/raid1/www/Hosts/bankrupt/TCRAP_Public/191210.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 10, 2019, Vol. 22, No. 246

                           Headlines



A U S T R A L I A

AMAJAMA PTY: Second Creditors' Meeting Set for Dec. 17
GLOBAL FREIGHT: Second Creditors' Meeting Set for Dec. 16
HAMEN FABRICATIONS: First Creditors' Meeting Set for Dec. 18
RILSUNG PTY: Second Creditors' Meeting Set for Dec. 17


C H I N A

HNA GROUP: Halts Trading of $185MM Bond Amid Liquidity Concerns
JIANGSU LINYANG: Fitch Publishes BB+ LT IDR, Outlook Stable
YIDA CHINA: S&P Lowers LongTerm ICR to 'CCC-', Outlook Negative


H O N G   K O N G

PEARL HOLDING III: S&P Lowers  ICR to 'B-' on Elevated Leverage


I N D I A

ADHILS BUILDERS: Insolvency Resolution Process Case Summary
AGRO DUTCH: Insolvency Resolution Process Case Summary
AMARESH RICE: Insolvency Resolution Process Case Summary
ANAND TEX: Insolvency Resolution Process Case Summary
ARCHEESH HEALTH: CRISIL Maintains 'B' Rating in Not Cooperating

ARNAV TECHNOSOFT: CRISIL Migrates D Ratings to Not Cooperating
B. N. GLOBAL: CRISIL Lowers Rating on INR130cr Cash Loan to D
BALAJI OIL: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
BARTRONICS INDIA: Insolvency Resolution Process Case Summary
BHAGABAN MOHAPATRA: CRISIL Lowers Rating on INR30cr Loan to 'D'

BHARGAV FOODS: CRISIL Lowers Rating on INR15cr Cash Loan to 'D'
BHASKAR MARINE: Insolvency Resolution Process Case Summary
BTI TEX PRIVATE: Insolvency Resolution Process Case Summary
DEWAN HOUSING: Insolvency Resolution Process Case Summary
DHORAJIA ENGINEERING: Insolvency Resolution Process Case Summary

EASTERN NAPHTHA-CHEM: Insolvency Resolution Process Case Summary
FAST AND SAFE: Insolvency Resolution Process Case Summary
FR TECH INNOVATIONS: Insolvency Resolution Process Case Summary
G.R.S. ISPAT COMPANY: Insolvency Resolution Process Case Summary
GMR HYDERABAD: S&P Affirms 'BB+' LongTerm ICR on Strong Cash Flow

GOVARDANAGIRI AGRO: Ind-Ra Affirms & Migrates 'D' LT Issuer Rating
HILAND AGRO: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
INCAS INT'L: CRISIL Moves D Ratings to Not Cooperating
INDIA FORMS Insolvency Resolution Process Case Summary
J. R. AND COMPANY: CRISIL Assigns 'B' Rating to INR17cr Loan

JAYCON INFRASTRUCTURE: Insolvency Resolution Process Case Summary
JAYPEE INFRATECH: Lenders to Put on Vote Bids of NBCC, Suraksha
JBR IMPEX: CRISIL Lowers Rating on INR20cr Cash Loan to 'D'
JNS INFRATECH: Insolvency Resolution Process Case Summary
KUNA IMPEX: Ind-Ra Lowers LT Issuer Rating to 'B+', Outlook Stable

MAHAKALI ISPAT: Ind-Ra Lowers Long Term Issuer Rating to 'B-'
MALWA AUTOMOBILES: CRISIL Assigns B+ Rating to INR.4cr Loan
MARYA FROZEN: CRISIL Withdraws D Rating on INR9.5cr Term Loan
PANACHE EXPORTS: Insolvency Resolution Process Case Summary
PURNA PHARMACEUTICALS: Insolvency Resolution Process Case Summary

RAJHANS FERTILIZERS: CRISIL Lowers Rating on INR4cr Loan to D
RANGANI TIMBERS: Ind-Ra Assigns B Issuer Rating, Outlook Stable
ROCKWELL RESOURCES: Insolvency Resolution Process Case Summary
RUDRA AGRO: CRISIL Lowers Rating on INR20cr Cash Loan to 'D'
S.G.S. MOTORS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating

SAIMADHAVA POULTRIES: CRISIL Moves B+ Ratings to Not Cooperating
SANGAM CONSTRUCTION: CRISIL Moves 'D' Rating to Not Cooperating
SANGAM HEALTH: CRISIL Maintains 'D' Ratings in Not Cooperating
SHAKTHI KNITTING: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
SHANTDEEP METALS: CRISIL Lowers Rating on INR10cr Term Loan to D

SHESHADRI INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
SHREE BABA: CRISIL Lowers Rating on INR125cr Cash Loan to 'D'
SHREE HARI: Insolvency Resolution Process Case Summary
SHRI KESHAV: Ind-Ra Affirms BB LT Issuer Rating, Outlook Positive
SITARAM GEMS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable

SKYRA INFRA: Insolvency Resolution Process Case Summary
SP SUGAR & AGRO: CRISIL Lowers Rating on INR25cr LT Loan to 'D'
SRIARANATH LOGISTICS: Insolvency Resolution Process Case Summary
STOCKFLOW EXPRESS: Insolvency Resolution Process Case Summary
SURYAVANSHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating

TELUGU CINE: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
TULJAI INDUSTRIAL: Insolvency Resolution Process Case Summary
UTHARA FASHION: Insolvency Resolution Process Case Summary
VARRON ALUMINIUMM: Insolvency Resolution Process Case Summary
WOOGA CERAMIC: CRISIL Lowers Rating on INR4.50cr Loan to 'D'



I N D O N E S I A

GARUDA INDONESIA: President Director Fired Over Smuggled Bikes
WIJAYA KARYA: Fitch Affirms BB LT IDRs & Alters Outlook to Stable


N E W   Z E A L A N D

CBL INSURANCE: Liquidators Seek Clawback of NZD91M from Irish Unit
FIRST INSURANCE: Fitch Affirms BB+ IFS Rating, Outlook Stable


S I N G A P O R E

BANYAN TREE: Net Loss Widens to SGD9.4MM in Q3 Ended Sept. 30
LIBRA GROUP: CEO Resigns, Stays On as Chair Amid Board Reshuffle
SAKAE HOLDINGS: First-Quarter Net Loss Widens to SGD831,000
UTAC HOLDINGS: S&P Alters Outlook to Negative on Weakened Leverage


X X X X X X X X

[*] BOND PRICING: For the Week Dec. 2, 2019 to Dec. 6, 2019

                           - - - - -


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

AMAJAMA PTY: Second Creditors' Meeting Set for Dec. 17
------------------------------------------------------
A second meeting of creditors in the proceedings of Amajama Pty
Ltd, trading as Cleveland Cleaning Supplies, has been set for Dec.
17, 2019, at 10:00 a.m. at the offices of Hall Chadwick Chartered
Accountants, Level 40, at 2 Park Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2019, at 5:00 p.m.

Brent Kijurina and Richard Albarran Hall Chadwick were appointed as
administrators of Amajama Pty on Nov. 12, 2019.


GLOBAL FREIGHT: Second Creditors' Meeting Set for Dec. 16
---------------------------------------------------------
A second meeting of creditors in the proceedings of Global Freight
& Logistics (Aust) Pty Ltd has been set for Dec. 16, 2019, at 11:00
a.m. at the offices of SV Partners, Level 17, at 200 Queen Street,
in Melbourne, Victoria.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 13, 2019, at 4:00 p.m.

Michael Carrafa and Fabian Kane Micheletto of SV Partners were
appointed as administrators of Global Freight on Nov. 13, 2019.

HAMEN FABRICATIONS: First Creditors' Meeting Set for Dec. 18
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Hamen
Fabrications Pty Ltd will be held on Dec. 18, 2019, at 10:30 a.m.
at the offices of Worrells Solvency & Forensic Accountants, Suite
5A, Level 5, at 34 East Street, in Rockhampton City, Queensland.

Morgan Gerard James Lane of Worrells Solvency & Forensic
Accountants was appointed as administrator of Hamen Fabrications on
Dec. 6, 2019.



RILSUNG PTY: Second Creditors' Meeting Set for Dec. 17
------------------------------------------------------
A second meeting of creditors in the proceedings of Rilsung Pty.
Limited has been set for Dec. 17, 2019, at 3:00 p.m. at the offices
of DW Advisory, Level 2, at 32 Martin Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Dec. 16, 2019, at 5:00 p.m.

Cameron Gray and Ronald Dean-Willcocks of DW Advisory were
appointed as administrators of Rilsung Pty on Oct. 22, 2019.



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

HNA GROUP: Halts Trading of $185MM Bond Amid Liquidity Concerns
---------------------------------------------------------------
Wu Hongyuran and Han Wei at Caixin Global report that bondholders
of HNA Group are feeling no holiday mood as Christmas approaches,
with concerns that their holdings may turn sour.

Caixin relates that financially strained HNA suspended trading on
Dec. 6 of CNY1.3 billion (US$185 million) of 10-year bonds that
mature Dec. 24. Citing major issues to be resolved, the company
said trading of the notes will resume Christmas Eve.

Caixin says the trading suspension fueled worries that HNA may have
trouble repaying investors on time. Although HNA's financial woes
are widely known and its subsidiaries have missed payments on two
privately issued bonds in recent weeks, the suspended bond is the
first HNA bond facing default risks that involves public investors,
Caixin has learned.

Sources told Caixin that HNA halted the bond trading because of
uncertainty on its repayment capacity under liquidity pressures.

Issued in 2009 to fund purchases for subsidiary Tianjin Airlines,
the bond has remained actively traded, reflecting significant
holdings of private investors.

"The trading suspension indicated that HNA is trying to raise money
to repay the bond on time," said a mutual fund manager, Caixin
relays.

Caixin notes that the aviation-to-finance conglomerate has
struggled with liquidity since 2017 following years of debt-driven
expansion globally as it acquired assets such as Deutsche Bank AG
and Hilton. Since 2018, HNA has sold or agreed to dispose of more
than 40 assets to pay down debt, Caixin discloses citing Bloomberg.
HNA's chairman told media late last year that the company sold
about $45 billion of assets in 2018.

But the asset sales have yet to fully ease HNA's financial strains.
Several institutional investors confirmed with Caixin that
HNA-backed Grand China Air Co. failed Nov. 25 to redeem a nonpublic
debt financing instrument issued in 2016. Two days earlier, Hainan
Airlines Co. Ltd., HNA's flagship listed company, failed to redeem
the principal of a creditor's rights asset-backed financing plan.

Hainan Airlines said over the weekend that it completed issuance of
CNY1 billion ($142 million) of ultra-short-term bonds to pay down
debt, the report notes.

HNA is scrambling to raise cash, the report says. In October, it
pledged some planes and engines to Export-Import Bank of China, a
long-term lender to the group, to obtain a guarantee for a CNY500
million loan due in July 2022. Last month, a subsidiary of HNA
pledged CNY755 million of HNA equity to China Citic Bank.

Caixin learned that state policy lender China Development Bank
(CDB), a major creditor of HNA, led a consortium to provide CNY10
billion of off-balance sheet loans to help ease HNA's cash woes.
CDB last week led another group of lenders to provide CNY4 billion
of syndicated loans to address the financial difficulties of
HNA-backed Hong Kong Airlines Ltd., which is at risk of losing its
aviation license.

As of the end of June, HNA had interest-bearing liabilities
totaling CNY550 billion, Caixin discloses citing the group's
financial report. HNA posted net losses of CNY3.5 billion during
the first half of 2019, with total debt of CNY706.7 billion, of
which short-term debt was CNY95.1 billion.


JIANGSU LINYANG: Fitch Publishes BB+ LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings published China-based solar farm operator Jiangsu
Linyang Energy Co., Ltd.'s Long-Term Issuer Default Rating and
senior unsecured rating of 'BB+'. The Outlook on the Long-Term IDR
is Stable.

Linyang is rated based on the consolidated group profile of its
largest immediate shareholder, Qidong Huahong Electronics Co., Ltd.
Huahong controls 41% of Linyang, with the rest of the company held
by mainly public shareholders. Based on Fitch's Parent and
Subsidiary Rating Linkage criteria, Fitch assesses the linkage
between Linyang and Huahong as moderate, mainly because of its
assessment of 'Strong' for management control, even though the
'Centralised Treasury' and 'Operational Integration' factors are
assessed at 'Weak'. However, the consolidated business profile is
mainly driven by Linyang's operation, which accounts for over 90%
of Huahong's consolidated EBITDA.

Linyang's business profile reflects the stable nature of its solar
power business and its track record of investment discipline.
Huahong's consolidated financial metrics are also the strongest
among Fitch-rated Asia-Pacific renewable power peers. Linyang's
main business evolved from smart meter manufacturing to operation
of solar power farms, and it is exploring new business
opportunities because investments in the solar industry in China
are slowing. Fitch expects solar power to continue to account for
the majority of the EBITDA over 2019-2022. Any major expansion into
new business areas will be viewed as event risk.

KEY RATING DRIVERS

Stable Solar Farm Businesses: Fitch expects solar farm operation to
account for over 80% of Linyang's annual EBITDA in 2019-2022.
Linyang operates 1.5GW of solar power capacity across about 100
farms in six provinces in eastern and northern China, and one
utility-scale project in Inner Mongolia. Fitch expects limited
price and volume risks as the on-grid tariff is fixed for 20 years
once a project starts operation.

In addition, Linyang is able to sell its full solar power output at
the benchmark tariff because of strong consumption in its operating
regions, whereas peers may face price pressure from market-based
trading of electricity, or volume pressure from generation
curtailment. Its ability to manufacture solar cells and modules,
and expertise in engineering, procurement and construction and
operation and maintenance help to ensure project quality.

Capex Discipline: Linyang has slowed capacity additions since 2018
and management intends to keep operating capacity at the current
level. Most of Linyang's projects were funded by proceeds from
equity placements, which kept leverage ratio low even when it added
capacity in 2016 and 2017. Management had expected to fund new
capacity by selling existing projects, but this will be difficult
now as project valuations have fallen with the accumulation of
subsidy receivables and competition from other operators. This and
changes in China's solar power policies led to only 34MW of new
capacity in 9M19.

Shifting to Asset-Light Model: Growth in Linyang's solar power
business will be driven by asset-light operations, including
built-for-sale and EPC projects, because it plans to keep operating
capacity steady. Under the built-for-sale model, Linyang bids for
solar projects and identifies a state-owned enterprise (SOE) buyer
before construction. It transfers the project to the buyer after
completion. Under the EPC model, majority ownership of the project
will be transferred to the buyer before construction. Asset-light
projects require less capital, although there may be fluctuations
in working capital or time lags in collecting cash from buyers.

Limited Impact from Tariff Cut: China cut the reference solar
on-grid tariff by CNY100-150/MWh in 2019 and started to encourage
construction of grid-parity projects or projects awarded based on
tariff bidding, which result in tariffs lower than the benchmark.
The tariff cut will not affect Linyang's existing capacity as
tariffs for those projects are fixed. However, the tariff cut did
lead to an overall price decline in the solar value chain. Fitch
expected solar module prices and solar farm capex to decline, which
will lead to lower price and thinner unit profit for Linyang's EPC
and built-for-sale business.

Slow Subsidy Collection: Linyang's renewable power subsidy
receivables increased to CNY1.5 billion in 2018 from CNY0.9 billion
in 2017. Most of Linyang's solar projects were not in China's
renewable subsidy catalogue and given the deeply under-funded
status of China's renewable subsidy fund, Fitch does not expect the
company to collect subsidies for those projects in 2019-2022.
Subsidy collection for the 220MW projects listed in the most recent
renewable subsidy catalogue was also slow. Fitch forecasts
Linyang's total subsidy receivables to reach CNY2.2 billion in 2019
and CNY4.2 billion in 2022.

Non-Solar Contribution Remains Small: Linyang is among the top
three smart meter manufacturers in China. Fitch expects meter sales
to slightly recover from a trough in 2018, due to replacement
demand and higher sales from exports and non-grid applications.
However, this segment's EBITDA contribution will remain low.
Linyang is also developing integrated energy projects. Both
segments face higher business risk than its solar farm operation,
but their impact on Linyang's final rating is small as their
contributions to EBITDA are modest and they require limited
capital.

Strong Credit Metrics: Huahong's consolidated financial profile is
better than that of other Fitch-rated Asia-Pacific renewable power
operators, as a result of its conservative financing for its
expansion. Fitch expects its FFO adjusted net leverage to rise to
2.5x in 2019 (2.2x in 2018) due to timing mismatches between capex
spent and cash proceeds received from solar projects built for
sale. Fitch expects free cash flow after disposals to be generally
neutral after 2019. Fitch expects Huahong's consolidated FFO
adjusted net leverage to be 2.3x-2.8x and consolidated FFO
fixed-charge coverage at 5x-7x in 2019-2022.

DERIVATION SUMMARY

Huahong's consolidated financial metrics are much stronger than
those of domestic renewable power peers like Concord New Energy
Group Limited (BB-/Stable). Linyang is less diversified than CNE in
terms of project location and renewable power type. However,
Linyang's projects are mostly located in eastern China, where there
is less generation curtailment, and they face less tariff pressure,
which mitigates its concentration in the region. Compared to Indian
renewable power restricted groups like Greenko Dutch B.V (GBV, US
dollar bonds rated BB), Linyang has similar scale and business
profile. Linyang does not have covenant protection on debt
amortisation, future indebtedness and cash flow distribution, but
its financial metrics are stronger than those of GBV, with lower
leverage and much higher coverage ratio, even after the expected
deleveraging of GBV.

