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

                      A S I A   P A C I F I C

           Tuesday, January 16, 2018, Vol. 21, No. 011

                            Headlines


A U S T R A L I A

ADVANCED EARTH: Second Creditors' Meeting Set for Jan. 22
BLAZE FIREWOOD: First Creditors' Meeting Set for Jan. 23
J-TEP ASSOCIATES: First Creditors' Meeting Set for Jan. 24
JFS INVESTMENTS: Second Creditors' Meeting Set for Jan. 22
MANBAND PTY: First Creditors' Meeting Set for Jan. 22

NATIONAL RMBS 2018-1: Moody's Assigns (P)Ba2 Rating to Cl. E Debt
PLUTUS PAYROLL: Collapse Leaves AUD100MM Black Hole
ROKK EBONY: Second Creditors' Meeting Set for Jan. 22


B A N G L A D E S H

BANGLADESH: Fitch Affirms BB- IDR; Outlook Stable


C H I N A

GOLDEN WHEEL: Moody's Assigns B2 Rating to Proposed USD Bonds
GUANGDONG ZHENRONG: Taps Private Refiner for Caribbean Project


I N D I A

ALLIAANCE BIOTECH: CRISIL Moves B+ Ratings to Not Cooperating
ALLIED RECYCLING: CRISIL Moves B+ Ratings to Not Cooperating
BAHUBALI MOTORS: CRISIL Moves B Rating to Not Cooperating
BELLONA PAPER: ICRA Assigns B+ Rating to INR9cr Cash Loan
ESS ESS: ICRA Reaffirms B+ Rating on INR31.28cr LT Loan

GOKUL GINNING: CRISIL Moves B+ Rating to Not Cooperating Category
GWASF QUALITY: ICRA Lowers Rating on INR6.40cr Loan to B
JAIN AGENCIES: ICRA Reaffirms B+ Rating on INR10cr Loan
KISHANPURIA GUWAR: CRISIL Moves B Rating to Not Cooperating
KUKADI SAHAKARI: CRISIL Lowers Rating on INR47.92MM LT Loan to D

LANCOSA CERAMIC: CRISIL Assigns B+ Rating to INR13.45MM Loan
LATA FIBRES: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
MOSARAM SHIVRAMDAS: CRISIL Moves B+ Rating to Not Cooperating
OM SAI: CRISIL Moves B Rating to Not Cooperating Category
OMKAMAL STEEL: CRISIL Moves B+ Rating to Not Cooperating Category

PRABHAT CABLES: CRISIL Moves B+ Rating to Not Cooperating
RHINE SOLAR: CRISIL Moves B Ratings to Not Cooperating Category
SALIA POLYMERS: CRISIL Reaffirms B- Rating on INR4.5MM Cash Loan
SANKALP COTTON: ICRA Moves B Ratings to Not Cooperating Category
SCODA TUBES: CRISIL Moves B- Ratings to Not Cooperating Category

SHREE BALAJI: CRISIL Reaffirms D Rating on INR20.75MM Cash Loan
SHREE BHANDARI: CRISIL Moves B- Ratings to Not Cooperating
SJP INFRACON: CRISIL Withdraws D Rating on INR25MM Term Loan
SRI RAGHURAMACHANDRA: CRISIL Moves B+ Rating to Not Cooperating
SUSEE TRUCKS: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan

SUYOG TELEMATICS: CRISIL Hikes Rating on INR87MM Term Loan to BB+
VAGDEVI FOOD: ICRA Assigns B+ Rating to INR12cr Term Loan
WHITE-TONE MICRON: ICRA Assigns B Rating to INR6.25cr Term Loan


I N D O N E S I A

TUNAS BARU: Moody's Rates Unit's Proposed Sr. Unsec. Bonds 'Ba3'


M A L A Y S I A

KINSTEEL BHD: Creditors Approve Debt Restructuring Scheme


X X X X X X X X

* BOND PRICING: For the Week Jan. 8 to Jan. 12, 2018


                            - - - - -


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


ADVANCED EARTH: Second Creditors' Meeting Set for Jan. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of

  - Advanced Earth Pty Ltd;
  - Advanced Mining & Civil Pty Ltd; and
  - Advanced Piping Solutions Pty Ltd

has been set for Jan. 22, 2018 at 9:00 a.m. at the Australian
Institute of Company Directors, Allendale Square, Level 1, 77 St
Georges Terrace, in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 19, 2018 at 4:00 p.m.

Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Advanced Earth,
Advanced Mining and Advanced Piping on Dec. 8, 2017.


BLAZE FIREWOOD: First Creditors' Meeting Set for Jan. 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Blaze
Firewood Pty Ltd will be held at Collins Square, Business Centre,
727 Collins Street, in Docklands, Victoria, on Jan. 23, 2018, at
11:00 a.m.

Stephen Robert Dixon and Ahmed Bise of Grant Thornton were
appointed as administrators of Blaze Firewood on Jan. 11, 2018.


J-TEP ASSOCIATES: First Creditors' Meeting Set for Jan. 24
----------------------------------------------------------
A first meeting of the creditors in the proceedings of J-Tep
Associates Pty Ltd will be held at the offices of RSM Australia
Partners, Equinox Building 4, Level 2, 70 Kent Street, in Deakin,
ACT, on Jan. 24, 2018, at 11:00 a.m.

Frank Lo Pilato and Jonathon Colbran of RSM Australia Partners
were appointed as administrators of J-Tep Associates on Jan. 12,
2018.


JFS INVESTMENTS: Second Creditors' Meeting Set for Jan. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of JFS
Investments Pty Ltd has been set for Jan. 22, 2018, at 3:00 p.m.
at the offices of Jones Partners Insolvency & Business Recovery
Level 13, 189 Kent 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 Jan. 19, 2018 at 5:00 p.m.

Joshua Philip Taylor at Jones Partners was appointed as
administrator of JFS Investments on Dec. 6, 2017.


MANBAND PTY: First Creditors' Meeting Set for Jan. 22
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Manband
Pty. Limited will be held at the offices of Cor Cordis, One Wharf
Lane, Level 20, 161 Sussex Street, in Sydney, New South Wales, on
Jan. 22, 2018, at 11:00 a.m.

Ozem Kassem and Jason Tang of Cor Cordis were appointed as
administrators of Manband Pty on Jan. 11, 2018.


NATIONAL RMBS 2018-1: Moody's Assigns (P)Ba2 Rating to Cl. E Debt
-----------------------------------------------------------------
Moody's Investors Service has assigned the provisional long-term
ratings below to the notes to be issued by Perpetual Trustee
Company Limited (the trustee) as trustee of the National RMBS
Trust 2018-1.

Issuer: National RMBS Trust 2018-1

-- AUD577.50 million Class A1-A Notes, Assigned (P)Aaa (sf)

-- AUD112.50 million Class A1-G Notes, Assigned (P)Aaa (sf)

-- AUD26.25 million Class A2 Notes, Assigned (P)Aaa (sf)

-- AUD17.25 million Class B Notes, Assigned (P)Aa2 (sf)

-- AUD6.00 million Class C Notes, Assigned (P)A2 (sf)

-- AUD5.25 million Class D Notes, Assigned (P)Baa2 (sf)

-- AUD3.00 million Class E Notes, Assigned (P)Ba2 (sf)

The AUD2.25 million Class F Notes are not rated by Moody's.

The ratings address the expected loss posed to investors by the
legal final maturity.

The transaction is a securitisation of a portfolio of Australian
prime residential mortgages. All mortgages were originated and
are serviced by National Australia Bank Limited (NAB, Aa3/P-
1/Aa2(cr)/P-1(cr)).

Some 15.1% of loans in the pool are covered by lenders' mortgage
insurance (LMI) policies, with 5.6% covered by Genworth Financial
Mortgage Insurance Pty Ltd and 9.5% covered by QBE Lenders'
Mortgage Insurance Limited. The LMI policies insure losses equal
to 100% of the principal amount, the accrued interest of each
loan and reasonable expenses involved in enforcing the mortgage.

Class A1-G Notes will be certified as climate bonds under the
Climate Bonds Standard by the Climate Bonds Initiative (CBI),
because around 24.0% of loans in the pool satisfy the CBI's July
2017 low carbon building guidance for Australian residential
properties.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
the evaluation of the underlying receivables, the evaluation of
the capital structure and credit enhancement provided to the
notes, the availability of excess spread over the life of the
transaction, the liquidity facility in the amount of 1.90% of the
pool balance, the legal structure, and the credit strength and
experience of NAB as Servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral
pool is 4.20% prior to LMI benefit, while the expected loss is
0.40%. MILAN CE represents the loss that Moody's expects the
portfolio to suffer in a severe recessionary scenario, while
expected loss represents a stressed, through-the-cycle loss
relative to Australian historical data.

After LMI benefit, the MILAN CE is at 3.95%.

The key transactional features are:

- Class A1-A and Class A1-G Notes benefit from 8% initial note
subordination. The excess subordination relative to the MILAN CE
provides additional credit support not only in an event of
mortgage insurer downgrade, but also if the underlying pool
performance is worse than initially expected.

- The notes will initially be repaid on a sequential basis, but
pro-rata for Class A1-A and Class A1-G Notes. On or after the
second anniversary from the closing date, all notes may be able
to participate in proportional principal collections distribution
subject to the subordination conditions being met. The
subordination conditions include, among others, an increase in
the Class A subordination to 18% and no unreimbursed charge-offs.

- A liquidity facility, provided by NAB in the amount of 1.90% of
the outstanding pool balance of loans not in arrears by more than
90 days, with a floor of AUD1,425,000. The liquidity reserve will
be available where trust income, drawing on the excess reserve
and principal collections are insufficient to meet the required
payments.

- A fixed rate swap that will be provided by NAB to hedge any
mismatch between the interest rates charged on the fixed rate
loans and payable on the floating rate notes. In view of NAB's
current Aa2(cr) counterparty risk assessment, the swap linkage
has no present rating impact on the notes, because the linkage
between the notes rating and NAB's credit strength as the swap
provider is mitigated by an obligation to post cash collateral
and novate the swap if NAB's counterparty risk assessment is
below A3(cr) and Baa1(cr) respectively.

- A loss allocation reserve that can be used to cover losses to
the extent that they are not covered by excess spread. This
reserve is unfunded at closing and builds through the trapping of
excess spread (at item 18 in the interest waterfall above) up to
a maximum balance of AUD500,000.

The key pool features are:

- The portfolio has a low weighted-average scheduled loan-to-
value (LTV) ratio of 61.8% and only 7.8% of the loans have a
scheduled LTV ratio above 80%.

- The portfolio is well seasoned, with weighted-average seasoning
of 32.8 months.

- Investment and IO loans represent 21.8% and 14.8% of the
portfolio, respectively. Both are below the Australian mortgage
market averages.

- The mortgage portfolio is well diversified across geographical
regions due to NAB's wide distribution network.

- About 89.6% of the borrowers are pay-as-you-go full-time
employees; a proportion which is higher than a typical
transaction in the Australian RMBS market.

- High proportion of loans (42.8%) with a loan purpose other than
purchase.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
September 2017.

Factors That Would Lead to an Upgrade or Downgrade of the
Ratings:

Factors that could lead to an upgrade of the notes include a
rapid build-up of credit enhancement, due to sequential
amortization or better-than-expected collateral performance. The
Australian jobs market and the housing market are primary drivers
of performance.

A factor that could lead to a downgrade of the notes is worse-
than-expected collateral performance. Other reasons that could
lead to a downgrade include poor servicing, error on the part of
transaction parties, a deterioration in the credit quality of
transaction counterparties or lack of transactional governance
and fraud.

Moody's Parameter Sensitivities:

Parameter Sensitivities are designed to provide a quantitative
calculation of how the initial rating might change if key input
parameters used in the initial rating process differed. The
analysis assumes that the deal has not aged. Parameter
Sensitivities only reflect the rating impact of each scenario
from a quantitative/model-indicated standpoint.

For the Australian market, linkage to mortgage insurance has been
a key rating sensitivity parameter. QBE Lenders' Mortgage
Insurance Limited and Genworth Financial Mortgage Insurance Pty
Ltd are the two primary LMI providers in the Australian prime
RMBS sector.

The Class A1-A, Class A1-G and Class A2 Notes are structured to
be LMI independent from day one. Therefore, at the time of the
rating assignment, the Class A1-A, Class A1-G and Class A2 (P)Aaa
(sf) ratings are insensitive to any rating migration of the
mortgage insurers. Similarly, the Class B to Class E Notes are
also insensitive to any rating migration of the mortgage
insurers.

If MILAN CE increased to 8.40% and there was no LMI benefit, the
ratings on the Class A2 Notes drop two notches to Aa2, while the
Class B to Class D Notes drop four notches to A3, Baa3 and Ba3
respectively and the Class E Notes drop 5 notches to Caa1.


PLUTUS PAYROLL: Collapse Leaves AUD100MM Black Hole
---------------------------------------------------
Geoff Winestock and David Marin-Guzman at the Australian
Financial Review report that about AUD100 million appears to have
disappeared from Plutus Payroll, the company at the centre
Australia's largest tax fraud case, according to a first report
from liquidators who are now investigating tens of millions of
dollars pumped out of the company to related entities and
offshore in the past 12 months.

In his first report to creditors, Tim Norman of Deloitte
Financial Advisory estimated that Plutus Payroll Australia, the
main company in the group, which had total debts of AUD44
million, would be left with a "deficiency" of AUD30 million on a
conservative basis, according to AFR.

AFR relates that Deloitte said it could not yet even estimate how
much money it could recover of the AUD92 million owed by nine
other Plutus Payroll group companies also involved in the
liquidation.

But if the same 31% rate of recovery holds, the Australian Tax
Office, which is owed all but AUD2 million of the debt, will be
down about AUD100 million on the AUD136 million of debt, AFR
relays.

According to the report, the Australian Federal Police closed
down Plutus Payroll and nine other companies in May last year and
charged 10 people including Michael Cranston, then deputy
commissioner of taxation, after eight-month Operation Elbrus
which used wire taps and seized bank accounts, luxury property
and prestige vehicles.

AFR says the charges including conspiracy to defraud the
Commonwealth, blackmail and abuse of power related to a scheme
where Plutus signed contracts with government departments and
other employers to process up to AUD1 billion of gross wages and
entitlements for their contractors. It paid the wages via 10
"second tier" companies run by "straw directors" but skimmed off
all but a small portion of the taxes due to the ATO.

Deloitte said it had found evidence of what is known as "phoenix
activity with the purpose of avoiding ATO obligations," AFR
reports.

Michael Cranston was unaware of the conspiracy but was charged
with inappropriately accessing ATO files to help his son Adam,
one of those charged, as the net tightened. Adam Cranston has not
yet entered a plea, AFR states.

                        About Plutus Payroll

The Plutus Payroll Group of Companies provided payroll services
to various companies.

David Iannuzzi and Vincent Pirina of Veritas Advisory were
appointed as administrators of Plutus Payroll on June 6, 2017.

Tim Norman, Sal Algeri and Eddie Senatore were appointed Joint
and Several Provisional Liquidators of the 10 companies within
the Plutus Group on June 9, 2017 by the Supreme Court of New
South Walesfollowing an application made by the Deputy
Commissioner of Taxation.

On Oct. 9, 2017, the Court ordered that 10 entities be wound up.
They also ordered the winding up of BRW Services Pty Ltd on the
same day.



ROKK EBONY: Second Creditors' Meeting Set for Jan. 22
-----------------------------------------------------
A second meeting of creditors in the proceedings of Rokk Ebony
(Clarendon St) Pty Ltd has been set for Jan. 22, 2018 at 11:00
a.m. at the offices of Romanis Cant, 2nd Floor, 106 Hardware
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 Jan. 19, 2018 at 5:00 p.m.

Anthony Robert Cant and Renee Sarah Di Carlo of Romanis Cant
were appointed as administrators of Rokk Ebony on Dec. 13, 2017.



===================
B A N G L A D E S H
===================


BANGLADESH: Fitch Affirms BB- IDR; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed Bangladesh's Long-Term Foreign-
Currency Issuer Default Rating (IDR) at 'BB-' with a Stable
Outlook.

KEY RATING DRIVERS

Bangladesh's ratings balance strong foreign-currency earnings and
high real GDP growth against weak structural indicators,
significant political risk and weak banking-sector health.

Bangladesh exhibits one of the highest real GDP growth rates in
the sovereign space. Its 6.6% five-year average real GDP growth
and 7.3% growth in the financial year ended 30 June 2017 (FY17)
well exceed the 'BB' category medians of 3.5% in both cases.
Fitch forecasts real GDP growth to decelerate slightly to 6.9% in
FY18 and 6.7% in FY19, as severe floods during the summer of 2017
will probably affect agricultural output and increased political
uncertainty related to general elections, to be held no later
than January 2019, is likely to lead to postponed investment. At
the same time, Fitch expects garment exports and overseas
workers' remittances to hold up well and some fiscal loosening
will support growth. Bangladesh's inflation is relatively high
compared with peers, averaging 5.9% in the first half of FY18,
and 6.4% over the past five years (BB median: 3.1%).

Bangladesh's external finances remain strong, even though Fitch
expects moderate current account deficits to continue (-0.6% in
FY17) after several years of surpluses. Foreign-exchange reserve
buffers are comfortable, amounting to US$32.6 billion in November
2017 (7.3 months of current external payments, compared with 4.4
months for peers in the BB category). Remittances (US$13.6
billion in 2017) recovered in the second half of 2017 and are
likely to stabilise, in part due to an increase in Bangladeshi
overseas workers over the past year. A total of 932,000
Bangladeshis emigrated to work abroad in the first 11 months of
2017, almost 250,000 more than in the same period in 2016.
Bangladeshi ready-made garment exports continued to be strong,
accounting for 81% of total exports and earning the country
US$26.4 billion in the first 11 months of 2017 (US$26.1 billion
in 2016).

Political and safety risks remain substantial, but security
conditions seem to have improved in the past 12 months. Foreign
investors and buyers of Bangladeshi goods, especially ready-made
garments, have continued to do business in Bangladesh and have
resumed visiting the country more frequently after a slow period
following a notorious terrorist attack in July 2016. Security
incidents or political turmoil could inflict long-term economic
harm if it deters them from doing so in the future. Calm has
returned after political violence erupted in 2014 and 2015, but
continued strong political polarisation could again lead to
widespread violence and blockades, especially nearer to the
general elections.

The banking sector's health and governance standards are
generally weak, particularly in public-sector banks. The official
non-performing loan ratio is high at 10.1% in June 2017, the
capital adequacy ratio (CAR) is low at 10.9% and the CAR for the
six state-owned commercial banks is well below the 10% regulatory
minimum. At the same time, the risk that the sovereign will need
to provide considerable additional support to the banking sector
is mitigated by the small size of private credit, at 37% of GDP.

Bangladesh's general government debt/GDP ratio of 32.7% in FY17
compares well with the 'BB' median of 44.5%. However, the debt
burden equals 320% of government revenue, significantly higher
than the 'BB' median of 184%. The government's revenue intake of
10.2% of GDP is the second lowest of all rated sovereigns after
Nigeria, implying limited fiscal space to boost badly needed
infrastructure development. Implementation of a new VAT law has
the potential to boost revenue, but has been postponed to 2019.
Spending pressure may arise in the context of upcoming elections.
Expenditure related to the large inflow of refugees from Myanmar
will likely be limited, as the international community is likely
to bear most of the burden.

The Bangladeshi economy is less developed on a number of metrics
than many of its peers. Average per capita GDP remains low at
US$1,585 compared with the 'BB' range median of US$5,611,
although major improvements have taken place over the past decade
on a number of social metrics. Governance also continues to be
weak, as illustrated by a low score for the World Bank governance
indicator (24th percentile versus the BB median of 51st
percentile). The difficult business environment is illustrated by
the country's position of 177th out of 190 countries in the World
Bank's latest Ease of Doing Business report, while a large
infrastructure deficit also hampers investment. However, the
government seems focused on making progress on some large ongoing
infrastructure projects.

SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO)

Fitch's proprietary SRM assigns Bangladesh a score equivalent to
a rating of 'BB' on the Long-Term Foreign-Currency (LT FC) IDR
scale. Fitch's sovereign rating committee adjusted the output
from the SRM to arrive at the final LT FC IDR by applying its QO,
relative to rated peers, as follows:

- Structural features: -1 notch, to reflect political risk
arising from a polarised political environment and domestic
security concerns, as well as weak banking-sector health and
governance.

Fitch's SRM is the agency's proprietary multiple regression
rating model that employs 18 variables based on three-year
centred averages, including one year of forecasts, to produce a
score equivalent to a LT FC IDR. Fitch's QO is a forward-looking
qualitative framework designed to allow for adjustment to the SRM
output to assign the final rating, reflecting factors within
Fitch criteria that are not fully quantifiable and/or not fully
reflected in the SRM.

RATING SENSITIVITIES

The Stable Outlook reflects Fitch's assessment that upside and
downside risks to the rating are well-balanced.

The main factors that individually, or collectively, could
trigger positive rating action are:
- A reduction in political risk or domestic security concerns
- Sustained high GDP growth, which would support development and
   bring per capita GDP closer in line with peers
- An improvement in governance, which would strengthen the
   business climate and could improve banking-sector health

The main factors that individually, or collectively, could
trigger negative rating action are:
- Substantial slowdown in GDP growth, for example, related to
   materialising political risk or a deterioration in the
   security situation
- A significant rise in the government debt-to-GDP ratio, for
   example, due to substantial government support for the banking
   sector

KEY ASSUMPTIONS

- The global economy performs broadly in line with Fitch's
   Global Economic Outlook (December 2017).

The full list of rating actions is as follows:

Long-Term Foreign-Currency IDR affirmed at 'BB-'; Outlook Stable
Long-Term Local-Currency IDR affirmed at 'BB-'; Outlook Stable
Short-Term Foreign-Currency IDR affirmed at 'B'
Short-Term Local-Currency IDR affirmed at 'B'
Country Ceiling affirmed at 'BB-'



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


GOLDEN WHEEL: Moody's Assigns B2 Rating to Proposed USD Bonds
-------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured
rating to the proposed USD bond to be issued by Golden Wheel
Tiandi Holdings Company Limited (B2 stable).

The bond proceeds will be used for refinancing existing debt,
funding new development projects and other general corporate
purposes.

RATINGS RATIONALE

"Golden Wheel's proposed bond will have no impact on its
corporate family rating," says Cedric Lai, a Moody's Assistant
Vice President and Analyst.

Moody's expects that the new bond amount will be within the
forecasted new debt raised in 2018 for refinancing and capital
expenditures.

Accordingly, Golden Wheel's credit metrics over the next 12-18
months will still support its corporate family rating of B2. Its
adjusted EBIT/interest will be above 2.0x, revenue to adjusted
debt above 30% and adjusted debt to book capitalization at around
45%-50%.

Moreover, Golden Wheel's liquidity position will improve slightly
after the bond issuance, such that its cash/short-term debt will
likely remain above 1x over the next 12-18 months.

Golden Wheel's B2 corporate family rating reflects its: (1)
proven track record of property development in Nanjing, (2)
diversified product mix, and (3) stable recurring income from
investment properties.

On the other hand, its credit profile is constrained by its small
operating scale and volatile credit metrics arising from property
development.

The stable outlook on Golden Wheel's issuer and senior unsecured
ratings reflects Moody's expectation that the company will
refinance its maturing debt and preserve adequate liquidity
levels, adopt a disciplined approach to expansion, and maintain a
stable recurring income stream.

Upward ratings pressure could emerge if Golden Wheel: (1) expands
its scale through stable revenue growth and demonstrates a
stronger and less volatile financial profile, and (2) maintains a
solid liquidity profile.

Credit metrics that could trigger an upgrade include: (1) net
rental income that covers 1.0x of gross interest expenses, (2) a
revenue to debt ratio above 60%-70%, and (3) a cash to short-term
debt ratio above 1.3x on a sustained basis.

The ratings could be downgraded if Golden Wheel: (1) experiences
a significant decline in sales or rental income, (2) materially
increases its debt-funded investment projects, or (3) fails to
maintain an adequate liquidity profile.

