TCRAP_Public/180213.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      A S I A   P A C I F I C

          Tuesday, February 13, 2018, Vol. 21, No. 031

                            Headlines


A U S T R A L I A

CUSTOM BUS: Sacks 122 Staff After Going Into Administration
RSC MANAGEMENT: First Creditors' Meeting Set for Feb. 15
SWEET AND CLASSY: First Creditors' Meeting Set for Feb. 19
VERILUMA SOFTWARE: Second Creditors' Meeting Set for Feb. 19
VIDELLI LIMITED: Second Creditors' Meeting Set for Feb. 13

WINEFLOW PTY: First Creditors' Meeting Set for Feb. 19


C H I N A

HNA GROUP: Receives $3.2 Billion Credit Facility From Citic Bank
HNA GROUP: Cuts Stake in Deutsche Bank; Lends Some to Raise Fund
MIE HOLDINGS: Fitch Affirms CC LT Issuer Default Rating


H O N G  K O N G

NOBLE GROUP: Investor Urges Stakeholders to Oppose Restructuring


I N D I A

AGRAWAL STRUCTURE: Ind-Ra Lowers LT Issuer Rating to BB
ANAND CONSTRUWELL: Ind-Ra Migrates BB+ Rating to Non-Cooperating
APS STEELS: CRISIL Moves D Rating to INR6.5MM Cash Loan
B. ONE: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
BDR EDUCATIONAL: Ind-Ra Migrates B+ Rating to Non-Cooperating

DEYS COLD: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
DUTCH BLUE: CRISIL Assigns B+ Rating to INR4MM Term Loan
EDUCOMP SOLUTIONS: Ebix Emerges as Frontrunner w/ INR325cr Offer
ELECTROTEKNICA SWITCHGEARS: Ind-Ra Puts B+ Non-Cooperating Rating
GNG PROMOTERS: CRISIL Assigns B Rating to INR9MM LT Loan

GSR & TSR: CRISIL Moves B+ Rating to Not Cooperating Category
HARI BHOG: CRISIL Reaffirms B Rating on INR9MM Cash Loan
JEEWAN MOTORS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
K.P. SOLVEX: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
KOTAK URJA: Ind-Ra Lowers Long Term Issuer Rating to 'D'

KUMARESAN CONSTRUCTIONS: CRISIL Assigns B Rating to INR2.5MM Loan
KURINJI SPINNING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
LSR FOODS: CRISIL Upgrades Rating on INR10MM Cash Loan to B+
MANTHARAGIRI TEXTILES: Ind-Ra Puts B+ Rating to Non-Cooperating
MAWANA SUGARS: CRISIL Assigns B+ Rating to INR60MM LT Loan

MEDEX INT'L: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
OM GANESH: CRISIL Moves B+ Rating to Not Cooperating Category
OM PRAKASH: CRISIL Raises Rating on INR3MM Cash Loan to B+
SACHDEVA METAL: CRISIL Moves B Rating to Not Cooperating Category
SARVOTTAM ROLLING: CRISIL Moves B Rating to Not Cooperating Cat.

SCHEMA ENTERPRISES: CRISIL Withdraws B Rating on INR20.5MM Loan
SHREE JAGDAMBA: Ind-Ra Migrates BB+ Rating to Non-Cooperating
SHREE MAHA: CRISIL Assigns B Rating to INR8MM LT Loan
SHRI MAHABIR: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
SHYAMALI COLD: CRISIL Moves B- Rating to Not Cooperating Category

SIDHGIRI HOLDINGS: CRISIL Reaffirms B+ Rating on INR10MM Loan
SIDY DATACOM: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
SREECHAND SPECIALITY: CRISIL Assigns B+ Rating to INR15MM Loan
SRI VAMSHEE: CRISIL Assigns B+ Rating to INR0.1MM Overdraft
SUN STEEL: Ind-Ra Raises LT Issuer Rating to BB-, Outlook Stable

TRIVENI CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
VADALIA FOODS: Ind-Ra Cuts LT Issuer Rating to B, Outlook Stable
VOHRA SOLVEX: CRISIL Reaffirms B Rating on INR9MM Cash Loan
WATER WEALTH: CRISIL Migrates B Rating to Not Cooperating Cat.
WESTERN LUMBERS: CRISIL Moves C Rating to Not Cooperating Cat.


J A P A N

TAKATA CORP: Settles Air-Bag Claims to Exit of Bankruptcy


S I N G A P O R E

EZION HOLDINGS: Secures $1.5 Billion Refinancing Package
EZION HOLDINGS: Seeks Time Extension for Release of FY2017 Report


X X X X X X X X

* BOND PRICING: For the Week Feb. 5 to Feb. 9, 2018


                            - - - - -


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


CUSTOM BUS: Sacks 122 Staff After Going Into Administration
-----------------------------------------------------------
Kathleen Calderwood and Nour Haydar at ABC News report that
Custom Bus Australia looks set to close after laying off more
than 120 staff earlier this month, with their union laying blame
on the State Government's decision to buy vehicles overseas.

Custom Bus entered voluntary administration in January this year
and the Australian Manufacturing Workers Union (AMWU) said 122
staff had been laid off, the ABC relates.

According to the report, the union said 109 production staff from
their Villawood factory were made redundant before Australia Day,
while another 13 walked off the factory floor for the final time
on February 10.

The ABC relates that AMWU secretary Steve Murphy said the union
organiser had been informed the business would close.

"Our delegate on the job is saying that they've been told the
company will close," the report quotes Mr. Murphy as saying.

According to the report, the creditors met on January 30 and a
statement from administrators Worrells said they were hoping they
would be able to sell the business.

At the time of going into administration, Worrells said the
business "fell into financial distress last year as a result of
production problems and operational challenges," the ABC relates.

Worrells said they remained hopeful Custom Bus could be sold, the
report adds.

ABC News relates that the administrators said they could not
comment on how many people had been made redundant.

The AMWU have blamed the closure on the NSW Government's decision
to have buses made overseas, most recently in Malaysia, the
report says.

"We're seeing the last of the buses that will ever be
manufactured for the State Government in NSW coming to an end,"
the report quotes Mr. Murphy as saying.

A Transport for NSW spokesperson disputed the union's claim that
they did not support the local business.

"Since January 2015, Custom [Bus] has been involved in the
production of 189 new buses for Transport for NSW contracted
operators, while a further 25 buses were in production with
Custom when they entered administration," the spokesperson, as
cited by the ABC, said.

The spokesperson explained they had procured the recent fleet of
double-decker buses from outside NSW because there not any
manufactured in the state, the ABC says.

Custom Bus Australia Pty Limited and Custom Bus Holdings Pty
Limited entered in to Voluntary Administration on Thursday 18
January 2018. Partners Simon Cathro and Aaron Lucan of Worrells
Solvency & Forensic NSW & ACT have been appointed as the
administrators.

Custom Bus, which operates out of Villawood in New South Wales
and Wingfield in South Australia, fell in to financial distress
late last year as a result of production problems and operational
challenges.


RSC MANAGEMENT: First Creditors' Meeting Set for Feb. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of RSC
Management Pty Ltd will be held at the offices of SV Partners,
138 Mary Street, in Brisbane, Queensland, on Feb. 15, 2018, at
11:00 a.m.

Anne Meagher of SV Partners was appointed as administrators of
RSC Management on Feb. 5, 2018.


SWEET AND CLASSY: First Creditors' Meeting Set for Feb. 19
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Sweet and
Classy (RBP) Pty Ltd, trading as Sweet and Classy Spas Redbank,
will be held at the offices of Vincents, Level 34, 32 Turbot
Street, in Brisbane, Queensland, on Feb. 19, 2018, at 11:00 a.m.

Steven Staatz of Vincents was appointed as administrator of Sweet
and Classy on Feb. 7, 2018.


VERILUMA SOFTWARE: Second Creditors' Meeting Set for Feb. 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Veriluma
Software Pty Ltd and Veriluma Limited Formerly Known as Sentosa
Mining Limited has been set for Feb. 19, 2018, at 10:30 a.m. at
Level 27, 259 George Street, in Sydney, NSW, on Feb. 19, 2018, at
10:30 a.m.

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. 16, 2018, at 4:00 p.m.

Sule Arnautovic & Amanda Young of Jirsch Sutherland were
appointed as administrators of Veriluma Software on Dec. 15,
2017.


VIDELLI LIMITED: Second Creditors' Meeting Set for Feb. 13
----------------------------------------------------------
A second meeting of creditors in the proceedings of Videlli
Limited has been set for Feb. 13, 2018, at 2:30 p.m. at Level 34,
200 George Street, in Sydney, NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Feb. 12, 2018, at 3:00 p.m.

Brett Lord and Duncan Clubb of Ernst & Young were appointed as
administrators of Videlli Limited on Dec. 29, 2017.


WINEFLOW PTY: First Creditors' Meeting Set for Feb. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of Wineflow
Pty. Ltd. will be held at the offices of Clifton Hall, Level 3,
431 King William Street, in Adelaide, SA, on Feb. 19, 2018, at
10:30 a.m.

Timothy James Clifton and Daniel Lopresti of Clifton Hall were
appointed as administrators of Wineflow Pty. on Feb. 7, 2018.



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


HNA GROUP: Receives $3.2 Billion Credit Facility From Citic Bank
----------------------------------------------------------------
Matthew Miller at Reuters reports that HNA Group, the aviation-
to-financial services conglomerate that is facing a severe cash
crunch, received an important lifeline on February 9 from China
Citic Bank Corp, which extended the group a CNY20 billion
($3.2 billion) credit facility.

The facility is intended to help HNA Group in its "strategic
transformation", along with the development of Hainan's aviation
industry, HNA Group said in a statement, Reuters relays.

Citic Bank president Sun Deshun and HNA Group chief executive
officer Adam Tan were pictured at a signing ceremony in Beijing,
the report says.

According to Reuters, the agreement represents a shift from two
months ago, when Citic Bank expressed concern about HNA's
liquidity problems, including repayment of a commercial
acceptance bill. Citic Bank said in a statement at the time that
it was working with HNA Group to resolve the issue.

Reuters relates that the announcement also said Citic Bank
expressed confidence in HNA Group and believed "both parties can
establish a more stable and lasting strategic partnership".

HNA Group is facing a liquidity squeeze that has prompted the
conglomerate to initiate a widespread restructuring, selling real
estate and shares, after a $50 billion spending binge left it
with massive debts, Reuters notes.

Reuters recalls that HNA told major bank creditors last month
that the group is facing a potential cash shortfall of at least
CNY15 billion in the first quarter of the year.

Reuters says scrutiny of the group's ability to repay its
borrowing is widespread, and even a missed pre-payment on a
CNY1.7 billion trust loan earlier this week drew widespread
attention.

On February 9, HNA Group (International), an offshore investment
arm, announced in a separate statement that it had made interest
payments of $9 million on its $300 million bond due 11 days early
in order "to avoid potential disruption due to the Lunar New Year
holidays," Reuters reports.

In a separate announcement on February 9, HNA's flagship Hainan
Airlines Holding Co told the Shanghai Stock Exchange that a major
company reorganisation would involve the purchase of major
aviation assets, including maintenance and flight training
facilities, as well as hotels, according to Reuters.