KEY ASSUMPTIONS

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

  - Operating solar power capacity to reach 1,480MW by 2019, and
remain at this level in the future

  - Utilisation hour of 1,350 hours in 2019, and 1,300 hours in
2020-2022. Solar tariff for existing projects remains largely
unchanged

  - Renewable power subsidy receivable to reach CNY 2.2 billion in
2019, CNY 2.9 billion in 2020, CNY 3.5 billion in 2021, and CNY 4.2
billion in 2022;

  - Solar EPC volume of around 20MW in 2019, and 350MW per year in
2020-2022

  - No external sales of solar modules
  
  - Sales of 150MW-180MW new solar power projects per year in
2020-2022

  - Revenue in the smart meter sector to increase from 2018 level

  - EBITDA margin for solar farm and solar EPC to slightly decline,
and that of other sectors to remain stable.

  - Capex of CNY0.6 billion-0.8 billion in 2019-2022

RATING SENSITIVITIES

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

  - Fitch does not expect positive rating action in the medium term
given Linyang's geographically concentrated asset base, long-term
refinancing risk for its convertible bond, and exposure to future
regulatory changes, especially the timing of receipt of renewable
power subsidies.

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

  - Significant regulatory framework changes with adverse
implications for Linyang's operations.

  - Expansion into non-solar-farm businesses that significantly
weakens Linyang's business profile.

  - Huahong's consolidated FFO adjusted net leverage higher than
3.0x on a sustained basis.

  - Huahong's consolidated FFO fixed-charge coverage lower than
4.0x on a sustained basis.
  
  - Adverse change in Huahong's business profile.

LIQUIDITY AND DEBT STRUCTURE

Strong Near-Term Liquidity: Linyang has available cash of CNY1.4
billion and wealth management products (WMP) of CNY1.8 billion at
end-1H19, against its short-term debt of CNY1.4 billion. Fitch
expects the company to record negative free cash flow (FCF) of
CNY0.8 billion-0.9 billion, mainly due to delays in construction
completion and disposal of certain solar projects. Linyang also has
some rolling credit facilities available, mainly for working
capital purpose. Fitch believes the company will have sufficient
liquidity to address its short-term debt repayment needs and fund
its negative FCF.

Huahong, excluding Linyang, had available cash and WMP of CNY920
million at end-1H19. It received CNY124 million of dividends from
Linyang and CNY321 million of cash from disposing Huahong Finance
Leasing in 2H19. Huahong has repaid all its corporate bonds,
including CNY 1 billion repaid in 2H19. Huahong has not pledged any
of its Linyang shares after it redeemed an exchangeable bond in
2019. Fitch believes Huahong can repay its remaining bank loans if
needed, via internal resources or financing through share pledge.

Long-Term Refinancing Risk: Linyang issued CNY3 billion convertible
bonds in November 2017. Bond holders have a put option to redeem
the bonds starting from year four if the share price then is lower
than 70% of the conversion price for 30 consecutive trading days.
Linyang's current share price is much lower than the conversion
price, which may be reduced, subject to approval from shareholders.
Fitch estimates Linyang might not have enough cash to redeem all
the outstanding bonds if all bond holders exercise their put
options. However, the refinancing risk is mitigated by its large
portfolio of unencumbered solar power assets.

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 of the way in which they are being managed by
the entity.


YIDA CHINA: S&P Lowers LongTerm ICR to 'CCC-', Outlook Negative
---------------------------------------------------------------
S&P Global Ratings, on Dec. 6, 2019, lowered its long-term issuer
credit rating on Yida China Holdings Ltd. (Yida) to 'CCC-' from
'CCC'. At the same time, we lowered our long-term issue rating on
the company's senior unsecured notes to 'CC' from 'CCC-'.

S&P lowered the rating on Yida as it believes a default or
distressed exchange is highly likely within the next six months,
absent significantly favorable changes in Yida's circumstances.

S&P said, "Yida may face difficulty in repaying its US$300 million
offshore senior notes due April 2020, in our view. With
unrestricted cash of only Chinese renminbi (RMB) 1 billion (US$142
million) as of Sept. 30, 2019, and unlikely new offshore issuance
given its weak credit profile, the company is relying on other
options, such as other new borrowings, cash collection from
contracted sales and asset disposals, to repay the maturing notes.
In addition, the company's parent, China Minsheng Investment Group
Corp. Ltd. (CMIG), is in discussion to sell its stake in Yida to a
third party, which will likely improve the credit access of Yida.
However, these options are under discussion, and we believe the
execution risk makes timely repayment highly uncertain.

"Given that the timing of cash inflow from these alternative
refinancings is unclear, we believe Yida has to make a significant
breakthrough within the coming weeks to ensure a comfortable buffer
for notes repayment."

Besides the maturing notes, Yida will also face other repayment
pressure in the coming year. The company has another RMB7 billion
in borrowings maturing in the period Sept. 30, 2019, to Dec. 31,
2020, including a RMB800 million domestic corporate bond due
September 2020. S&P expects Yida's capital structure will continue
to be unsustainable even if it manages to repay the maturing notes,
given its exceptionally weak liquidity.

The negative outlook on Yida reflects the high uncertainty of its
timely debt payment within the next six months, in particular its
senior notes due April 2020, amid continued exceptionally weak
liquidity.

S&P said, "We may lower the rating on Yida if it defaults or
announces a distressed exchange on its maturing notes. We may also
downgrade the company if it fails to repay on-demand debt in the
event that lenders demand early repayment.

"We may raise the rating if Yida manages to secure sufficient funds
to repay its maturing notes in a timely manner. This could be
achieved if Yida makes concrete and significantly favorable
progress on its refinancing plan."

Yida is a business park developer in China. It also develops
residential properties in integrated community projects. Yida
listed on the Hong Kong stock exchange in 2014. CMIG became its
controlling shareholder in late 2016.

Yida holds a total land bank of 9.8 million square meters gross
floor area as of end-June 2019, 70% of which is located in Dalian.
Yida owns six business parks and manages 24 parks on behalf of
other owners in China.




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H O N G   K O N G
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PEARL HOLDING III: S&P Lowers  ICR to 'B-' on Elevated Leverage
---------------------------------------------------------------
S&P Global Ratings, on Dec. 6, 2019, lowered its long-term issuer
credit rating on Pearl Holding III Ltd. and the issue rating on the
company's senior secured notes to 'B-' from 'B'.

S&P downgraded Pearl because it expects the company's leverage to
increase in 2019-2020 on weak industry fundamentals. Suffering from
sluggish downstream market demand, the company's revenue dropped
16% and EBITDA declined 38% year-over-year in the first nine months
of the year. Specifically, Pearl's auto parts segment, which
accounts for 44% of its total revenue, saw a 20% sales decline
during the period. Given the company's declining profit, S&P
forecasts its adjusted debt-to-EBITDA ratio to weaken to 8.0x-10.0x
in 2019-2020, from 6.7x in 2018.

Global auto sales are likely to remain sluggish in 2020, following
a 5.6% decline in the first nine months this year, on the back of
slowing economic growth, prolonged geopolitical tension, and weak
consumer confidence. S&P said, "As such, we expect Pearl's auto
parts revenue to fall a further 5%-9% in 2020, after having
declined an estimated 14%-18% in 2019. We forecast revenues in the
consumer electronics and mobile segments will increase 2%-5% in
2020, with new orders picking up since the third quarter of 2019.
However, the increase will be insufficient to offset the
deterioration in the auto parts segment."

Pearl's free operating cash flow will remain slightly negative and
its cash balance could deplete. S&P expects the company's operating
cash flows to improve in 2019-2020, mainly due to more stringent
working capital management. To counteract falling profits, Pearl
tightened its control on working capital. Although the accounts
receivable turnover has lengthened year-to-date, the company was
able to shorten its cash conversion cycle by slowing accounts
payable turnover and shortening inventory turnover. Its payable
days had extended to 91 in September 2019, from 74 in 2018, and
inventory days had reduced to 62, from 64. Accordingly, we
anticipate net working capital inflow of US$3.0 million-US$7.0
million in 2019 and 2020, leading to improving operating cash flows
of US$6.0 million-US$7.0 million annually during the period.
Nevertheless, this amount is insufficient to fund the company's
capital expenditure (capex), which S&P forecasts to be US$7.0
million-US$9.0 million. The capex will lower the company's cash
balance or drive up its gross debt (including lease liabilities) to
around US$200 million, from US$192 million in 2018. Any slippage in
working capital management or weaker-than-expected profits will
lead to faster and greater depletion in its cash balance.

Deteriorating performance will weaken Pearl's interest servicing
ability and reduce its liquidity buffer over the next 12 months.
The company has evenly spread debt with a weighted average maturity
of over three years. The outstanding US$177 million bond at fair
value, which accounts for 90% of its total debt, will mature in
December 2022. As of Sept. 30, 2019, Pearl has unrestricted cash of
US$20.9 million, US$8.3 million of interest obligations each in
December 2019 and June 2020, and likely EBITDA of US$18
million-US$21 million over the next 12 months. S&P said,
"Therefore, we see low imminent payment pressure. However, Pearl's
interest servicing capability will be weak and the company will
remain vulnerable to adverse changes in industry conditions. We
estimate its EBITDA interest coverage will decline to 1.2x-1.4x in
2019-2020, from 1.5x in 2018."

Moreover, the company's ability to obtain new borrowings for
refinancing is constrained. Under the springing covenant on its
revolving facility agreement, Pearl needs to maintain the reported
debt-to-EBITDA ratio at less than 5.5x if it wants to draw down
over 35% of the total committed facility of US$25 million. As of
Sept. 30, 2019, the company has only utilized 20% (or US$5 million)
of the total commitments, while its reported debt-to-EBITDA ratio
already reached 5.5x.

With weak demand pressing volume and selling price, Pearl's
continued cost cutting efforts may help to revive its EBITDA
margin. S&P said, "We anticipate the ongoing execution of operating
efficiency improvement programs and ramp-up of new products to
temper the pressure on profitability from lower auto parts volume.
Pearl has been shutting down factories and consolidating operations
in China since 2017. With the ramp-up of the recently commenced
Suzhou mega-site, we expect operating efficiency to increase
because of larger economies of scale, leaner labor force, and
central procurement. Accordingly, we estimate the company to
achieve net cost savings of US$1 million-US$2 million in 2020,
after having realized US$4 million in net cost reduction in the
first nine months of 2019 and US$6.4 million in 2018. Increasing
new orders in the consumer electronics and mobile businesses will
also improve these two segments' capacity utilization rate. As
such, we forecast Pearl's EBITDA margin to recover to 11.5%-12.5%
in 2020, from an estimated 9.5%-10.5% in 2019, versus 12.2% in
2018."

S&P said, "The negative outlook reflects our view that Pearl's
leverage and debt servicing ability will continue to face pressure
in the next 12 months, given sluggish downstream industry
prospects, especially in the automotive sector. The company's
liquidity buffer is also likely to reduce. However, we don't see
repayment pressure over the next 12 months, given the company's
evenly spread debt maturities and EBITDA interest coverage of more
than 1.0x.

"We could lower the ratings if Pearl's liquidity buffer further
weakens such that the company will need to rely on favorable
industry and financial market conditions to meet its financial
obligations. An indication is that Pearl's cash balance diminishes
materially or its EBITDA interest coverage falls below 1.0x
sustainably. This could happen if: (1) Pearl's profit deviates from
our base case materially on weaker downstream demand or weakened
competitiveness; (2) the company's working capital management
significantly falls below our expectation; or (3) Pearl's capex
increases significantly or it pays out aterial special dividends.

"We may revise the outlook to stable if Pearl materially recovers
its business momentum and generates higher-than-expected profit,
such that its EBITDA interest coverage is above 1.5x on a
sustainable basis. The outlook revision will hinge on the company
maintaining sufficient liquidity with no significant shortfall."




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

ADHILS BUILDERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Adhils Builders and Developers Private Limited
        Adils, Kannanalloor P.O.
        Kollam 691576

Insolvency Commencement Date: November 28, 2019

Court: National Company Law Tribunal, Ernakulam Bench

Estimated date of closure of
insolvency resolution process: May 26, 2020

Insolvency professional: Adv. Sankar P Panicker

Interim Resolution
Professional:            Adv. Sankar P Panicker
                         Panicker and Panicker Advocates
                         Jaikunj, Chittoor Road
                         Ernakulam Kochi 682035
                         E-mail: sankarpanicker@gmail.com

Last date for
submission of claims:    December 12, 2019


AGRO DUTCH: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Agro Dutch Industries Limited
        SCO 23, First Floor
        Sector 33-D
        Chandigarh 160020
        India

Insolvency Commencement Date: November 27, 2019

Court: National Company Law Tribunal, Chandigarh Bench

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

Insolvency professional: Desh Deepak

Interim Resolution
Professional:            Desh Deepak
                         House No. 1099/1, Sector 37-B
                         Chandigarh, U.T. 160036
                         E-mail: deshdeepak297@gmail.com

Last date for
submission of claims:    December 11, 2019


AMARESH RICE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Amaresh Rice Mills Private Limited
        Bhandardihi Purbapara
        Burdwan (Sadar)
        Burdean, Bardhaman
        WB 713426
        IN

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Shyamal Kumar Bhattacharjee

Interim Resolution
Professional:            Shyamal Kumar Bhattacharjee
                         27/1 B.T. Road
                         Green View Apartment
                         Flat-I-001, Kamarhati
                         Kolkata 700058
                         E-mail: shy_bhatta1990@yahoo.co.in

Last date for
submission of claims:    December 8, 2019


ANAND TEX: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: Anand Tex India Pvt Ltd
        Brahman Majra
        Israna, Panipat
        Haryana 132103

Insolvency Commencement Date: November 29, 2019

Court: National Company Law Tribunal, Chandigarh Bench

Estimated date of closure of
insolvency resolution process: May 26, 2020

Insolvency professional: Anup Sood

Interim Resolution
Professional:            Anup Sood
                         Flat No. 185, Block-H
                         5th Floor, Spangle Condos
                         Old Ambala Road, Gazipur
                         Tehsil Dera Bassi
                         Mohali, Sahibzada
                         Ajit Singh Nagar
                         Punjab 140603
                         E-mail: anupsood1954@gmail.com
                                 anandtexcirp@gmail.com

Last date for
submission of claims:    December 12, 2019


ARCHEESH HEALTH: CRISIL Maintains 'B' Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Archeesh Health Care
Private Limited (AHCPL) continues to be 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-          1        CRISIL B/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

CRISIL has been consistently following up with AHCPL for obtaining
information through letters and emails dated July 29, 2019 and
October 31, 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 AHCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHCPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in October, 2015 as a private limited company, AHCPL
is setting up a manufacturing unit for cosmetic and Ayurveda
product. Based in Hyderabad, Telangana it is a manufacturer of
Herbal Skin Care, Personal Care Products and Baby Care products,
and permanent supplier of 'The Himalaya Drug Company'. The company
is promoted by Mr. Santosh Kumar Kokku who has 10 years of
extensive industry experience.


ARNAV TECHNOSOFT: CRISIL Migrates D Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Arnav
Technosoft Private Limited (ATPL) to 'CRISIL D Issuer not
cooperating'.

                         Amount
   Facilities          (INR Crore)      Ratings
   ----------          -----------      -------
   Proposed Long Term       2.47        CRISIL D (ISSUER NOT
   Bank Loan Facility                   COOPERATING; Rating
                                        Migrated)

   Term Loan               11.03        CRISIL D (ISSUER NOT
                                        COOPERATING; Rating
                                        Migrated)

CRISIL has been consistently following up with ATPL for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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 ATPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ATPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

Incorporated in 2007, ATPL is a real estate developer and is
executing its maiden project in Noida (Uttar Pradesh). The project
involves construction and leasing of a corporate office building.
ATPL is part of the SDS group which is engaged into real estate
construction spanning group housing projects, integrated townships,
commercial space, and information technology park in Noida and
Greater Noida regions of Uttar Pradesh. The group is headed by Mr
Deepak Bansal and Mrs Anshul Bansal.


B. N. GLOBAL: CRISIL Lowers Rating on INR130cr Cash Loan to D
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of B. N.
Global Private Limited (BNG) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           130        CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan          3.75     CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      5.00     CRISIL D (ISSUER NOT  
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BNG for obtaining
information through emails dated May 31, 2019, November 15, 2019
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 BNG, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BNG is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL D' category or lower'.

Based on the last available information, the ratings on bank
facilities of BNG is downgraded to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'.

SBN and BNG are promoted by Mr. Varun Chadha, Mr. Ankush Chadha,
and Mr. Deepak Chadha. The companies' mill and process basmati rice
for sale in the export and domestic markets.

SBN was incorporated in 2007, while BNG was incorporated in 2014 to
take over the assets and liabilities of partnership firm, BN
Exports.


BALAJI OIL: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Balaji Oil
Industries Pvt Ltd.'s (BOIPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based facilities affirmed with IND BB/Stable
     rating;

-- INR70 mil. Fund-based facilities assigned with IND BB/Stable
     rating; and

-- INR223.9 mil. (reduced from INR300 mil.) Non-fund-based
     facilities affirmed with an IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects BOIPL's continued moderate credit metrics
and small scale of operations. Interest coverage (operating
EBITDA/gross interest expense) fell marginally to 1.3x in FY19
(FY18: 1.4x) and net leverage (total adjusted net debt/operating
EBITDAR) deteriorated to 3.0x (2.1x). Credit metrics deteriorated
in FY19 on account of an increase in total debt to INR68 million
(FY18: INR34 million) due to an increase in the utilization of
fund-based limits resulting in higher interest expenses. Ind-Ra
expects the credit metrics to deteriorate further in FY20 on
account of an increase in the total debt to meet its working
capital requirement.