Credit metrics that could trigger a ratings downgrade include:
(1) a net rental income to gross interest ratio below 0.3x, (2)
an adjusted EBIT to gross interest ratio below 1.5x on a
sustained basis, or (3) a cash to short-term debt ratio below
1.0x.

The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.

Listed on the Hong Kong Stock Exchange in January 2013, Golden
Wheel Tiandi Holdings Company Limited is an integrated commercial
and residential property developer, owner and operator, focused
on projects in Jiangsu and Hunan provinces. Its projects are
either connected or close to metro stations or other
transportation hubs.

The company also engages in the leasing and operational
management of shopping malls owned by third parties.

At June 30, 2017, the company's land bank totaled 869,881 sqm in
gross floor area, situated in Nanjing, Yangzhou, Changsha, Wuxi
and Zhuzhou.


GUANGDONG ZHENRONG: Taps Private Refiner for Caribbean Project
--------------------------------------------------------------
Chen Aizhu at Reuters reports that China's debt-ridden Guangdong
Zhenrong Energy (GZE) has asked a private refining group to join
a multi-billion dollar investment in an aging Caribbean oil plant
to shore up financing on the deal, said two Chinese executives
involved in the matter.

According to Reuters, the Curacao government last week scrapped a
preliminary deal with Guangdong Zhenrong to operate the century-
old Isla refinery, saying the state-controlled commodity trader
lacked the financial muscle for the job on its own.

Taking over the 335,000 barrels-per-day (bpd) refinery, operated
for decades by Venezuela's cash-strapped state oil firm PDVSA,
would give China a foothold in the Caribbean's second-largest
refinery, which has also been a key transfer point for Venezuelan
oil heading to Asia, the report says.

Reuters says Chen Bingyan, Guangdong Zhenrong's chief negotiator
for the project, acknowledged that the Chinese commodity trader
is saddled with heavy debt after rapid expansion but said that
should not stop it from pressing ahead on the investment.

"Guangdong Zhenrong is facing financial difficulties and it will
take time to sort out those problems . . . because of this, we've
brought on a large private Chinese firm to join the project,"
Chen told Reuters.

Baota Petrochemical Group, a privately-run refining and
petrochemical group in northern China, has emerged as the new
partner in the Curacao project, which requires $3.4 billion to
revamp the aging oil plant, Reuters notes.

"What's more important, Baota has obtained $3 billion worth of
financial support from the Asia Development & Investment Bank,"
Reuters quotes Chen as saying.

Reuters relates that Chen said the bank's offer of financial
support will be valid until January 2019, and its release of
loans will be subject to the involved parties signing a final
commercial contract and obtaining regulatory approvals.

Guangdong Zhenrong, 44.3 percent owned by state oil trader Zhuhai
Zhenrong Corp -- which is now subsidiary of state-controlled
conglomerate Nam Kwong Group -- could also be restructured, said
Chen, who gave no further details, Reuters relays.

That could help address questions that were raised about
Guangdong Zhenrong's financial standing last year when it was
ordered by Hong Kong High Court to wind up, Reuters reports
citing a statement in September by its listed unit Titan
Petrochemicals.

"Although banks are unlikely to support GZE, the firm could
continue to act as the mastermind and coordinator for the Curacao
project," Xiong Shaohui, Guangdong Zhenrong chairman, told
Reuters.

Guangdong Zhenrong Energy Co., Ltd. engages in the trade and
investment of energy and natural resources commodities.



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


ALLIAANCE BIOTECH: CRISIL Moves B+ Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Alliaance
Biotech (AB) for obtaining information through letters and emails
dated October 6, 2017 and December 22, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           8        CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Import Letter of       .75     CRISIL A4 (Issuer Not
   Credit Limit                   Cooperating; Rating Migrated)

   Standby Letter         .50     CRISIL B+/Stable (Issuer Not
   of Credit                      Cooperating; Rating Migrated)

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 Alliaance Biotech which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Alliaance Biotech 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 Alliaance Biotech to 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Set up as a partnership firm by Mr. Nitin Singla, Mr. Shishir
Gupta and Mr. Navneet Dhawan, AB manufactures tablets, capsules,
injections and liquid orals at its manufacturing plant at Baddi
(Himachal Pradesh). Mr. Navneet Dhawan left the firm in April
2014.


ALLIED RECYCLING: CRISIL Moves B+ Ratings to Not Cooperating
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Allied
Recycling Limited (ARL) for obtaining information through letters
and emails dated October 6, 2017 and December 22, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           25       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

   Proposed Short Term    2       CRISIL A4 (Issuer Not
   Bank Loan Facility             Cooperating; Rating Migrated)

   Term Loan              8       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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 Allied Recycling Limited which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Allied Recycling Limited 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 Allied Recycling Limited to 'CRISIL
B+/Stable/CRISIL A4 Issuer not cooperating'.

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

ARL, set up by Mr. Vijay Kumar Abrol in 2003, manufactures
billets at its facility in Ludhiana, Punjab. While 50% of the
billets are used for manufacturing wire rods, the rest are sold.
Trading in hot-rolled (HR) and cold-rolled (CR) sheets accounts
for 30% of its revenue. Till June 2009, the company also
manufactured ingots.


BAHUBALI MOTORS: CRISIL Moves B Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Bahubali
Motors Private Limited (BMPL) for obtaining information through
letters and emails dated October 24, 2017 and December 13, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            10       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Bahubali Motors Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Bahubali Motors Private Limited is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

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

BMPL was originally established as a partnership firm in 1959,
and was reconstituted as a private limited company in 2005. The
company has been a dealer for Tata Motors Ltd's cars in Raipur
since 2000. It is promoted by Mr. Hiralal Shah and his family.


BELLONA PAPER: ICRA Assigns B+ Rating to INR9cr Cash Loan
---------------------------------------------------------
ICRA has assigned the long-term rating to [ICRA]B+ to the
INR15.00-crore fund-based bank facilities of Bellona Paper Mill
Private Limited. ICRA has assigned the short-term rating to
[ICRA]A4 on the INR1.00-crore non-fund based limit of the
company. ICRA has also assigned the long-term rating to [ICRA]B+
and short-term rating to [ICRA]A4 to the unallocated limits of
INR1.20 crore of BPM. The outlook on the long-term rating is
Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                  9.00      [ICRA]B+(Stable); Assigned

  Fund-based-Term
  Loan                    6.00      [ICRA]B+(Stable); Assigned

  Non-fund based-
  Bank Guarantee          1.00      [ICRA]A4; Assigned

  Unallocated             1.20      [ICRA]B+(Stable)/[ICRA]A4;
                                     Assigned

Rationale

The assigned ratings are constrained by average financial risk
profile reflected by low profitability margins, leveraged capital
structure and weak coverage indicators. The ratings also factor
in the vulnerability of contribution margins to fluctuations in
imported/domestic waste paper pricing cycle and power prices. The
ratings consider the susceptibility of operations to any
regulatory changes such as ban of export of waste paper,
deforestation etc and foreign currency fluctuations. The assigned
ratings take into account the fragmented industry structure which
leads to intense competitive pressure among the regional players.
The ratings, however, favorably factor in the locational
advantage by virtue of its proximity to customers; having derived
~55% of total sales from Gujarat in FY2017 and 57% in 8MFY2018.

Outlook: Stable

ICRA believes Bellona Paper Mill Private Limited will benefit
from its proximity to end customers. The outlook may be revised
to 'Positive' if successful scale up of operations with capacity
expansion while ensuring efficient working capital management,
improvement in profitability margins and capital structure of the
company. The outlook may be revised to 'Negative' if adverse
capital structure, substantial decline in scale and/or
profitability or insufficient net cash accruals to support the
debt repayments, weakens the financial risk profile.

Key rating drivers

Credit strengths

* Locational advantage in terms of proximity to end customers:
The customer profile of the company includes corrugated box
manufacturers, dealers and traders in the domestic market located
in Baroda, Ahmedabad, Rajkot, Surat etc. The plant is located in
Gujarat wherein the customer concentration remained at ~55% of
the total sales in FY2017 leading to saving in terms of
transportation costs.

Credit weaknesses

* Average financial risk profile: The company commenced
commercial operations in October, 2016 and reported an operating
income of INR29.04 crore in FY2017. Further, in the current
fiscal BPM has booked an operating income of INR62.75 crore till
November, 2017. The operating margin of the company remained low
at 3.66% in the current fiscal due to fluctuating raw material
prices. On account of high debt level of the company consisting
term loan (40% of total debt) and working capital (51% of total
debt) coupled with low net-worth base, the capital structure also
stood leveraged as on November, 2017. The working capital
intensity of the company stood moderate however, the average
working capital utilisation remained high at ~94% for past twelve
months.

* Vulnerability of profitability to volatility in waste paper and
power prices: The main raw material for BPM is waste kraft paper,
which forms about 70% of the total raw material cost followed by
power cost forming nearly 15% of the same. The sourcing mix
between domestic and imported waste paper varies depending on the
prevailing prices. Also, the company has limited control over the
raw material and power prices as well as ability to pass on to
end customers which exposes the profit margins to their
fluctuations.

* Business exposure to regulatory changes in overseas markets and
foreign currency fluctuations: BPM procures ~80% of the waste
paper through imports which exposes it to any regulatory changes
such as ban on waste paper export, deforestation etc. Also, in
absence of hedging policy by the company for purchase of raw
material and limited bargaining power with customers, the
profitability also remains susceptible to foreign currency
fluctuations.

* Fragmented industry structure with competition primarily from
regional players: The kraft paper industry is highly fragmented
with stiff competitive pressures from numerous organised as well
as unorganised players. The degree of competition in the higher
BF range (>20) is lower than in lower BF range paper, however, on
account of limited experience of the management in paper industry
and limited track record of operations, the company's operating
parameters are likely to remain under pressure.

Incorporated in October, 2015 by Mr. Pankaj Patel, Mr. Ashish
Marvaniya and Mr. Bharat Loriya, Bellona Paper Mill Private
Limited (BPM) is engaged in manufacturing kraft paper. The
manufacturing plant located at Morbi in Gujarat is facilitated
with latest technology machinery to produce kraft paper of 16-24
BF (burst factor) that find end usage in production on corrugated
boxes for packaging. BPM commenced operations in October, 2016.
The promoters have experience in ceramic industry vide their
association with other entities.

In 8MFY2018 (April, 2017 to November, 2017), on a provisional
basis, the company reported profit before depreciation and tax of
INR1.76 crore on an operating income of INR62.75 crore against
profit after tax of INR0.44 crore on an operating income of
INR29.04 crore.


ESS ESS: ICRA Reaffirms B+ Rating on INR31.28cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and short-
term rating of [ICRA]A4 on the INR33.50-crore bank facilities of
Ess Ess Kay Engineering Company Private Limited (SSKE). The
outlook on the long-term rating is Stable.
                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Long-term Fund-
  based                  31.28      [ICRA]B+ (Stable); reaffirmed

  Long-term Unallocated   1.47      [ICRA]B+ (Stable); reaffirmed

  Short-term Fund-based   0.25      [ICRA]A4; reaffirmed

  Short-term Non-fund
  Based                   0.50      [ICRA]A4; reaffirmed


Rationale

ICRA's ratings reaffirmation takes into account SSKE's ~23%
growth in operating income in FY2017, resulting in higher
operating profit and cash accruals though the liquidity remains
stretched due to significant inventory and debtor build-up, which
have been financed through incremental borrowings. ICRA's ratings
continue to take into account the intensely competitive market
together with the limited value-adding nature of the business.
SSKE's profit margins remain subdued due to its raw-material
intensive nature of operations and its low bargaining power. The
ratings are also constrained by the company's high working
capital intensity of operations due to high inventory levels and
weak debt coverage indicators, with thin DSCR and NCA/TD.
However, the ratings positively factor in the company's long
association with the Indian Railways, from which the company has
seen regular order inflow. The ratings also factor in the
promoter's extensive experience in the electric switchgear and
control panel industry.
Going forward, the company's ability to diversify its revenue
base across clients and improve its working capital intensity of
the operations will be the key rating sensitivity.

Outlook: Stable

ICRA believes that the outlook for SSKE will continue to remain
stable. The outlook may be revised to 'Positive' if substantial
growth in revenue and profitability, and better working-capital
management, strengthens the financial risk profile. The outlook
may be revised to 'Negative' if cash accrual is lower than
expected, or if any major capital expenditure, or stretch in the
working-capital cycle, weakens liquidity.

Key rating drivers

Credit Strengths

* Experienced promoters with established track record of
operations in the industry: Incorporated in 1964 by Mr. K. S.
Khosla, SSKE manufactures electrical switches, MCB's, DB's,
LED's, switchgears, wire and cables and electrical enclosure
system. Mr. Khosla is a post graduate with over four decades of
experience in the manufacturing of electrical switches and allied
products.

* Increased scale of operations: The company reported a healthy
revenue growth of ~23% along with improved net profit on the back
of healthy order book execution in FY2017. In 8M FY2018, SSKE
recorded sales of INR71.52 crore.

* Long association with Indian Railways reflect favourably on the
company's operational track-record: The company has been
supplying power and control cabinets for cabin car and heating
ventilation and air conditioning units to the Indian Railways'
rail coach factory based out at Kapurthala and Rae Bareilly for
over two decades with majority of orders being tender based.

* Healthy order book provides revenue visibility: SSKE has an
order book of INR78.42 crore as on December 12, 2017, primarily
from Indian Railways, which provides revenue visibility for the
near future. The company's ability to convert the order book into
sales within the stipulated time frame will be crucial.

Credit Weakness

* Financial profile characterised by leveraged capital structure
and weak debt coverage indicators: The gearing of the company
remains high at 2.76 times as on March 31, 2017 on account of
debt funding of working capital requirements, resulting in
leveraged capital structure. The debt-coverage indicators remain
weak as reflected in Total Debt/OPBDITA of 4.19 times, TOL/TNW of
5.59 times and NCA/Total Debt of 8% in FY2017.

* High working capital intensity resulting from high inventory
levels which impacts liquidity: SSKE's working capital intensity
stands high as reflected by NWC/OI of 47.95% in FY2017, primarily
on account of high inventory holding period. The company is
required to maintain at least three month inventory for railways
and due to diversified products the inventory period remains
high. The long working capital cycle (debtor + inventory days of
345 in FY2017) has necessitated enhancement in working capital
facilities putting additional pressure on coverage indicators.
Also, ad-hoc limit is availed time to time in order to suffice
incremental working capital needs.

* Intense competition due to low complexity of work involved: The
company faces stiff competition owing to the low value-added
nature of work, which limits pricing flexibility and bargaining
power with customers. Also, the mechanical and electrical product
segment is dominated by a number of large as well as small-scale
players. This in turn puts pressure on the company's margins.

* Vulnerability of profitability to any adverse fluctuation in
raw material prices: The raw material-intensive business makes
profit margins vulnerable to adverse variations in raw material
prices.

SSKE was constituted in 1964 as a private limited company by Mr.
K.S. Khosla. The company manufactures modular switches, regular
switches, board mounting switches, miniature circuit breakers,
change over switches, distribution boards and panels, power
control panels, heating ventilation and air conditioning units
and LED lights. The company's product range comprises of around
600 types of products. The company sells its products under the
brand name 'SSK' and has its manufacturing facility at Kapurthala
and Jalandhar in Punjab.

In FY2017, the company reported profit after tax (PAT) of INR1.83
crore on an operating income (OI) of INR94.18 crore compared with
a PAT of INR1.21 crore on an OI of INR76.64 crore in the previous
year.


GOKUL GINNING: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Gokul
Ginning and Oil Industries (GGOI) for obtaining information
through letters and emails dated November 27, 2017 and
December 13, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            6        CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Gokul Ginning and Oil
Industries which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Gokul Ginning and Oil Industries 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 Gokul Ginning and Oil Industries to 'CRISIL
B+/Stable Issuer not cooperating'.

GGOI is an Amreli, Gujarat-based partnership firm established in
2008. It manufactures cotton bales and kapasia, cotton oil, and
deoiled cakes. Mr Aminali K Gangani, Mr Siraj P Keshwani, and Mr
Sahejad B Gangani are key partners in the firm.


GWASF QUALITY: ICRA Lowers Rating on INR6.40cr Loan to B
--------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B+ to [ICRA]B
for the INR8.48-crore fund-based facilities of GWASF Quality
Castings Private Limited. ICRA has also revised the long-term
rating from [ICRA]B+ to [ICRA]B for the INR1.02-crore unallocated
limits of GWASF Quality Castings Private Limited. The outlook on
the long-term rating is 'Stable'.

              Amount
  Facilities         (INR crore)     Ratings
  ----------         -----------     -------
  Fund based-PCFC/        6.40       [ICRA]B (Stable); Revised
  FBD/OD                             from [ICRA]B+

  Fund based-Term         2.08       [ICRA]B (Stable); Revised
  Loan                               from [ICRA]B+

  Unallocated             1.02       [ICRA]B (Stable); Revised
                                     from [ICRA]B+

Rationale

The revision in the rating takes into account weakening in
financial risk profile of the company in FY2017, as evident from
steep decline in profitability and net cash accruals on account
of increase in input costs and under-absorption of overheads; and
the deterioration in debt-coverage indicators. The reduction in
order-inflow from the US and European customers following weak
demand from end-user industries like power, oil & gas and
chemicals etc. has impacted revenues over the past two fiscals.
The rating continues to remain constrained by the company's
modest scale of operations and high working-capital requirements
on account of high inventory holding and debtor levels. Further,
the rating continues to factor in high customer-concentration and
intense competition from other organised and unorganised players
in the industry.

The rating, however, continues to derive comfort from the long
experience of the promoters of more than three decades in the
steel-castings industry. The rating also factors in established
relationship with reputed clients such as Flowserve Corporation,
ITT Inc. and ARI Armaturen Gmbh & Co., resulting in repeat
orders. The rating also takes into account the preferred supplier
agreement with 'Flowserve Corporation', which allows assured
annual off-take and subsequently supports business prospects.
Going forward, the company's ability to scale its operations,
improve its profitability and effectively manage its working
capital requirements will be the key rating sensitivities.

Outlook: Stable

ICRA believes GQCPL will continue to benefit from the extensive
experience of its promoters and established track record in
manufacturing of steel alloy castings. The outlook may be revised
to 'Positive' if substantial growth in revenue and profitability,
and better working-capital management, strengthen the financial
risk profile. The outlook may be revised to 'Negative' if cash
accruals are lower than expected, or if any major capital
expenditure, or stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

* Long experience of promoters and reputed international and
domestic client base: The promoters of the company has long
experience in the castings industry. The company has a reputed
international client base with customers like Flowserve
Corporation, ITT Inc. and ARI Armaturen Gmbh & Co. among the
major customers. The company also has reputed domestic customers
like Weir Minerals (India) Private Limited, Pacmac Engineers
Private Limited etc. Long-term relations with these customers
have resulted in repeat orders.

* Preferred vendor status and yearly off-take arrangement with
Flowserve Corporation: GWASF is the preferred vendor for
Flowserve Corporation, USA, which is one of the leading
manufacturers and suppliers of pumps, valves, seals and
components to the process industries (power, oil, gas, chemical
etc.). GWASF has a three-year preferred-supplier agreement with
Flowserve Corporation. As per the terms, the agreement is
automatically extended for a three-year period provided both
parties meet obligations under the agreement. The products
covered under the agreement are pre-decided and listed with
annual quantities and prices for each product.

Credit weaknesses

* Modest scale of operation coupled with weakening of financial
profile: The company's financial profile remained subdued over
past two years on account of weak demand from end-user industries
like power, oil & gas, and chemicals etc. During FY2017, the
company reported a modest operating income of INR14.2 crore. The
profitability declined significantly during FY2017, primarily on
account of higher input costs and under absorption of overheads.
The coverage indicators stood weak with gearing of 1.2 times,
NCA/TD of 7.9%, TD/OPBDITA of 6.6 times and DSCR of 0.9 times for
FY2017, on account of decline in operating profitability and net
losses.

* High customer concentration: The customer concentration for the
company continued to remain high with top-five customers
accounting for 89.7% of the total revenues in FY2017 as compared
to 93.4% in FY2016. Flowserve Corporation (USA) contributed
approximately 41% of the revenue in the year 2017, resulting in
high customer concentration. However, the long relationship with
its customers, have resulted in repeat orders over the years.
High working capital intensity of operations - The working
capital intensity of the company has remained historically high
primarily on account of high inventory holding and receivables
period; however, it reduced to 54.9% during FY2017, as compared
to 72.0% during FY2016, primarily on account of lower inventory
holding during the year end. The debtors have remained high since
the company provides a credit period of up to 360 days for its
major customer: Flowserve Corporation; while, it offers a credit
period of 90 days for Wier Minerals (India) Private Limited and
offers credit of 60 days to its other customers.

GWASF Quality Castings Private Limited (GQCPL), incorporated in
the year 1988, manufactures steel and ferrous alloy casting for
valves, pumps and precision machined castings. The company has
its manufacturing facility located in Mangalore with an installed
capacity of 720 MT per annum. The company started export of its
products to the US and Europe in 1995.

In FY2017, the company reported a net loss of INR0.5 crore on an
operating income of INR14.2 crore, as compared to a net profit of
INR0.0 crore on an operating income of INR12.1 crore in FY2016.


JAIN AGENCIES: ICRA Reaffirms B+ Rating on INR10cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR10.00-crore cash-credit facility of Jain Agencies. The
outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based limit       10.00      [ICRA]B+ (Stable) reaffirmed

Rationale

The reaffirmation of the rating takes into account JA's
relatively small scale of operations, its weak financial profile
as reflected by low cash accruals, modest business returns and
subdued coverage indicators, and high working-capital intensity
of the business on account of high inventory holding and
receivables that exert pressure on the liquidity position of the
firm. The rating also considers that the margin structure is
decided by the principal coupled with low value-additive nature
of business that keeps a check on profitability, and high
geographical-concentration risk, with its presence limited to
Assam. The rating further incorporates the risk associated with
the entity's status as a partnership firm, including the risk of
capital withdrawal by the partners.

The rating, however, notes the promoters' experience in the
distribution business in Assam, JA's authorised distributorship
of Samsung Electronics India Limited (SEIL) in Assam, one of the
leading manufacturers of consumer durables in various categories
in India, and favourable demand outlook for the consumer durables
industry in India, driven by a widening middle class, which
provides healthy revenue growth potential.

In ICRA's opinion, the ability of the firm to scale up operations
while improving its profitability, and coverage indicators would
remain key rating sensitivities, going forward. Any significant
increase in the working-capital intensity of operations, which
could adversely impact the liquidity position of the firm, would
remain a credit concern, going forward.

Outlook: Stable

ICRA believes that Jain Agencies will continue to benefit from
the long experience of the promoters. The outlook may be revised
to Positive if the firm is able to scale up operations while
improving its profitability, and coverage indicators. The outlook
may be revised to Negative if there is any further increase in
the working-capital intensity of operations, which could
adversely impact the liquidity position of the firm.

Key rating drivers

Credit strengths

* Long experience of the promoters: The firm is promoted by the
Guwahati-based Jain family, who have an experience of around
three decades in the distribution business through various group
entities. The group entities are authorised distributors of Zuari
Cement, Ramco Cement, Mahindra Tractors and Generators, Castrol
Lubricants, Whirlpool India Limited and Sharp Electronics in
Assam.

* Authorised distributor of SEIL: The firm is an authorised
distributor of SEIL and deals in consumer durables such as
television, refrigerator, air conditioner etc. SEIL is one of the
leading manufacturers of consumer durables in various categories
in India.

* Favourable demand outlook for the consumable durable industry:
India's consumer-durable industry has grown at a healthy rate
over the last few years, driven by favourable demographic
profile, rising income level, changing spending pattern,
increased retail penetration to Tier-II and Tier-III cities, and
increasing consumerism. The long-term fundamental drivers for
growth in demand for consumer durable goods remain favourable.

Credit weaknesses

* Relatively small scale of current operations: The firm's scale
of operations continued to remain relatively small. It also
witnessed a decline in the top-line from INR51.41 crore in FY2016
to INR48.70 crore in FY2017, depicting a de-growth of ~5%.