A deal has not been finalised, and the company said it is
continuing to work with financial consultants and other
intermediaries.

Hainan Airlines is one of seven mainland stocks that have been
suspended from trading due to the group's restructuring
activities, the report discloses.

                             About HNA

HNA Group Co. Ltd. offers airlines services. The Company provides
domestic and international aviation transportation, air travel,
aviation maintenance, and aviation logistics services. HNA Group
also operates holding, capital, tourism, logistics, and other
business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


HNA GROUP: Cuts Stake in Deutsche Bank; Lends Some to Raise Fund
----------------------------------------------------------------
The Financial Times reports that HNA Group has cut its stake in
Deutsche Bank, with a regulatory filing showing that the cash-
strapped conglomerate has lent some of its shares in the German
lender to raise funding.

According to the FT, HNA Group said in the filing on February 9
that its share of voting rights in the German bank had fallen
from 9.9 to 9.2 per cent. While this holding still makes the
airline-to-finance conglomerate Deutsche Bank's largest
shareholder on paper, the filing said that HNA had lent 4.9 per
cent of its stake in the bank, while retaining a right to recall
the stock, the FT relates.

The FT says HNA has shown increasing signs of liquidity problems
in recent months and has this year looked to sell or raise
financing against assets, putting its $40 billion debt-fuelled
buying spree over the previous three years into reverse.

HNA Group holds its stake in Deutsche Bank through C-Quadrat, an
Austrian asset management firm, and a spokesman for the firm said
that the Chinese conglomerate "will continue to be a significant
investor in Deutsche Bank," the FT relays.

"In connection with the implementation of a long-term-oriented
financing structure of the Deutsche Bank shareholding, it is
possible that voting right thresholds will be temporarily crossed
- with corresponding voting rights announcements - due to changes
in direct holdings and financial instruments," the FT quotes C-
Quadrat spokesman as saying.

The FT notes that HNA built up the stake in Deutsche Bank at the
start of 2017, attracting attention for the complexity of
financing it used to acquire such a large stake in one of
Europe's most prominent banks. The heavily indebted Chinese group
financed the stake through a combination of margin loans and so-
called "funded equity collars" - another form of stock-based
lending that uses derivatives.

UBS put in place the equity collar and, alongside ICBC Standard
Bank, provided the margin loan, the FT states. The two banks
restructured this position in December, increasing the size of
the equity collar and reducing the size of the margin loan.

According to the FT, Deutsche Bank's share price has tumbled more
than 20 per cent so far this year, raising concerns among some
analysts that HNA could breach a margin trigger on its financing.
One banker, who was not involved in the financing, said they did
not think this had occurred.

"If that happened you would expect them to disclose a partial
unwind of that [margin loan and collar] position, but they
haven't disclosed that," the banker said, the FT relays.

The FT says HNA has raised similar financing against other listed
stakes, announcing in December that it had increased a collar
facility on Dufry, the Swiss duty-free retailer, to cover its
full 20.9 per cent stake.

Elliott built up a 5.6 per cent stake in Dufry as a result of
this collar, which was provided by JPMorgan, with the hedge fund
taking advantage of HNA's liquidity squeeze, the report relates.

Dufry's share price rallied more than 14 per cent in the month
after the trade and Elliott disclosed at the start of February
that it has now sold the majority of its stake, the FT adds.

                             About HNA

HNA Group Co. Ltd. offers airlines services. The Company provides
domestic and international aviation transportation, air travel,
aviation maintenance, and aviation logistics services. HNA Group
also operates holding, capital, tourism, logistics, and other
business.

Bloomberg News said HNA has been facing increasing pressure --
some banks are said to have frozen some unused credit lines to
HNA units after they missed payments -- after a debt-fueled
acquisition spree that left it with global assets ranging from
hotels and refrigerated trucks to aviation and car rentals.


MIE HOLDINGS: Fitch Affirms CC LT Issuer Default Rating
-------------------------------------------------------
Fitch Ratings has affirmed China-based MIE Holdings Corporation's
(MIE) Long-Term Issuer Default Rating (IDR) at 'CC'. The rating
on MIE's 2019 bonds has been affirmed at 'C'. The Recovery Rating
is 'RR6'.

The rating affirmation follows MIE's announcement on Feb. 7, 2018
that it has repaid the outstanding principal plus accrued
interest of its 2018 bonds of USD188 million. However, MIE's
liquidity and refinancing risk remains high and it still faces
significant pressure to refinance its USD316 million 2019 bonds
due in 14 months' time. The company's operating cash flow
generation will be barely sufficient to cover its interest cost
and maintenance capex in 2018, under the assumptions set out in
Fitch's oil price deck.

Production at MIE's key domestic operating asset, the Daan oil
field, is likely to be hampered by a lack of investment over the
last three years, while dividends from the newly acquired
Canadian oil and gas asset CQ Energy Canada Partnership (CQ
Energy) would be small, after debt service and preferred share
dividends.

The Recovery Rating of 'RR6' for the bonds reflects Fitch's
expectations for poor recovery prospects in the event of a
default.

KEY RATING DRIVERS

Redemption of 2018 Bonds: MIE refinanced its 2018 bonds due 6
February 2018 via, among other funding sources, the issuance of
HKD340 million (USD44 million) of three-year convertible bonds
with a 5% coupon rate. Fitch believes the average interest cost
of the new financing, including the dividends for the convertible
preferred shares at CQ Energy, is much higher than that for its
existing debt. MIE's finance cost was CNY220 million in 1H17, and
Fitch estimates this would rise substantially in 2018.

High Refinancing Risk: There is still significant refinancing
risk associated with MIE's remaining US dollar bonds, which have
principal of USD316 million due in April 2019, because of the
company's weak internal cash flow generation. In addition, Fitch
estimates MIE will have debt of about CNY2.5 billion due in 2020,
which mainly comprises borrowings to fund the debt exchange and
acquisition of CQ Energy in 2017.

Key Assets Encumbered: MIE has limited flexibility to use its
existing asset base to raise new funds as the two consolidated
operating assets, Daan and CQ Energy, are already encumbered.
About 63% of MIE's pro forma consolidated assets at end-June 2017
were encumbered to secure debts funding the debt exchange and
acquisition of CQ Energy. Fitch believes some form of
recapitalisation is likely to be required for MIE to address its
significant debt burden.

Low Dividends from CQ Energy: MIE would have started fully
consolidating CQ Energy in its accounts in 4Q17. CQ Energy's
daily production of 55,258 barrels of oil equivalent per day
(boe/d) in 1Q17 was much higher than MIE's existing 5,590 boe/d
from Daan in 1H17. CQ Energy generated about CAD43 million (or
CNY216 mililion) of EBITDA during 1Q17, compared to MIE's EBITDA
of about CNY230 million during 1H17. A full consolidation of CQ
Energy will result in a considerable rise in consolidated EBITDA
and cash flow at MIE.

However, Fitch believes actual dividend upstream to MIE from this
Canadian subsidiary will be limited to CAD0.08 per share, or
CNY120 million a year, as MIE has no incentive to upstream
dividends higher than this amount in light of conditions of the
cumulative preferred shares issued by CQ Energy. Therefore, MIE's
primary source of cash flow will remain Daan. Fitch estimates
that cash flow available for debt and interest service at MIE's
holding company level would be about CNY550 million-650 million
in 2018.

Low Capex Hampers Daan Output: Production from the Daan oil field
dropped by 7% yoy in 1H17, which was a result of a reduction in
capex for this asset in 2015 and 2016. Given MIE's hefty
financing costs, Fitch believes the company may not be able to
fund a meaningful increase in investment in Daan in 2018. This
would erode MIE's operating cash flow generation, though higher
oil prices could partially offset the production decline.

DERIVATION SUMMARY

The ratings on MIE and its bonds are driven by the company's
tight liquidity position and continuing high refinancing risk.
Fitch thinks MIE faces a more imminent liquidity challenge than
its peer Anton Oilfield Services Group (Anton, B-/Stable). MIE
has over USD300 million of bonds maturing in April 2019, which
exceeds its cash flow generation ability and its asset base.
Anton, after completing a debt exchange offer in November 2017,
has pushed the bond maturity to November 2020 and raised extra
cash, albeit at a higher borrowing cost. In terms of operations,
Anton has maintained its new order momentum over 2017, while
MIE's operating assets are limited and its key asset Daan faces a
decline in production due to lack of investment.

KEY ASSUMPTIONS

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

- Production at Daan in 2017 at low-end of company's guidance of
   5,500-6000boe/d, and to remain similar in 2018
- Oil price based on Fitch's assumptions of USD52.5 per barrel
   in 2017 and 2018 published Fitch oil price base-case
   assumptions (see Oil Prices Likely to Remain below USD60 for
    the Long Term, published on Oct. 2, 2017)
- 2017 and 2018 capex at less than USD20 million annually

Key Assumptions for Recovery Analysis

MIE's domestic operations would be liquidated rather than
reorganised in a bankruptcy.

- Fitch have applied a 20%, 60%, and 60% discount rate to
   accounts receivables, inventory, and net PP&E, respectively.
- Fitch then applied a 50% discount to MIE's residual equity
   value in Emir Oil and CQ Energy, which is derived from their
   last purchase prices after deducting secured creditors' and
   preferred shareholders' claims.
- MIE's adjusted liquidation value after 10% administrative
   claims is estimated at CNY1.5 billion. The recovery estimate
   for senior unsecured debt, including the 2019 bonds and the
   HKD340 million convertible bonds, is 10%, which corresponds to
   a Recovery Rating of 'RR6'.

RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Positive Rating Action
There is no positive rating action envisaged until MIE's
liquidity position and capital structure improves materially.

Developments That May, Individually or Collectively, Lead to
Negative Rating Action
The IDR will be downgraded to 'C' if a default or default-like
process begins.

LIQUIDITY

Tight Liquidity: MIE has USD316 million of US dollar denominated
bonds due in April 2019 and Fitch estimates the company will have
debt of about CNY2.5 billion due in 2020. However, its internal
cash flow generation is weak.



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


NOBLE GROUP: Investor Urges Stakeholders to Oppose Restructuring
----------------------------------------------------------------
Andrea Soh at The Strait Times reports that Noble Group's major
shareholder, Goldilocks Investment, is calling on Noble's
stakeholders to collectively oppose the commodity trader's
approach to its restructuring.

The Strait Times relates that Goldilocks issued a statement on
February 9, following Noble's rejection on February 5 of its
request to be released from non-disclosure arrangements
surrounding discussions on Goldilocks' demands for two board
seats.

Noble cited "extensive and confidential information" that had
been shared with Goldilocks under the non-disclosure agreement,
the report says.

Goldilocks, which owns 8.1 per cent of Noble, said it did not
receive a reply directly from Noble on the release request,
according to the report.

Without that release, the shareholder argued that it cannot
present a comprehensive picture to the investing public.

The Strait Times says the investor has expressed concerns that
Noble's disclosures do not present a complete and accurate
picture.

The report relates that Goldilocks said Noble has not provided
satisfactory answers to the allegations it has raised, and that
it is "skirting around the issues and answering selectively".

The Straits Times has sought comments from Noble and is awaiting
its response.

Goldilocks, in a Jan. 29 letter to Singapore regulators, had
asked, among other matters, why Noble had disposed of assets at
steep discounts to their book values.