BOIPL's FY19 revenue increased to INR932 million (FY18: INR765
million) on account of higher sales and higher realization. In
1HFY20, the company achieved revenue of INR473 million. As of
November 1, 2019, BOIPL had an order book of INR302.55 million,
which the management expects to execute by 31 January 2020.

The ratings are constrained by BOIPL's modest EBITDA margins due to
the highly-competitive nature of business. The margin improved
slightly to 2.2% in FY19 (FY18: 2.1%) owing to an increase in the
absolute EBITDA to INR21 million (FY18: INR16 million) due to a
reduction in the cost of raw material consumed. The company's
return on capital employed stood at 9% in FY19 (FY18: 8%). Ind-Ra
expects EBITDA margin to improve on account of sale of new product
Super Olein – an edible oil - which has better margins and higher
demand in the domestic market; and reduction in import of raw
material (palm oil), which will help in reducing forex loss.

The ratings are further constrained by exposure to hedging risk as
the company imported 50% of its raw material in FY19 (FY18: 60%).
The company is mitigating its hedging risk to some extent using
forward contracts. However, the major portion remains unhedged due
to which hedging risk exists.

Liquidity Indicator- Stretched: BOIPL fully utilized its fund-based
limits and non-fund based limits during the last 12 months ended
October 2019. Its cash flow from operations turned negative in FY19
to INR12 million (FY18: INR25 million). Its free cash flow, too,
turned negative in FY19 to INR12 million (FY18: INR21 million). The
net cash conversion cycle deteriorated to 21 days in FY19 (FY18: 10
days) on account of increase in the inventory days to 127 days (119
days) due to new product 'Super Olein' and reduction in the
creditor days to 126 days (FY18: 153 days) due to reduction in
import of raw material.

The ratings, however, are supported by a promoter's experience of
over three decades in the same line of business.

RATING SENSITIVITIES

Negative: A decline in the revenue or EBITDA margin, leading to
deterioration in the credit metrics, with a further stretch in the
liquidity, on a sustained basis, could be negative for the
ratings.

Positive: A substantial increase in revenue with a rise in EBITDA
margin leading to improvement in the interest coverage above 2.0x,
on a sustained basis, could be positive for the ratings.

COMPANY PROFILE

BOIPL was established in 1985 and is engaged in the manufacturing
and trading of refined palm oil, refined oil and crude palm oil,
hydrogenated vegetable cooking oil, and bakery shortening.


BARTRONICS INDIA: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Bartronics India Limited
        Survey No. 351
        Raj Bollaram Village
        Medchal Mandal
        Telangana State
        Pin 501401

Insolvency Commencement Date: December 2, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: May 30, 2020

Insolvency professional: Chinnam Poorna Chandra Rao

Interim Resolution
Professional:            Chinnam Poorna Chandra Rao
                         Flat no. 101
                         TVS Mahathi Apts.
                         Opp to Sampoorna Super Market
                         Behind SR Digi School
                         Lanco Hills Road
                         Manikonda
                         Hyderabad 500089
                         E-mail: chinnam.poorna@gmail.com
                                 cirp.bil@gmail.com

Last date for
submission of claims:    December 18, 2019


BHAGABAN MOHAPATRA: CRISIL Lowers Rating on INR30cr Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term and short term
bank facilities of Bhagaban Mohapatra Constructions and Engineers
Private Limited (BMCEPL) to 'CRISIL D/CRISIL D Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating' as there has been delays in term loan repayment.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Letter Of Guarantee   30         CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Long Term Loan         0.47      CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash          .13       CRISIL D (ISSUER NOT
   Credit Limit                     COOPERATING; Downgraded from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BMCEPL for obtaining
information through letters and emails dated May 31, 2018 and
November 22, 2018 and August 31,2019 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 BMCEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BMCEPL, is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL BB' category or
lower'.

Based on the last publicly available information, CRISIL has
downgraded its rating on the long-term and short term bank
facilities of BMCEPL to 'CRISIL D/CRISIL D Issuer Not Cooperating'
from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not Cooperating' as there
has been delays in term loan repayment.

Incorporated in 2001, BMCEPL is promoted by Paradeep, Orissa based
Mr. Bhagaban Mohapatra. The company undertakes execution of civil
and mechanical construction projects, with a primary focus on
piling activities. The company also undertakes construction of
industrial, commercial and institutional buildings.


BHARGAV FOODS: CRISIL Lowers Rating on INR15cr Cash Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Bhargav
Foods (BGF) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            15         CRISIL D (ISSUER NOT   
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with BGF for obtaining
information through letters and emails dated November 22, 2019 and
August 31, 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 they are arrived at without any
management interaction and are based on best available or limited
or dated information on the company'.

Detailed Rationale
The rating reflects delays in servicing of debt obligations.

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

Therefore, on account of inadequate information, lack of management
cooperation, and delays in debt obligations, CRISIL has downgraded
the rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

BGF is a proprietorship firm set up in April, 2017. The firm is
based out of Delhi and is promoted and managed by Mr. Nitin Gaur.
The firm has a manufacturing plant in Mayapuri with a processing
capacity of 5 tons per hour for wheat processing. Currently the
firm is operating for 16 hours daily. The company sells the wheat
under its brand 'Pavitra Aahar'. The operations of the company
started in April, 2017.


BHASKAR MARINE: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bhaskar Marine Services Private Limited
        House No. 36, Ground Floor
        Saket Metro Station
        Saidulajab New Delhi
        South Delhi
        DL 110030
        IN

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Mr. Sudershan Gupta

Interim Resolution
Professional:            Mr. Sudershan Gupta
                         C-279, Vivek Vihar
                         Delhi 110095
                         E-mail: sudershan2756@gmail.com

                            - and –

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

Last date for
submission of claims:    December 12, 2019


BTI TEX PRIVATE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: BTI Tex Private Limited
        Shrine Co Op Industrial Estate
        B/h Gujarat Bottling
        National Highway
        Rakhia, Ahmedabad
        GJ 380023
        IN

Insolvency Commencement Date: November 22, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Saaurabh Jhaveri

Interim Resolution
Professional:            Saaurabh Jhaveri
                         620 Jolly Plaza, 6th Floor
                         Opp. Athwagate Circle
                         Surat 395001
                         E-mail: sjhaveri333@gmail.com

Last date for
submission of claims:    December 13, 2019


DEWAN HOUSING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Dewan Housing Finance Corporation Limited (DHFL)

        Registered office:
        Warden House, 2nd Floor
        PM Road, Fort
        Mumbai 400001

        Principal office:
        Ground & 6th Floor, HDIL Towers
        Anant Kanekar Marg
        Station Road, Bandra (East)
        Mumbai 400051

Insolvency Commencement Date: December 3, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: May 31, 2020
                               (180 days from commencement)

Insolvency professional: Shri R. Subramaniakumar

Interim Resolution
Professional:            Shri R. Subramaniakumar
                         6th Floor, HDIL Towers
                         Anant Kanekar Marg
                         Station Road, Bandra (East)
                         Mumbai 400051
                         E-mail: dhfladministrator@dhfl.com

Classes of creditors:    Public Depositors

Insolvency
Professionals
Representative of
Creditors in a class:    Charu Sandeep Desai
                         Deepak Kumar
                         Pravin Navandar

Last date for
submission of claims:    December 17, 2019


DHORAJIA ENGINEERING: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Dhorajia Engineering Company Private Limited
        C-25, Trezure Enclave
        Nr. Aryaman Bungalow
        Thaltej-Shilaj Road
        Ahmedabad 380059

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Kiran Shah

Interim Resolution
Professional:            Kiran Shah
                         608, Sakar 1
                         Near Gandhigram Railway Station
                         Opp. Nehru Bridge
                         Ashram Bridge
                         Ahmedabad 380009
                         E-mail: dhruvitks@gmail.com
                                 kiranshah.ip@gmail.com

Last date for
submission of claims:    December 19, 2019


EASTERN NAPHTHA-CHEM: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Eastern Naphtha-Chem Private Limited
        Phase III Plot No. 3 B/3 P
        Bokaro Industrial Area
        Bokaro Steel City 827014
        Jharkhand

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Meena Sureka

Interim Resolution
Professional:            Meena Sureka
                         "Central Plaza"
                         6th Floor, Room No. 'H'
                         41 B.B. Ganguly Street
                         Kolkata 700012
                         E-mail: ipmeenasureka@gmail.com
                                 cirp.encpl@gmail.com

Last date for
submission of claims:    December 11, 2019


FAST AND SAFE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Fast and Safe Transport Private Limited
        344, Waltax Road
        Chennai 79
        IN

Insolvency Commencement Date: December 3, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: May 31, 2020
                               (180 days from commencement)

Insolvency professional: Chandramouli Ramasubramaniam

Interim Resolution
Professional:            Chandramouli Ramasubramaniam
                         'RAJI' 3B1, 3rd floor
                         Gaiety Palace
                         No. 1L, Blackers Road
                         Mount Road, Chennai
                         Tamil Nadu 600002
                         E-mail: fcs.rms@gmail.com

Last date for
submission of claims:    December 17, 2019


FR TECH INNOVATIONS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: FR Tech Innovations Private Limited
        A-1402, Serenity Towers
        Off Oshiwara Link Road
        Jogeshwari West
        Mumbai 400102

Insolvency Commencement Date: November 14, 2019

Court: National Company Law Tribunal, Ghaziabad Bench

Estimated date of closure of
insolvency resolution process: May 27, 2020
                               (180 days from commencement)

Insolvency professional: Dr. Arun Mohan

Interim Resolution
Professional:            Dr. Arun Mohan
                         C-356, Lohia Nagar
                         Ghaziabad 201001
                         U.P.
                         E-mail: arunm.bansal@gmail.com

Last date for
submission of claims:    December 13, 2019


G.R.S. ISPAT COMPANY: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: G.R.S. Ispat Company Private Limited
        PU-108 Pitampura
        New Delhi
        DL 110034
        IN

Insolvency Commencement Date: November 28, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 27, 2020

Insolvency professional: Navjit Singh

Interim Resolution
Professional:            Navjit Singh
                         218-a, 1st Floor, Shop No. 4
                         Rama Market, Pitampura
                         Delhi 110034
                         E-mail: navjit92ca@gmail.com
                                 grsicpl.cirp2019@gmail.com

Last date for
submission of claims:    December 15, 2019


GMR HYDERABAD: S&P Affirms 'BB+' LongTerm ICR on Strong Cash Flow
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on GMR Hyderabad International Airport Ltd. (GHIAL). The
outlook is stable. S&P also affirmed its 'BB+' long-term issue
rating on the company's outstanding senior secured notes.

S&P said, "We affirmed the ratings on GHIAL because we believe that
the company's strong cash flow and resilient operating performance
will provide sufficient buffer amid regulatory uncertainties over
the next 12-18 months.

"We anticipate that GHIAL will continue to benefit from its higher
control period 1 (CP1) tariff (April 2011-March 2016) until the end
of fiscal 2021 (year ending March 31, 2021). GHIAL's ongoing
regulatory disputes need to resolved by the Telecom Disputes
Settlement And Appellate Tribunal (TDSAT) before the Airports
Economic Regulatory Authority of India (AERA) can implement GHIAL's
next tariff. However, we do not expect these disputes to be
resolved within the next nine to 12 months, given ongoing
uncertainty around the merger between TDSAT and the Airports
Economic Regulatory Authority Appellate Tribunal (AERAAT), which
took place in 2017. Consequently, we believe that over at least the
next six months, TDSAT is unlikely to make any regulatory
rulings."

The ongoing delay in the implementation of GHIAL's next tariff will
allow the company to increase its cash reserves, helping to de-risk
its upcoming spending plans. This is because the company continues
to charge its higher CP1 tariff of Indian rupee (INR) 420 per
passenger. S&P estimates the company's over-recoveries will amount
to about INR17.5 billion-INR20.0 billion until the end of CP2
(March 2021), in the absence of any positive regulatory
resolutions. This will add to its cash balance of almost INR28
billion (as of September 2019) and will contribute to its capital
spending.

Nevertheless, the timing and implementation of the next tariff
remains a key risk to the rating. S&P said, "The ongoing collection
of CP1 over-recoveries could lead to a sharp drop in the next
control period tariff, which could be significantly lower than the
control period 2 (CP2) tariff (April 2016-March 2021) of INR210 per
passenger that we had earlier envisioned. However, given that the
CP2 tariff block is coming to an end with no real sign of any
regulatory dispute resolution, we believe that there is a high
likelihood of a combined CP2 and control period 3 (CP3) tariff
implementation at the start of CP3 in April 2021. In our view, this
would signify a positive development in India's regulatory
framework, resetting the company's regulatory timeline with fewer
regulatory uncertainties, supporting financial stability.
Alternatively, if the disputes are not resolved and a new tariff is
not implemented, the higher CP1 tariff will prevail. Our current
base case is that the regulator will implement a combined lower CP2
and CP3 tariff at about INR240 per passenger in fiscal 2022."

S&P said, "We project GHIAL's leverage to increase over the next
three years as a result of both higher capital spending of up to
INR68 billion and an expected drop in tariff upon the upcoming
reset. Nevertheless, given the ongoing delay in the introduction of
the next tariff, we expect leverage to increase at a slower rate.
We now expect GHIAL's ratio of funds from operations (FFO) to debt
to drop to 8%-9% by fiscal 2022 (rather than fiscal 2021), from
about 25% in fiscal 2019.

"The timing of regulatory decisions has been the key hindrance in
Indian airports realizing a fully supportive regulatory framework.
However, we believe that the tariff mechanism will allow for the
eventual recovery of costs and capital spending, adequate return on
capital, and true-up if traffic volume is lower than anticipated.
Consequently, our view is that India's regulatory mechanism still
results in reasonably predictable cash flow over the five-year
regulatory period, despite interim tariff volatility due to delayed
regulatory resets. For GHIAL, its regulatory framework has
translated into strong leverage ratios in the past three years,
above our estimates, because the company has effectively recovered
its earlier capital spending and returns.

"The stable outlook reflects our view that GHIAL will continue to
benefit from its higher CP1 tariff, good operating performance, and
manage project execution over the next 12-18 months. We expect the
company's ratio of operating cash flow (OCF) to debt to be
sustainably above 9% over the next 12-18 months.

"We could lower the rating on GHIAL if we expect the company's
ratio of OCF to debt to be less than 9% for a prolonged period.
This could occur if the company's next tariff is lower or passenger
traffic is weaker than expected. We could also lower the rating if
the regulatory uncertainties and delays in tariff implementation
continue to persist, resulting in heightened uncertainty over
capital expenditure (capex) recovery and returns." This may result
from, among other things, the regulator failing to compensate GHIAL
adequately for the agreed capex.

"We are unlikely to upgrade GHIAL in the next 12-18 months.
However, we may raise the rating if the company's exposure to
regulatory uncertainties diminishes sufficiently such that the
company can sustain a ratio of OCF to debt of more than 18%." This
would be predicated on a record of timely tariff resets and strong
passenger growth, resulting in greater stability and predictability
of GHIAL's cash flow.

GHIAL holds the exclusive rights to operate, manage, and develop
the Rajiv Gandhi International Airport (RGIA) in India. RGIA is the
principal airport for Hyderabad, the largest city in the Indian
state of Telangana. The airport has a capacity of 12 million
passengers.

GHIAL operates under a public-private partnership comprising GMR
Airports Ltd. (which owns 63% and is an intermediate holding
company of India-based infrastructure company GMR Infrastructure
Ltd.), Airport Authority of India (AAI), and the government of
Telangana, which both collectively own 26% as strategic
shareholders with "golden share" voting rights. S&P continues to
believe that AAI's strategic shareholding and right to approve
GHIAL's key decisions and related-party transactions insulate GHIAL
from the weak credit profile of its majority shareholder, GMR
Infrastructure Ltd.


GOVARDANAGIRI AGRO: Ind-Ra Affirms & Migrates 'D' LT Issuer Rating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Govardanagiri Agro
Industries Private Limited's (GAIPL) Long-Term Issuer Rating at
'IND D' and simultaneously migrated it to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will now
appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR123.6 mil. Term loans (Long-term) due on January 2025
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating; and

-- INR100.0 mil. Fund-based facilities (Long-term/short-term)
     affirmed and migrated to non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation continues to reflect GAIPL's classification as a
non-performing asset by its lenders.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least the last three
consecutive months could result in a rating upgrade.

COMPANY PROFILE

GAIPL was established in February 2015 to set-up a cotton oil
extraction unit in Telangana. The site will engage in cottonseed
delinting, dehulling and oil extraction processes to provide an
oiled cake, hulls, oil, and lint. The promoters of the company are
D Raghavaiah and Ronda Suresh.


HILAND AGRO: Ind-Ra Affirms 'B+' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hiland Agro
Products Private Limited's (HAPL) Long-Term Issuer Rating at 'IND
B+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR52.3 mil. (Reduced from INR59.6 mil.) Term loan due on May
     2022 affirmed with IND B+/Stable rating; and

-- INR10.0 mil. Fund-based working capital facilities affirmed
     with an IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects HAPL's stabilization of business and
strong revenue generation. It generated revenue of INR36 million in
FY19. During 1HFY20, the company recorded revenue of INR123
million. FY20 will be the company's first full year of operations.