* Trading nature of operations results in low profit margins: The
operating profit margin of distributors, including JA, is
inherently low due to the nature of the industry, which is
characterised by high volume, low-margin business, and also the
scope of margin expansion remains limited, as the margins are
regulated by the principal to a large extent.

* Weak financial profile as reflected by low cash accruals,
modest business returns, and subdued debt-coverage indicators:
Historically, the cash accruals of the firm have remained low,
given the small scale of operations. The return indicator, as
reflected by the Return on Capital Employed (ROCE), stood at a
modest level of 12.95% in FY2017. High debt level, coupled with
low profitability kept the debt-coverage indicators depressed.

* High working-capital intensity of business exerts pressure on
the liquidity: The firm's working capital intensity of operations
has remained high, as reflected by net working capital relative
to operating income (NWC/OI) of 32% in FY2017. This in turn, has
stretched its liquidity position and resulted in high utilisation
of its cash-credit limit as reflected by an average utilisation
of ~96% in the last six months, which also restricts its
financial flexibility.

* Geographical concentration risk: The firm caters to dealers
located in Sivasagar, Jorhat, Dibrugarh, Tinsukia and Nagaon
districts of Assam. The operation of the firm is restricted to
five districts of Assam, which exposes the firm to geographical-
concentration risk.

* Risks associated with the entity's status as a partnership
firm: JA's legal status as a partnership firm gives rise to the
risk of withdrawal of capital by the partners, which might impact
the capital structure and the liquidity position.

Incorporated in August, 2012, Jain Agencies is an authorised
distributor of Samsung Electronics India Limited in Sivasagar,
Jorhat, Dibrugarh, Tinsukia and Nagaon districts of Assam. The
firm sells consumer durables such as television, refrigerator,
air conditioners, etc. The firm is promoted by the Guwahati-based
Jain family, who have long experience in the distribution
business through various group entities.


KISHANPURIA GUWAR: CRISIL Moves B Rating to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with
Kishanpuria Guwar Gum Industries (KGGI) for obtaining information
through letters and emails dated November 23, 2017 and
December 13, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            3        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Warehouse Receipts     5        CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Kishanpuria Guwar Gum
Industries which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Kishanpuria Guwar Gum Industries 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 Kishanpuria Guwar Gum Industries to 'CRISIL
B/Stable Issuer not cooperating'.

KGGI manufactures guar gum, and by-products guar korma and guar
churi. Mr Mahesh Kumar, Mr Aditya Mahesh, Ms Shalini Devi are
partners in the firm. Its processing unit is in Sri Ganganagar,
Rajasthan, and has installed capacity of 60 tonne per day.


KUKADI SAHAKARI: CRISIL Lowers Rating on INR47.92MM LT Loan to D
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities
of Kukadi Sahakari Sakhar Karkhana Limited (KSSKL) to 'CRISIL
D//CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Proposed Long Term      47.92     CRISIL D (Downgraded from
   Bank Loan Facility                'CRISIL B/Stable')

   Short Term Loan         15.00     CRISIL D (Downgraded from
                                     'CRISIL A4')

   Term Loan                3.80     CRISIL D (Downgraded from
                                     'CRISIL B/Stable')

The downgrade reflects delays in servicing of term debt interest
and principal repayment. KSSKL's weak financial risk profile,
marked by high gearing and subdued debt protection metrics,
driven by large working capital requirements, capital expenditure
and losses in FY17. KSSKL's liquidity continues to remain
stretched, indicated by inadequate cash accrual to meet term debt
obligation. The ratings also factor in the society's
susceptibility to cyclicality and regulatory risks in the sugar
industry. These rating weaknesses are partially offset by KSSKL's
established regional presence in the sugar industry with long-
standing association with farmers/sugarcane growers and its semi-
integrated operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Exposure to risks related to erratic climatic conditions,
adverse regulatory changes, and cyclicality in sugar industry:
Sugar industry tends to follow a cyclical trend. The sugarcane
yield is exposed to factors such as rainfall, soil and
temperature conditions. The government of India (GOI) fixes the
price to be paid to sugarcane growers annually. GOI has replaced
the sugarcane statutory minimum price (SMP) of sugarcane, which
the sugar mills pay to farmers, with Fair and Remunerative
(F&RP), a uniform price across the country. Therefore, CRISIL
believes that KSSKL operations and profitability will continue to
be exposed to cyclicality in sugar industry, climate conditions
regulatory risks over the medium term and it will remain a key
rating sensitivity.

* Weak financial risk profile, marked by high gearing, stretched
liquidity and subdued debt protection metrics: KSSKL's gearing
(TD/TNW) was high at 26.63 times as on March 31, 2017 as compared
to 7.95 times as on March 31, 2016 as KSSKL availed term loans to
fund its capex and incremental working capital requirements. The
society had long term loans of INR76.19 crores and short term
debt of INR68.62 crores as on March 31, 2017. The TNW of the
society declined from INR27.29 crores as on March 31, 2016 to
INR6.81 crores as on March 31, 2017 due to losses in FY17. The
liquidity position remains stretched leading to delays in term
debt interest and principal repayment. CRISIL believes the debt
protection metrics will remain subdued over the medium term
because of its high debt level and volatile profitability.

* Large working capital requirements: KSSKL operations are highly
working capital intensive and remains elongated as reflected in
gross current assets (GCA) of 283 days as on March 31, 2017. The
same has improved as compared to GCA days of 595 days as on March
31, 2016 as the society had to sell finished goods, viz, sugar
inventory at market rates. The inventory holding period declined
to 171 days as on March 31, 2017 as compared to 532 days as on
March 31, 2016. Since the sugarcane crushing season is only
between November and April, the society has to hold high
inventory of finished products, i.e. sugar post the crushing
season which results in high inventory holding as on March end
every year. The inventory levels are expected to remain high on
account of large production in season, relatively lower prices of
sugar and holding of inventory in anticipation of better sugar
prices. The society's receivable days, are however low as the
society receives immediate payments from its customers. CRISIL
believes that because of the seasonal nature of business, the
operations of the society will remain working capital intensive
over the medium term.

Strengths

* Extensive experience of promoters in sugar industry with long-
standing association with farmers/ sugarcane growers: KSSKL is a
co-operative society promoted by a group of individuals led by
Mr. Kundalikrao Jagtap, who has extensive experience of more than
a decade in the sugar industry. The operations of society are
managed by Mr. Rahul Japtap who is the promoter's son. Being
involved in agricultural activities, the promoters have good
knowledge of the sugar industry; this benefits the society in
procuring sugarcane at competitive prices through farmers in the
local area; the society has been able to establish healthy
relationship with the sugarcane growers, which in turn leads to
regular supply of raw materials. CRISIL believes that KSSKL will
benefit from its promoters' extensive experience and their
established relationship with farmers over the medium term.

* Semi-integrated nature of operations: The society's operations
are semi-integrated in nature and have capacities of 3500 tonnes
crushing per day (TCD) of sugar milling and 12 MW for power
generation. The society has plans for establishing a distillery
having capacities of 30 kilo-litre per day over the next two to
three years. In the integrated operations, by-products provide
stability to cash flows as they are not directly susceptible to
changes in the sugar cycle. As per CRISIL research, the sugar-
ethanol-power (SEP) model offers higher and stable average
profits as compared to the sugar-molasses-bagesse (SMB) model.
The society is less susceptible to a cyclical downturn in sugar
prices than other non-integrated players. CRISIL believes that
KSSKL's semi-integrated nature of operations offers stability to
its business risk profile.

KSSKL was incorporated in January 2003. The society manufactures
sugar and has installed crushing capacity of 3500 tonnes per day;
it also has a 12-megawatt co-generation power plant. Its plant is
at Pimpalgaon Pisa in Ahmednagar district of (Maharashtra).


LANCOSA CERAMIC: CRISIL Assigns B+ Rating to INR13.45MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Lancosa Ceramic LLP.

                        Amount
   Facilities          (INR Mln)     Ratings
   ----------          ---------     -------
   Long Term Loan        13.45       CRISIL B+/Stable
   Bank Guarantee         2          CRISIL A4
   Cash Credit            4.50       CRISIL B+/Stable

The ratings reflect the firm's exposure to risks related to
implementation of its project and to timely stabilisation and
commensurate ramp-up in sales during the initial phase of
operations. These weaknesses are mitigated by its partners'
extensive experience in the ceramic industry and their funding
support, and lower demand risk associated with the project.

Key Rating Drivers & Detailed Description

Weaknesses:

* Constrained financial risk profile: Financial risk profile
remains constrained by small networth and leveraged capital
structure. Gearing will remain high at 2.0-3.0 times over the
medium term, but should improve with build-up in networth and
gradual repayment of term loans. Debt protection metrics are
expected to remain average.

* Exposure to project-related risks: Commercial operations are
likely to commence in April 2018. Timely implementation of the
project, stabilisation of operations, and commensurate ramp-up of
sales will remain critical to achieve growth in revenue and
profitability, and hence, will be monitored closely.

Strengths:

* Extensive experience of the partners in the ceramic industry:
Partners have experience of more than a decade in the ceramic
industry through firms such as Delphi Ceramic, Sanjivani Ceramic,
and Sky view Ceramic. CRISIL believes the firm will benefit from
partners' industry experience.

Outlook: Stable

CRISIL believes Lancosa will continue to benefit from the
extensive experience of its partners. The outlook may be revised
to 'Positive' if timely implementation and stabilisation of
project leads to anticipated revenue, profitability, and cash
accrual during the initial phase of operations. The outlook may
be revised to 'Negative' if delay in the implementation or
stabilisation of the project leads to lower revenue or cash
accrual, or if a stretch in working capital cycle weakens the
financial risk profile, especially liquidity.

Lancosa set up in 2017 in Morbi, Gujarat, is setting up a unit
for manufacturing parking tiles and glazed vitrified tiles.
Commencement of operation is expected from April 2018.


LATA FIBRES: CRISIL Reaffirms B+ Rating on INR6MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long term bank facilities of Lata Fibres Private Limited
(LFPL) and has assigned its 'CRISIL A4' rating on its short term
bank facilities. The ratings continue to reflect on LFPL's modest
scale of operations and susceptibility to intense competition in
textile industry and its below-average financial risk profile.
These weaknesses are partially offset by long standing experience
of the promoters.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Bank Guarantee         .35       CRISIL A4 (Reassigned)
   Cash Credit           6.00       CRISIL B+/Stable (Reaffirmed)
   Term Loan             3.40       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit       .25       CRISIL A4 (Reassigned)

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations and susceptibility to intense
competition in textile industry: LFPL is a small player in the
intensely competitive textile industry. LFPL's scale of
operations has remained flat with turnover of INR44.8 cr in
fiscal 17 against INR44.88 cr in fiscal 16. The scale of
operations is modest due to intense competition in the industry.
CRISIL believes that, LFPL's operations will remain constrained
over the medium term due to the modest scale of operations
coupled with intense competition in the textile industry.

* Below-average financial risk profile: The financial risk
profile of the company is marked by moderate capital structure
and average debt protection metrics. The net worth of the company
stands at INR6.11 cr and the gearing stands at 1.51 times as on
March 31, 2017. Going forward, the net worth of the company is
expected to improve to INR6cr to INR7 cr and the gearing is
expected to improve to 1.1 times over the medium term on account
of no debt funded capital expenditure plans. The debt protection
metrics of the company are average with Net Cash Accruals to
Total Debt (NCATD) of 0.11 times and Interest coverage ratio of
1.62 times as on 31st March 2017.

Strengths

* Long standing experience of the promoters: LFPL has a long
standing presence marked by the experience of its promoters. LFPL
is promoted by Mr Ravi Agarwal a Science graduate and a diploma
holder in textile engineering, having an experience of nearly 30
years in the textile industry and looks after the day to day
operations and marketing activities of the company. Mr Hariom
Agarwal and Mr Sushil Agarwal are two other directors in the
company.

Outlook: Stable

CRISIL believes LFPL will benefit over the medium term from its
promoters' long-standing experience in textiles industry. The
outlook may be revised to 'Positive' if LFPL significantly
increases its scale of operations and operating profitability,
resulting in an improvement in its cash accruals and liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's profitability margins decline resulting in further
deterioration in its cash accruals generation resulting in a weak
liquidity profile or if it undertakes a larger-than-expected
debt-funded capex program, leading to deterioration in its
financial risk profile.

LFPL, founded in 2000, is a Mumbai based company and is involved
in manufacture of Knitted and Weave Fabrics. The company has
manufacturing facility based in Silvassa.


MOSARAM SHIVRAMDAS: CRISIL Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Mosaram
Shivramdas (MS) for obtaining information through letters and
emails dated July 10, 2017 and August 7, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit            6       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Migrated)

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 Mosaram Shivramdas which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Mosaram Shivramdas 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 Mosaram Shivramdas to 'CRISIL B+/Stable Issuer not
cooperating'.

MS is a partnership firm set up by Mr. Sanjay Agarwal and his
son, Mr. Naman Agarwal. It trades in fertilisers and pesticides.
The firm is also an authorised dealer for Bharat Petroleum
Corporation Ltd. MS currently owns a petrol pump in Maholi (Uttar
Pradesh).


OM SAI: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Om Sai
construction (OSC) for obtaining information through letters and
emails dated July 13, 2017 and August 17, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                         Amount
   Facilities           (INR Mln)     Ratings
   ----------           ---------     -------
   Proposed Long Term        42       CRISIL B/Stable (Issuer
   Bank Loan Facility                 Not Cooperating; Rating
                                      Migrated)

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 Om Sai construction which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Om Sai construction is consistent with 'Scenario 2' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

Set up in September 2000 as a partnership firm Jagptap family,
OSC is a part of the Chandrarang group of companies. The firm
undertakes real estate development and Transfer of Development
Rights sales, and is currently undertaking capex to set up a 7
megawatt solar power plant in Karnataka.


OMKAMAL STEEL: CRISIL Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Omkamal
Steel Private Limited (OMSPL) for obtaining information through
letters and emails dated September 19, 2017 and December 13, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             3.9      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term      1.6      CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

   Term Loan               1        CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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 Omkamal Steel Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Omkamal Steel Private Limited 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 Omkamal Steel Private Limited to 'CRISIL B+/Stable
Issuer not cooperating'.

Incorporated in 2005, OMSPL manufactures several types of MS
steel wires such as HB wire, GI wire, binding wire, galvanised
binding wire and barbed wire catering to varied industries like
construction, agriculture, fencing, welding electrodes,
reinforcement, and power and cable industry.


PRABHAT CABLES: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Prabhat
Cables Private Limited (PCPL) for obtaining information through
letters and emails dated November 17, 2017 and December 11, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            20       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Prabhat Cables Private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Prabhat Cables Private Limited 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 Prabhat Cables Private Limited to 'CRISIL B+/Stable
Issuer not cooperating'.

PCPL was set up as a partnership firm in 1958 by Mr. Praveen
Kacharia along with his friend Mr. N. H. Desai; it was later
reconstituted as a private limited company in 2010. PCPL
distributes products of Polycab Cables Pvt Ltd. (Polycab). PCPL's
product profile includes coaxial cables, polyvinyl chloride heavy
cables, and submersible cables, among others. Mr. Amrish
Kacharia, Mr. Manoj Kacharia and Mr. Rickin Kacharia look after
the day-to-day operations of the company. PCPL has its registered
office at Lohar Chawl in Mumbai, and a warehouse in Bhiwandi
(both in Maharashtra).


RHINE SOLAR: CRISIL Moves B Ratings to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Rhine
Solar Limited (RSL) for obtaining information through letters and
emails dated November 23, 2017 and December 13, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           2.5       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)


   Inland/Import         2         CRISIL A4 (Issuer Not
   Letter of Credit                Cooperating; Rating Migrated)

   Term Loan             2.7       CRISIL B/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Rhine Solar Limited which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Rhine Solar Limited is consistent with 'Scenario 2' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BBB' rating category or lower'.

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

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

RSL was incorporated in 2014, promoted by Mr Shiv Mittal and his
family. The company has set up a solar photo voltaic (PV) module
manufacturing facility in Kundli Industrial Area, Sonipat,
National Capital Region (NCR), with production capacity of 25
megawatt per annum.


SALIA POLYMERS: CRISIL Reaffirms B- Rating on INR4.5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Salia
Polymers private Limited (SPPL) for obtaining information through
letters and emails dated November 30, 2017 and December 11,2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                        Amount
   Facilities          (INR Mln)    Ratings
   ----------          ---------    -------
   Cash Credit             4.5      CRISIL B-/Stable/Issuer Not
                                    Cooperating (Reaffirmed)

   Long Term Loan          2.5      CRISIL B-/Stable/Issuer Not
                                    Cooperating (Reaffirmed)

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 Salia Polymers private Limited
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Salia Polymers private Limited is consistent with
'Scenario 4' outlined in the 'Framework for Assessing Consistency
of Information with '.

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

Based in Prakasam (Andhra Pradesh), Salia Polymer private limited
(SPPL) was set up in 2010 for manufacture of EPS (expanded
polystyrene) packaging boxes. SPPL is promoted by Mr.D
Ramakrishna Raju.


SANKALP COTTON: ICRA Moves B Ratings to Not Cooperating Category
----------------------------------------------------------------
ICRA has moved the long-term ratings for the bank facilities of
Sankalp Cotton & Oil Industries (SCOI) to the 'Issuer Not
Cooperating' category. The rating is now denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Term        0.29       [ICRA]B (Stable) ISSUER NOT
  Loan I                            COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based-Term
  Loan II                1.20       [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

  Fund-based-Cash
  Credit                 5.00       [ICRA]B (Stable) ISSUER NOT
                                    COOPERATING; Rating moved
                                    to the 'Issuer Not
                                    Cooperating' category

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

Established in 2012, Sankalp Cotton & Oil Industries (SCOI) is a
partnership firm. While the firm is owned by eight partners, it
is actively managed by four -- Mr. Hareshbhai Kalola, Mr.
Nileshbhai Kakasania, Mr. Chintubhai Vidja and Mr. Pravinbhai
Vaishnani. SCOI is engaged in the ginning and pressing of raw
cotton as well as crushing of cottonseeds. SCOI's manufacturing
facility is located at Hirapar in Rajkot District of Gujarat. It
is currently equipped with 18 ginning machines, a pressing
machine and five expellers for the production of cotton bales and
cottonseed oil. SCOI has an installed production capacity of 160
cotton bales and 3.5MT of cottonseed oil per day (24-hour
operations).


SCODA TUBES: CRISIL Moves B- Ratings to Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Scoda
Tubes Limited (STL) for obtaining information through letters and
emails dated November 9, 2017 and December 22, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        .75       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit          9.25       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Letter of Credit     2.50       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility   1.17       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Term Loan            1.15       CRISIL B-/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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 Scoda Tubes Limited which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Scoda Tubes Limited 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 Scoda Tubes Limited to 'CRISIL B-/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2008, STL commenced commercial production in
September 2010. It manufactures stainless steel seamless welded
tubes and pipes, and U tubes. The company, currently promoted by
Mr Dharmendra Patel and his family, was taken over from Mr
Dhanraj Khatri. Its manufacturing facility is in Mehsana
(Gujarat).


SHREE BALAJI: CRISIL Reaffirms D Rating on INR20.75MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Balaji Pigments Private Limited (SBPPL) for obtaining information
through letters and emails dated October 31, 2017 and
December 13, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit         20.75      CRISIL D/Issuer Not Cooperating
                                  (Reaffirmed)

   Term Loan            3.25      CRISIL D/Issuer Not Cooperating
                                  (Reaffirmed)

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 Shree Balaji Pigments Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shree Balaji Pigments Private Limited 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 Shree Balaji Pigments Private Limited 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.

SBPPL, promoted by Mr. Khem Chand Jain and Mr. Sunil Kumar
Agarwal, manufactures TMT (thermo-mechanically treated) bars. The
company, incorporated in 2007, has a manufacturing plant with
capacity of 105,000 tonne per annum, at Kathua in Jammu &
Kashmir.


SHREE BHANDARI: CRISIL Moves B- Ratings to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Shree
Bhandari Plastic Private Limited (SBPPL) for obtaining
information through letters and emails dated November 23, 2017
and December 13, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         1.5       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit            3.25      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Term Loan              2.00      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital        1.25      CRISIL B-/Stable (Issuer Not
   Term Loan                        Cooperating; Rating Migrated)

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 Shree Bhandari Plastic Private
Limited which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shree Bhandari Plastic Private Limited
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 Shree Bhandari Plastic Private Limited to 'CRISIL
B-/Stable/CRISIL A4 Issuer not cooperating'.

SBPPL incorporated in 1996, is promoted by the Bhandari family.
The company manufactures and distributes high-density
polyethylene pipes and coils, linear low-density polyethylene
pipes, and polyvinyl chloride pipes used by farmers in irrigation
systems (drip systems), and by contractors. The company is based
in Rajasthan, with offices in Gujarat, Maharashtra, Karnataka,
and Madhya Pradesh.


SJP INFRACON: CRISIL Withdraws D Rating on INR25MM Term Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long-term bank
facilities of SJP Infracon Limited (SJP) on the request of the
firm and after receiving no-dues certificate from the bankers.
The rating action is in line with CRISIL's policy on withdrawal
of its ratings on bank loan facilities.

                   Amount
   Facilities     (INR Mln)     Ratings
   ----------     ---------     -------
   Term Loan          25        CRISIL D (Migrated from CRISIL D,
                                Issuer Not Cooperating; Rating
                                Withdrawal)

Set up in 2010, SJP is a part of the SHRI group which has an
established market position in the real estate sector in Agra and
Mathura. The company is currently executing a residential real
estate project in Greater Noida. The project is marketed under
the Shri Radha Sky Gardens brand and is spread over an area of
80,000 square meters.

The SHRI group was established in 1931 by the late Shri Shri Nath
Prasad and his family members. The group has a track record of
over 20 years in the real estate sector.


SRI RAGHURAMACHANDRA: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Sri
Raghuramachandra Rice Industries (SRRI) for obtaining information
through letters and emails dated October 16, 2017, and
December 12, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             4.3      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan          1.1      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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 Sri Raghuramachandra Rice
Industries., which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Sri Raghuramachandra Rice Industriesis
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 Sri Raghuramachandra Rice Industries. to CRISIL
B+/Stable Issuer not cooperating'.

Set up in 2011 as a proprietorship firm, SRRI mills and processes
paddy into rice, rice bran, broken rice, and husk. The firm is
promoted by Mr. A. Raghuram and is based out of Raichur
(Karnataka).


SUSEE TRUCKS: ICRA Reaffirms 'B' Rating on INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B assigned to
the INR5.00-crore cash-credit facility and INR1.00-crore
unallocated facility of Susee Trucks Private Limited. The outlook
on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Cash Credit             5.00      [ICRA]B (Stable) Reaffirmed
  Unallocated             1.00      [ICRA]B (Stable) Reaffirmed

Rationale

The rating is constrained by the weak financial profile of the
company, characterised by small scale of operations, limiting the
benefits of scale economies, and the inherent thin margins in the
automotive-dealership industry. The ratings also factor in the
low net worth, stretched capital structure and coverage
indicators of STPL. ICRA also considers the exposure of the
company's revenues to inherent cyclicality of the commercial
vehicle industry. However, the rating positively factors in the
long experience of the promoters in the industry and the
reputation of the 'Susee' brand in the auto-dealership space in
Tamil Nadu. The rating also factors in the demand outlook for
commercial vehicles in the near-to- medium term and the revenue
growth achieved by STPL over the past 15 months on account of
improved realisations due to sales of more number of high-value
models. The ratings also take into account the dominant market
share of Tata Motors Limited (TML) in the small commercial
vehicles segment (SCV) in the regions of Vellore, Kanchipuram,
and Thiruvannamalai districts and the company being the sole
authorised dealer for TML SCVs in these regions. Going forward,
the ability of the company to achieve the revenue growth targeted
while sustaining its profit margins and efficiently managing its
working capital cycle will be critical to generate strong cash
flows and hence improve its credit profile.

Outlook: Stable

ICRA believes that the group will continue to benefit from the
extensive experience of the promoters in the auto-dealership
business. The outlook may be revised to 'Positive' if there is
substantial increase in revenues and profitability, and better
working capital management, strengthens the financial risk
profile. The outlook may be revised to 'Negative' if any decline
in cash accruals, stretch in working-capital cycle, weakens the
liquidity.

