---

        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 30, 2018, Vol. 21, No. 021

                            Headlines


A U S T R A L I A

CHANNIC PTY: High Court to Hear Wind Up Petition on Feb. 28
CMT CONTRACTORS: First Creditors' Meeting Set for Feb. 6
ELECTRI CITY: Second Creditors' Meeting Set for Feb. 7
GO MARINE: Taxpayers Take Extraordinary Hit on Collapse
IRONCAT PTY: First Creditors' Meeting Set for Feb. 5

MOCHELLES PTY: First Creditors' Meeting Set for Feb. 7
OUTDOOR FURNITURE: First Creditors' Meeting Set for Feb. 6


C H I N A

* CHINA: Shadow Banking Curbs Cut Local Borrowers' Lifeline


H O N G  K O N G

NOBLE GROUP: Reaches In-Principle Deal to Restructure Debt


I N D I A

ARUN POLYMERS: CARE Moves B+ Rating to Not Cooperating Category
CORONATION FIREWORKS: CRISIL Assigns B+ Rating to INR12.79MM Loan
EAST HOOGHLY: CARE Assigns B+ Rating to INR11.27cr LT Loan
EAST WEST COMBINED: CRISIL Reaffirms B+ Rating on INR.98MM Loan
EVEREST POWER: CRISIL Raises Rating on INR377.5MM Loan to B-

GAMMON INDIA: CARE Moves D Rating to Not Cooperating Category
GODAWRI MOTORS: CRISIL Reaffirms B- Rating on INR7.5MM Loan
GOLCONDA TEXTILES: CRISIL Reaffirms D Rating on INR11MM Loan
GRECCY KNIT: CRISIL Lowers Rating on INR5.43MM Term Loan to D
HARDIK CONSTRUCTION: CARE Assigns B+ Rating to INR4cr LT Loan

J.V. STEEL: CRISIL Reaffirms B Rating on INR5MM Cash Loan
JAIN HYDRAULICS: CRISIL Lowers Rating on INR10MM Cash Loan to D
JENSON & NICHOLSON: Sheenlac Paints Eyes Full Control of JV
KISAN GINNING: CRISIL Reaffirms B+ Rating on INR3.75MM Cash Loan
LAHARIYA OIL: CRISIL Reaffirms B+ Rating on INR6MM Term Loan

LEKHYA MOTORS: CARE Moves B+ Rating to Not Cooperating Category
MAKE INDIA: CRISIL Assigns 'B' Rating to INR0.50MM Cash Loan
MALVIKA TECHNICAL: CRISIL Reaffirms B+ Rating on INR.6MM Loan
MANAF PB: CRISIL Hikes Rating on INR5.9MM Cash Loan to B+
MEENAKSHI FIBERS: CRISIL Moves B+ Rating to Not Cooperating

METROPOLITAN INFRA: CARE Moves D Rating to Not Cooperating
P.C.S. APEX: CRISIL Reaffirms B Rating on INR6MM Overdraft
PANSARI STEELS: CARE Moves B Rating to Not Cooperating Category
PATNA HIGHWAY: CARE Moves D Rating to Not Cooperating Category
PRASHANT FABRICS: CRISIL Assigns D Rating to INR10.5MM LT Loan

PRAVARA RENEWABLE: CARE Moves D Rating to Not Cooperating
RAJAHMUNDRY GODAVARI: CARE Moves D Rating to Not Cooperating
ROSEWOOD LAMINATES: CRISIL Raises Rating on INR4MM Loan to B+
SANDCITY AUTOTEC: CRISIL Assigns B+ Rating to INR12.5MM Loan
SESHADRI BUILDERS: CRISIL Assigns B- Rating to INR3.0MM Loan

SEVCON INDIA: CRISIL Reaffirms B Rating on INR3.75MM Cash Loan
SOUTH INDIAN: CRISIL Withdraws B+ Rating on INR20MM LT Loan
SRI ANJANEYA: CARE Moves D Rating to Not Cooperating Category
TAN-B CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR7.75MM Loan
TIARA JEWELS: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan

V L RAKA: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan


J A P A N

KOBE STEEL: Egan-Jones Hikes LC Sr. Unsecured Debt Rating to BB+


M A L A Y S I A

COMINTEL CORP: Slips Into PN17 Status After Share Sale


X X X X X X X X

* BOND PRICING: For the Week Jan. 22 to Jan. 26, 2018


                            - - - - -


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


CHANNIC PTY: High Court to Hear Wind Up Petition on Feb. 28
-----------------------------------------------------------
The Australian Securities and Investments Commission has
commenced proceedings for recovery of unpaid fines and cost
orders against Channic Pty Ltd, Cash Brokers Pty Ltd and the
director of those companies, Mr. Colin William Hulbert.

In April 2017, the Federal Court fined Channic, Cash Brokers and
Mr. Hulbert a total of AUD776,000 and ordered the payment of
ASIC's costs of AUD420,000 after finding in proceedings brought
by ASIC that Channic and Cash Brokers breached the National
Credit Act, engaged in unconscionable conduct and entered into
unjust transactions. Channic, Cash Brokers and Mr. Hulbert
operated a used car dealership in Cairns.

ASIC brought civil penalty proceedings against the companies
after the Indigenous Consumer Assistance Network (ICAN) reported
that Channic and Cash Brokers were dealing unjustly with
vulnerable Indigenous consumers from the remote community of
Yarrabah.

ASIC has applied to the Supreme Court of Queensland and the
Federal Circuit Court of Australia for orders to wind up Channic
and Cash Brokers and to bankrupt Mr. Hulbert as a result of the
non-payment of these fines and costs.

The bankruptcy proceedings will be heard in the Federal Court of
Australia on Feb. 15, 2018 and the winding-up applications will
be heard in the Supreme Court of Queensland on Feb. 28, 2018.

ASIC commenced its proceedings after an investigation revealed
that Cash Brokers was assisting consumers to obtain loans from
Channic at an interest rate of 48% to purchase vehicles from a
related entity. This was in addition to charging brokerage fees
of up to AUD990. Channic did not assess whether the loans were
suited to the consumers' requirements. The consumers largely
lived in the relatively isolated Aboriginal community of
Yarrabah, located near Cairns.

In addition to imposing fines and cost orders, the Court also
awarded a total of AUD47,699 in compensation to affected
consumers, which also remains unpaid.

This action came as a result of collaboration between ASIC's
Indigenous Outreach Program and ICAN.  ASIC's Indigenous Outreach
Program is staffed by lawyers and analysts, the majority of whom
are Indigenous. The Indigenous Outreach Program gathers
intelligence from Indigenous consumers and their advocates (such
as ICAN), undertakes surveillance, implements targeted financial
literacy programs and works with industry to improve access to
appropriate products and services.

ICAN, among other things, provides financial counselling services
to Indigenous consumers in North QLD and noticed that many of
their clients were suffering financial hardship as a result of
loans they had taken out with Channic. ICAN assisted ASIC to
maintain communication with Indigenous consumer witnesses
throughout the course of the proceedings.

ASIC's MoneySmart website has information for Indigenous
consumers on buying a car.

ASIC also offers a dedicated help line to assist Indigenous
consumers with financial issues (Phone: 1300 365 957).


CMT CONTRACTORS: First Creditors' Meeting Set for Feb. 6
--------------------------------------------------------
A first meeting of the creditors in the proceedings of CMT
Contractors Pty Ltd will be held at The Collie Ridge Motel
Coalfields Highway, 185-195 Throssell Street, in Collie, Western
Australia, on Feb. 6, 2018, at 9:00 a.m.

Jeremy Nipps and Cliff Rocke of Cor Cordis were appointed as
administrators of CMT Contractors on Jan. 25, 2018.


ELECTRI CITY: Second Creditors' Meeting Set for Feb. 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Electri City
Electrical Services Pty Ltd has been set for Feb. 7, 2018, at
12:00 p.m. at the offices of DW Advisory, Level 2, 32 Martin
Place, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 6, 2018, at 5:00 p.m.

Ronald John Dean-Willcocks and Anthony Elkerton of DW Advisory
were appointed as administrators of Electri City on Jan. 2, 2018.


GO MARINE: Taxpayers Take Extraordinary Hit on Collapse
-------------------------------------------------------
Sean Smith at The West Australian reports that taxpayers have
taken an extraordinary hit on last year's collapse of the Perth-
based oil and gas fleet services company Go Marine, which may
have been insolvent three years before it was finally put under.

According to the West Australian, administrators KordaMentha's
report to creditors shows Singapore-owned Go Marine owed more
than AUD86 million to the Australian Taxation Office in back
goods and services tax, income tax and associated interest and
penalties when it failed in October.

Under a recapitalisation and deed of company arrangement approved
by creditors five weeks ago, the tax office will recover just
AUD2 million of an agreed claim of AUD54 million against Go
Marine, the West Australian relates.

The administrators' report raises questions about the tax
office's seemingly lenient treatment of Go Marine at a time when
it is waging a public campaign against tax avoidance by
multinationals, the West Australian notes.

The West Australian says Go Marine owed as much as AUD19 million
in back taxes as early as November 2014. Yet the tax office moved
against the group with a statutory demand for payment, the first
step in a potential wind-up action, only in June 2016. However,
the demand was not enforced.

Instead, it was not until last October that the tax office
finally ran out of patience with the group, rejecting Go Marine's
offer of a payment plan and triggering the appointment of
KordaMentha, The West Australian relates.

Go Marine, which was owned by Singapore's Otto Marine, operated
21 vessels and employed 228 staff, including 36 in its Perth head
office. KordaMentha said it believed Go Marine was insolvent as
early as November 2014, given it had no means of paying the tax
due then, the report says.

The West Australian relates that the firm noted that its
assessment was clouded by incomplete records of the tax office
correspondence and by the poor state of Go Marine's books. The
group had not prepared annual accounts since 2014.

Under last month's DOCA, Hong Kong buyer TSH took control of Go
Marine via a AUD10.4 million deal that had Otto Marine remain a
shareholder but with a diluted 30% stake, the West Australian
discloses.

KordaMentha said it had been unable to detail TSH's ownership but
"we expect that TSH may have some links with Otto Marine, or at
least are known to (affiliated) parties," the West Australian
relays.

The DOCA provided for a return to creditors of less than 5 cents
in the dollar but KordaMentha said the sale was a better option
than a liquidation, adds the West Australian.


IRONCAT PTY: First Creditors' Meeting Set for Feb. 5
----------------------------------------------------
A first meeting of the creditors in the proceedings of Ironcat
Pty Ltd will be held at the offices of Conference Room, Plaza
Level, BGC Centre, 28 The Esplanade, in Perth, WA, on Feb. 5,
2018, at 12:00p.m.

Dino Travaglini, Jeremy Nipps and Cliff Rocke of Cor Cordis were
appointed as administrators of Ironcat Pty on Jan. 23, 2018.


MOCHELLES PTY: First Creditors' Meeting Set for Feb. 7
------------------------------------------------------
A first meeting of the creditors in the proceedings of Mochelles
Pty Ltd will be held at the offices of Deloitte Financial
Advisory Pty Ltd, 8 Brindabella Circuit, Brindabella Business
Park, in Canberra Airport, ACT, on Feb. 7, 2018, at 11:00 a.m.

Ezio Senatore of Deloitte Financial was appointed as
administrator of Mochelles Pty on Jan. 29, 2018.


OUTDOOR FURNITURE: First Creditors' Meeting Set for Feb. 6
----------------------------------------------------------
A first meeting of the creditors in the proceedings of The
Outdoor Furniture Specialists Pty Ltd will be held at the offices
of DW Advisory, Level 2, 32 Martin Place, in Sydney, NSW, on
Feb. 6, 2018, at 3:00 p.m.

Justin Holzman and Anthony Wayne Elkerton of DW Advisory were
appointed as administrators of Outdoor Furniture on Jan. 24,
2018.



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


* CHINA: Shadow Banking Curbs Cut Local Borrowers' Lifeline
-----------------------------------------------------------
Bloomberg News reports that China's crackdown on shadow banking
is raising concern among bond investors about local borrowers'
ability to make repayments as a record CNY1.8 trillion ($285
billion) of notes come due this year.

According to Bloomberg, regulators have stepped up efforts to
patch loopholes in off-balance sheet financing in the last couple
weeks, moves that will effectively block most fundraising
channels for local borrowers. Concern that some local government
financing vehicles may not be able to repay debt has helped push
up the yield premiums on AAA rated LGFV notes to near the highest
in three years, Bloomberg relates.

China has doubled down on steps to cut excessive borrowing, and
has zeroed in on risks from local companies that racked up debt
for projects like subways, bridges and sewers, Bloomberg
discloses. The Ministry of Finance also started to tighten
scrutiny on public-private partnership projects from the end of
last year, making it hard for regional authorities to raise funds
from even legitimate sources. Revelations that several local
governments inflated economic data may also hurt investor
sentiment as a broader bond market rout already pushes up
borrowing costs.

"The focus of deleveraging this year will probably be on local
governments," the report quotes Li Liuyang, a Shanghai-based
analyst at China Merchants Bank Co., as saying. "As some regions
start to 'squeeze' the inflated growth data, there's a higher
risk of defaults in their various forms of borrowings, including
bonds, asset management plans and wealth management products."

Bloomberg says off-balance sheet financing has been used to
complement the limited amounts that municipal governments can
raise via bond quotas over the last couple years, and has helped
fund infrastructure construction.