The management expects to see substantial revenue growth in FY20,
as the company has diversified from producing poultry feed for
Krishi Nutrition Company Private Limited on a job-work basis, to
manufacturing cattle feed after receiving the license in December
2018. It has an annual installed capacity of 5,000 metric tons (mt)
and is operating at 50% capacity. Furthermore, HAPL has entered
into the O&M agreement with a company and expects to receive around
INR0.5 million every month as a service fee. The company is also
eligible for a subsidy of INR3.2 million from the government of
Tamil Nadu.

The ratings are constrained by the company's modest margins of
36.2% in FY19 with a return on capital employed of 7%. During
1HFY20 the company recorded EBITDA margin of 11%. Moreover, the
company has moderate credit metrics interest coverage (operating
EBITDA/gross interest expense) of 2.5x in FY19 and net leverage
(total adjusted net debt/operating EBITDAR) of 5.3x in FY19.

Liquidity Indicator- Poor: The company had liquid cash and cash
equivalents of INR1.0 million at FYE19. Cash flow from operations
is expected to turn negative to INR22.0 in FYE20 due to changes in
the working capital cycle.  The networking capital cycle was
negative at 165 days at FYE19. Its average working capital limit
utilization was tight at 93% for the 12 months ended November
2019.

The ratings, however, are supported by the promoters' experience of
three decades in the poultry business.

RATING SENSITIVITIES

Negative: Failure to achieve substantial revenue leading to
liquidity stress will be negative for the ratings.

Positive: A sustained improvement in the scale of operations and
credit metrics while maintaining the EBITDA margin could lead to
positive rating action.

COMPANY PROFILE

HAPL, a Coimbatore-based company was incorporated in May 2017 and
commenced operations in July 2018. The company produces
high-quality feed for cattle and poultry sector. The installed
capacity is 5,000 mt per month. Mr. Thangavel Ramesh, Ms.
Annapooranai and Baluswamy Vanieswari are the promoters of the
company.


INCAS INT'L: CRISIL Moves D Ratings to Not Cooperating
------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Incas
International (Incas) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       6         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        4        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Packing Credit         10        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Long Term     11.82     CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Incas for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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 Incas, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on Incas is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Incas was set up as a proprietorship concern of Mr Vikas Kalra in
2000. The firm manufactures leather garments and accessories such
as bags, gloves, and belts and exports primarily to Europe. It has
two plants, one each at Gurgaon and Manesar (both in Haryana).


INDIA FORMS Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: India Forms Centre Pvt Ltd
        2, India Exchange Place
        Room No. 12, 2nd Floor
        Kolkata 700001
        West Bengal

Insolvency Commencement Date: November 20, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Ajay Goyal

Interim Resolution
Professional:            Ajay Goyal
                         1, R.N. Mukherjee Road
                         Martin Burn House
                         3rd Floor, Room No. 305B
                         Kolkata 700001
                         E-mail: aaa3india@yahoo.com

Last date for
submission of claims:    To be calculated as 14 days from the date
                         of publication of advertisement.


J. R. AND COMPANY: CRISIL Assigns 'B' Rating to INR17cr Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of J. R. and Company (JRC).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           15         CRISIL B/Stable (Assigned)

   Proposed Cash
   Credit Limit           2         CRISIL B/Stable (Assigned)

The rating reflects the modest operating margins, working capital
intensive operations and below average financial risk profile.
These weaknesses are partially offset by the extensive industry
experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness:
* Modest operating margins and working capital intensive
operations: The firm is exposed to intense competition in the steel
trading segment which is marked by large number of organized and
unorganized entities. Trading nature of operations and intense
competition have resulted in modest operating margins. Moreover,
operations are working capital intensive as reflected in gross
current assets (GCA) of 177 days as on March 31, 2019, mainly due
to high debtor levels. It extends a credit period of 90-120 days to
customers.

* Below average financial risk profile: Capital structure is
leveraged as reflected in adjusted gearing of 5.4 times and modest
networth of INR4.81 crores as on March 31, 2019. The weak gearing
is on account of sizeable working capital loans and term loans.
Debt protection metrics were modest for fiscal 2019.

Strengths:
* Extensive industry experience of the promoters: The promoters
have an experience of over 20 years in trading industry. This has
given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity: Stretched

JRC has stretched liquidity marked by marginal cash and cash
equivalents of INR1.4 crores as on March 31, 2019 and tightly
matched accruals to term debt obligations over fiscal 2020 and
fiscal 2021. The firm has access to fund based limits of Rs.15
crores, which are almost fully utilized over the 12 months ended
September 2019. The ability of the entity to meet its repayments
depends on an increase in accruals or access to incremental fund
based limits.

Outlook: Stable

CRISIL believes JRC will continue to benefit over the medium term
from its proprietors extensive industry experience.

Rating Sensitivity Factors:

Upward Factor
* Sustained revenue growth of over 10% and improvement in operating
margins leading to higher accruals
* Lower capital withdrawal by the proprietor
* Improvement in working capital cycle leading to lower working
capital debt and improvement in capital structure

Downward Factor
* Stretch in working capital cycle to over 200 days leading to
higher working capital debt
* Revenue decline or deterioration in operating margins.

JRC was set in 1989, is engaged in trading of steel and iron
products. JRC is owned & managed by Mr. Anoop Daga.


JAYCON INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Jaycon Infrastructure Limited

        Registered office:
        House No. 1464 Ground Floor
        Sector-43B, Chandigarh
        CH 160047
        IN

        Corporate office:
        Unit 34-36, Tribhuvan Complex 6/51
        Ishwar Nagar, Mathura Road
        New Delhi 110065

Insolvency Commencement Date: October 7, 2019

Court: National Company Law Tribunal, Panchkula Bench

Estimated date of closure of
insolvency resolution process: April 3, 2020
                               (180 days from commencement)

Insolvency professional: Mandeep Gujral

Interim Resolution
Professional:            Mandeep Gujral
                         House No. 3073
                         Sector 46 C
                         Chandigarh 160047
                         E-mail: mandeepgujral.ip@gmail.com
                         Mobile: 98142-28288

                            - and -

                         SCO-131, 2nd Floor, MDC
                         Sector-5, Panchkula
                         Haryana 134119
                         E-mail: ip.jayconinfra@ductrus.com
                         Mobile: 73470-11150

Last date for
submission of claims:    October 21, 2019


JAYPEE INFRATECH: Lenders to Put on Vote Bids of NBCC, Suraksha
---------------------------------------------------------------
BloombergQuint reports that lenders of Jaypee Infratech on Dec. 7
decided to put on vote simultaneously the bids of state-owned NBCC
(India) Ltd. and Suraksha Realty to acquire the bankrupt realty
firm, sources said.

The voting process will start on Dec. 10 and end on Dec. 16, they
added, BloombergQuint relays.

A decision in this regard was taken in a meeting of Committee of
Creditors held in New Delhi. This is the third round of bidding
process, which has been initiated on the direction of the apex
court, BloombergQuint notes.

According to BloombergQuint, the sources said ICICI Bank Ltd. and
Axis Bank Ltd. opposed the decision to put both the resolution
plans on vote at the same time and said that bid of the highest
bidder should have voted first.

Lenders were divided over which bid is the highest, the report
says.

As many as 13 banks and over 23,000 homebuyers have voting rights
in the CoC, the report notes. Buyers have nearly 60 percent votes.
For a bid to be approved, 66 percent votes are required. Homebuyers
claim amounting to over INR13,000 crore has been admitted, while
banks claim is worth INR9,800 crore, according to BloombergQuint.

On Dec. 7, Mumbai-based Suraksha Realty further improved its bid to
acquire Jaypee Infratech by offering more land and upfront cash to
lenders.

Suraksha Realty has increased its upfront payment to lenders to
INR190 crore from INR175 crore, while size of land-debt swap
improved to 2,275 acre from 2,220 acre in its final bid submitted
on Dec. 3, BloombergQuint relates.

NBCC in its final bid offered 1,526 acres of land to lenders.

                      About Jaypee Infratech

Jaypee Infratech Limited (JIL) is engaged in the real estate
development.  The Company's business segments include Yamuna
Expressway Project and Healthcare.  The Company's Yamuna Expressway
Project is an integrated project, which inter alia includes
construction of 165 kilometers long six lane access controlled
expressway from Noida to Agra with provision for expansion to eight
lane with service roads and associated structures on build, own,
operate and transfer basis.  The Company provides operation and
maintenance of Yamuna Expressway for over 36 years, collection of
toll and the rights for development of approximately 25 million
square meters of land for residential, commercial, institutional,
amusement and industrial purposes at over five land parcels along
the expressway.  The Healthcare business segment includes
hospitals.  The Company has commenced development of its Land
Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at
Agra.

On Aug. 8, 2017, the National Company Law Tribunal (NCLT),
Allahabad bench accepted lender IDBI Bank's plea and classified JIL
as an insolvent company.  With this, the board of directors of the
company remains suspended.

Anuj Jain was appointed as Interim Resolution Professional (IRP) to
manage the company's business.  The IRP had invited bids from
investors interested in acquiring JIL and completing the stuck real
estate projects in Noida and Greater Noida.

In the first round of insolvency proceedings conducted last year,
the INR7,350-crore bid of Lakshdeep, part of Suraksha Group, was
rejected by lenders. The Committee of Creditors (CoC) rejected the
bids of Suraksha Realty and NBCC Ltd in the second round held in
May-June this year, according to The Economic Times.

On November 6, the Supreme Court directed completion of Jaypee
Infratech's insolvency process within 90 days and said the revised
resolution plan will be invited only from NBCC and Suraksha Realty,
ET related.

JIL features in the Reserve Bank of India's first list of
non-performing assets accounts and had debt exposure of over
INR9,783 crore as of September 2017.  The parent company,
Jaiprakash Associates Ltd. (JAL), owes more than INR29,000 crore to
various banks.


JBR IMPEX: CRISIL Lowers Rating on INR20cr Cash Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of JBR Impex
India Private Limited (JBR) to 'CRISIL D Issuer Not Cooperating'
from 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            20         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B+/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with JBR for obtaining
information through letters and emails dated January 31, 2019, and
November 22, 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 they are arrived at without any
management interaction and are based on best available or limited
or dated information on the company'.

Detailed Rationale

The rating reflects instances of delay in payment of interest due
on the cash credit limit; the delays were due operational issues.

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

Therefore, on account of inadequate information, lack of management
cooperation, and delays in interest payment, CRISIL has downgraded
the rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL
B+/Stable Issuer Not Cooperating'.

JRR, incorporated in April 2017, is based in Delhi and promoted and
managed by Mr Nitin Gaur. The company has set up a dal processing
unit in Mayapuri, Delhi, with a capacity of 14,400 tonne per annum.
Currently, it trades in dal.


JNS INFRATECH: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: JNS Infratech Private Limited
        B-92, Budh Vihar Colony
        Badarpur New Delhi
        South Delhi DL 110044
        IN

Insolvency Commencement Date: September 13, 2019

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Naresh Kumar Bhutani

Interim Resolution
Professional:            Naresh Kumar Bhutani
                         B-803, Plot No. 12 A
                         Sector-7, Dwarka
                         Happy Home Apartment
                         Dwarka, New Delhi 110075
                         E-mail: naresh101@gmail.com

                            - and -

                         1203, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ip.jnsinfratech@gmail.com

Last date for
submission of claims:    Decemebr 12, 2019


KUNA IMPEX: Ind-Ra Lowers LT Issuer Rating to 'B+', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kuna Impex
Private Limited’s (KIPL) Long-Term Issuer Rating to 'IND B+' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR67.5 mil. Fund-based working capital limits downgraded with

     IND B+/Stable rating;

-- INR3.48 mil. Long-term loans due on April 30, 2020, withdrawn
     (paid in full); and

-- INR45 mil. Non-fund-based working capital limits downgraded
     with an IND A4 rating.

KEY RATING DRIVERS

The downgrade reflects a slowdown in KIPL's revenue growth, the
small scale of operations and deterioration in its overall credit
metrics in FY19. KIPL's revenue declined to INR179.20 million in
FY19 and INR198.06 million in FY18 from INR243.40 million in FY17
due to the implications of the Goods and Services Tax. Its credit
metrics deteriorated year-on-year in FY19 due to the
discontinuation of buyer's credit by the Reserve Bank of India that
led KIPL to avail additional debt to pay off creditors resulting in
leverage deterioration. The company reported net leverage (adjusted
debt/operating EBITDAR) of 5.2x in FY19 (FY18: 4.4x) whereas it
gross interest coverage (operating EBITDA/gross interest expense)
stood at 1.4x (1.7x). Interest expenses increased to INR13.26
million in FY19 from INR11.05 million in FY18 leading to a decline
in the interest coverage ratio.

Liquidity Indicator - Stretched: The company's average use of
fund-based limits was 98% for the 12 months ended in October 2019.
Its working capital cycle remained elongated at 286 days in FY19
(FY18: 227 days) due to a long inventory holding period. Cash flow
from operations continued to be negative at INR12.50 million in
FY19 (FY18: negative INR5.56 million) on the back of unfavorable
working capital changes. At FYE19, the company had a cash balance
of INR1.92 million (FYE18: INR2.84 million).

However, KIPL's ratings are supported by favorable improvements in
operating EBITDA margins due to a decline in the cost of
procurement of the raw materials. The company's margins improved to
an average of 10.30% in FY19 (FY18: 9.47%); the return on capital
employed was 12% (14%). The ratings continue to benefit from the
promoters' nearly three decades of experience in industrial
automation products and the company's exclusive distributorship
arrangement with Shenzhen Simphoenix Electric Technology Co., Ltd,
Estun Automation and Chint Electric for selling their products in
India.

RATING SENSITIVITIES

Negative: Deterioration in profitability, leading to interest
coverage declining below 1.3x on a sustained basis, or weakening of
the liquidity profile will be negative for the ratings.

Positive: A substantial improvement in the scale of operations and
profitability, along with an improvement in the liquidity and with
interest coverage increasing above 1.7x on a sustained basis will
be positive for the ratings.

COMPANY PROFILE

Incorporated in December 1998, KIPL is engaged in the business of
providing customized solutions in the field of industrial
automation and electrical & lighting products. The company is
managed by Ved Naithani and Palak Shah. It has its head office in
Ahmedabad, Gujarat. KIPL is an exclusive distributor of Sunfar A.C.
Drives, Estun Servo drives and Chint low voltage switchgear in
India.


MAHAKALI ISPAT: Ind-Ra Lowers Long Term Issuer Rating to 'B-'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mahakali Ispat
Private Limited's (MIPL) Long-Term Issuer Rating to 'IND B-' from
'IND B+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR56.50 mil. (increased from INR45 mil.) Fund-based limit
     downgraded with IND B-/Stable rating; and

-- The 'IND B-' rating on the INR11.50 mil. Non-fund-based limit*

     is withdrawn.

*The limit is withdrawn as this is merged with the fund-based
limits of equivalent amount.

KEY RATING DRIVERS

The downgrade reflects deterioration in MIPL's credit profile as it
reported a decline in absolute EBITDA to INR1.85 million in FY19
(FY18: INR3.45 million) owing to high raw material costs. The
ratings are constrained by the company's small scale of operations,
as reflected by revenue increasing to INR278 million in FY19 (FY18:
INR171.07 million).

Liquidity Indicator – Poor: The average maximum utilization of
fund-based limits was about 99% for the 12 months ended in October
2019. Its cash flow from operations deteriorated in FY19 to
negative INR15.93 million (FY18: negative INR0.57 million). At
FYE19, it had a cash balance of only INR3.48 million.

The ratings are constrained by low operating margins, which
contracted to 0.67% in FY19 (FY18: 2.06%). The company's return on
capital employed continued to be negative in FY19.

The ratings are further constrained by MIPL's weal credit metrics.
Interest coverage (operating EBITDAR/gross interest expense)
deteriorated to 0.28x in FY19 (FY18: 0.53x) and net leverage (total
adjusted net debt/operating EBITDAR) to 29.33x (13.70x) as a result
of decreasing absolute EBITDA.

The ratings, however, are supported by the company's directors'
over 10 years of experience in manufacturing sponge iron.

RATING SENSITIVITIES

Negative: Deterioration in liquidity position and credit metrics on
a sustained basis will be negative for the ratings.               

Positive: An improvement in the operating margin leading to an
improvement in the credit metrics on a sustained basis will be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, MIPL is engaged in the manufacturing of
sponge iron. It has installed capacity of 24,000 million tons per
annum. It has two units of 50 million ton capacity.


MALWA AUTOMOBILES: CRISIL Assigns B+ Rating to INR.4cr Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Malwa Automobiles Private Limited (MAPL).

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit           13.6        CRISIL B+ (Withdrawn)

   Proposed Fund-
   Based Bank Limits       .4        CRISIL B+/Stable (Assigned)

The rating reflects MAPL's exposure to intense competition in the
automobile dealership industry, and its working capital-intensive
operations, and weak financial risk profile. These weaknesses are
partially offset by the extensive experience of promoters, in the
auto dealership business, and the diversified revenue base.

Key Rating Drivers & Detailed Description

Weaknesses
* Intense competition in the automobile dealership industry: The
automobile sector is intensely competitive, with several players in
the mini, compact, mid-size, executive, premium, and luxury
passenger car segments. MAPL also faces competition from the
unorganised used car market, and from dealers of other leading auto
manufacturers.

* Moderate working capital requirement: Gross current assets (GCAs)
ranged between 102 and 113 days over the past three fiscals, and
stood at 114 days as on March 31, 2019, primary led by large
receivables and inventory, required in the trading business.

* Weak financial risk profile: Debt protection metrics were weak in
the past, owing to high gearing and low cash accrual. Interest
coverage and net cash accrual to total debt ratios stood at 1.15
times and 0.02 time, respectively, for fiscal 2019.