Key rating drivers

Credit strengths

* Long experience and reputation of the promoters in the auto-
dealership business in the region: The promoters have been
involved in the auto-dealership business for over two decades and
have been actively involved in operations of STPL and other group
entities. 'Susee' is a well known brand in the auto-dealership
space in Tamil Nadu.

* Sole authorised dealer for Tata Motors Limited in surrounding
districts: The company became sole authorised dealer for TML's
SCVs from 2006 in Vellore, Kanchipuram and Thiruvannamalai
districts. The company has three 3S (sales, spares, and service)
showrooms and four 1S (sales) showrooms across the three
districts.

Credit weaknesses

*  Small scale of operations limits benefits of scale economies:
The current scale of STPL's operations remains small with
revenues of INR31.8 crore in FY2017, albeit a growth of 16.2%
over FY2016, which restricts the economies of scale.

* Weak financial profile characterised by thin margins, stretched
capitalisation and coverage indicators and weak cash flows: The
profitability remains thin, which is inherent to the nature of
the automotive-dealership business. The capital structure
remained stretched with net losses over the past years. This
resulted in low net worth and debt levels rose to fund the loss
incurred. The coverage indicators remained moderate with interest
coverage of 1.1 and total debt/OPBITDA of 9.6.

* STPL's sales are exposed to the inherent cyclicality of the
commercial vehicle segment: Being in the commercial vehicle
segment, the revenues are exposed to the inherent cyclicality in
demand in the domestic commercial-vehicles industry.

Incorporated in 2004, Susee Trucks Private Limited is the sole
authorised dealer for Tata Motors Limited's (TML; rated [ICRA]AA
(Stable) / [ICRA]A1+) small commercial vehicles (SCVs) in
Vellore, Thiruvannamalai and Kanchipuram districts of Tamil Nadu.
The company has three 3S (sales, spares, and service) showrooms
in Vellore, Kanchipuram, and Thiruvannamalai and four 1S (sales)
showrooms across the three districts with 120 employees as on
date. The 'Susee Group', started operations through trading of
pulses/grains, in the late 1930s. It was established by Mr.
Subramania Nadar and Ms. Seeniyammal. The group has five
subgroups: belonging to descendants of the promoters: and all
operate under the 'Susee' brand, but have no operational or
financial linkages. STPL belongs to one of the sub-groups and is
owned and managed by Mr. Soundararajan, son of the said
promoters, and Mr. Manivannan. Mr. Soundararajan and Mr.
Manivannan have interest in five other entities - two involved in
the auto-dealership business, one each in the FMCG, oven-sacks
manufacturing and education businesses. According to audited
financial statements, the company has recorded an operating
income of INR31.8 crore with net loss of INR0.1 crore in FY2017
compared to an operating income of INR27.4 crore with a net loss
of INR0.6 crore in FY2016.


SUYOG TELEMATICS: CRISIL Hikes Rating on INR87MM Term Loan to BB+
-----------------------------------------------------------------
CRISIL Ratings has revised its ratings on the bank facilities of
Suyog Telematics Limited (STL) from 'CRISIL BBB-/Stable/CRISIL
A3' to 'CRISIL D/CRISIL D' and simultaneously upgraded the
ratings to 'CRISIL BB+/Stable/CRISIL A4+'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        3         CRISIL A4+ (Revised from
                                   'CRISIL A3' to 'CRISIL D'
                                   and Simultaneously Upgraded
                                   to 'CRISIL A4+')

   Term Loan            87         CRISIL BB+/Stable (Revised
                                   from 'CRISIL BBB-/Stable' to
                                   'CRISIL D' and Simultaneously
                                   Upgraded to 'CRISIL
                                   BB+/Stable')

The revision in rating to 'CRISIL D/CRISIL D' reflects delay in
payment - that was due on December 28, 2017 - of principal on one
of the term loans. This was on account of delayed realization
from one of its customers, whose receivables were used to make
the repayment. While STL had sufficient current account balance
with another bank, the same was not utilized in servicing the
principal payment. However, the company has cleared all dues as
on date.

The simultaneous upgrade to 'CRISIL BB+/Stable/CRISIL A4+'
reflects CRISIL's understanding that the payment delay was a one-
off event and that STL's ability and willingness to service debt
on time continue to remain comfortable. The company has
undertaken to ensure timely servicing of debt going forward and
to strengthen its internal controls and instill higher financial
discipline. The company's business and financial profile
continues to remain stable; however owing to the current problems
faced by the telecommunication sector, delays in payments may
cause a stretch in liquidity. Further, the ongoing capex of INR90
crore, which is being funded with internal accruals to the tune
of INR23 crore, puts additional demands on the cashflow
generation of the company.

The ratings factors in STL's established regional market position
in the passive telecom infrastructure segment, supported by its
healthy presence in low cost sites. Financial risk profile is
marked by above-average total outside liabilities to adjusted net
worth (TOL/ANW) ratio and comfortable debt protection metrics.
These rating strengths are partially offset by STL's moderate
scale of operations, geographical concentration in revenue
profile, extended receivables and sizeable capital expenditure.

Key Rating Drivers & Detailed Description

Strengths

* Established regional market position in the passive telecom
infrastructure segment, supported by healthy presence in low-cost
sites: The company is a passive telecom infrastructure provider,
engaged primarily in the business of installing and commissioning
of poles, towers and optical fibre cable systems since 1995. It
is registered as Infrastructure Provider Category-I (IP-I) with
Department of Telecommunications (DoT).  The company has a strong
presence in the government sector in Mumbai supported by the fact
that it has sole licensee to install towers and poles for Mumbai
Metropolitan Region Development Authority (MMRDA) and Mumbai
State Road Development Corporation Ltd (MSRDC) sites across
Mumbai region such as flyovers, sea link and skyways.

* Above-average financial risk profile: Networth was comfortable
at INR52 crore and total outside liabilities to adjusted networth
(TOLANW) ratio was healthy at 1.7 times as on March 31, 2017.
Debt protection metrics were strong, with interest coverage and
net cash accrual to total debt ratios of 6.27 times and 0.33
time, respectively, in fiscal 2017.

Weaknesses

* Moderate scale of operations and geographical concentration in
revenue profile: Scale of operation is moderate with operating
income of INR60.53 crore in fiscal 2017. Geographical
concentration risk also persists, as the bulk of projects are in
and around Mumbai.

* Extended receivables and significant capital expenditure plans
The receivable cycle has been stretched in fiscal 2017 to 131
days on account of delay in payments from some of the financially
stressed telecom service providers. Capital expenditure plans of
around INR60 crore to be completed over the next two years and
its stabilization thereof will be a key rating sensitive factor.
In fiscal 2017, capital expenditure of INR31.45 crore has been
incurred.

Outlook: Stable

STL will benefit from its promoter's experience in the telecom
tower industry and relationships with customers. The outlook may
be revised to 'Positive' in case of significant ramp-up in scale
of operations, backed by improvement in receivable cycle and in
tenancy ratios and/or geographical diversification in revenue
profile. Conversely, the outlook may be revised to 'Negative' if
decline in profitability and revenue or in financial risk profile
due to stretch in receivable cycle and sizeable debt-funded
capital expenditure.

STL, incorporated in 1995 by Mr Shivshankar Lature, is a passive
telecommunication infrastructure provider, engaged primarily in
the business of installing and commissioning poles, towers and
optical fibre cable systems.


VAGDEVI FOOD: ICRA Assigns B+ Rating to INR12cr Term Loan
---------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR12.00
crore fund based limits of Vagdevi Food Products Pvt Ltd (VFPPL).
The outlook on the long-term rating is 'Stable'.

                       Amount
  Facilities         (INR crore)      Ratings
  ----------         -----------      -------
  Term loan              12.00        [ICRA]B+(Stable); Assigned

Rationale

The assigned rating is constrained by nascent stage of operations
with commercial production starting in December 2017; intensely
competitive nature of the rice industry which restricts the
ability of the players to pass on hike in input costs; and
volatility in paddy prices and adverse change in regulations
which will impact revenues and profitability margins. Moreover,
the debt funded nature of capex is likely to put pressure on
servicing term loan repayment obligations in the initial period
with repayments starting from March 2018. The rating however
takes comfort from longstanding experience of the promoters in
rice milling industry; positive demand prospects for rice and
favourable location of the plant ensuring easy availability of
raw material which results in savings in logistic costs.

Outlook: Stable

ICRA believes VFPPL will continue to benefit from the extensive
experience of its partners in the rice milling business. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, and efficient working capital
management. The outlook may be revised to 'Negative' if cash
accrual is lower than expected, or if any major capital
expenditure, or stretch in the working capital cycle, weakens
liquidity.

Key rating drivers

Credit strengths

* Experience of promoters in milling industry spanning over 20
years: Incorporated in 2017 by Mr. Ranga Srikar and Mr. Ranga
Ranzith who are also directors of RSV Rice Industries (rated at
[ICRA]B+) and Miryalguda Rice Industries Pvt. Ltd. VFPPL operates
a non-basmati rice mill with capacity of 16 ton per hour and the
company is also setting up 380 tons per day parboiling rice
milling unit which is expected to be operational from March 2018.
The company manufactures raw rice, broken rice, bran and param.

* Favorable location of the plant ensuring timely availability of
raw material saving on logistics costs: VFPPL is in Nalgonda
district, which is easily accessible to many paddy producing
districts in Telangana as well as coastal districts of Andhra
Pradesh. The main suppliers are farmers and agents.

Credit challenges

* Nascent stages of operations: The company started commercial
operations on December 13, 2017. Timely ramp-up of production
remains crucial to service the term loan repayments in a timely
manner which is starting from March 2018. The total project cost
is INR24.72 crore which was funded by INR12.00 crore term loan,
INR8.00 crore promoter contribution and remaining through
unsecured loans.

* Volatility in paddy prices and adverse change in regulations:
The rice industry is highly regulated by the government as it is
seen as an important sector which could affect the food security
of the country. Government intervenes in the non-basmati rice
market through minimum support price (MSP) for paddy and export
restrictions on rice.

* High working capital intensive nature of rice milling business:
Rice milling is a working capital intensive business as the rice
miller have to stock paddy by the end of each season till the
next season as the price and quality of paddy is better during
the harvesting season. Moreover, the paddy is procured from the
farmers generally against immediate payments while the millers
have to extend credit to wholesalers who sell rice to retailers.
This results in high working capital intensity.

Mr. Ranga Srikar and Mr. Ranga Ranzith acquired Sri Sai Pavan
Rice Industries Pvt Ltd in November 2017. The company has 2
manufacturing units for making raw non-basmati rice with capacity
of 8 ton per hour each. The company started commercial operations
on December 13, 2017. The company manufactures raw rice, broken
rice, bran and param. VFPPL started the construction of
parboiling unit on November 23, 2017. It's expected to be
operational in March 2018.


WHITE-TONE MICRON: ICRA Assigns B Rating to INR6.25cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR7.75-
crore fund-based facilities of White-Tone Micron Private Limited
(WTMPL). The outlook on the long-term rating is Stable.

                       Amount
  Facilities         (INR crore)    Ratings
  ----------         -----------    -------
  Fund-based-Cash
  Credit                   1.50     [ICRA]B (Stable); Assigned

  Fund-based-Term
  Loan                     6.25     [ICRA]B (Stable); Assigned

Rationale

The assigned rating is constrained by the start-up nature of the
company's operations and the risks associated with stabilisation
of the plant as per the expected operating parameters.
Furthermore, the assigned rating also takes into account WTMPL's
financial profile, which is expected to remain stretched in the
near to medium term, given the debt-funded nature of the project
and the impending debt repayments. The rating is also constrained
by the vulnerability of the company's profitability to its
ability to fully pass on any adverse movements in key input
material prices because of intense competition in the ceramic raw
materials industry. Furthermore, its profitability is also
susceptible to the cyclicality associated with the real estate
and construction sector which are the major consuming sectors.
The assigned rating, however, favorably factors in the experience
of the key promoter in the trading of ceramic raw materials and
WTMPL's proximity to Morbi, providing an easy access to
customers.

Outlook: Stable

ICRA believes that White-Tone Micron Private Limited will benefit
from the established customer relations of its Group concern. The
outlook may be revised to 'Positive' with stabilisation of
operations and achievement of the desired operating parameters to
generate sufficient cash flows for impending repayments, which
would strengthen the financial risk profile. The outlook may be
revised to 'Negative' in case of lower than anticipated growth in
scale and if cash accrual is lower than expected to meet
impending debt repayment obligation or any stretch in the working
capital cycle which weakens liquidity.

Key rating drivers

Credit strengths

* Past experience of the promoter in trading of ceramic tiles raw
materials: Mr. Rajendra Motaka, the key promoter of the company,
has an extensive experience in trading ceramic tiles raw
materials i.e. feldspar powder and quartz powder, through his
association with the proprietorship entity - Pavan Enterprise.

* Favorable location providing easy approachability to
prospective customers: Since feldspar powder manufactured by the
company remains one of the key raw materials for manufacturing
ceramic tiles, its proximity to Morbi, which is a major tiles
belt, is expected to ensure approachability to the prospective
customers involved in the ceramic tiles business. Further, WTMPL
will also leverage on the established clientele of its associate
concern- Pavan Enterprise.

Credit challenges

* Risks associated with stabilisation and successful scale up of
operations: The company has witnessed minor delays with
commencement of commercial operations from November, 2017, as
against the scheduled commencement in June, 2017. Thus, it
remains exposed to risks associated with stabilisation and
successful scale up of operations as per the expected parameters.
Moreover, significant debt repayments coupled with a long
gestation period is likely to keep the credit profile constrained
over the near term.

* Intense competition in the business; vulnerability of
profitability to fluctuation in raw material prices: The low
entry barriers lead to intense competition from the organised as
well as unorganised players in the industry. Furthermore, the
ability of the company to fully pass on any adverse variation in
raw material prices to customers remains limited due to the stiff
competition and exert pressure on the profitability.

* Vulnerability of profitability and cash flows to cyclicality in
the real-estate industry: The ceramic industry remains the major
end user of WTMPL's products, which in turn relies on the
performance of the real estate and the construction sector.
Hence, the profitability and cash flows of the company remain
susceptible to cyclicality in the real estate and construction
sector.

Incorporated in 2016, White-Tone Micron Private Limited (WTMPL)
is involved in manufacturing feldspar powder, which is one of the
major raw materials used in manufacturing ceramic and vitrified
tiles. The company's plant is located in Maliya, Gujarat with a
manufacturing capacity of 75,000 metric tonne of feldspar powder
per annum. WTMPL's commercial operations commenced from November,
2017.

The company is promoted by Mr. Rajendra Motaka and Mr. Arpit
Arvadiya. Mr. Motaka has an experience of trading feldspar powder
through his proprietorship concern namely Pavan Enterprise, while
Mr. Arvadiya has experience in production and marketing of
ceramic tiles.



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I N D O N E S I A
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TUNAS BARU: Moody's Rates Unit's Proposed Sr. Unsec. Bonds 'Ba3'
----------------------------------------------------------------
Moody's Investors Service has assigned a backed senior unsecured
bond rating of Ba3 to the proposed senior unsecured bonds to be
issued by TBLA International Pte. Ltd., a wholly owned subsidiary
of Tunas Baru Lampung Tbk (P.T.) (TBLA, Ba3 stable). The proposed
bonds are unconditionally and irrevocably guaranteed by TBLA.

The rating outlook is stable.

TBLA will use all of the net proceeds from the bond issuance to
repay and/or reduce its existing secured borrowings.

RATINGS RATIONALE

TBLA's proposed senior notes are rated in line with its Ba3
corporate family rating.

"Upon the successful issuance of the bonds and after the proceeds
are used to repay TBLA's existing secured borrowings, the
company's secured debt/total debt will improve to 40%, and
Moody's expect that it will demonstrate a lower reliance on
secured financing over the next two years, such that secured
indebtedness will not be material, and therefore legal
subordination risk will not prove significant," says Jacintha
Poh, a Moody's Vice President and Senior Analyst.

"And, the presence of upstream guarantees from major operating
subsidiaries eliminates structural subordination risk for
bondholders," adds Poh.

TBLA's Ba3 corporate family rating reflects its dual-commodity
business model of crude palm oil and sugar, which are underpinned
by favorable long-term domestic demand fundamentals. The company
demonstrates an established position as an integrated palm oil
producer, with growing exposure to the Indonesian sugar industry.

However, TBLA's rating is also constrained by: (1) its small
scale, (2) the company's exposure to volatile crude palm oil
prices, and (3) uncertainties around Indonesia's import quotas
for raw sugar, which leads to volatile cash from operations.

Over the next 12-18 months, Moody's expects that TBLA's earnings
will continue to benefit from its capital spending on investments
in its biodiesel plant, sugar mill and sugar refinery - such that
its earnings will improve - with its leverage, as measured by
adjusted debt/EBITDA, improving to around 3.0x from 3.2x for the
12 months ended September 30, 2017.

The rating outlook is stable, reflecting Moody's expectation that
TBLA's financial metrics will improve and that the company's
management will maintain a prudent and conservative approach
towards further investments, as TBLA pursues growth.

A rating upgrade is unlikely over the near to medium term, but
could occur, if TBLA successfully executes its business plans and
grows its scale, generates positive free cash flow, and
demonstrates sustained improvement in its financial metrics, such
that adjusted debt/EBITDA is below 2.5x, and EBITA/interest
expense is above 4.0x on a sustained basis. In particular,
Moody's will consider upgrading TBLA's rating if the company
improves its liquidity by reducing its reliance on short-term
funding.

TBLA's rating could face downward pressure if: (1) the company
fails to implement its business plan, such that earnings growth
is adversely affected; or (2) palm oil and sugar prices
deteriorate, leading to a protracted weakness of TBLA's
operations and financial metrics. Moody's considers an adjusted
debt/EBITDA above 4.0x and an adjusted EBITA/interest expense of
less than 3.0x on a sustained basis, as indications that a rating
downgrade could be necessary.

Additionally, the rating on the proposed bonds could be lowered,
if the company increases its reliance on secured funding.

The principal methodology used in this rating was Global Protein
and Agriculture Industry published in June 2017.

Headquartered in Jakarta, Tunas Baru Lampung Tbk (P.T.) (TBLA)
was incorporated in 1973 and listed on the Indonesian Stock
Exchange in February 2000. The company started its operations as
a pure palm oil player, before expanding into the sugar business
in 2012.

At September 30, 2017, TBLA was 25%-owned by Sungai Budi (P.T.)
and 26%-owned by Budi Delta Swakarya (P.T.). These two major
shareholders are equally owned by Mr. Widarto, who serves as
executive chairman of TBLA, and Mr. Santoso Winata, who is the
president commissioner of TBLA.



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


KINSTEEL BHD: Creditors Approve Debt Restructuring Scheme
---------------------------------------------------------
Lee Weng Khuen at The Sun Daily reports that Kinsteel Bhd is
betting on the successful implementation of its debt
restructuring scheme, which would be the key for its revival
plan.

Speaking to reporters after the company's AGM on Jan. 15, CEO
Datuk Henry Pheng Chin Guan said there will be a substantial
haircut to its debt which stands at around MYR800 million, the
report relates.

According to the report, managing director Tan Sri Pheng Yin Huah
meanwhile, said most of the lenders have agreed to its debt
restructuring scheme.

"We hope the regulator will approve the scheme in order for us to
continue with the listing and business operations," the report
quotes Yin Huah as saying.

Chin Guan also noted that there is interest from local investors
to participate in the company's regularisation plan, but declined
to disclose further details, the Sun Daily relays.

The Sun Daily relates that trading in Kinsteel shares have been
suspended since January 5 after the regulator rejected its
application for a further extension of time to submit its
regularisation plan.  However, the decision to delist the
Practice Note 17 (PN 17) company has been deferred pending its
appeal, the report states.

                       About Kinsteel Berhad

Malaysia-based Kinsteel Berhad (KLSE:KINSTEL)--
http://www.kinsteel.com.my/home/home.php-- is an integrated
steel manufacturer and steel millers in Malaysia. The Company
manufactures a range of long steel products used in the
manufacturing, construction and infrastructure industries. The
Company, with a product portfolio encompassing upstream,
midstream and downstream steel products, fully integrated and
streamlined manufacturing processes, serves the need for steel in
the region. It produces mild steel round bars, high tensile
deformed bars, angle bars and flat bars servicing, in particular,
the construction and infrastructure industries. There steel bars
and sections manufactured by the Company are also known as long
products. The Company has eight production lines with a total
steel bars production capacity of 800,000 metric tonnes per
annum. The types of steel bars produced are round and deformed
bars, angle bars, U-channel, wire rods and flat bars.

In October 2016, Kinsteel triggered the criteria pursuant to
Practice Note 17 (PN17) of the Main Market listing requirements
of Bursa Malaysia Securities Bhd. The company was considered a
PN17 company pursuant to paragraph 2.1(d) of PN17 as the
company's auditors have expressed a disclaimer opinion in the
Kinsteel's latest audited financial statements for the financial
year ended June 30, 2016.



