@gmail.com

Last date for
submission of claims:    December 5, 2019


REX SEWING: CARE Lowers Rating on INR12.25cr LT Loan to 'B'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Rex
Sewing Machine Company Private Limited (RSMCPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank      12.25       CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; on the basis of best
                                   available information

   Short Term Bank       5.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 22, 2018, placed the
ratings of RSMCPL under the 'issuer non-cooperating' category as
RSMCIL had failed to provide information for monitoring of the
rating. RSMCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter October 30, 2019. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The revision in the long-term rating of the company takes into
account declining profitability margins in FY18 (refers to the
period April 1 to March 31). The ratings are further constrained by
the company's weak solvency indicators and client concentration
risk. The ratings, however, derive strength from the experienced
promoters and increasing scale of operations.

Detailed description of the key rating drivers

Key Rating Weaknesses

Declining profitability margins: The profitability margins of the
company declined on a year-on-year basis. The PBILDT margin
declined from 5.44% in FY17 to 4.53% in FY18. Further, the PAT
margin also declined to 0.52% in FY18 from 0.75% in FY17.

Weak overall solvency position: The capital structure of the
company remained leveraged as reflected by the debt-equity ratio
and overall gearing ratio of 0.59x and 1.95x as on March 31, 2018,
respectively as compared to 0.93x and 2.34x, respectively, as on
March 31, 2017. Though the interest coverage ratio of the company
remained moderate at 1.68x in FY18 as compared to 1.75x in FY17,
the total debt to GCA ratio remained weak at 13.97x, as on March
31, 2018 as compared to 13.93x as on March 31, 2017.

Client concentration risk: Top ten customers of RSMCPL constituted
around 53% of the total income in FY15, with the biggest customer
alone constituting about 43% of the total income in FY15.

Key Rating Strengths

Experienced promoters: RSMCPL was setup in 1957 as a partnership
firm and subsequently reconstituted as a private limited company in
1994. The company is currently being managed by Mr. Dinesh Dandona
and his brother Mr. Bhupesh Dandona. The promoters of the company
have more than two decades of experience in the industry.

Increasing scale of operations: The total operating income of the
company grew by ~23% in FY18 (on a year-on-year basis) to INR73.34
Crore.

Set up in 1957 by Mr. Om Parkash Dandona, RSMCPL is engaged in the
manufacturing of a wide range of sewing machines at its two
manufacturing facilities located in Ludhiana with a total installed
capacity of 216,000 machines per annum, as on December 31, 2015.
The company also engages in the export of its products. The sewing
machines are sold under the brand name `Rex' in the domestic
markets as well as export markets. RSMCPL is currently being
managed by Mr Dinesh Dandona and Mr Bhupesh Dandona (sons of Mr Om
Prakash Dandona). All the machines manufactured by RSMCPL have an
ISI registration. The company also has trading operations wherein
it sources and sells allied machines like Bag Closing Machines,
Button Presses & Button Moulding Machines, sewing machine
components and spare parts.


ROYAL REFINERY: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Royal Refinery Private Limited
        3-E, Trishla Premises Coop Society Ltd.
        3rd Floor, 122, Sheikh Menon Street
        Mumbai 400002

Insolvency Commencement Date: November 13, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 10, 2020
                               (180 days from commencement)

Insolvency professional: Nandkishor Vishnupant Deshpande

Interim Resolution
Professional:            Nandkishor Vishnupant Deshpande
                         Flat No. B/802, 8th Floor
                         B Wing, Building No. 6
                         Sukhvilla CHSL, Siddharth Nagar
                         Near Vivek College
                         Goregaon (West), Mumbai
                         Maharashtra 400062
                         E-mail: nvdeshpande.ip@gmail.com

                            - and -  

                         Headway Resolution and Insolvency
                         Services Pvt. Ltd.
                         708, Raheja Centre
                         Nariman Point
                         Mumbai 400021
                         Maharashtra
                         E-mail: cirproyr@gmail.com

Last date for
submission of claims:    December 4, 2019


RUCHI SOYA: Patanjali Gets INR3,200cr Loan to Fund Purchase
-----------------------------------------------------------
Livemint.com reports that Baba Ramdev-led Patanjali Ayurved on Nov.
29 said it has already tied up loan worth INR3,200 crore from a
consortium of lenders led by State Bank of India to fund its
acquisition of Ruchi Soya through insolvency process.

In September, the National Company Law Tribunal (NCLT) approved the
resolution plan of Patanjali Ayurved to acquire debt-laden Ruchi
Soya, the report recalls.

"The company has already secured required total debt from a
consortium of banks led by State Bank of India," the report quotes
Patanjali Ayurved Managing Director Acharya Balkrishna as saying in
a statement.

Livemint.com relates that Patanjali also said it has got loans of
INR1,200 crore from SBI, INR700 crore from Punjab National Bank,
INR600 crore from Union Bank of India, INR400 crore from Syndicate
Bank and INR300 crore from Allahabad Bank.

Ruchi Soya went into the insolvency in December 2017.

NCLT had admitted the insolvency plea filed by two lead financial
creditors Standard Chartered Bank and DBS Bank. However, later,
Singapore-based DBS Bank became dissenting creditor and approached
the National Company Law Appellate Tribunal challenging the
distribution of proceeds from the bid submitted by Baba Ramdev-led
Patanjali Ayurveda, Livemint.com relates.

According to Livemint.com, Ruchi Soya told the NCLT that resolution
applicant Patanjali group will infuse INR204.75 crore as equity and
INR3,233.36 crore as debt.

The amounts will be infused into a special purpose vehicle (SPV),
Patanjali Consortium Adhigrahan Pvt Ltd, which will be later
amalgamated with Ruchi Soya, the report says.

Another INR900 crore will be infused by the Patanjali group through
subscription of non-convertible debentures and preference shares in
the SPV. It will also provide a credit guarantee of nearly INR12
crore, adds Livemint.com.

On April 30 this year, a committee of creditors had approved
Patanjali group's INR4,350 crore resolution plan to take over Ruchi
Soya. Lenders will have to take a haircut of around 60 per cent,
recalls Livemint.com.

Shailendra Ajmera of EY was appointed as resolution professional to
manage the company's affairs and conduct insolvency proceedings,
the report notes.

                         About Ruchi Soya

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

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

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


RUSHABH TRADING: CRISIL Keeps 'B' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Rushabh Trading Co.
(RTC) continues to be 'CRISIL B/Stable Issuer not cooperating'.

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

   Proposed Long Term     4         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with RTC for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RTC was set up in 1983 by Mr. Premji Velji Karani and family. The
firm trades in basmati rice. It is headquartered in Mumbai, and has
a branch office in New Delhi.


SEGNO CERAMICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: M/S Segno Ceramics Private Limited
        Survey No. 175-177/5
        Vemavaram Village
        Ballikurva Mandal
        Prakasam District 523301
        Andhra Pradesh

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, Vijayawada Bench

Estimated date of closure of
insolvency resolution process: May 20, 2020

Insolvency professional: Immaneni Eswara Rao

Interim Resolution
Professional:            Immaneni Eswara Rao
                         40-26-22, Mohiddin Street
                         Opp. BSNL Exchange
                         Labbipeta, Mg Road Vijayawad
                         Krishna, Andhra Pradesh 520010
                         E-mail: ier_ca@outlook.com

                            - and -

                         #301, 3rd Floor, Bhavya's Fantastika
                         D.No. 8-2-684/A, Road No. 12
                         Banjara Hills, Hyderabad 500034
                         Telangana State
                         E-mail: ip.segnoceramics@gmail.com

Last date for
submission of claims:    December 9, 2019


SETH CONSTRUCTION: CARE Cuts Rating on INR15cr Loan to 'B-'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Seth
Construction Company (SCC), as:

                       Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long/Short-term       15.00       CARE B-; Stable/CARE A4
   Bank Facilities                   Revised from CARE BB+;
                                     Stable/CARE A4+

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facility of  SCC
takes into account the ongoing delays in the repayment of its term
loans (not rated by CARE) availed by the firm. The same was mainly
on account of its poor liquidity position on account of delay in
receipts from customers and pile up of inventory during H1FY20
(refers to a period from April 1 to September 30). The ratings
further continue to remain constrained by its modest scale of
operations, moderate profit margins which are further
susceptibility to fluctuation in input prices, moderate capital
structure and debt coverage indicators in FY19. The ratings are
further constrained by its customer and supplier concentration
risk, constitution of the entity as a partnership firm and presence
of the firm in the competitive & fragmented industry which is
tender driven in nature.  The aforesaid constraints, however, are
partially offset by the strength derived from the long track record
and experienced & technically qualified promoters in the civil
construction industry and its moderate order book position.

Key rating sensitivities

Positive factors
* Demonstration of default free track record for minimum 90 days.
* Ability of the company to timely realize its customers receipts
  and thus reducing liquidity mismatch
* Further improvement in scale of operations and profitability
  indicators in sustained manner, with timely execution of orders
  in hand

Negative factors
* Further stretched in liquidity affecting timely execution of
  contracts, ther eby affec ting the overall financial risk
  profile

Detailed description of the key rating drivers

Key Rating Weaknesses

Delays in servicing of debt obligation: As per interaction with the
banker, there are ongoing delays in the repayment of term loans
(Not rated by CARE) availed by the firm during the last 2 months.
The same is mainly on account of poor liquidity caused by delays in
receipt from customers and pile up of WIP inventory.

Modest scale of operations with fluctuating operating income and
cash accruals: The total operating income (TOI) of the firm has
been fluctuating during past four years ending FY19 on account of
on account of slowdown in the industry resulting into decrease in
number of projects executed by the firm during FY19. The overall
scale of operations of the firm continues to remain small with a
de-growth of approximately 17% to INR44.83 crore in FY19 as against
INR54.04 crore in FY18. The capital base of the firm also remains
low as indicated by a networth base of INR18.00 crore as on March
31, 2019. The same limits its financial flexibility and deprives
the firm from the benefits of scale. Further, during 7MFY20 (refers
to a period from April 1 to October 31) the firm has recorded total
income of INR7 crore.

Moderate profit margins which are susceptibility to fluctuation in
input prices: The PBILDT margin of the firm has remained moderate
and stood at 12.37% in FY19. SCC's major raw material, Bitumen,
Cement, Iron & Steel, Metal & Sand exhibits high price volatility.
In the absence of any long-term contract with suppliers and high
gestation period of contracts, it is exposed to the risk of raw
material price fluctuation.

Moderate capital structure and moderate debt coverage indicators:
The capital structure of SCC has remained moderate on account
accretion of profits.. However, the same has declined in FY19 with
as indicated by an overall gearing at 0.80x as on March 31, 2019
(vis-à-vis 0.69 as on March 31, 2018). The debt coverage
indicators also remained at moderate marked by the interest
coverage ratio of 2.38 times and total debt to cash accruals of
4.47x in FY19.

Presence in competitive and fragmented industry and exposure to
tender driven nature of business: The construction industry is
highly fragmented & competitive with presence of the few organized
& several unorganized player. Further, with many foreign companies
entering in India through SCC's the competition is further likely
to intensify.

Partnership nature of constitution: Being a partnership firm, SCC
has inherent risk of withdrawal of partner's capital at the time of
personal contingency. Furthermore, it has restricted access to
external borrowings where net worth as well as creditworthiness of
the partner are the key factors affecting credit decision of the
lenders. Hence, limited funding avenues along with limited
financial flexibility have resulted in small scale of operations
for the firm.

Key Rating Strengths

Experienced and technically qualified promoters in the civil
construction industry with financial resourcefulness: Seth
Construction Co. (SCC) is formed in 1978 as a partnership firm by
Mr. Yashpal Seth having four decades of experience in the field of
civil construction. From 1992 onwards Mr. Mannu Seth, BE
(Electricals) and Amit Seth, BE (Civil) have joined the firm and
gained total experience of 26 years through their association with
the firm.

Moderate order book position: As on October 31, 2019, the firm has
moderate outstanding order book position of which is 2.34 times the
TOI in FY19. The orders are to be executed in the next 10 – 12
months, providing revenue visibility for the short term period.
Execution of the said order book within the envisaged time and cost
along with improved debtor realization will be crucial for the
overall financial risk profile of the entity.

Liquidity Indicators: Poor

The liquidity position of SSC is poor, characterized by lower
accruals as against repayment obligations, stretched operating
cycle with a gross current asset days of 129 days. The same has
resulted in a delay in debt servicing for term loans (Not rated by
CARE) availed by the firm.

Seth Construction Company (SCC) was established in the year 1978 as
a partnership firm by Mr. Mannu Seth, Mr. Amit Seth and Mrs.
Parveen Seth and is engaged into construction of civil engineering
projects such as roads & building construction services. SCC
undertakes such activities mainly in Nagpur district, Maharashtra
and procures orders through tender bidding process undertaken by
Public Works Department (PWD), Maharashtra Irrigation Development
Corporation (MIDC) of Govt. of Maharashtra and Military Engineering
Services (MES) of Ministry of Defense.


SHIVPRASAD FOODS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Shivprasad Foods and
Milk Products (SFMP) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              7.67      CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Shivprasad Foods and
Milk Products (SFMP) for obtaining information through letters and
emails dated April 23, 2019 and October 11, 2019 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

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

Detailed Rationale

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

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

SFMP was set up by Mr Sharad More. The firm processes cow's milk
and manufactures ghee and butter. It also has an SMP manufacturing
unit with capacity of 10 tonne per day.


SHRADDHA ENERGY: CARE Cuts Rating on INR106.31cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shraddha Energy and Infraprojects Private Limited (SEIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-Term Bank      106.31      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable;
   (Term Loan)                     on the basis of best available
                                   information

   Long Term Bank       58.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE B+; Stable;
   (Fund Based)                    on the basis of best available
                                   information

   Short Term Bank      13.95      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4 On the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

The revision in the ratings to the bank facilities of SEIPL factors
in the delays in debt servicing obligations of the company. CARE
had vide its press release dated February 14, 2018, placed the
ratings of SEIPL under "Issuer non-cooperating" category as the
company had failed to provide information for monitoring the
rating. SEIPL continues to be non-cooperative despite repeated
request for submission of information through mails, phone calls
and a letter dated April 16, 2019. In line with the extant SEBI
guidelines CARE has reviewed the rating on the basis of best
available information. Further, SEIPL had not paid the surveillance
fees for the rating exercise as agreed to in its Rating Agreement.
The ratings on SEIPL bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

Key Rating Weaknesses

Delays in debt servicing
As per the feedback received from the bankers of SEIPL, there are
delays in debt servicing obligations of the company.

Shraddha Energy and Infraprojects Private Limited (SEIPL), promoted
by Mr. Shivaji Bhagwanrao Jadhav in 1986, is the flagship company
of Shraddha group. The company is engaged in the business of sugar
manufacturing, co-generation from Sugar Unit and construction work
related to dams, barrages lift irrigation, etc and power generation
through wind energy.


SHREE RAM: CARE Reaffirms B+ Rating on INR30cr LT Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Shree
Ram Cottex Industries Private Limited (SRC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term Bank
   Facilities          30.00       CARE B+; Stable Reaffirmed

Detailed Rationale and Key Rating Drivers

The rating assigned to the bank facilities of SRC continues to
remain constrained on account of its thin profitability in light of
limited value addition in the cotton ginning business, leveraged
capital structure and stretched liquidity on the back of low cash
accruals and high reliance on external borrowings. The ratings also
remain constrained due to susceptibility of its operating margin to
volatile cotton prices and its presence in highly fragmented,
seasonal and regulated cotton ginning industry and high working
capital intensity.

The rating, however, derives strength from vast and rich experience
of the promoters in the cotton ginning business and location
advantage emanating from its proximity to raw cotton. The rating
also take into account the infusion of equity capital by the
promoters during FY18 (FY refers to period April 1 to March 31) and
FY19 aggregating to INR0.90 crore to support the operations.