Noble said on February 5 that it was because the disposals had
been undertaken under distressed circumstances.

The Strait Times adds that Goldilocks continued to challenge
Noble to disclose and explain itself in relation to these
allegations, in the interest, it said, of all stakeholders having
a level playing field and the opportunity to restore and maximise
value.

According to the report, Noble has reached an in-principle
agreement with 30 per cent of its creditors that will halve its
debts of US$3.5 billion (S$4.7 billion) by giving them control of
the new entity and asking them to take on new debt instruments.

Under its restructuring proposal, the company that will hold all
of its businesses and assets will ultimately be 70 per cent owned
by senior creditors, 20 per cent by the management, and 10 per
cent by existing shareholders, the report discloses.

                         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
Feb. 5, 2018, Fitch Ratings has downgraded Hong Kong-based
commodities trader Noble Group Limited's Long-Term Foreign-
Currency Issuer Default Rating (IDR) and the ratings on all its
outstanding senior unsecured notes to 'C' from 'CC'. The Recovery
Rating of the notes is 'RR5'.

The downgrade follows Noble's announcement on Jan. 29, 2018 of a
debt restructuring plan that Fitch views as a distressed debt
exchange (DDE) as it involves a material reduction in principal,
and the restructuring is necessary to avoid a traditional payment
default due to the liquidity shortfall of the company. Fitch will
downgrade the IDR to Restricted Default (RD) upon the completion
of the debt restructuring and following that, may assign an
appropriate IDR for the issuer's post-exchange capital structure,
risk profile and prospects.

The TCRAP reported on Feb. 2, 2018, that S&P Global Ratings
lowered its long-term corporate credit rating on Noble Group Ltd.
to 'CC' from 'CCC-'. The outlook is negative. S&P also lowered
the long-term issue rating on the company's outstanding senior
unsecured notes to 'CC' from 'CCC-'.






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


AGRAWAL STRUCTURE: Ind-Ra Lowers LT Issuer Rating to BB
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Agrawal
Structure Mills Private Limited's (ASMPL) Long-Term Issuer Rating
to 'IND BB' from 'IND BB+'. The Outlook is Stable. The
instrument-wise rating actions are as follows:

-- INR200 (increased from INR170) mil. Fund-based working
    capital limits downgraded with IND BB/Stable rating; and

-- INR100 (increased from INR30) mil. Non-fund-based working
     capital limits affirmed with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects significant deterioration in ASMPL's
credit metrics in FY17, primarily due to a decline in operating
margin on account of an increase in the cost of goods sold, which
the entity was unable to pass on to its customer base. Gross
interest coverage (operating EBITDA/gross interest expenses) was
0.04x in FY17 (FY16: 1.75x), net financial leverage (adjusted net
debt/operating EBITDA) was 628.92x (5.77x) and operating margin
was 0.04% (2.19%). Revenue also declined to INR1,126.6 million in
FY17 (FY16: INR1,313 million) because of a weak demand of its
finished products.

The business risk and financial risk profiles are moderate
because of a continued slow demand due to persistent challenges
in the iron and steel industry and low operating margins.
However, a strong improvement was seen in ASMPL's 8MFY18
financials with revenue of INR759.1 million, operating margin of
3.4% and gross interest coverage of 3.5x, supported by an uptick
in demand.

The ratings are supported by the over three decades of experience
of ASMPL's promoters in the steel manufacturing business. The
liquidity is also strong as reflected by around 56.07% average
working capital use during 12 months ended December 2017.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and
profitability leading to a sustained improvement in the overall
credit metrics could lead to a positive rating action.

Negative: Further deterioration in operating profitability
leading to deterioration in the credit metrics on a sustained
basis could lead to a negative rating action.

COMPANY PROFILE

ASMPL was incorporated in November 1995 as a private limited
company. The registered office of the company is located in
Raipur, Chhattisgarh. ASMPL is engaged in the manufacturing and
trading of mild steel billets and steel structural in Urla
Industrial Area, Raipur.


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

-- INR130 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR80 mil. Non-fund-based working capital limit migrated to
     Non-Cooperating Category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Anand Construwell Pvt. Ltd. has been executing civil works, road
works, water supply projects and underground drainage work for
the state government bodies, mainly in Nashik, since 1996. It was
started as a partnership firm and was converted into a private
limited company in 1996.


APS STEELS: CRISIL Moves D Rating to INR6.5MM Cash Loan
-------------------------------------------------------
CRISIL has been consistently following up with APS Steels Limited
(APS) for obtaining information through letters and emails dated
October 16, 2017 and January 5, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            6.5       CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

   Inland/Import
   Letter of Credit       5.0       CRISIL D (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

APS, incorporated in 2006, manufactures MS ingots at its facility
at Hindupur in Andhra Pradesh. The company was acquired by the OP
Gupta group in 2012.


B. ONE: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed B. One Business
House Private Limited's (BOHPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable. The instrument-wise rating actions
are given below:

-- INR225 (increased from INR150) mil. Fund-based working
    capital limit affirmed with IND BB+/Stable rating;

-- INR5 mil. Non-fund-based working capital limit assigned with
    IND A4+ rating;

-- INR165 mil. Term loan due on March 2026assigned with
    IND BB+/Stable rating;

-- INR100 mil. Proposed fund-based working capital limit
    withdrawn (issuer is no longer proceeding with the instrument
    as envisaged) with withdrawal rating; and

-- INR150 mil. Proposed term loan withdrawn (issuer is no longer
    proceeding with the instrument as envisaged)with withdrawal
    rating.

KEY RATING DRIVERS

The affirmation reflects BOBHPL's continued moderate scale of
operations due to a slow order inflow rate amid intense
competition, which along with forex fluctuations leads to a
moderate credit profile. Revenue improved to INR1,067 million in
FY17 (FY16: INR892 million) due to a huge demand of shrimp in the
international market. EBITDA margins remained stable at 2.6% in
FY17, due to stability in the cost of material consumed. This
along with a reduction in the overall debt level led to the net
leverage (Ind-Ra adjusted net debt/operating EBITDAR) improving
to 0.1x in FY17 (FY16: 1.2x); however, interest coverage
(operating EBITDA/gross interest expense) remained low at 1.8x
(1.8x) because of a proportional increase in both operating
EBITDA and gross interest expense.

Ind-Ra expects that the ongoing debt-led capex to set up a
9,000mtpa shrimp processing facility by April 2018 would
marginally impact the company's credit metrics in FY18, before an
improvement can be seen from FY19 as the facility generates
revenue and on scheduled repayment of term loan. The total cost
of the project is INR226 million, which is being funded by an
INR165 million term loan, INR10 million unsecured debt and INR51
million equity.

The ratings factor in BOBHPL's comfortable liquidity position, as
reflected in its working capital utilization of around 70% during
the 12 months ended December 2017 and comfortable net working
capital cycle of negative eight days in FY17 (FY16: 2 days) with
debtor days of 13 and negligible inventory days.

The ratings continue to be supported by the promoters' operating
experience of over a decade in the seafood.

RATING SENSITIVITIES

Positive: Substantial growth in the company's top line and
profitability leading to a sustained improvement in the overall
credit metrics could lead to a positive rating action.

Negative: A significant decline in the profitability resulting in
sustained deterioration in the overall credit metrics could lead
to a negative rating action.

COMPANY PROFILE

BOBHPL was incorporated in October 2012 and started its
commercial operations in April 2013. The company exports frozen
shrimp mainly to Far East countries, Middle East and North
America. It is registered with Marine Products Export Development
Authority.

It is promoted by Mr. Bhabatosh Sahoo and Mrs. Krishna Sahoo.


BDR EDUCATIONAL: Ind-Ra Migrates B+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BDR Educational
Society's (BDR) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency
website. The instrument-wise rating action is as follows:

-- INR66.20 mil. Term loan due on July 31, 2023migrated to
    Non-cooperating Category with IND B+ (ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

BDR is a society registered under the Andhra Pradesh Societies
Registration Act, 2001. It runs Surya - The Global School in
Baachupally, Hyderabad. The school has a three-acre campus and
offers CBSE curriculum until grade seven. The school commenced
operations in 2013.


DEYS COLD: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Deys Cold
Storage Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is given
below:

-- INR81 mil. Fund-based working capital limit migrated to Non-
     Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2001, Deys Cold Storage runs a cold storage
business and is involved in the trading of potatoes. It has two
cold storage facilities, one each in Hailakandi and Karimganj in
Assam.


DUTCH BLUE: CRISIL Assigns B+ Rating to INR4MM Term Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long
term bank facilities of Dutch Blue Fashions (DBF).

                         Amount
   Facilities           (INR Mln)    Ratings
   ----------           ---------    -------
   Term Loan                4        CRISIL B+/Stable (Assigned)

   Export Packing Credit    4        CRISIL B+/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility       2        CRISIL B+/Stable (Assigned)

The ratings reflect a small scale of operations in the highly
competitive and fragmented readymade garments (RMG) industry, and
susceptibility of the operating margin to volatility in raw
material prices and foreign exchange (forex) rates. These
weaknesses are partially offset by the extensive industry
experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Small scale of operations in a highly competitive industry:
Scale of operations is small as reflected in revenue of INR14.03
crore in fiscal 2017. The RMG industry is highly fragmented on
account of low entry barriers and limited capital requirement
leading to intense competition.

* Low operating margin, susceptible to volatility in raw material
prices and forex rates: The margin was low at 7.4% in fiscal
2017. The margins are susceptible to volatility in raw material
(yarn) prices, and forex rates as the firm derives its revenue
from exports.

Strength:

* Extensive industry experience of the partners: The partners
have more than two decades of experience in the RMG sector. This
has helped to increase the scale of operations and establish a
strong relationship with customers and suppliers.

Outlook: Stable

CRISIL believes DBF will continue to benefit from the extensive
industry of its partners and established relationship with
customers. The outlook may be revised to 'Positive' in case of a
significant increase in the scale of operations, while
profitability is maintained/improved, thereby improving cash
accrual. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates,
most likely because of a larger-than-expected increase in working
capital requirement or debt-funded capital expenditure, or less-
than-anticipated cash accrual.

DBF was established in 1996 as a partnership firm by Mr S
Sreethar Babu and Mr S Mahalakshmi. The firm, based in Tiruppur,
Tamil Nadu, manufactures and exports RMG for men, women, and
children.


EDUCOMP SOLUTIONS: Ebix Emerges as Frontrunner w/ INR325cr Offer
----------------------------------------------------------------
The Economic Times reports that Ebix Inc, a supplier of software
and ecommerce services to the insurance, financial, e-governance
and healthcare industries, has emerged as the frontrunner to
acquire Educomp Solutions, which has filed for bankruptcy.

Ebix trumped a bid by little-known family office Boundary
Holdings, which manages wealth for London-based investor Rajat
Khare, a former Educomp director, ET relates.

Atlanta-based Ebix made an all-inclusive offer of INR325 crore
for the online education services provider, which represents
almost 11% of the INR3,000 crore that Educomp owes to a clutch of
banks, according to the report.

ET says the offer and accompanying resolution plan will be put to
vote on February 17. At least 75% of the creditors have to
approve the plan for it to be presented to the National Company
Law Tribunal for clearance, as per India's insolvency laws.