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


* BOND PRICING: For the Week Jan. 8 to Jan. 12, 2018
----------------------------------------------------

Issuer                    Coupon    Maturity    Currency   Price
------                    ------    --------    --------   -----


  AUSTRALIA
  ---------

ARTSONIG PTY LTD            11.50    04/01/19      USD     0.06
ARTSONIG PTY LTD            11.50    04/01/19      USD     0.06
KEYBRIDGE CAPITAL LTD        7.00    07/31/20      AUD     0.93
LAKES OIL NL                10.00    05/31/18      AUD     8.01
MIDWEST VANADIUM PTY LT     11.50    02/15/18      USD     0.19
MIDWEST VANADIUM PTY LT     11.50    02/15/18      USD     0.20
PALADIN ENERGY LTD           6.00    09/30/17      USD    40.00
PALADIN ENERGY LTD           7.00    03/31/20      USD    45.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
QUINTIS LTD                  8.75    08/01/23      USD    75.00
TREASURY CORP OF VICTOR      0.50    11/12/30      AUD    71.36


CHINA
-----

AKESU XINCHENG ASSET IN      7.50    10/10/18      CNY    25.17
ALXA LEAGUE INFRASTRUCT      6.40    03/14/20      CNY    60.37
ALXA LEAGUE INFRASTRUCT      6.40    03/14/20      CNY    60.40
ANHUI CHIZHOU CITY TIAN      7.40    10/23/20      CNY    60.68
ANKANG DEVELOPMENT & IN      6.35    03/06/20      CNY    59.91
ANQING ECONOMIC&TECHNOL      6.00    06/18/20      CNY    59.84
ANQING ECONOMIC&TECHNOL      6.00    06/18/20      CNY    59.99
ANQING URBAN CONSTRUCTI      6.76    12/31/19      CNY    40.39
ANQING URBAN CONSTRUCTI      6.76    12/31/19      CNY    40.73
ANSHAN HI-TECH INDUSTRY      8.50    12/20/20      CNY    62.85
ANSHUN STATE-RUN ASSETS      6.98    01/10/20      CNY    59.88
ANSHUN STATE-RUN ASSETS      6.98    01/10/20      CNY    61.00
ANYANG INVESTMENT GROUP      8.00    04/17/19      CNY    40.60
BAICHENG ZHONGXING URBA      7.00    12/18/19      CNY    40.10
BAISHAN URBAN CONSTRUCT      7.00    07/31/19      CNY    40.00
BAIYIN CITY DEVELOPMENT      6.78    07/19/20      CNY    60.13
BAIYIN CITY DEVELOPMENT      6.78    07/19/20      CNY    60.27
BAODING NATIONAL HI-TEC      7.33    12/24/19      CNY    40.76
BAOJI INVESTMENT GROUP       7.14    12/26/18      CNY    25.19
BAOJI INVESTMENT GROUP       7.14    12/26/18      CNY    25.28
BAOSHAN STATE-OWNED ASS      7.30    12/10/19      CNY    40.00
BAOSHAN STATE-OWNED ASS      7.30    12/10/19      CNY    40.29
BAOTOU STATE OWNED ASSE      7.03    09/17/19      CNY    40.46
BAYAN ZHUOER HETAO WATE      8.54    03/31/22      CNY    73.23
BAYANNUR LINHE DISTRICT      7.90    11/13/20      CNY    61.49
BAYANNUR URBAN DEVELOPM      6.40    03/15/20      CNY    59.98
BAYINGUOLENG INNER MONG      7.48    09/10/18      CNY    25.27
BEIJING BIOMEDICINE IND      6.35    07/23/20      CNY    59.90
BEIJING BIOMEDICINE IND      6.35    07/23/20      CNY    60.51
BEIJING CAPITAL DEVELOP      5.95    05/29/19      CNY    40.20
BEIJING CHAOYANG STATE-      5.25    03/27/20      CNY    59.62
BEIJING CHAOYANG STATE-      5.25    03/27/20      CNY    60.43
BEIJING CONSTRUCTION EN      5.95    07/05/19      CNY    40.08
BEIJING ECONOMIC TECHNO      5.29    03/06/18      CNY    39.92
BEIJING FUTURE SCIENCE       6.28    09/22/19      CNY    50.34
BEIJING FUTURE SCIENCE       6.28    09/22/19      CNY    50.50
BEIJING GUCAI GROUP CO       8.28    12/15/18      CNY    41.00
BEIJING GUCAI GROUP CO       6.60    09/06/20      CNY    60.57
BEIJING GUCAI GROUP CO       6.60    09/06/20      CNY    60.61
BEIJING HAIDIAN STATE-O      5.50    08/07/20      CNY    59.41
BEIJING JINGMEI GROUP C      6.14    09/09/20      CNY    59.97
BEIJING JINGMEI GROUP C      6.14    09/09/20      CNY    60.50
BEIJING JINLIYUAN STATE      7.00    10/28/20      CNY    60.00
BEIJING JINLIYUAN STATE      7.00    10/28/20      CNY    61.28
BEIJING XINGZHAN STATE       6.48    08/31/19      CNY    40.20
BEIJING XINGZHAN STATE       6.48    08/31/19      CNY    40.39
BENGBU URBAN INVESTMENT      6.30    09/11/20      CNY    60.61
BIJIE XINTAI INVESTMENT      7.15    08/20/19      CNY    40.54
BORALA MONGOL AUTONOMOU      7.18    08/09/20      CNY    60.60
BORALA MONGOL AUTONOMOU      7.18    08/09/20      CNY    60.82
C&D REAL ESTATE CO LTD       6.15    04/03/20      CNY    60.63
CANGZHOU CONSTRUCTION &      6.72    01/23/20      CNY    60.09
CANGZHOU CONSTRUCTION &      6.72    01/23/20      CNY    60.46
CHANGDE ECONOMIC DEVELO      7.19    09/12/19      CNY    40.65
CHANGDE ECONOMIC DEVELO      7.19    09/12/19      CNY    40.81
CHANGDE URBAN CONSTRUCT      6.50    02/25/20      CNY    60.01
CHANGDE URBAN CONSTRUCT      6.50    02/25/20      CNY    60.59
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.17
CHANGJIZHOU STATE OWNED      6.00    06/03/19      CNY    50.20
CHANGRUN INVESTMENT HOL      6.88    09/16/20      CNY    60.74
CHANGRUN INVESTMENT HOL      6.88    09/16/20      CNY    60.75
CHANGSHA CITY CONSTRUCT      6.95    04/24/19      CNY    40.37
CHANGSHA CITY CONSTRUCT      6.95    04/24/19      CNY    40.40
CHANGSHA COUNTY XINGCHE      8.35    04/06/19      CNY    40.75
CHANGSHA COUNTY XINGCHE      8.35    04/06/19      CNY    40.80
CHANGSHA ECONOMIC & TEC      8.45    04/13/22      CNY    72.89
CHANGSHA PILOT INVESTME      6.70    12/10/19      CNY    40.48
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    39.92
CHANGSHU BINJIANG URBAN      6.85    04/27/19      CNY    40.20
CHANGSHU CITY OPERATION      8.00    01/16/19      CNY    40.57
CHANGSHU DEVELOPMENT IN      5.80    04/19/20      CNY    60.15
CHANGXING URBAN CONSTRU      6.80    11/30/19      CNY    40.20
CHANGXING URBAN CONSTRU      6.80    11/30/19      CNY    40.47
CHANGYI ECONOMIC AND DE      7.35    10/30/20      CNY    55.82
CHANGYI ECONOMIC AND DE      7.35    10/30/20      CNY    55.85
CHANGZHI CITY CONSTRUCT      6.46    02/26/20      CNY    60.15
CHANGZHI CITY CONSTRUCT      6.46    02/26/20      CNY    60.32
CHANGZHOU BINHU CONSTRU      8.04    12/12/20      CNY    62.60
CHANGZHOU BINHU CONSTRU      8.04    12/12/20      CNY    63.75
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    59.98
CHANGZHOU HI-TECH GROUP      6.18    03/21/20      CNY    60.24
CHANGZHOU JINTAN DISTRI      8.30    03/14/19      CNY    40.73
CHANGZHOU JINTAN DISTRI      6.38    04/26/20      CNY    60.19
CHANGZHOU WUJIN CITY CO      6.22    06/08/18      CNY    25.00
CHANGZHOU WUJIN CITY CO      6.22    06/08/18      CNY    25.03
CHAOHU URBAN TOWN CONST      7.00    12/24/19      CNY    40.48
CHAOHU URBAN TOWN CONST      7.00    12/24/19      CNY    40.56
CHAOYANG CONSTRUCTION I      7.30    05/25/19      CNY    40.25
CHEN ZHOU GAO KE ASSET       7.25    10/21/20      CNY    61.39
CHEN ZHOU GAO KE ASSET       7.25    10/21/20      CNY    61.88
CHENGDU CITY DEVELOPMEN      6.18    01/14/20      CNY    60.43
CHENGDU CITY DEVELOPMEN      6.18    01/14/20      CNY    60.95
CHENGDU ECONOMIC&TECHNO      6.50    07/17/18      CNY    25.10
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19      CNY    40.20
CHENGDU ECONOMIC&TECHNO      6.55    07/17/19      CNY    40.35
CHENGDU HI-TECH INVESTM      6.28    11/20/19      CNY    40.18
CHENGDU PIDU DISTRICT S      7.25    10/15/20      CNY    60.74
CHENGDU PIDU DISTRICT S      7.25    10/15/20      CNY    61.23
CHENGDU XINCHENG XICHEN      8.35    03/19/19      CNY    40.59
CHENGDU XINDU XIANGCHEN      8.60    12/13/18      CNY    40.97
CHENGDU XINGCHENG INVES      6.17    01/28/20      CNY    60.46
CHENGDU XINGJIN URBAN C      7.30    11/27/19      CNY    40.77
CHENGDU XINGJIN URBAN C      7.30    11/27/19      CNY    40.77
CHENZHOU URBAN CONSTRUC      7.34    09/13/19      CNY    40.65
CHENZHOU URBAN CONSTRUC      7.34    09/13/19      CNY    40.73
CHENZHOU XINTIAN INVEST      6.30    07/17/20      CNY    60.38
CHIFENG CITY HONGSHAN I      7.20    07/25/19      CNY    40.19
CHINA CITY CONSTRUCTION      5.55    12/17/17      CNY    10.00
CHINA CITY CONSTRUCTION      4.93    07/14/20      CNY    10.00
CHINA GOVERNMENT BOND        3.70    05/23/66      CNY    68.41
CHINA GOVERNMENT BOND        1.64    12/15/33      CNY    70.20
CHINA RAILWAY CORP           3.40    10/27/46      CNY    74.22
CHINA SECURITY & FIRE C      4.45    11/11/19      CNY    68.00
CHINA YIXING ENVIRONMEN      7.10    10/18/20      CNY    60.46
CHINA YIXING ENVIRONMEN      7.10    10/18/20      CNY    60.50
CHIZHOU CITY MANAGEMENT      7.17    10/17/19      CNY    40.46
CHONGQING BEICHENG CONS      7.30    10/16/20      CNY    60.46
CHONGQING BEIFEI INDUST      7.13    12/25/19      CNY    40.03
CHONGQING CHANGSHOU DEV      7.45    09/25/19      CNY    40.01
CHONGQING CHANGSHOU DEV      7.45    09/25/19      CNY    40.62
CHONGQING CITY CONSTRUC      5.12    05/21/20      CNY    59.64
CHONGQING CITY CONSTRUC      5.12    05/21/20      CNY    59.65
CHONGQING DASUN ASSET D      6.98    09/10/20      CNY    60.62
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    60.31
CHONGQING DAZU DISTRICT      6.75    04/26/20      CNY    60.44
CHONGQING FULING DISTRI      8.40    03/23/19      CNY    70.58
CHONGQING FULING DISTRI      8.40    03/23/19      CNY    71.17
CHONGQING FULING STATE-      6.39    01/21/20      CNY    60.17
CHONGQING FULING STATE-      6.39    01/21/20      CNY    60.18
CHONGQING HAOJIANG CONS      7.99    11/22/20      CNY    61.74
CHONGQING HAOJIANG CONS      7.99    11/22/20      CNY    61.75
CHONGQING HECHUAN INDUS      6.19    06/17/20      CNY    60.18
CHONGQING HECHUAN INDUS      6.19    06/17/20      CNY    60.32
CHONGQING HECHUAN RURAL      8.28    04/10/18      CNY    25.12
CHONGQING HONGRONG CAPI      7.20    10/16/19      CNY    40.30
CHONGQING HONGRONG CAPI      7.20    10/16/19      CNY    40.67
CHONGQING HONGYE INDUST      6.30    06/03/20      CNY    60.18
CHONGQING HONGYE INDUST      6.30    06/03/20      CNY    60.61
CHONGQING JIANGJIN HUAX      7.46    09/21/19      CNY    40.62
CHONGQING JIANGJIN HUAX      7.46    09/21/19      CNY    40.71
CHONGQING JINYUN ASSET       6.75    06/18/19      CNY    39.88
CHONGQING JINYUN ASSET       6.75    06/18/19      CNY    41.00
CHONGQING LAND PROPERTI      7.35    04/25/19      CNY    40.64
CHONGQING LAND PROPERTI      6.30    08/22/20      CNY    60.99
CHONGQING MAIRUI CITY I      6.82    08/17/19      CNY    40.42
CHONGQING NAN'AN URBAN       8.20    04/09/19      CNY    40.68
CHONGQING NANCHUAN DIST      7.35    09/06/19      CNY    40.30
CHONGQING NANCHUAN DIST      7.35    09/06/19      CNY    40.53
CHONGQING NANFA URBAN C      6.43    04/27/20      CNY    60.18
CHONGQING NANFA URBAN C      6.43    04/27/20      CNY    60.22
CHONGQING QIANJIANG CIT      8.40    03/23/19      CNY    70.00
CHONGQING QIANJIANG CIT      8.40    03/23/19      CNY    71.14
CHONGQING QIJIANG EAST       6.75    01/29/20      CNY    60.23
CHONGQING SHUANGFU CONS      7.49    10/23/20      CNY    60.87
CHONGQING SHUANGFU CONS      7.49    10/23/20      CNY    61.25
CHONGQING SHUANGQIAO EC      6.75    04/26/20      CNY    60.00
CHONGQING SHUANGQIAO EC      6.75    04/26/20      CNY    61.31
CHONGQING THREE GORGES       6.40    01/23/19      CNY    49.70
CHONGQING THREE GORGES       6.40    01/23/19      CNY    50.05
CHONGQING WANSHENG ECO       6.39    04/17/20      CNY    60.30
CHONGQING WANSHENG ECO       6.39    04/17/20      CNY    60.40
CHONGQING WESTERN MODER      7.08    10/18/20      CNY    61.19
CHONGQING WESTERN MODER      7.08    10/18/20      CNY    75.60
CHONGQING XINGRONG HOLD      8.35    04/19/19      CNY    40.84
CHONGQING XINGRONG HOLD      8.35    04/19/19      CNY    40.95
CHONGQING XIYONG MICRO-      6.76    07/25/19      CNY    40.20
CHONGQING XIYONG MICRO-      6.76    07/25/19      CNY    40.24
CHONGQING YONGCHUAN HUI      7.49    03/14/18      CNY    40.10
CHONGQING YONGCHUAN HUI      7.49    03/14/18      CNY    40.10
CHONGQING YONGCHUAN HUI      7.33    10/16/19      CNY    40.59
CHONGQING YONGCHUAN HUI      7.33    10/16/19      CNY    40.86
CHONGQING YUFU ASSET MA      6.50    09/04/19      CNY    40.00
CHONGQING YUFU HOLDING       6.50    09/04/19      CNY    40.38
CHONGQING YULONG ASSET       6.87    05/31/19      CNY    40.00
CHONGQING YUXING CONSTR      7.30    12/10/19      CNY    40.64
CHUXIONG AUTONOMOUS DEV      6.60    03/29/20      CNY    59.25
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19      CNY    40.51
CHUZHOU CITY CONSTRUCTI      6.81    11/23/19      CNY    40.51
CHUZHOU TONGCHUANG CONS      7.05    01/09/20      CNY    40.37
CHUZHOU TONGCHUANG CONS      7.05    01/09/20      CNY    60.00
CIXI STATE OWNED ASSET       6.60    09/20/19      CNY    40.33
CIXI STATE OWNED ASSET       6.60    09/20/19      CNY    40.40
DALI ECONOMIC DEVELOPME      8.80    04/24/19      CNY    40.20
DALI ECONOMIC DEVELOPME      8.30    12/11/20      CNY    61.65
DALI ECONOMIC DEVELOPME      8.30    12/11/20      CNY    61.81
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    60.81
DALIAN CHANGXING ISLAND      6.60    01/25/20      CNY    61.48
DALIAN DETA INVESTMENT       6.50    11/15/19      CNY    40.45
DALIAN LVSHUN CONSTRUCT      6.78    07/02/19      CNY    40.19
DALIAN LVSHUN CONSTRUCT      6.78    07/02/19      CNY    40.22
DALIAN RONGQIANG INVEST      8.60    03/30/19      CNY    70.30
DALIAN SHUNXING INVESTM      6.97    10/18/20      CNY    61.00
DALIAN SHUNXING INVESTM      6.97    10/18/20      CNY    61.08
DANYANG INVESTMENT GROU      8.10    03/06/19      CNY    40.55
DANYANG INVESTMENT GROU      8.10    03/06/19      CNY    40.61
DANYANG INVESTMENT GROU      6.81    10/23/19      CNY    50.25
DANYANG INVESTMENT GROU      6.81    10/23/19      CNY    50.64
DANYANG INVESTMENT GROU      6.90    10/23/20      CNY    60.94
DAQING GAOXIN STATE-OWN      6.88    12/05/19      CNY    40.40
DAQING URBAN CONSTRUCTI      6.55    10/23/19      CNY    40.17
DASHIQIAO URBAN CONSTRU      6.58    02/21/20      CNY    60.05
DASHIQIAO URBAN CONSTRU      6.58    02/21/20      CNY    60.27
DAYE CITY CONSTRUCTION       7.95    11/27/20      CNY    61.72
DAZHOU INVESTMENT CO LT      6.99    12/25/19      CNY    40.55
DAZHOU INVESTMENT CO LT      6.99    12/25/19      CNY    40.79
DEYANG CITY CONSTRUCTIO      6.99    12/26/19      CNY    40.30
DEYANG CITY CONSTRUCTIO      6.99    12/26/19      CNY    40.57
DEZHOU DEDA URBAN CONST      7.14    10/18/19      CNY    40.86
DONGTAI COMMUNICATION I      7.39    07/05/18      CNY    25.00
DONGTAI COMMUNICATION I      7.39    07/05/18      CNY    25.10
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19      CNY    40.55
DONGTAI UBAN CONSTRUCTI      7.10    12/26/19      CNY    60.00
ENSHI URBAN CONSTRUCTIO      7.55    10/22/19      CNY    40.70
ERDOS DONGSHENG CITY DE      8.40    02/28/18      CNY    24.97
EZHOU CITY CONSTRUCTION      7.08    06/19/19      CNY    40.37
FEICHENG CITY ASSETS MA      7.10    08/14/18      CNY    25.19
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    40.45
FENGHUA CITY INVESTMENT      7.45    09/24/19      CNY    40.53
FORESEA LIFE INSURANCE       6.25    09/30/25      CNY    68.22
FUGU COUNTY STATE-OWNED      8.69    12/16/20      CNY    60.77
FUJIAN JINJIANG URBAN C      6.35    04/26/20      CNY    60.51
FUJIAN LONGYAN CITY CON      7.45    08/14/19      CNY    40.44
FUJIAN NANPING HIGHWAY       7.90    10/26/18      CNY    40.79
FUJIAN NANPING HIGHWAY       6.69    01/28/20      CNY    60.27
FUJIAN NANPING HIGHWAY       6.69    01/28/20      CNY    60.30
FUQING CITY STATE-OWNED      6.66    03/01/21      CNY    70.71
FUSHUN URBAN INVESTMENT      5.95    05/11/18      CNY    40.01
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    73.06
FUSHUN URBAN INVESTMENT      8.53    03/22/22      CNY    73.80
FUXIN INFRASTRUCTURE CO      7.55    10/10/19      CNY    40.57
FUZHOU INVESTMENT DEVEL      6.78    01/16/20      CNY    60.00
FUZHOU INVESTMENT DEVEL      6.78    01/16/20      CNY    60.67
FUZHOU JIANGONG GROUP C      6.80    12/10/19      CNY    70.98
FUZHOU URBAN AND RURAL       6.35    09/25/18      CNY    25.01
GANSU PROVINCIAL HIGHWA      6.75    11/16/18      CNY    20.28
GANSU PROVINCIAL HIGHWA      7.20    09/19/18      CNY    40.50
GANZHOU CITY DEVELOPMEN      6.40    07/10/18      CNY    25.09
GANZHOU DEVELOPMENT ZON      6.70    12/26/18      CNY    24.00
GANZHOU DEVELOPMENT ZON      6.70    12/26/18      CNY    25.17
GANZHOU DEVELOPMENT ZON      8.15    12/31/19      CNY    50.15
GANZHOU DEVELOPMENT ZON      8.15    12/31/19      CNY    50.73
GAOMI STATE-OWNED ASSET      6.75    11/15/18      CNY    25.10
GAOMI STATE-OWNED ASSET      6.75    11/15/18      CNY    25.26
GAOMI STATE-OWNED ASSET      6.70    11/15/19      CNY    40.64
GAOMI STATE-OWNED ASSET      6.70    11/15/19      CNY    40.65
GOLMUD INVESTMENT HOLDI      8.70    12/30/20      CNY    61.75
GREENLAND HOLDING GROUP      6.24    05/23/20      CNY    73.40
GREENLAND HOLDING GROUP      6.24    05/23/20      CNY    73.87
GUANG ZHOU PANYU COMMUN      6.30    04/12/19      CNY    50.00
GUANG ZHOU PANYU COMMUN      6.30    04/12/19      CNY    50.08
GUANGAN INVESTMENT HOLD      8.18    04/25/19      CNY    40.56
GUANGXI BAISE DEVELOPME      6.50    07/04/19      CNY    40.14
GUANGXI BAISE DEVELOPME      6.50    07/04/19      CNY    40.16
GUANGXI LAIBIN URBAN CO      8.36    03/14/19      CNY    71.06
GUANGYUAN INVESTMENT HO      7.25    11/26/19      CNY    40.83
GUANGZHOU DEVELOPMENT Z      6.70    08/14/22      CNY    71.81
GUILIN ECONOMIC CONSTRU      6.90    05/09/18      CNY    25.07
GUIYANG ECO&TECH DEVELO      8.42    03/27/19      CNY    40.27
GUIYANG HI-TECH HOLDING      6.01    12/01/19      CNY    49.98
GUIYANG JINYANG CONSTRU      6.70    10/24/18      CNY    25.12
GUIYANG JINYANG CONSTRU      6.70    10/24/18      CNY    25.24
GUIYANG PUBLIC RESIDENT      6.70    11/06/19      CNY    41.18
GUIYANG PUBLIC RESIDENT      6.70    11/06/19      CNY    60.93
GUIYANG URBAN DEVELOPME      6.20    02/28/20      CNY    59.84
GUIZHOU KAILI CITY CONS      8.30    12/12/20      CNY    62.12
GUIZHOU KAILI CITY CONS      8.30    12/12/20      CNY    63.00
GUOAO INVESTMENT DEVELO      6.89    10/29/18      CNY    25.12
GUOAO INVESTMENT DEVELO      6.89    10/29/18      CNY    25.12
HAIAN COUNTY CITY CONST      8.35    03/28/18      CNY    25.14
HAICHENG URBAN INVESTME      8.39    11/07/18      CNY    40.66
HAICHENG URBAN JINCAI L      8.56    12/19/20      CNY    61.68
HAICHENG URBAN JINCAI L      8.56    12/19/20      CNY    65.98
HAILAR URBAN INFRASTRUC      6.20    05/14/20      CNY    59.61
HAILAR URBAN INFRASTRUC      6.20    05/14/20      CNY    60.65
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    40.48
HAIMEN CITY DEVELOPMENT      8.35    03/20/19      CNY    40.52
HAINAN HARBOR & SHIPPIN      6.80    10/18/19      CNY    70.62
HAINAN HARBOR & SHIPPIN      6.80    10/18/19      CNY    70.70
HAINING CITY JIANSHAN D      6.90    11/04/20      CNY    61.42
HAINING CITY JIANSHAN D      6.90    11/04/20      CNY    62.00
HAINING STATE-OWNED ASS      7.80    09/20/18      CNY    40.56
HAINING STATE-OWNED ASS      7.80    09/20/18      CNY    40.57
HAINING STATE-OWNED ASS      6.08    03/06/20      CNY    59.30
HAINING STATE-OWNED ASS      6.08    03/06/20      CNY    60.29
HAIXI STATE DEVELOPMENT      8.60    01/02/21      CNY    63.39
HAIYAN COUNTY STATE-OWN      7.00    09/04/20      CNY    60.53
HAIYAN COUNTY STATE-OWN      7.00    09/04/20      CNY    61.24
HANDAN CITY CONSTRUCTIO      7.05    12/24/19      CNY    40.61
HANDAN CITY CONSTRUCTIO      7.05    12/24/19      CNY    40.85
HANDAN CITY CONSTRUCTIO      7.60    11/25/20      CNY    60.00
HANGZHOU CANAL COMPREHE      6.00    04/02/20      CNY    59.70
HANGZHOU CANAL COMPREHE      6.00    04/02/20      CNY    59.84
HANGZHOU HIGH-TECH INDU      6.45    01/28/20      CNY    60.42
HANGZHOU HIGH-TECH INDU      6.45    01/28/20      CNY    60.59
HANGZHOU MUNICIPAL CONS      5.90    04/25/18      CNY    25.01
HANGZHOU MUNICIPAL CONS      5.90    04/25/18      CNY    25.05
HANGZHOU XIAOSHAN ECO&T      6.70    12/26/18      CNY    25.16
HANGZHOU YUHANG CITY CO      7.55    03/29/19      CNY    40.47
HANGZHOU YUHANG CITY CO      7.55    03/29/19      CNY    40.61
HANGZHOU YUHANG INNOVAT      6.50    03/18/20      CNY    60.38
HANGZHOU YUHANG INNOVAT      6.50    03/18/20      CNY    60.62
HANJIANG STATE-OWNED-AS      8.12    01/12/19      CNY    40.49
HANJIANG STATE-OWNED-AS      8.12    01/12/19      CNY    40.50
HANJIANG STATE-OWNED-AS      7.30    11/11/20      CNY    61.25
HANJIANG STATE-OWNED-AS      7.30    11/11/20      CNY    61.81
HANZHONG CITY CONSTRUCT      7.48    03/14/18      CNY    40.00
HANZHONG CITY CONSTRUCT      7.48    03/14/18      CNY    40.05
HARBIN HELI INVESTMENT       7.48    09/26/18      CNY    40.25
HARBIN HELI INVESTMENT       7.48    09/26/18      CNY    40.41
HARBIN HIGH-TECH INDUST      7.00    09/16/20      CNY    61.02
HARBIN HIGH-TECH INDUST      7.00    09/16/20      CNY    61.83
HARBIN WATER INVESTMENT      5.70    05/06/20      CNY    60.05
HARBIN WATER INVESTMENT      5.70    05/06/20      CNY    60.40
HEBEI SHUNDE INVESTMENT      6.98    12/05/19      CNY    40.53
HEBEI SHUNDE INVESTMENT      6.98    12/05/19      CNY    40.59
HECHI CITY CONSTRUCTION      8.50    12/18/20      CNY    62.15
HECHI CITY CONSTRUCTION      8.50    12/18/20      CNY    62.25
HEFEI BINHU NEW ZONE CO      6.35    06/13/19      CNY    70.41
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19      CNY    70.99
HEFEI GAOXIN DEVELOPMEN      7.98    03/22/19      CNY    71.10
HEFEI HAIHENG INVESTMEN      7.30    06/12/19      CNY    40.43
HEFEI INDUSTRIAL INVEST      6.30    03/20/20      CNY    60.90
HEFEI TAOHUA INDUSTRIAL      8.79    03/27/19      CNY    41.06
HEFEI XINCHENG STATE-OW      7.88    04/23/19      CNY    40.59
HEGANG KAIYUAN CITY INV      6.50    07/19/19      CNY    40.23
HEIHE CITY CONSTRUCTION      8.48    03/23/19      CNY    71.29
HEILONGJIANG HECHENG CO      7.05    06/21/22      CNY    69.57
HEILONGJIANG POST-DISAS      7.06    11/20/20      CNY    74.43
HENAN JIYUAN CITY CONST      7.50    09/25/19      CNY    40.76
HENGYANG CITY CONSTRUCT      7.06    08/13/19      CNY    40.67
HENGYANG HONGXIANG STAT      6.20    06/19/20      CNY    60.09
HENGYANG HONGXIANG STAT      6.20    06/19/20      CNY    60.35
HEYUAN CITY URBAN DEVEL      6.55    03/19/20      CNY    60.09
HEYUAN CITY URBAN DEVEL      6.55    03/19/20      CNY    60.54
HONGHEZHOU ROAD DEVELOP      6.27    05/06/20      CNY    60.09
HUAIAN CITY URBAN ASSET      6.87    12/26/19      CNY    40.64
HUAIAN CITY WATER HOLDI      8.25    03/08/19      CNY    40.69
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19      CNY    40.48