Key Rating sensitivities

Positive Factors

* Sustained improvement in PBILDT margin beyond 5%
* Improvement in capital structure marked by an overall gearing
ratio below 2.5 times

Negative Factors

* Significant decline in total operating income
* Sizable withdrawal of unsecured loans from promoters and
relatives

Detailed description of the key rating drivers

Key Rating Weaknesses

Thin profitability margin: The profitability margin continued to
remain thin primarily on account of SRC's presence in the lowest
segment of the cotton textile value-chain with limited value
addition. During FY19, PBILDT margin and PAT margin remained thin
at 2.02% and 0.20% respectively. This kind of very low
profitability margins results very low cash accruals and restricts
liquidity.

Leveraged capital structure: Capital structure of the company
continued to remain leveraged marked by overall gearing of 7.13
times as on March 31, 2019 (7.51 times as on March 31, 2018) due to
high reliance on working capital borrowing to support the operation
coupled with relativel y low tangible net-worth of the company. The
debt level of the company remained high and stood at INR49.10 crore
as on March 31, 2019 which includes working capital borrowing of
INR28.32 crore and the unsecured loan from promoters & relatives
stood of INR20.78 crore (~42% of total debt).

Working capital intensive operations: Of the total capital employed
of INR56 crore as on March 31, 2019, almost INR54 crore is deployed
for working capital whereas the requirement of fixed capital
investment is very minimum. Due to seasonal nature of business, SRC
is required to keep minimum amount of inventory to serve the demand
in non-season period. Apart from this, having low bargaining power
with its reputed customers, SRC needs to extend credit which
further enhances the working capital requirement. Operating cycle
of SRC remained elongated to 95 days during FY19 on account of
higher inventory holding and elongated collection period.

Susceptibility of operating margins to volatile cotton prices: Raw
cotton is the key raw material for ginning and pressing activities.
Prices of raw cotton are highly volatile in nature. Cotton ginners
usually procure raw materials in large volumes to bargain bulk
discount from suppliers hence, the volatility in cotton price along
with the high inventory requirements results in high susceptibility
of operating margins to cotton price fluctuations.

Presence in highly fragmented cotton ginning industry and
government regulations: Cotton ginning business involves very
limited value addition and is highly dominated by small and medium
scale units resulting in highly fragmented nature of the industry.
Moreover, the competition in the ginning industry remains stiff
restricting the profitability margins. Furthermore, Government
policies with regard to minimum support price (MSP) and
export-import policy affect cotton prices.

Key Rating Strengths

Vast and rich experience of promoters: SRC is promoted by Mr Ramnik
Bhalala along with his brother Mr Dinesh Bhalala. Mr Ramnik Bhalala
has an extensive experience of more than 25 years in the cotton
ginning industry and looks after finance and marketing function of
SRC. Mr Dinesh Bhalala has an experience of more than a decade and
manages administration and overall plant operations.

The promoter group has regularly infused funds, either through
capital or unsecured loans to support the operations of the company
as and when required. During FY18 and FY19, the promoters has
infused equity capital of INR0.70 crore and INR0.20 crore
respectively along with infusion of additional unsecured loan of
INR3.34 crore during FY19.

Easy availability of raw material due to close proximity of SRC to
cotton producing region: SRC's processing facility is situated in
Gondal (Gujarat), which is one of the cotton producing belts.
Gujarat produced around 25% of total national production of cotton
in FY19. Due to its proximity to cotton growing region of Gujarat,
SRC benefits by way of lower logistic cost (both on transportation
and storage) along with procurement of raw materials at effective
prices.

Liquidity: Stretched

The operation of the company remained working capital intensive due
to seasonal nature of the business. Further, cash accrual of the
company remained low at around INR0.70 crore and company relied
heavily on external borrowings to support the operation. Moreover,
SRC had debtor outstanding for more than 6 months of INR5.15 crore
as on March 31, 2019 (~ 75% of tangible net-worth as on March 31,
2019) which may further impacts the liquidity of the company
especially in the light of thin profitability and low cash
accruals. However, it is to be noted that the company does not have
any long term debt outstanding as on March 31, 2019, hence no
scheduled repayment obligation which provide cushion to liquidity
to certain extent. The liquidity of the company also supported by
the available cash & bank and investment in fixed deposit stood at
INR1.84 crore as on September 30, 2019.

Gondal, Gujarat-based SRC is engaged in cotton ginning and pressing
to produce cotton bales. Initially, SRC operated as partnership
firm - Shree Ram Cottex Industries - and was subsequently converted
to a private limited company in September 2013. As on March 31,
2019, SRC was equipped with 32 ginning machines with a production
capacity of 360 bales per day at its facility in Gondal, Rajkot.


SHRI BIHARIJI: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shri Bihariji Cold Rollers Private Limited
        Village: Baniara
        P.O.: Begri Howrah
        WB 711405
        IN

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 19, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Manish Jain

Interim Resolution
Professional:            Mr. Manish Jain
                         Manish Mahavir & Co.
                         2B, Grant Lane
                         Room No. 303, 3rd floor
                         Bajarang Kunj
                         Kolkata 700012
                         E-mail: manishmahavir@gmail.com
                                 cirp.shribiharijicold@gmail.com
                         Mobile: 9830248684
                                 8582806221

Last date for
submission of claims:    December 5, 2019


SHRI OMTEE: CRISIL Maintains 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Shri Omtee Steel
Private Limited (SOSPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Term Loan      2.11     CRISIL D (ISSUER NOT
                                    COOPERATING)

   Term Loan              10.39     CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SOSPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SOSPL, incorporated in 2009 and promoted by the Jain family,
manufactures thermo-mechanically treated (TMT) bars. The company
has recently backward integrated into manufacturing billets from
sponge iron. Operations are managed by Mr. Deepak Jain and his
brother, Mr. Anil Jain.


SNNEHA NATURAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Snneha Natural World Private Limited
        Registered office:
        Flat No. 26-A, 1st Floor
        A-3, Narayan P Chandivali Road
        Off Saki Vihar
        Sakinaka, Mumbai
        MH 400072

Insolvency Commencement Date: November 11, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 20, 2020

Insolvency professional: Ravindra Chaturvedi

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

Last date for
submission of claims:    December 6, 2019


SPECTACULAR MEDIA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Spectacular Media Marketing Private Limited
        403, Prabhat Kiran
        17, Rajendra Place
        New Delhi 110008

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, New Delhi Bench VI

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

Insolvency professional: Mohd Nazim Khan

Interim Resolution
Professional:            Mohd Nazim Khan
                         MNK & Associates
                         Company Secretaries
                         G-41, Ground Floor
                         West Patel Nagar
                         New Delhi 110008
                         E-mail: nazim@mnkassociates.com
                                 spectacularmediamarketing.cirp@
                                 gmail.com

Last date for
submission of claims:    December 9, 2019


SREE KAMAKHYA: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sree Kamakhya Tea Co Pvt Ltd
        4 Hastings Park Rd
        Alipore, Kolkata 700027

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 18, 2020

Insolvency professional: Jitendra Lohia

Interim Resolution
Professional:            Jitendra Lohia
                         Klass Insolvency Resolution Professionals
                         Pvt. Ltd.
                         Todi Chambers
                         2 Lal Bazar Street
                         2nd Floor, Room No. 204 & 205
                         Kolkata 700001
                         West Bengal
                         E-mail: jitulohia@knjainco.com
                                 ip.jitulohia@gmail.com

Last date for
submission of claims:    December 7, 2019

SULAIMAN STEELS: CRISIL Keeps 'D' Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Sulaiman Steels
Private Limited (SSPL) continues to be 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         3.7       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility     2.3       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SSPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SSPL, incorporated in 2012 in Cheyyar, Tamil Nadu, manufactures
mild steel ingots.


SUMANGAL ISPAT: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sumangal Ispat Private Limited
        Kwality Complex, Bringhee More
        Nachan Road, Durgapur
        Bardhman, WB 713213
        India

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 17, 2020

Insolvency professional: Tapan Chakraborty

Interim Resolution
Professional:            Tapan Chakraborty
                         Plot-100/11, Rathtala
                         Bankpara, Barasat-I
                         North 24 Parganas
                         West Bengal, Pin 700124
                         E-mail: tapanchakraborty2611957@gmail.com

                            - and -

                         Intelligent IP Management Solutions
                         Private Limited
                         YMCA Building, 2nd Floor
                         25, Jawaharlal Nehru Road
                         Kolkata 700087
                         E-mail: ip.siplcirp@gmail.com

Last date for
submission of claims:    December 4, 2019


SUN ACRYLICS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/S Sun Acrylics Pvt Ltd
        Plot No. 33/35, Achhad Indl.
        East Achhad, Tq. Talasari
        Thane 401606

Insolvency Commencement Date: November 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 17, 2020

Insolvency professional: Mr. Vijay P. Lulla

Interim Resolution
Professional:            Mr. Vijay P. Lulla
                         201, Satchitanand Bldg.
                         12th Road, Opp. Ram Mandir
                         Khar (West), Mumbai 400052
                         E-mail: vijayplulla@rediffmail.com

                            - and -

                         501, Arcadia Building
                         5th floor, Nariman Point
                         Mumbai 400021
                         E-mail: sunacrylics.cirp@gmail.com

Last date for
submission of claims:    December 12, 2019


SUPRA STEEL: CARE Maintains 'B+' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Supra Steel
and Power Private Limited (SSPPL) continues to remain in the
'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank      13.00       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SSPPL to monitor the ratings
vide e-mail communications dated November 5, 2019, November 6,
2019, November 8, 2019, November 11, 2019, November 12, 2019 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings of Supra steel and power
private limited bank facilities will now be denoted as CARE B+;
Stable; ISSUER NOT COOPERATING.

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

Key rating drivers

The ratings assigned to the bank facilities of Supra steel and
power private limited continues to be tempered by fluctuating and
moderate profit margins, moderate capital structure and weak debt
coverage indicators, moderate liquidity position, fragmented nature
of industry with high degree of competition and volatility
associated with raw material prices. The ratings, however, continue
to derive strength from established track record of operations and
experienced promoters and significant improvement in total
operating income during FY18 led by an increase in trading
activities.

Detailed description of the key rating drivers
At the time of last rating on September 11, 2018, the following
were the rating strengths and weaknesses

Key Rating Weaknesses

Fluctuating and moderate profit margins: The profit margins of
SSPPL have exhibited a fluctuating trend as marked by PBILDT
margins which stood in the range of 2.71%- 31.58% during the past
three years period ended FY18. The profitability of the SSPPL
remained moderate at INR2.49 crore in FY18 as compared to INR1.89
crore in FY17, while the PBILDT margin of SSPPL decreased to 2.71%
during FY18 as against 6.66% during FY17 owing to increase in cost
of traded goods led by an increase in trading activities.
Consequently, net profits continued to remain low at INR0.16 crore
(0.17%) during FY18 as against INR0.16 crore (0.57%) reported
during FY17. The gross cash accruals (GCA) level remained low at
INR0.90 crore during FY18.

Moderate capital structure and weak debt coverage indicators: The
capital structure of SSPPL stood moderate marked by an overall
gearing ratio that stood at 1.40 times as on March 31, 2018 as
against 1.37 times as on March 31, 2017. The marginal deterioration
is due to increase in working capital utilization and infusion of
unsecured loans from relatives worth INR0.25 crore during FY18. The
total debt of SSPPL stood at INR15.93 crore as on March 31, 2018
which included unsecured loans availed from relatives of 2.85 crore
and working capital bank borrowing of INR13.08 crore. The debt
coverage indicators of SSPPL remained weak marked by total debt to
GCA of 17.71 times as on March 31, 2018 which is in line with FY17.
The interest coverage marginally improved and remained moderate at
1.62 times during FY18 as against 1.17 times during FY17 owing to
increase in operating profits and proportionate decrease in
interest and finance
costs.

Moderate liquidity position: The liquidity position of the company
remained moderate marked by current ratio of 1.25 times as on March
31, 2018 as against 1.20 times as on March 31, 2017 owing to
decrease in the value of advance from customers. SSPPL allows
credit period 10-15 days to its customers, whereas it generally
receives credit period of around 30 days from its suppliers. The
operating cycle has exhibited a fluctuating trend and has remained
in the range of 70- 1012 days during the past three years period
ended FY18. The operating cycle exhibited a fluctuating trend on
account of the cyclical end users industries i.e. steel and
construction industry owing which the value of the orders received
by the company varies. However, the operating cycle stood improved
to 70 days during FY18 as against 234 days in FY17 owing to
decrease in average inventory period (from 291 days during FY17 to
90 days during FY18). The gross current asset days stood at 112 as
against creditors of 42 days, while the average utilization of its
working capital facilities remained around 98% during past 12
months period ended July, 2018. Net cash flow from operating
activities stood low at INR1.06 crore for FY18.

Fragmented nature of industry with high degree of competition:
Sponge iron manufacturing segment of steel industry is a highly
fragmented and unorganized market for steel products with
presence of large number of small sized players. The industry is
characterized by low entry barriers due to modest capital required
and easy access to clients and suppliers. The high fragmentation
restricts the pricing flexibility and bargaining power of medium
players like SSPPL. Also, the presence of big sized players with
established marketing & distribution network
results into intense competition in the industry.

Volatility associated with raw material prices: The iron industry
is cyclical with prices driven by demand and supply conditions in
the market. The prices are driven primarily by the existing demand
and supply conditions with strong linkage to the global market.
This results into risk of price fluctuations on the inventory of
raw materials as well as finished goods.

Key Rating Strengths

Established track record of operations and experienced promoters:
SSPPL is a private limited company which was incorporated in the
year 2005 and is engaged in manufacturing of Direct Reduced Iron
(DRI) Sponge. The business was started by Mr. Satya Prasad Kode,
Mr. Jayaram Shetty Sooral, Mrs. Lakshmikumari Alaparthi and Mr.
Ravikiran Kode. Mr. Satya Prasad Kode has an experience of around
ten years in real estate business through their different business
ventures and thirteen years of experience in the same line of
business. Mr. Satya Prasad Kode handles the overall operations of
the company. Mr. Jayaram Shetty has an experience of more than two
decades as a SAP Inspector and handling administration department.


Mr. Ravikiran Kode has an experience of more than a decade in the
same industry and handles sales department in SSPPL. Hence, the key
promoters are well-versed with the industry which has helped SSPPL
in establishing its customer base.

Significant improvement in Total Operating Income (TOI) during FY18
led by an increase in trading activities: Total Operating Income
(TOI) of the company improved significantly by 224.74% and stood at
INR91.94 crore during FY18 as against INR28.31 crore during FY17.
The entity has started trading activity during FY18 and that was
the main reason of improvement in TOI. Further, there is also
increase in demand from its existing customers as well as addition
of new customers in its portfolio during FY18. The revenue
generated from trading activity contributed 57.59% to the TOI of
FY18.

Bangalore-based SSPPL is a private limited company and was
incorporated in February, 2005. SSPPL is managed by Satya Prasad
Kode, Jayaram Shetty Sooral, Lakshmikumari Alaparthi and Ravikiran
Kode. SSPPL is engaged into manufacturing of Direct Reduced Iron
(DRI) Sponge with an installed capacity of 100 tonnes per day as on
March 31, 2018. The products manufactured by SSPPL find application
in construction industry, automobile industry and other heavy
engineering industries. The company caters to its customers spread
all over India.


SURENDRA PRASAD: CARE Keeps 'B+' Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Surendra
Prasad And Lahri Construction Private Limited (SPLC) continues to
remain in the 'Issuer Not Cooperating' category.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term Bank       2.50       CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; based on best
                                   Available information

   Short-term Bank     12.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; based on best
                                   Available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SPLC to monitor the rating
vide letters/e-mails communications dated July 11, 2019, July 31,
2019, August 14, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at fair ratings. The Surendra Prasad And
Lahri Construction Private Limited's bank facilities will now be
denoted as CARE B+; Stable/A4; ISSUER NOT COOPERATING.