Amid the recent jitters, sales of LGFV bonds are headed for a
second monthly decline. They have plunged to CNY32 billion so far
this month from December's CNY130 billion, data compiled by
Bloomberg show.

According to Bloomberg, four years after the first default in
publicly-traded bonds onshore, no LGFV note has suffered that
fate. That's prompted investors to continue pricing in implicit
government guarantees. Any default will likely trigger a re-
valuation of the CNY6.2 trillion LGFV debt market, along with the
CNY14.7 trillion of municipal bonds, whose issuers are all rated
AAA regardless of their fiscal strength.

Bloomberg says the Ministry of Finance will dispel financial
institutions' "hallucination" that the central government will
bail out local repayment failures, it said last year.

In a joint statement with China's insurance regulator on Jan. 18,
the ministry said local governments can't use insurers' funds in
ways that disguise their true purpose. The banking watchdog
prohibited lenders from extending debt financing for regional
authorities or insolvent "zombie companies," in a notice on
Jan. 13, says Bloomberg.

"The first default is likely to occur following regulatory
restrictions on local government guarantees and bailouts,"
strategists Becky Liu and Jeffrey Zhang at Standard Chartered Plc
wrote in a research note last week, Bloomberg relays.

Yunnan State-Owned Capital Operation Co., which has some
functions similar to LGFVs, delayed repayments to a trust
product, Bloomberg discloses. While the company later managed to
return the funds, saying the delay was an agreed arrangement,
Merchants Bank's Li said such cases wouldn't occur if the region
hadn't had any fiscal strains.

China is set to complete a three-year program in 2018 that allows
local authorities to convert debt into municipal notes. Some
CNY1.73 trillion of such liabilities will be swapped into
municipal notes by the end of August, said Wang Kebing, an
official at Ministry of Finance, Bloomberg relays.



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


NOBLE GROUP: Reaches In-Principle Deal to Restructure Debt
----------------------------------------------------------
Jasmine Ng, Jack Farchy, and Javier Blas at Bloomberg News report
that Noble Group Ltd. reached an in-principle deal to restructure
$3.5 billion in debt, saving the troubled commodity trader from
bankruptcy at the cost of handing control to creditors and all
but wiping out current shareholders.

After a three-year crisis marked by massive losses, writedowns
and controversial accounting, Noble management, bank creditors,
and bondholders reached an agreement that will convert half of
the debt -- roughly $1.7 billion -- into new equity, the company
said on Jan. 29, Bloomberg relays.

"This agreement marks the beginning of the final phase of our
restructuring, and the creation of a new Noble as a focused and
appropriately financed group set to capitalize on the high-growth
Asian commodities sector," Bloomberg quotes Noble Chairman Paul
Brough as saying in a statement.

According to Bloomberg, the creditors, including hedge funds Och-
Ziff Capital Management LLC, Davidson Kempner Capital Management
LLC and Taconic Capital Advisors, will control 70% of the new
company, while current management obtaining as much as 20%.
Current shareholders, including founder Richard Elman and China's
sovereign wealth fund, get just 10%, Bloomberg says.

While saving the company from complete failure, the deal, which
follows a series of asset sales in recent months, will what was
once a challenger to global trading giants such as Glencore Plc
to a rump business focused on coal in Asia, Bloomberg states.

Elman, now 77, started his career as a teenage scrap-metal worker
in England, and built his trading house by buying assets here and
there. From a small office in Hong Kong supplying Chinese
steelmakers with iron ore, manganese and chrome in 1986, Noble
grew into a $10 billion Singapore-listed trading behemoth with an
investment grade rating and access to unsecured capital. At its
closing price Jan. 29, Noble's equity was worth just $263
million, Bloomberg discloses.

Bloomberg notes that Noble now needs to seek approval from all
the parties involved in the deal, including shareholders, a
process that could take as long as five months. Noble also needs
the approval of holders of its perpetual bonds, who will suffer
large losses. The company has proposed converting $400 million
worth of perpetuals into up to $15 million in new securities.

According to Bloomberg, the deal vindicates Iceberg Research, the
anonymous research outfit whose critiques of Noble's accounting
in early 2015 marked the start of a drawn-out crisis that has
brought the Hong Kong-based company to the brink of collapse.
Iceberg stated more than two years ago that the equity of Noble
was largely worthless.

Noble has been negotiating the restructuring since November in a
bid to save itself from looming insolvency, Bloomberg says.
Brough spent the last few months shuttling from Hong Kong to
Singapore to London, negotiating with banks and bondholders to
restructure the company. Noble is headquartered in Hong Kong but
listed in Singapore, Bloomberg notes.

Bloomberg adds that the new company -- in reality two entities
where one is in charge of trading and another holds Noble's
remaining assets -- will have debts split in three categories:
$685 million in secured debt due in 4 1/2 years; another $270
million in senior secured debt due in seven years; and $700
million in an asset-backed bond due in 3 1/2 years. On top,
creditors will receive preference shares worth $200 million.

Despite the financial pain, Mr. Brough, a veteran of multiple
company crises in Asia, including the bankruptcy of Lehman
Brothers in the region, claimed mission accomplished as he saved
the company. "I have consistently stated my objective of avoiding
any form of insolvency proceeding," Mr. Brough, as cited by
Bloomberg, said.

                        About Noble Group

Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores. Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.

As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2017, Fitch Ratings downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR), senior unsecured rating and
the ratings on all its outstanding senior unsecured notes to 'CC'
from 'CCC'. The Recovery Rating is 'RR4'. The downgrade follows
Noble's Nov. 15, 2017 announcement that it has commenced
discussions with stakeholders on its capital structure.



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


ARUN POLYMERS: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Arun Polymers (AP)
to monitor the rating vide e-mail communications/letters dated
August 21, 2017, October 10, 2017, November 14,2017, November 15,
2017, November 20, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the rating. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating
on Arun Polymers's bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING.

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long term Bank      9.00     CARE B+; Issuer Not Cooperating;
  Facilities                   Based on best available
                               information

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

Detailed description of the key rating drivers

At the time of last rating on August 12, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Limited experience of the promoter in polypropylene bag
manufacturing industry: The proprietor, Mr. Arun Kumar, has
attended class room training on manufacturing of Polypropylene
bags for 8 months. Later, he established Arun polymers in 2013
and started commercial operations from April 2013. The proprietor
has a limited experience of only 3 years in the industry.

Fluctuating profit margins due to volatile raw material pricing:
The total raw material cost contributes to about 75% to 85% of
the total cost of sales. Major raw material of the firm is virgin
raffia (PP granules) which is a by-product of petroleum. The
price of this material is highly volatile exposing the PBILDT
margins of the firm to variations. The PBILDT margin decreased by
283 bps from 6.73% in FY14 to 3.9% in FY16 (Provisional) due to
increase in raw material cost from 76.3% of total operating
income in FY14 to 83.34% of total operating income in FY16
(Provisional). Furthermore, the firm procures the raw material
majorly from Reliance Industries Limited who is a large player in
the industry and hence the firm has limited bargaining power with
the supplier. The firm is not able to pass on the effect of
increase in raw material cost to its customers due to existing
competition in the market.  The PAT margins are weak on account
of low PBILDT earned. The PAT margin was 0.63% in FY16
(Provisional).

Leveraged capital structure and weak debt coverage indicators:
The firm has leveraged capital structure with overall gearing at
2.51x as on March 31, 2016 (Provisional). The debt profile of the
company comprises of term loan of INR0.57 crore, cash credit of
INR3.54 crore and unsecured loan of INR0.25 crore as against the
networth of INR1.77 crore. Moreover, the capital structure of the
firm is expected to deteriorate further in FY17 due additional
term loan availed for expansion plans.  The debt coverage
indicators marked by interest coverage and Total debt/GCA have
remained weak at 1.76x and 14.70x in FY16 (Provisional) due to
low cash accruals and high debt levels.

Small scale and working capital intensive nature of operation:
The firm's business is working capital intensive in nature as
reflected by high inventory period. The inventory period remained
at 68 days in FY16 (provisional) as the firm maintains adequate
level of raw material inventory for executing the orders in hand
and also for meeting sudden spurt in demand. The firm had a cash
credit facility of INR3.5 crore which was fully utilized for the
past 12 months ending July 2016, an additional limit of INR1
crore has been sanctioned in February 2016 which the firm has not
yet utilized. The scale of operations of the firm has remained
relatively small with total income of INR19.59 crore in FY16
(Provisional).

Proprietorship nature of business: Proprietorship nature of
business has an inherent risk of withdrawal of capital at the
time of personal contingency. It also has the risk of business
being discontinued upon the death/insolvency of the proprietor.
The ability to raise funds is also very low as proprietorship
concerns have restricted access to external borrowings.

Key Rating Strengths

Favourable outlook for the plastic packaging industry:
Polypropylene bags (PP bags) are considered to be the toughest
packaging bags, widely used to pack materials for grain, milling
and sugar industry to name a few. PP bags are becoming
increasingly popular in India & have caught the eye of many end
users for their requirement of packing materials, on account of
their inertness towards chemical, moisture, excellent resistance
towards rotting & fungus attack. They are nontoxic lighter in
weight, much cleaner & have more advantages than conventional
bags. Among the industry's major strengths is the availability of
raw materials in the country. Thus, the processors do not have to
depend on imports.

Steadily increasing total income: The firm started its commercial
operations in FY14 and has shown a steady growth in its total
income since then. The total income has grown at a CAGR of
109.82% from INR4.45crore in FY14 to INR19.59 crore in FY16
(Provisional), due to increase in demand for the PP bags and the
addition of new customers' y-o-y.

Arun Polymers is a proprietorship firm, incorporated in 2013 by
Mr. Arun Kumar. It started commercial operations from April 2013.
The firm is engaged in the business of manufacturing
polypropylene sack bags (PP bags). The manufacturing unit is
located in Dindigul district in the state of Tamil Nadu and has
around 40 employees. The major raw material for the unit is
virgin raffia (a by-product of petroleum) granules which are
majorly purchased from Reliance Industries Limited. The firm had
an installed capacity of 100 tons per month as on March 31, 2016,
which has been increased to 250 tons per month as on July 31,
2016. The firm has majority of customers in Tamil Nadu and
Telangana region.


CORONATION FIREWORKS: CRISIL Assigns B+ Rating to INR12.79MM Loan
-----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of The Coronation Fireworks Factory.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit          12.79      CRISIL B+/Stable (Assigned)

The rating reflects its large working capital requirement, High
Churn in labor and exposure to intense competition. These
weaknesses are partly offset by extensive experience of the
promoters and the firm's established market position in the
fireworks industry, and its average financial risk profile.

Key Rating Drivers & Detailed Description

Weaknesses

* Large working capital requirement: Gross current assets were at
183 days as on March 31, 2017, primarily led by inventory of 100
days. Due to seasonal demand, TCFF holds large inventory. Working
capital requirement was partly met through customer advances.

* High labor churn and exposure to intense competition
The fireworks industry is highly labor intensive, with capacity
of several players constrained by shortage of laborers and high
churn rates. Intense competition, both from small, unorganised
players and illegal Chinese crackers, also constrains
profitability.

Strengths

* Established market position and extensive experience of the
promoters: The promoters' experience of 30 years and established
relationships with customers and suppliers, and the firm's
established market position, will continue to support the
business risk profile.

* Average financial risk profile: Financial risk profile is
supported by average debt protection measures, indicated by
interest coverage ratio of 2.2 times for fiscal 2017. Liquidity
remains comfortable, with accrual expected at INR30-40 lakh over
the medium term against nil debt obligation. However, networth
was small and gearing high, at INR2.35 crore and 1.83 times,
respectively, as on March 31, 2017, mainly because of working
capital debt.

Outlook: Stable

CRISIL believes TCFF will continue to benefit from its
established market position, and its promoters' experience in the
fireworks industry. The outlook may be revised to 'Positive' if
increase in revenue and profitability leads to higher cash
accrual and better financial risk profile. The outlook may be
revised to 'Negative' if a decline in revenue or profitability,
stretch in working capital cycle, or large capital expenditure,
weakens the financial risk profile.

Formed in 1988 as a partnership firm, TCFF manufactures crackers
in Sivakasi, Tamil Nadu. Its operations are managed by managing
partner Mr. P Kanagavel.


EAST HOOGHLY: CARE Assigns B+ Rating to INR11.27cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of East
Hooghly Agro Plantation Private Limited (EHAP), as:

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long-term Bank
  Facilities          11.27    CARE B+; Stable Assigned

  Short-term Bank
  Facilities           0.25    CARE A4 Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of EHAP are
constrained by its short track record with small scale of
operations and moderate profit margins, exposure to volatility in
raw material prices, working capital intensive nature of
operations, leveraged capital structure with moderate debt
coverage indicators and highly competitive & fragmented nature of
the industry. The aforesaid constraints are partially offset by
the experienced promoters, diversified use of its products and
favorable outlook for end user industries.

Ability to increase its scale of operations with improvement in
profit margins and manage its working capital effectively will be
the key rating sensitivities.

Detailed description of the key rating drivers

Key Rating Weaknesses

Short track record with small scale of operations and moderate
profit margins: The company has commenced its commercial
operation from December 2016 onwards ad thus has very short track
record of operations. Furthermore, the scale of operations of the
company remained small marked by total operating income of
INR8.38 crore with a PAT of INR0.01 crore in FY17 mainly due to
only 4 month of operations in FY17. The company has reported
PBILDT margin of 14.36% and PAT margin of 0.12% in FY17. During
HIFY18, the company has booked revenue of INR26.72 crore.