Pricewaterhouse-Coopers is managing the auction of the company on
behalf of the banks, the report discloses. Mahender Khandelwal,
head of restructuring services at BDO, is the resolution
professional for Educomp.

State Bank of India, Axis Bank, ICICI Bank, Standard Chartered,
International Finance Corporation and French development finance
institution Proparco are among creditors to the company, ET says.

Educomp, promoted by Shantanu Prakash, filed for bankruptcy in
May last year. According to ET, a handful of creditors had sought
commitments from Ebix to honor corporate guarantees worth
INR1,200 crore given by Educomp to them for loans disbursed to
group companies. Ebix declined to provide such a commitment at a
meeting on February 9.

Two Educomp group companies, Edusmart and Educomp Learning Hour,
have been admitted to bankruptcy courts while two others, Edu
Infra and Vidya Mandir Classes, are slated to be admitted to
insolvency proceedings, the report notes.

A Singapore-based arm of the company is already facing
liquidation, ET discloses.

According to ET, the creditors had also sought an audit report to
review if there were any anomalies in transactions entered into
by the company. It was not immediately clear if all the creditors
were satisfied with the report.

Educomp Solutions Limited is engaged in providing digital
educational content in the classroom through its patented product
'Smart Class' and 'Edureach' (ICT).


ELECTROTEKNICA SWITCHGEARS: Ind-Ra Puts B+ Non-Cooperating Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Electroteknica
Switchgears Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR15 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Non-fund-based limits migrated to Non-Cooperating
     Category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 10, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1989 in Kolkata, Electroteknica Switchgears
manufactures switchgears.


GNG PROMOTERS: CRISIL Assigns B Rating to INR9MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to long-term
bank facilities of GNG Promoters (GNG).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          9        CRISIL B/Stable (Assigned)

The rating reflects the moderate execution and offtake risk for
the ongoing project and exposure to risks inherent in the real
estate sector. These rating weakness are partially offset by
extensive experience of the partners in the real estate sector.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate execution and offtake risk for the ongoing project:
The firm is currently developing project Residential apartment
namely Myst Arcade at Pabhat Road, Nabha, Zirakpur, Distt.
Mohali. The firm has started construction from Dec 2017 and
expose to moderate execution and offtake risk for the ongoing
project.

* Susceptibility to risks inherent in the real estate sector: The
real estate sector in India is cyclical because of sharp
movements in prices and a highly fragmented market structure.
With increase in supply, attractive prices offered by various
builders, and constant regulatory changes, profitability of real
estate players is expected to come under pressure over the medium
term.

Strengths:

* Extensive industry experience of the partners: The managing
partner, Mr. Ashish Goel, has an experience of around 10 years in
the real estate business and thus possesses technical competence.

Outlook: Stable

CRISIL believes GNG will continue to benefit from the extensive
industry experience and risk averse nature of the promoters. The
outlook may be revised to 'Positive' if financial flexibility is
strengthened due to increase in cash flow and sizeable revenue
from the balance portion of the completed projects. The outlook
may be revised to 'Negative' in case of significantly low
offtake, or substantial debt contracted for, and/or time and cost
overrun in, the execution of new projects, leading to weakening
of the financial risk profile, particularly liquidity.

Established in October 2017, GNG is engaged in real estate
development. The firm is currently developing project Residential
apartment namely Myst Arcade at Pabhat Road, Nabha, Zirakpur,
Distt. Mohali.


GSR & TSR: CRISIL Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has been consistently following up with G.S.R. & T.S.R.
Educational Society. (GSR) for obtaining information through
letters and emails dated September 21, 2017 and January 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

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

   Long Term Loan      5.1       CRISIL B+/Stable (Issuer Not
                                 Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of G.S.R. & T.S.R. Educational
Society, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on G.S.R. & T.S.R. Educational Society is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' rating
category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of G.S.R. & T.S.R. Educational Society to CRISIL
B+/Stable Issuer not cooperating'.

GSR was established in 2001 by Mr. Ravi Kumar in Guntur, Andhra
Pradesh. GSR offers undergraduate and post graduate courses in
engineering and business management.


HARI BHOG: CRISIL Reaffirms B Rating on INR9MM Cash Loan
--------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Hari Bhog Overseas (HBO).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             9        CRISIL B/Stable (Reaffirmed)
   Term Loan               1        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect HBO's weak financial risk
profile, and modest scale of operations in the highly-fragmented
rice industry. These weaknesses are partially offset by the
experience of the partners.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: Gearing was high at 9.74 times as
on March 31, 2017, while networth was low at INR0.89 crore. Net
cash accrual to total debt and interest coverage ratios were
modest at 0.06 time and 1.7 times, respectively, in fiscal 2017
because of low profitability and large debt levels.

* Modest scale of operations amid intense competition: Turnover
of INR27.37 crore in fiscal 2017 reflects small scale of
operations, with low milling and sorting capacities. Further, the
intense competition limits pricing power with suppliers and
customers, thereby constraining profitability.

Strength

* Experience of partners: The partners' experience of three
decades in the rice milling business will help the firm ramp up
operations over the medium term. They set up modernised
facilities to scale up the business and have gradually increased
rice milling and sorting capacities.

Outlook: Stable

CRISIL believes HBO will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if
substantial increase in revenue, cash accrual or capital infusion
along with efficient working capital management strengthen the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected cash accrual, incremental
working capital requirement, or a large, debt-funded capital
expenditure weakens liquidity.

HBO was set up in 2012 as a partnership between Mr Ashok Kumar,
Mr Jagdish Chander, and Mr Brij Mohan. The firm mills and
processes basmati and non-basmati rice. Its production facilities
in Jundla (Haryana) have milling and sorting capacity of around 5
tonne per hour, utilised at around 75%.


JEEWAN MOTORS: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jeewan Motors
Private Limited's (JMPL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR300 mil. Fund-based facilities migrated to Non-Cooperating
     Category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based facilities migrated to Non-
     Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
December 15, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

JMPL was incorporated in 1998 in Bhopal, Madhya Pradesh. The
company is an authorized dealer of Maruti Suzuki India Limited
and VE Commercial Vehicles Limited. The company operates three
showrooms and seven workshops.


K.P. SOLVEX: Ind-Ra Migrates 'B' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated K.P. Solvex Pvt
Ltd's Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise, despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND B
(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating action is as follows:

-- INR310 mil. Fund-based working capital limit Migrated to Non-
    Cooperating Category with IND B (ISSUER NOT COOPERATING)/IND
    A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 27, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1983, K.P. Solvex manufactures soya oil, oil
cakes and de oil cakes. It also trades soya seeds and grains. Its
solvent extraction plant is located in Tikamgarh, Madhya Pradesh.
The plant has an installed capacity of 1,00,000mtpa of solvent
extraction and 15,000mtpa of refining. The company is managed by
three promoters - I.K Kochar, B.K Trivedi and Kushal Jain.


KOTAK URJA: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Kotak Urja
Private Limited's (KUPL) Long-Term Issuer Rating to 'IND D' from
'IND BB-'. The Outlook was Stable. The instrument-wise rating
actions are as follows:

-- INR62.5 (reduced from INR70) mil. Term loan (Long-term) due
    on March 2025 downgraded with IND D rating;

-- INR220 mil. Fund-based working capital facilities (Long-term)
    downgraded with IND D rating; and

-- INR120 mil. Non-fund-based facilities (Short-term) downgraded
    with IND D rating.

KEY RATING DRIVERS

The downgrade reflects KUPL's continuous delays in debt servicing
during the 12 months ended December 2017, due to a stressed
liquidity position, on account of an increase in working capital
requirement.

RATING SENSITIVITIES

Positive: Timely debt servicing for a period of at least three
consecutive months could result in a positive rating action.

COMPANY PROFILE

Incorporated in 1997, KUPL is a Bangalore-based company engaged
in the design, development, manufacture, integration,
installation, commissioning and after sales service of various
solar photovoltaic (lighting) and solar thermal (heating)
applications.


KUMARESAN CONSTRUCTIONS: CRISIL Assigns B Rating to INR2.5MM Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank loan facilities of Kumaresan Constructions (KC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Cash
   Credit Limit           0.5       CRISIL B/Stable (Assigned)

   Bank Guarantee         3.0       CRISIL A4 (Assigned)

   Cash Credit            2.5       CRISIL B/Stable (Assigned)

The ratings reflect the firm's small scale and working capital
intensive nature of operations and geographical concentration in
revenue profile. These rating weaknesses are partially mitigated
by extensive experience of the proprietor in the construction
industry and above average financial risk profile.

Key Rating Drivers & Detailed Description

Weakness

* Small scale and working capital intensive nature of operations:
KC has a small scale of operations with revenues of Rs.14.4 crore
in fiscal 2017 and the construction business is also inherently
working capital intensive.

* Geographical concentration in revenue profile: KC has
operations mainly in Tamil Nadu. This high dependence on a single
geographical region renders KC's revenues highly susceptible to
the economic state of affairs in one region.

Strengths

* Extensive experience of proprietor in construction industry and
established track record of operations: The proprietor, Mr.
Kumaresan has an experience of over 30 years in the construction
industry and owing to his experience, the firm has been able to
secure several tenders in Tamil Nadu.

* Above average financial risk profile: KC has an above average
financial profile marked by comfortable capital structure and
healthy debt protection metrics.

Outlook: Stable

CRISIL believes that KC will maintain a stable business risk
profile backed by its promoter's extensive experience in the
construction industry and established track record of operations.
The outlook may be revised to 'Positive' if the firm strengthens
its business risk profile by expanding its geographical reach and
diversifies its customer base and improves its scale of
operations. Conversely, the outlook may be revised to 'Negative'
if KC's revenues and profitability declines significantly, there
are considerable delays in realization of receivables thereby
weakening its financial risk profile and liquidity.

KC was established as a proprietorship firm in 1990 by Mr.
Kumaresan in Pondicherry. It is involved in the construction of
roads in Tamil Nadu and Pondicherry for National Highways
Authority of India (NHAI), State Highways Department and public
works department (PWD). It undertakes orders on a tender basis.


KURINJI SPINNING: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Kurinji Spinning
Mills P Ltd's (KSMPL) Long-Term Issuer Rating 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are as
follows:

-- INR64.5 mil. Long-term loans due on March 2020 assigned with
    IND BB/Stable rating; and

-- INR149.5 mil. Fund-based working capital limit assigned with
    IND BB/Stable rating.

KEY RATING DRIVERS

The ratings reflect KSMPL's low revenue base because of a small
scale of operations and weak-to-modest credit metrics due to
volatile operating margin, which are susceptible to movements in
raw material prices. In FY17, revenue was INR564 million (FY16:
INR535 million), EBITDA margin was 8.5% (10.5%) net leverage
ratio (total adjusted net debt/operating EBITDAR) was 5.8x (5.4x)
and interest coverage ratio was 1.9x (1.8x). Revenue growth was
driven by an increase in sales volume, and the decline in net
leverage was due to a decline in EBITDA. Meanwhile, the marginal
improvement in interest coverage was driven by a decline in gross
interest amount. The EBITDA margin declined, mainly due to higher
raw material costs.