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

The ratings assigned to the bank facilities of Surendra Prasad and
Lahri Construction Pvt Ltd (SPLC) are primarily constrained by its
small scale of operation with moderate profitability margin,
susceptibility of operating margin to volatility in input material
prices and labour charges and intense competition within the
industry owing to low entry barrier. The ratings, however, derive
strength from its experienced partners with long track record and
comfortable capital structure along with comfortable debt coverage
indicators.

Going forward, ability to maintain a healthy order book and receipt
of contract proceeds regularly and ability to execute orders within
stipulated time period and manage working capital effectively are
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operation with moderate profitability margin: SPLC
is a relatively small player in the construction business with
total operating income and PAT of INR33.67 crore and INR2.42 crore,
respectively, in FY18. However, turnover of the company has
declined during FY18 on account of lower execution of order.
Further, the total capital employed was also low at INR11.59 crore
as on Mar.31, 2018. The small size restricts the financial
flexibility of the company in times of stress. Furthermore,
profitability margin was moderate during FY18 with PBILDT margin
and PAT margin being at 12.72% and 7.18%, respectively.

Susceptibility of operating margin due to volatility in input
material prices and labour charges: The basic input materials for
execution of construction projects and works contracts are steel,
stone chips, bitumen, cement etc. The prices of which are highly
volatile. However, currently government agencies' work contracts
have price escalation clause which mitigate price volatility risk
to some extent. Furthermore, the operating margin of the company is
exposed to sudden spurt in the input material prices along with
increase in labour prices being in labour intensive industry.

Intense competition within the industry owing to low entry barrier
couple with: The civil construction space is highly competitive
with many players operating in the sector affecting the
profitability of the participants. Furthermore, the company is
largely dependent on government authorities for orders and mainly
procures its orders through tender bidding and in a highly
competitive scenario risk of non-receiving of contract in tender
bidding is also high.

Key Rating Strengths

Experienced promoters with long track record: SPLC started its
business from 1990 as a proprietorship company namely M/s Surendra
Prasad. Later, during August 2014 the firm converted as a private
limited company and rechristened as SPLC. Thus the company has a
track record of about three decades. Further, the company is
managed by Mr. Surendra Prasad, director, along with other two
directors and a team of experienced personnel. The directors are
having around three decades of experience in construction
business.

Comfortable capital structure along with comfortable debt coverage
indicators: The capital structure of the company remained
comfortable marked by below unity overall gearing ratio as on March
31, 2018. This apart, interest coverage ratio was also comfortable
at 18.88x during FY18. Current ratio was satisfactory as on March
31, 2018.

Liquidity: Adequate

The overall liquidity position of the company remained stretched
marked by stretched creditors days of 109 days as on March 31,
2018. The average utilization of fund based limits remained at
around 60% during last 12 months ended October, 2019. The Gross
cash accruals also remained high at INR2.71 crore as on March 31,
2018. The balance sheet shows moderate cash and bank balance
amounting to INR0.60 crore as on March 31, 2018.

Surendra Prasad and Lahri Construction Pvt. Ltd. (SPLC), was
established during 1990 as proprietorship entity, namely M/s
Surendra Prasad in Patna. Later, during August 2014, the firm
converted as a private limited company and rechristened as SPLC.
The company is in business of civil construction and provides
different types of civil construction services, which include land
development, construction of roads, bridges etc. The company graded
as Class A contractor of Government of Bihar. The day to day
operations are looked after by Mr. Surendra Prasad, director, along
with other two directors and a team of experienced personnel.


SWACHHA BEVERAGES: CRISIL Keeps 'D' Rating in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Swachha Beverages
Private Limited (SBPL) continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         .2        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           2.0        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.7        CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Term Loan             3.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SBPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SBPL was incorporated in Kolkata in January 2011. The company
processes and sells packaged drinking water, marketed in
collaboration with Eureka Forbes Limited under the Aqua Sure
brand.


TARA HOSPITALITY: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Tara Hospitality Private Limited
        Office No. A-112
        Plot No. 53, Sector-15
        CBD Belapur Navi Mumbai
        Thane 400614
        MH, India

Insolvency Commencement Date: November 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 23, 2020

Insolvency professional: Rakesh Kumar Tulsyan

Interim Resolution
Professional:            Rakesh Kumar Tulsyan
                         B-4, Vinay Tower
                         Kranti Nagar, Lokhandwala
                         Kandivali East
                         Mumbai 400101
                         E-mail: tulsyanrk@gmail.com

                            - and -

                         Office No. 3, 1st Floor
                         B Wing, Sukh Sagar
                         Akurli Cross Road No. 1
                         Kandivali East
                         Mumbai 400101
                         E-mail: rp.tarahospitality@gmail.com

Last date for
submission of claims:    December 9, 2019


TD TOLL ROAD: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: TD Toll Road Private Limited
        H Block, 1st Floor
        Dhirubhai Amabani Knowledge City
        Navi Mumbai 400701
        (Maharashtra)

Insolvency Commencement Date: November 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 22, 2020
                               (180 days from commencement)

Insolvency professional: S. Rajendran

Interim Resolution
Professional:            S. Rajendran
                         S. Rajendran & Associates
                         Company Secretaries
                         2nd Floor, Hari Krupa
                         No. 71/1, Mc Nicholas Road
                         Chetpet, Chennai 600031
                         E-mail: cs.srajendran.associates@
                                 gmail.com
                                 claims.tdtollroad@gmail.com
                         Tel.: +91 44 2836 1636

Last date for
submission of claims:    December 9, 2019


TORRID MOTORS: CRISIL Keeps 'D' Ratings in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Torrid Motors
(Torrid) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit             5        CRISIL D (ISSUER NOT
                                    COOPERATING)
   Term Loan               1        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with Torrid for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Torrid, incorporated in September 2013, is the sole proprietorship
of Mr. Jitendra Pal Singh Chadha. The firm is an authorized dealer
of Fiat passenger vehicles, and has one showroom and workshop in
Mumbai (Maharashtra).


TRANSAFE SERVICES: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Transafe Services Limited
        Balmer Lawrie House
        (Rear Building), 6th Floor
        21, N.S. Road, Kolkata
        WB 700001
        IN

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 19, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Anil Agarwal

Interim Resolution
Professional:            Mr. Anil Agarwal
                         Unit No. 508, 5th Floor
                         1865, Rajdanga Main Road
                         Kolkata, West Bengal 700107
                         E-mail: anil@dvaonline.in

                            - and -

                         AAA Insolvency Professionals LLP
                         Mousumi Co. Op. Housing Society
                         Ground Floor, 15B
                         Ballygunge Circular Road
                         Kolkata 700019
                         E-mail: transafe@aaainsolvency.com

Last date for
submission of claims:    December 6, 2019


TRISTAR GLOBAL: CRISIL Keeps 'D' Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Tristar Global
Infrastructure Private Limited (TGIPL) continues to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        15.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       2         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     6         CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital
   Term Loan             14.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with TGIPL for obtaining
information through letters and emails dated April 23, 2019 and
October 11, 2019 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

TGIPL, incorporated in 1999, is owned and managed by Mr. Vijay
Vasudeva and his family members. It is in the construction
business, and executes specialised jobs such as waterproofing,
installation of expansion joints, and roofing and related
activities. Its corporate office is in Delhi.


UNITED SALT: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: United Salt Works and Industries Limited
        C/o Saroosh C Dinshaw
        3rd Floor, Sir H.C. Dinshaw Building
        16, Horniman Circle
        Fort, Mumbai
        MH 400001
        IN

Insolvency Commencement Date: November 27, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Kairav Anil Trivedi

Interim Resolution
Professional:            Kairav Anil Trivedi
                         23 A 5th floor Jyoti Bldg
                         Barquatali Dargah Margh
                         Wadala (E), Mumbai 400037
                         E-mail: kairavtrivedi2002@yahoo.co.in

Last date for
submission of claims:    December 10, 2019


ZENITH FINESSE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Zenith Finesse (India) Private Limited
        Century Towers
        45 Shakespeare Sarani
        2nd Floor
        Kolkata 700017
        West Bengal, India

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 18, 2020

Insolvency professional: Animesh Mukhopadhyay

Interim Resolution
Professional:            Animesh Mukhopadhyay
                         Syndicon Enclave
                         25/1A/1 Naktala Road
                         Kolkata 700047
                         E-mail: animesh_fca@yahoo.co.in

                            - and -

                         251/A/6 NSC Bose Raod
                         Ground Floor
                         Kolkata, 700047
                         E-mail: cirpzenith@gmail.com

Last date for
submission of claims:    December 4, 2019




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

SULFINDO ADIUSAHA: Fitch Withdraws B- IDR for Commercial Reasons
----------------------------------------------------------------
Fitch Ratings affirmed Indonesia-based chemical producer PT
Sulfindo Adiusaha's Long-Term Issuer Default Rating at 'B-'. Fitch
Ratings Indonesia has affirmed Sulfindo's National Long-Term Rating
at 'BBB-(idn)'. The Outlooks are Stable. At the same time, Fitch
has chosen to withdraw the ratings of Sulfindo for commercial
reasons.

The affirmation follows Sulfindo's improving credit metrics on
stronger caustic soda prices and the positive spreads of its vinyl
products. However, the ratings continue to reflect the company's
high refinancing and liquidity risks. Fitch believes recent price
increases for its products have improved the company's cash
generation to meet around USD35 million-40 million a year in debt
amortisation and interest payments on its bank loans. Nevertheless,
Sulfindo remains dependent on favourable price movements in its key
chemical products, as there is little headroom in its cash
generation particularly in light of its utilisation nearing full
capacity with no expansion planned for the medium term.

'BBB' National Ratings denote a moderate level of default risk
relative to other issuers or obligations in the same country or
monetary union.

KEY RATING DRIVERS

High Debt-Service Obligations: Sulfindo's rating reflects the
ongoing risks over its ability to generate sufficient cash flow to
meet its bank loan debt-servicing payments of around USD35
million-40 million a year. Fitch believes Sulfindo's EBITDA -
projected at around USD50 million in 2020-2022 with a price
moderation - and debt-servicing capability are vulnerable to price
changes in its key product sales and raw materials. A period of
prolonged unfavourable pricing would further weaken its liquidity
and heighten its refinancing risks. However, Fitch expects
Sulfindo's debt-service coverage ratio to remain between 1.0x and
1.5x in 2020-2022.

Moderation in Key Chemical Prices: Fitch expects the recent strong
caustic soda prices and ethylene-based product spreads, especially
in 1H19, to moderate in the medium term on more stable
demand-supply dynamics to levels that are more reflective of
Sulfindo's mid-cycle prices. The favourable prices in 1H19,
supported by the positive spreads on its ethylene dichloride (EDC)
product, a reversal from the negative spreads of the past eight
years, propelled its EBITDA margin to 25.1% (2018: 18.4%) while
leverage (annualised adjusted net debt/EBITDAR) decreased to 2.3x
(2018: 3.3x) in 9M19.

However, caustic soda prices have weakened recently on increasing
global supplies and ethylene-based product spreads have narrowed
due to an ethylene price recovery in 2H19. Fitch estimates its
EBITDA margin will normalise to around 16%-18% in 2020-2022.

Small Scale; Limited Growth Potential: Sulfindo's ratings are
constrained by its low profitability and single-site operational
scale with limited geographical and product diversification
compared with its higher-rated peers. Sulfindo remains exposed to
the inherent price cyclicality of its final products and raw
materials, which are based on international pricing and global
demand-supply dynamics. Sulfindo's inability to influence pricing
could translate into volatile margins and cash flows during
unfavourable pricing movements, especially with its limited growth
potential, as it is operating near full capacity with no
significant expansion plan if it cannot obtain material external
funding.

Limited Capex: Fitch believes Sulfindo's limited capex plan, mainly
for plant maintenance, will reduce cash flow pressure in the medium
term. The company has prioritised refinancing and liquidity issues
ahead of raising revenue with investment in capacity expansion.
Hence, Fitch expects leverage to be between 3.0x and 4.0x in
2020-2022 after accounting for moderation in its key chemical
prices. However, the pace of deleveraging will also be dependent on
favourable pricing of its products and raw materials as it has
little room to increase production. Sulfindo will only undergo a
major capacity expansion if it can obtain funding under more
favourable terms such as an extension of tenor and a balloon
structure.

Integrated Operations; Stable Feedstock Supplies: Sulfindo's credit
profile benefits from its fully integrated chlor-alkali production
that covers the entire value chain, improving operational
efficiency and allowing for greater diversification of products,
including caustic soda, chlorine, ethylene dichloride, vinyl
chloride monomer (VCM) and polyvinyl chloride (PVC). Caustic soda
and PVC sales accounted for 41% and 26%, respectively, of
Sulfindo's revenue at end-September 2019.

In its view, the company's integrated business model supports its
high utilisation rate of above 90%, provides cost efficiencies, and
mitigates price fluctuation risks due to a stable supply of key raw
materials for its operations. Sulfindo uses the chlorine, EDC and
VCM it produces internally to produce PVC, the final key product in
its production chain. The company also operates its own power plant
to generate electricity, a key component of caustic soda
production, accounting for about 20% of cost of goods sold, making
it cheaper than sourcing from state-owned utility PT Perusahaan
Listrik Negara (Persero) (BBB/Stable).

DERIVATION SUMMARY

Sulfindo's 'B-' IDR is compared with the ratings of its chemical
peers such as Indonesia's PT Chandra Asri Petrochemical Tbk (CAP;
BB-/Stable) and Turkey's Petkim Petrokimya Holdings A.S. (Petkim;
B/Stable). CAP has a significantly larger scale, supporting its
position as the leading petrochemical player in Indonesia. CAP also
generates higher margins with better vertical integration,
considerably lower leverage, better liquidity profile and less
refinancing risks. Therefore, Fitch rates CAP three notches above
Sulfindo.

Fitch believes Petkim and Sulfindo share similarities such as their
exposure to single-site operations, a strong domestic presence,
EBITDAR margins of 15%-20% and leverage of 3.0-4.0x. However,
Petkim has a considerably larger scale with lower refinancing and
liquidity risks. As a result, Fitch rates Petkim one notch above
Sulfindo.

Sulfindo's National Rating of 'BBB-(idn)' can be compared with that
of domestic peers such as PT Aneka Gas Industri Tbk
(A-(idn)/Stable) and PT Waskita Beton Precast Tbk
(BBB+(idn)/Negative; Standalone Credit Profile: bbb(idn)). Aneka
Gas generates a more stable, significantly higher margin due to its
long-term contracts with its buyers, resulting in lower exposure to
price cyclicality in its sales products and better deleveraging
certainty. Therefore, Aneka Gas is rated three notches higher than
Sulfindo on the national scale.

Sulfindo has better free cash flow generation and a more
diversified customer base compared with Waskita Beton, whose
contracts are mainly from its parent, PT Waskita Karya (Persero)
Tbk (A(idn)/Negative; Standalone Credit Profile: bbb+(idn)).
However, this is counterbalanced by Waskita Beton's larger scale,
considerable lower refinancing risk, better funding access, with
more stable and higher margins. Hence, Fitch has placed Waskita
Beton's Standalone Credit Profile one-notch higher than Sulfindo's
National Long-Term Rating.

KEY ASSUMPTIONS

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

  -- Mid-cycle caustic soda prices driven by more balanced
supply-demand dynamics

  --  Mid-cycle spreads between ethylene and Sulfindo's
ethylene-based products

  --  Average utilisation rate of 90%-95% between 2019 and 2022

  --  EBITDAR margin of around 16%-18% in 2020-2022

  --  No major expansions in 2019-2022

  --  No dividend payments between 2019 and 2022

RATING SENSITIVITIES

Rating sensitivities are no longer relevant as the ratings have
been withdrawn.