HUAI'AN DEVELOPMENT HOL      7.20    09/06/19      CNY    40.94
HUAIAN QINGHE NEW AREA       6.68    01/24/20      CNY    60.22
HUAIAN QINGHE NEW AREA       6.68    01/24/20      CNY    60.56
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18      CNY    25.18
HUAIBEI CITY CONSTRUCTI      6.68    12/17/18      CNY    25.68
HUAIHUA CITY CONSTRUCTI      8.00    03/22/18      CNY    25.09
HUAIHUA CITY INDUSTRIAL      7.70    10/29/20      CNY    60.20
HUAIHUA CITY INDUSTRIAL      7.70    10/29/20      CNY    61.16
HUANGGANG CITY CONSTRUC      7.10    10/19/19      CNY    40.18
HUANGGANG CITY CONSTRUC      7.10    10/19/19      CNY    41.05
HUANGGANG CITY CONSTRUC      8.60    12/25/20      CNY    62.69
HUANGGANG CITY CONSTRUC      8.60    12/25/20      CNY    83.50
HUANGSHI CIHU HIGH-TECH      8.70    12/05/20      CNY    63.53
HUANGSHI URBAN CONSTRUC      6.96    10/25/19      CNY    40.52
HUIAN STATE ASSETS INVE      7.50    10/15/19      CNY    40.50
HUIAN STATE ASSETS INVE      7.50    10/15/19      CNY    40.56
HULUDAO INVESTMENT GROU      7.05    10/18/20      CNY    60.47
HULUDAO INVESTMENT GROU      7.05    10/18/20      CNY    60.52
HUNAN CHANGDE DEYUAN IN      7.18    10/18/18      CNY    25.07
HUNAN CHENGLINGJI HARBO      7.70    10/15/18      CNY    25.25
HUNAN CHENGLINGJI HARBO      7.70    10/15/18      CNY    25.32
HUNAN TIER GROUP CO LTD      8.00    12/23/20      CNY    62.32
HUNAN TIER GROUP CO LTD      8.00    12/23/20      CNY    85.00
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    24.86
HUNAN ZHAOSHAN ECONOMIC      7.00    12/12/18      CNY    24.90
HUZHOU CITY INVESTMENT       6.70    12/14/19      CNY    40.57
HUZHOU NANXUN STATE-OWN      8.15    03/31/19      CNY    40.61
HUZHOU WUXING NANTAIHU       7.71    02/17/18      CNY    40.06
INNER MONGOLIA HIGH-TEC      7.20    09/25/19      CNY    40.30
INNER MONGOLIA ZHUNGEER      6.94    05/10/18      CNY    50.10
JIAMUSI NEW ERA INFRAST      8.25    03/22/19      CNY    40.43
JIAN CITY CONSTRUCTION       7.80    04/20/19      CNY    40.20
JIAN CITY CONSTRUCTION       7.80    04/20/19      CNY    40.52
JIANAN INVESTMENT HOLDI      7.68    09/04/19      CNY    40.00
JIANAN INVESTMENT HOLDI      7.68    09/04/19      CNY    40.77
JIANGDONG HOLDING GROUP      6.90    03/27/19      CNY    40.35
JIANGMEN CITY BINJIANG       6.60    02/28/20      CNY    60.00
JIANGMEN CITY BINJIANG       6.60    02/28/20      CNY    60.07
JIANGMEN NEW HI-TECH IN      7.39    11/04/20      CNY    60.00
JIANGMEN NEW HI-TECH IN      7.39    11/04/20      CNY    61.43
JIANGSU FURUDONGHAI DEV      7.09    09/13/20      CNY    60.74
JIANGSU FURUDONGHAI DEV      7.09    09/13/20      CNY    60.81
JIANGSU HANRUI INVESTME      8.16    03/01/19      CNY    40.75
JIANGSU HUAJING ASSETS       6.00    05/16/20      CNY    59.93
JIANGSU JINGUAN INVESTM      6.40    01/28/19      CNY    49.42
JIANGSU JURONG FUDI BIO      8.70    04/26/19      CNY    71.07
JIANGSU LIANYUN DEVELOP      6.10    06/19/19      CNY    39.69
JIANGSU LIANYUN DEVELOP      6.10    06/19/19      CNY    40.07
JIANGSU NANJING PUKOU E      7.10    10/08/19      CNY    40.00
JIANGSU NANJING PUKOU E      7.10    10/08/19      CNY    40.40
JIANGSU NEWHEADLINE DEV      7.00    08/27/20      CNY    55.39
JIANGSU NEWHEADLINE DEV      7.00    08/27/20      CNY    55.73
JIANGSU SUHAI INVESTMEN      7.20    11/07/19      CNY    40.35
JIANGSU SUHAI INVESTMEN      7.20    11/07/19      CNY    40.48
JIANGSU TAICANG PORT DE      7.66    05/16/19      CNY    40.59
JIANGSU WUZHONG ECONOMI      8.05    12/16/18      CNY    40.67
JIANGSU WUZHONG ECONOMI      8.05    12/16/18      CNY    71.03
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    40.48
JIANGSU XISHAN ECONOMIC      6.99    11/01/19      CNY    40.50
JIANGSU ZHANGJIAGANG EC      6.98    11/16/19      CNY    40.35
JIANGSU ZHANGJIAGANG EC      6.98    11/16/19      CNY    40.70
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    40.72
JIANGXI HEJI INVESTMENT      8.00    09/04/19      CNY    40.75
JIANGYAN STATE OWNED AS      6.85    12/03/19      CNY    40.34
JIANGYAN STATE OWNED AS      6.85    12/03/19      CNY    40.58
JIANGYIN CITY CONSTRUCT      7.20    06/11/19      CNY    40.49
JIANGYIN GAOXIN DISTRIC      7.31    04/25/18      CNY    50.12
JIANGYIN GAOXIN DISTRIC      6.60    02/27/20      CNY    60.56
JIANGYIN LINGANG NEW CI      7.10    11/07/20      CNY    60.80
JIANGYIN LINGANG NEW CI      7.10    11/07/20      CNY    61.62
JIANHU URBAN CONSTRUCTI      6.50    02/22/20      CNY    60.09
JIANHU URBAN CONSTRUCTI      6.50    02/22/20      CNY    60.31
JIASHAN STATE-OWNED ASS      6.80    06/06/19      CNY    40.90
JIAXING CITY CULTURE MI      8.16    03/08/19      CNY    40.57
JIAXING ECONOMIC&TECHNO      6.78    06/14/19      CNY    40.27
JIAXING ECONOMIC&TECHNO      6.78    06/14/19      CNY    40.33
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    59.92
JILIN CITY CONSTRUCTION      6.34    02/26/20      CNY    60.11
JILIN RAILWAY INVESTMEN      6.63    06/26/19      CNY    69.89
JIMO CITY URBAN DEVELOP      8.10    12/17/19      CNY    50.80
JIMO CITY URBAN DEVELOP      8.10    12/17/19      CNY    51.27
JINAN CITY CONSTRUCTION      6.98    03/26/18      CNY    24.50
JINAN CITY CONSTRUCTION      6.98    03/26/18      CNY    25.09
JINAN XIAOQINGHE DEVELO      7.15    09/05/19      CNY    39.80
JINAN XIAOQINGHE DEVELO      7.15    09/05/19      CNY    40.66
JINGDEZHEN STATE-OWNED       7.48    03/23/18      CNY    50.00
JINGDEZHEN STATE-OWNED       7.48    03/23/18      CNY    50.13
JINGDEZHEN STATE-OWNED       6.59    06/25/20      CNY    60.34
JINGDEZHEN STATE-OWNED       6.59    06/25/20      CNY    60.46
JINGJIANG BINJIANG XINC      6.80    10/23/18      CNY    25.00
JINGJIANG BINJIANG XINC      6.80    10/23/18      CNY    25.11
JINGMEN CITY CONSTRUCTI      7.00    10/17/20      CNY    60.90
JINGMEN CITY CONSTRUCTI      6.85    07/09/22      CNY    71.01
JINGMEN CITY CONSTRUCTI      7.00    10/17/20      CNY    81.92
JINGZHOU ECONOMIC TECHN      8.20    12/09/20      CNY    62.10
JINGZHOU URBAN CONSTRUC      7.98    04/24/19      CNY    40.71
JINING CITY CONSTRUCTIO      8.30    12/31/18      CNY    20.53
JINING CITY YANZHOU DIS      5.90    05/28/21      CNY    69.00
JINING HI-TECH TOWN CON      6.60    01/28/20      CNY    60.49
JINING HI-TECH TOWN CON      6.60    01/28/20      CNY    60.56
JINING WATER SUPPLY GRO      7.18    01/22/20      CNY    60.63
JINSHAN STATE-OWNED ASS      6.65    11/27/19      CNY    40.37
JINZHONG CITY PUBLIC IN      6.50    03/18/20      CNY    59.50
JINZHONG CITY PUBLIC IN      6.50    03/18/20      CNY    60.28
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    39.99
JINZHOU CITY INVESTMENT      7.08    06/13/19      CNY    40.26
JINZHOU CITY INVESTMENT      8.50    12/27/20      CNY    61.70
JINZHOU CITY INVESTMENT      8.50    12/27/20      CNY    62.65
JISHOU HUATAI STATE OWN      7.37    12/12/19      CNY    40.63
JIUJIANG CITY CONSTRUCT      8.49    02/23/19      CNY    40.42
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19      CNY    49.83
JIUJIANG FUHE CONSTRUCT      6.10    03/19/19      CNY    50.29
JIUJIANG STATE-OWNED AS      6.68    03/07/20      CNY    59.90
JIUJIANG STATE-OWNED AS      6.68    03/07/20      CNY    60.48
JIXI STATE OWN ASSET MA      7.18    11/08/19      CNY    40.39
KAIFENG DEVELOPMENT INV      6.47    07/11/19      CNY    40.31
KARAMAY URBAN CONSTRUCT      7.15    09/04/19      CNY    40.57
KARAMAY URBAN CONSTRUCT      7.15    09/04/19      CNY    40.58
KASHI URBAN CONSTRUCTIO      7.18    11/27/19      CNY    40.56
KIZILSU KIRGHIZ AUTONOM      7.15    09/16/20      CNY    61.06
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20      CNY    61.60
KUCHE URBAN CONSTRUCTIO      7.95    12/09/20      CNY    80.00
KUNMING CITY CONSTRUCTI      7.60    04/13/18      CNY    25.10
KUNMING CITY CONSTRUCTI      7.60    04/13/18      CNY    25.11
KUNMING DIANCHI INVESTM      6.50    02/01/20      CNY    60.33
KUNMING DIANCHI INVESTM      6.50    02/01/20      CNY    60.50
KUNMING INDUSTRIAL DEVE      6.46    10/23/19      CNY    40.26
KUNMING INDUSTRIAL DEVE      6.46    10/23/19      CNY    40.54
KUNMING WUHUA DISTRICT       8.60    03/15/18      CNY    25.08
KUNMING WUHUA DISTRICT       8.60    03/15/18      CNY    25.20
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19      CNY    40.12
KUNSHAN ENTREPRENEUR HO      6.28    11/07/19      CNY    40.38
KUNSHAN HUAQIAO INTERNA      7.98    12/30/18      CNY    20.50
LAIWU CITY ECONOMIC DEV      6.50    03/01/18      CNY    29.99
LANZHOU CITY DEVELOPMEN      8.20    12/15/18      CNY    40.91
LANZHOU CITY DEVELOPMEN      8.20    12/15/18      CNY    68.05
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.10
LEQING CITY STATE OWNED      6.50    06/29/19      CNY    40.27
LESHAN STATE-OWNED ASSE      6.99    03/18/18      CNY    40.04
LESHAN STATE-OWNED ASSE      6.99    03/18/18      CNY    40.09
LIAONING COASTAL ECONOM      8.90    04/01/21      CNY    45.60
LIAONING COASTAL ECONOM      8.90    04/01/21      CNY    47.22
LIAONING YAODU DEVELOPM      7.35    12/12/19      CNY    40.19
LIAOYANG CITY ASSETS OP      6.88    06/13/18      CNY    34.99
LIAOYANG CITY ASSETS OP      7.10    11/13/19      CNY    40.19
LIAOYUAN STATE-OWNED AS      8.17    03/13/19      CNY    40.08
LIAOYUAN STATE-OWNED AS      8.17    03/13/19      CNY    41.50
LIJIANG GUCHENG MANAGEM      6.68    07/26/19      CNY    40.26
LINCANG STATE-OWNED ASS      6.58    04/11/20      CNY    60.27
LINFEN CITY INVESTMENT       6.20    05/23/20      CNY    59.00
LINFEN CITY INVESTMENT       6.20    05/23/20      CNY    60.27
LINFEN CITY INVESTMENT       7.23    02/22/19      CNY    74.99
LINFEN YAODU DISTRICT I      6.99    09/27/20      CNY    59.54
LINHAI CITY INFRASTRUCT      6.30    03/21/20      CNY    60.20
LINHAI CITY INFRASTRUCT      6.30    03/21/20      CNY    60.31
LINYI CITY ASSET MANAGE      6.68    12/12/19      CNY    40.56
LINYI ECONOMIC DEVELOPM      8.26    09/24/19      CNY    41.07
LINYI INVESTMENT DEVELO      8.10    03/27/18      CNY    25.13
LISHUI CITY CONSTRUCTIO      6.00    05/23/20      CNY    59.93
LISHUI CITY CONSTRUCTIO      6.00    05/23/20      CNY    60.85
LISHUI URBAN CONSTRUCTI      5.80    05/29/20      CNY    59.86
LISHUI URBAN CONSTRUCTI      5.80    05/29/20      CNY    59.91
LIUPANSHUI DEVELOPMENT       6.97    12/03/19      CNY    40.52
LIUPANSHUI DEVELOPMENT       6.97    12/03/19      CNY    61.00
LIUZHOU CITY INVESTMENT      7.18    12/31/22      CNY    71.19
LIUZHOU DONGCHENG INVES      8.30    02/15/19      CNY    40.63
LIUZHOU DONGCHENG INVES      7.40    10/29/20      CNY    61.49
LIUZHOU DONGCHENG INVES      7.40    10/29/20      CNY    61.57
LIUZHOU INVESTMENT HOLD      6.98    08/15/19      CNY    40.24
LIYANG CITY CONSTRUCTIO      8.20    11/08/18      CNY    33.94
LIYANG CITY CONSTRUCTIO      6.20    03/08/20      CNY    60.43
LIYANG CITY CONSTRUCTIO      6.20    03/08/20      CNY    60.52
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20      CNY    60.57
LONGYAN HUIJIN DEVELOPM      7.10    10/18/20      CNY    61.08
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    25.18
LOUDI CITY CONSTRUCTION      7.28    10/19/18      CNY    25.21
LU'AN CITY CONSTRUCTION      8.00    12/02/20      CNY    62.18
LUOHE CITY CONSTRUCTION      6.99    10/30/19      CNY    40.45
LUOHE CITY CONSTRUCTION      6.99    10/30/19      CNY    40.54
MAANSHAN ECONOMIC TECHN      7.10    12/20/19      CNY    40.76
MEISHAN HONGDA CONSTRUC      6.56    06/19/20      CNY    59.85
MEISHAN HONGDA CONSTRUC      6.56    06/19/20      CNY    60.67
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20      CNY    60.69
MEIZHOU KANGDA HIGHWAY       6.95    09/10/20      CNY    60.76
MIANYANG INVESTMENT HOL      7.70    03/26/19      CNY    70.43
MIANYANG INVESTMENT HOL      7.70    03/26/19      CNY    70.72
MIANYANG SCIENCE TECHNO      6.30    07/22/18      CNY    27.51
MIANYANG SCIENCE TECHNO      7.16    05/15/19      CNY    40.37
MINXIXINGHANG STATE-OWN      6.20    03/26/19      CNY    50.18
MINXIXINGHANG STATE-OWN      6.20    03/26/19      CNY    50.21
MUDANJIANG STATE-OWNED       7.08    08/30/19      CNY    40.32
MUDANJIANG STATE-OWNED       7.08    08/30/19      CNY    40.33
NANAN CITY TRADE INDUST      8.50    04/25/19      CNY    40.78
NANCHANG CITY CONSTRUCT      6.19    02/20/20      CNY    60.39
NANCHANG COUNTY URBAN C      6.50    07/17/19      CNY    50.16
NANCHANG COUNTY URBAN C      6.50    07/17/19      CNY    50.23
NANCHANG ECONOMY TECHNO      6.88    01/09/20      CNY    40.01
NANCHANG MUNICIPAL PUBL      5.88    02/25/20      CNY    60.32
NANCHANG WATER CONSERVA      6.28    06/21/20      CNY    60.35
NANCHANG WATER CONSERVA      6.28    06/21/20      CNY    60.62
NANCHONG DEVELOPMENT IN      6.69    01/28/20      CNY    60.46
NANCHONG DEVELOPMENT IN      6.69    01/28/20      CNY    60.75
NANCHONG ECONOMIC DEVEL      8.16    04/26/19      CNY    40.67
NANJING JIANGNING SCIEN      7.29    04/28/19      CNY    40.32
NANJING NEW&HIGH TECHNO      6.94    09/07/19      CNY    39.95
NANJING NEW&HIGH TECHNO      6.94    09/07/19      CNY    40.47
NANJING STATE OWNED ASS      5.40    03/06/20      CNY    59.73
NANJING STATE OWNED ASS      5.40    03/06/20      CNY    60.50
NANJING URBAN CONSTRUCT      5.68    11/26/18      CNY    24.94
NANJING URBAN CONSTRUCT      5.68    11/26/18      CNY    50.50
NANJING XINGANG DEVELOP      6.80    01/08/20      CNY    40.01
NANNING URBAN CONSTRUCT      8.20    12/26/20      CNY    61.44
NANNING URBAN CONSTRUCT      8.20    12/26/20      CNY    83.54
NANPING CITY WUYI NEW D      6.70    08/06/20      CNY    60.51
NANPING CITY WUYI NEW D      6.70    08/06/20      CNY    61.07
NANTONG CITY GANGZHA DI      7.15    01/09/20      CNY    60.73
NANTONG CITY GANGZHA DI      7.15    01/09/20      CNY    60.76
NANTONG CITY TONGZHOU D      6.80    05/28/19      CNY    40.25
NANTONG ECONOMIC & TECH      5.80    05/17/20      CNY    60.03
NANTONG ECONOMIC & TECH      5.80    05/17/20      CNY    60.04
NANYANG INVESTMENT GROU      7.05    10/24/20      CNY    60.40
NANYANG INVESTMENT GROU      7.05    10/24/20      CNY    61.37
NEIJIANG INVESTMENT HOL      7.00    07/19/18      CNY    25.07
NEIJIANG INVESTMENT HOL      7.00    07/19/18      CNY    25.09
NEIMENGGU XINLINGOL XIN      7.62    02/25/18      CNY    40.08
NEOGLORY HOLDING GROUP       8.10    11/23/18      CNY    63.02
NEOGLORY HOLDING GROUP       6.50    09/25/20      CNY    65.00
NINGBO CITY YINZHOU CIT      6.50    03/18/20      CNY    59.30
NINGBO CITY YINZHOU CIT      6.50    03/18/20      CNY    60.67
NINGBO EASTERN NEW TOWN      6.45    01/21/20      CNY    59.81
NINGBO URBAN CONSTRUCTI      7.39    03/01/18      CNY    25.00
NINGBO URBAN CONSTRUCTI      7.39    03/01/18      CNY    25.07
NINGBO ZHENHAI HAIJIANG      6.65    11/28/18      CNY    25.26
NINGDE CITY STATE-OWNED      7.99    12/05/20      CNY    61.97
NINGDE CITY STATE-OWNED      7.99    12/05/20      CNY    62.23
NINGHAI COUNTY URBAN IN      8.00    01/02/21      CNY    61.90
NINGHAI COUNTY URBAN IN      8.00    01/02/21      CNY    62.20
PANJIN CONSTRUCTION INV      7.50    05/17/19      CNY    40.58
PANJIN CONSTRUCTION INV      7.50    05/17/19      CNY    40.74
PANJIN CONSTRUCTION INV      7.42    03/01/18      CNY    60.04
PANJIN PETROLEUM HIGH T      6.95    01/10/20      CNY    60.39
PANJIN PETROLEUM HIGH T      6.95    01/10/20      CNY    60.41
PEIXIAN STATE-OWNED ASS      7.20    12/06/19      CNY    40.00
PEIXIAN STATE-OWNED ASS      7.20    12/06/19      CNY    40.69
PENGLAI CITY PENGLAIGE       6.80    01/30/21      CNY    69.85
PENGLAI CITY PENGLAIGE       6.80    01/30/21      CNY    70.50
PINGDINGSHAN CITY DEVEL      7.86    05/08/19      CNY    40.54
PINGDINGSHAN CITY DEVEL      7.86    05/08/19      CNY    40.54
PINGDU CITY STATE OWNED      7.25    11/05/20      CNY    61.01
PINGDU CITY STATE OWNED      7.25    11/05/20      CNY    61.10
PINGHU CITY DEVELOPMENT      7.20    09/18/19      CNY    40.10
PINGHU CITY DEVELOPMENT      7.20    09/18/19      CNY    40.56
PINGLIANG CHENGXIANG CO      7.10    09/17/20      CNY    60.90
PINGTAN COMPOSITE EXPER      6.58    03/15/20      CNY    60.33
PINGTAN COMPOSITE EXPER      6.58    03/15/20      CNY    60.47
PINGXIANG HUIFENG INVES      7.06    10/11/20      CNY    61.32
PINGXIANG HUIFENG INVES      7.06    10/11/20      CNY    63.15
PINGXIANG URBAN CONSTRU      6.89    12/10/19      CNY    40.05
PINGXIANG URBAN CONSTRU      6.89    12/10/19      CNY    40.06
PIZHOU RUNCHENG ASSET O      7.55    09/25/19      CNY    40.82
PUER CITY STATE OWNED A      7.38    06/20/19      CNY    40.33
PULANDIAN CITY CONSTRUC      8.48    12/12/18      CNY    56.23
PULANDIAN CITY CONSTRUC      7.60    11/19/20      CNY    61.20
PULANDIAN CITY CONSTRUC      7.60    11/19/20      CNY    61.95
PUTIAN STATE-OWNED ASSE      8.10    03/21/19      CNY    40.60
PUTIAN STATE-OWNED ASSE      8.10    03/21/19      CNY    40.61
PUYANG INVESTMENT GROUP      8.00    12/11/20      CNY    62.17
PUYANG INVESTMENT GROUP      8.00    12/11/20      CNY    62.81
QIANAN XINGYUAN WATER I      6.45    07/11/18      CNY    25.00
QIANAN XINGYUAN WATER I      6.45    07/11/18      CNY    25.01
QIANDONG NANZHOU DEVELO      8.80    04/27/19      CNY    40.60
QIANDONGNANZHOU KAIHONG      7.80    10/30/19      CNY    41.25
QIANNAN AUTONOMOUS PREF      6.90    09/04/20      CNY    60.00
QIANNAN AUTONOMOUS PREF      6.90    09/04/20      CNY    60.41
QIANXI NANZHOU HONGSHEN      6.99    11/22/19      CNY    40.39
QIANXI NANZHOU HONGSHEN      6.99    11/22/19      CNY    40.45
QIDONG STATE-OWNED ASSE      7.30    11/20/22      CNY    69.95
QIDONG STATE-OWNED ASSE      7.30    11/20/22      CNY    71.71
QINGDAO CITY CONSTRUCTI      6.89    02/16/19      CNY    40.32
QINGDAO CITY CONSTRUCTI      6.89    02/16/19      CNY    40.37
QINGDAO CONSON DEVELOPM      6.40    12/12/22      CNY    71.87
QINGDAO HUATONG STATE-O      7.30    04/18/19      CNY    40.51
QINGDAO JIAOZHOU CITY D      6.59    01/25/20      CNY    60.52
QINGYUAN TRANSPORTATION      8.20    12/19/20      CNY    61.70
QINGYUAN TRANSPORTATION      8.20    12/19/20      CNY    61.76
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19      CNY    19.95
QINGZHOU HONGYUAN PUBLI      6.50    05/22/19      CNY    20.10
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18      CNY    25.00
QINGZHOU HONGYUAN PUBLI      7.25    10/19/18      CNY    25.22
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19      CNY    40.71
QINGZHOU HONGYUAN PUBLI      7.35    10/19/19      CNY    40.73
QINHUANGDAO DEVELOPMENT      7.46    10/17/19      CNY    40.49
QINHUANGDAO DEVELOPMENT      8.00    12/17/20      CNY    61.50
QINHUANGDAO DEVELOPMENT      8.00    12/17/20      CNY    61.80
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    60.63
QINZHOU BINHAI NEW CITY      7.00    08/27/20      CNY    60.88
QINZHOU CITY DEVELOPMEN      7.10    10/16/19      CNY    70.80
QINZHOU CITY DEVELOPMEN      7.10    10/16/19      CNY    70.89
QITAIHE CITY CONSTRUCTI      7.30    10/18/19      CNY    40.39
QUANZHOU QUANGANG PETRO      8.40    04/16/19      CNY    40.57
QUANZHOU QUANGANG PETRO      8.40    04/16/19      CNY    40.57
QUANZHOU TAISHANG INVES      7.08    12/10/19      CNY    40.67
QUANZHOU URBAN CONSTRUC      6.48    01/11/20      CNY    60.46
QUANZHOU URBAN CONSTRUC      6.48    01/11/20      CNY    60.55
QUJING DEVELOPMENT INVE      7.25    09/06/19      CNY    40.47
QUJING DEVELOPMENT INVE      7.25    09/06/19      CNY    40.60
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20      CNY    59.30
RIZHAO CITY CONSTRUCTIO      5.80    06/06/20      CNY    60.12
RONGCHENG ECONOMIC DEVE      6.45    03/18/20      CNY    60.43
RUDONG COUNTY DONGTAI S      7.45    09/24/19      CNY    40.72
RUDONG COUNTY DONGTAI S      7.10    01/31/18      CNY    50.00
RUGAO COMMUNICATIONS CO      8.51    01/26/19      CNY    50.69
RUGAO COMMUNICATIONS CO      6.70    02/01/20      CNY    60.44
RUGAO COMMUNICATIONS CO      6.70    02/01/20      CNY    60.81
RUIAN STATE OWNED ASSET      6.93    11/26/19      CNY    40.38
RUIAN STATE OWNED ASSET      6.93    11/26/19      CNY    60.10
RUSHAN CITY STATE-OWNED      6.90    09/11/20      CNY    60.41
SANMING CITY CONSTRUCTI      6.40    03/05/20      CNY    59.79
SANMING CITY CONSTRUCTI      6.40    03/05/20      CNY    60.29
SANMING STATE-OWNED ASS      6.99    06/14/18      CNY    40.21
SANMING STATE-OWNED ASS      6.92    12/05/19      CNY    40.62
SHANDONG JINMAO TEXTILE      6.50    09/25/20      CNY    60.06
SHANDONG RENCHENG RONGX      7.30    10/18/20      CNY    61.09
SHANDONG RENCHENG RONGX      7.30    10/18/20      CNY    61.27
SHANDONG TAIFENG HOLDIN      5.80    03/12/20      CNY    59.12
SHANGHAI BUND GROUP DEV      6.35    04/24/20      CNY    60.28
SHANGHAI BUND GROUP DEV      6.35    04/24/20      CNY    60.38
SHANGHAI CHENGTOU CORP       4.63    07/30/19      CNY    39.64
SHANGHAI CHENJIAZHEN CO      7.18    11/06/19      CNY    50.93
SHANGHAI FENGXIAN NANQI      6.25    03/05/20      CNY    59.96
SHANGHAI FENGXIAN NANQI      6.25    03/05/20      CNY    60.37
SHANGHAI JIADING INDUST      6.71    10/10/18      CNY    25.10
SHANGHAI JIADING INDUST      6.71    10/10/18      CNY    25.32
SHANGHAI JINSHAN URBAN       6.60    12/21/19      CNY    40.30
SHANGHAI JINSHAN URBAN       6.60    12/21/19      CNY    40.48
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19      CNY    64.31
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19      CNY    70.21
SHANGHAI LUJIAZUI DEVEL      5.79    02/25/19      CNY    70.27
SHANGHAI LUJIAZUI DEVEL      5.98    03/11/19      CNY    70.82
SHANGHAI MINHANG URBAN       6.48    10/23/19      CNY    40.07
SHANGHAI MINHANG URBAN       6.48    10/23/19      CNY    40.41
SHANGHAI NANFANG GROUP       6.70    09/09/19      CNY    50.45
SHANGHAI NANFANG GROUP       6.70    09/09/19      CNY    50.60
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.00
SHANGHAI SONGJIANG TOWN      6.28    08/15/18      CNY    25.16
SHANGHAI URBAN CONSTRUC      5.25    11/30/19      CNY    39.93
SHANGHAI YONGYE ENTERPR      6.84    05/21/20      CNY    75.00
SHANGLUO CITY CONSTRUCT      6.75    09/09/19      CNY    49.52
SHANGLUO CITY CONSTRUCT      6.75    09/09/19      CNY    49.55
SHANGLUO CITY CONSTRUCT      7.05    09/09/20      CNY    60.60
SHANGLUO CITY CONSTRUCT      7.05    09/09/20      CNY    60.76
SHANGQIU DEVELOPMENT IN      6.60    01/15/20      CNY    60.46