The ratings also reflect KSMPL's tight liquidity, indicated by an
average utilization of 92.05%for the 12 months ended January
2018, owing to a working capital-intensive business. The working
capital cycle is stretched at 235 days in FY17 (FY16: 271 days),
primarily due to high inventory days.

The ratings, however, are supported by the promoter's experience
of over a decade in the spinning mill business.

RATING SENSITIVITIES

Negative: Any decline in the scale of operations and any
deterioration in the overall credit metrics will lead to a
negative rating action.

Positive: Any improvement in the scale of operations and the
overall credit metrics will lead to a positive rating action.

COMPANY PROFILE

Formed in 2005, KSMPL commenced for commercial cotton yarn
manufacturing operations in the same year. It is promoted by Mr.
T Ponnusamy, Mr. S Palanichamy and Mr. K Ganeshan. The company is
based in the Tirupur region of Tamil Nadu.


LSR FOODS: CRISIL Upgrades Rating on INR10MM Cash Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank loan
facilities of LSR Foods Limited (LSR) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'. The rating on the short-term facility has been
reaffirmed at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             10       CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Inland/Import
   Letter of Credit        10       CRISIL A4 (Reaffirmed)

The upgrade reflects improvement in the company's business risk
profile. Operating revenue grew 20% to INR72.78 crore in fiscal
2017 from INR60.65 crore in fiscal 2016, driven by higher demand
and ramp-up in the cashew processing segment. The extensive
experience of the promoters and established customer base should
further strengthen the business risk profile over the medium
term.

Liquidity should be adequate, with net cash accrual expected at
INR0.9 crore, against nil debt obligation in fiscal 2018. Absence
of long-term debt, low utilisation of bank lines (averaging 22%
in the 12 months through December 2017), and unsecured loans from
the promoters estimated at INR13.82 crore, will also support
liquidity.

The ratings continue to reflect weak financial risk profile and
operating efficiency. These weaknesses are partially offset by
the experience of the promoters in the edible oil industry and
their funding support.

Analytical Approach

Unsecured loans of INR13.82 crores extended to LSR by the
promoters have been treated as neither debt nor equity as the
loans are to remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Weak financial risk profile: The financial risk profile is
weak, with total outside liabilities to adjusted networth ratio
remaining high and networth modest at 6.04 times and INR3.21
crore as on March 31, 2017.  Working capital debt may remain
sizeable, keeping debt protection metrics average'interest
coverage ratio was 1.9 times and net cash accrual to adjusted
debt was 0.05 time for fiscal 2017. Improvement in networth will
likely be constrained by modest accretion to reserve.

* Weak operating efficiency: Operating efficiency is weak, with a
low return on capital employed of 3.3% in fiscal 2017. Operating
margin was low at 2-3% in the three years through fiscal 2017 and
should remain so over the medium term.

Strengths:

* Extensive experience of the promoters: The promoters set up
their first trading venture in the early 1970s and have
established relationships with customers and edible oil
suppliers, over the past four decades. Longstanding association
with customers has led to repeat orders.

* Moderate scale of operations: Scale of operations remains
moderate, with revenue of INR72.78 crore in fiscal 2017. Intense
competition in the edible oil trading industry constrains
profitability. Processing of cashews should diversify revenue to
some extent, though revenue from edible oil will remain the major
contributor to revenue.

Outlook: Stable

CRISIL believes LSR will continue to benefit from the promoters'
experience and funding support. The outlook may be revised to
'Positive' if revenue and profitability increases substantially
and working capital management is efficient. The outlook may be
revised to 'Negative' if low cash accrual or large working
capital requirement or debt-funded capital expenditure,
constrains liquidity.

LSR, formerly Kush Dairy Ltd, and Kushagra Oils and Fats Ltd, was
incorporated in 1996 and is headquartered in New Delhi. The
company trades in edible oils and cashew nuts and also
manufactures milk and products such as skimmed milk powder (SMP)
and ghee. Mr Lakshmi Chand Agarwal and his family are the
promoters.


MANTHARAGIRI TEXTILES: Ind-Ra Puts B+ Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mantharagiri
Textiles' Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are as follows:

-- INR200 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND B+ (ISSUER NOT COOPERATING) rating;

-- INR11.51 mil. Non-fund-based limits migrated to Non-
    Cooperating Category with IND A4(ISSUER NOT
    COOPERATING) rating; and

-- INR66.65 mil. Term loans due on July 31, 2020 migrated to
    Non-Cooperating Category with IND B+(ISSUER NOT COOPERATING)
    rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 5, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Mantharagiri Textiles was incorporated in 1990, in Senjerimalai
near Coimbatore, to manufacture melange yarn. The firm has a
production capacity of around 7,000kg/day.

G Subramanium, V Thirumalaisamy, T Manoranjitham, S Thilagavathi,
T Govindraj Prabhu, T Rajesh Kumar and Thanigachala Prabhu are
the partners.


MAWANA SUGARS: CRISIL Assigns B+ Rating to INR60MM LT Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facility of Mawana Sugars Limited (MSL) and has assigned its
'CRISIL B+/Stable' rating to the facility. CRISIL had suspended
the rating on March 23, 2015, as the company had not provided the
information required for a rating view. MSL has now shared the
requisite information, enabling CRISIL to assign a rating to its
bank facility.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan          60       CRISIL B+/Stable (Assigned,
                                    Suspension revoked)

The ratings reflect the MSL working capital intensive operations,
susceptibility of its business performance to cyclicality in the
sugar business and to regulatory changes such as change in state
advised price (SAP) of cane in Uttar Pradesh (UP).These weakness
are partially offset by MSL healthy market position in Uttar
Pradesh, India, established relationship with farmers,
diversified revenue profile, moderate and improving operating
efficiencies.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital-intensive operations: Gross current assets were
around 195 days as on March 31, 2017, driven by high inventory of
around 155 days.

* Susceptibility of business performance to downturn in the sugar
business: Sugar prices are largely market driven and are
dependent on production for the sugar season (October 1 to
September 30) and inventory levels prevailing in the country.
Hence, higher production which adds to the sugar inventory levels
may lead to steep fall in prices and impact profitability
severely given that the cost of production is relatively sticky
in nature. Dependence on monsoons have also rendered the sugar
industry cyclical as monsoons have a bearing on cane production
and recovery rate of cane impacting the sugar production in the
country.

However, government has taken measures in the past to promote
exports in order to address the excess inventory situation in the
country and arrest the fall in prices. Though the impact of sugar
down-cycles is expected to be lower on MSL given its moderate
operating efficiencies and integrated nature of operations, this
will continue to render profitability indicators volatile.

* Exposure to regulatory changes in the sugar industry: While
sugar prices are market driven, the government is empowered to
fix the price paid to cane growers annually. Sugarcane pricing is
controlled through the SAP in UP which is currently higher than
the Fair and Remunerative Price (F&RP; earlier the statutory
minimum price). Though a higher SAP results in a higher cost of
production for UP based mills, increasing use of early variety of
cane which are characterised by higher recovery rates reduces the
difference considerably for players such as MSL. While, the UP
government introduced cane subsidy in sugar season 2015 and sugar
season 2016, based on certain conditions, this was only able to
partly offset the impact of a steep fall in prices of sugar.

Hence MSL's profitability remains vulnerable to changes in the
SAP and other regulatory changes in the sugar industry.

Strengths:

* Established market position and diversified revenue profile:
MSL has healthy market position in the state of Uttar Pradesh,
India through its integrated operations. It has the capacity to
crush 19,000 tonne per day (TPD) of sugarcane, and exportable
(surplus) power capacity of 30 MW and distillery of 120 kilolitre
per day.

Moreover, fully integrated operations enable all supplementary
businesses associated with sugar, such as power and distillery,
to become major contributors to profitability, and partially de-
risk the sugar business model. Power and distillery businesses
offer higher and stable profits and returns, compared with the
sugar business, and thus, help moderate impact of cyclicality
inherent in the sugar business. CRISIL believes that the company
will continue to benefit from its healthy market position in the
sugar industry and diversified revenue streams will continue to
partly offset the cyclicality in sugar business.

* Experience of promoters: Benefits derived from the promoters'
experience of over three decades, their understanding of market
dynamics and healthy relations with customers and suppliers
should continue to support the business.

Outlook: Stable

CRISIL believes MSL will benefit from increasing sugar prices and
its integrated operations. The financial risk profile should
improve with increase in profitability. The outlook may be
revised to 'Positive' if profitability or cash accrual improve,
and liquidity and financial risk profile remain healthy. The
outlook may be revised to 'Negative' if profitability declines
significantly or if debt increases due to large working capital
requirement, or sizeable capital expenditure, thereby preventing
the envisaged improvement in key credit metrics.

Mawana Sugars Limited (formerly known as Siel Limited), promoted
by Mr. Siddharth Shriram, is an integrated sugar manufacturer
with 19000 TCD (tonnes crushed per day) crush, 30 MW of
exportable power and 120KL/PD of ethanol production facilities.
Erstwhile Mawana Sugars Limited (Mawana Sugars) was merged with
Siel Limited (a Siddharth Shriram group company engaged in
manufacture of Chlor Alkali chemicals) as per order of Hon'ble
High Court of Delhi dated September 11, 2007 (The merger was
effective w.e.f. October 1, 2006.) Subsequently, the name of the
company was changed to Mawana Sugars Limited w.e.f. January 4,
2008. As a result of amalgamation, the company also has
capacities to manufacture chlor-alkali chemicals such as caustic
soda, chlorine, hydrogen and hydrochloric acid. The sugar
production units are located at Mawana (Distt. Meerut), and
Nanglamal (Distt. Meerut) in western U.P. The chemical unit is
located at Rajpura in UP).


MEDEX INT'L: Ind-Ra Assigns B+ Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Medex
International a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The instrument-wise rating actions are:

-- INR30 mil. Fund-based working capital limit assigned with
    IND B+/Stable/IND A4 rating; and

-- INR120 mil. Non- fund-based working capital limit assigned
    with IND A4 rating.

KEY RATING DRIVERS

The ratings reflect Medex's low revenue of INR135 million in FY17
due to a small scale of operations and limited operating track
record. Moreover, the EBITDA margins are weak at around 3.79% in
FY17 due to the trading-based nature of business. The company
began operations in October 2016.

The ratings, however, are supported by Medex's comfortable
liquidity position, as evident from the average overdraft
utilization of 80% during the 11 months ended December 2017.
Also, the company has moderate credit metrics due to low debt
levels. The interest coverage (operating EBITDA/gross interest
expense) was 5.31x and net financial leverage (adjusted net
debt/operating EBITDAR) was 1.38x in FY17.

RATING SENSITIVITIES

Positive: A substantial improvement in the revenue and EBITDA
margin while the credit metrics being maintained on a sustained
basis could lead to a positive rating action.

Negative: A decline in the revenue or EBITDA margin leading to
significant deterioration in the credit metrics would lead to a
negative rating action.

COMPANY PROFILE

Medex is engaged in the trading of electrical equipment.