LIQUIDITY

Tight Liquidity: Sulfindo's ratings reflect the company's weak
liquidity to service its total debt obligation of USD40 million a
year for the medium term, with repayment capability dependent on a
favourable pricing environment, which is volatile. Its assumption
incorporates the company's ability to continue obtaining waivers on
its covenant breaches and extension of its short-term debt.



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

LONDON BISCUIT: Writes Off Receivables of MYR363 Million
--------------------------------------------------------
Justin Lim at theedgemarkets.com reports that London Biscuit Bhd,
which is facing a winding-up petition, is writing off MYR363.16
million of receivables in the fourth quarter ended Sept 30, 2019
(4QFY19).

On top of that, the company also booked in impairment of MYR31.04
million on investment loss in 4QFY19, theedgemarkets.com relates
citing company's filing with Bursa Malaysia.

According to the report, the massive impairment of MYR394.2 million
for the quarter under review was indeed slightly more than the
confectionery maker's annual revenue of MYR391.73 million for the
financial year ended Sept 30, 2019 (FY19) compared with MYR326.36
million in FY18.

London Biscuits' trade receivables have ballooned over the years.
From when it was at MYR78.17 million in FY13, it grew to MYR100.55
million in FY14, and further expanded to MYR177.13 million in FY15.
By end-FY18, it was at MYR212.82 million. As at June 30, 2019, its
trade receivables, and other receivables, reached MYR295.97
million. theedgemarkets.com discloses.

Consequently, London Biscuits was dragged into a net loss of
MYR443.19 million for 4QFY19 - the biggest ever quarterly losses.
It posted a net profit of MYR6.66 million in the previous
corresponding quarter.   

Revenue, however, grew by 8.47% to MYR106.65 million from MYR98.31
million last year, the report says.

For its full-year ended Sept 30 (FY19), the company recorded a net
loss of MYR452.31 million against a net profit of MYR13.9 million
last year. Revenue grew 20% to MYR391.73 million from MYR326.36
million, adds theedgemarkets.com.

On prospects, the Practice Note 17 (PN17) company expects a
challenging time over the next six months following its encounter
with significant challenges in its operations in FY19 arising from
the financial issues and defaults of its banking obligations, the
report relates.

"Although the prospects of the confectionery, potato, snacks and
candies segment remain good with stable order book, the management
has been unable to capitalise on these opportunities due to
operational cash flow constraints.

"As such, it is streamlining its operations to reduce its operating
costs, reducing headcount and other cost control measures to reduce
itd monthly operating expenditure and to preserve cashflow for core
manufacturing activities," it added.

Despite the challenges, the company said it will attempt to ensure
that normal commercial operations continue to operate on its best
endeavour basis, relays theedgemarkets.com.  

London Biscuits' defaults rose to MYR111.71 million, the report
notes.  Lim San Peen of PricewaterhouseCoopers Advisory Services
Sdn Bhd has been appointed the interim liquidator.

London Biscuits' share price closed at 8.5 sen, half a sen or 5.56%
down after 1.35 million shares crossed, bringing it a market
capitalisation of MYR24.72 million, theedgemarkets.com adds.

                       About London Biscuits

Based in Ulu Tiram, Malaysia, London Biscuits Berhad, together with
its subsidiaries, manufactures and trades in confectionary and
other related foodstuffs in Malaysia, Singapore, Hong Kong,
Vietnam, and internationally. It offers cake confectioneries, such
as roll cakes, pie cakes, layer cakes, and novelty shaped cakes.
The company also provides potato chips; and snack confectioneries,
such as corn snacks, jellies and puddings, and chocolate dip
biscuits under the London, Hiro, Mizu, Kinos Potato Bites, CaCa,
Sumi, NiNi, and BOBO brand names. It sells its products through
wholesale and retail channels. The company exports its products to
approximately 35 countries.

London Biscuits Bhd slipped into Practice Note 17 (PN17) status in
July 2019, following its payment default amounting to MYR9.83
million to Bank of Nova Scotia Bhd.



SD INT'L: S&P Gives Prelim. 'BB-' Rating on USD Unsec. Certs
------------------------------------------------------------
S&P Global Ratings today assigned its preliminary 'BB-' long-term
issue rating to a proposed issuance of U.S. dollar-denominated
senior unsecured sukuk trust certificates by SD International Sukuk
II Ltd., a fully owned subsidiary of Serba Dinamik Holdings Bhd.
(SDHB). SDHB will guarantee the certificates.

Besides the receipt of executed documents that conform to the draft
documents the company shared with S&P, the effective extension of
SDHB's guarantee is a key prerequisite for it to finalize its
rating.

SDHB will use the proceeds from the issuance to fund its working
capital and capital expenditure requirements for the next 12-24
months.

SD International Sukuk II Ltd. will issue the certificates and use
the proceeds of the sukuk to acquire beneficial interest in a pool
of underlying assets, including Wakala assets (for at least 51% of
the sukuk proceeds) and Murabaha commodities assets (for at most
49% of the sukuk proceeds) with Serba Dinamik International Ltd.
(SDIL), another wholly owned subsidiary of SDHB. The issuer
undertakes to use the proceeds of the sukuk to enter into a Wakala
agreement, in which the wakeel (SDIL) will invest in the Sharia
compliant business of the obligor. Both the periodic distribution
and dissolution distribution amounts will be paid by the Murabaha
leg of the transaction. At the maturity date of the transaction or
upon the occurrence of an early dissolution event, SD International
Sukuk II Ltd. will use the proceeds from the Murabaha contract to
repay the sukuk holders.

The transaction fulfills the five conditions of S&P's criteria for
rating sukuk, based on preliminary documents:

-- SDIL will provide sufficient, irrevocable, and timely
contractual obligations for the periodic distribution amounts
payable on the periodic distribution dates and the repayment of
principal amount through deferred payment price agreed under the
Commodity Murabaha Investment agreement. The deferred payment price
comprises the aggregate of the principal amount of the trust
certificates, any other amount payable on any dissolution date, and
the profit agreed under the same agreement. Murabaha profit is
distributed in equal installments that match the periodic
distribution amount and dates. The proceeds from Wakala and
Murabaha legs of the transaction will be collected separately such
that potential losses from Wakala do not affect proceeds and
distribution under Murabaha. The obligations of SDIL will be
guaranteed by SDHB, following SDHB's redemption of its Malaysian
ringgit-denominated sukuk.

-- SDIL and SDHB's obligations are irrevocable and unconditional.

-- SDHB (parent and guarantor) will guarantee the obligations of
SDIL through a Deed of Guarantee. The obligations under this
guarantee deed will rank equally with all the senior unsecured
obligations of SDHB. The guarantee will be effective only after the
repayment of the Malaysian ringgit (MYR) 800 million sukuk issued
by SDHB. In the absence of that, the sukuk will be dissolved, the
issuer will have to pay 102% of the principal amount, and we will
withdraw the rating on the issue. As S&P does not rate SDIL, the
obligations to pay the 102% of the principal are not considered by
its preliminary ratings.

-- SDIL--through the declaration of trust--undertakes to cover all
the costs related to the transaction. Such cost reimbursements are
covered under Wakala and Murabaha agreements. SDIL's obligations
will be guaranteed by SDHB, following SDHB's redemption of its
Malaysian ringgit-denominated sukuk.

-- The documentation does not mention a risk of total loss event.
Total loss event is not a major risk because, under the structure,
no physical asset is involved.

S&P said, "We equate the preliminary rating on the proposed sukuk
with the issuer credit rating on SDHB because SHDB will irrevocably
and unconditionally guarantee SDIL's obligations. In addition, we
project the proportion of secure debt at SDHB to be less than 50%
of total consolidated debt over the next two years at least.

"Our stable outlook on SDHB indicates our expectations that the
company will continue to renew expiring contracts and win new deals
at a healthy rate, translating into respectable revenue growth and
stable margins. We assume the company will manage prudently its
growth capital expenditure and working capital investment, so that
liquidity remains in check and cash burn reduces steadily."

If SDHB fails to derive more operating cash flow from its EBITDA
and reduce its cash burn significantly, this could raise questions
on the viability of its business model and the prudence of its
financial policy. Such a scenario could lead to a lower rating on
SDHB. In addition, a ratio of funds from operations (FFO) to debt
permanently retreating to 20% will pressure the ratings. This would
happen if the company fails to convert high investments into
significant cash flow growth, because of cost inflation and delays
in projects. S&P will also lower the rating if it believes the
company's liquidity has eroded, with elevated dependence on
short-term debt or tight covenant headroom.

Rating upside will occur if SDHB reduces the capital intensity of
its growth. Continued project wins and successful execution of the
order book, coupled with controlled working capital investments and
capital outlays, would create positive rating momentum. In
addition, S&P may raise the rating if debt levels stabilize and the
ratio of FFO to debt remains above 40%. However, S&P views this
scenario as unlikely over the next 18 months.

SERBA DINAMIK: Fitch Assigns BB-(EXP) on New USD Unsecured Certs
----------------------------------------------------------------
Fitch Ratings assigned Malaysia-based Serba Dinamik Holdings
Berhad's (SDHB, BB-/Stable) proposed US dollar-denominated senior
unsecured certificate (sukuk) an expected rating of 'BB-(EXP)'. The
sukuk, which will be issued by SDHB's wholly owned subsidiary, SD
International Sukuk II Limited (SDIS), will be the obligations of
the obligor Serba Dinamik International Ltd (SDIL) and guaranteed
by SDHB.

The sukuk is rated at the same level as SDHB's senior unsecured
rating as it will represent unconditional, unsecured and
unsubordinated obligations of SDHB. The final rating on the sukuk
is contingent upon the receipt of final documents conforming to
information already received, the successful issuance of the
proposed US dollar sukuk and the successful redemption of the
company's ringgit-denominated sukuk.

Proceeds from the issuance of the proposed sukuk will be
transferred to an escrow account and cannot be utilised by SDIL
until the successful redemption of its ringgit sukuk. The guarantee
by SDHB over SDIL, the obligor of the sukuk, will also only take
place post successful redemption of the ringgit sukuk. Proceeds
from the US dollar sukuk issuance will be used to redeem the US
dollar sukuk itself if SDHB is not able to redeem the ringgit
sukuk, thus cancelling the whole issuance. Therefore, the final
rating on the proposed US dollar sukuk is contingent upon
successful redemption of the ringgit sukuk.

SDHB intends to use the net proceeds to finance capex for
medium-term growth. Around half of the proceeds are slated for
project acquisitions and the remainder for working capital to
support operations on new projects. Fitch believes SDHB's record
limits execution risk on the new projects and Fitch expects its
credit profile post issuance to remain consistent with its ratings.
Fitch also believes that there will be no material impact on the
company's credit profile or Issuer Default Rating if the proposed
sukuk issuance does not go through, given the company's ability to
defer capex due to the uncommitted nature.

SDHB's rating reflects its strong market position in Malaysia,
where it was the fourth-largest oil and gas service and equipment
company by revenue in 2017. The rating is also supported by SDHB's
solid financial profile, short- to medium-term revenue visibility
and low earning cyclicality. The company's smaller operating scale
and limited product and end-market diversification relative to
higher-rated peers constrains its rating

KEY RATING DRIVERS

The expected rating on the US dollar sukuk is driven by SDHB's
Issuer Default Rating and senior unsecured rating. SDHB will
guarantee certain obligations of SDIL, its fully owned subsidiary,
under the sukuk documentation and a default of these senior
unsecured obligations will reflect a default of SDIL and SDHB in
accordance with Fitch's rating definitions. The key rating drivers
for SDHB's Long-Term Issuer Default Rating may be found in the
press release dated November 18, 2019.

Fitch rates SDHB on a consolidated basis on account of the
financial covenants in the sukuk documentation, which are based on
consolidated group financials as well as cross-default clauses
within the outstanding and proposed US-dollar sukuk issue, which
includes SDHB's three main subsidiaries. SDIL is one of SDHB's main
operating entities, contributing around 50% of group revenue in
2018.

Fitch has not considered any underlying assets or collateral
provided, as Fitch believes the issuer's ability to satisfy
payments due on the certificates will ultimately depend on SDIL and
SDHB satisfying its unsecured payment obligations under the
transaction documents described in the prospectus and other
supplementary documents.

In addition to SDIL and SDHB's propensity to ensure repayment of
the sukuk, Fitch believes the two companies would also be required
to ensure full and timely repayment of SDIS's sukuk obligations due
to their roles and obligations under the sukuk structure and
documentation, especially but not limited to the features:

  - Pursuant to the commodity murabaha investment agreement and the
wakala agreement, SDIL shall pay to the transaction account an
amount which is intended to fund the periodic distribution amount
payable by the trustee under the certificates of the relevant
series on the periodic distribution date. Fitch notes that if there
is a shortfall, the trustee shall procure the service of a payment
by the guarantor specifying the distribution shortfall restoration
amount or value restoration amount to be paid in accordance with
the terms of the guarantee.

  - On the scheduled dissolution date or upon the occurrence of a
trustee optional dissolution event, a ringgit-denominated sukuk
non-redemption event, a tax event or any dissolution or default
event (a) the outstanding deferred payment price shall be
immediately due and payable under the commodity murabaha investment
agreement and (b) the wakeel will liquidate the wakala investment
in accordance with the terms of the wakala agreement, and these
amounts shall be used to redeem the certificates at the relevant
dissolution distribution amount.

  - The dissolution distribution amount should equal to the sum of
i) the outstanding face amount of such certificate; and ii) any due
and unpaid periodic distribution amounts for such certificate, the
trustee optional dissolution distribution amount in the case of a
trustee optional dissolution event, or the ringgit-denominated
sukuk non-redemption event dissolution distribution amount
following a ringgit-denominated sukuk non-redemption event.

  - The payment obligations of SDIL (in any capacity) under the
transaction documents will be direct, unconditional, unsubordinated
and unsecured obligations of SDIL and shall, save for such
exceptions as provided by applicable legislation, at all times rank
at least equally with all other unsecured and unsubordinated
obligations of SDIL, present and future.

  - SDHB will provide unconditional and irrevocable corporate
guarantee in respect of all sums expressed to be payable from time
to time by the SDIL (i) in its capacity as obligor under the
declaration of trust, (ii) in its capacity as wakeel under the
wakala agreement and (iii) in its capacity as buyer under the
commodity murabaha investment agreement. Payment obligations under
the guarantee will constitute direct, unconditional, unsubordinated
and unsecured obligations of SDHB, and shall at all times rank at
least equally with all other unsecured and unsubordinated
obligations of SDHB, present and future.

  - The sukuk issuance includes negative pledge provisions,
covenants, as well as financial reporting obligations, change of
control and cross-default language.

The Certificates, the Declaration of Trust, the Deed of Guarantee,
the Agency Agreement, the Commodity Murabaha Investment Agreement,
the Wakala Agreement and any non-contractual obligations arising
out of or in connection with them will be governed by, and
construed in accordance with, English law, while other aspects will
be governed by the laws of Malaysia and other jurisdiction laws
depending on the place of execution of the works. Fitch does not
express an opinion on whether the relevant transaction documents
are enforceable under any applicable law. However, Fitch's rating
on the certificates reflects its belief that SDHB would stand
behind its obligations. When assigning ratings to the sukuk
issuance, Fitch does not express an opinion on its compliance with
sharia principles.