SHANGYU COMMUNICATIONS       6.70    09/11/19      CNY    40.25
SHANGYU COMMUNICATIONS       6.70    09/11/19      CNY    40.46
SHANGYU HANGZHOU BAY DI      6.95    10/11/20      CNY    60.83
SHANTOU CITY CONSTRUCTI      8.57    03/23/22      CNY    73.03
SHANTOU CITY CONSTRUCTI      8.57    03/23/22      CNY    73.36
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19      CNY    40.50
SHAOGUAN JINYE DEVELOPM      7.30    10/18/19      CNY    40.75
SHAOXING CHENGBEI XINCH      6.21    06/11/18      CNY    24.98
SHAOXING CHENGBEI XINCH      6.21    06/11/18      CNY    25.10
SHAOXING CHENGZHONGCUN       6.50    01/24/20      CNY    60.00
SHAOXING CHENGZHONGCUN       6.50    01/24/20      CNY    60.35
SHAOXING HI-TECH INDUST      6.75    12/05/18      CNY    24.79
SHAOXING HI-TECH INDUST      6.75    12/05/18      CNY    25.12
SHAOXING KEQIAO DISTRIC      6.30    02/26/19      CNY    50.05
SHAOXING KEQIAO DISTRIC      6.30    02/26/19      CNY    50.24
SHAOXING PAOJIANG INDUS      6.90    10/31/19      CNY    40.49
SHAOXING URBAN CONSTRUC      6.40    11/09/19      CNY    40.20
SHAOXING URBAN CONSTRUC      6.40    11/09/19      CNY    40.44
SHAOYANG CITY CONSTRUCT      7.40    09/11/18      CNY    25.10
SHAOYANG CITY CONSTRUCT      7.40    09/11/18      CNY    25.27
SHENYANG MACHINE TOOL C      6.50    03/27/18      CNY    70.00
SHENYANG SUJIATUN DISTR      6.40    06/20/20      CNY    60.21
SHENZHEN LONGGANG DISTR      6.18    03/27/19      CNY    50.12
SHENZHEN LONGGANG DISTR      6.18    03/27/19      CNY    50.23
SHIJIAZHUANG REAL ESTAT      5.65    05/15/20      CNY    59.88
SHIJIAZHUANG REAL ESTAT      5.65    05/15/20      CNY    60.08
SHISHI STATE OWNED INVE      7.40    09/13/19      CNY    40.54
SHISHI STATE OWNED INVE      7.40    09/13/19      CNY    40.70
SHIYAN CITY INFRASTRUCT      7.98    04/20/19      CNY    40.61
SHIYAN CITY INFRASTRUCT      6.88    10/11/20      CNY    60.89
SHOUGUANG CITY CONSTRUC      7.10    10/18/20      CNY    60.78
SHOUGUANG CITY CONSTRUC      7.10    10/18/20      CNY    61.06
SHOUGUANG JINCAI STATE-      6.70    10/23/19      CNY    40.53
SHOUGUANG JINCAI STATE-      6.70    10/23/19      CNY    61.00
SHUANGLIU COUNTY WATER       6.92    07/30/20      CNY    74.50
SHUANGLIU SHINE CHINE C      8.48    03/16/19      CNY    70.00
SHUANGLIU SHINE CHINE C      8.40    03/16/19      CNY    71.34
SHUANGLIU SHINE CHINE C      8.48    03/16/19      CNY    71.34
SHUANGLIU SHINE CHINE C      8.40    03/16/19      CNY    71.50
SHUANGYASHAN DADI CITY       6.55    12/25/19      CNY    40.29
SHUANGYASHAN DADI CITY       6.55    12/25/19      CNY    40.46
SHUYANG JINGYUAN ASSET       6.50    12/03/19      CNY    40.23
SHUYANG JINGYUAN ASSET       6.50    12/03/19      CNY    40.29
SICHUAN CHENGDU ABA DEV      7.18    09/12/20      CNY    60.29
SICHUAN COAL INDUSTRY G      7.70    01/09/18      CNY    45.00
SONGYUAN URBAN DEVELOPM      7.30    08/29/19      CNY    40.41
SUIFENHE HAIRONG URBAN       6.60    04/28/20      CNY    59.49
SUINING DEVELOPMENT INV      6.62    04/25/20      CNY    60.29
SUINING DEVELOPMENT INV      6.62    04/25/20      CNY    60.47
SUIZHOU DEVELOPMENT INV      7.50    08/22/19      CNY    40.31
SUIZHOU DEVELOPMENT INV      7.50    08/22/19      CNY    40.56
SUIZHOU DEVELOPMENT INV      8.50    12/20/20      CNY    60.74
SUIZHOU DEVELOPMENT INV      8.50    12/20/20      CNY    61.08
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20      CNY    60.60
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20      CNY    60.92
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19      CNY    40.42
SUQIAN ECONOMIC DEVELOP      7.50    03/26/19      CNY    40.78
SUQIAN WATER GROUP CO        6.55    12/04/19      CNY    40.48
SUZHOU CITY CONSTRUCTIO      7.45    03/12/19      CNY    40.46
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20      CNY    60.27
SUZHOU CITY CONSTRUCTIO      6.40    04/17/20      CNY    60.41
SUZHOU INDUSTRIAL PARK       5.79    05/30/19      CNY    40.00
SUZHOU INDUSTRIAL PARK       5.79    05/30/19      CNY    40.05
SUZHOU TECH CITY DEVELO      7.32    11/01/18      CNY    25.25
SUZHOU URBAN CONSTRUCTI      5.79    10/25/19      CNY    40.18
SUZHOU WUJIANG COMMUNIC      6.80    10/31/20      CNY    56.18
SUZHOU WUJIANG EASTERN       8.05    12/05/18      CNY    40.83
SUZHOU WUJIANG EASTERN       8.05    12/05/18      CNY    40.91
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    40.25
SUZHOU XIANGCHENG URBAN      6.95    09/03/19      CNY    40.63
TACHENG DISTRICT STATE-      7.49    10/16/19      CNY    50.94
TACHENG DISTRICT STATE-      7.49    10/16/19      CNY    51.01
TAIAN TAISHAN INVESTMEN      6.76    01/25/20      CNY    60.30
TAIAN TAISHAN INVESTMEN      6.76    01/25/20      CNY    60.71
TAICANG ASSET MANAGEMEN      8.25    12/31/18      CNY    40.88
TAICANG ASSET MANAGEMEN      8.25    12/31/18      CNY    41.05
TAICANG HENGTONG INVEST      7.45    10/30/19      CNY    40.66
TAICANG URBAN CONSTRUCT      6.75    01/11/20      CNY    60.35
TAICANG URBAN CONSTRUCT      6.75    01/11/20      CNY    60.65
TAIXING CITY CHENGXING       8.30    12/12/20      CNY    62.31
TAIXING CITY CHENGXING       8.30    12/12/20      CNY    83.14
TAIXING ZHONGXING STATE      8.29    03/27/18      CNY    25.17
TAIYUAN HIGH-SPEED RAIL      6.50    10/30/20      CNY    56.41
TAIYUAN LONGCHENG DEVEL      6.50    09/25/19      CNY    40.30
TAIZHOU CITY HUANGYAN D      6.85    12/17/18      CNY    25.12
TAIZHOU CITY HUANGYAN D      6.85    12/17/18      CNY    25.23
TAIZHOU CITY JIANGYAN U      7.10    09/03/20      CNY    61.06
TAIZHOU HAILING ASSETS       8.52    03/21/19      CNY    40.64
TAIZHOU JIAOJIANG STATE      7.46    09/13/20      CNY    56.27
TAIZHOU JIAOJIANG STATE      7.46    09/13/20      CNY    56.88
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20      CNY    60.20
TAIZHOU TRAFFIC INDUSTR      6.15    03/11/20      CNY    60.28
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.01
TAIZHOU XINTAI GROUP CO      6.85    08/14/18      CNY    25.14
TANGSHAN CAOFEIDIAN DEV      7.50    10/15/20      CNY    60.38
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    39.90
TANGSHAN NANHU ECO CITY      7.08    10/16/19      CNY    40.51
TANGSHAN TONGSHUN TRANS      4.00    08/23/21      CNY    72.84
TIANJIN BAOXING INDUSTR      7.10    10/17/20      CNY    60.82
TIANJIN BAOXING INDUSTR      7.10    10/17/20      CNY    61.55
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    39.83
TIANJIN BINHAI NEW AREA      5.00    03/13/18      CNY    39.97
TIANJIN BINHAI NEW AREA      5.19    03/13/20      CNY    59.60
TIANJIN CITY JINGHAI UR      7.90    11/26/20      CNY    61.55
TIANJIN CITY JINGHAI UR      7.90    11/26/20      CNY    61.76
TIANJIN DONGFANG CAIXIN      7.99    11/23/18      CNY    40.78
TIANJIN DONGLI CITY INF      6.05    06/19/20      CNY    59.78
TIANJIN ECO-CITY INVEST      6.76    08/14/19      CNY    40.25
TIANJIN ECO-CITY INVEST      6.76    08/14/19      CNY    40.30
TIANJIN ECONOMIC TECHNO      6.20    12/03/19      CNY    40.18
TIANJIN ECONOMIC TECHNO      6.20    12/03/19      CNY    40.27
TIANJIN ECONOMIC TECHNO      6.50    12/03/22      CNY    70.93
TIANJIN ECONOMIC TECHNO      6.50    12/03/22      CNY    70.94
TIANJIN HANBIN INVESTME      8.39    03/22/19      CNY    40.73
TIANJIN HI-TECH INDUSTR      7.80    03/27/19      CNY    40.44
TIANJIN HI-TECH INDUSTR      7.80    03/27/19      CNY    40.46
TIANJIN JINNAN CITY CON      6.95    06/18/19      CNY    40.20
TIANJIN JINNAN CITY CON      6.95    06/18/19      CNY    40.25
TIANJIN RESIDENTIAL CON      8.00    12/19/20      CNY    61.70
TIANJIN TEDA CONSTRUCTI      6.89    04/27/20      CNY    60.77
TIANJIN WUQING STATE-OW      8.00    12/17/20      CNY    62.51
TIANJIN WUQING STATE-OW      8.00    12/17/20      CNY    62.57
TIELING PUBLIC ASSETS I      7.34    05/29/18      CNY    24.96
TIELING PUBLIC ASSETS I      7.34    05/29/18      CNY    25.21
TONGCHUAN DEVELOPMENT I      7.50    07/17/19      CNY    40.09
TONGLIAO TIANCHENG URBA      7.75    09/24/19      CNY    40.61
TONGLIAO URBAN INVESTME      6.64    04/09/20      CNY    60.20
TONGLIAO URBAN INVESTME      6.64    04/09/20      CNY    60.25
TONGLING CONSTRUCTION I      6.98    08/26/20      CNY    61.00
TONGLING CONSTRUCTION I      6.98    08/26/20      CNY    61.39
TONGLING CONSTRUCTION I      8.20    04/28/22      CNY    73.30
TONGREN FANJINGSHAN INV      6.89    08/02/19      CNY    40.58
TONGXIANG CITY CONSTRUC      6.10    05/16/20      CNY    59.50
TONGXIANG CITY CONSTRUC      6.10    05/16/20      CNY    59.71
TULUFAN DISTRICT STATE-      7.20    08/09/19      CNY    50.42
TULUFAN DISTRICT STATE-      7.20    08/09/19      CNY    51.70
ULANQAB CITY JI NING DI      6.88    03/19/20      CNY    59.22
URUMQI CITY CONSTRUCTIO      6.35    07/09/19      CNY    40.29
URUMQI CITY CONSTRUCTIO      7.20    11/06/18      CNY    50.54
URUMQI ECO&TECH DEVELOP      8.58    01/10/19      CNY    50.75
URUMQI GAOXIN INVESTMEN      6.18    03/05/20      CNY    59.96
URUMQI GAOXIN INVESTMEN      6.18    03/05/20      CNY    61.00
URUMQI STATE-OWNED ASSE      6.48    04/28/18      CNY    25.01
URUMQI STATE-OWNED ASSE      6.48    04/28/18      CNY    25.05
VANZIP INVESTMENT GROUP      7.92    02/04/19      CNY    46.00
WAFANGDIAN STATE-OWNED       8.55    04/19/19      CNY    40.72
WAFANGDIAN STATE-OWNED       6.20    06/20/20      CNY    59.85
WAFANGDIAN STATE-OWNED       6.20    06/20/20      CNY    60.18
WEIFANG BINHAI INVESTME      6.16    04/16/21      CNY    71.00
WEIFANG DONGXIN CONSTRU      6.88    11/20/19      CNY    40.41
WEIFANG DONGXIN CONSTRU      6.88    11/20/19      CNY    40.57
WEIHAI WENDENG URBAN PR      6.38    03/06/20      CNY    60.31
WEINAN CITY INVESTMENT       6.69    01/15/20      CNY    60.38
WEINAN CITY INVESTMENT       6.69    01/15/20      CNY    60.58
WENLING CITY STATE OWNE      7.18    09/18/19      CNY    40.54
WENLING CITY STATE OWNE      7.18    09/18/19      CNY    40.69
WENZHOU ANJUFANG CITY D      7.65    04/24/19      CNY    40.41
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20      CNY    60.30
WENZHOU ECONOMIC-TECHNO      6.49    01/15/20      CNY    60.54
WUHAI CITY CONSTRUCTION      8.20    03/31/19      CNY    40.50
WUHAN METRO GROUP CO LT      5.70    02/04/20      CNY    60.20
WUHAN METRO GROUP CO LT      5.70    02/04/20      CNY    60.73
WUHAN REAL ESTATE DEVEL      5.90    03/22/19      CNY    49.90
WUHAN REAL ESTATE DEVEL      5.90    03/22/19      CNY    50.05
WUHAN URBAN CONSTRUCTIO      5.60    03/08/20      CNY    59.84
WUHU CONSTRUCTION INVES      6.89    03/26/19      CNY    70.32
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18      CNY    25.00
WUHU ECONOMIC TECHNOLOG      6.70    06/08/18      CNY    25.21
WUHU ECONOMIC TECHNOLOG      6.90    06/08/22      CNY    71.64
WUHU JINGHU CONSTRUCTIO      6.68    05/16/20      CNY    59.72
WUHU XINMA INVESTMENT C      7.18    11/14/19      CNY    40.66
WUHU XINMA INVESTMENT C      7.18    11/14/19      CNY    41.01
WUJIANG ECONOMIC TECHNO      6.88    12/27/19      CNY    40.68
WUWEI CITY ECONOMY DEVE      8.20    12/09/20      CNY    61.63
WUWEI CITY ECONOMY DEVE      8.20    12/09/20      CNY    61.93
WUXI CONSTRUCTION AND D      6.60    09/17/19      CNY    40.47
WUXI CONSTRUCTION AND D      6.60    09/17/19      CNY    40.52
WUXI HUISHAN ECONOMIC D      6.03    04/22/19      CNY    50.10
WUXI MUNICIPAL DEVELOPM      6.10    10/11/20      CNY    60.64
WUXI TAIHU INTERNATIONA      7.60    09/17/19      CNY    40.81
WUXI TAIHU INTERNATIONA      7.60    09/17/19      CNY    61.40
WUXI XIDONG NEW TOWN CO      6.65    01/28/20      CNY    60.20
WUXI XIDONG NEW TOWN CO      6.65    01/28/20      CNY    60.50
WUXI XIDONG TECHNOLOGY       5.98    10/26/18      CNY    40.16
WUXI XIDONG TECHNOLOGY       5.98    10/26/18      CNY    40.58
WUZHONG URBAN RURAL CON      7.18    10/12/20      CNY    61.26
WUZHONG URBAN RURAL CON      7.18    10/12/20      CNY    61.30
WUZHOU DONGTAI STATE-OW      7.40    09/03/19      CNY    40.49
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20      CNY    60.58
XIAMEN XINGLIN CONSTRUC      6.60    02/22/20      CNY    60.60
XI'AN AEROSPACE BASE IN      6.96    11/08/19      CNY    40.56
XIAN CHANBAHE DEVELOPME      6.89    08/03/19      CNY    40.28
XI'AN HI-TECH HOLDING C      5.70    02/26/19      CNY    50.11
XI'AN URBAN INDEMNIFICA      7.31    03/18/19      CNY    70.62
XI'AN URBAN INDEMNIFICA      7.31    03/18/19      CNY    70.97
XI'AN URBAN INDEMNIFICA      7.31    04/18/19      CNY    71.05
XI'AN URBAN INDEMNIFICA      7.31    04/18/19      CNY    71.05
XIANGTAN CITY CONSTRUCT      8.00    03/16/19      CNY    40.49
XIANGTAN CITY CONSTRUCT      8.00    03/16/19      CNY    40.54
XIANGTAN HI-TECH GROUP       6.90    01/15/20      CNY    60.72
XIANGTAN JIUHUA ECONOMI      7.43    08/29/19      CNY    40.41
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20      CNY    61.54
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20      CNY    62.24
XIANGTAN ZHENXIANG STAT      6.60    08/07/20      CNY    59.38
XIANGTAN ZHENXIANG STAT      6.60    08/07/20      CNY    60.99
XIANNING CITY CONSTRUCT      7.50    08/31/18      CNY    25.11
XIANNING HIGH-TECH INVE      5.80    06/05/20      CNY    58.24
XIANNING HIGH-TECH INVE      5.80    06/05/20      CNY    58.64
XIAOGAN URBAN CONSTRUCT      8.12    03/26/19      CNY    40.67
XINGHUA URBAN CONSTRUCT      7.25    10/23/18      CNY    25.26
XINING CITY INVESTMENT       7.70    04/27/19      CNY    40.40
XINING CITY INVESTMENT       7.70    04/27/19      CNY    40.80
XINING ECONOMIC DEVELOP      5.90    06/04/20      CNY    59.94
XINING ECONOMIC DEVELOP      5.90    06/04/20      CNY    61.25
XINJIANG SHIHEZI DEVELO      7.50    08/29/18      CNY    24.83
XINJIANG UYGUR AR HAMI       6.25    07/17/18      CNY    25.02
XINJIANG WUJIAQU URBAN       6.10    05/23/20      CNY    60.20
XINJIANG WUJIAQU URBAN       6.10    05/23/20      CNY    60.29
XINXIANG INVESTMENT GRO      6.80    01/18/18      CNY    40.01
XINXIANG INVESTMENT GRO      5.85    04/15/20      CNY    59.50
XINXIANG INVESTMENT GRO      5.85    04/15/20      CNY    60.04
XINYANG HUAXIN INVESTME      6.95    06/14/19      CNY    40.22
XINYANG HUAXIN INVESTME      6.95    06/14/19      CNY    40.40
XINYI CITY INVESTMENT &      7.39    10/15/20      CNY    61.16
XINYI CITY INVESTMENT &      7.39    10/15/20      CNY    61.31
XINYU CITY CONSTRUCTION      7.08    12/13/19      CNY    40.55
XINZHENG NEW DISTRICT D      6.52    06/28/19      CNY    49.94
XINZHENG NEW DISTRICT D      6.52    06/28/19      CNY    50.55
XINZHOU CITY ASSET MANA      7.39    08/08/18      CNY    25.29
XINZHOU CITY ASSET MANA      8.50    12/18/20      CNY    62.21
XINZHOU CITY ASSET MANA      8.50    12/18/20      CNY    62.31
XUANCHENG STATE-OWNED A      7.99    03/20/19      CNY    62.15
XUCHANG GENERAL INVESTM      7.78    04/27/19      CNY    40.52
XUZHOU CITY TONGSHAN DI      6.60    08/08/20      CNY    60.66
XUZHOU CITY TONGSHAN DI      6.60    08/08/20      CNY    60.68
XUZHOU ECONOMIC TECHNOL      8.20    03/07/19      CNY    40.45
XUZHOU ECONOMIC TECHNOL      8.20    03/07/19      CNY    40.66
XUZHOU XINSHENG CONSTRU      7.48    05/08/18      CNY    25.13
XUZHOU XINSHENG CONSTRU      7.48    05/08/18      CNY    25.14
YAAN DEVELOPMENT INVEST      7.00    09/13/20      CNY    60.00
YAAN DEVELOPMENT INVEST      7.00    09/13/20      CNY    60.34
YAAN STATE-OWNED ASSET       7.39    07/04/19      CNY    40.16
YANCHENG CITY DAFENG DI      7.08    12/13/19      CNY    40.52
YANCHENG CITY DAFENG DI      7.08    12/13/19      CNY    60.59
YANCHENG CITY DAFENG DI      8.50    12/30/20      CNY    62.92
YANCHENG CITY DAFENG DI      8.50    12/30/20      CNY    80.60
YANCHENG CITY TINGHU DI      7.95    11/15/20      CNY    61.55
YANCHENG CITY TINGHU DI      7.95    11/15/20      CNY    80.90
YANCHENG ORIENTAL INVES      6.99    10/26/19      CNY    40.40
YANCHENG SOUTH DISTRICT      6.93    10/26/19      CNY    39.99
YANGJIANG HENGCAI CITY       6.85    09/09/20      CNY    60.65
YANGJIANG HENGCAI CITY       6.85    09/09/20      CNY    60.88
YANGZHONG URBAN CONSTRU      7.10    03/26/18      CNY    50.02
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    59.89
YANGZHOU HANJIANG URBAN      6.20    03/12/20      CNY    59.99
YANGZHOU LONGCHUAN HOLD      8.10    03/23/19      CNY    40.52
YANGZHOU URBAN CONSTRUC      6.30    07/26/19      CNY    40.15
YIBIN STATE-OWNED ASSET      5.80    05/23/18      CNY    40.02
YICHANG MUNICIPAL FINAN      7.12    10/16/19      CNY    40.64
YICHANG URBAN CONSTRUCT      6.85    11/08/19      CNY    40.55
YICHANG URBAN CONSTRUCT      6.85    11/08/19      CNY    40.60
YICHANG URBAN CONSTRUCT      8.13    11/17/19      CNY    53.70
YICHUN CITY CONSTRUCTIO      7.35    07/24/19      CNY    39.97
YIJINHUOLUOQI HONGTAI C      8.35    03/19/19      CNY    61.45
YIJINHUOLUOQI HONGTAI C      8.35    03/19/19      CNY    61.46
YILI STATE-OWNED ASSET       6.70    11/19/18      CNY    25.00
YILI STATE-OWNED ASSET       6.70    11/19/18      CNY    25.13
YINGTAN INVESTMENT FINA      7.50    12/12/22      CNY    69.90
YINGTAN INVESTMENT FINA      7.50    12/12/22      CNY    71.97
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    40.36
YIXING CITY DEVELOPMENT      6.90    10/10/19      CNY    40.37
YIYANG CITY CONSTRUCTIO      7.36    08/24/19      CNY    40.58
YIYANG CITY CONSTRUCTIO      7.36    08/24/19      CNY    40.62
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20      CNY    60.28
YIYANG GAOXIN TECHNOLOG      6.70    03/13/20      CNY    60.37
YIZHENG CITY CONSTRUCTI      7.78    06/14/19      CNY    40.81
YONGZHOU CITY CONSTRUCT      7.30    10/23/20      CNY    61.22
YONGZHOU CITY CONSTRUCT      7.30    10/23/20      CNY    61.39
YUEYANG CITY CONSTRUCTI      6.05    07/12/20      CNY    59.50
YUEYANG CITY CONSTRUCTI      6.05    07/12/20      CNY    60.37
YUHUAN CITY COMMUNICATI      7.15    10/12/19      CNY    40.51
YULIN CITY INVESTMENT O      6.81    12/04/18      CNY    25.23
YULIN URBAN CONSTRUCTIO      6.88    11/26/19      CNY    40.09
YULIN URBAN CONSTRUCTIO      6.88    11/26/19      CNY    40.66
YUNCHENG URBAN CONSTRUC      7.48    10/15/19      CNY    40.98
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20      CNY    60.08
YUYAO ECONOMIC DEVELOPM      6.75    03/04/20      CNY    60.39
YUYAO WATER RESOURCE IN      7.20    10/16/19      CNY    40.71
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    60.84
ZHANGJIAGANG FREE TRADE      7.10    08/23/20      CNY    61.01
ZHANGJIAGANG MUNICIPAL       6.43    11/27/19      CNY    40.32
ZHANGJIAGANG MUNICIPAL       6.43    11/27/19      CNY    40.41
ZHANGJIAJIE ECONOMIC DE      7.40    10/18/19      CNY    40.99
ZHANGJIAKOU CONSTRUCTIO      7.00    10/26/19      CNY    40.50
ZHANGJIAKOU TONGTAI HOL      6.90    07/05/18      CNY    40.09
ZHANGZHOU CITY CONSTRUC      6.60    03/26/20      CNY    60.50
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20      CNY    60.40
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20      CNY    61.20
ZHAOYUAN STATE-OWNED AS      6.64    12/31/19      CNY    40.40
ZHEJIANG GUOXING INVEST      8.15    03/09/18      CNY    25.07
ZHEJIANG GUOXING INVEST      8.15    03/09/18      CNY    25.09
ZHEJIANG HUZHOU HUANTAI      6.70    11/28/19      CNY    40.21
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19      CNY    40.50
ZHEJIANG JIASHAN ECONOM      7.05    12/03/19      CNY    40.88
ZHEJIANG PROVINCE DEQIN      6.90    04/12/18      CNY    40.06
ZHEJIANG PROVINCE DEQIN      6.40    02/22/20      CNY    59.97
ZHEJIANG PROVINCE XINCH      6.60    04/24/20      CNY    60.35
ZHEJIANG PROVINCE XINCH      6.60    04/24/20      CNY    60.46
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20      CNY    60.03
ZHENGZHOU PUBLIC HOUSIN      5.98    07/17/20      CNY    60.31
ZHENJIANG CITY CONSTRUC      7.90    12/18/20      CNY    60.65
ZHENJIANG CITY CONSTRUC      7.90    12/18/20      CNY    67.00
ZHENJIANG CULTURE AND T      6.60    01/30/20      CNY    59.88
ZHENJIANG TRANSPORTATIO      7.29    05/08/19      CNY    40.15
ZHENJIANG TRANSPORTATIO      7.29    05/08/19      CNY    40.23
ZHONGSHAN TRANSPORTATIO      6.65    08/28/18      CNY    25.13
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20      CNY    56.06
ZHOUSHAN DINGHAI STATE-      7.25    08/31/20      CNY    56.12
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18      CNY    19.97
ZHUCHENG ECONOMIC DEVEL      6.40    04/26/18      CNY    20.06
ZHUCHENG ECONOMIC DEVEL      7.50    08/25/18      CNY    21.38
ZHUCHENG ECONOMIC DEVEL      6.80    11/29/19      CNY    40.47
ZHUHAI HUAFA GROUP CO L      8.43    02/16/18      CNY    25.05
ZHUHAI HUAFA GROUP CO L      8.43    02/16/18      CNY    25.05
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19      CNY    49.95
ZHUHAI HUAFA GROUP CO L      5.50    06/05/19      CNY    49.98
ZHUHAI HUIHUA INFRASTRU      7.15    09/17/20      CNY    61.13
ZHUJI CITY CONSTRUCTION      6.92    07/05/18      CNY    40.33
ZHUJI CITY CONSTRUCTION      6.92    12/19/19      CNY    40.55
ZHUJI CITY YUEDU INVEST      8.20    12/12/20      CNY    61.64
ZHUJI CITY YUEDU INVEST      8.20    12/12/20      CNY    62.05
ZHUMADIAN INVESTMENT CO      6.95    11/26/19      CNY    40.59
ZHUZHOU CITY CONSTRUCTI      6.95    10/16/20      CNY    61.36
ZHUZHOU GECKOR GROUP CO      7.82    08/18/18      CNY    40.48
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    40.56
ZHUZHOU GECKOR GROUP CO      7.50    09/10/19      CNY    40.63
ZHUZHOU YUNLONG DEVELOP      6.78    11/19/19      CNY    40.39
ZIBO CITY PROPERTY CO L      5.45    04/27/19      CNY    23.88
ZIBO CITY PROPERTY CO L      6.83    08/22/19      CNY    40.59
ZIGONG GAOXIN INVESTMEN      6.30    03/13/20      CNY    60.25
ZIGONG STATE-OWNED ASSE      6.86    06/17/18      CNY    40.19
ZIYANG CITY CONSTRUCTIO      7.58    01/09/19      CNY    25.17
ZIYANG WATER INVESTMENT      7.40    10/21/20      CNY    60.95
ZOUCHENG CITY ASSET OPE      7.02    01/12/18      CNY    19.99
ZOUCHENG CITY ASSET OPE      6.18    03/12/19      CNY    49.99
ZOUCHENG CITY ASSET OPE      6.18    03/12/19      CNY    50.08
ZOUPING COUNTY STATE-OW      6.98    04/27/18      CNY    40.08
ZUNYI CITY HUICHUAN DIS      6.75    04/24/19      CNY    50.33
ZUNYI INVESTMENT GROUP       8.53    03/13/19      CNY    40.74
ZUNYI ROAD & BRIDGE ENG      7.15    08/17/20      CNY    55.86
ZUNYI STATE-OWNED ASSET      6.98    12/26/19      CNY    40.64