OM GANESH: CRISIL Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CRISIL has been consistently following up with OM Ganesh
Jewellers Private Limited (OGJPL) for obtaining information
through letter dated May 29, 2017 and January 9, 2018, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Long Term Loan         2.77      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term
   Bank Loan Facility     5.00      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Working
   Capital Facility      17.23      CRISIL B+/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of OGJPL. 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
OGJPL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BBB Rating
category or lower.' Therefore, on account of inadequate
information and lack of management cooperation, CRISIL has
migrated the rating to 'CRISIL B+/Stable Issuer not cooperating'.

OGJPL was originally set up in 2003 as a partnership firm; the
firm was later reconstituted as a private limited company in
2011. The Chennai-based company manufactures gold Jewellery. Its
operations are managed by Mr. Mukesh Dhakan and his brothers.


OM PRAKASH: CRISIL Raises Rating on INR3MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term facilities of Om
Prakash Satish Kumar (OPSK; part of OPS Group) to 'CRISIL
B+/Stable' from 'CRISIL B/Stable' and has reaffirmed its short-
term rating at 'CRISIL A4'.

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Cash Credit             3         CRISIL B+/Stable (Upgraded
                                     from 'CRISIL B/Stable')

   Letter of Credit       28         CRISIL A4 (Reaffirmed)

The upgrade in the rating reflects the expected augmentation in
the group's operating income over the medium term backed by
enhancement in working capital limit and improvement in sales in
the first half of 2018 till September 30, 2017 to INR87.57 crore.
Operating profitability has also increased from 1.9% in fiscal
2015 to 2.1% in fiscal 2017. The expected improvement in revenue
and sustenance of margin close to 2.0%, while financial risk
profile and operations remain intact will be key rating factors
over the medium term.

The ratings also reflect OPS group's weak financial risk profile,
high working capital requirement and exposure to volatility in
raw material prices and foreign exchange (forex) rates. These
weaknesses are partially offset by the group's established
presence in the market.

Analytical Approach

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of OPSK and its associate entity, OPS
International (OPSI), collectively referred to as the OPS group.
This is because both entities have a common management and derive
business and financial synergies from each other.

CRISIL has treated unsecured loans of INR11.74 crore as on March
31, 2017 from promoters as neither debt nor equity as these are
expected to be retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness

* Large working capital requirement: Operations remain working
capital intensive with gross current assets at 211 days as on
March 31, 2017 (229 days as on March 31, 2016) driven by high
receivables and inventory of 88 and 114 days, respectively, in
fiscal 2017. Although working capital requirement is accentuated
by the margin money requirement of 10% of the letter of credit
value, it is partially assuaged by credit of 180 days received
for raw material imports.

* Weak financial risk profile: Networth, at INR1.96 crore as on
March 31, 2017, is expected to remain small over the medium-term
due to negligible accretion to reserve driven by low operating
profitability. Consequently, gearing was high at 1.46 times. Debt
protection metrics were below average, reflected in interest
coverage and net cash accrual to adjusted debt ratios of 1.19
times and 0.07 time, respectively, for fiscal 2017. However, debt
metrics are expected to remain below average but stable over the
medium term driven by modest profitability.

Strength

* Extensive experience of the partners: Benefits from the
partners' seven decades of experience in the industry and
established relationship with suppliers in Indonesia, Myanmar,
and Singapore and domestic customers, should support the
business. The benefits include timely availability of raw
material (wooden logs).

Outlook: Stable

CRISIL believes the OPS group will continue to benefit from the
extensive experience of its partners. The outlook may be revised
to 'Positive' if fresh equity infusion or sizeable cash accrual
driven by increase in scale of operations and operating
profitability strengthens financial risk profile. The outlook may
be revised to 'Negative' if decline in revenue or operating
profitability, large debt-funded capital expenditure, or capital
withdrawal weakens financial risk profile.

Set up in 2005 as a partnership firm by Mr Om Prakash Satish
Kumar, OPSI imports and trades in hardwood and softwood
(Malaysian/New Zealand).

OPSK, established in 1987, is a proprietorship concern promoted
by the same family. It also imports and trades in hardwood and
softwood. Based in Delhi, the operations are managed by Mr Sumit
Singhal.


SACHDEVA METAL: CRISIL Moves B Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Sachdeva Metal
Works (SMW; part of Sachdeva group) for obtaining information
through letters and emails dated October 23, 2017 and January 8,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee          1        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit             3        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Long Term      2        CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of SMW, R.G. Industries (RGI), and Water
Wealth Infra Tech India Pvt Ltd (WWIPL). This is because these
entities, together referred to as the Sachdeva group, have
operational linkages, the same management, and a common marketing
network.

The Sachdeva group is owned and managed by Mr Arvinder Pal Singh,
and his brothers, Mr Daljit Singh and Mr Varpreet Singh. The
group is based in Jalandhar, Punjab.

SMW, established in 1996, manufactures valves under the brand
SACHDEVA.

RGI, established in 2005, manufactures high quality Ductile Iron
Fittings (sizes 80 mm to 1000 mm) and Cast Iron Fittings (80 mm
to 600 mm) fittings under the brand RG.

WWIPL, undertakes turnkey projects for laying of pipes for
government departments, including municipalities.

Both SMW and RGI have manufacturing facilities in Jalandhar, and
cater to both government departments, including municipalities,
and private contractors.


SARVOTTAM ROLLING: CRISIL Moves B Rating to Not Cooperating Cat.
----------------------------------------------------------------
CRISIL has been consistently following up with Sarvottam Rolling
Mills Private Limited (SRMPL) for obtaining information through
letters and emails dated October 30, 2017 and January 12, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         0.5       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit           12.0       CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit       5.0       CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Proposed Cash          1.91      CRISIL B/Stable (Issuer Not
   Credit Limit                     Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

SRMPL, incorporated in 2005, manufactures ingots and thermos-
mechanically treated bars at its manufacturing facilities in
Muzaffarnagar, Uttar Pradesh. The company is currently owned and
managed by Mr Sanjay Jain and Mr Rajeev Jain. The company was
acquired by its current promoters in 2007.


SCHEMA ENTERPRISES: CRISIL Withdraws B Rating on INR20.5MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Schema Enterprises
Private Limited (SEPL; a part of the MSPL group) for obtaining
information through letters and emails dated April 6, 2017, and
May 8, 2017, apart from telephonic communication. However, the
issuer has remained non cooperative.

                     Amount
   Facilities       (INR Mln)     Ratings
   ----------       ---------     -------
   Long Term Loan      20.5       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 either the financial
performance or strategic intent of SEPL. 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
SEPL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL BB rating
category or lower.' Based on the last available information, the
rating on the long-term bank facilities of SEPL continues to be
'CRISIL B/Stable Issuer Not Cooperating'.

CRISIL has withdrawn its rating on the long-term bank facilities
of SEPL at the entity's request and receipt of no due certificate
from State Bank of India. The rating action is in line with
CRISIL's policy on withdrawal of its bank loan ratings.

SEPL is a special purpose vehicle formed in 2008 as a joint
venture between the Vertice Group and Soham Real Estate
Developers. SEPL has undertaken to develop two residential
projects, Tropical Elite and Tropical Prima, in Naupada, Thane,
at a total capital outlay of Rs.1200 crore.


SHREE JAGDAMBA: Ind-Ra Migrates BB+ Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Jagdamba
Construction Company's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise, despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website. The instrument-wise rating action is given
below:

-- INR50 mil. Fund-based limits migrated to Non-Cooperating
     Category with IND BB+ (ISSUER NOT COOPERATING)rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated on June 18, 2007, Shree Jagdamba Construction
Company is a Chhattisgarh-based partnership firm engaged in the
civil construction business. The firm is managed by Mr. Shankar
Lal Agrawal and Mr. Sandeep Kumar Agrawal.


SHREE MAHA: CRISIL Assigns B Rating to INR8MM LT Loan
-----------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the bank
facilities of Shree Maha Luxmi Bricks Co. (SMLBC).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Fund-
   Based Bank Limits       3        CRISIL B/Stable (Assigned)

   Cash Credit             4        CRISIL B/Stable (Assigned)

   Long Term Loan          8        CRISIL B/Stable (Assigned)

The rating reflects yet to start operations and project related
risks. These rating weaknesses are partially offset by the
promoters' extensive experience in the industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Yet to start operations: The commercial unit of the company is
under construction and operations are expected to commence from
fiscal 2019. The yet to start operations will impinge the
business risk profile over the medium term.

* Project related risks: As the project is under construction
with term loan (the major source of funding) yet to be
sanctioned, the company is exposed to risks related to funding
and timely completion of the project. The company will also be
exposed to demand risk; however, it is likely to get mitigated
with promoters' experience and established relations in the
industry.

Strengths

* Experience of promoter: Mr. Pardeep Kumar Bansal is associated
with the bricks manufacturing industry from over 3 decades via
his other proprietorship concern 'Maha Luxmi Bricks'. The long-
standing experience of the promoter will help in strengthening
the business risk profile of SMLBC over the medium term.

Outlook: Stable

CRISIL believes SMLBC will continue to benefit over the medium
term from the experience of the promoter. The outlook may be
revised to 'Positive' if timely stabilization of project leads to
healthy revenue and profitability in the initial years, aiding
substantial cash accrual, and strengthens the financial risk
profile. The outlook may be revised to 'Negative' in case of
lower-than-expected accrual, or stretch in working capital cycle,
weakening the financial risk profile and liquidity.

SMLBC is a proprietorship concern incorporated in 2017. The
company is planning to setup bricks and tiles manufacturing unit
in Safidon District in Jind, Haryana, wherein bricks
manufacturing would constitute around 90-95% of the operations
and revenues. The company is managed and promoted by Mr. Pradeep
Kumar Bansal. The operations are expected to commence from fiscal
2019.


SHRI MAHABIR: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Mahabir Dyg
& Ptg Mills Pvt. Ltd.'s (SMDPM) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is as follows:

-- INR300 mil. Fund-based limits migrated to Non-Cooperating
    Category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
December 21, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1982, SMDPM manufactures sarees and dress
materials at its plant, which has an installed cloth processing
capacity of 1,00,000 metres per day. The company has a registered
office in Mumbai. Subhash Kumar Ganeriwal, Saroj S Ganeriwal,
Naresh Kumar Agarwal and Shiv Prakash Agarwal are the directors.


SHYAMALI COLD: CRISIL Moves B- Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has been consistently following up with Shyamali Cold
Storage Private Limited (SCSPL) for obtaining information through
letters and emails dated October 16, 2017, and January 8, 2018,
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            3.45      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Long Term Loan         2.80      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital
   Term Loan               .75      CRISIL B-/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of the company. This restricts
CRISIL's ability to take a forward-looking view on its credit
quality. CRISIL believes that the information available is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information' with 'CRISIL BB' rating
category or lower. Based on the last available information,
CRISIL has migrated the ratings to 'CRISIL B-/Stable' Issuer Not
Cooperating.

SCSPL, incorporated in 2005, is engaged in the business of
providing cold storage services to the potato farmers and
traders. The company is owned by West Bengal based Rudra family.


SIDHGIRI HOLDINGS: CRISIL Reaffirms B+ Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Sidhgiri Holdings Private Limited (SHPL).

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)
   Standby Line of
   Credit                  1.5      CRISIL B+/Stable (Reaffirmed)

Operating margin was modest at 4.17% in fiscal 2017 and is
expected to remain at 4.0-5.0% over the medium term because of
intense competition in the coal trading industry and working
capital-intensive operations. Revenue is expected to grow
moderately at 5-7%.