DERIVATION SUMMARY

SDHB's rating may be compared with that of PT Bukit Makmur Mandiri
Utama (BUMA; BB-/Stable), PT ABM Investama Tbk (B+/Negative), PT
Wijaya Karya (Persero) Tbk (WIKA; BB/Negative, Standalone Credit
Profile: b+) and Emeco Holdings Limited (B/Stable). BUMA is
Indonesia's second-largest mining contractor, with a 20% market
share. Fitch believes SDHB's higher customer and product
diversification and lower earning sensitivity to commodity prices
compensates for its thinner profit margin. This was evident from
SDHB's revenue growth when oil prices were low in 2014-2016, while
BUMA's scale shrank when coal prices fell in 2012-2016.

Relative to ABM, which focuses on coal production, mining
contracting services, integrated logistics, engineering services
and distributive power, Fitch believes SDHB's higher geographical
diversification, lower earning sensitivity to commodity prices and
stronger leverage profile offsets ABM's wider profit margin and
stronger free cash flow generation. SDHB also has more stable
profit margins, while ABM has a weakening business profile due to
the loss of key contracts and short reserve life. The differences
result in ABM being rated a notch lower than SDHB.

The ratings of SDHB and WIKA, one of Indonesia's leading and most
diversified state-owned contractors, with an established record the
EPCC of large infrastructure and power-plant projects, are
supported by strong domestic market franchises. SDHB's operating
scale is smaller, but it has a wider profit margin, higher
geographical diversification and a stronger leverage profile than
WIKA. Fitch also believes WIKA's order book, which is based on EPCC
and infrastructure projects, is more unpredictable than SDHB's
maintenance-and-operation-based order book. This sees SDHB being
rated one notch higher than WIKA's Standalone Credit Profile.

SDHB and Emeco have comparable leverage profiles and operating
scales. Nevertheless, Fitch believes the latter's highly volatile
business and high earning sensitivity to commodity prices, as
evident from the deterioration in Emeco's profitability, cash flow
generation and operating scale during past global commodity-price
downturns, warrant a multiple-notch difference between the two
companies' ratings

KEY ASSUMPTIONS

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

  - Bid book to increase by 5%-10% annually from 2020 (2019F: 30%)

  - New order book win rate of 25%-30% in 2019-2022 (2018: 32%)

  - Order book renewal rate of 25%-30% in 2019-2022 (2018: 28%)

  - EBITDA margin of around 18% over 2019-2022 (2018: 17%)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action
Fitch does not anticipate any positive rating action over the next
18-24 months. However, Fitch may consider positive rating action
should the company achieve a material improvement in operating
scale and generally neutral free cash flow, while maintaining a
stable financial profile

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

  - Significant weakening of the order-book profile, driven by the
loss of key contracts or customers

  - Net adjusted debt/EBITDAR above 2.5x for a sustained period.
Fitch has adjusted the leverage metric by including the key
financials of associate entities to which SDHB provides
proportionate financial guarantees

  - EBITDA margin below 12% for a sustained period

LIQUIDITY

Adequate Liquidity: SDHB had readily available cash of around MYR1
billion as of June 2019, compared with short-term debt maturities
of MYR306 million, which mainly comprise revolving credit
facilities that may be rolled over during the normal course of
business. The company also had around MYR900 million in unused
credit facilities as of end-September 2019. Furthermore, Fitch
believes the company's liquidity profile is supported by strong
banking access, given its long-term relationships with regional and
global banks, and capital-market access, which provides flexibility
in financing capex plans.



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

GEO ENERGY: Fitch Lowers LT IDR to B-, Outlook Negative
-------------------------------------------------------
Fitch Ratings downgraded Geo Energy Resources Limited's Long-Term
Issuer Default Rating to 'B-' from 'B'. The Outlook is Negative.
The agency has also downgraded the rating on Geo Coal International
Pte. Ltd.'s USD300 million senior unsecured guaranteed notes to
'B-' from 'B' with a Recover Rating of 'RR4'.

The downgrade reflects Fitch's expectation of weakened operating
cash flow and thereby increased refinancing risk for Geo's US
dollar notes following the downward revision of Fitch's coal-price
assumptions. The Negative Outlook reflects its expectation that
Geo's production growth will be constrained by low reserves and
that its profitability and cash flow will be limited by its weak
cost structure at the same time that the company faces heightened
refinancing risk.

Fitch may take further negative rating action if Geo fails to
remove the risk of a put option in April 2021. Geo is likely to
circumvent the put option being triggered by meeting reserve
requirements via the acquisition of a 51% stake in PT Bara Anugrah
Sejahtera (BAS) and PT Banjarsari Pribumi (BP) - Indonesian coal
mines owned by PT Titan Infra Energy - by end-2019.

Fitch believes the proposed acquisition may help Geo postpone
redemption pressure on its US dollar notes, but will not be
sufficient to materially improve Geo's credit profile due to
limited incremental cash flow from the acquired mines. Geo is
likely to continue to face heightened refinancing risk on its
US-dollar bond maturity in October 2022 if it does not
significantly strengthen its business profile.

KEY RATING DRIVERS

Falling Cash Balance; Rising Refinancing Risk: Fitch expects Geo's
cash flow to remain weak due to low coal prices and modest capex
requirements, leading the company to burn through its cash balance
and limiting its financial flexibility. Internally generated cash
flow is likely to be insufficient to redeem the US dollar notes on
maturity or put option date. The refinancing risk also reflects
Geo's deteriorating operating profile when the notes are due.
However, Geo's existing cash balance could be used to turn around
its deteriorating operating profile through acquisitions.

Planned Acquisition of Little Benefit: Fitch does not believe that
Geo's proposed 51% stake in the two South Sumatra-based coal mines
- BAS and BP - will boost the company's credit profile, as Fitch
does not expect significant cash accretion from the mines. This
would leave Geo still facing considerable refinancing risk when its
US dollar notes mature in October 2022, even if the acquisition
averts the April 2021 put option. Geo is required to repay the
notes early in May 2021 if its operating reserves are below 80
million tonnes (mt) in April 2021; its operating reserves were 68mt
in June 2019.

Weak Cost Position: Geo has one of the weakest energy-adjusted cost
positions among Fitch-rated Indonesian coal miners. This, coupled
with its average-quality coal, will keep unit profitability
stressed at around USD3/tonne, dropping from around USD10/tonne in
2018. Geo's has, however, renegotiated contracts with it service
providers to curb costs, which has somewhat offset the weak coal
prices.

Declining Reserves; Small Scale: Fitch believes Geo's small and
declining reserve base is likely to challenge the continuity of its
operation in the absence of acquisitions. Geo's operating reserve
comprised of 24mt at PT Sungal Danau Jaya (SDJ) and 44mt at PT
Tanah Bumbu Resources (TBR) as of June 2019. The company will
exhaust its operating reserve in seven years, based on Fitch's
expected annual production of 9.0mt (9M19: 5.5mt, 2018: 7.0mt). Geo
expects 12mt annual production.

Geo has two other mines, but one is still in the exploratory phase
and the other has a weak cost position, making mining operations
unviable. In addition, the mining licenses of the SDJ and TBR mines
expire in 2022; Fitch will treat any adverse developments
pertaining to the renewal of the licences, including non-renewal,
as an event risk.

Low Off-Taker and Contractor Risk: Geo has life-of-mine contracts
for its two key operating mines on all coal produced, minimising
off-take risk. It has also entered into a new offtake agreement for
its SDJ mine with Trafigura Pte. Ltd, effective January 1, 2020.
Fitch does not expect the new contract to significantly change
Geo's profile, but it should slightly benefit SDJ's average selling
price. Geo has prepayment facilities with off-takers for both
mines, supporting working-capital management. Its coal production
and over-burden removal contracts for the mines is with one of
Indonesia's largest mining contractors, PT Bukit Makmur Mandiri
Utama (BB-/Stable), limiting contractor risk.

DERIVATION SUMMARY

Geo's ratings are lower than those of PT Indika Energy Tbk
(BB-/Stable) and PT Golden Energy Mines Tbk (GEMS; B+/Stable),
reflecting its heightened refinancing risk, weaker cost position
and considerably smaller scale.

GEMS has a much larger reserve base and higher production level of
22mt in 2018 than Geo. GEMS also has a stronger financial profile,
which explains the rating difference between the two entities.
Indika has stronger operations, with an integrated business model,
as well as larger production of 34mt and larger reserves of 422mt
in 2018. Indika's stronger cost position and better financial
profile reflect its three-notch higher rating than Geo.

KEY ASSUMPTIONS

Coal prices in line with Fitch's mid-cycle commodity-price
assumptions, adjusted for the difference in calorific value
(average Newcastle 6,000 kcal FOB/tonne: USD73 in 2020, USD72 in
2021 and USD70 thereafter. See 'Fitch Ratings Updates Mid-Cycle
Metals and Mining Price Assumptions' dated November 6, 2019 for
details.

Annual total coal production from SDJ and TBR mines of 9mt over
medium term.

No acquisitions and modest capital expenditure over the medium
term.

Strip ratio to remain at around 3.5x (2018: 2.9x) and for
production cost to be less than USD29/tonne (2018: USD30.8/tonne)
over the next three to four years.

KEY RECOVERY RATING ASSUMPTIONS

Recovery analysis for Geo is on a going-concern basis in case of
bankruptcy and assumes that the company would be reorganised and
not liquidated. Fitch has assumed a 10% discount to enterprise
value to account for bankruptcy-related administrative claims.

The going-concern EBITDA estimate of USD24.7 million reflects
Fitch's view of a sustainable, post-reorganisation EBITDA level
upon which Fitch bases the enterprise valuation. The going-concern
EBITDA is 10% below the mid-cycle EBITDA based on Fitch's long-term
average thermal coal-price expectation.

An enterprise value multiple of 4.5x EBITDA is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple is slightly higher for Geo's exiting profile
compared with the enterprise value/EBITDA multiple used in recent
M&A transactions in the sector and the multiple at which Indonesian
coal companies are currently trading in the market. The higher
multiple reflects material cash balance maintained by Geo to either
acquire coal assets or pay down its US-dollar note. The acquisition
of coal assets would boost EBITDA, but it would not result in
additional assets on the balance sheet, as coal mines are
essentially owned by the government and licensed to coal miners.

The waterfall results in a recovery of 33% for the US dollar note
holders or a Recovery Rating of RR4

RATING SENSITIVITIES

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

Fitch does not expect an upgrade due to its Negative Outlook. The
Outlook may be revised to Stable if Geo meaningfully strengthens
its business profile and lowers refinancing risk on its US dollar
notes.

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

Failure to complete a coal-asset acquisition to avoid triggering
the put option in April 2021.

If Geo avoids triggering the put option, but fails to materially
strengthen its business profile and mitigate refinancing risk for
its 2022 US-dollar note maturity.

LIQUIDITY AND DEBT STRUCTURE

Rising Liquidity Pressure: Geo retains the majority of proceeds
from its USD300 million notes, which were issued in 2017. Its cash
balance stood at USD179 million as of September 2019 and it has no
major debt maturity until its US-dollar note maturity in 2022, bar
a small finance-lease obligation. Fitch expects Geo will have
volatile free cash flow over the medium term, which will weigh on
its cash profile, and cash accretion from its operations will be
insufficient to cover the notes on maturity or put option date.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the w ay in which they are being managed by
the entity.

HYFLUX LTD: Debt Plan Faces SGD40 Million Fee Hurdle
----------------------------------------------------
Denise Wee and Ameya Karve at Bloomberg News report that having
just signed a deal with Middle Eastern suitor Utico FZC, crisis-hit
Hyflux Ltd. is facing a fresh challenge -- how to allocate SGD40
million (US$29 million) of fees among restructuring advisers.

Bloomberg relates that the Singapore water treatment company needs
to get its advisers to agree on how to split the pot, or Utico has
the right to walk away, according to the deal terms. The problem
was discussed in a court hearing in Singapore on Nov. 29, Bloomberg
says.

According to the report, lawyers and consultants have been working
for more than 1 1/2 years on Hyflux, the nation's most high-profile
debt restructuring. An expansion into the power-supply business
went awry, leaving the company with billions of dollars in
liabilities -- including to some 34,000 retail bondholders -- that
it couldn't repay.

The restructuring process has "taken a while" and it would be a
shame if all were to "come to naught," said Judge Aedit Abdullah at
the hearing on Nov. 29, Bloomberg relates.

Hyflux's advisers include WongPartnership LLP, Ernst & Young
Solutions LLP and nTan Corporate Advisory, according to filings
cited by Bloomberg. The creditors' advisers include Borrelli Walsh,
Hogan Lovells Lee & Lee, Akin Gump Strauss Hauer & Feld LLP and
BlackOak LLC.

Fees should not be a stumbling block for completing the deal, Manoj
Sandrasegara, partner at WongPartnership, said at the hearing.

Under the agreement, Utico will take up new Hyflux shares for
SGD300 million accounting for a 95% stake in the company. It will
also give Hyflux a working capital line of up to SGD100 million. As
much as SGD50 million of that capital line will be used to pay
perpetual and preference share holders.

Bloomberg adds that the court on Nov. 30 approved Hyflux's request
seeking an extension of its debt moratorium by two months till Jan.
31, and the next hearing is scheduled for Jan. 29.

                            About Hyflux

Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The company
operates through two segments, Municipal and Industrial. The
Municipal segment supplies a range of infrastructure solutions,
including water, power, and waste-to-energy to municipalities and
governments. The Industrial segment supplies infrastructure
solutions for water to industrial customers.  It has business
operations across Asia, Middle East and Africa.

As reported in the Troubled Company Reporter-Asia Pacific on May
24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte
Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation
Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High
Court of the Republic of Singapore pursuant to Section 211B(1) of
the Singapore Companies Act to commence a court supervised process
to reorganize their liabilities and businesses.  The Company said
it is taking this step in order to protect the value of its
businesses while it reorganises its liabilities.

The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this process.