Exposure to volatility in raw material prices: The primary raw
materials required by EHPP are HDPE and tarpaulin (constituting
about 87.71% of the cost of sales in FY17), the prices of which
are highly volatile. Further, the company does not have any long
term contracts with the domestic suppliers for the purchase of
raw materials. Hence, the profitability margins of the company
could get adversely affected with any sudden spurt in the raw
material prices.

Working capital intensive nature of business: The operations of
the company remained working capital intensive as the company
maintains adequate inventory of raw materials for smooth running
of its production process and to mitigate price fluctuation risk.
Furthermore, the company allows credit of around a month to its
customers due to its presence in an intensely competitive
industry. Accordingly the average utilization of fund based
limits was around 70% during last twelve months ended in
November, 2017.

Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained
leveraged marked by debt equity of 2.08x and overall gearing
ratio of 2.70x as on March 31, 2017. The debt coverage indicators
of the company remained moderate marked by interest coverage of
2.67x and total debt to GCA of 14.80x in FY17.

Highly competitive and fragmented nature of the industry: The
plastic and polymers industry is highly fragmented with a large
number of small to medium scale organized and unorganized players
owing to low entry barriers with no visible differentiators in
product profile. High competition in the operating spectrum and
small size of the company limits the scope for margin expansion.
Key Rating Strengths

Experienced promoters: EHAP is into manufacturer of high-density
polyethylene (HDPE) tarpaulin since 2017 and thus has around a
short track record of operations. Moreover, the key promoter Mr.
Mainak Mondal has around two decade of experience in the same
line of business looks after the day to day operations of the
company. He is supported by other directors and a team of
experienced professionals.

Diversified use and favorable demand in end user industries:
Polypropylene (PP) has high tensile strength and plastic woven
sacks are much cleaner both in use and production and resist
fungal attack. Air permeable sacks made from PP are suitable for
the packaging of diversified products like cement, fertiliser,
other chemical products, food grains, oil seeds, sugar, salt etc.
Due to numerous advantages of PP woven sacks over jute sacks,
these are finding more and more applications in packaging of a
wide range of products of various industries.

West Bengal based EHAP incorporated on December 03, 2015, was
promoted by Mr. Krishna Chandra Mondal, Mr. Mainak Mondal, Ms.
Anima Mondal, Ms. Munmun Pal, Ms. Jumpha Mondal and Ms. Mousumu
Pal. The company had started its commercial operation from
December 2016 onwards. The company has been engaged in
manufacturing of High Density Polyethylene (HDPE) fabric and
woven sacks, used as covering products, thereby protecting them
from moisture and dust. The manufacturing facility of the company
is located at industrial area, Hooghly, West Bengal with an
installed capacity of 1500MT per annum (HDPE Tarpaulin/Fabric and
bag) and 2400 MT per annum of leno bags.


EAST WEST COMBINED: CRISIL Reaffirms B+ Rating on INR.98MM Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of East West Combined Industries (EWCI) at 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bill Discounting
   under Letter of
   Credit                9.02      CRISIL A4 (Reaffirmed)

   Overdraft              .98      CRISIL B+/Stable (Reaffirmed)

   Proposed Short
   Term Bank Loan
   Facility              3.00      CRISIL A4 (Reaffirmed)

The ratings reflect EWCI's small scale and working capital
intensive operations. These weaknesses are partially offset by
the established relationship with key customer, Butterfly
Gandhimathi Appliances Ltd (BGAL; rated CRISIL BBB/Negative
/CRISIL A3+).

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations and customer concentration in revenue
profile: EWCI operates on a small scale, as indicated by its
revenues of INR5.7 crore in fiscal 2017. The firm also faces
competition from substitutes offered by unorganised players,
though any risk is mitigated by EWCI's established association
with BGAL, which constitutes the majority of the firm's revenue.

* Working capital intensive operations: Operations are working
capital intensive as reflected in Gross current assets (GCA) of
194 days as on March 31, 2017 driven by high inventory of 120
days.

Strengths

* Promoter's extensive experience and established relationship
with BGAL: Benefits from the proprietor's several years of
experience in the kitchen appliance component segment and
established relationship with BGAL, which contributes to majority
of the revenue, should support business.

Outlook: Stable

CRISIL believes EWCI will continue to benefit from its
established relationship with BGAL. The outlook may be revised to
'Positive if increase in revenue and profitability, and a
diversified revenue profile, strengthens business risk profile.
The outlook may be revised to 'Negative' if low cash accrual,
capital withdrawal, or significant fund support to associate
entities, weakens financial risk profile.

EWCI, set up in 2009, is a proprietorship firm of Mrs A
Gandhimathi, who looks after daily operations. The firm
manufactures components for kitchen appliances, primarily wet
grinder stones.


EVEREST POWER: CRISIL Raises Rating on INR377.5MM Loan to B-
------------------------------------------------------------
Due to inadequate information and delays in servicing term debt,
CRISIL Ratings, in line with SEBI guidelines, had downgraded the
rating of Everest Power Private Limited (EPPL) to CRISIL D/
Issuer not cooperating. However, the management has subsequently
shared the requisite information necessary for carrying out a
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the bank facilities of EPPL from 'CRISIL
D/Issuer Not Cooperating' to 'CRISIL B-/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan       377.5      CRISIL B-/Stable (Migrated
                                   from 'CRISIL D' Issuer Not
                                   Cooperating)

   Proposed Long Term    82.5      CRISIL B-/Stable (Migrated
   Bank Loan Facility              from 'CRISIL D' Issuer Not
                                   Cooperating)

The rating continues to reflect EPPL's exposure to risks relating
to hydrology, single-site operations, and limited track record.
These weaknesses are partially offset by stable revenue from the
fully operational Malana hydroelectric plant, backed by long-term
power purchase agreement (PPA) with PTC India Ltd, and
comfortable networth.

Key Rating Drivers & Detailed Description

Weakness

* Limited track record: Operations commenced in July 2012. Annual
Plant Load Factor has been volatile: 33.2% in fiscal 2013, 38.8%
in fiscal 2014, 28.5% in fiscal 2015, 40.3% in fiscal 2016, and
42.4% in fiscal 2017. It declined to 28.5% in fiscal 2015, lowest
in the last four years, as the plant was non-operational for five
months due to technical issues.

* Exposure to risks related to hydrology: Generation of
electricity is dependent on supply of water, mainly fulfilled
through snow and rain. Also, there is limited historical record
of water flow at the project site, leading to exposure to
hydrology risk.

* Single-site operations: Operations are carried out only through
the 100-megawatt Malana II hydroelectric project (Malana II HEP),
based in Himachal Pradesh.

Strengths

* Limited exposure to demand and price risk: EPPL supplies
electricity to PTC India Ltd (PTC; rated 'CRISIL A1+'), under a
long-term PPA signed for 40 years (from the commercial operations
date), at a Cost plus basis. This long-term agreement provides
revenue visibility, minimising sales risk and ensuring steady
generation of cash flows.

* Comfortable networth: Capital structure is moderate, with
estimated gearing at 2.2 times as on March 31, 2017. Networth was
INR186.6 crore during the period.

Outlook: Stable

CRISIL believes EPPL will benefit over the medium term from
favourable prospects for the power industry, and its steady
revenue. The outlook may be revised to 'Positive' if a large
increase in revenue and profitability, and sufficient liquidity,
provide a buffer for servicing term debt. The outlook may be
revised to 'Negative' if liquidity weakens because of
unprecedented delays in realisation of receivables, low plant
load factor, or a large debt-funded capital expenditure.

EPPL was incorporated in 2001 to establish and operate Malana II
HEP across Malana Nallah, a tributary of Parbati river in Kullu,
Himachal Pradesh. It started commercial operations in 2012.


GAMMON INDIA: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has been seeking information from Gammon India
Limited (GIL) to monitor the rating vide e-mail communications/
letters dated Nov. 27, 2017; Dec. 7, 2017 and Dec. 14, 2017.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines, CARE's rating on debt
instruments of GIL will now be denoted as CARE D; ISSUER NOT
COOPERATING.

                     Amount
  Facilities      (INR crore)   Ratings
  ----------      -----------   -------
  Long-term Fund-     949.05    CARE D; Issuer Not Cooperating;
  Based facilities              Based on best available
  Cash Credit                   Information

  Long/Short-term   9,092.78    CARE D; Issuer Not Cooperating;
  Non-fund based                Based on best available
  Facilities-Cash               Information
  Credit

  Non-Convertible     324.00    CARE D; Issuer Not Cooperating;
  Debentures                    Based on best available
                                Information

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

The ratings take into account delays in servicing of interest on
non-convertible debentures, over-drawals in fund-based limits and
devolvement in non-fund-based limits. The liquidity position of
the company is constrained due to delays in recoveries from
customers and project execution delays resulting in holding of
high inventory, thereby blocking working capital funds and
causing cost-overruns. The company is currently undergoing
restructuring on invocation of strategic debt restructuring by
its lenders.

Detailed description of the key rating drivers

Delays in Debt Servicing: There are delays in servicing of debt
obligations owing to delayed execution of projects, delays in
recoveries from customers and huge debt burden leading to
constrained liquidity position of the company.

Incorporated in 1922, GIL is the flagship company of the Gammon
group and offers services covering the whole gamut of the civil
and construction activities. GIL undertakes construction of
roads, bridges, flyovers, power plants, chimneys and cooling
towers, cross-country pipelines, structures for hydro-electric
power projects, buildings and factories. The company has also
been present in the infrastructure project development space
since 2001 through GIL's subsidiary Gammon Infrastructure
Projects Limited (GIPL, 74.98% stake), which executes public
private partnership based projects in the road, port and power
sectors through project-specific special purpose vehicles.


GODAWRI MOTORS: CRISIL Reaffirms B- Rating on INR7.5MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable' rating on
the bank facilities of Godawri Motors Private Limited (GMPL). The
rating reflects GMPL's weak financial risk profile and exposure
to intense competition. These weaknesses are partially offset by
the promoters' extensive experience in the automobile dealership
business.

                      Amount
   Facilities        (INR Mln)    Ratings
   ----------        ---------    -------
   Cash Credit           7.5      CRISIL B-/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    2.5      CRISIL B-/Stable (Reaffirmed)

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile: Financial risk profile remains
weak, with losses incurred in the four years through fiscal 2017
resulting in negative networth. Networth, however, should improve
on the back of higher accretion to reserve. Total outside
liabilities to tangible networth ratio may, nevertheless,
continue to be weak over the medium term.

* Exposure to intense competition: Intense competition from
dealers of both Hyundai Motor India Ltd (HMIL) and other original
equipment manufacturers such as Maruti Suzuki India Ltd, Tata
Motors, and Mahindra & Mahindra Ltd, continues to necessitate
regular refurbishing of dealership outfits and service centres.

Strength

* Extensive experience of promoters: Presence of almost two
decades in the automobile dealership segment has enabled the
promoters to establish strong relationship with principal, expand
operations by opening a second showroom in Moga district, and
register sales of INR106 crore in fiscal 2017.

Outlook: Stable

CRISIL believes GMPL will continue to benefit from its
established regional position in the automobile dealership
business, and from its strong relationship with HMIL. The outlook
may be revised to 'Positive' if there is improvement in the
company's capital structure, driven by increase in revenue and
profitability, or equity infusion. The outlook may be revised to
'Negative' if lower-than-expected operating margin or revenue
weakens the financial risk profile.

GMPL, incorporated in 1998, is a dealer of HMIL's vehicles. The
company has showrooms in Ludhiana and Moga in Punjab. Mr. Asheem
Suri and Ms Divya Singh are the promoters.


GOLCONDA TEXTILES: CRISIL Reaffirms D Rating on INR11MM Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Golconda Textiles Private Limited (GTPL) at CRISIL D/CRISIL D.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       0.55       CRISIL D (Reaffirmed)

   Cash Credit         11.00       CRISIL D (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     .45      CRISIL D (Reaffirmed)

   Term Loan            4.00       CRISIL D (Reaffirmed)

The ratings continue to reflect instances of delay by GTPL in
servicing its debt obligations; the delays have been caused by
the company's weak liquidity.

GTPL also has a weak financial risk profile, marked by a highly
leveraged capital structure owing to its large working capital
requirements. Moreover, the company's profitability is
susceptible to volatility in raw material prices. However, GTPL
benefits from its promoter's extensive experience in the cotton
spinning industry

Key Rating Drivers & Detailed Description

Weakness

* Below average financial risk profile: GTPL's financial risk
profile marked by its small net worth, high gearing, and weak
debt protection metrics. Net worth and gearing were at negative
INR2.78 Cr and negative 8.83 times respectively as on March 31,
2017.

* Large Working capital requirements: GTPL's operation was
working capital intensive marked by GCA of 360 days as on March
31, 2017. The large working capital requirement was on account of
high inventory holding to support the company's operations,
leading to high dependence on bank limits.

* Susceptibility of profitability margins to volatility in cotton
prices: The cotton yarn industry's profitability margins are
highly correlated with fluctuations in raw material prices. The
company does not have any long-term contracts with suppliers with
regard to either quantity or price. The operating profit margins
of the company have remained in between negative 3.74 per cent to
13 per cent over the past three years ended 2016-17.