HONG KONG
---------

CHINA CITY CONSTRUCTION      5.35    07/03/17      CNY    69.75


INDONESIA
---------

BERAU COAL ENERGY TBK P      7.25    03/13/17      USD    51.96
BERAU COAL ENERGY TBK P      7.25    03/13/17      USD    52.33
DAVOMAS INTERNATIONAL F     11.00    12/08/14      USD     0.42
DAVOMAS INTERNATIONAL F     11.00    12/08/14      USD     0.57
DAVOMAS INTERNATIONAL F     11.00    05/09/11      USD     0.58
DAVOMAS INTERNATIONAL F     11.00    05/09/11      USD     0.58


INDIA
-----

3I INFOTECH LTD              2.50    03/31/25      USD    12.50
BLUE DART EXPRESS LTD        9.40    11/20/18      INR    10.01
BLUE DART EXPRESS LTD        9.50    11/20/19      INR    10.44
CORE EDUCATION & TECHNO      7.00    05/07/49      USD     0.58
JAIPRAKASH ASSOCIATES L      5.75    09/08/17      USD    55.25
JAIPRAKASH POWER VENTUR      7.00    02/13/49      USD     5.00
JCT LTD                      2.50    04/08/11      USD    27.00
PRAKASH INDUSTRIES LTD       5.25    04/30/15      USD    21.00
PYRAMID SAIMIRA THEATRE      1.75    07/04/12      USD     1.00
REI AGRO LTD                 5.50    11/13/14      USD     0.34
REI AGRO LTD                 5.50    11/13/14      USD     0.34
RELIANCE COMMUNICATIONS      6.50    11/06/20      USD    35.50
SVOGL OIL GAS & ENERGY       5.00    08/17/15      USD     1.55
VIDEOCON INDUSTRIES LTD      2.80    12/31/20      USD    59.45


JAPAN
-----

MICRON MEMORY JAPAN INC      2.29    12/07/12      JPY    13.75
MICRON MEMORY JAPAN INC      2.03    03/22/12      JPY    13.75
MICRON MEMORY JAPAN INC      2.10    11/29/12      JPY    13.75
TAKATA CORP                  0.58    03/26/21      JPY     5.13
TAKATA CORP                  0.85    03/06/19      JPY     5.13
TAKATA CORP                  1.02    12/15/17      JPY     8.75


KOREA
-----

2016 KIBO 1ST SECURITIZ      5.00    09/13/18      KRW    73.33
DOOSAN CAPITAL SECURITI     20.00    04/22/19      KRW    59.57
EXPORT-IMPORT BANK OF K      4.70    11/15/32      KRW    70.22
EXPORT-IMPORT BANK OF K      4.50    10/18/32      KRW    70.65
INDUSTRIAL BANK OF KORE      3.84    03/10/45      KRW    42.16
KIBO ABS SPECIALTY CO L      5.00    12/25/19      KRW    69.67
KIBO ABS SPECIALTY CO L      5.00    08/29/19      KRW    70.62
KIBO ABS SPECIALTY CO L      5.00    02/26/19      KRW    71.80
KIBO ABS SPECIALTY CO L      5.00    02/25/19      KRW    72.07
KOREA SOUTH-EAST POWER       4.38    12/07/42      KRW    62.65
KOREA SOUTH-EAST POWER       4.44    12/07/42      KRW    63.00
KOREA TREASURY BOND          1.50    09/10/66      KRW    72.28
MERITZ CAPITAL CO LTD        5.66    04/28/46      KRW    42.61
MERITZ CAPITAL CO LTD        5.44    09/29/46      KRW    43.14
OKC SECURITIZATION SPEC     10.00    01/03/20      KRW    34.76
OKC SECURITIZATION SPEC      3.00    02/17/42      KRW    51.38
SAMPYO CEMENT CO LTD         7.50    04/20/14      KRW    70.00
SAMPYO CEMENT CO LTD         7.50    09/10/14      KRW    70.00
SAMPYO CEMENT CO LTD         7.30    06/26/15      KRW    70.00
SAMPYO CEMENT CO LTD         7.50    07/20/14      KRW    70.00
SAMPYO CEMENT CO LTD         7.30    04/12/15      KRW    70.00
SHINHAN BANK CO LTD          4.20    08/07/32      KRW    74.16
SINBO SECURITIZATION SP      5.00    10/30/19      KRW    67.70
SINBO SECURITIZATION SP      5.00    03/15/20      KRW    69.05
SINBO SECURITIZATION SP      5.00    02/28/21      KRW    69.45
SINBO SECURITIZATION SP      5.00    01/27/21      KRW    69.67
SINBO SECURITIZATION SP      5.00    12/22/20      KRW    69.92
SINBO SECURITIZATION SP      5.00    09/23/20      KRW    70.63
SINBO SECURITIZATION SP      5.00    08/26/20      KRW    70.85
SINBO SECURITIZATION SP      5.00    07/28/20      KRW    71.07
SINBO SECURITIZATION SP      5.00    06/24/19      KRW    71.15
SINBO SECURITIZATION SP      5.00    03/13/19      KRW    71.93
SINBO SECURITIZATION SP      5.00    02/25/20      KRW    72.31
SINBO SECURITIZATION SP      5.00    01/28/20      KRW    72.54
SINBO SECURITIZATION SP      5.00    12/30/19      KRW    72.76
SINBO SECURITIZATION SP      5.00    09/30/19      KRW    73.53
SINBO SECURITIZATION SP      5.00    07/29/18      KRW    73.68
SINBO SECURITIZATION SP      5.00    08/27/19      KRW    73.81
SINBO SECURITIZATION SP      5.00    06/25/18      KRW    73.94
SINBO SECURITIZATION SP      5.00    07/29/19      KRW    74.04
SINBO SECURITIZATION SP      5.00    05/26/18      KRW    74.16
SINBO SECURITIZATION SP      5.00    06/25/19      KRW    74.33
WISE MOBILE SECURITIZAT     20.00    09/17/18      KRW    74.33


SRI LANKA
---------

SRI LANKA GOVERNMENT BO      5.35    03/01/26      LKR    74.49


MALAYSIA
--------

ADVANCE SYNERGY BHD          2.00    01/26/18      MYR     0.07
AEON CREDIT SERVICE M B      3.50    09/15/20      MYR     1.22
ASIAN PAC HOLDINGS BHD       3.00    05/25/22      MYR     0.83
BARAKAH OFFSHORE PETROL      3.50    10/24/18      MYR     0.33
BERJAYA CORP BHD             2.00    05/29/26      MYR     0.32
BERJAYA CORP BHD             5.00    04/22/22      MYR     0.45
BRIGHT FOCUS BHD             2.50    01/22/31      MYR    73.56
ELK-DESA RESOURCES BHD       3.25    04/14/22      MYR     0.99
HIAP TECK VENTURE BHD        5.00    06/27/21      MYR     0.46
I-BHD                        3.00    10/09/19      MYR     0.39
IRE-TEX CORP BHD             1.00    06/10/19      MYR     0.02
LAND & GENERAL BHD           1.00    09/24/18      MYR     0.15
PERODUA GLOBAL MANUFACT      0.50    12/17/25      MYR    66.28
PUC BHD                      4.00    02/15/19      MYR     0.27
REDTONE INTERNATIONAL B      2.75    03/04/20      MYR     0.16
SENAI-DESARU EXPRESSWAY      1.35    06/30/31      MYR    55.05
SENAI-DESARU EXPRESSWAY      1.35    12/31/30      MYR    56.41
SENAI-DESARU EXPRESSWAY      1.35    06/28/30      MYR    57.88
SENAI-DESARU EXPRESSWAY      1.35    12/31/29      MYR    59.33
SENAI-DESARU EXPRESSWAY      1.35    12/29/28      MYR    62.17
SENAI-DESARU EXPRESSWAY      1.35    06/30/28      MYR    63.51
SENAI-DESARU EXPRESSWAY      1.35    12/31/27      MYR    64.85
SENAI-DESARU EXPRESSWAY      1.35    06/30/27      MYR    66.19
SENAI-DESARU EXPRESSWAY      1.35    06/30/26      MYR    68.97
SENAI-DESARU EXPRESSWAY      1.15    06/30/25      MYR    70.72
SENAI-DESARU EXPRESSWAY      1.15    12/31/24      MYR    72.32
SENAI-DESARU EXPRESSWAY      0.50    12/31/38      MYR    73.51
SENAI-DESARU EXPRESSWAY      1.15    06/28/24      MYR    74.04
THONG GUAN INDUSTRIES B      5.00    10/10/19      MYR     4.11
UNIMECH GROUP BHD            5.00    09/18/18      MYR     0.97
VIZIONE HOLDINGS BHD         3.00    08/08/21      MYR     0.08
YTL LAND & DEVELOPMENT       3.00    10/31/21      MYR     0.47


NEW ZEALAND
-----------

PRECINCT PROPERTIES NEW      4.80    09/27/21      NZD     1.03


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

BAYAN TELECOMMUNICATION     13.50    07/15/06      USD    22.75
BAYAN TELECOMMUNICATION     13.50    07/15/06      USD    22.75


SINGAPORE
---------

ASL MARINE HOLDINGS LTD      5.50    03/28/20      SGD    45.00
ASL MARINE HOLDINGS LTD      5.85    10/01/21      SGD    45.88
AUSGROUP LTD                 8.45    10/20/18      SGD    50.00
BAKRIE TELECOM PTE LTD      11.50    05/07/15      USD     0.91
BAKRIE TELECOM PTE LTD      11.50    05/07/15      USD     1.00
BERAU CAPITAL RESOURCES     12.50    07/08/15      USD    52.10
BERAU CAPITAL RESOURCES     12.50    07/08/15      USD    52.25
BLD INVESTMENTS PTE LTD      8.63    03/23/15      USD     4.12
BLUE OCEAN RESOURCES PT      4.00    12/31/20      USD    23.96
ENERCOAL RESOURCES PTE       9.25    08/05/14      USD    38.20
EZION HOLDINGS LTD           4.70    05/22/19      SGD    15.00
EZION HOLDINGS LTD           4.60    08/20/18      SGD    15.00
EZION HOLDINGS LTD           4.85    01/23/19      SGD    15.00
EZION HOLDINGS LTD           5.10    03/13/20      SGD    15.00
EZION HOLDINGS LTD           4.88    06/11/21      SGD    45.00
EZRA HOLDINGS LTD            4.88    04/24/18      SGD     5.38
GOLIATH OFFSHORE HOLDIN     12.00    06/11/18      USD     1.06
INDO INFRASTRUCTURE GRO      2.00    07/30/10      USD     1.00
INNOVATE CAPITAL PTE LT      6.00    12/11/24      USD    67.51
MICLYN EXPRESS OFFSHORE      8.75    11/25/18      USD    34.88
ORO NEGRO DRILLING PTE       7.50    01/24/19      USD    53.00
OSA GOLIATH PTE LTD         12.00    10/09/18      USD     1.50
PACIFIC RADIANCE LTD         4.30    08/29/18      SGD     9.75
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          7.75    09/18/17      CNY     7.75
SWIBER HOLDINGS LTD          7.13    04/18/17      SGD     7.75
SWIBER HOLDINGS LTD          5.55    10/10/16      SGD    12.25
TRIKOMSEL PTE LTD            5.25    05/10/16      SGD    16.00
TRIKOMSEL PTE LTD            7.88    06/05/17      SGD    16.00


THAILAND
--------

G STEEL PCL                  3.00    10/04/15      USD     2.52
MDX PCL                      4.75    09/17/03      USD    37.75


VIETNAM
-------

DEBT AND ASSET TRADING       1.00    10/10/25      USD    70.57
DEBT AND ASSET TRADING       1.00    10/10/25      USD    70.93



                             *********

Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.

A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.


                            *********


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 2018.  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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