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

[*] BOND PRICING: For the Week Nov. 25, 2019 to Nov. 29, 2019
-------------------------------------------------------------
Issuer                      Coupon    Maturity   Currency   Price
------                      ------    --------   --------   -----


  AUSTRALIA
  ---------

CLIME CAPITAL LTD/FUND        6.25    11/30/21       AUD     1.00
KEYBRIDGE CAPITAL LTD         7.00    07/31/20       AUD     0.95
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09


  CHINA
  ----

AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.00
AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.06
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    60.00
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    61.21
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    50.60
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    56.87
ANHUI CHIZHOU CITY TIANPI     7.40    10/23/20       CNY    40.18
ANHUI FOREIGN ECONOMIC CO     7.30    07/13/21       CNY    70.01
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    41.15
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    47.18
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    41.29
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    44.57
ANKANG DEVELOPMENT & INVE     6.35    03/06/20       CNY    20.19
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    60.00
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    61.87
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.01
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.06
BAODING NATIONAL HI-TECH      7.33    12/24/19       CNY    20.06
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.00
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.97
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    61.54
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    65.50
BAYAN ZHUOER HETAO WATER      8.54    03/31/22       CNY    47.27
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.32
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.65
BEIJING BIOMEDICINE INDUS     6.35    07/23/20       CNY    20.26
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.00
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    40.83
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.90
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    41.15
BEIJING CHANGXIN CONSTRUC     6.74    04/22/21       CNY    41.40
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.09
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.43
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    60.30
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    61.26
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    20.51
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    23.68
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    20.24
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    22.10
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.27
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.57
BEIJING JINLIYUAN STATE-O     7.00    10/28/20       CNY    40.57
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    41.01
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    43.87
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.30
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.41
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.20
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.33
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    40.00
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    41.15
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.00
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.27
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    61.58
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    65.65
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    40.69
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    50.00
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    40.79
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    43.40
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.00
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.66
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.00
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.17
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.15
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.50
C&D REAL ESTATE CORP LTD      6.15    04/03/20       CNY    20.24
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.16
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.30
CEFC SHANGHAI INTERNATION     4.08    09/09/21       CNY    60.00
CEFC SHANGHAI INTERNATION     4.98    12/10/20       CNY    61.29
CHANGCHUN MODERN AGRICULT     7.00    07/25/21       CNY    40.62
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.18
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.40
CHANGDE URBAN CONSTRUCTIO     6.50    02/25/20       CNY    20.16
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    61.67
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    68.20
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    57.48
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    61.00
CHANGSHA ECONOMIC & TECHN     8.45    04/13/22       CNY    46.69
CHANGSHA METRO GROUP CO L     6.20    04/23/23       CNY    62.58
CHANGSHA PILOT INVESTMENT     6.70    12/10/19       CNY    20.09
CHANGSHA TIANXIN CITY CON     3.43    08/08/23       CNY    74.60
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    41.22
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    44.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.72
CHANGSHU DEVELOPMENT INVE     5.80    04/19/20       CNY    20.13
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    62.00
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    67.32
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    41.36
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    47.00
CHANGXING COUNTY TRANSPOR     6.75    06/16/21       CNY    40.61
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    41.32
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    50.30
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.00
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.03
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    59.00
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    60.07
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.15
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.20
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    40.00
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    41.05
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.00
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.26
CHANGZHOU JINTAN DISTRICT     6.38    04/26/20       CNY    20.16
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.51
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.70
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.00
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.40
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.34
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.80
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.10
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.24
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    41.05
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    46.00
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.05
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.35
CHENGDU LONGBO INVESTMENT     8.10    04/24/21       CNY    40.95
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    38.50
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    40.43
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    61.25
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    68.83
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    59.30
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    60.33
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    17.05
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    20.16
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    60.00
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    61.60
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    20.08
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    25.40
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    41.07
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    42.30
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.34
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.37
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.25
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.56
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    60.59
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    68.60
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    19.99
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    20.00
CHENZHOU XINTIAN INVESTME     6.15    04/24/22       CNY    59.18
CHINA MINSHENG INVESTMENT     7.00    12/26/20       CNY    36.65
CHINA OCEANWIDE HOLDINGS      8.90    12/13/21       CNY    50.01
CHINA SECURITY CO LTD         4.45    11/11/19       CNY    31.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.49
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    40.81
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    41.00
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    61.10
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    64.00
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    40.62
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    41.00
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.15
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.30
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.00
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.76
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    40.00
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    41.35
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.12
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.25
CHONGQING DASUN ASSET DEA     6.98    09/10/20       CNY    20.48
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.08
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.20
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.00
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.29
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    41.45
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    47.33
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    20.18
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    21.20
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.00
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.31
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    41.79
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    50.80
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.00
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.98
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.46
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.79
CHONGQING HECHUAN CITY CO     7.30    07/07/21       CNY    40.94
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.12
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.32
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.02
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.15
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    20.07
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    25.00
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.63
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.70
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    40.90
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    41.01
CHONGQING JIULONG HI-TECH     6.60    08/19/21       CNY    40.56
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.37
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.65
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.30
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.33
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.45
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.80
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.68
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.70
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    69.87
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.95
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.97
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    70.10
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.27
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.28
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    40.93
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    41.70
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.00
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.09
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGQIAO ECON     6.75    04/26/20       CNY    20.20
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    60.05
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    66.25
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.52
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.70
CHONGQING TEA GARDEN INDU     7.70    05/20/21       CNY    40.75
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    60.00
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    61.82
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.16
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.20
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    40.63
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    40.91
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    43.90
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    45.00
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    61.66
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    64.21
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    41.43
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    42.33
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.01
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.32
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    40.77
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    41.60
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    60.00
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    61.78
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.00
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.63
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    19.52
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    20.08
CHONGQING YUZHONG STATE-O     7.25    02/26/21       CNY    40.91
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    61.15
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    64.55
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.76
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.80
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.07
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.16
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.00
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.46
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.00
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.13
CITIC GUOAN GROUP CORP        4.90    11/06/19       CNY    18.20
CITIC GUOAN GROUP CORP        4.49    03/08/21       CNY    18.25
CITIC GUOAN GROUP CORP        5.80    12/15/19       CNY    18.25
CITIC GUOAN GROUP CORP        4.23    12/15/20       CNY    18.25
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    41.09
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    48.80
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.00
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.60
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.70
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.72
DALIAN DETA HOLDING CO LT     6.50    11/15/19       CNY    20.04
DALIAN PUWAN ENGINEERING      7.09    02/20/21       CNY    39.80
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.50
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.73
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.81
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.81
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.82
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.82
DANDONG PORT GROUP CO LTD     5.50    01/27/21       CNY    59.00
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    61.35
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    63.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    40.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    41.12
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    59.64
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    60.00
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.02
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.11
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.45
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.58
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    58.36
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    62.50
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.62
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.83
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    40.84
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    43.53
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    60.00
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    61.53
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.11
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.34
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.23
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.93
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    40.53
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    48.26
DONGLING GROUP INC CO         8.00    07/14/22       CNY    60.00
DONGLING GROUP INC CO         8.00    07/14/22       CNY    61.72
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.08
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.15
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    41.16
DONGTAI UBAN CONSTRUCTION     8.65    01/13/21       CNY    41.17
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    48.48
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    60.98
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    61.76
DR PENG TELECOM & MEDIA G     6.00    06/16/22       CNY    65.01
DR PENG TELECOM & MEDIA G     7.00    04/25/23       CNY    75.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.29
EASTAR HOLDINGS GROUP CO      7.30    10/31/20       CNY    63.00
ENSHI URBAN CONSTRUCTION      7.55    10/22/19       CNY    20.02
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    41.24
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    47.54
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.00
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.44
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    41.54
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    46.50
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    41.16
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    42.00
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    61.46
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    64.49
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    54.32
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    55.04
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    60.00
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    61.82
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    40.90
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    43.00
FUGUINIAO CO LTD              6.30    04/22/20       CNY    13.00
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    40.80
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    41.52
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.20
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.32
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.12
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.21
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    60.00
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    61.20
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    60.00
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    61.36
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    40.81
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    41.15
FUQING CITY STATE-OWNED A     6.66    03/01/21       CNY    40.33
FUQING CITY STATE-OWNED A     5.94    11/26/22       CNY    70.73
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    59.98
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    62.80
FUZHOU INVESTMENT DEVELOP     6.78    01/16/20       CNY    20.15
FUZHOU JIANGONG GROUP CO      6.80    12/10/19       CNY    40.14
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    61.11
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    61.36
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.20
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.28
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    60.00
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    61.80
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    25.19
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    25.24
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    32.60
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    33.50
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    39.00
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    41.03
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    20.06
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    25.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    60.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    61.33
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.30
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.68
GOOCOO INVESTMENT CO LTD      7.20    02/01/21       CNY    50.00
GREENLAND HOLDING GROUP C     6.24    05/23/20       CNY    25.06
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    61.73
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    64.00
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.73
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.76
GUANGDONG TAIANTANG PHARM     4.98    02/02/21       CNY    65.00
GUANGXI BAISE DEVELOPMENT     7.27    06/20/21       CNY    40.86
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    60.00
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    61.00
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    40.54
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    41.00
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    40.74
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    44.77
GUANGXI URBAN CONSTRUCTIO     7.59    04/14/21       CNY    41.27
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    40.98
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    41.15
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    42.07
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    47.00
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    70.00
GUANGZHOU METRO GROUP CO      6.05    06/03/24       CNY    73.97
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    74.29
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.00
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.52
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    60.00
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    61.49
GUIRENNIAO CO LTD             7.00    12/03/19       CNY    49.50
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    60.63
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    65.00
GUIYANG HI-TECH HOLDING C     6.01    12/01/19       CNY    25.01
GUIYANG URBAN CONSTRUCTIO     5.23    12/02/22       CNY    74.00
GUIYANG URBAN DEVELOPMENT     6.20    02/28/20       CNY    20.03
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    60.00
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    61.05
GUIZHOU GUILONG INDUSTRIA     7.80    04/28/22       CNY    74.23
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    72.40
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    74.07
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    62.90
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    63.01
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    39.90
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    40.68
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    40.92
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    49.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    60.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    61.33
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.15
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.20
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.06
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.55
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    37.50
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    40.31
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.13
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.35
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    61.06
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    65.20
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    40.60
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    41.42
HAIXI STATE DEVELOPMENT I     8.60    01/02/21       CNY    40.90
HAIYAN COUNTY STATE-OWNED     7.00    09/04/20       CNY    20.51
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    61.34
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    67.20
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.14
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.20
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.11
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.12
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    40.40
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    41.50
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.17
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.25
HANGZHOU METRO GROUP CO L     5.97    09/17/24       CNY    73.50
HANGZHOU XIAOSHAN ECO&TEC     6.90    05/13/21       CNY    41.47
HANGZHOU YUHANG CITY CONS     7.00    03/03/21       CNY    41.21
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.12
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.30
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.26
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.32
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.35
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.85
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    40.83
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    46.60
HAWTAI MOTOR GROUP LTD        7.20    04/14/21       CNY    60.00
HAWTAI MOTOR GROUP LTD        6.10    10/26/21       CNY    74.00
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    41.34
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    43.26
HEFEI GAOXIN DEVELOPMENT      6.90    03/12/20       CNY    40.38
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    20.14
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    21.12
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    43.35
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    45.22
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    59.74
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    60.00
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    13.17
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    35.49
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    50.43
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    50.72
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    59.28
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    60.06
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    40.36
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    44.50
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.00
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.16
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    61.01
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    65.88
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.46
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.52
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.24
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.38
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.15
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.32
HUACHEN ENERGY CO LTD         6.63    05/18/20       USD    58.41
HUAIAN CITY URBAN ASSET O     6.87    12/26/19       CNY    20.16
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.45
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.85
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    41.05
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    47.84
HUAIAN HONGRI TRANSPORTAT     5.09    04/20/23       CNY    67.89
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.00
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.92
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    41.28
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    47.50
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    20.09
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    24.14
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.20
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.43
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.00
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.32
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.09
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.65
HUANGGANG CITY CONSTRUCTI     7.45    03/04/21       CNY    41.25
HUANGGANG CITY CONSTRUCTI     8.60    12/25/20       CNY    41.38
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.65
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.94
HUANGSHI CIHU HIGH-TECH D     8.70    12/05/20       CNY    40.71
HUANGSHI CIHU HIGH-TECH D     9.30    01/21/21       CNY    41.12
HUANGSHI URBAN CONSTRUCTI     6.96    10/25/19       CNY    20.02
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    60.00
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    61.47
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    61.96
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    62.40
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.20
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.21
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.33
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.52
HULUDAO INVESTMENT GROUP      7.50    10/18/23       CNY    72.86
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.00
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.79
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    41.20
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    42.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    57.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    67.00
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.46
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.72
HUNAN TIER GROUP CO LTD       7.10    03/03/21       CNY    40.94
HUNAN TIER GROUP CO LTD       8.00    12/23/20       CNY    40.98
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 XIANGJIANG NEW AREA     7.36    03/17/21       CNY    40.00
HUNAN XIANGJIANG NEW AREA     7.36    03/17/21       CNY    41.31
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    58.60
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    60.64
HUZHOU CITY INVESTMENT DE     6.70    12/14/19       CNY    20.09
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    41.42
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    42.38
HUZHOU WUXING NANTAIHU CO     8.79    01/16/21       CNY    41.01
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    40.00
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    41.32
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    58.76
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    59.90
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    60.00
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    60.00
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    40.56
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    44.00
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    61.77
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    62.10
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.84
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.97
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    41.18
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    46.50
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.25
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.50
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.19
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.25
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.59
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.89
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.77
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.85
JIANGSU HANRUI INVESTMENT     5.00    08/31/23       CNY    74.63
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    41.16
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    49.30
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.17
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.19
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.00
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.87
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.00
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.61
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.00
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.99
JIANGSU NANTONG NO2 CONST     8.10    07/10/21       CNY    40.54
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    25.36
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    29.90
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.01
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.25
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    40.71
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    45.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    40.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    41.29
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    25.48
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    26.10
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    60.32
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    61.06
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    20.04
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    31.00
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    60.50
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    61.61
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    60.39
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    67.50
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    40.96
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    50.19
JIANGSU ZHANGJIAGANG ECON     6.98    11/16/19       CNY    20.07
JIANGSU ZHUFU INDUSTRIAL      4.93    12/29/20       CNY    70.06
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    58.90
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    68.51
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    40.97
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    49.34
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    40.98
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    41.10
JIANGYIN GAOXIN DISTRICT      6.60    02/27/20       CNY    20.15
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    40.30
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    41.00
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    59.46
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    60.03
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    40.77
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    42.75
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    20.02
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    21.50
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    59.30
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    62.86
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    20.07
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    24.43
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    41.28
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    45.17
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.37
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.80
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.00
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.46
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    40.70
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    41.22
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.00
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.07
JILIN RAILWAY INVESTMENT      7.18    03/04/21       CNY    40.42
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.11
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.35
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    59.30
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    60.25
JINAN HI-TECH HOLDING GRO     6.38    06/19/21       CNY    41.14
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.30
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.74
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.25
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.40
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.00
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.83
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    40.23
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    48.68
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    38.57
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    40.58
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    46.89
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    47.00
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    59.80
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    61.27
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    40.75
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    41.80
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    41.47
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    46.95
JINHU COUNTY STATE-OWNED      4.00    07/26/22       CNY    74.39
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    61.49
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    64.44
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.50
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.84
JINSHAN STATE-OWNED ASSET     6.65    11/27/19       CNY    20.06
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.00
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.16
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    40.62
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.80
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.94
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    44.91
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    40.89
JINZHOU HUAXING INVESTMEN     9.10    01/21/21       CNY    41.04
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    45.00
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    60.71
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    62.82
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    59.55
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    60.66
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    60.36
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    61.70
JIUJIANG STATE-OWNED ASSE     6.68    03/07/20       CNY    20.20
JIUQUAN ECONOMIC DEVELOPM     7.40    02/26/21       CNY    40.79
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.00
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.18
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.05
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.16
KANGMEI PHARMACEUTICAL CO     6.10    03/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.20    07/17/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.50    04/20/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.47    09/15/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.29    08/16/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.80    06/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     7.00    06/21/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.28    03/20/21       CNY    36.10
KANGMEI PHARMACEUTICAL CO     5.33    01/27/22       CNY    36.69
KASHGAR SHENKA INVESTMENT     7.08    07/07/20       CNY    25.33
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    60.00
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    61.23
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.08
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.16
KUNMING DONGJUN REAL ESTA     4.50    11/02/21       CNY    73.94
KUNMING EXPRESSWAY CONSTR     7.50    01/21/20       CNY    20.14
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    20.02
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    23.01
KUNSHAN CHUANGYE HOLDING      6.28    11/07/19       CNY    20.05
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    41.39
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    45.45
KUNSHAN HIGH TECHNOLOGY G     7.10    03/26/21       CNY    41.33
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    40.59
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    41.40
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    34.90
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    39.84
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    60.89
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    61.49
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.95
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.96
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    60.85
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    61.28
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    60.97
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    65.60
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    60.58
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    65.00
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY     7.27
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY    11.55
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    40.83
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    40.94
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    43.00
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    45.23
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.00
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.09
LINFEN CITY INVESTMENT GR     6.20    05/23/20       CNY    20.18
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.00
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.13
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    59.94
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    60.37
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.19
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.50
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.00
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.27
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    60.00
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    61.60
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.07
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.10
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.49
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.50
LIUZHOU CITY INVESTMENT C     7.18    12/31/22       CNY    62.29
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    70.90
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    74.02
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.10
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.11
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    58.00
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    60.98
LONGHAI STATE-OWNED ASSET     6.58    08/15/21       CNY    40.94
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    41.25
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    50.31
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    40.00
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    41.51
LU'AN CITY CONSTRUCTION I     5.20    09/25/20       CNY    49.74
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.00
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.65
LUOHE CITY CONSTRUCTION I     6.99    10/30/19       CNY    20.06
LUOHE CITY CONSTRUCTION I     5.25    09/11/20       CNY    40.57
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    41.10
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    43.00
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    20.08
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    21.13
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    61.33
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    64.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    60.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    61.84
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.10
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.14
MEISHAN HONGDA CONSTRUCTI     6.56    06/19/20       CNY    20.32
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    61.34
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    65.32
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.45
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.46
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    60.70
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    65.00
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.75
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.76
NANCHANG CITY CONSTRUCTIO     6.19    02/20/20       CNY    20.20
NANCHANG ECONOMY TECHNOLO     6.88    01/09/20       CNY    20.19
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.09
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.22
NANCHANG WATER CONSERVANC     6.28    06/21/20       CNY    20.26
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.78
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.99