Strengths

* Extensive experience of promoters in cotton spinning industry
The promoters of GTPL have more than 15 years of experience in
the textile industry with operations since 1995. It has
established relationship with the traders in Maharashtra and
other locations; as a policy, the management has been directly
supplying to the traders rather than the millers which keeps the
receivable days at low of about 10 days.

GTPL was set up by Mr. Mahmood Alam Khan in 1995. The company
manufactures combed and carded cotton yarn. Its manufacturing
facility is in Vikarabad (Andhra Pradesh).

During fiscal 2017, the company provisionally reported a profit
after tax (PAT) of -INR3.88 Crores on operating income of
INR17.12 Crores against PAT of -INR1.67 Crores on operating
income of INR27.11 Crores in the previous fiscal.


GRECCY KNIT: CRISIL Lowers Rating on INR5.43MM Term Loan to D
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Greccy
Knit (GK) for obtaining information through letter dated
Oct. 23, 2017 and Jan. 12, 2018, apart from telephonic
communication. However, the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           0.75      CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable)

   Term Loan             5.43      CRISIL D (Issuer Not
                                   Cooperating; Downgraded
                                   from 'CRISIL B-/Stable)

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 GK. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
the group is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower.

Based on the last available information, CRISIL has downgraded
the rating on long term bank facilities of GK to 'CRISIL D 'from
'CRISIL B-/Stable'. The downgrade reflects delays in the
repayment of its term loans.

Incorporated in 2014, GK is a partnership firm, which is setting
up a unit to manufacture grey fabrics, to be used in sarees and
other garments. It is being promoted by Mr.Bharat Zalavadiya and
his son Mr.Gaurang Zalavadiya. Mr.Bharat has been in the textile
industry for about 17 years now, through other group concern,
Gaurang Synthetics.


HARDIK CONSTRUCTION: CARE Assigns B+ Rating to INR4cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hardik
Construction Company (HCC), as:

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long term Bank
  Facilities          4.00     CARE B+; Stable Assigned

  Short term Bank
  Facilities          6.00     CARE A4; Assigned

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of HCC are
constrained by its small scale of operations and low net-worth
base. The ratings are further constrained by the highly
competitive nature of the industry and firm's proprietorship
nature of constitution. The rating, however, derives strength
from experienced proprietor, moderate profitability margins &
solvency position, adequate order book position and positive
outlook for construction industry.

Going forward, the ability of the firm to successfully execute
projects on time and recover contract proceeds while maintaining
solvency position would remain the key rating sensitivity.

Detailed description of the key rating drivers

Key Rating Strengths

Experienced proprietor and established track record of the
entity: HCC is engaged in the civil construction work and is
managed by Mr. Pankaj Goel, having around two and a half decades
of experience in construction industry. The proprietor has gained
this experience through his association with HCC and other
entities. The proprietor has adequate acumen about various
aspects of business. Additionally, the proprietor is supported by
a team of experienced and qualified professionals having varied
experience in the technical, finance and marketing fields. The
established track record of entity has aided the firm in having
established relation with suppliers.

Moderate profitability margins: The profitability margins of the
firm stood moderate marked by PBILDT margin and PAT margin of
9.74% and 5.46% respectively in FY17. PBILDT margin improved from
7.49% in FY16 due to execution of contracts having better
margins. Consequently, PAT margin also increased from 4.33% in
FY16 to 5.46% in FY17.

Moderate capital structure and debt coverage indicators: As on
March 31, 2017, the total debt of the firm consisted of term loan
of INR3.51 crore, working capital borrowings of INR3.43 crore and
unsecured loans of INR0.83 crore from proprietor and relatives as
against net worth base of INR3.99 crore. The capital structure
stood moderate marked by overall gearing ratio of 1.95x as on
March 31, 2017. The same improved from 2.67x as on March 31, 2016
mainly due to infusion of funds amounting to INR1.07 crore in the
form of capital. Furthermore, debt coverage indicators stood
moderate marked by interest coverage ratio of 2.49x in FY17 and
total debt to GCA of 6.33x for FY17.

Adequate order book: The firm has a moderate order book position
with outstanding order book of INR40.28 crore as on March 31,
2017 to be executed within next 1-2 years. The current order book
of the firm is ~1.93x times of the revenue for FY17. The order
book of the firm comprises orders in relatively early stages of
execution, which provides sufficient visibility on the revenue
stream.

Key Rating Weaknesses

Small and fluctuating scale of operations with low net-worth
base: Despite being in operations for a decade, the firm's scale
of operations has remained low marked by Total Operating Income
(TOI) of INR20.82 crore in FY17 and net-worth base of INR3.99
crore as on March 31, 2017. Furthermore, gross cash accruals
stood at INR1.23 crore in FY17. (Prov.). The small scale limits
the firm's ability to bid for larger projects, financial
flexibility in times of stress and deprives it from scale
benefits. Furthermore, scale of operations witnessed a
fluctuating trend during FY14-FY17 period. TOI declined from
INR22.26 crore in FY16 to INR20.82 crore in FY17 due to execution
of lesser number of contracts.

Constitution of the entity being a proprietorship firm: HCC's
constitution as a proprietorship firm has the inherent risk of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as the credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders. However, the
proprietor infused funds amounting to INR1.40 crore during FY14-
17 period.

Hardik Construction Company (HCC) is a proprietorship firm
established in 2007 by Mr. Pankaj Goel. HCC is engaged in the
civil construction work in Haryana and Uttar Pradesh which
includes infrastructure development and road work. The firm is
registered as a class 'A' contractor with Public Works Department
(PWD) of Haryana and is also registered with Yamuna Expressway
(U.P). The orders undertaken by the firm are secured through the
competitive bidding process.


J.V. STEEL: CRISIL Reaffirms B Rating on INR5MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facilities of J.V. Steel Tubes (JVST).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B/Stable (Reaffirmed)

   Cash Credit-Book
   Debt                   4.5      CRISIL B/Stable (Reaffirmed)

   Overdraft              2.5      CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the firm's weak financial risk
profile because of high gearing and muted debt protection
metrics, and small scale of operations in the intensely
competitive electric resistance welding (ERW) pipes industry.
These weaknesses are partially offset by promoters' extensive
experience.

Key Rating Drivers & Detailed Description

Weakness

* Small scale of operations in competitive segment: Business risk
profile is constrained by modest scale of operations, which is
further aggravated by the presence of numerous small scale and
unorganised players catering to local demand.

* Weak financial risk profile: Networth was small at INR2.19
crore as on March 31, 2017, which, along with large working
capital debt, led to a high total outside liabilities to tangible
networth ratio of 11.18 times. However, the firm do not have any
major capital expenditure (capex) over the medium term.

Strengths

* Extensive experience of promoters: Presence of over a decade in
the ERW pipes segment has enabled the promoters to establish
strong relationship with suppliers and customers. CRISIL believes
that this extensive business will help JVST to maintain healthy
business risk profile over medium term.

Outlook: Stable

CRISIL believes JVST will continue to benefit over the medium
term from promoters' extensive experience. The outlook may be
revised to 'Positive' in case of higher-than-expected growth in
revenue and improvement in capital structure and profitability.
The outlook may be revised to 'Negative' if cash accrual
declines, or sizeable, debt-funded capex further weakens
financial risk profile.

Set up as a partnership firm in 2005 by Gupta and Bansal
families, JVST manufactures ERW pipes for the bicycle and
automotive industries. Unit in Ludhiana has capacity to
manufacture 1000 tonne per month of pipes in sizes of 0.5-2.0
inch.


JAIN HYDRAULICS: CRISIL Lowers Rating on INR10MM Cash Loan to D
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the ratings of Jain Hydraulics Private
Limited (JHPL) to 'CRISIL B-/Stable/CRISIL A4/Issuer Not
Cooperating'. However, the management has subsequently shared
requisite information necessary for carrying out a comprehensive
review of the rating. Consequently, CRISIL is downgrading the
ratings on the bank facilities of JHPL from 'CRISIL B-
/Stable/CRISIL A4/Issuer Not Cooperating to 'CRISIL D//CRISIL D'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        1.5       CRISIL D (Downgraded from
                                   'CRISIL A4/Issuer Not
                                   Cooperating')

   Cash Credit          10.0       CRISIL D (Downgraded from
                                   'CRISIL B-/Stable/Issuer Not
                                   Cooperatng')

The rating reflects instances of delays by JHPL in servicing
debt.

Key Rating Drivers & Detailed Description

* Delays in servicing debt, owing to weak liquidity: There have
been delays in servicing bank debt due to stretched liquidity.
This is primarily on account of its large working capital cycle

Weakness

* Weak financial risk profile: Financial risk profile is marked
by a high total outside liabilities to adjusted networth ratio of
5.57 times as on March 31, 2017. It may remain weak in the near
term due to high reliance on external working capital debt.

Strength

* Established regional position along with extensive experience
of the promoters: The promoters, Mr. A K Jain and Mr. Ajay Jain,
have substantial experience in manufacturing waste and metal
recycling equipment. Repeat orders and favourable credit terms
highlight the company's strong relationships with customers and
suppliers.

Incorporated in 1973, JHPL manufactures and assembles waste
management equipment, which it markets under its brand: Jain
Hydraulics. It is based in New Delhi, and is currently managed by
Mr. Ajay Jain.


JENSON & NICHOLSON: Sheenlac Paints Eyes Full Control of JV
-----------------------------------------------------------
Business Standard reports that Tamil Nadu-based Sheenlac Paints
is eyeing to take full control of its joint-venture (JV) with
Jenson & Nicholson India Ltd (JNIL) even as the latter faces the
insolvency resolution process under the National Company Law
Tribunal (NCLT).

In February last year, Sheenlac Paints entered into a JV
agreement with JNIL whereby the rights over the J&N brand was
transferred to this JV entity - Jenson & Nicholson Paints Pvt Ltd
(JNPPL). It was agreed that although Sheenlac Paints would have a
49% minority stake in this company, the entire managerial and
operational control lay with Sheenlac. The rest of the stake in
JNPPL remained with JNIL.

However, in August 2017, Vivid Colors Pvt Ltd, a financial
creditor, submitted a petition in NCLT against JNIL that was
admitted and is up for the requisite insolvency resolution
process, Business Standard says.

The total debt of JNIL is to the tune of INR2.95 billion, the
report discloses.

JNPPL, the subsidiary company, however, has been left out of the
ambit of the NCLT as it didn't take up any of JNIL's debt burden,
Business Standard states.

Although the State Bank of India (SBI), Union Bank of India, Bank
of Baroda, Bank of India, SBI Home Finance, SIDBI, Canara Bank,
Allahabad Bank, National Co-operative Bank, Standard Chartered
Bank and Global Trust Bank are the original lenders to JNIL, they
had assigned the entire loan portfolio to Vivid Colors Pvt Ltd,
effectively making this company the current sole lender,
according to Business Standard.

Business Standard relates that the committee of creditors, along
with the resolution professional Vinay Talwar, met in New Delhi
on January 8 to discuss the expression of interest.

Although Sheenlac Paints had originally targeted to gradually
acquire the brand as well as a majority stake in JNPPL in a five-
year timeframe, it is now rushing to take control of this JV
entity, the report says.

Sources in the company told Business Standard that Sheenlac
Paints will be appointing an external auditor to work out the
valuation of JNPPL and, accordingly, Sheenlac Paints will quote
their offer of a takeover.

"That is how the J&N brand is expected to live on," the report
quotes a person aware of these developments as saying.

While Sheenlac Paints acquired the managerial rights during
formation of this JV, it didn't opt for the takeover of any
physical assets, Business Standard adds.

According to the report, officials in the paint industry are of
the view that while J&N's brand recall has diminished a lot over
the years, it can still stage a comeback given a fresh start.
Some are also of the view that given JNIL's debt burden, the
company only had the J&N brand as its asset, which it transferred
to the JV.

The Tamil Nadu-based company is not keen to bid for assets of
JNIL. Instead, it wants to opt for contractual third-party
manufacturing of the J&N brand, the report says.

During the formation of the JV, Sheenlac Paints CEO Sridhar
Krishnamoorthy had indicated that the J&N brand is worth in
excess of INR1 billion and he is eyeing at least INR3.5 billion
revenue from this venture during 2017-2022, Business Standard
reports.


KISAN GINNING: CRISIL Reaffirms B+ Rating on INR3.75MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of Kisan Ginning & Pressing (KGP) at 'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           3.75      CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    3.25      CRISIL B+/Stable (Reaffirmed)

   Rupee Term Loan       2.95      CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the weak financial risk profile
and stretched liquidity scenario on account of low cash accruals
as against debt repayment obligations. Further rating also
factors in small scale of operations and profitability being
vulnerable to volatility in raw material prices. These rating
weaknesses are partially offset by extensive experience of the
partners in diverse businesses.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile and stretched liquidity: Networth
was INR3.2 crore in fiscal 2017, expected to remain small over
the medium term on account of limited accretion to reserves due
to low profit margin. Total outside liabilities to adjusted
networth ratio was high at 3.63 times; likely to come down but
remain in the range of 2.6-2.9 times. Debt protection metrics
were average with interest coverage ratio of 2.6 times. With debt
funded capex plan in fiscal 2018 towards setting up of oil mills,
cash accruals are expected to remain tightly matched against the
increased repayment obligations.