Strength
* Extensive experience of the promoters: The two-decade-long
experience of the promoters, Mr Chander Mohan Sharma, Mr Bal
Krishan Sharma and Mr Kamlesh Sharma, who have been associated with
the auto dealership business, since MAPL's inception, and their
strong relationships with suppliers and customers, will continue to
support the business risk profile.

* Diversified revenue base: The company derives revenue from its
showroom, petrol pump and workshop. However, the petrol pump
contributes more than 50% of revenue, while the workshop only
accounts for 3-5% of total income. The diversified revenue base
reduces dependence on any particular business line, for sustaining
operations.

Liquidity Poor

Liquidity remains under pressure, due to the moderate working
capital requirement. Bank limit utilisation averaged around 99%
over the 12 months ended August 31, 2019. Cash accrual of INR83
lakh is expected over the medium term, against the maturing debt of
INR30 lakh, in fiscal 2020. Current ratio was moderate at 0.90 time
as on March 31 2019, due to high utilisation of inventory funding.

Outlook: Stable

CRISIL believes MAPL will continue to benefit from its longstanding
relationships with principals, and extensive experience of the
management, which will help mitigate inherent risk in the trading
business.

Rating Sensitivity factors

Upward factors
* Revenue growth of around 25% with stable profitability
* Improvement in financial risk profile and debt protection
metrics

Downward factors
* Decline in revenue or profitability, leading to net cash accrual
below INR70 lakh
* Weakening of financial risk profile, due to stretched working
capital cycle

MAPL was incorporated in 1997. It is present in multiple
businesses, including a dealership and workshop for Tata's
passenger vehicles and a petrol pump. The Delhi-based firm operates
the vehicle and workshop business under its own name, while the
petrol pump is run under Hindustan Petroleum Corporation Ltd
(HPCL).

The showroom and workshop are located at Prashant Vihar and
Jahangirpuri, respectively, while the petrol pump is situated in
Kundli.

MARYA FROZEN: CRISIL Withdraws D Rating on INR9.5cr Term Loan
-------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Marya
Frozen Agro Food Products Private Limited (MFAFPPL) on the request
of the company and after receiving no objection certificate from
the bank. The rating action is in-line with CRISIL's policy on
withdrawal of its rating on bank loan facilities.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          3.62        CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Export Packing       5.00        CRISIL D (ISSUER NOT
   Credit                           COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Term Loan             9.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

   Working Capital        .35       CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Migrated from
                                    'CRISIL D'; Rating Withdrawn)

CRISIL has been consistently following up with MFAFPPL for
obtaining information through letters and emails dated November 11,
2019 and November 15, 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 MFAFPPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of the
entity. CRISIL believes that the information available for MFAFPPL
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower. Based on the last available information, CRISIL
has migrated the ratings on the bank facilities of MFAFPPL to
'CRISIL D Issuer not cooperating'.

CRISIL has withdrawn its rating on the bank facilities of MFAFPPL
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with
CRISIL's policy on withdrawal of its rating on bank loan
facilities.

For arriving at the rating, CRISIL has combined the business and
financial risk profiles of MFAFPPL, ASPL, and Marya Day Agro Foods
Pvt Ltd. (MDAFPL). That's because all these companies, together
referred as the Marya group, have common owners, are in the same
line of business, and have operational linkages.

CRISIL has treated unsecured loans of INR19.03 crore as on March
31, 2018, from the promoters as 75% equity and 25% debt as these
loans are subordinated to bank debt and are expected to be retained
in the business over the medium term.

ASPL was incorporated in May 2013, promoted by Mr Shakeel Qureshi.
It is based in Bareilly, Uttar Pradesh. The promoter manages
operations along with Mr Parveen Qureshi, and Mr Sarfaraz Ahmad
Ansari. The company trades in frozen buffalo meat and meat
products.

MFAFPPL, was set up as a special-purpose vehicle in February 2016
to implement a project on a design, build, finance, operate, and
transfer basis. The company processes meat of goats, sheep, and
buffalo and by-products.


PANACHE EXPORTS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Panache Exports Private Limited
        108-A Parvathi Ind Estate
        New Sunmill Com, Lower Parel
        Mumbai 400013
        Maharashtra, India

Insolvency Commencement Date: November 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Mr. Mayank Rameshchandra Jain

Interim Resolution
Professional:            Mr. Mayank Rameshchandra Jain
                         A 1001, Samarpan
                         Near Spectra Motors
                         Western Express Highway
                         Borivli (West)
                         Mumbai City 400066
                         Maharashtra, India
                         E-mail: jainmayankr@gmail.com

                            - and -

                         Kanchansobha Debt Resolution Advisors LLP
                         1507-B Wing, One BKC
                         Plot No. C-66, G Block
                         Bandra Kurla Complex
                         Bandra East, Mumbai 400051
                         E-mail: panacheexports@kanchansobha.com

Last date for
submission of claims:    December 11, 2019


PURNA PHARMACEUTICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Purna Pharmaceuticals Private Limited
        71, Canning Street A-402/8
        Bagree Market
        Kolkata WB 700001
        India

Insolvency Commencement Date: October 3, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: March 31, 2020
                               (180 days from commencement)

Insolvency professional: Kannan Tiruvengadam

Interim Resolution
Professional:            Kannan Tiruvengadam
                         Netaji Subhas Villa
                         flat no. 3 C, 3rd Floor
                         18 Karunamoyee Ghat Road
                         Near Dharapara Tollygunge
                         Kolkata, West Bengal 700082
                         E-mail: calkannan@gmail.com
                                 cirp.purna@gmail.com

Last date for
submission of claims:    October 17, 2019


RAJHANS FERTILIZERS: CRISIL Lowers Rating on INR4cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rajhans
Fertilizers Limited (RFL) to 'CRISIL D/CRISIL D' from 'CRISIL
BB-/Stable/CRISIL A4+'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Letter of Credit       4          CRISIL D (Downgraded from
                                     'CRISIL A4+')

   Overdraft              1          CRISIL D (Downgraded from
                                     'CRISIL BB-/Stable')

The downgrade reflects recent instances of devolvement of letter of
credit and the facility remaining unpaid for more than 30 days from
invocation. This was due to weak liquidity which was owing to
stretch in working capital cycle.

The ratings also reflect RFL's below average financial risk profile
marked by low net worth and constrained debt protection metrics.
These rating weaknesses are partially offset by healthy business
risk profile marked by strong product offering and extensive
experience of its promoters in manufacturing of agrochemicals.

Key Rating Drivers & Detailed Description

Weaknesses
* Invocation of letter of credit and the amount remaining unpaid
for more than 30 days from invocation: There have been recent
instances of devolvement of letter of credit and the facility
remaining unpaid for more than 30 days from invocation. This was
due to weak liquidity which was owing to stretch in working capital
cycle.

* Below average financial risk profile: RFL's financial risk
profile is below average marked by its low net worth of Rs.0.80
crore as on March 31, 2019 and constrained debt protection metrics
as reflected by interest coverage of 1.8 times and Net Cash
Accruals to Adjusted debt (NCAAD) of 0.09 time in fiscal 2019.
CRISIL believes that the financial risk profile of the company is
expected to remain below average due to anticipated debt funded
capital expenditure planned in fiscal 2020. The funding pattern of
capex plan will remain a key monitorable going ahead.

Strengths
* Healthy business risk profile marked by strong product offering:
RFL's main product Nogerma, which is an anti-sprouting agent has
been developed post research of around 10 years. There is a strong
demand for this product in India given its residue levels.
Additionally, the company has also started tapping opportunities in
the export markets. CRISIL believes that limited competition for
this product will continue to support the overall business risk
profile of RFL.

* Extensive experience of its promoters: Promoters' qualification
and expertise in the agriculture sector is expected to provide
significant business support to RFL's business risk profile. The
knowledge and experience of promoter has led to company acquiring
reputed clientele like Pepsico India Holding Pvt Ltd, McDonald's
India Pvt Ltd, etc.

Liquidity Poor
Liquidity profile of RFL is poor as reflected by average
utilization of 98.06% over the 8 months through October 2019 in OD
against FD limit. The net cash accruals were INR0.15 crore against
nil term debt repayments. The liquidity is supported by unsecured
loans of INR90.32 lakhs as on March 31, 2019 and the same are from
promoters. Going ahead as well, with an expected debt funded capex
the adequacy of net cash accruals to meet the debt obligations will
remain a key monitorable over the medium term.

Rating Sensitivity Factors:
Upward Factors:
* Track record of timely servicing of debt for at least 90 days
* Increase in revenue and operating margins lead to improvement in
cash accruals, in turn improving the financial risk profile

Promoted by Mr. Brijesh Shukla, the company is into manufacturing
of agrochemicals. Its main product is Nogerma that is an
anti-sprouting agent.


RANGANI TIMBERS: Ind-Ra Assigns B Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Rangani Timbers
(RT) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30 mil. Fund-based facilities assigned with IND B / Stable
     / IND A4 rating; and

-- INR129 mil. Non-fund based facilities assigned with IND A4
     rating.

KEY RATING DRIVERS

The ratings reflect RT's small scale of operations, as indicated by
revenue of INR217.14 million in FY19 (FY18: INR217.49 million). The
revenue declined marginally due to the decrease in orders. The firm
booked sales of INR131.91 million till end-October 2019.

The ratings are constrained by RT's modest EBITDA margins owing to
the trading nature of business. The margins fell slightly to 4.04%
in FY19 (FY18: 4.11%) because of a marginal decrease in revenue.
The firm's return on capital employed was 11% in FY19 (FY18: 12%).

The ratings take into consideration the weak credit metrics due to
the modest EBTIDA margins. The gross interest coverage (operating
EBITDAR/gross interest expense) improved marginally to 1.31x in
FY19 (FY18: 1.11x) due to a fall in interest cost to INR6.70
million (INR8.07 million). The net leverage (total adjusted net
debt/operating EBITDAR) improved to 3.54x in FY19 (FY18: 4.89x)
owing to a decline in the total net debt to INR32 million (INR44
million).

Liquidity Indicator- Stretched: RT's average utilization of the
fund-based facilities and non-fund-based limits was 86% and 75.2%,
respectively, for the 12 months ended October 2019. The cash flow
from operations turned positive at INR1.0 million in FY19 (FY18:
negative INR9.20 million) on account of an improvement in the
working capital to negative INR1.30 million (negative INR11.30
million). The cash and cash equivalents amounted to INR0.90 million
in FY19 (FY18: INR0.50 million). The firm has a scheduled debt
repayment of INR0.23 million in FY20.

The ratings, however, are supported by the partners' experience of
five decades in the trading of timber.

RATING SENSITIVITIES

Negative: A substantial decline in the revenue or the EBITDA margin
and sustained deterioration in the overall credit metrics along
with deterioration in the liquidity position will lead to negative
rating action.

Positive: A significant rise in the revenue and the EBITDA margin,
leading to an improvement in gross interest coverage above 1.8x,
along with improvement in the liquidity position will lead to
positive rating action.

COMPANY PROFILE

Rangani Timbers was incorporated in 2000 as a partnership firm and
is engaged in trading of timber in Trichy, Tamilnadu.


ROCKWELL RESOURCES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Rockwell Resources Earthmovers Private Limited
        H.No. 5, BL No. 17
        P.O. + P.S. – Jagatdal
        24 PGNS (N)
        Kolkata 743125
        West Bengal
        India

Insolvency Commencement Date: November 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

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

Insolvency professional: Amit Choraria

Interim Resolution
Professional:            Amit Choraria
                         14/2 Old China Bazar Street
                         4th Floor, Room No. 401
                         Kolkata 700001
                         E-mail: hmcsamitchoraria@gmail.com

Last date for
submission of claims:    December 8, 2019


RUDRA AGRO: CRISIL Lowers Rating on INR20cr Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Rudra Agro
(RA) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable
Issuer Not Cooperating'. It was recently brought to CRISIL's
attention that there are delays in interest servicing of debt
obligation.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            20         CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with RA for obtaining
information through letters and emails dated October 16, 2018,
November 28, 2018, December 11, 2018 and December 17, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

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

Detailed Rationale

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

Based on the available information, the ratings on bank facilities
of RA has been downgraded to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B/Stable Issuer Not Cooperating'. It was recently brought
to CRISIL's attention that there are delays in interest servicing
of debt obligation.

RA, set up as a partnership firm by Mr Pankaj Sharma and Mr Sunil
Kumar in 2016, started commercial operations in August 2016. The
firm mills and processes basmati rice. Its production facilities at
Alipur in New Delhi have a milling and sorting capacity of 8 tonne
per hour.


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

The instrument-wise rating actions are:

-- INR300 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR20 mil. Non-fund-based working capital limits migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

COMPANY PROFILE

SMPL was initially incorporated as SG Motors, a partnership firm,
in August 1989 by the Sanghi Group of Indore. Later, it was
reconstituted as a private limited company and renamed SMPL.

The company has been engaged in the automobile dealership since
1954.


SAIMADHAVA POULTRIES: CRISIL Moves B+ Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Saimadhava
Poultries Private Limited (SPPL) to 'CRISIL B+/Stable Issuer not
cooperating'.

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

   Proposed Cash          2        CRISIL B+/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

   Proposed Long Term     1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Proposed Term Loan     3.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              3.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SPPL for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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 SPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

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

Incorporated in 2017, Saimadhava Poultries Private Limited is
setting up a unit for poultry of 1 lakh lair birds.


SANGAM CONSTRUCTION: CRISIL Moves 'D' Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sangam
Construction (SC) to 'CRISIL D Issuer not cooperating'.
                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.2        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SC for obtaining
information through letters and emails dated August 27, 2019 and
September 27, 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 SC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

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

Established in the 2004, SC is proprietorship firm of Mr. Shanker
Bajirao. The firm is engaged in executing civil construction
contracts mainly for Government of Goa.


SANGAM HEALTH: CRISIL Maintains 'D' Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sangam Health Care
Products Limited (SHCPL) continues to be 'CRISIL D Issuer not
cooperating'.

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

   Funded Interest         2.84      CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

   Long Term Loan          5         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Working Capital        17.16      CRISIL D (ISSUER NOT
   Term Loan                         COOPERATING)

CRISIL has been consistently following up with SHCPL for obtaining
information through letters and emails dated July 29, 2019 and
October 31, 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 SHCPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SHCPL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

Established in 1993 as a private company, SHCPL is engaged in
manufacturing of healthcare equipments like IV sets, disposable
Syringes, etc. SHCPL is promoted by Mr. Addepalli Balagopal.


SHAKTHI KNITTING: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) India Ratings and Research
(Ind-Ra) has affirmed Shakthi Knitting Limited's (SKL) Long-Term
Issuer Rating at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1,020.00 bil. (increased from INR840.00 bil.) Fund-based
     facilities affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR170.00 mil. (reduced from INR231.00 mil.) Non-fund based
     facilities affirmed with an IND A4+ rating.

KEY RATING DRIVERS

Liquidity Indicator – Stretched: The affirmation reflects SKL's
continued stretched liquidity. The average maximum utilization of
its fund-based limits was 92.49% for the twelve months ended in
September 2019. The company has been reliant on ad hoc limits to
meet working capital requirements. The cash and cash equivalents
were low at INR26.20 million in FY19 (FY18: INR69.30 million).
However, the cash flow from operations, which had been negative in
the preceding two years (FY18: negative INR110.80 million; FY17:
negative INR48.90 million), turned positive at INR53.20 million in
FY19  due to growth in the absolute EBITDA to INR283.30 million
(FY18: INR266.90 million) and a meager improvement in working
capital requirement.

The company's operations continue to be working capital-intensive,
with a high inventory holding period. In FY19, the working capital
cycle improved marginally to 133 days (FY18:143 days) on account of
a drop in inventory days to 108 days (113 days) and a decline in
the receivables period to 49 days (59 days). With inventories being
ordered backed and need of storing basic raw materials, the working
capital cycle is likely to remain elongated in the long term.

The ratings take into consideration SKL's average EBITDA margins.
The margins declined to 7.73% in FY19 (FY18: 8.69%) due to reduced
flow of operating income, which includes incentives such as duty
drawback, the Merchandise Exports From India Scheme Incentive
(MEIS), and Rebate On State Levies Incentive (ROSL). However,
excluding the operating income, the gross margin improved
significantly to 5.15% in FY19 (FY18: 1.41%) due to a reduction in
manpower costs and higher realizations in the garment segment. The
RoCE was 15% in FY19 (FY18:15%). The company achieved a margin of
7.30% in 1HFY20.

The rating factor in SKL's moderate credit metrics, with interest
coverage (operating EBITDA/gross interest expense) of 2.10x in FY19
(FY18: 2.24x) and net leverage (Ind-Ra-adjusted net debt/operating
EBITDA) of 3.89x (4.02x). The interest coverage deteriorated
marginally owing to increased interest expenses, resulting from
higher utilization of working capital limits and non-fund-based
limits throughout the year. The net leverage improved due to a
decline in the outstanding debt levels towards the year-end as well
as the improvement in absolute EBITDA. With the SKL management's
plan to enhance the fund-based limits in FY20, Ind-Ra expects the
credit metrics to remain average in the near term.

The rating takes into consideration SKL's medium scale of
operations. The revenue increased to INR3663.30 million in FY19
(FY18: INR3071.70 million) because of increased capacity
utilization in the fabric as well as garment segments and improved
realizations in the garment segment. With revenue of INR1847.80
million achieved till September 2019 and a total outstanding order
of more than INR900.00 million to be executed till January 2019,
Ind-Ra expects the revenue to improve in FY20. Furthermore, with
the management's strategy of ensuring optimum utilization of its
manufacturing units in both the fabric and garment segment and the
company's plan to enter newer geographies, the agency expects the
top line to improve in the near term.