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    41.03
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    51.20
NANJING HEXI NEW TOWN ASS     3.47    06/17/21       CNY    69.84
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    40.79
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    42.10
NANJING LISHUI URBAN CONS     5.80    05/29/20       CNY    20.12
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.00
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.01
NANJING STATE OWNED ASSET     5.40    03/06/20       CNY    20.11
NANJING STATE OWNED ASSET     5.60    03/06/23       CNY    62.13
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    41.24
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    46.80
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.07
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.10
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    40.95
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    44.80
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.43
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.83
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.00
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.64
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    41.22
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    45.40
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    20.19
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    24.00
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.53
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.55
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.15
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.25
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    60.00
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    61.55
NANYANG INVESTMENT GROUP      7.05    10/24/20       CNY    40.63
NEIJIANG CITY XINGYUAN IN     4.28    08/16/23       CNY    74.37
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    41.32
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    48.53
NEOGLORY HOLDING GROUP CO     8.00    10/22/20       CNY    56.00
NEOGLORY HOLDING GROUP CO     8.00    09/25/20       CNY    60.00
NEOGLORY HOLDING GROUP CO     8.10    11/23/18       CNY    72.00
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    41.27
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    46.30
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.13
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.36
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.12
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.32
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    41.31
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    49.00
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    61.88
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    68.29
NINGBO SHUNNONG GROUP CO      7.20    10/16/19       CNY    20.02
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.16
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.24
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.33
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.45
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.30
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.40
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    41.52
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    45.00
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    60.20
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    61.84
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    41.29
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    42.70
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.15
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.76
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.22
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.34
PANZHIHUA STATE OWNED ASS     5.41    07/29/20       CNY    19.30
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.32
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.85
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    61.30
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    62.92
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.00
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.06
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    40.50
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    41.06
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.00
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.25
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    59.71
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    60.00
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.04
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.08
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    61.24
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    62.46
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    41.38
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    48.80
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.00
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.80
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    41.23
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    41.41
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    61.27
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    66.90
QIANDONGNANZHOU KAIHONG A     7.80    10/30/19       CNY    19.95
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.00
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.22
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    59.32
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    66.80
QIANXI NANZHOU HONGSHENG      6.99    11/22/19       CNY    20.01
QIDONG STATE-OWNED ASSET      7.30    11/20/22       CNY    62.48
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.50
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.66
QIDONG URBAN CONSTRUCTION     8.20    04/04/21       CNY    41.69
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    62.09
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    64.90
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.13
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.34
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.46
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.56
QINGDAO JIAOZHOU CITY DEV     6.59    01/25/20       CNY    20.07
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    60.80
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    61.04
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.16
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.90
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    40.32
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    48.79
QINGHAI PROVINCIAL INVEST     6.40    07/10/21       USD    52.33
QINGHAI PROVINCIAL INVEST     7.88    03/22/21       USD    54.86
QINGHAI PROVINCIAL INVEST     7.25    02/22/20       USD    63.50
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.23
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.25
QINGYUAN TRANSPORTATION D     8.20    12/19/20       CNY    41.19
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.00
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.02
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    41.10
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    47.50
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.00
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.63
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    41.08
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    44.61
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    20.37
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    21.50
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.00
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.31
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.00
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.01
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    60.33
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    64.90
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    41.17
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    42.55
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.50
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.63
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    40.98
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    43.42
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.54
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.56
REWARD SCIENCE AND TECHNO     5.53    07/05/21       CNY    29.10
REWARD SCIENCE AND TECHNO     6.40    03/03/22       CNY    70.00
RIGHT WAY REAL ESTATE DEV     8.00    07/15/21       CNY    43.89
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.19
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.21
RUCHENG COUNTY HYDROPOWER     6.65    04/25/20       CNY    40.43
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    40.82
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    45.90
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    41.02
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    44.03
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    41.27
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    49.00
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.21
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.81
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    41.34
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    42.43
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.08
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.22
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    49.47
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    53.30
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.47
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.53
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.63
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.84
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    41.60
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    47.00
SHAANXI PROVINCIAL EXPRES     5.99    06/18/20       CNY    60.86
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    40.48
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    45.50
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    61.36
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    63.10
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    61.84
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    62.41
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.85
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.88
SHANDONG FUYU CHEMICAL CO     7.70    09/18/22       CNY    70.00
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    61.69
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    62.45
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    40.42
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    44.00
SHANDONG JINMAO TEXTILE C     6.97    04/01/21       CNY    20.70
SHANDONG JINMAO TEXTILE C     8.00    09/25/20       CNY    35.84
SHANDONG PUBLIC HOLDINGS      7.18    01/22/20       CNY    20.17
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    40.29
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    43.40
SHANDONG SNTON GROUP CO L     5.18    09/08/21       CNY     8.52
SHANDONG SNTON GROUP CO L     6.20    05/30/21       CNY     9.50
SHANDONG TAIFENG HOLDING      5.80    03/12/20       CNY    20.12
SHANDONG TAIYANG INDUSTRY     5.97    03/02/21       CNY    71.43
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.00
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.33
SHANDONG WANTONG PETROLEU     5.97    11/29/21       CNY    33.95
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.11
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.94
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    18.50
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    20.31
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.96
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.98
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.05
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.15
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.47
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.50
SHANGHAI FENGXIAN NANQIAO     6.25    03/05/20       CNY    20.19
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.18
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.30
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.09
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.18
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    50.96
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    51.07
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.02
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.10
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    60.79
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    61.77
SHANGHAI NANHUI URBAN CON     6.04    08/20/21       CNY    41.19
SHANGHAI PUTAILAI NEW ENE     5.30    05/18/20       CNY    66.67
SHANGHAI URBAN CONSTRUCTI     5.25    11/30/19       CNY    20.03
SHANGHAI YONGYE ENTERPRIS     6.84    05/21/20       CNY    25.43
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    20.44
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    25.40
SHANGQIU DEVELOPMENT INVE     6.60    01/15/20       CNY    20.16
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.90
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.99
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.04
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.14
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    59.70
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    63.39
SHAOXING CHENGZHONGCUN RE     6.50    01/24/20       CNY    20.10
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    60.00
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    61.61
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.05
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.20
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    61.58
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    68.00
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    41.21
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    45.26
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    60.00
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    61.68
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.00
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.66
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    60.00
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    61.49
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.02
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.14
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    41.05
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    43.90
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.61
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.80
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.50
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.73
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    40.86
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    41.41
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    41.96
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    42.30
SHENMU CITY STATE-OWNED A     7.28    06/23/21       CNY    41.10
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.00
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.98
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    60.52
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    61.26
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.23
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.39
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    60.96
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    67.50
SHENZHEN METRO GROUP CO L     5.40    03/25/23       CNY    61.92
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.42
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.92
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    72.84
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    75.00
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.20
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.23
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    61.78
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    67.20
SHIJIAZHUANG URBAN CONSTR     6.55    03/09/21       CNY    72.00
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    40.00
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.52
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.68
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    41.30
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    40.47
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    42.87
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.16
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.34
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.47
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.50
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    20.06
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    22.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.97
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    60.23
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    66.00
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.22
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.29
SICHUAN COAL INDUSTRY GRO     7.70    01/09/18       CNY    45.00
SICHUAN NAXING INDUSTRIAL     7.17    09/11/21       CNY    40.62
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    61.01
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    68.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    60.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    61.67
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    40.00
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    41.38
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    59.89
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    61.10
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    41.04
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    47.82
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.30
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.76
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.18
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.20
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    59.13
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    64.18
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.00
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.01
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    40.79
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    41.20
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.07
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.71
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.83
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.91
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    29.01
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    40.29
SUQIAN CITY CONSTRUCTION      6.88    10/29/20       CNY    40.60
SUQIAN WATER GROUP CO         6.55    12/04/19       CNY    20.09
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    20.07
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    24.80
SUZHOU FENHU INVESTMENT G     7.49    02/28/21       CNY    41.14
SUZHOU NEW DISTRICT ECONO     6.20    07/22/21       CNY    41.13
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    19.90
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    20.02
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    40.78
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    41.00
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    60.80
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    61.53
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    41.01
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    42.60
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    19.90
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    20.15
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    40.65
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    41.36
TAICANG HENGTONG INVESTME     7.45    10/30/19       CNY    20.02
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    61.25
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    64.65
TAICANG URBAN CONSTRUCTIO     6.75    01/11/20       CNY    20.20
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    40.63
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    41.30
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    40.00
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    41.03
TAIYUAN HIGH-SPEED RAILWA     5.18    09/06/20       CNY    40.69
TAIYUAN HIGH-SPEED RAILWA     6.50    10/30/20       CNY    40.98
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    41.28
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    46.50
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    73.86
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    74.60
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.20
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.34
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.10
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.44
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.37
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.60
TAIZHOU CITY NEW BINJIANG     7.60    03/05/21       CNY    40.59
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    19.80
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    20.06
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    25.78
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    26.00
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    62.02
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    64.00
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.14
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.33
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.00
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.21
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    40.31
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    42.62
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    40.80
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    47.15
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    40.77
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    47.00
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.14
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.25
TIANJIN BINHAI NEW AREA C     6.10    11/23/21       CNY    61.90
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    59.59
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    60.66
TIANJIN DONGLI CITY INFRA     6.05    06/19/20       CNY    20.03
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    20.06
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    22.00
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.08
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.30
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    39.88
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    49.00
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    56.65
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    58.95
TIANJIN HARBOR CONSTRUCTI     8.00    04/01/21       CNY    72.37
TIANJIN HARBOR CONSTRUCTI     8.80    01/24/21       CNY    72.42
TIANJIN HI-TECH INDUSTRY      6.65    09/12/21       CNY    40.50
TIANJIN HOPETONE CO LTD       7.50    07/25/21       CNY    39.80
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    40.35
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    41.16
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.47
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.70
TIANJIN INFRASTRUCTURE CO     5.70    02/26/23       CNY    61.78
TIANJIN JINNAN CITY CONST     6.50    06/03/21       CNY    40.80
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.00
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.29
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    40.87
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    47.50
TIANJIN REAL ESTATE GROUP     4.50    09/29/20       USD    50.00
TIANJIN REAL ESTATE TRUST     8.59    03/13/21       CNY    40.78
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.20
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.77
TIANJIN TEDA INVESTMENT H     6.89    04/27/20       CNY    20.25
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    37.92
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    41.80
TIANJIN WATER INVESTMENT      8.40    01/15/21       CNY    50.95
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    40.89
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    40.91
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    41.16
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    41.80
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    41.44
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    45.16
TIANRUI GROUP CEMENT CO L     5.95    09/25/20       CNY    50.00
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    20.43
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    22.50
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    61.17
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    68.00
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    40.98
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    41.63
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.29
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.30
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.23
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.50
TUNGHSU OPTOELECTRONIC TE     5.09    11/17/21       CNY    29.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    60.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    62.03
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.19
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.20
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    61.82
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    68.81
WEIFANG BINHAI INVESTMENT     6.16    04/16/21       CNY    40.01
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    20.04
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    24.30
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    60.00
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    61.30
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.08
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.51
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.00
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.39
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.42
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.54
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    60.68
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    63.00
WINTIME ENERGY CO LTD         7.50    04/04/21       CNY    43.63
WINTIME ENERGY CO LTD         7.50    11/16/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    04/26/19       CNY    43.63
WINTIME ENERGY CO LTD         7.00    07/05/18       CNY    43.63
WINTIME ENERGY CO LTD         7.30    08/06/18       CNY    43.63
WINTIME ENERGY CO LTD         6.78    10/23/18       CNY    43.63
WINTIME ENERGY CO LTD         7.90    03/29/21       CNY    43.63
WINTIME ENERGY CO LTD         7.00    03/19/19       CNY    43.63
WINTIME ENERGY CO LTD         7.90    12/22/20       CNY    43.63
WINTIME ENERGY CO LTD         7.50    12/06/20       CNY    43.63
WINTIME ENERGY CO LTD         7.70    11/15/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    12/15/18       CNY    43.63
WINTIME ENERGY CO LTD         7.00    08/25/18       CNY    43.63
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    10.60
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    41.51
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    41.18
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    44.36
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    41.19
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    43.02
WUHAN JIANGXIA URBAN CONS     8.99    01/20/21       CNY    41.54
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.04
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.16
WUHAN METRO GROUP CO LTD      5.25    04/14/22       CNY    60.78
WUHAN URBAN CONSTRUCTION      5.60    03/08/20       CNY    20.12
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    61.72
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    66.35
WUHU JINGHU CONSTRUCTION      6.68    05/16/20       CNY    20.12
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    40.00
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    41.73
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.43
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.45
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.11
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.15
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    40.86
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    42.53
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    70.10
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    73.00
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.46
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.60
WUXI TAIHU NEW CITY DEVEL     3.47    08/29/23       CNY    72.47
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.00
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.14
WUYANG CONSTRUCTION GROUP     7.80    09/11/20       CNY    32.48
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.47
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.48
XIAMEN TORCH GROUP CO LTD     7.49    04/21/21       CNY    41.12
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    20.21
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    21.80
XI'AN AEROSPACE CITY INVE     6.96    11/08/19       CNY    20.05
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    60.23
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    61.46
XI'AN INTERNATIONAL INLAN     7.90    09/23/21       CNY    42.28
XIAN QUJIANG DAMING PALAC     6.39    03/21/20       CNY    50.52
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.00
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.04
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    40.43
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    48.99
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.15
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.53
XIANGTAN JIUHUA ECONOMIC      6.59    01/21/22       CNY    58.11
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.50
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.92
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    55.49
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    59.80
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.06
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.10
XIANGXIANG URBAN CONSTRUC     5.84    05/18/23       CNY    81.37
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    40.87
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    43.38
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.18
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.24
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    60.78
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    65.00
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.38
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.80
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    41.00
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    41.56
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    46.69
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    52.72
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.21
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.40
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    55.31
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    57.96
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.47
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.50
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.00
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.27
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    19.85
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    20.02
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    17.88
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    20.17
XINJIANG KAIDI INVESTMENT     7.80    04/22/21       CNY    41.20
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.36
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.38
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    40.54
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    41.00
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    60.75
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    61.26
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.18
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.22
XINYANG HONGCHANG PIPE GA     6.49    06/20/20       CNY    72.87
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    41.08
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    46.30
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.20
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.54
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.52
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.83
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    40.88
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    47.00
XINYU CITY SHANTYTOWN ZON     6.42    12/09/20       CNY    70.24
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    61.56
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    63.63
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.07
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.19
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.96
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    51.16
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    40.00
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    41.19
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    41.25
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    43.41
XIWANG GROUP CO LTD           7.41    12/03/22       CNY    49.94
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    41.40
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    46.00
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    41.68
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    46.00
XUZHOU BOCHANT DEVELOPMEN     5.69    07/28/21       CNY    65.72
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.37
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.66
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    60.57
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    67.38
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    40.93
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    41.23
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    41.29
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    51.50
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.00
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.53
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    61.42
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    64.46
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.54
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.60
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.00
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.07
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    41.22
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.40
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.65
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    42.00
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    38.30
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    40.47
YANCHENG ORIENTAL INVESTM     6.99    10/26/19       CNY    20.02
YANCHENG ORIENTAL INVESTM     6.48    09/15/21       CNY    40.26
YANCHENG SOUTH DISTRICT D     6.93    10/26/19       CNY    20.03
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.00
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.42
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.56
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.70
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    60.00
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    62.00
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    40.26
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    46.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    70.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    72.13
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.20
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.44
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    61.96
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    66.63
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.29
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.39
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.04
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.40
YICHANG URBAN CONSTRUCTIO     8.13    11/17/19       CNY    30.30
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    40.93
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    43.47
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YIHUA ENTERPRISE GROUP CO     7.00    04/29/22       CNY    66.00
YIHUA LIFESTYLE TECHNOLOG     6.88    07/16/20       CNY    50.11
YIHUA LIFESTYLE TECHNOLOG     6.88    07/23/20       CNY    58.00
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.33
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.90
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    40.70
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    41.20
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    59.07
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    60.29
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.82
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.84
YINGTAN INVESTMENT CO         3.63    08/12/21       CNY    69.37
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    59.99
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    61.18
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    41.31
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    49.95
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    59.58
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    60.00
YIWU URBAN & RURAL NEW CO     4.25    11/24/21       CNY    74.58
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    60.00
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    62.19
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.00
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.01
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    41.04
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    43.50
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    60.42
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    68.00
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    40.58
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    42.80
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    60.00
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    61.07
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.34
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.42
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    59.63
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    60.00
YUEYANG URBAN CONSTRUCTIO     6.05    07/12/20       CNY    20.24
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.00
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.05
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    61.08
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    61.68
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    64.47
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    64.50
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.02
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.07
YUNCHENG URBAN CONSTRUCTI     7.48    10/15/19       CNY    20.01
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.50
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.54
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    40.85
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    41.50
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.00
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.10
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    20.49
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    26.04
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.09
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.28
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.05
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.16
ZHANGJIAJIE ECONOMIC DEVE     7.40    10/18/19       CNY    20.02
ZHANGJIAJIE ECONOMIC DEVE     7.80    04/17/21       CNY    41.32
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    38.00
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    40.88
ZHANGZHOU CITY CONSTRUCTI     6.60    03/26/20       CNY    20.24
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    60.00
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    61.68
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANJIANG INFRASTRUCTURE      6.93    10/21/20       CNY    40.24
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    60.00
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    61.33
ZHAOYUAN STATE-OWNED ASSE     6.64    12/31/19       CNY    20.09
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    40.61
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    50.00
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    41.31
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    49.00
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    41.56
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    48.50
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.04
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.17
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.00
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.95
ZHEJIANG PROVINCE DEQING      6.40    02/22/20       CNY    20.14
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    20.17
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    22.90
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    60.81
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    61.96
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    62.00
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    64.99
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    60.00
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    61.46
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    61.75
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    66.20
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.37
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.38
ZHENJIANG CITY CONSTRUCTI     7.90    12/18/20       CNY    40.80
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    41.12
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    48.49
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.05
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.30
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.58
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.60
ZHENJIANG NEW AREA URBAN      8.35    02/26/21       CNY    40.69
ZHENJIANG NEW AREA URBAN      8.99    01/16/21       CNY    40.80
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    59.81
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    60.65
ZHONGMINTOU LEASING HOLDI     7.55    09/21/21       CNY    49.49
ZHONGRONG XINDA GROUP CO      7.10    01/22/21       CNY    33.70
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.00
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.57
ZHONGTIAN FINANCIAL GROUP     7.00    10/15/20       CNY    74.63
ZHOUKOU INVESTMENT GROUP      7.49    04/21/21       CNY    41.06
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    25.72
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    26.65
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    41.44
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    45.00
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    72.52
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    73.44
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    57.31
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    60.01
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    20.66
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    21.15
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    40.96
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    44.50
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    60.90
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    61.11
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.16
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.33
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.61
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.70
ZHUZHOU CITY CONSTRUCTION     8.36    11/10/21       CNY    62.60
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    40.95
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    41.18
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    60.00
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    61.20
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    61.45
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    68.53
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.03
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.50
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    60.00
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    61.08
ZIYANG WATER INVESTMENT C     7.40    10/21/20       CNY    40.56
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    41.14
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    44.00
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    70.47
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    72.96