* Small scale of operations and profitability being vulnerable to
volatility in raw material prices: Intense competition in the
cotton ginning industry constrains the scale of operations;
revenue was INR 50.3 crore in fiscal 2017, and thus, precludes
benefits from economies of scale. Operating margin too fluctuated
between 3.0% and 6.7% over the past four years due to
fluctuations in the raw material price.

Strength

* Extensive experience of the partners in diverse businesses:
While the partners have recently forayed in the cotton ginning
and pressing business, they have around two decades of experience
in diverse businesses including jewellery retailing, packaging,
and property dealing which will benefit the firm.

Outlook: Stable

CRISIL believes that KGP will continue to benefit over the medium
term from its partner's diverse experience. The outlook may be
revised to 'Positive' if KGP's financial risk profile improves
driven by higher revenue and profitability. The outlook may be
revised to 'Negative' in case KGP's financial risk profile
deteriorates because of decline in revenue or profitability or a
large, debt funded capital expenditure.

KGP was setup in March 2015 by Mr. Radheshyam Adaniya and family.
The firm is engaged in ginning of raw cotton (kapas).  It began
commercial production in March 2015 at its unit in Rajura
(Maharashtra).


LAHARIYA OIL: CRISIL Reaffirms B+ Rating on INR6MM Term Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Lahariya Oil Industries Private Limited (LOIPL) at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B+/Stable (Reaffirmed)

   Proposed Cash
   Credit Limit           1        CRISIL B+/Stable (Reaffirmed)

   Term Loan              6        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect its start-up phase of operations,
and exposure to intense competition, fluctuations in raw material
prices, and to government regulations. These weaknesses are
partially offset by the extensive experience of its promoters in
the edible oil industry.


Key Rating Drivers & Detailed Description

Weakness

* Start-up phase of operations: Commercial production started
only in October 2017 and revenue was INR21.0 crore till December
31, 2017. Turnover is expected to be more than INR35.0 crore in
fiscal 2018. Sales are likely to remain subdued over the medium-
term due to intense competition.

* Exposure to adverse government regulations and volatility in
raw material prices: Availability of inputs such as crude oil is
ultimately linked to paddy and soybean production, which in turn
are exposed to monsoon, climatic conditions, acreage, and yield.
Furthermore, selling price of edible oil is governed by
international price trends and government regulations such as
import duties.

Strength

* Extensive experience of promoters: Experience of promoters in
other oil extraction firms and also as a carrying and forwarding
(C&F) agent should support business. Promoters operated as a C&F
agent for Kanpur-based Swarnima Oil Industries (1992) and Mantora
Oil Products Pvt Ltd (1995). They also set up Vaibhav Edibles to
extract edible oil in 2003 and acquired SNG Solvents (P) Ltd, a
solvent extraction plant in 2012.

Outlook: Stable

CRISIL believes LOIPL will continue to benefit over the medium
term from the experience of its promoters. The outlook may be
revised to 'Positive' if early stabilisation of operations leads
to healthy cash accrual and strengthens financial risk profile.
The outlook may be revised to 'Negative' if low operating margin,
sizeable debt-funded capital expenditure, or stretch in working
capital cycle weakens financial risk profile.

Incorporated in 2015 and promoted by Mr. Satyendra Gupta and Ms
Indra Gupta, LOIPL is setting up a refinery in Umran (Akbarpur)
in Kanpur-Dehat district of Uttar Pradesh to produce refined
edible oil, wax, and fatty acid oil. Commercial operations
started from October 2017.


LEKHYA MOTORS: CARE Moves B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Lekhya Motors
Private Limited to monitor the rating(s) vide e-mail
communications dated August 4,2017, August 8,2017, August 30,
2017, September 7, 2017, September 22, 2017, October 4, 2017,
November 9, 2017 November 21, 2017, and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Lekhya Motor
Private Limited's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.

                      Amount
  Facilities       (INR crore)    Ratings
  ----------       -----------    -------
  Long term Bank
  Facilities            12.50     CARE B+ Issuer not Cooperating

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

Detailed description of the key rating drivers

At the time of last rating on August 26, 2016 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

Financial closure yet to be achieved with project stabilization
risk: Although the project is nearing its completion date,
project risk remains high due to its debt-funded nature. The
total cost of the project is envisaged at INR5.51 crore and till
August 24, 2016 the company has achieved only 37% of the total
project cost. The commercial operation of the company is slated
to commence operations from mid September 2016.

Volume driven business with intense competition in the auto
dealership industry: Indian Automobile Industry is highly
competitive in nature as there are large numbers of players
operating in the passenger car market like Hyundai, Honda, Tata
Motors, Fiat, Skoda, etc. OEM's are encouraging more dealership
to improve penetration and sales, thereby increasing competition
amongst dealers. The auto dealers have lower bargaining power as
against OEM's resulting in low operating margins. Entry of
various global players in the Indian market has further
intensified the competition. Due to very high competition in the
industry, dealers are also forced to pass on discounts and
exchange schemes to attract customers which restrict their
margins. Going forward, LMPL's ability to sell higher volumes,
generate higher cash accruals and efficiently manage its working
capital requirements will be critical from the credit
perspective.

Working capital intensive nature of business operations for
automobile traders: Automobile dealers purchase vehicles by
making full advance payment, which results in low average
creditor period. Though the sales to customers are made on a cash
basis but around 50-60% of the cars are bought on vehicle
financing basis through banks. The said phenomenon will result in
a marginal collection period of around 15-20 days for the
dealers. These dealers generally maintain models of different
cars with each having various variants to meet the demand of the
customer resulting in average inventory days of around 30-45
days. The average operating cycle thus would remain at a level of
approximately 50-60 days. Therefore, the working capital
utilisation generally remains high for car dealers.

Cyclical nature of the industry and sensitive to various
government regulations: The auto industry is inherently
vulnerable to the economic cycles and is highly sensitive to the
interest rates and fuel prices. A hike in interest rate increases
the costs associated with the purchase leading to purchase
deferral. Fuel prices have a direct impact on the running costs
of the vehicle and any hike in the same would lead to reduced
disposal income of the consumers, influencing the purchase
decision. The company thus faces significant risks associated
with the dynamics of the auto industry.

Key Rating Strengths

Experience of the promoters in the automobile dealership
business: LMPL is started by Mr. Goluguri Sriramareddy Lekhya who
has more than two decades of experience in trading activities of
prawns feed, automobile dealership and distribution of automobile
lubricants. In 2007, he promoted Novelty Reddy & Reddy Motors
Private Limited, which is an authorized dealer of Maruti Suzuki
India Limited in Bhimavaram. The other companies in Reddy & Reddy
Group are Reddy & Reddy Imports & Exports, Nexus Feeds Ltd (rated
'CARE BBB-/CARE A3') and Reddy and Reddy motors (rated 'CARE BB-
/CARE A4'). Another promoter of the company, Ms. Jwalitha
Goluguri Lekhya, has around four years of experience in the
industry. The directors have a proven track record of developing
and running medium to small sized business ventures in various
fields in Bhimavaram and adjacent areas of West Godavari
District, Andhra Pradesh.

Association with MSIL: LMPL will be engaged in the automobile
dealership business and has entered in a long association with
MSIL, a leading automobile manufacturer. LMPL will trade in the
product range of cars which are traded through a separate NEXA
showrooms run by MSIL. LMPL will also operate authorised after
sales service station and will deal in accessories and spare
parts apart from selling cars. Moreover, the company will offer
complete solution including arranging finance for its customers.

Incorporated on May 2, 2016, Lekhya Motors Private Limited (LMPL)
is promoted by Mr. Goluguri Sriramareddy Lekhya and Ms. Jwalitha
Goluguri Lekhya. LMPL is a part of Reddy and Reddy Group which
has 7 other associate companies engaged in trading of sea food
and dealers of automobiles.

LMPL is an authorised dealer of Maruti Suzuki India Limited. The
company is engaged in sale of new cars, servicing of vehicles and
sale of spare parts (3S) and operates through its NEXA showroom
situated in Hubballi, Karnataka. The variant of vehicles offered
by the entity includes Baleno, S Cross, Ignis and Ciaz Face Lift.
The total project cost is estimated to be around INR5.51 crore to
be funded by 3.5 crore of term loan and remaining by promoters
equity. Furthermore, LMPL will also be involved in sale of spares
and accessories and services through its services shop and body
shop. The installed capacity for service shop and body shop is
estimated to be around 12,000 vehicles per annum and 3,000
vehicles per annum respectively. The commercial operations of the
company are expected to commence from Mid September 2016.


MAKE INDIA: CRISIL Assigns 'B' Rating to INR0.50MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Make India Polymers House
(MIPH).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Letter of Credit      2.25      CRISIL A4
   Cash Credit           0.50      CRISIL B/Stable
   Foreign Exchange
   Forward               2.25      CRISIL A4

The ratings reflect the modest scale of operations, exposure to
risks related to intense competition, and stabilization of
operations, and weak financial risk profile. These weaknesses are
partially offset by extensive entrepreneurial experience of the
proprietor.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations amidst intense competition: Scale of
operations remains modest, as reflected in revenue of INR4.42
crore in fiscal 2017 - the first year of operations. Intense
competition and limited value addition in the trading business,
will constrain the operating margins.

* Risks related to stabilisation of operations: With fiscal 2017
being the first year of operations, the firm will remain
vulnerable to risks related to stabilization of operations.

* Weak financial risk profile: Networth is small at INR1.36 crore
due to nascent stages of operations, while gearing is comfortable
at 0.37 time as on March 31, 2017. Debt protection metrics were
weak, with interest coverage and net cash accrual to adjusted
debt ratios of ratio of 0.55 time and -0.21 time, respectively,
in fiscal 2017.

Strength:

* Extensive entrepreneurial experience of the proprietor: The
vast entrepreneurial experience of the proprietor, who has a vast
experience in the petrochemical industry, will support the
business risk profile.

Outlook: Stable

CRISIL believes MIPH will benefit over the medium term, from the
extensive entrepreneurial experience of its proprietor. The
outlook may be revised to 'Positive' if growth in revenue and
stable operating margin, lead to higher cash accrual.  The
outlook may be revised to 'Negative', if significant capital
expenditure, stretch in working capital cycle, or lower-than-
expected cash accrual, weakens liquidity.

MIPH is a proprietorship firm based out of Chennai, engaged in
trade of polythene granules (filler master match, white master
batch). The firm was set up and began operations in April 2016,
and managed by Mr. SC Sekar.


MALVIKA TECHNICAL: CRISIL Reaffirms B+ Rating on INR.6MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings at the bank facilities of Malvika Technical Services
(MTS). The ratings continue to reflect the firm's modest revenue,
limited geographic reach, working-capital-intensive operations,
and average financial risk profile. These weaknesses are
partially offset by the extensive experience of the promoter.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        3.1       CRISIL A4 (Reaffirmed)
   Cash Credit            .6       CRISIL B+/Stable (Reaffirmed)
   Letter of Credit      1.4       CRISIL A4 (Reaffirmed)

Key Rating Drivers & Detailed Description

Weakness

* Modest revenue and limited geographic diversity: Revenue
increased to INR25.5 crore in FY17 from INR4.86 crore in FY16,
driven by increase in orders. Operating margin declined to 4.4%
in FY17 from 19.82 percent in FY16. Majority of the projects
undertaken are based in Rajasthan, resulting in geographic
concentration. This leads to high dependency on local tenders,
and thus, vulnerability to changes in government policies.
Further, projects from Jaipur Development Authority contributed
to around 90 percent of total sales, exposing the firm to
customer concentration risk. Any delay/slowdown in project
execution or change in policies vis-a-vis release of payments is
likely to have a significant impact on the business.

* Average financial risk profile: Financial risk profile is
average, marked by low networth of INR2.67 crore and high total
outside liabilities to adjusted networth of 6.5 times as on
March 31, 2017.

* Working-capital-intensive operations: Working capital
management is inefficient, as reflected in gross current assets
of around 278 days as on March 31, 2017, driven by high debtors
of 205 days.

Strengths

* Extensive experience of the promoter: The promoter, Mr. Jaidev
Dullar, has been constructing sewage and effluent treatment
plants for over two decades. His longstanding experience has
helped the firm established itself in the industry, and develop
relationships with key government agencies and municipal bodies.

Outlook: Stable

CRISIL believes MTS will continue to benefit over the medium term
from the extensive experience of its promoter and moderate number
of unexecuted orders. The outlook may be revised to 'Positive' if
revenue growth and profitability is maintained while there is
improvement in capital structure and efficient working capital
cycles strengthen credit metrics. The outlook may be revised to
'Negative' if lower cash accrual, stretch in working capital
cycle, or unanticipated capital expenditure plan constrains
financial risk profile, especially liquidity.

Based in Jaipur, MTS was set up as a proprietorship in 2010. It
undertakes turnkey projects for water, sewage, and effluent
treatment plants.

In fiscal 2017, profit after tax (PAT) was INR62 lakh on total
sales of INR25.51 crore, as against PAT of INR58 lakh on total
sales of INR4.86 crore in fiscal 2016.


MANAF PB: CRISIL Hikes Rating on INR5.9MM Cash Loan to B+
---------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facility of Manaf P.B. (MPB) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'; the short-term rating has been reaffirmed at 'CRISIL
A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        3.5       CRISIL A4 (Reaffirmed)

   Cash Credit           5.9       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

   Proposed Long Term    1.6       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

The upgrade reflects steady improvement in business risk profile,
and expectation of moderate growth in the medium term. Revenue
rose to INR18.5 crore in fiscal 2017, from around INR16.5 crore
in fiscal 2015, while the operating margin was stable at 6.5-7.5%
over the last four fiscals. Financial risk profile was marked by
a small networth of INR5.5 crore and moderate gearing of 1.4
times, as on March 31, 2017. Steady accretion to reserve, coupled
with absence of any debt-funded capital expenditure plans, will
support key financial metrics in the medium term.