Liquidity is stretched due to high reliance on working capital
debt, leading to fully utilised bank limit and low interest
cover. Financial risk profile remains weak because of high total
outside liabilities to tangible networth (TOLTNW) and low
interest coverage ratios.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was high at 3.40 times as on March 31,
2017, while net cash accrual to total debt and interest coverage
ratios were weak at 0.04 time and 1.7 times, respectively, in
fiscal 2017. Financial risk profile is expected to remain
constrained over the medium term on the back of modest accretion
to reserves and reliance on bank borrowing.

* Small scale of operations: With revenue of INR58.74 crore in
fiscal 2017, scale remains modest amid intense competition. This
limits pricing power with suppliers and customers, leading to a
low operating margin of 4-4.5% over the five years through fiscal
2019. Operations may remain constrained over the medium term by
intense competition.

* Large working capital requirement: Gross current assets were
214 days as on March 31, 2017, due to large credit of 80-100 days
offered to customers. Against this, credit from suppliers is 40-
50 days. Operations will remain working capital intensive over
the medium term.

Strength

* Experience of promoters: Presence of around a decade in the
coal segment has enabled the promoters to establish strong
relationship with customers and suppliers and acquire knowledge
of local market.

Outlook: Stable

CRISIL believes SHPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' in case capital structure improves
with better profitability, higher-than-expected net cash accrual,
or significant equity infusion by promoters. The outlook may be
revised to 'Negative' if large working capital requirement or
decline in revenue or profits further weakens liquidity.

Established in 2008 in Varanasi by Tulsyan family, SHPL trades in
non-coking coal by procuring it through the open market (from
traders) and e-auctions from Coal India Ltd and its subsidiaries,
Northern Coal Fields Ltd and Central Coalfields Limited. It sells
coal to power companies and cement, brick, sponge iron, and steel
manufacturers.


SIDY DATACOM: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sidy Datacom
Private Limited's (SDPL) Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is as follows:

-- INR250 mil. Fund-based working capital limit migrated to
    Non-Cooperating Category with IND B+ (ISSUER NOT
    COOPERATING)/IND A4 (ISSUER NOT COOPERATING) ratings.

Note: ISSUER NOT COOPERATING:  The ratings were last reviewed on
January 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2012, SDPL trades electronic appliances of
various brands.


SREECHAND SPECIALITY: CRISIL Assigns B+ Rating to INR15MM Loan
--------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B+/Stable' to the bank
facility of Sreechand Speciality Hospitals Private Limited
(SSHPL). The ratings reflect the company's nascent stage of
operations and below average financial risk profile. These rating
weaknesses are partially offset by promoter's extensive
entrepreneurial experience.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Proposed Term Loan      15       CRISIL B+/Stable (Assigned)

Key Rating Drivers & Detailed Description

Weaknesses

* Nascent stage of operations: The company's scale of operations
is expected to remain modest over the medium term, owing to the
nascent stage of operations. Any delay in completion of the
project could adversely affect the credit risk profile.

* Below average financial risk profile: The financial risk
profile is expected to remain below average during the initial
years of operation, owing to small scale, modest net worth and
low cash accruals.

Strength

* Promoter's extensive entrepreneurial experience: The company'
promoter Mr. K Sreedharan has extensive entrepreneurial
experience of more than 5 decades. The company is part of the
Kannur (Kerala) based KS Group, which has diverse business
interests in sectors such as distilleries, textile retail,
hotels, theatres etc.

Outlook: Stable

CRISIL believes that SSHPL will benefit over the medium term from
its promoter's extensive entrepreneurial experience. The outlook
may be revised to 'Positive' if SSHPL ramps up operations faster
than expected and generates healthy cash accruals leading to
better financial risk profile. Conversely outlook may be revised
to 'Negative' if any delay in the completion of the project or in
the ramp up of operations leads to weakening of its financial
risk profile, particularly liquidity.

The company is engaged in setting up a 178-bed specialty hospital
in Kannur. SSHPL is part of the KS Group and is promoted by Mr K
Sreedharan and family. Commercial operations are expected to
commence in Q2 fiscal 2019.


SRI VAMSHEE: CRISIL Assigns B+ Rating to INR0.1MM Overdraft
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Vamshee Industrial Products (SVIP).

                       Amount
   Facilities         (INR Mln)      Ratings
   ----------         ---------      -------
   Bank Guarantee         5          CRISIL A4 (Assigned)
   Overdraft              0.1        CRISIL B+/Stable (Assigned)

The ratings reflect SVIP's modest scale of operations, large
working capital requirement, susceptibility to tender based
operations, exposure to intense competition and below-average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the proprietor in the defence and
aerospace industries.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of business and large working capital requirement:
Operating income of INR7.05 crore in fiscal 2017 reflects the
small scale of business. Moreover, working capital requirement
remained large with gross current assets, inventory and debtors
of 492, 186 and 329 days, respectively, as on March 31, 2017.

* Exposure to tender-based operations and intense competition:
Revenue and profitability remain volatile due to tender-based
nature of operations. Moreover, the firm faces intense
competition from both large and small players while bidding for
tenders.

* Below-average financial risk profile: Modest networth, at
INR4.86 crore as on March 31, 2017, constrains the firm's
financial flexibility and also restricts it from bidding for
larger orders.

Strength

* Extensive experience of the proprietor: Benefits from the
proprietor's three decades of experience and established
relationships with customers and suppliers should support the
business.

Outlook: Stable

CRISIL believes SVIP will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if improvement in revenue and working capital cycle
strengthens business risk profile. The outlook may be revised to
'Negative', if delays in realisation of receivables or any large
debt-funded capital expenditure weakens financial risk profile,
particularly liquidity.

Established in 1987 as a proprietorship firm by Mr Kanaka Durga
Rao Akkina, SVIP manufactures precision components which find
application in defence and aerospace industries. Its
manufacturing unit is located in Hyderabad (Telangana).


SUN STEEL: Ind-Ra Raises LT Issuer Rating to BB-, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sun Steel
Industries Private Limited's (SSIPL) Long-Term Issuer Rating to
'IND BB-' from 'IND B+'. The Outlook is Stable. The instrument-
wise rating actions are as follows:

-- INR60 mil. Fund-based limits upgraded with IND BB-/Stable
     rating; and

-- INR115 mil. Non-fund-based limits upgraded with IND A4+
     rating.

KEY RATING DRIVERS

The upgrade reflects a strong improvement in SSIPL's scale of
operations along with an improvement in EBITDA margin. The
company's revenue grew to INR244 million during FY17 (FY16:
INR168 million) due to an increase in work orders. EBITDA margin
improved to 13.7% during FY17 (FY16:10.6%) on account of a
decline in the operating cost.

SSIPL's credit metrics improved due to the improvement in EBITDA
margin. The company's interest coverage (operating EBITDA/gross
interest expense) was 2.1x in FY17 (FY16: 0.9x) and net financial
leverage (total adjusted net debt/operating EBITDA) was 2.7x
(6.5x).

Despite strong improvement, however, the scale of operations
continued to remain small and credit metrics moderate.

The ratings reflect SSIPL's moderate to comfortable liquidity
position as indicated by 87% average peak utilization of its
fund-based limit during the 12 months ended December 2017.
Moreover, the company has a decent order book worth INR413
million (1.67x of FY17 revenue), as of December 2017, to be
completed in FY19.

The ratings, however, continue to be constrained by a long
working capital cycle of 129 days in FY17 (FY16: 254 days) on
account of high debtor days.

RATING SENSITIVITIES

Positive: Further substantial improvement in the overall credit
metrics could be positive for the ratings.

Negative: A substantial deterioration in the liquidity profile
could be negative for the ratings.

COMPANY PROFILE

SSIPL was incorporated by Mr. R.K. Sharma in 1973. The company is
engaged in the fabrication and erection of transmission towers in
West Bengal, Assam, and other north-eastern states. SSIPL is also
engaged in the trading of iron products.


TRIVENI CONSTRUCTION: CRISIL Moves B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has been consistently following up with Triveni
Construction co (TCC) for obtaining information through letters
and emails dated November 6, 2017 and January 8, 2018 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.

                     Amount
   Facilities       (INR Mln)      Ratings
   ----------       ---------      -------
   Bank Guarantee       2.52       CRISIL A4 (Issuer Not
                                   Cooperating; Rating Migrated)

   Cash Credit          1.35       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

   Proposed Fund-
   Based Bank Limits    1.13       CRISIL B+/Stable (Issuer Not
                                   Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

TCC, was incorporated as a partnership firm in 1994 by Mr. KS
Pokhriyal ,Mr. Hemant Pokhriyal and Mr. Keshav Pokhriyal.The
Dehradun-based firm undertakes construction of bridges and roads
for the government, Public Works Department, Border Roads
Organization (BRO), Modern Building Contracting Company (MBCC),
irrigation department and TSBC Engineering. 80% of revenue comes
from construction of bridges (80%), while the balance is
contributed by road projects.


VADALIA FOODS: Ind-Ra Cuts LT Issuer Rating to B, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Vadalia Foods'
Long-Term Issuer Rating to 'IND B' from 'IND B+ (ISSUER NOT
COOPERATING)'. The Outlook is Stable. The instrument-wise rating
actions are as follows:

-- INR70 (increased from INR30) mil. Fund-based working capital
    limit's long-term rating is downgraded to IND B and its short
    term rating is affirmed at IND A4; and

-- INR171 (increased from INR43.84) mil. Term loan due on
    September 2021 to May 2023 downgraded with IND B/Stable
    rating.

KEY RATING DRIVERS

The downgrade reflects Vadalia Foods' lower capacity utilization
and continuous decline in EBITDA margins, leading to
deterioration in credit metrics. The firm began production of
potato chips in FY17. However, the capacity utilization remains
below 10% due to lower off take, as consumer stickiness remains
high in edible products. Revenue grew at a CAGR growth of 38% to
INR650.1 million over FY15-FY17 (FY16: INR619.4 million).
However, the EBITDA margins declined to 1.9% in FY17 (FY16: 2.1%,
FY15: 4.8%) on account of stiff competition from other organized
and unorganized players, and volatility in prices of raw
materials (agricultural commodities).

Net leverage (Ind-Ra adjusted net debt/operating EBITDAR)
deteriorated to 21.3x in FY17 (FY16: 12.5x, FY15: 5x) and EBITDA
interest coverage (operating EBITDA/gross interest expense) to
1.1x (1.3x, 2.5x) due to an increase in debt for capex. Ind-Ra
expects the firm's overall credit profile to improve marginally
in FY18, due to scheduled debt repayment and improved revenue
contribution from the potato chips business.

However, the ratings continue to draw support from Vadalia Foods'
comfortable liquidity position as evident from 63% average peak
utilization of its cash credit limits during the 12 months ended
December 2017. The firm had a short cash conversion cycle of
around 8 days in FY17 (FY16: 5 days; FY15:10 days).

RATING SENSITIVITIES

Negative: Failure to improve the capacity utilization leading to
a further deterioration in the credit metrics will be negative
for the ratings.

Positive: A substantial growth in revenue along with an
improvement in the operating profitability leading to an
improvement in the credit metrics will lead to a positive rating
action.