HONG KONG
---------
  
DR PENG HOLDING HONGKONG      5.05    06/01/20       USD    70.78
HNA GROUP INTERNATIONAL C     6.25    10/05/21       USD    70.00
HNA GROUP INTERNATIONAL C     7.00    01/24/20       USD    74.89


  INDONESIA
  ---------

BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.27
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.44


  INDIA
  -----
3I INFOTECH LTD               2.50    03/31/25       USD     8.03
ACME FAZILKA POWER PVT LT     0.01    09/07/46       INR    12.19
AMPSOLAR SOLUTION PVT LTD     0.01    11/03/37       INR    22.48
AMPSOLAR SOLUTION PVT LTD     0.01    10/27/37       INR    22.51
APG HABITAT PVT LTD           1.00    09/09/28       INR    52.63
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    32.18
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    39.42
AUTOMOTIVE EXCHANGE PVT L     4.00    06/01/30       INR    58.77
AUTOMOTIVE EXCHANGE PVT L     4.00    10/11/30       INR    58.82
BENGAL AEROTROPOLIS PROJE     5.00    12/01/29       INR    71.50
BENGAL AEROTROPOLIS PROJE     5.00    12/01/28       INR    72.99
BENGAL AEROTROPOLIS PROJE     5.00    12/01/27       INR    74.73
BLUE DART EXPRESS LTD         9.50    11/20/19       INR    10.23
BOTHE WINDFARM DEVELOPMEN    10.00    11/28/32       INR    71.93
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
CORE EDUCATION & TECHNOLO     7.00    05/07/49       USD     0.23
CREIXENT SPECIAL STEELS L     0.01    08/28/25       INR    55.25
CUMULUS TRADING CO PVT LT     0.01    05/21/32       INR    33.23
CUMULUS TRADING CO PVT LT     0.01    12/29/29       INR    40.23
CUMULUS TRADING CO PVT LT     0.01    01/23/30       INR    54.44
DAYAKARA SOLAR POWER PVT      0.10    04/05/26       INR    56.41
DEWAN HOUSING FINANCE COR     8.50    04/18/23       INR    39.02
EDELWEISS ASSET RECONSTRU     2.00    07/22/29       INR    50.93
EDELWEISS ASSET RECONSTRU     2.00    01/15/29       INR    52.52
EDELWEISS ASSET RECONSTRU     2.00    10/07/28       INR    53.40
EDELWEISS ASSET RECONSTRU     2.00    11/20/27       INR    56.44
EDELWEISS ASSET RECONSTRU     2.00    03/28/27       INR    58.50
GREEN URJA PVT LTD            0.01    02/14/30       INR    41.30
GTL INFRASTRUCTURE LTD        6.73    10/26/22       USD     2.86
HINDUSTAN CONSTRUCTION CO     0.01    01/05/27       INR    52.36
HITODI INFRASTRUCTURE LTD     0.01    06/30/27       INR    47.86
JAIPRAKASH ASSOCIATES LTD     5.75    09/08/17       USD    55.13
JAIPRAKASH POWER VENTURES     7.00    05/15/17       USD     4.61
JCT LTD                       2.50    04/08/11       USD    25.75
JSM CORP PVT LTD              0.01    08/31/36       INR    24.12
JTPM ATSALI LTD               0.01    08/29/48       INR     9.96
KANAKADURGA FINANCE LTD       0.01    04/15/36       INR    22.80
KVK ENERGY & INFRASTRUCTU     0.01    01/25/24       INR    67.97
LIC HOUSING FINANCE LTD       7.81    04/27/20       INR     4.01
MARIS POWER SUPPLY CO PVT     2.00    04/18/28       INR    60.17
MYTRAH AADHYA POWER PVT L     0.01    07/05/35       INR    26.96
MYTRAH ADVAITH POWER PVT      0.01    07/13/36       INR    24.86
MYTRAH AKSHAYA ENERGY PVT     0.01    07/13/36       INR    24.86
ORIGAMI CELLULO PVT LTD       0.01    11/14/36       INR    23.96
PRAKASH INDUSTRIES LTD        5.25    04/30/15       USD    22.63
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/33       INR    39.78
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/32       INR    42.31
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/31       INR    45.12
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/30       INR    48.20
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/29       INR    51.56
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/28       INR    55.21
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/27       INR    59.16
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/26       INR    63.45
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/25       INR    68.07
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/24       INR    72.98
PYRAMID SAIMIRA THEATRE L     1.75    07/04/12       USD     0.26
R L FINE CHEM PVT LTD         0.10    08/19/36       INR    24.60
REDKITE CAPITAL PVT LTD       2.50    03/30/29       INR    60.22
REDKITE CAPITAL PVT LTD       2.50    01/15/28       INR    63.53
REI AGRO LTD                  5.50    11/13/14       USD     0.02
REI AGRO LTD                  5.50    11/13/14       USD     0.02
RELIANCE COMMUNICATIONS L     6.50    11/06/20       USD    13.76
SURBHI INVESTMENTS & TRAD     2.50    10/21/28       INR    61.21
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SVOGL OIL GAS & ENERGY LT     5.00    08/17/15       USD     0.61
TN URJA PVT LTD               0.10    02/22/36       INR    27.54
VIDEOCON INDUSTRIES LTD       2.80    12/31/20       USD    28.86
WATSUN INFRABUILD PVT LTD     4.00    10/16/37       INR    54.18
WS T&D LTD                    0.10    03/24/29       INR    44.78


  JAPAN
  -----

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


  KOREA
  -----

HEUNGKUK FIRE & MARINE IN     5.70    12/29/46       KRW    49.47
INDUSTRIAL BANK OF KOREA      3.84    03/10/45       KRW    38.21
KIBO ABS SPECIALTY CO LTD     5.00    02/26/21       KRW    65.73
KIBO ABS SPECIALTY CO LTD     5.00    02/24/22       KRW    69.60
KIBO ABS SPECIALTY CO LTD     5.00    08/28/21       KRW    70.36
KIBO ABS SPECIALTY CO LTD     5.00    02/28/20       KRW    70.59
KIBO ABS SPECIALTY CO LTD     5.00    09/11/20       KRW    72.72
KIBO ABS SPECIALTY CO LTD     5.00    12/25/19       KRW    74.70
LOTTE CARD CO LTD             3.95    06/28/49       KRW    68.35
POSCO ENERGY CO LTD           5.21    08/29/43       KRW    68.93
SAMPYO CEMENT CO LTD          8.10    04/12/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.10    06/26/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    09/10/14       KRW    70.00
SAMPYO CEMENT CO LTD          7.50    07/20/14       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    04/20/14       KRW    70.00
SILLAJEN INC                  1.00    03/21/24       KRW    39.78
SINBO SECURITIZATION SPEC     5.00    12/21/20       KRW    64.53
SINBO SECURITIZATION SPEC     5.00    03/21/21       KRW    65.56
SINBO SECURITIZATION SPEC     5.00    08/31/21       KRW    66.22
SINBO SECURITIZATION SPEC     5.00    07/26/21       KRW    66.70
SINBO SECURITIZATION SPEC     5.00    02/23/22       KRW    67.93
SINBO SECURITIZATION SPEC     5.00    01/26/22       KRW    68.14
SINBO SECURITIZATION SPEC     5.00    08/31/22       KRW    68.45
SINBO SECURITIZATION SPEC     5.00    07/26/22       KRW    68.88
SINBO SECURITIZATION SPEC     5.00    12/27/21       KRW    69.45
SINBO SECURITIZATION SPEC     5.00    06/29/21       KRW    70.59
SINBO SECURITIZATION SPEC     5.00    06/29/22       KRW    70.95
SINBO SECURITIZATION SPEC     5.00    09/28/22       KRW    71.05
SINBO SECURITIZATION SPEC     5.00    09/27/21       KRW    73.05
SINBO SECURITIZATION SPEC     5.00    06/23/20       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    08/25/21       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    07/27/21       KRW    73.53
SINBO SECURITIZATION SPEC     5.00    03/15/20       KRW    74.03
SINBO SECURITIZATION SPEC     5.00    02/28/21       KRW    74.71
SINBO SECURITIZATION SPEC     5.00    01/27/21       KRW    74.95


MALAYSIA
--------

AEON CREDIT SERVICE M BHD     3.50    09/15/20       MYR     1.28
ASIAN PAC HOLDINGS BHD        3.00    05/25/22       MYR     0.58
BERJAYA CORP BHD              5.00    04/22/22       MYR     0.32
ELK-DESA RESOURCES BHD        3.25    04/14/22       MYR     1.37
HIAP TECK VENTURE BHD         5.00    06/23/21       MYR     0.22
HUME INDUSTRIES BHD           5.00    05/29/24       MYR     1.37
MALAYAN FLOUR MILLS BHD       5.00    01/24/24       MYR     1.25
PMB TECHNOLOGY BHD            3.00    07/12/23       MYR     3.14
REDTONE INTERNATIONAL BHD     2.75    03/04/20       MYR     0.21
SENAI-DESARU EXPRESSWAY B     1.35    06/30/31       MYR    68.16
SENAI-DESARU EXPRESSWAY B     1.35    12/31/30       MYR    69.29
SENAI-DESARU EXPRESSWAY B     1.35    06/28/30       MYR    70.45
SENAI-DESARU EXPRESSWAY B     1.35    12/31/29       MYR    71.60
SENAI-DESARU EXPRESSWAY B     1.35    12/29/28       MYR    74.01
SOUTHERN STEEL BHD            5.00    01/24/20       MYR     0.85
VIZIONE HOLDINGS BHD          3.00    08/08/21       MYR     0.07
YTL LAND & DEVELOPMENT BH     6.00    10/31/21       MYR     0.26


  NEW ZEALAND
  -----------

PRECINCT PROPERTIES NEW Z     4.80    09/27/21       NZD     1.28


  PHILIPPINES
  -----------
BAYAN TELECOMMUNICATIONS     15.00    07/15/06       USD    22.75


  SINGAPORE
  ---------

ASL MARINE HOLDINGS LTD       3.00    03/28/25       SGD    51.38
ASL MARINE HOLDINGS LTD       3.00    10/01/26       SGD    51.38
BAKRIE TELECOM PTE LTD       11.50    05/07/15       USD     1.00
BAKRIE TELECOM PTE LTD       11.50    05/07/15       USD     1.00
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BLD INVESTMENTS PTE LTD       8.63    03/23/15       USD     4.88
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
ENERCOAL RESOURCES PTE LT     9.25    08/05/14       USD    46.13
ETERNA CAPITAL PTE LTD        8.00    12/11/22       USD    70.61
EZION HOLDINGS LTD            0.25    11/20/27       SGD    61.29
EZRA HOLDINGS LTD             4.88    04/24/18       SGD     5.00
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    73.75
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    74.04
HYFLUX LTD                    4.60    09/23/19       SGD    40.05
HYFLUX LTD                    4.25    09/07/18       SGD    40.25
HYFLUX LTD                    4.20    08/29/19       SGD    40.33
INDO INFRASTRUCTURE GROUP     2.00    07/30/10       USD     1.00
INNOVATE CAPITAL PTE LTD      6.00    12/11/24       USD    46.21
ITNL OFFSHORE PTE LTD         7.50    01/18/21       CNY    33.46
MICLYN EXPRESS OFFSHORE P     8.75    11/25/18       USD    29.00
NEPTUNE ORIENT LINES LTD/     4.40    06/22/21       SGD    67.58
ORO NEGRO DRILLING PTE LT     7.50    01/24/19       USD    42.40
OSA GOLIATH PTE LTD          12.00    10/09/20       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    22.88



                           *********


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.



                *** End of Transmission ***