The ratings continue to reflect the modest scale of operations
and exposure to intense competition in the civil construction
segment. These rating weaknesses are partially offset by
extensive experience of the proprietor.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations, with concentration in revenue:
Intense competition from few large players and several
unorganised entities operating within Kerala, and tender-based
nature of business, have kept the scale of operations modest, as
reflected in revenue of INR18.5 crore in fiscal 2017, and thus,
preclude benefits from economies of scale. Geographical and
customer concentration in revenue also makes the firm vulnerable
to changes in government policies related to infrastructure
development. Lack of pricing power against customers and
suppliers, also constrains profitability.

Strength

* Extensive experience of the proprietor: The three decade-long
experience of the proprietor, Mr. Manaf PB, in the civil
construction business, and his track record of successfully
executing various projects for the Public Works Department (PWD)
of Kerala, will continue to support the business risk profile.
Longstanding presence of the proprietor has helped the firm build
healthy relationships with key suppliers and customers, thus
ensuring a smooth supply of raw materials, and steady growth in
revenue, over the years.

Outlook: Stable

CRISIL believes MPB will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if significant growth in revenue and profitability,
and better working capital management, strengthen the financial
risk profile. The outlook may be revised to 'Negative' if a
decline in cash accrual or considerable stretch in the working
capital cycle, weakens the financial risk profile.

PB Manaf was set up as a proprietorship firm at Aluva (Kerala) in
2004. The firm undertakes civil contracts for the PWD of Kerala.
Daily operations are managed by the proprietor, Mr. PB Manaf.


MEENAKSHI FIBERS: CRISIL Moves B+ Rating to Not Cooperating
-----------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Meenakshi Fibers (MF) to
CRISIL B+/Stable Issuer not cooperating. However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating.
Consequently, CRISIL is migrating the ratingon bank facilities of
MF from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Cash Credit          6.60      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

   Proposed Long Term    .84      CRISIL B+/Stable (Migrated from
   Bank Loan Facility             'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

   Rupee Term Loan      2.56      CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable' Issuer Not
                                  Cooperating)

The rating continues to reflect the modest scale of operations,
exposure to intense competition in the cotton industry, and the
average financial risk profile, which is partly supported by
comfortable debt protection metrics. These rating weaknesses are
partially offset by extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Intense competition in the cotton
ginning industry has kept the scale of operations modest, as
indicated by revenue of INR46.5 crore in fiscal 2017.

* Average financial risk profile: Financial risk profile remains
constrained by a high gearing and modest networth of 2.2 times
and INR4.8 crore, respectively, as on March 31, 2017. Debt
protection metrics were comfortable, with interest coverage and
net cash accrual to total debt ratios of 3 times and 0.06 time,
respectively, in fiscal 2017.

Strength

* Extensive experience of the partners: The decade-long
experience of the partners, in the cotton ginning industry, and
longstanding associations with customers and suppliers, will
continue to support the business risk profile.

Outlook: Stable

CRISIL believes MF will benefit from the extensive experience of
its partners, over the medium term. The outlook may be revised to
'Positive' if significant revenue growth and stable
profitability, strengthen the financial risk profile. The outlook
may be revised to 'Negative', if low cash accrual, a stretch in
the working capital cycle, or any substantial withdrawal of
capital by the partners, weakens the financial risk profile,
especially liquidity.

MF was set up as a partnership firm of Mr. Vijay Agrawal and Mr.
Ajay Agrawal in 2015.  The firm, based in Jalna, Maharashtra,
gins and presses raw cotton, and extracts oil from cotton seeds.


METROPOLITAN INFRA: CARE Moves D Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has been seeking information from Metropolitan Infra
Housing Private Limited (MIHPL) to monitor the rating vide email
communications/ letters dated Nov. 27, 2017; Dec. 7, 2017 and
Dec. 14, 2017. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
debt instruments of MIHPL will now be denoted as CARE D; ISSUER
NOT COOPERATING.

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Non-Convertible
  Debentures         175.00    CARE D; ISSUER NOT COOPERATING

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

The rating takes into account the ongoing delays in debt
servicing by the company.

Metropolitan Infra Housing Private Limited (MIHPL), 84.16%
subsidiary of Gammon India Limited (GIL), was incorporated
in 2006 by Mr. Manish Bathija and Mr. Babubhai Patel. GIL is
undergoing a Strategic Debt Restructuring (SDR) scheme under
which the Engineering, Procurement and Construction (EPC) and
Transmission and Distribution (T&D) businesses are to be carved
out from its residual business. MIHPL shall form a part of the
residual business and shall continue to remain a subsidiary of
GIL.

MIHPL holds a land parcel at Dombivali, Thane, of about 180
acres, acquired from PAL Peugeot Limited. The management had
concluded a deal towards sale of part of the land but the matter
is still sub-judice over an issue with the consideration. The
company plans to either develop the land or sell it after
evaluating the market conditions.


P.C.S. APEX: CRISIL Reaffirms B Rating on INR6MM Overdraft
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term bank facility of P.C.S. Apex (PCSA).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Overdraft              6        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect its modest scale of operations in
the intensively competitive agro-trading segment and weak
financial risk profile because of high gearing. These weaknesses
are partially offset by proprietor's extensive experience.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in fragmented segment: With revenue
of INR25.6 crore in fiscal 2017, scale remains small in the
intensely competitive agro commodities trading segment that has
many small players catering to local demand. Fragmented industry
structure and subdued scale will continue to constrain business
risk profile.

* Weak financial risk profile: Financial risk profile continues
to be weak marked by its leveraged capital structure and weak
debt protection metrics. Gearing was high at 9.5 times as on
March 31, 2017 while interest coverage was 1.13 times for the
fiscal 2017.

Strength

* Extensive experience of proprietor: Presence of more than a
decade in the agro commodities trading industry has enabled the
proprietor to establish strong relationship with suppliers and
customers.

Outlook: Stable

CRISIL believes PCSA will continue to benefit over the medium
term from proprietor's extensive experience. The outlook may be
revised to 'Positive' if capital infusion or improvement in
revenue, profitability, and cash accrual strengthens financial
risk profile. The outlook may be revised to 'Negative' if
financial risk profile deteriorates due to increase in working
capital borrowing, or if any change in government policy
negatively impacts operations.

Set up in 2002 in Virudhunagar, Tamil Nadu, as a proprietorship
firm by Ms Latha Govindaraja Perumal, PCSA imports and trades in
agro commodities such as pulses. Operations are managed by the
proprietor and her husband, Mr. PCS Govindaraja Perumal.


PANSARI STEELS: CARE Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has been seeking information from Pansari Steels
Private Limited to monitor the rating(s) vide e-mail
communications/ letters dated December 23, 2017, December 19,
2017, December 15, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the firm has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
CARE's rating on Pansari Steels Private Limited's bank facilities
will now be denoted as CARE B/ CARE A4; ISSUER NOT COOPERATING.

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long Term Bank       2.00    CARE B; Issuer Not Cooperating
  Facilities                   Based on Best available
                               Information

  Long Term/Short      6.00    CARE A4; Issuer Not Cooperating
  Term Bank                    Based on Best available
  Facilities                   Information

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

The ratings have been reaffirmed by taken into account
performance during FY17 (refers to the period April 1 to
March 31) including small scale of operations, weak financial
risk profile, and foreign exchange fluctuation risk. The ratings
further continue to constrain by susceptibility to volatility in
prices of raw material along with its presence in the highly
competitive industry characterized by intense competition. The
ratings, however, continues to take comfort from the experienced
promoters and moderate operating Cycle.

Detailed description of the key rating drivers

Key Rating Weaknesses

Small scale of operations: The scale of operations continues to
remain small and the small scale limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits.

Weak financial risk profile: The financial risk profile of the
company is characterized by low profitability margins, leveraged
capital structure and weak coverage indicators. Considering the
trading nature of business where the value addition is inherently
limited the profitability margins of the company remain low. The
capital structure of the company continues to remain leveraged
mainly on account of increase dependence on external borrowings
to meet the working capital requirements.  The debt service
coverage indicators remained weak owing to high debt and low
profitability.

Volatility associated with the traded product: The company is
exposed to price volatility risk due to the volatility
experienced in the prices of the traded product such as resins,
polymers etc. which is a crude derivative. Thus any volatility in
their prices has a direct impact on the profitability margins of
the company. Furthermore, the company has no long-term contract
with the suppliers and the company sources the material on need
basis as per the price prevailing in the market. This exposes the
company's margins to fluctuations in the prices of the traded
product.

Foreign exchange fluctuation risk: The company is mainly
importing material from Korea, China, Taiwen etc. And its import
procurement to raw material cost stood at 75% for last three
financial years. The material is completely sold in the domestic
market. With initial cash outlay for procurement in foreign
currency and significant chunk of sales realization in domestic
currency, the company is exposed to the fluctuation in exchange
rates which the company does not hedge. Though the company tries
to pass on the price and currency volatility to the end users,
any adverse fluctuations in the currency markets may put pressure
on the profitability of the company which already has quite low
PAT margins. The risk is more evident now that the rupee has
registered considerable volatility and could leave the company
carrying costly inventory in case of sudden appreciation.

Key Rating Strengths

Experienced promoter's in trading business: The operation of PSPL
is managed by Mr. Vishwanath Pansari and Ms. Sandhya Garg. Mr.
Vishwanath Pansari has experience of around three decades through
his association with proprietorship firm Avantika Metals and PSPL
He is further supported by Mr. Sandhya Garg who has an experience
of around two and half decade through her association with PSPL.

Moderate Operating Cycle: The operating cycle of the company
continues to remain moderate. The company maintains an inventory
of around two months in form of finished goods to meet the
immediate demand of the customers. The company normally extends
credit period of upto two months to its customers. Further, the
company receives a similar credit period from its suppliers and
the average creditors days of the company. Working capital
borrowings of the firm remained 70% utilized during the last 12
months ending December 31, 2017.

Delhi based, Pansari Steels Private Limited (PSPL) was
incorporated in, 1991 as a private limited company. It is
currently being managed by Mr. Vishwananth Pansari and Ms.
Sandhya Garg. The company is primarily engaged in trading of
Polymers and chemicals like EVA, PVC and also engaged in trading
of iron and steel. The company imports PVC and EVA from countries
like Korea, China, and Taiwan etc. and also procures iron and
steel domestically from traders and wholesalers. The company
sells the traded product domestically PAN India through the
distributors network.


PATNA HIGHWAY: CARE Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Patna Highway
Projects Limited (PHPL) to monitor the rating vide e-mail
communications/ letters dated Dec. 14, 2017 and Dec. 22, 2017.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on debt instruments
of PHPL will now be denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long Term Bank
  Facilities         846.00    CARE D; ISSUER NOT COOPERATING

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

The rating takes into account the ongoing delays in debt
servicing by the company.

Incorporated as a special purpose vehicle (SPV) on December 22,
2009, Patna Highway Projects Limited (PHPL) is promoted by Gammon
Infrastructure Projects Limited (GIPL), for the upgradation of
Hajipur-Muzaffarpur section of the existing NH-77 to four lane
dual carriageway, starting from Ramashish Chowk (0.00 km) to
46.30 km and construction of 16.87 km new by-pass starting at
46.30 km and connecting NH-28 of east-west corridor on the Patna
Muzaffarpur section of NH-77 in Bihar on build-operate transfer
(BOT) - National Highways Authority of India (NHAI, rated 'CARE
AAA' for instruments) annuity basis under NHDP - phase III. PHPL
would receive a fixed annuity payment of INR94.60 crore to be
paid semi-annually by NHAI during the entire concession period.
The project was originally estimated to be completed by February
2013, but was delayed on account of delays in receipt of right of
way (RoW) and construction of ROBs. Currently, there is
obstruction for 6.24 km of the land and work for ROB is in
progress.

The original total cost of the project is INR940.05 crore funded
in debt:equity ratio of 9:0 times; now being revised to
INR1,478.68 crore funded in debt:equity ratio of 2.77:1 times
(debt of INR1,086 crore, equity of INR155 crore and bunched
up annuities of INR238 crore). The additional loan of INR240
crore was sanctioned by all the bankers in the consortium in
April 2015. The company received provisional Commercial
Operations certificate on September 1, 2016.


PRASHANT FABRICS: CRISIL Assigns D Rating to INR10.5MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Prashant Fabrics India Private Limited (PFIPL)
and assigned 'CRISIL D/CRISIL D' ratings to them. CRISIL had
suspended the ratings on July 1, 2017, as the company had not
provided the information required for a rating view. PFIPL has
now shared the requisite information, enabling CRISIL to assign
its ratings.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee         1        CRISIL D (Assigned,
                                   Suspension revoked)

   Cash Credit            8        CRISIL D (Assigned,
                                   Suspension revoked)

   Long Term Loan        10.5      CRISIL D (Assigned,
                                    Suspension revoked)

The ratings reflect continuous delay in repayment of term loan
interest and instalment on account of the fire outbreak in
November 2016 that affected overall operations of the company.
This weakness is partially offset by the extensive experience of
the promoters in the textile industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in debt-servicing: Liquidity remains weak as operations
continue to be affected as a result of the fire incident.
Consequently, there is a delay in repayment of term loan interest
and installment.