The rating benefits from the company's association with reputed
clients like H & M, Wallmart and Max Fashion. SKL's on-time
delivery along with its focus on product quality have enabled the
company to bag repetitive orders from these customers, thereby
improving its top line. Also, with SKL's entry into the new market,
the company's operations are likely to become more diversified.

The rating is also supported by the long track record of operations
as well as promoters' experience of more than three-decade in the
textile business.

RATING SENSITIVITIES

Negative: Further deterioration in the liquidity position and
interest coverage falling below 1.70x would be negative for the
ratings.

Positive: Improvement in the liquidity position while maintaining
the profitability and credit metrics would be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1992 in Tirupur (Tamil Nadu), Shakthi Knitting
manufactures and exports knitted garments and fabrics.  It has four
vertically integrated manufacturing facilities, enabling the
company to be involved in various stages of the production process,
from fabric processing to the manufacturing of end product i.e.
garment from fabric processing to the manufacturing of the
end-product i.e. garments. Except for yarn manufacturing, the
company is involved in all the processes. The exports contribute
52.76% towards the revenue and 47.24% is contributed by domestic
sales.


SHANTDEEP METALS: CRISIL Lowers Rating on INR10cr Term Loan to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the loan-term bank facilities
of Shantdeep Metals Private Limited (SMPL) to 'CRISIL D' from
'CRISIL BB-/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

   Proposed Long Term     1         CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL BB-/Stable')

   Term Loan             10         CRISIL D (Downgraded from
                                    'CRISIL BB-/Stable')

The downgrade reflects delays in debt servicing on account of
stretched liquidity due to elongated receivable cycle.

The rating continues to reflect modest scale of operations, working
capital-intensive operations and leveraged capital structure. These
weaknesses are partially offset by extensive experience of the
promoters in the automobile industry and their healthy relationship
with customers and suppliers.

Analytical Approach

CRISIL has treated unsecured loans of INR2.08 crore on March 31,
2019, extended by the promoters as debt as such loans have been
withdrawn in the past.

Key Rating Drivers & Detailed Description

Weakness
* Delay in debt servicing: Stretched liquidity on account of
elongated receivable cycle has resulted in delay in repayment of
its term instalment and in interest servicing.

Weaknesses
* Modest scale of operations: Revenue was modest at INR23.58 crore
in fiscal 2019. Intense competition continues to constrain
scalability, and therefore, bargaining power with customers and
suppliers.
. Working capital-intensive operations: Gross current assets were
high at 104 days, primarily driven by debtors of 113 days, as on
March 31, 2019.

* Leverage capital structure: The networth and total outside
liabilities to tangible networth ratio were INR6.58 crore and 2.55
times, respectively, as on March 31, 2019.

Strength
* Extensive experience of the promoters and their healthy
relationship with customers and suppliers: Benefits from the
promoters' experience of over 18 years, and their healthy
relationship with customers and suppliers should continue to
support the business risk profile.

Liquidity: Poor

Liquidity is poor marked by delays in servicing of interest and
repayment.  The company had marginal cash and cash equivalents of
INR0.11 crore as on March 31, 2019.  Current ratio was weak at 0.92
time as on March 31, 2019. Promoters have supported the company in
the past with unsecured loans of Rs.2.08 crore as on March 31,
2019, however timely support to remain critical. Liquidity is
expected to remain weak on account of delay in payment by debtors.
The bank limit remained utilised at an average of 78% during the 12
months through September 2019.

Rating sensitive factors

Upward factors
* Timely servicing of debt for three months
* Improvement in debtors, leading to better liquidity.

SMPL, incorporated in 2009, is promoted by Mr Pradeep Chaudhary, Ms
Sanjot Chaudhary, and Mr Prashant Rahane. The company provides heat
treatment services for automotive components on a job-work basis.
In 2013, it started manufacturing gears for two-wheelers at its
facility in Aurangabad, Maharashtra.


SHESHADRI INDUSTRIES: CRISIL Keeps 'D' Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Sheshadri Industries
Limited (SIL) continues to be 'CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit         16.46         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan      34.54         CRISIL D (ISSUER NOT
                                     COOPERATING)

CRISIL has been consistently following up with SIL for obtaining
information through letters and emails dated July 29, 2019 and
October 31, 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 SIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SIL is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

SIL was incorporated in 2013 and manufactures and sells cotton,
blended polyester, polyester yarn, etc.; readymade garments for
men, ladies, and kids; and specialty yarn products, such as
melange, grindle, doubled, and slub/fancy yarns. Its manufacturing
unit is located at Rajna (Madhya Pradesh) with a capacity of 34608
spindles and garment manufacturing plant with a total capacity of
10000 pcs/day. The company is listed on the Bombay Stock Exchange.


SHREE BABA: CRISIL Lowers Rating on INR125cr Cash Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Shree Baba
Naga Food Stuff Limited (SBN) from 'CRISIL B/Stable (Issuer Not
Cooperating)' to 'CRISIL D (Issuer Not Cooperating)'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Cash Credit            125        CRISIL D (ISSUER NOT
                                     COOPERATING; Downgraded from
                                     'CRISIL B/Stable ISSUER NOT
                                     COOPERATING')

CRISIL has been consistently following up with SBN for obtaining
information through emails dated 29 June, 2019 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 SBN, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SBN is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL D' category or lower'.

Based on the last available information, the ratings on bank
facilities of SBN is downgraded from 'CRISIL B/Stable (Issuer Not
Cooperating)' to 'CRISIL D (Issuer Not Cooperating)'.

SBN and BNG are promoted by Mr. Varun Chadha, Mr. Ankush Chadha,
and Mr. Deepak Chadha. The companies' mill and process basmati rice
for sale in the export and domestic markets.

SBN was incorporated in 2007, while BNG was incorporated in 2014 to
take over the assets and liabilities of partnership firm, BN
Exports.


SHREE HARI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Shree Hari Cotex Private Limited
        7/8, Shivalik Complex
        Near JK School
        Raiya Telephone Street
        150 Feet Ring Road
        Rajkot, Gujarat 360007

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Delhi Bench

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

Insolvency professional: Atul Mittal

Interim Resolution
Professional:            174, BALCO Apartments
                         Plot No. 58, IP Extn.
                         Patparganj, Delhi 110092
                         E-mail: a.mittalmc@gmail.com
                                 shc.ipamittal@gmail.com

Last date for
submission of claims:    October 19, 2019


SHRI KESHAV: Ind-Ra Affirms BB LT Issuer Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Shri Keshav Cements
and Infra Limited's (SKCIL) Outlook to Positive from Stable while
affirming its Long-Term Issuer Rating at 'IND BB'. The
instrument-wise rating actions are as follows:

-- INR413 mil. Long-term loans due on January 2030 affirmed;
     Outlook revised to Positive from Stable with IND BB/Positive
     rating; and

-- INR267 mil. Fund-based limits affirmed; Outlook revised to
     Positive from Stable with IND BB/Positive/IND A4+ rating.

KEY RATING DRIVERS

The Outlook revision reflects Ind-Ra's expectations that SKCIL's
margins, which were around 40.6% during 1HFY20 (1HFY19: 29%), would
continue to be at similar levels over the medium term.

SKCIL's EBITDA margins rose to 36% in FY19 (FY18: 14.2%),
primarily due to commencement of operations of the plant that had
been partially shut in FY18 and reduction in power and fuel costs
due to captive usage of the company's 20MW solar power plant.
Furthermore, sales of excess power contributed to SKCIL's total
operating income, thereby improving its profitability. The return
on capital was 7% in FY19 (FY18: 1%).

The ratings reflect SKCIL's continued modest credit metrics due to
the additional debt taken for CAPEX on plant expansion and solar
power plant establishment. The interest coverage (operating
EBITDA/gross interest expense) improved to 1.38x in FY19 (FY18:
0.8x) due to partial repayment of debts. The net leverage (total
adjusted net debt/operating EBITDAR) improved to 7.22x in FY19
(21.98x) owing to improvement in the absolute operating EBITDA to
INR252.47 (FY18: INR73.68 million).

The ratings reflect SKCIL's small scale of operations. The
company's revenue, however, increased to INR700 million in FY19
(FY18: INR521 million) on account of an increase in orders
received. The company derives a major part of its revenues from
cement sales, followed by trading in fuel and sale of excess solar
power. During 1HFY20, SKCIL achieved a turnover of INR347.72
million. The company receives regular orders from customers.

Liquidity Indicator - Stretched: The average utilization of the
fund-based limits was around 100% for the 12 months ended in
October 2019. The cash and cash equivalents remained at INR11
million as against total outstanding debt of INR1,797 million. Cash
flow from operations turned negative at INR99 million in FY19
(FY18: INR118 million) on account of unfavorable changes in the
working capital cycle. Free cash flow remained negative at
INR163.12 million in FY19 (FY18: negative INR-1014.26).

The ratings, however, are supported by the promoters' experience of
over 11 years in the cement sector.

RATING SENSITIVITIES

Negative: Any decline in the revenue or the EBITDA margin, leading
to a deterioration in the liquidity position and the credit
metrics, with the net leverage remaining above 5x, on a sustained
basis, would result in the Outlook being revised to stable.

Positive: Improvement in the scale of operations and stable EBITDA
margin,  leading to an improvement in the liquidity position and
the credit metrics, with the net leverage falling below 4x, all on
a sustained basis, would lead to positive rating action.

COMPANY PROFILE

Incorporated in 1993, SKCIL is listed on the Bombay Stock Exchange.
The company manufactures ordinary Portland cement.


SITARAM GEMS: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Sitaram Gems'
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based limit affirmed with IND BB/Stable
     rating;

-- INR9.4 mil. Term loan due on March 2020 is withdrawn (paid in
     full); and

-- INR10 mil. (reduced from INR20 mil.) Non-fund based limit
     affirmed with IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Sitaram Gems' continued medium scale of
operations with revenue of INR3,179 million. The company's credit
metrics remain moderate even though they improved year-on-year in
FY19 due to an increase in the overall EBITDA and fall in the
overall debt on account of repayments of term loans. Interest
coverage came in at 2.9x in FY19 (FY18: 2.64x) and net financial
leverage was 3.05x (3.8x). The operating EBITDA margin of the
company remained average at 3.9% in FY19 (FY18: 3.2%) due to the
nature of the industry it operates in. The return on capital
employed was 15% in FY19 (FY18: 13%)

Liquidity Indication - Stretched: The company's average maximum
working capital use was 99% during the 12 months ended September
2019. The cash and cash equivalents stood low at INR9.75 million
during FY19. The cash flow from operations, however, was positive
at INR41.6 million during FY19 due to the improvement in the
overall EBITDA.

The ratings remain constrained by the partnership nature of Sitaram
Gems' business.

The ratings, however, derive support from over a decade-long
experience of the partners in the diamond cutting and polishing
business.

RATING SENSITIVITIES

Positive: An improvement in the liquidity and the scale of
operations while maintaining the credit metrics will be positive
for the ratings.

Negative: Deterioration in the interest coverage below 2x and or
further stress on the liquidity will be negative for the ratings.

COMPANY PROFILE

Incorporated in 2001, Sitaram Gems is a partnership firm engaged in
diamond manufacturing, and rough diamond cutting and polishing. The
firm exports to Hong Kong and Bangkok. Its domestic markets are
Mumbai, Surat, and Kolkata. It is managed by Manjibhai Kevadia.


SKYRA INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Skyra Infra Tech Private Limited
        MIG B 29 H.No. 8-3-167/29
        Prema Nilayam Venkateswara Colony
        Beside Gokul Theatre Road Hyderabad
        Hyderabad TG 500018

Insolvency Commencement Date: September 26, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 4, 2020

Insolvency professional: Mr. Kedarram Ramratan Laddha

Interim Resolution
Professional:            Mr. Kedarram Ramratan Laddha
                         B-1002, Mondeal Sqaure
                         Nr. Prahladnagar Garden
                         SG Highway
                         Ahmedabad 380015
                         E-mail: ip@kpsjca.com
                                 irpkedar@gmail.com

                            - and -

                         6/5, Sahayaog Apartment
                         Keshavnagar, Subhash bridge
                         RTO Circle
                         Ahmedabad 380004
                         Gujarat

Last date for
submission of claims:    October 21, 2019


SP SUGAR & AGRO: CRISIL Lowers Rating on INR25cr LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of SP Sugar
& Agro Private Limited (SPSAPL) to 'CRISIL D' from 'CRISIL
B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Long Term Loan        25         CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

The downgrade reflects ongoing delays in debt servicing of term
loans, on account of stretched receivables.

The rating also factors in company's below average financial risk
profile and moderate scale of operations along with exposure to
risks arising from the regulated nature of the sugar industry. The
weaknesses are partly offset by extensive experience of its
promoters in the sugar industry.

Key Rating Drivers & Detailed Description

Weaknesses:
* Ongoing Delays in debt servicing in term loans: Ongoing delays in
debt servicing of term loan on back of stretched receivables from
the company's customers.

* Below average financials risk profile: Modest networth and high
total outside liabilities to adjusted networth (INR13.87 crore and
3.45 times respectively) as on March 31, 2019 represents below
average financial risk profile.

* Moderate scale of operations and exposure to regulatory risks in
the sugar industry: Scale of operation is moderate marked by
operating income of about INR72 crore in fiscal 2019. The sugar
industry in India is regulated by several governmental policies,
including sugarcane prices, export and import of sugar, and the
sugar release mechanism. These regulations constrain the credit
quality of players in the industry.

Strength:
* Experience of promoters: Benefits from the promoters' experience
(more than 2 decades) and established relations with suppliers and
customers should continue to support the business.

Liquidity Poor
Liquidity is poor as reflected in ongoing delays in debt servicing
of term loans. The bank limit utilization was fully utilized at
100% (of the sanctioned limit of INR5) over 12 months to October
2019. The company will need additional bank lines to fund its
incremental working capital requirements, however ability to get
the funding given current ratio of 1.1x as on March 31, 2019 is
monitorable.

Rating sensitivity factors
Upward factors
* Track record of one quarter without delay in debt servicing
* Improvement in financial risk profile and liquidity

Incorporated in 2014, SPSAPL, promoted by Mr Suresh Patil and
family, manufactures jaggery powder and solid jaggery, at its
facility in Osmanabad, Maharashtra. It will commence its operations
from December 2017.


SRIARANATH LOGISTICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Sriaranath Logistics Limited
        16 British India Street, 2nd Floor
        Kolkata 700069
        West Bengal

Insolvency Commencement Date: November 8, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: May 5, 2020

Insolvency professional: Hanuman Mal Choraria

Interim Resolution
Professional:            Hanuman Mal Choraria
                         14/2 Old China Bazar Street
                         4th Floor, Room No. 401
                         Kolkata 700001
                         E-mail: hmchoraria@gmail.com

Last date for
submission of claims:    December 10, 2019


STOCKFLOW EXPRESS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Stockflow Express Private Limited
        Kh-406, Ground Floor
        A Block, Gali No. 8
        Mahipalur Extension
        Delhi 110037

Insolvency Commencement Date: November 26, 2019

Court: National Company Law Tribunal, Delhi Bench

Estimated date of closure of
insolvency resolution process: May 24, 2020
                               (180 days from commencement)

Insolvency professional: Alok Kaushik

Interim Resolution
Professional:            Alok Kaushik
                         Flat No. G-105
                         Sai Baba Apartments
                         Rohini Sector-9
                         Delhi 110085
                         E-mail: alok_kaush@yahoo.com

                            - and -

                         308, 3rd Floor
                         Pearls Business Park
                         Netaji Subhash Place
                         New Delhi 110034
                         E-mail: cirp.stockflow@gmail.com

Last date for
submission of claims:    December 12, 2019


SURYAVANSHI SPINNING: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Suryavanshi Spinning
Mills Limited (SSML) continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)      Ratings
   ----------       -----------      -------
   Bank Guarantee        .66         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Cash Credit         14.33         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Corporate Loan      10.43         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Long Term Loan       9.75         CRISIL D (ISSUER NOT
                                     COOPERATING)

   Proposed Long Term   4.83         CRISIL D (ISSUER NOT
   Bank Loan Facility                COOPERATING)

CRISIL has been consistently following up with SSML for obtaining
information through letters and emails dated July 29, 2019 and
October 31, 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 SSML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSML is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.

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

SSML was established in 1978 and had been engaged in the production
of yarn and garments and has installed capacity of 1,11,584
spindles and 21 lakh pieces of garments annually spread at three
facilities ' Bhongir (Telangana), Aliabad (Telangana) and Rajna
(Madhya Pradesh). The company is listed on the Bombay Stock
Exchange.


TELUGU CINE: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained the Telugu Cine
Workers Cooperative Housing Society Limited's bank facility rating
in the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using this rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR500 mil. Fund-based working capital maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on
January 7, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Telugu Cine Workers Cooperative Housing Society is registered under
the Andhra Pradesh Co-operative Societies Act 7 of 1964. It was
established in 1991 for the construction and handover of housing
units in Chitrapuri Colony, Hyderabad.