COMPANY PROFILE

Established in July 2013, Gujarat-based, Vadalia Foods is engaged
in food processing and packaged snacks. The firm's partners have
around two decades of experience in cotton trading and ginning,
cement manufacturing, laminates manufacturing, etc.


VOHRA SOLVEX: CRISIL Reaffirms B Rating on INR9MM Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term facility of
Vohra Solvex Pvt Ltd (VSPL) at 'CRISIL B/Stable'.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Cash Credit             9        CRISIL B/Stable (Reaffirmed)

VSPL's business risk profile is expected to remain stable over
the medium term driven by the extensive experience of its
promoters in the rice milling industry and established
relationship with customers. A moderate growth in operating
income of 4-5% per annum is expected over the medium term, while
operating margin is likely to remain low at 2.4-2.6%.

Working capital management has been prudent, but low cash accrual
led to high dependence on bank lines-utilisation was 96% over the
12 months through March 2017. Extension of unsecured loans by the
promoters, enhancement in bank limit and the absence of any debt-
funded capital expenditure (capex) plans over the medium term,
however, support liquidity.

Key Rating Drivers & Detailed Description

Weakness

* Weak financial risk profile: The total outside liabilities to
tangible networth ratio was high, at 6.20 times as on March 31,
2017, while networth was small at INR1.93 crore. Debt protection
metrics were weak, with interest coverage and net cash accrual to
adjusted debt ratios of 1.3 times and 0.03 time, respectively, in
fiscal 2017. While financial metrics are expected to improve in
the absence of debt-funded capex plans, they are likely to remain
weak because of low profitability.

* Modest scale of operation: Operating revenue was INR50.83 crore
for fiscal 2017. This limits the advantages of economies of scale
available to players with larger volumes. Besides, the resilience
of a player with larger scale of operations to external shocks is
significantly higher than one with smaller scale of operations.

Strengths

* Extensive experience of the promoters: Benefits from the
promoters' 25 years of experience and established relationship
with customers and suppliers should support the business.

* Prudent working capital management: Gross current assets were
92 days as on March 31, 2017. A credit of 25-30 days is offered
to customers, but realisation is mostly within 15-20 days of
sale. Raw material inventory of 60 days is maintained, which
comprises rice bran for 15-20 days and de-oiled rice bran for 40-
45 days. Against this, rice bran is procured from local rice
millers in Punjab on 7-10 days of credit. The prudent working
capital management is expected to continue.

Outlook: Stable

VSPL will continue to benefit from the extensive experience of
its promoters. The outlook may be revised to 'Positive' if high
cash accrual or capital infusion strengthens financial risk
profile. The outlook may be revised to 'Negative' if low cash
accrual, large working capital requirement, or substantial, debt-
funded capex, weakens liquidity.

Incorporated in 2003, VSPL extracts rice bran oil, produces de-
oiled rice bran, and trades in rice bran. The company's
processing facility at Faridkot, Punjab, has a total extraction
capacity of 100 tonne per day, which is utilised at 85%.


WATER WEALTH: CRISIL Migrates B Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL has been consistently following up with Water Wealth
Infratech India Private Limited (WWIPL; part of Sachdeva group)
for obtaining information through letters and emails dated
October 30, 2017 and January 8, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Bank Guarantee         .5        CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Cash Credit           4.0        CRISIL B/Stable (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

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

For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of WWIPL, Sachdeva Metal Works (SMW) and
R.G. Industries (RGI). This is because these entities, together
referred to as the Sachdeva group, have operational linkages, the
same management, and a common marketing network.

The Sachdeva group is owned and managed by Mr Arvinder Pal Singh,
and his brothers, Mr Daljit Singh and Mr Varpreet Singh. The
group is based in Jalandhar, Punjab.

SMW, established in 1996, manufactures valves under the brand
SACHDEVA.

RGI, established in 2005, manufactures high quality Ductile Iron
Fittings (sizes 80 mm to 1000 mm) and Cast Iron Fittings (80 mm
to 600 mm) fittings under the brand RG.

WWIPL, undertakes turnkey projects for laying of pipes for
government departments, including municipalities.

Both SMW and RGI have manufacturing facilities in Jalandhar, and
cater to both government departments, including municipalities,
and private contractors.


WESTERN LUMBERS: CRISIL Moves C Rating to Not Cooperating Cat.
--------------------------------------------------------------
CRISIL has been consistently following up with Western Lumbers
(WL; part of the Darvesh group) for obtaining information through
letters and emails dated October 30, 2017 and January 9, 2018
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.

                       Amount
   Facilities         (INR Mln)     Ratings
   ----------         ---------     -------
   Funded Interest
   Term Loan              6.25      CRISIL C (Issuer Not
                                    Cooperating; Rating Migrated)

   Letter of Credit      15         CRISIL A4 (Issuer Not
                                    Cooperating; Rating Migrated)

   Working Capital
   Term Loan             25         CRISIL C (Issuer Not
                                    Cooperating; Rating Migrated)

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Western Lumbers to CRISIL C/CRISIL A4 Issuer not
cooperating'.

For arriving at its ratings, CRISIL has combined the financial
risk profiles of WL and Farouk Sodagar Darvesh & Co Pvt Ltd
(FSD). The entities, together referred to as the Darvesh group,
are managed by the same promoter family and trade in similar
products. There have been instances of financial transactions
between them. They share infrastructure, and procurement,
finance, and management teams.

The Darvesh group was founded by the Miya Ahmed Darvesh family in
1909. Trading in timber is its main business. The group started
trading in steel bars in 2003, but discontinued the business in
2012 because of slowdown in the end-user industry (real estate).



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


TAKATA CORP: Settles Air-Bag Claims to Exit of Bankruptcy
---------------------------------------------------------
Steven Church at Bloomberg News reports that Takata Corp.'s U.S.
operations, pushed into bankruptcy by the largest automotive
recall in U.S. history, settled with two groups representing
victims of its faulty air bags, the company said in court
documents.

According to Bloomberg, two committees for people suing over the
air bags have agreed to support a bankruptcy-exit plan that would
resolve lawsuits by channeling them into a trust funded in part
by the sale of Takata assets.

Bloomberg notes that Takata has recalled millions of air bags
that had been linked to deaths in the U.S. Defective air bags can
explode in car crashes, sending metal shards flying. Japan-based
Takata entered a guilty plea last year as part of a $1 billion
settlement with the U.S. Justice Department over the air-bag
problems.

Today, February 13, the company is scheduled to seek final
approval of its reorganization plan, which is built on a sale and
setting up a trust to handle air-bag claims, Bloomberg says. The
two groups representing the air-bag plaintiffs have agreed to
drop their opposition to the plan, according to court documents
cited by Bloomberg.

Under the reorganization plan, Takata and any automakers that
have agreed to join it, such as Honda Motor Co., would be
protected from lawsuits related to faulty air bags. Instead, the
trust would face the claims, similar to the way asbestos lawsuits
are handled in bankruptcy, Bloomberg relays.

Bloomberg says the two main groups formed to represent current
and future air-bag victims were among the last major parties
still fighting the reorganization plan. When Takata returns to
court on February 13, it will still face a handful of objections,
though the company will likely try to resolve as many of those as
it can before the hearing starts.

                          About TK Holdings

Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.

Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.

Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.

Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and
Lazard is serving as investment banker to Takata. Ernst & Young
LLP is tax advisor. Prime Clerk is the claims and noticing agent.
The Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.

Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.

On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things,
a stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information
officer. TK Holdings, as the foreign representative, is
represented by McCarthy Tetrault LLP.

The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.

The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.

The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as
special counsel.

Roger Frankel, the legal representative for future personal
injury claimants of TK Holdings Inc., et al., tapped Frankel
Wyron LLP and Ashby & Geddes PA to serve as co-counsel.

Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.



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


EZION HOLDINGS: Secures $1.5 Billion Refinancing Package
--------------------------------------------------------
Jacqueline Woo at The Strait Times reports that Ezion Holdings
has secured a US$1.5 billion (SGD2 billion) lifeline from its six
secured lenders, crossing another milestone in its months-long
debt restructuring exercise.

According to the report, the liftboat-focused firm on February 7
said it had signed binding term sheets with DBS Bank, OCBC Bank,
United Overseas Bank, MayBank, CIMB and Caterpillar Financial for
the refinancing package, which will stretch over six years.

This includes minimal fixed principal repayments, a significant
reduction in interest rates for the loan facilities, and up to
US$118 million in additional revolving credit facilities, it said
in a bourse filing, the Strait Times relays.

The Strait Times relates that the secured lenders, in turn, will
receive a total of 100 million Ezion shares from group chief
executive Chew Thiam Keng and his family. This is about half the
shares held by Mr Chew and his family today, group chief
financial officer Paul Goon told a briefing.

The 100 million shares will be allocated according to each
secured lender's exposure, but Mr Goon did not give specific
numbers, the report says.

The report notes that DBS and OCBC - Ezion's largest bank lenders
- would likely end up with the biggest stakes. The secured
lenders will also get one warrant for every $1 of new working
capital line facility that they grant.

According to the report, Mr Goon said the US$1.5 billion
refinancing includes the $120 million 3.65 per cent notes backed
by DBS, which were fully redeemed on Monday as part of the plan.

The new bonds, shares and warrants to be issued are subject to
regulatory approval as well as shareholder approval. Ezion hopes
to obtain this at an extraordinary general meeting next month.

To sweeten the deal, the group is offering shareholders three
warrants for every five shares they hold at 24.87 cents if
exercised within 60 days of the issuance, or at 27.63 cents if
exercised after 60 days. The exercise period is five years.

Ezion also aims to resume trading in its shares in April, Mr Goon
said. The counter traded at 19.7 cents last Aug 8, before it was
suspended.

Mr Goon also said Ezion expects to lower its overall debt levels
by around 40 per cent to US$1.2 billion with the refinancing,
assuming a full conversion of bonds and exercise of warrants.
This will ease liabilities by as much as US$371 million and
generate new funds of up to US$486 million.

Post-refinancing, shareholders are expected to hold 56 per cent
of the enlarged share capital, while security holders, including
bond holders, will have 35 per cent. A further 4 per cent will go
to secured lenders, and 5 per cent to others.

                       About Ezion Holdings

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.


EZION HOLDINGS: Seeks Time Extension for Release of FY2017 Report
-----------------------------------------------------------------
The Business Times reports that Ezion Holdings that said it has
applied for an extension of 30 days for the release of its FY2017
financial statements, from the original deadline of March 1, 2018
to March 31, 2018.

The report relates that the company said that a fair and
objective view of its financial position can be established only
when the outcome of the refinancing exercise becomes clear and
definitive subsequent to the expected EGM to be held in March
2018.

According to the report, the company is finalising its
refinancing exercise of itself and its subsidiaries regarding all
of their current secured and unsecured debts to strengthen their
cash flow and working capital position.

The Business Times says the company is in discussions with
various stakeholders such as bank lenders in light of the
anticipated challenges to the cash flow of the group and has been
arranging a series of informal meetings with its lenders and
holders of securities issued by the company for its US$1.5
billion Multicurrency Debt Issuance Programme.

                       About Ezion Holdings

Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.



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


* BOND PRICING: For the Week Feb. 5 to Feb. 9, 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 ***