* High working capital requirement: Operations are working
capital intensive due to large inventory requirement and high
credit offered to customers. Raw material inventory of 150 days
needs to be maintained due to wide range of product mix as well
as multiple designs and variety to be retained in anticipation of
orders.

Strength:

* Extensive experience of the promoters: Benefits from the
promoters' two-decade long experience in the industry should
support business.

PFIPL is involved in processing grey fabric through bleaching,
dyeing, printing and finishing. The company manufactures as well
as undertakes jobwork. The products are sold under its own brand
name, Prashant Fabrics.


PRAVARA RENEWABLE: CARE Moves D Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from Pravara Renewable
Energy Limited (PREL) to monitor the rating vide e-mail
communications/ letters dated Dec. 7, 2017 and Dec. 14, 2017.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on debt instruments
of PREL will now be denoted as CARE D; ISSUER NOT COOPERATING.

                     Amount
  Facilities      (INR crore)   Ratings
  ----------      -----------   -------
  Long Term Bank
  Facilities          186.08    CARE D; ISSUER NOT COOPERATING

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

The rating takes into account the ongoing delays in debt
servicing by the company.

Pravara Renewable Energy Limited (PREL) is a special purpose
vehicle, incorporated as a wholly owned subsidiary of Gammon
Infrastructure Projects Limited (GIPL), to implement the 30 MW
bagasse based co-generation power project adjacent to the sugar
mill of Padmashri Dr. Vithalrao Vikhe Patil Sahakari Sakhar
Karkhana Limited (Karkhana) at Pravaranagar, District Ahmednagar,
Maharashtra on Build Own Operate and Transfer basis (BOOT). The
total project cost (including cost of modernization of the sugar
plant) is INR250.78 crore (revised from INR239.59 crore),
financed through debt of INR191.67 crore and equity of INR59.11
crore (i.e. Debt to equity ratio of 3.24). The scheduled
commercial operations date of the project was October 1, 2014,
however due to heavy and elongated rainy season, change in
location of reservoir and realignment of pipeline and conveyer
belt and delay in disbursements of funds by the bank, the COD of
the project was revised to March 31, 2015. The COD for the
project was finally achieved in November 2015.


RAJAHMUNDRY GODAVARI: CARE Moves D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has been seeking information from Rajahmundry
Godavari Bridge Limited (RGBL) to monitor the rating vide e-mail
communications/ letters dated Dec. 7, 2017 and Dec. 14, 2017.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on debt instruments
of RGBL will now be denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
  Facilities      (INR crore)   Ratings
  ----------      -----------   -------
  Long Term Bank      566.00    CARE D; ISSUER NOT COOPERATING
  Facilities
  (Term Loan)

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

The rating takes into account the delays in debt servicing by the
company.

Godavari bridge project involves the design, construction,
operation and maintenance of a 4.15 kilometre (km) long fourlane
bridge, which will connect Kovvur and Rajahmundry in Andhra
Pradesh across the Godavari river, with a 1.93 km approach road
to the bridge on the west of Godavari at Kovvur and a 8.41 km
approach road to the bridge on the east of Godavari at
Rajahmundry. The concession agreement (CA) entered into between
Rajahmundry Godavari Bridge Limited (RGBL) and the Andhra Pradesh
Road Development Corporation (APRDC) on behalf of the Government
of Andhra Pradesh is valid for a period of 25 years (the Godavari
Concession Agreement), beginning from the date on which financial
closing for the Godavari bridge project was achieved i.e. May 26,
2009. However, due to delays in respect of acquiring right of
way, the company achieved COD on November 1, 2015.


ROSEWOOD LAMINATES: CRISIL Raises Rating on INR4MM Loan to B+
-------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the bank facilities of
Rosewood Laminates Pvt Ltd (RLPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            4        CRISIL B+/Stable (Upgraded
                                   nfrom 'CRISIL B/Stable')

   Proposed Long Term     2.5      CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL B/Stable')

   Term Loan              2.5      CRISIL B+/Stable (Upgraded
                                   from 'CRISIL B/Stable')

The upgrade reflects improvement in the company's business risk
profile, reflected in increased, though modest, revenue of
INR17.78 crore, and moderate operating profitability of 13.62% in
fiscal 2017. The upgrade also reflects funding support from the
promoters and their family members in the form of unsecured
loans, which stood at INR6.24 crore as on March 31, 2017, against
INR4.53 crore a year earlier, supporting liquidity. Moreover,
networth and gearing improved to INR5.35 crore and 1.18 times,
respectively, as on March 31, 2017, from INR4.99 crore and 1.44
times, respectively, a year earlier. With no major capital
expenditure (capex) and gradual repayment of term loan, gearing
should improve to 0.7-1.0 time over the medium term.

The rating reflects the company's modest, though improving, scale
of operations, large working capital requirement, and exposure to
competition. These weaknesses are partially offset by the
extensive experience of its promoters in the laminate industry,
their funding support, and established relationships with
customers and suppliers, and the company's above-average debt
protection metrics.

Analytical Approach

For arriving at the rating, CRISIL has treated as neither debt
nor equity, unsecured loans of INR6.24 from the company's
directors, shareholders, and family members as on March 31, 2017,
as the loans are expected to remain in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weakness

* Modest, though improving, scale of operations in competitive
industry: Despite increasing, revenue remained modest at INR17.78
crore for fiscal 2017, due to competition in the laminate
industry because of low entry barriers and capital requirement.

* Large working capital requirement: Gross current assets
increased to 339 days as on March 31, 2017, from 302 days a year
earlier due to stretched receivables and sizeable inventory of
199 days and 133 days, respectively. However, working capital
requirement is funded partly through creditors of 163 days.
Operations will remain working capital intensive over the medium
term. Any stretch in working capital cycle will adversely affect
liquidity and will hence remain a key monitorable.

Strengths

* Promoters' extensive industry experience and established
customer relationships: The experience of around two decades of
promoters Mr. Dinesh Kavar, Mr. Ashwin Rabara, and Mr. Rajesh
Garala, and their understanding of the dynamics of the local
market, and established relationships with suppliers and
customers, should continue to support the company's business risk
profile.

* Funding support from promoters: In fiscal 2017, the promoters,
shareholders, and their family members extended unsecured loan of
INR1.71 crore (taking overall unsecured loans to INR6.24 crore as
on March 31, 2017) to meet shortfall in accrual against debt
obligation and to fund incremental working capital requirement.

* Above-average debt protection metrics: Moderate operating
profitability of 13.62% for fiscal 2017 resulted in above-average
debt protection metrics, with interest coverage and net cash
accrual to total debt ratios at 1.62 times and 0.14 time,
respectively, in fiscal 2017.

Outlook: Stable

CRISIL believes RLPL will continue to benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' if revenue and profitability
improve, leading to higher-than-expected cash accrual, and if
working capital management is efficient. The outlook may be
revised to 'Negative' if lower-than-expected cash accrual, or
stretch in working capital cycle, or any large, debt-funded capex
weakens the financial risk profile and liquidity.

Incorporated in July 2013, RLPL manufactures laminates at its
facility in Morbi, Gujarat, which has installed capacity of 9
lakh sheets per annum.

Revenue was INR17.78 crore and net profit of INR0.36 crore for
fiscal 2017, against INR13.91 crore and INR0.19 crore,
respectively, for fiscal 2016.


SANDCITY AUTOTEC: CRISIL Assigns B+ Rating to INR12.5MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Sandcity Autotec Private Limited
(SAPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit           12.5      CRISIL B+/Stable
   Long Term Loan        1.08      CRISIL B+/Stable

The rating reflects SAPL's modest scale of operations and an
average financial risk profile. These weaknesses are partially
offset by the experience of the promoters and healthy revenue
growth.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Intense competition may continue to
restrict the scale of operations and limit the pricing power with
suppliers and customers, thereby constraining profitability.
Thus, revenue was INR45 crore in fiscal 2017.

* Average financial risk profile: Networth was modest at INR1.05
crore as on March 31, 2017, with high gearing of 8.39 times.
Interest coverage and net cash accrual to total debt ratios were
2.03 times and 0.06 time, respectively, in fiscal 2017. Financial
risk profile may remain average over the medium term.

Strengths:

* Experience of promoters: The main promoter, Shri Shiv Kumar
Poddar, also the managing director has three decades of
experience in the similar line of business. He is being duly
supported by the other director, Shri Ankit Poddar, and a team of
experienced personnel. Shri Shiv Kumar Poddar actively manages
the daily operations. Benefits derived from the promoters'
experience and healthy relations with customers and suppliers
should continue to support the business.

* Healthy revenue growth: Revenue registered a healthy compound
annual growth rate of around 23% over the three years through
fiscal 2017. Since inception, SAPL has expanded its business by
opening three showrooms, one each in Balasore, Bhadrak and
Baripada till fiscal 2017. Revenue growth is expected to remain
strong over the medium term.

Outlook: Stable

CRISIL believes SAPL will continue to benefit over the medium
term from the experience of the promoters and healthy revenue
growth. The outlook may be revised to 'Positive' if substantial
increase in sales, profitability, and cash accrual strengthens
the financial risk profile. Conversely, the outlook may be
revised to 'Negative' if a stretch in working capital requirement
or a large, debt-funded capital expenditure weakens financial
risk profile.

SAPL was incorporated in June 2014 at Odisha by Shri Shiv Kumar
Poddar and Shri Ankit Poddar of Balasore. However, the company
commenced operations from January 2015. It is an authorised
dealer of Hyundai Motor India Ltd (HMIL) for its passenger
vehicles, spares and accessories in Odisha. Currently, SAPL has
its three showroom, one each in Balasore, Baripada, Bhadrak and a
workshop at Balasore where it also provides repair and
refurbishment services for HMIL passenger vehicles.


SESHADRI BUILDERS: CRISIL Assigns B- Rating to INR3.0MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable/CRISIL A4'
ratings to bank facilities of Seshadri Builders (SB).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee        2.5       CRISIL A4
   Cash Credit           3.0       CRISIL B-/Stable

The rating reflects SB's modest scale of operations in the
intensely competitive construction industry and high degree of
geographic concentration in its order-book. These rating
weaknesses are partially offset by the benefits derived from
promoters' extensive experience in civil construction business.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations in the intensely competitive
construction industry: The company started operations in fiscal
2018 and revenue is expected to remain modest over the medium
term owing to its nascent stages of operation. Modest scale of
operations restricts the firm's ability to undertake large
projects and limits the total number of projects it can undertake
at one time. The firm operates in the construction industry which
is marked by high fragmentation and competition with large no of
players executing the projects.

* High degree of geographic concentration in its order-book
The firm executes orders in Andhra Pradesh and Telangana which
makes the firm highly dependent on local factors and vulnerable
to changes in government policies.

Strengths

* Promoters' industry experience in construction industry
The Promoters Mr.V.Venkateswara Rao and Mrs V.Nagamani have been
engaged in the same line of business for around 15 years which
have helped the firm to establish good relationship with its key
clients. CRISIL believes that with its experience and established
relationship, firm will be able to scale up its operations over
the medium term.

Outlook: Stable

CRISIL believes that SB will benefit from the long standing
experience of the promoters in the civil construction industry.
The outlook may be revised to 'Positive' in case of significant
increase in revenues coupled with improvement in net cash
accruals while the company maintains a comfortable financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower than expected revenues or operating margins or a
weaker than expected financial risk profile.

Established as a partnership firm in 2016, SB is promoted by
Mr.V. Venkateswara Rao and Mrs V.Nagamani.The Firm is engaged in
the Construction of Roads and Bridges. The partners have combined
experience of around 15 years in civil construction industry.


SEVCON INDIA: CRISIL Reaffirms B Rating on INR3.75MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Sevcon India Private Limited
(SIPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1.50       CRISIL A4 (Reaffirmed)
   Cash Credit          3.75       CRISIL B/Stable (Reaffirmed)
   Letter of Credit     3.25       CRISIL A4 (Reaffirmed)

CRISIL's ratings on the bank loan facilities of SIPL continue to
reflect the company's large working capital requirement, and its
below-average financial risk profile because of subdued debt
protection metrics. These weaknesses are partially offset by its
promoters' extensive experience in trading in heating,
ventilation, and air conditioning (HVAC) components.

Key Rating Drivers & Detailed Description

Weakness

* Working capital-intensive operations: Gross current assets were
around 353 days as on March 31, 2017, driven by debtors of around
159 days and inventory of around 170 days.

* Below-average financial risk profile: SIPL has below-average
financial risk profile because of subdued debt protection metrics
marked by Net cash accrual to adjusted debt and interest coverage
ratios at 0.02 time and 1.25 times, respectively, in fiscal 2017.

Strengths

* Promoters' extensive experience along with established
relationship with customers and suppliers: SIPL's promoters have
more than two decades' extensive experience in HVAC industry. On
account of their extensive experience, the promoters have
developed established relationship with its suppliers and
customers of over 10 years. CRISIL believes that the promoters'
extensive experience and established relationship with suppliers
and key customers will support SIPL's business risk profile over
the medium term.

Outlook: Stable

CRISIL believes SIPL will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' in case of a significant increase in net cash accrual
backed by revenue growth and better working capital management.
The outlook may be revised to 'Negative' if the financial risk
profile weakens on account of decline in revenue and
profitability, or large debt-funded capital expenditure, or if
the liquidity comes under considerable pressure because of
increase in working capital requirement.