TULJAI INDUSTRIAL: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Tuljai Industrial Products Private Limited
        Registered office as per ROC company master data:
        Flat No. 402-F, Marvel Ritz
        Tupe Patil Road
        Opp. DSK Toyota
        Hadapsar Pune
        Pune MH 411028
        IN

Insolvency Commencement Date: November 28, 2019

Court: National Company Law Tribunal, Mumbai Bench

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

Insolvency professional: Udaykumar Bhaskar Bhat

Interim Resolution
Professional:            Udaykumar Bhaskar Bhat
                         B-304, Goldville
                         Aundh-Ravet Road
                         Dange Chowk, Thergaon
                         Pune 411033
                         E-mail: udaybhat2805@gmail.com
                                 irp.tuljai@gmail.com

Last date for
submission of claims:    December 11, 2019


UTHARA FASHION: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Uthara Fashion Knitwear Limited
        57, Elango Street
        Mahalingapuram, Pollachi-2
        Coimbatore Dist.
        Tamilnadu

Insolvency Commencement Date: November 21, 2019

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Ramakrishnan Sadasivan

Interim Resolution
Professional:            Ramakrishnan Sadasivan
                         New No. 28 Old No. 22
                         Menod Street, Purasawalkam
                         Chennai 600007
                         E-mail: sadasivanr@gmail.com
                                 sadasivan.irp@gmail.com

Last date for
submission of claims:    December 13, 2019


VARRON ALUMINIUMM: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: M/s. Varron Aluminiumm Private Limited
        403, Floor-4, Shree Krishna Building
        Sant Gadget Baba Marg
        Off Dadasaheb Phalke Road
        Dadar, Mumbai 400014

Insolvency Commencement Date: November 27, 2019

Court: National Company Law Tribunal, Pune Bench

Estimated date of closure of
insolvency resolution process: May 25, 2020
                               (180 days from commencement)

Insolvency professional: Laxman Digambar Pawar

Interim Resolution
Professional:            Laxman Digambar Pawar
                         Flat No. 16, First Floor
                         Bhakti Complex
                         Behind Dr. Ambedkar Statue
                         Pimpri, Pune 411108
                         Mobile: 9921516368
                                 9422327957
                         E-mail: cmapawar1@gmail.com

Last date for
submission of claims:    December 14, 2019


WOOGA CERAMIC: CRISIL Lowers Rating on INR4.50cr Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Wooga Ceramic Private Limited (WCPL) to 'CRISIL D' from 'CRISIL
B+/Stable'. The downgrade reflects delays in repayment of bank debt
by the company on account of stretched liquidity.

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

   Proposed Long Term   2.25         CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B+/Stable')

   Term Loan            4.50         CRISIL D (Downgraded from
                                     'CRISIL B+/Stable')

Key Rating Drivers & Detailed Description

Weakness

* Delay in meeting term debt obligation: Due to stretched
liquidity, the cash accruals remained insufficient to meet debt
obligation, leading to delays in repayment of bank debt.

Strength

* Extensive industry experience of the promoters: The promoters'
experience of about a decade in the agriculture industry should
support the firm's business risk profile.

Liquidity: Poor

Poor liquidity has resulted in delays in debt servicing. Cash
Credit limit of INR1.25 crore has remained almost fully utilized in
past 6 months ended Oct 31, 2019.

Rating sensitivity factor

Upward factor

* Track record of timely debt servicing for more than 90 days.
* Improvement in financial risk profile.

Incorporated in 2017, Gujarat-based WCPL has set up a plant to
manufacture sanitary wares. The company is promoted by Mr Ketan
Patel and Mr Vishal Parecha, and their families. Operations
commenced in February 2019.




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

GARUDA INDONESIA: President Director Fired Over Smuggled Bikes
--------------------------------------------------------------
The Jakarta Post reports that State-owned Enterprises (SOEs)
Minister Erick Thohir has said he will fire the president director
of flag-carrier Garuda Indonesia, Ari Askhara, following the
discovery of a disassembled Harley Davidson motorcycle and Brompton
folding bicycles smuggled on board a new Airbus A330-900 plane
being delivered to the airline.

"I will dismiss the Garuda president director and the process will
be in accordance with regulated procedures," Erick told a joint
press conference with Finance Minister Sri Mulyani Indrawati in
Jakarta on Dec. 5, the Jakarta Post relays.

As a publicly listed company, Garuda will need to hold an
extraordinary shareholders meeting (RUPSLB) to remove a member of
its board of directors, the report notes.

"It won't end there. We will also look further if there are any
other people implicated in this case. We will process this
thoroughly as the case caused state losses," the report quotes
Erick as saying.

On Dec. 3, customs officials reported the discovery of high-end
contraband on board a new Garuda Indonesia Airbus A330-900 plane
when it arrived from France last month, according to the report.

The discovery raised eyebrows among officials as the aircraft was
carrying only Garuda Indonesia executives and employees, the
Jakarta Post says citing flight manifest.

According to the report, Garuda Indonesia spokesperson M. Ikhsan
Rosan previously explained the existence of the illegal cargo on
Dec. 3, saying the goods belonged to several airline employees on
the flight and had been seized by customs and excise officials.

The Jakarta Post relates that Erick said at the press conference
that an audit committee provided testimony that the smuggled Harley
Davidson was allegedly owned by Ari as the latter instructed the
airline staff to find him a classic motorcycle in 2018.

The transaction was carried out in April through a bank transfer to
the account of Garuda's finance manager in Amsterdam, the report
says.

"This case has saddened me. While I'm working to raise the
country's image, some people within [SOEs] seem not to be ready,"
Erick said, The Jakarta Post relays.

                      About Garuda Indonesia

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/-- currently
has a fleet of about 77 aircraft offering service to some 27
domestic and 33 international destinations.  Under its Citilink
brand, it serves 10 other domestic routes.  Garuda also ships about
200,000 tons of cargo a month and operates a
computerized tracking system.

As reported in the Troubled Company Reporter-Asia Pacific on July
31, 2019, The Jakarta Post said the revision of the carrier's 2018
financial report has revealed that the national flag carrier
suffered significant losses after the airline initially reported a
profit in its balance sheet that was disputed by two of its
commissioners recently.

According to The Jakarta Post, the revised 2018 financial statement
released on July 26 showed that Garuda Indonesia suffered a net
loss of US$175.02 million in 2018, in contrast to the net profit of
$5.01 million reported in the controversial balance sheet issued
earlier.  In its new 2018 balance sheet, Garuda Indonesia also
reported a total revenue of $4.37 billion, the same as its previous
report. However, in the new financial statement, the airline's
other income totaled only $38.8 million, a far cry from $278.8
million recorded in the previous financial report - a difference of
$240 million.

The Jakarta Post said the Finance Ministry previously ordered
Garuda Indonesia to restate its 2018's financial report after a
joint investigation by the ministry and the Financial Services
Authority (OJK) found that the airline had published information in
its financial report that did not comply with accounting
standards.


WIJAYA KARYA: Fitch Affirms BB LT IDRs & Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign- and Local-Currency
Issuer Default Ratings of Indonesian state-owned construction
company PT Wijaya Karya Tbk at 'BB'. At the same time, PT Fitch
Ratings Indonesia has affirmed WIKA's National Long-Term Rating at
'AA-(idn)'. The Outlook on the ratings has been revised to Stable
from Negative.

The affirmation of WIKA's ratings and the revision of its Outlook
to Stable from Negative reflects its view that WIKA warrants up to
three notches of rating uplift from its Standalone Credit Profile
(SCP) of 'b+' for implied state support, because it is of strategic
importance to the government's infrastructure development
programme. WIKA's support score under its Government-Related
Entities Rating Criteria is 15, which with the five-notch distance
between WIKA's SCP and the sovereign rating (BBB/Stable), could
lead to either a two- or three-notch uplift being included in
WIKA's IDR. However, the IDR is capped at 'BB' as per the
Government-Related Entities Rating Criteria.

Fitch has chosen a three- rather than two-notch uplift because of
WIKA's status as one of the largest state-owned construction
companies, with a strong track record in executing large strategic
infrastructure projects. State-owned companies dominate the
government's infrastructure programme, which not only requires
participants to overcome regulatory and bureaucratic hurdles, but
also requires firms to invest in projects that have long payback
periods on behalf of the government. In addition, participants have
to execute turnkey contracts where payments are received only upon
completion, which puts pressure on companies' financial
performance. Therefore, private-sector and foreign companies tend
to shy away from government projects, increasing the government's
reliance on, and importance of, large state-owned companies, such
as WIKA.

'AA' National Ratings denote expectations of a very low level of
default risk relative to other issuers or obligations in the same
country or monetary union. The default risk inherent differs only
slightly from that of the country's highest rated issuers or
obligations.

KEY RATING DRIVERS

Strong Ownership, Support Track Record: Fitch assesses WIKA's
status, ownership and control as 'Strong'. The government of
Indonesia owns 65% of WIKA primarily via the Ministry of State
Owned Enterprises, and has strong influence over the company's
investment decisions, strategy and operations. The government holds
a golden share that allows it to veto important decisions regarding
the appointment and dismissal of board members, distribution of
profit and M&A, among others, irrespective of the presence of
minority shareholders.

The state has provided tangible support in the form of an equity
injection of IDR4 trillion in 2016 to support WIKA's order-book
growth and the execution of large strategic projects. WIKA was the
lead contractor of Jakarta international airport's new passenger
terminal, which was completed in 2016, and is the lead domestic
contractor of the Jakarta-Bandung high-speed railway, executing
around 30% of the total IDR54 trillion (USD3.9 billion) contract
value. WIKA also has a lead role in several key toll roads, such as
the Bangkinang-Pangkalan section of the Trans Sumatra toll road
valued at IDR8.7 trillion, and the Balikpapan-Samarinda toll road
valued at IDR8.0 trillion.

'Moderate' Socio-Political Importance: Fitch assesses the
socio-political impact of WIKA's default as 'Moderate' because
infrastructure development is a cornerstone of the current
government's economic growth and urbanisation agenda and is of
moderate political importance, but it is not an essential service
such as food or utilities. In addition, Fitch believes that a
default by WIKA will only temporarily disrupt the infrastructure
projects it constructs because other government-related entities
(GREs) are available to step in as contractors if required.

'Weak' Financial Implications of Default: Fitch believes that a
default by WIKA will have only a minimal impact on the ability of
the sovereign and other GRE's to raise financing. WIKA has only
limited exposure to capital markets, mainly via the international
issuance of local-currency 'Komodo' senior unsecured notes of
IDR5.4 trillion (around USD385 million) due in 2021.

Order-Book Growth to Resume: Fitch expects WIKA's order book to
increase to IDR142 trillion by end-2019 and IDR159 trillion by
end-2020, from IDR123 trillion at end-2018. This is lower than
previously expected because new orders slowed in 9M19 due to the
presidential elections in April. Fitch expects the company to book
around IDR40 trillion-45 trillion of new orders in 2019. The ratio
of orders to revenue should remain high at 4.0x-4.5x over the next
few years.

A key driver of WIKA's order growth is likely to be the
government's 2020-2024 Medium Term Development Plan, which requires
around IDR37,000 trillion of investments, with 9% from state-owned
enterprises. There will be another IDR466 trillion of projects from
the plan to move Indonesia's capital from Jakarta to East
Kalimantan by 2024.

Leverage to Remain High: Fitch expects leverage, measured as debt
net of seasonally-adjusted cash/EBITDAR, to remain at more than
2.0x over the next few years, driven by a high level of investments
and capex as WIKA executes its order book. WIKA's 'b+' SCP reflects
its high leverage, at 5.3x based on trailing 12-month EBITDA to
end-September 2019. Fitch expects the company to receive around
IDR5 trillion in 4Q19 from the completed Balikpapan-Samarinda toll
road, which should help moderate leverage.

Bond Rating Same as IDR: Fitch rates WIKA's senior unsecured bonds
at the same level as its Long-Term Foreign-Currency IDR because
they constitute direct, unsecured, and unsubordinated obligations
of the company, and because WIKA's prior ranking and secured
debt/EBITDA was at 2.5x at December 31, 2018. Fitch would consider
senior unsecured creditors' interests as materially subordinated if
prior-ranking and secured debt was sustained above 2.5x of EBITDA,
which could lead to the unsecured bonds being downgraded.

Seasonal Cash Receipts: WIKA's operating cash flows have become
more seasonal in the last two years as it receives a bulk of
payments for its completed turnkey projects mainly from state-owned
entities in the fourth quarter, as opposed to receiving cash
advances on private-sector projects. Consequently WIKA's leverage
during the first nine months of the year is higher than at the
year's end.

The cash balance at the end of the year is about IDR4 trillion more
than in the earlier part of the year. Therefore Fitch excludes IDR4
trillion from WIKA's cash when computing year-end leverage. Fitch
expects WIKA's working-capital cycle to gradually lengthen due to a
higher mix of turnkey projects in its new orders, keeping with the
industry trend.

DERIVATION SUMMARY

Its assessment of state support for WIKA can be compared with that
for Indonesian peers such as PT Indonesia Asahan Aluminium
(Persero) (Inalum, BBB-/Stable), and Chinese construction
companies, such as China Railway Group Limited (A-/Stable) and
Shanghai Construction Group Co., Ltd. (BBB+/Stable).

Inalum is rated at 'BBB-' using a top-down approach and is one
notch below the sovereign rating given its aggregate GRE support
score of 35, and its SCP is more than four notches away from the
sovereign rating. The key difference between its assessment of
Inalum and WIKA is that Fitch believes Inalum's default would have
'Very Strong' implications on the cost and availability of
financing to the Indonesian government and other GREs, because
Fitch believes investors view Inalum as a proxy financing vehicle
for the state.

China Railway Group is rated at 'A-' using a top-down approach and
is two notches below China's sovereign rating (A+/Stable). Its
aggregate GRE support score is 30 points and its SCP of 'bb+' is
more than four notches away from the sovereign rating. Fitch
assesses the socio-political and financial implications of China
Railway Group's default as 'Strong' which is the key difference
with the assessments for WIKA. Fitch believes a default by China
Railway Group would result in significant disruption to China's
railway services and development plan, which is pivotal in the
country's urbanisation. It could also have a significant impact on
China's geopolitical goals, as railway construction plays an
important role in China's foreign policy. China Railway Group is
one of two dominant contractors in China's railway development
space and it will be difficult to substitute in the short to medium
term. The company is also an active domestic and international bond
issuer and Fitch believes that a default could harm access to
capital markets for the sovereign and other GREs.

Shanghai Construction Group is rated 'BBB+', using a bottom-up
approach with two notches of uplift from its SCP of 'bbb-', given
its aggregate GRE score of 15, and an SCP that is more than four
notches away from China's sovereign rating. Shanghai Construction
Group's aggregate GRE score is the same as WIKA's 15. However,
Fitch provides up to three notches of rating uplift to WIKA above
its SCP because Fitch believes WIKA is strategically more important
to the Indonesian government. A default by Shanghai Construction
Group would disrupt construction projects in Shanghai, but social
consequences would be limited due to the city's high urbanisation
rate. WIKA's default would have a higher impact on Indonesia's
national infrastructure development plan, including the disruption
of large strategic projects, at least in the medium term.

WIKA's National Long-Term Rating of 'AA-(idn)' can be compared with
PT Pupuk Indonesia (Persero)'s (PTPI) AAA(idn) rating. PTPI's
rating is equalised that of its parent, the Indonesian state, due
to a strong operational and strategic linkage with the government.
This is driven by PTPI's strategic role as the government's sole
agent in producing and distributing subsidised fertilisers to
eligible farmers through a public-service obligation scheme. WIKA
has strong strategic and operational ties with the government but
it is not as politically and socially important as PTPI and
therefore Fitch believes that the government will provide PTPI with
a greater degree of support than WIKA, if required.

WIKA's SCP of 'b+' is comparable with the 'B+' Long-Term IDR on
US-based construction company Tutor Perini Corporation. Compared to
Tutor Perini, WIKA has a slightly smaller operating scale but has
higher profit margins, stronger revenue growth and similar leverage
over the medium term. Tutor Perini is exposed to the more mature
engineering and construction market in the US, and is able to
better manage its cash flows and working capital with moderately
positive FCF expected over the next three years, particularly given
its more limited growth prospects and capital requirements than
WIKA. However Fitch expects leverage to remain around the same for
both companies in the medium term given WIKA's stronger EBITDA
growth.

WIKA's national-scale SCP of 'a(idn)' is stronger than those of
nationally rated peers such as PT Waskita Karya (Persero) Tbk
(WSKT, A(idn)/Negative, SCP: bbb+(idn)). Waskita is a larger
state-owned contractor than WIKA and is a specialist in toll-road
development. As part of its remit, Waskita takes on a higher mix of
turnkey engineering contracts on behalf of the state and also one
of the biggest investors in toll roads with long payback periods,
leading to significantly higher leverage than WIKA. Consequently
Fitch views WIKA as having a stronger SCP than Waskita.

KEY ASSUMPTIONS

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

  - New contracts wins of IDR44 trillion in 2019, and IDR46
trillion
    in 2020 (2018: IDR50.5 trillion)

  - EBITDA margin, including share of profits from joint
operations,
    to improve to around 14%-15% (9M19: 11.7%)

  - Gradual lengthening of working capital cycle with higher mix of

    turnkey projects

  - Aggregate capex and investments of IDR4.5 trillion in 2019 and

    IDR5.5 trillion in 2020 (2018: 3 trillion)

RATING SENSITIVITIES

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

  - An upgrade of the Indonesian sovereign;

  - Material increase in the likelihood of state support that
results
    in a GRE support score of above 25 points.

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

  - A downgrade of the Indonesian sovereign or weakening of
linkages
    between WIKA and the government

  - Weakening in WIKA's SCP to below 'b', which may be evident in
an
    increase in its adjusted debt net of seasonally-adjusted cash
    /EBITDAR to more than 4.5x

LIQUIDITY

Adequate Liquidity: WIKA's liquidity is manageable with available
cash of IDR8.9 trillion at end-September 2019 and undrawn revolving
lines of IDR1.05 trillion, which are sufficient to cover short-term
debt and current maturities of IDR9.6 trillion. IDR9.1 trillion of
short-term debt consists working capital lines, which Fitch expects
will be rolled over by banks in the normal course of business given
WIKA's satisfactory credit profile. A roll-over of working capital
debt would free-up additional cash to fund its expectations of
negative FCF of IDR4.5 trillion in 2020 if required.