SIPL was incorporated by Mr. Sunil Kher and his wife Ms Rajni
Kher in 1996. Based in Delhi, the company trades in pumping
systems, dynamic balance and control valves, fan and ventilation
systems, thermal energy storage systems, pipe fittings, cooling
water treatment systems, and heat transfer filtration system for
HVAC systems. It procures goods locally as well as imports from
Dubai, Denmark, and Singapore.


SOUTH INDIAN: CRISIL Withdraws B+ Rating on INR20MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with The South
Indian Film Chamber of Commerce (SIFCC) for obtaining information
through letters and emails dated August 14, 2017 and September 8,
2017 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Long Term Loan        20       CRISIL B+/Stable (Issuer Not
                                  Cooperating; Rating Withdrawal)

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 the strategic intent of KD.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for the firm is consistent with 'Scenario
1' outlined in the 'Framework for Assessing Consistency of
Information' corresponding to CRISIL BB rating category or lower.
Based on the last available information, the rating on bank
facilities of SIFCC continues to be 'CRISIL B+/Stable; Issuer Not
Cooperating'

CRISIL has withdrawn its rating on the bank facilities of SIFCC
at the company's request and receipt of no dues certificate from
Bank of Maharashtra. The rating action is in line with CRISIL's
policy on withdrawal of its bank loan ratings.

SIFCC, started in 1938, is an association of South-Indian film
producers, studio owners, distributors, and exhibitors,
headquartered in Chennai, Tamil Nadu. It consists of the Andhra
Film Chamber of Commerce, Karnataka Film Chamber of Commerce,
Kerala Film Chamber of Commerce, and the Tamil Nadu Film Chamber
of Commerce. SIFCC started its commercial complex in 2012 at Anna
Salai, Chennai.


SRI ANJANEYA: CARE Moves D Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings said that Sri Anjaneya Agrotech Private Limited
(SAPL) has not paid the surveillance fees for the rating exercise
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's rating on SAPL's bank facilities will now be
denoted as CARE D; ISSUER NOT COOPERATING.

                    Amount
  Facilities     (INR crore)   Ratings
  ----------     -----------   -------
  Long-term Bank      34.80    CARE D; Issuer not cooperating;
  Facilities                   based on best available
                               information

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

The rating takes into account ongoing delays in debt servicing by
the company owing to liquidity issues faced by the
company due to higher raw material and finance costs.

Detailed description of the key rating drivers

At the time of last rating on September 13, 2017 the following
were the rating strengths and weaknesses (updated for the
information available from FY17 Annual Report)

Key Rating Weaknesses

On-going delays in debt servicing: The company is facing
liquidity issues marked by weak cash accruals owing to increased
raw material prices due to droughts and continued unfavorable
industry scenario resulting in delays in debt servicing.

Net losses and substantial deterioration in operational
performance: The TOI of the company increased marginally from
INR65.3 crore in FY16 to INR70.1 crore in FY17, however, company
posted higher losses of INR10.3 crore in FY17(PY: INR3.2 crore).
Further, the company has suspended operations since August 2017.

Sri Anjaneya Agro-Tech Private Limited (SAPL) is promoted by
Shri. A. S. Veeranna and is engaged in the manufacturing &
trading of various edible oils such as Rice bran/sunflower/soya
bean oil under the brand name "Akshath" in the state of
Karnataka.


TAN-B CONSTRUCTIONS: CRISIL Reaffirms B+ Rating on INR7.75MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on bank facilities of
Tan-B Constructions (TBC), at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Bank Guarantee       1.25       CRISIL A4 (Reaffirmed)

   Overdraft            7.75       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility   1.00       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the modest scale of operations,
amidst intense competition, geographical concentration in
revenue, average financial risk profile and large working capital
requirement. These weaknesses are partially offset by extensive
experience of the promoters in the civil construction industry.

Key Rating Drivers & Detailed Description

Weakness

* Modest scale of operations amidst intense competition: Intense
competition in the civil construction segment, and tender-based
nature of business, have kept the scale of operations modest.
This is also indicated by revenue of INR15.4 crore in fiscal
2017, and networth of INR7.3 crore as on March 31, 2017.
Networth, though adequate for the current scale of operations,
will constrain the ability to bid for large tenders, and limit
growth prospects.

* Geographical concentration in revenue: The firm derives its
revenue almost entirely from projects implemented in Kerala.

* Average financial risk profile: Financial risk profile is
marked by networth and gearing of INR7.3 crores and 0.72,
respectively, as on March 31, 2017. Adjusted gearing (if adjusted
for bill discounting facilities) is expected to be around 2.5
times over the medium term. Debt protection metrics are
comfortable, as reflected in interest coverage and net cash
accrual to total debt ratios of 2.13 and 0.14 times,
respectively, in fiscal 2017. The interest coverage ratio may
remain stable around 3 times over the medium term. Sufficient
cash accrual to cover the maturing debt, and moderate bank limit
utilisation will keep liquidity adequate. Large working capital
requirement are met through bill discounting, based on promissory
notes from the state government of Kerala.

* Large working capital requirement: Sizeable inventory of around
a year and stretched receivables have led to large working
capital requirement, as indicated by gross current assets of 323
days as on March 31, 2017. However, working capital management is
eased by bill discounting, based on promissory notes from the
Kerala state government.

Strength

* Extensive experience of the promoters in the civil construction
industry: The two decade-long experience of the partners in the
civil construction industry, and the established track record of
executing high-quality projects within stipulated timelines, have
helped TBC win government tenders. The firm mainly undertakes
construction of roads and bridges for the Public Works Department
and Central Public Works Department of Kerala.

Outlook: Stable

CRISIL believes TBC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if growth in revenue and sustained profitability lead
to sizeable cash accrual, and the working capital cycle is
managed efficiently. The outlook may be revised to 'Negative' if
low cash accrual, stretch in working capital cycle, or any large,
debt-funded capital expenditure weakens the financial risk
profile, particularly liquidity.

TBC, set up in 2012, undertakes civil construction, especially,
road and irrigation, projects in Palakkad, Kozhikode and
Malappuram districts of Kerala, for the central and state
governments. Mr. Aboobacker VP, Mr. Babu K Nayeem, Mr. Mohammed
Abdul Nazer, and Mr. Tom C Kavalkkal are the partners. All
partners are contractors with individual licences.


TIARA JEWELS: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the bank facilities of Tiara Jewels Private Limited (TJPL).

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            12       CRISIL B+/Stable (Reaffirmed)

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

The rating reflects TJPL's modest scale of operations, large
working capital requirement, and weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoters in the gems and jewellery industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Despite being in business for
around a decade, scale of operations remains small with operating
income of INR14.39 crore as of March 2017. Intense competition
should continue to constrain scalability and profitability.

* Working-capital-intensive operations: Gross current assets
increased to 585 days as of March 2017 from 519 days a year
earlier, adding to pressure on working capital. The increase was
on account of sizeable inventory and wide range of product
offerings. Debtors were at 106 and 156 days, respectively, as of
March 2017 and 2016, respectively.

* Weak financial risk profile: Financial risk profile is weak
with muted debt protection metrics: interest coverage and net
cash accrual to total debt ratios were 1.2 times and 0.10 time in
fiscal 2017.

Strength

* Promoters' extensive experience in Indian gems and jewellery
industry: Key promoter, Mr. Jawahar Lal Jain, has been in the
gold jewellery business for more than 50 years through
proprietorship firm, Nikka Mal Babu Ram, which was closed in 2009
and the operations were taken over by TJPL. TJPL retails in gold,
diamond, silver and platinum jewellery through its showroom at
Chandigarh. Mr. Jain and his sons, Mr. Rohit Jain and Mr. Neeraj
Jain manage operations.

Outlook: Stable

CRISIL believes TJPL will benefit over the medium term from the
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if equity infusions, improved working
capital management, or higher-than-expected revenue and cash
accrual strengthens key credit metrics. Conversely, the outlook
may be revised to 'Negative' if decline in revenue and
profitability, sizeable working capital requirement, or any large
debt-funded capital expenditure weakens financial risk profile.

TJPL was incorporated in 2009 by the Chandigarh-based Jain
family. Mr. Jawahar Lal Jain and his sons, Mr. Rohit Jain and Mr.
Neeraj Jain, are the key promoters. TJPL retails gold, diamond,
platinum, and silver jewellery through its single showroom in
Chandigarh.


V L RAKA: CRISIL Reaffirms B+ Rating on INR5MM Cash Loan
--------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of V L Raka Jewellers Private Limited (VLRJPL) at
'CRISIL B+/Stable'.

                      Amount
   Facilities        (INR Mln)     Ratings
   ----------        ---------     -------
   Cash Credit            5        CRISIL B+/Stable (Reaffirmed)
   Proposed Cash
   Credit Limit           4        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the company's working capital
intensive and modest scale of operation. These weaknesses are
partially offset by the extensive experience of its promoters in
the jewellery industry and moderate financial risk profile.

Analytical Approach

CRISIL has treated unsecured loans of INR2.00 crore as on
March 31, 2017 from promoters as neither debt nor equity, as they
are expected to remain in business.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Scale of operations is modest with
revenues of INR16.75 crore in fiscal 2017. Intense competition
limits the pricing power with customers and suppliers thereby
constraining profitability.

* Working capital intensity in operations: Gross current assets
were high at 296 days as on March 31, 2017, due to large
inventory of 329 days.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' seven decade-long experience in the industry and
healthy relationships with customers and suppliers, should
support business.

* Moderate financial risk profile: Both capital structure and
debt protection metrics are expected to remain comfortable over
the medium term-total outside liabilities to adjusted networth
and interest coverage ratios were 1.16 times and 2.85 times,
respectively, for fiscal 2017.

Outlook: Stable

CRISIL believes VLRJPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if scale of operations increases and profitability
is stable or if equity infusion strengthens capital structure.
The outlook may be revised to 'Negative' if decline in
profitability or stretch in working capital cycle weakens capital
structure.

Incorporated in 2008, VLRJPL is promoted by Mr. Valchand Raka and
Mr. Pradip Raka. VLRJPL sells gold, silver and diamond studded
jewellery at its retail store in Bhiwandi (Maharashtra). It also
trades in jewellery manufactured by Agni, Aura and D'damas. Gold
jewellery sales contribute to 80-90% of revenue and the remaining
is contributed by trading of manufactured jewellery.



=========
J A P A N
=========


KOBE STEEL: Egan-Jones Hikes LC Sr. Unsecured Debt Rating to BB+
----------------------------------------------------------------
Egan-Jones Ratings Company, on Jan. 3, 2018, EJR raised the local
currency senior unsecured rating on debt issued by Kobe Steel
Ltd. to BB+ from BB.

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel
Limited -- http://www.kobelco.co.jp/english/corp/index.html--
is one of Japan's leading steel makers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  Kobe Steel has
offices in New York, Singapore, Bangkok and Beijing.



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


COMINTEL CORP: Slips Into PN17 Status After Share Sale
------------------------------------------------------
The Sun Daily reports that Comintel Corp Bhd slipped into the
Practice Note 17 (PN 17) status after it underwent a major
disposal exercise which left it without a business.

According to the report, the company said in a filing with the
stock exchange that Bursa Securities does not consider it a cash
company and instead is an affected issuer with a PN17 status.

Sun Daily relates that Comintel completed the disposal of its
100% stake in BCM Electronics Corporation Sdn Bhd to Aurelius
Holdings Sdn Bhd for MYR123.8 million, which triggered Paragraph
8.03A(2) of the Main Market Listing Requirements of Bursa
Malaysia Securities Bhd.

BCM Electronics provides printed circuit board assembly, sub-
system assembly and box build manufacturing services to original
equipment manufacturers (OEM) of telecommunication equipment,
network equipment, tracking and monitoring devices, power
solutions and telemetric products, Sun Daily discloses.

The report says Comintel is required to submit a regularisation
plan to the regulator within 12 month, failing which will face
suspension and delisting.

Sun Daily relates that the company noted that it is taking the
necessary actions to develop and expand the waste-to-energy and
green waste management business in order to regularise its
condition.

Comintel had expected that its maiden waste-to-energy 2MW plant
in Kuang to be fully commissioned and revenue generating in the
fourth quarter of the financial year ending Jan. 31, 2018, the
report says.

Despite that, its shareholders and potential investors are
reminded that there is no assurance that the company will be
successful in developing and growing these segments and/or
venture into other viable businesses, Sun Daily adds.

Comintel Corporation Bhd is a Malaysia-based investment holding
company. The Company operates in three segments: Communication
and system integration, Defence maintenance and Manufacturing.
The Communication and System Integration segment provides
engineering design and integration, program management,
installation and commissioning. The Company's Defence maintenance
segment provides electronic systems testing and repairs. The
Manufacturing segment provides electronic manufacturing services
(EMS) to supply products and services to its international
customers in telecommunication, power, industrial, oil and gas,
automobile and medical sectors. The Company's services include
communication, Information technology (IT) solutions and c4i. It
serves in various industries, such as broadcasting, metro e-
network, network centric command, private mobile radio, software
development, manufacturing, green technologies, mobile device
management and logistic support and maintenance.
More from Reuters Ø



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


* BOND PRICING: For the Week Jan. 22 to Jan. 26, 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.



                 *** End of Transmission ***