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.

FULL LIST OF RATING ACTIONS

PT Wijaya Karya (Persero) Tbk:

  - Long-Term Foreign-Currency IDR affirmed at 'BB'; Outlook
revised to Stable from Negative

  - Long-Term Local-Currency IDR affirmed at 'BB'; Outlook revised
to Stable from Negative

  - Long-term rating on senior unsecured global notes due in 2021
affirmed at 'BB'

  - National Long-Term Rating affirmed at 'AA-(idn)'; Outlook
revised to Stable from Negative




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

CBL INSURANCE: Liquidators Seek Clawback of NZD91M from Irish Unit
------------------------------------------------------------------
BusinessDesk reports that the liquidators of CBL Corp. have
identified EUR53.7 million (NZD91 million) in voidable transactions
which they are seeking to recover from the company's Irish
subsidiary.

BusinessDesk says the liquidators are pursuing legal action against
CBL Insurance Europe DAC, which is presently in administration.

The European subsidiary moved into administration in March 2018 on
the application of the Central Bank of Ireland, the report notes.

Kare Johnstone and Andrew Grenfell from accounting firm
McGrathNicol were appointed to the CBL liquidation in November 2018
after being interim liquidators from February that year.

According to BusinessDesk, Ms. Johnstone has confirmed the
administrator of the Irish business, Kieran Wallace, has been
served, and she continues to investigate further potential voidable
transactions. She would not comment further, but the second
liquidators' report is expected before the end of the year.

Under New Zealand law, transactions that might have given
preference to one creditor over another within a specific timeframe
can be deemed voidable and the transactions undone, meaning the
money would go back into the creditors' pool, says BusinessDesk.

A High Court decision of Justice Christian Whata dated Aug. 26
outlines several transactions viewed as voidable, including a
liability settlement agreement between the European arm and its
parent, which was effective in 2017 but dated Jan. 30, 2018,
BusinessDesk recalls.

BusinessDesk relates that the other transactions the liquidators
identify as voidable, according to the decision, include a
reassurance trust deed dated Nov. 6, 2017 between CBL Insurance and
Wilmington Trust (SP) Services (Dublin), a payment of EUR11.9
million from the New Zealand company to the European one, and
further amounts, to a total of EUR53.7 million.

Justice Whata's judgment was a preliminary one allowing the
liquidators to serve the proceedings on the overseas administrator,
BusinessDesk states.

"Any judgment will be a provable debt in an Irish administration at
the end of the day," the co-author of Insolvency in New Zealand
said.

According to BusinessDesk, the most recent liquidators' report for
CBL Insurance, for the six months to May 2019, recorded NZD1.13
million in fees for the period. The liquidators spent this period
focusing on reducing the company's risk and have not yet called on
creditors to submit how much they are owed.

BusinessDesk relates that the company's ultimate parent CBL Corp is
also in liquidation, with Korda Mentha's Neale Jackson and Brendon
Gibson appointed. Their first report, issued in June, identified
almost NZD180 million owing to creditors.

In recent months, two class actions relating to CBL's downfall have
been launched, BusinessDesk says. One is by law firm Glaister Ennor
and Australia litigation funder IMF Bentham on behalf of Basil Ian
Livingstone and others who own about 14 per cent of the company.
The other comes from LPF Group backed by CBL's major institutional
shareholders Harbour Asset Management, Australia-based Argo
Investments and Forsyth Barr.

CBL Corp had a market value of NZD747 million when its shares were
suspended from trading on NZX and ASX in February 2018, the report
notes

It listed in 2015 after raising NZD125.3 million from a float with
80.9 million shares sold at NZD1.55 each. The shares were valued at
NZD3.17 when trading on NZX was suspended.

                       About CBL Insurance

CBL Insurance Limited provided building and construction related
credit and financial surety insurance, bonding, and reinsurance
products.  CBL Insurance is a subsidiary of NZX-listed CBL
Corporation.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
26, 2018, The New Zealand Herald said the High Court has ordered
CBL Insurance be placed into interim liquidation on an
application by the Reserve Bank as the insurer's prudential
supervisor.

In the High Court in Auckland on Feb. 23, Justice Patricia Courtney
ordered the appointment of McGrathNicol's Kare Johnstone and Andrew
Grenfell as interim liquidators of CBL Insurance, the
Herald discloses. The application was made without notice and
determined on Feb. 23, the judgment said.

On Nov. 12, 2018, Ms. Johnstone and Mr. Grenfell were appointed as
permanent liquidators of CBL Insurance.


FIRST INSURANCE: Fitch Affirms BB+ IFS Rating, Outlook Stable
-------------------------------------------------------------
Fitch Ratings affirmed New Zealand-based First Insurance Limited's
Insurer Financial Strength Rating at 'BB+' (Moderately Weak). The
Outlook is Stable.

KEY RATING DRIVERS

The affirmation reflects FIL's 'Less Favourable' business profile
and 'Good' capitalisation and leverage. FIL's rating also
incorporates operational benefits the insurer receives from being
fully owned by First Credit Union (BB/Stable), one of New Zealand's
largest credit unions by assets. FIL's products are distributed by
FCU, and FIL has no direct employees - all services are performed
by FCU for a fee.

Fitch ranks FIL's business profile as 'Less Favourable' against
other insurers in New Zealand due to the modest market presence,
limited product offering and dependence on the parent's member base
to sell products. As such, Fitch scores the business profile at
'bb' under its credit-factor scoring guidelines.

FIL started operations on June 1, 2018. It underwrites loan
protection insurance and funeral plans for FCU's members. LPI
includes life, disability, hospital, redundancy, bankruptcy, and
trauma protection benefits in respect of personal loans taken out
by FCU members. Management says it plans to acquire new customers
other than FCU members, but the provision of other insurance
products is improbable in the medium term, as FIL plans to
consolidate its current position.

FIL is a small player with a premium market share of less than 1%
and total assets of NZD6.5 million at end of the financial year to
June 2019 (FY19). As such, FIL would be susceptible to competition,
and smaller insurers can suffer from lower benefits of scale.
However, Fitch expects price competition and any resulting pressure
on earnings to be mitigated due to FIL's captive distribution
channels.

Fitch thinks FIL's premium growth is likely to come under pressure
in the medium-term as it addresses recommendations made by
regulators following an industrywide review of conduct and culture.
FIL is redesigning its products to improve customer value,
strengthening its internal systems and controls as well as its
sales approach - all in an effort to limit conduct risk. FIL's net
income return on equity and pre-tax return on assets were 1.5% and
1.9%, respectively, in FY19 - its first full year of operation.

Fitch expects FIL to be capitalised adequately, taking into account
management's intention to maintain a buffer of NZD1 million above
the minimum regulatory requirement of NZD5 million. However, Fitch
thinks FIL's low absolute capital level leaves it more vulnerable
to changes in the external operating environment and larger, more
remote operational risks than insurers with larger capital bases.

RATING SENSITIVITIES

Key upgrade sensitivities:

  - Improvements in the business profile which will be evident from
greater operational scale, a stronger business franchise and more
diverse distribution channels, while maintaining strong financial
performance and capitalisation metrics.

Key downgrade triggers:

  - A reduction in FIL's operational synergies with FCU. For
example, the franchise may be damaged in the event that FIL becomes
less important to FCU and access to its distribution channels was
restricted.

  - Regulatory capital ratio falling below 115% (FYE19: 123%)
without management plans to rectify this.

  - Financial performance significantly below expectations.

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 FIL, either due to
their nature or the way in which they are being managed by the
insurer.




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

BANYAN TREE: Net Loss Widens to SGD9.4MM in Q3 Ended Sept. 30
-------------------------------------------------------------
The Business Times reports that Banyan Tree Holdings sank further
into the red in the third quarter on the back of weaker returns on
property sales and hotel revenue.

The firm recorded a net loss of SGD9.4 million for the three months
to Sept 30, an increase from the SGD7 million loss a year earlier,
BT discloses.

According to BT, Banyan Tree said Dec. 3 that earnings were hit by
a range of factors, including lower operating profit from hotel
investments and property sales, increased head office costs and
higher depreciation of property, plant and equipment.

Loss per share stood at 1.12 cents for the quarter, compared with
loss per share of 0.83 cent in the same period last year.

Revenue shrank 20 per cent to SGD55.4 million.

This came amid lower recognition from the property sales segment
due to timing difference. Achieved sales of Cassia Phuket, Laguna
Park townhomes/villas and Banyan Tree 3 Beds Pool Villas are
expected to be recognised only in the fourth quarter when
construction is completed, the company said.

BT relates that the fall in revenue was also due to lower
contributions from the hotel investments segment as a result of
non-consolidation of turnover from Banyan Tree Seychelles after its
sale last year.

No dividend was declared for the quarter, unchanged from a year
ago.

In a separate filing, Banyan Tree said chief financial officer Kuan
Chiet had left the position to return to the group's operation in
Phuket, BT reports.

Mr. Kuan, who will helm a new property leasing unit, has been with
the group since 1992 in various roles.

Ms. Shelly Yeo, vice-president of corporate finance and company
secretary, will oversee the overall group corporate finance and
corporate secretariat functions.

                          About Banyan Tree

Banyan Tree Holdings Limited engages in the provision of project
design and management services. The Company manages and develops
resorts, hotels, residences and spas. Its segments include Hotel
Investments, Property Sales, Fee-based Segment and Head Office. Its
Hotel Investments segment includes hotel and restaurant operations.
Its Property Sales segment consists of hotel residences, Laguna
property sales and development project/site sales. Its Fee-based
segment includes the management of hotels and resorts, the
management of an asset-backed destination club, the management of
private-equity funds, the management and operation of spas, the
sales of merchandise, the provision of architectural and design
services, the management and ownership of golf courses, and rental
of retail outlets and offices. It has approximately 40 hotels, over
70 spas, approximately 80 retail galleries and over three golf
courses in approximately 27 countries.


LIBRA GROUP: CEO Resigns, Stays On as Chair Amid Board Reshuffle
----------------------------------------------------------------
Annabeth Leow at The Business Times reports that the chief
executive of Libra Group quit on Dec. 6, according to a disclosure
filed with the bourse.

Chu Sau Ben, 54, stepped down after almost four years in the role,
but will remain the executive chairman of the company, which lost
its ability to continue as a going concern in August after its
wholly-owned subsidiaries were slapped with claims for millions of
dollars from creditors, according to BT.

Company sponsor RHT Capital is satisfied that there are no material
reasons for Mr. Chu's departure "save for his personal matters" but
did not elaborate on what these matters are, according to the
filing cited by BT.

BT says Mr. Chu, who holds a 10.5 per cent stake in Libra Group,
will be replaced by another shareholder, executive director Liu
Yang, who owns 15.7 per cent of the company.

Ms. Liu, 31, has been an executive director of the company since
August 2019, and the board said in a separate announcement that the
directors are "of the view that she has the requisite experience
and capabilities" to assume her new position, BT relates. She was
most recently the director of privately-held company Success
Consultings for close to three years, from 2016.

Meanwhile, 37-year-old Shawn Ow Tjin Ern, who holds an 11.7 per
cent interest in the company, has been named a non-executive,
non-independent director. The board of directors now comprises
seven people, including three independent directors.

Trading in Libra Group shares has been suspended since August, the
report notes.

Libra Group Limited provides integrated M&E services as a
sub-contractor. The Company's services include the contracting and
installation of ACMV systems, fire alarms and fire protection
systems, electrical systems as well as sanitary and plumbing
services. Libra also manufactures and sells ACMV related products.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
18, 2019, The Business Times said the Singapore High Court has
granted Libra Group a six-month reprieve against its creditors.
Libra's creditors include UOB, which issued a letter of demand on
Oct. 8 for US$18.8 million, and Maybank Singapore, which on Sept. 3
issued a letter of demand to possess Libra's property at 34 Sungei
Kadut Loop.


SAKAE HOLDINGS: First-Quarter Net Loss Widens to SGD831,000
-----------------------------------------------------------
The Business Times reports that Sakae Holdings on Nov. 14 said its
first-quarter net loss widened to SGD831,000 from SGD366,000 a year
ago, as a result of the group streamlining its operations.

BT relates that Sakae, which is on the Singapore Exchange's (SGX)
watch list, saw its loss per share rise to 0.60 cent for the
quarter from 0.35 cent a year ago.

Revenue for the three months to Sept 30 fell 9.5 per cent to SGD9.4
million, from SGD10.4 million a year ago, after the streamlining of
operations resulted in the reduction of revenue, a decrease in cost
of sales, labour costs and administrative costs, BT discloses.

No dividend was declared for the quarter, unchanged from a year
ago.

According to BT, the group said it expects operating conditions to
be challenging as food, labor, rental and utilities costs continue
to rise in the foreseeable 12 months ahead.

This is due to the current uncertain global economic climate, ever
present intense competition in the food and beverage (F&B)
industry, and perennial acute labour shortage, said the Sakae, BT
relays.

"The group will continue to work hard to manage the challenging
operating conditions in the F&B industry," it added.

Sakae Holdings Ltd. owns and operates restaurants, cafes, and
kiosks. The Company also offers food and beverages catering
services and franchises its food and beverages brands.


UTAC HOLDINGS: S&P Alters Outlook to Negative on Weakened Leverage
------------------------------------------------------------------
S&P Global Ratings, on Dec. 6, 2019, revised the outlook on the
Singapore-based outsourced semiconductor assembly and test (OSAT)
services provider, UTAC Holdings Ltd., to negative from stable. S&P
also affirmed its 'B' long-term issuer credit rating on the
company.

S&P said, "We revised the outlook on UTAC to negative from stable
to reflect the current protracted weakness in the company's
performance. The outlook revision also reflects the risk of the
company failing to clinch new semiconductor assembly and test
projects to improve topline or to realize margin improvement, which
could result in the credit metrics remaining sub-par. Such a
situation, leading to prolonged operating cash burn, could indicate
a fundamental weakening of UTAC's business.

"We affirmed the rating on UTAC because we expect UTAC's higher
capital expenditure and research and development (R&D) spending
could translate into gradual improvements in its operating
performance over the next two years. We also do not anticipate
debt-funded actions that could otherwise compromise performance-led
improvements in its credit metrics.

"We expect revenue to decline by about 10% in 2019 for UTAC due to
both sluggish industry conditions and comparatively weaker
competitiveness. We believe that the sluggish end-market demand is
due to a protracted slump in the mobile end-markets and general
economic uncertainty. We estimate the company's revenue in 2019 to
be US$705 million-US$710 million, down from US$788.3 million in
2018.

"We anticipate UTAC's adjusted EBITDA margin will contract to close
to 19% in 2019, from 21.9% in 2018. This margin contraction is
mainly driven by the decline in revenue, due to the high fixed-cost
component typical in an OSAT services provider's cost structure.
This margin contraction is also due to a decline in liquidated
damages paid to UTAC from the third quarter of 2019, which we
believe has almost 100% EBITDA flow-through.

"In our view, signs point to a bottoming-out in the sector.
However, it could take 12 months or more for UTAC's credit metrics
to recover. We anticipate that revenue will grow at a moderate
2%-3% annually over the next 24 months. We believe that UTAC's
additional capital and R&D spending could translate into new
customers in the test services segment. This could substantially
stem the profitability contraction because test services typically
carry higher margins.

"In our base case, free operating cash flows (FOCF) will remain
negative through 2021, though reducing in quantum over the same
period. We estimate FOCF will average a negative US$25
million-US$30 million annually through 2021. This will not increase
the debt level in our view, due to UTAC's significant cash
holdings. We expect cash holdings to decline but remain above
US$120 million by end of 2021. However, a continued absence of
prospects for FOCF to recover to at least a breakeven point may
indicate an unsustainable cash burn at the current rating level.

"The negative outlook on UTAC reflects the risk that a protracted
weakness in the semiconductor industry or failure to obtain new
customers and projects could prevent the company's leverage (debt
to EBITDA) from improving to below 5x over the next 12-24 months.
Such a scenario could also indicate a fundamental weakening of
UTAC's competitiveness.

"We may lower the rating if UTAC's debt-to-EBITDA ratio remains
above 5x with no likelihood of recovery within 12 months. This may
happen if UTAC's revenues stagnate around US$730 million on the
company's failure to gain sufficient new growth streams, or if the
company's adjusted EBITDA margin remains below 19%. In addition,
continued operating cash burn could also indicate a weakening of
UTAC's business fundamentals, and lead us to lower the rating on
the company.

"We may revise the outlook to stable if UTAC's financial headroom
improves with successful clinching of material new and profitable
projects. An indication of this would be its ratio of debt to
EBITDA recovering to and sustaining below 5x, while FOCF returns to
at least a breakeven point."

Founded in 1997, UTAC is a midsized OSAT services provider for
mixed-signal and logic, analog, and memory products. The company,
headquartered in Singapore, generated about US$788 million of
revenue in 2018.

UTAC's customers consist mostly of fabless companies, integrated
device manufacturers, and wafer foundries. The end-market
applications for the integrated circuits on which UTAC performs
assembly and test services include those in communications, mobile
devices, automobiles, and industrials. The company has production
facilities located in Singapore, Thailand, Taiwan, China, Malaysia,
and Indonesia.

UTAC is majority owned by two private equity sponsors, namely
Affinity Equity Partners and TPG Capital.




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

[*] BOND PRICING: For the Week Dec. 2, 2019 to Dec. 6, 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.



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